Vail Resorts Inc (MTN) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Vail Resorts fiscal third quarter 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

下午好，歡迎參加 Vail Resorts 2025 財年第三季財報電話會議。今天的會議正在錄製中。（操作員指示）

I will now turn the call over to Angela Korch, Chief Financial Officer of Vail Resorts.

現在我將把電話轉給 Vail Resorts 財務長 Angela Korch。

Thank you, operator. Good afternoon and welcome to our fiscal 2025 third quarter earnings conference call. Joining me on the call is Rob Katz, our Chief Executive Officer.

謝謝您，接線生。下午好，歡迎參加我們的 2025 財年第三季財報電話會議。和我一起參加電話會議的還有我們的執行長 Rob Katz。

Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings, and actual future results may vary materially.

在我們開始之前，請允許我提醒您，本次電話會議中提供的一些資訊可能包括基於某些假設的前瞻性陳述，並受到我們向美國證券交易委員會提交的文件中所述的許多風險和不確定性的影響，實際未來結果可能會發生重大差異。

Forward-looking statements in our press release issued this afternoon along with our remarks in this call are made as of today, June 5, 2025, and we undertake no duty to update them as actual events unfold. Today's remarks also include certain non-GAAP financial measures.

我們今天下午發布的新聞稿中的前瞻性陳述以及我們在本次電話會議中的評論均截至今天（2025 年 6 月 5 日）做出，我們不承擔隨著實際事件的發展而更新這些陳述的義務。今天的評論還包括某些非公認會計準則財務指標。

Reconciliations of these measures are provided in the tables included with our press release, which along with our quarterly report on Form 10-Q were filed this afternoon with the SEC and are also available on the investor relations section of our website at www.vailresorts.com.

這些措施的對帳已在我們的新聞稿中的表格中提供，該新聞稿連同我們今天下午向美國證券交易委員會提交的 10-Q 表季度報告，也可在我們網站 www.vailresorts.com 的投資者關係部分查閱。

Before we discuss our results, I would like to turn the call over to Rob for some opening remarks.

在我們討論結果之前，我想先請 Rob 發表一些開場白。

Thank you, Angela. Good afternoon, everyone. I am humbled, grateful, and super excited to be back in the CEO role at Vail Resorts, and it's good to be on this call with all of you again.

謝謝你，安吉拉。大家下午好。我很榮幸、很感激並且非常高興能夠再次擔任 Vail Resorts 的執行長一職，很高興能再次與大家通話。

First, I want to start out by thanking Kirsten Lunch, our Former CEO, for the incredible career she has had with Vail Resorts, including the past three and half years as CEO. Huge progress was made on so many fronts, from investments in our frontline talent to new guest experience innovations to much more, which will all absolutely be things we will be leveraging as we go forward, and I have immense gratitude for her for all of that work.

首先，我要感謝我們的前任執行長 Kirsten Lunch，感謝她在 Vail Resorts 所取得的輝煌成就，包括過去三年半擔任執行長的經驗。從對第一線人才的投資到新的客戶體驗創新等等，我們在很多方面都取得了巨大的進步，這些都絕對會是我們未來發展過程中要利用的東西，我非常感謝她所做的所有工作。

So why did I choose to be back in this role? First and foremost, I love this company because of the incredible people we have working here and the amazing resorts we get to operate. I remain as passionate about this company, the sport, and our industry as I was when I first worked with Fell Resorts nearly three decades ago.

那我為什麼選擇重新擔任這個角色呢？首先，我熱愛這家公司，因為我們這裡有非常優秀的員工，而且我們經營著令人驚嘆的度假村。我對這家公司、這項運動以及我們的產業依然充滿熱情，就如同近三十年前我第一次與 Fell Resorts 合作時一樣。

But most importantly, I see a terrific opportunity ahead of us to drive value with the incredible foundation that's already been set. Given how much time I've spent around this company, it's natural to assume that I arrived here with a fully thought out detailed action plan, but that's not the case because there is a big difference between serving on the Board.

但最重要的是，我看到我們面前有一個絕佳的機會，可以利用已經打下的堅實基礎來創造價值。考慮到我在這家公司工作了這麼長時間，很自然地會認為我來到這裡時已經制定了一個經過深思熟慮的詳細行動計劃，但事實並非如此，因為在董事會任職與在董事會任職之間存在很大差異。

And being an executive here every day with our teams driving change, and that is where real change happens on the ground. That was true in 2006 when I first took over as CEO, and that is still true today. So, I'm not a brand-new CEO for this company, I'm still new.

身為高階主管，我每天都和我們的團隊一起推動變革，而真正的變革正是在這裡發生的。2006 年我第一次擔任執行長時就是這樣，今天仍然如此。所以，我並不是這家公司的新任執行長，我還是個新手。

As so many things are different at the company and different in our industry and in the macro environment. And it will be important for me to take the time to listen and learn from everyone here and for all of you to give me the space to do that as well.

因為公司內部、產業內部以及宏觀環境中存在著許多不同。對我來說，花時間傾聽和學習在座各位的意見非常重要，也希望大家給我空間來做到這一點。

That said, of course I'm not starting at ground zero, and we'll have much more to share on our future plans during upcoming earnings calls and at our investor conference next spring. With that in mind, I am starting this next chapter with some fundamental points of views.

話雖如此，我當然不會從零開始，在即將召開的收益電話會議和明年春天的投資者會議上，我們將分享更多關於我們未來計劃的內容。考慮到這一點，我將以一些基本觀點開始下一章。

The foundation of our success as a company remains our unique portfolio of owned and operated resorts and our strong business model that drives stability in an industry that is uniquely exposed to weather volatility. Advanced commitment remains central to the guests' experience and our own thesis on how we drive value.

我們公司成功的基礎仍然是我們擁有和經營的獨特度假村組合以及強大的商業模式，這種模式推動了易受天氣波動影響的行業的穩定。提前承諾對於客人的體驗以及我們如何創造價值的論點仍然至關重要。

Equally as important is that the guest and employee experience is paramount and it is at the center of everything we do, and we need to always remember that while we also drive our financial success. When I look back on this past year, I see so much to be proud of and strong performance in so many areas.

同樣重要的是，客人和員工的體驗至關重要，它是我們所做一切的核心，我們需要始終記住這一點，同時我們也要推動我們的財務成功。當我回顧過去的一年時，我看到了很多值得驕傲的事情和許多領域的強勁表現。

However, I also see areas where we can and will do better because we have high expectations for ourselves. And we are driving strong, and we are driving strong guest satisfaction scores. However, we need a more consistent guest and employee experience throughout the season and across all of our resorts.

然而，我也看到我們可以做得更好、也會做得更好的地方，因為我們對自己抱持著很高的期望。我們正在大力推動，我們正在提高客戶滿意度分數。然而，我們需要在整個季節和所有度假村為客人和員工提供更一致的體驗。

We can also do a better job of communicating with our guests. We have incredible data and insights on our guests and very sophisticated tools and talent to drive demand, but we need to continue to innovate our marketing efforts as the environment around us has continued to evolve and ensure that our strategies and tactics are meeting guests where it's most impactful.

我們還可以更好地與客人溝通。我們擁有關於客人的大量數據和見解，以及非常先進的工具和人才來推動需求，但隨著周圍環境的不斷發展，我們需要繼續創新我們的行銷工作，並確保我們的策略和策略在最具影響力的地方滿足客人的需求。

Missing the mark here has clearly contributed to softer results than we expected this past season. It also needs to be clear to our guests what our company stands for. I recognize that the very existence of Vail Resorts as the industry leader in a large publicly owned company can sometimes seem at odds with the essence of the ski industry, but that's not how I see it.

上個賽季的成績明顯低於我們的預期，這顯然導致了這一結果。我們也需要向客人清楚說明我們公司的立場。我認識到，韋爾度假村作為一家大型上市公司的行業領導者的存在有時似乎與滑雪行業的本質不一致，但我並不這麼認為。

We are a company filled with passionate people and so many avid skiers and riders who have worked for decades to innovate this industry for the better. And we can do a better job showcasing how we benefit our guests and employees and the industry overall, and most importantly, do a better job avoiding the moments that often set us backwards.

我們是一家充滿熱情的公司，擁有許多狂熱的滑雪者和騎手，他們幾十年來一直致力於推動這個行業的進步。我們可以更好地展示我們如何使客人、員工和整個行業受益，最重要的是，更好地避免那些經常讓我們倒退的時刻。

Driving guest engagement and loyalty and stronger revenue growth are among my top priorities as CEO. I also understand that there's a narrative that the industry is mature, that there are not many strategies left to drive growth in our company. It's important to remember that that is exactly the same narrative I walked into when I became CEO in 2006.

作為首席執行官，提高客人參與度和忠誠度以及實現更強勁的收入成長是我的首要任務之一。我也知道，有一種說法是，這個行業已經成熟，已經沒有太多策略可以推動我們公司的成長。重要的是要記住，這與我在 2006 年擔任執行長時所經歷的情況完全相同。

Of course we can't just replay the approach and success we had back then, but it means I'm not daunted by the challenges of how to drive growth. I remain incredibly optimistic about what's possible because we are a much stronger and more innovative company than we were in 2006 with team members and leaders who are more thoughtful, sophisticated in their approach.

當然，我們不能只是重複當時的方法和成功，但這意味著我不會被如何推動成長的挑戰所嚇倒。我對未來的可能性保持著無比樂觀的態度，因為我們比 2006 年時更加強大、更具創新精神，團隊成員和領導者都更加深思熟慮、方法更加成熟。

And that is a powerful combination to drive change, and we need to recognize that change takes time, especially in an industry where the majority of our earnings occur over only four months each year. But the extra time it takes us to drive change also means that as we build our competitive differentiation, those advantages can drive revenue growth for years to come.

這是推動變革的強大組合，我們需要認識到變革需要時間，特別是在一個我們的大部分收入每年僅來自四個月的行業。但我們花費額外的時間來推動改變也意味著，隨著我們建立競爭差異化，這些優勢可以在未來幾年推動營收成長。

Through it all, my primary job as CEO is ensuring we align with all of our stakeholders to deliver an experience of a lifetime for our guests and employees while driving financial success for our company as well, and that is what fuels my excitement to be back as CEO.

在整個過程中，作為首席執行官，我的主要工作是確保我們與所有利益相關者保持一致，為我們的客人和員工提供一生難忘的體驗，同時也為公司帶來財務上的成功，這也是我再次擔任首席執行官的興奮之情所在。

With that, I'll turn it over to Angela to cover our fiscal 2025 third quarter results.

接下來，我將把時間交給安吉拉來介紹我們 2025 財年第三季的業績。

Thanks, Rob. Results in the quarter reflect the stability provided by our season pass program as a resort net revenue excluding Crown Montana remained consistent with the prior year even as visitation declined 7%. In March and April, destination visitation among pre-committed past guests improved as expected.

謝謝，羅布。本季的業績反映了我們的季票計畫所提供的穩定性，因為儘管遊客人數下降了 7%，但不包括 Crown Montana 的度假村淨收入仍與上年保持一致。3 月和 4 月，已預訂的過往遊客的目的地訪問量如預期般有所提升。

However, visitation from uncommitted lift ticket guests was below expectations. Ancillary spend per destination guest visit was strong across our ski school and dining businesses throughout the quarter, while overall revenue on our ancillary business was impacted by the lower visitation.

然而，未訂纜車票的遊客數量低於預期。整個季度，我們的滑雪學校和餐飲業務的每位目的地遊客的輔助支出都很強勁，但輔助業務的整體收入受到遊客數量減少的影響。

When looking at our performance throughout this past North American ski season, our results reflect the strength of our advanced commitment strategy, strong destination guest spending, and the impact of our resource efficiency transformation plan.

回顧我們整個北美滑雪季的表現，我們的業績反映了我們先進的承諾策略、強勁的目的地遊客消費以及我們的資源效率轉型計劃的影響。

The company achieved 3% growth and resort reported EBITDA year-to-date, despite total fear visits declining 3% across our North American resorts from the beginning of the ski season through April 30, 2025. North American visitation reflects the benefit of improved conditions in the 2nd quarter relative to the prior year, offset by the expected decline in visitation from selling fewer pass units this season.

儘管從滑雪季節開始到 2025 年 4 月 30 日，我們北美度假村的總滑雪遊客人數下降了 3%，但公司仍實現了 3% 的增長，度假村報告了年初至今的 EBITDA。北美遊客數量反映出第二季度條件較上年有所改善，但被本季通票銷售量減少導致的遊客數量預期下降所抵消。

For the year-to-date period, resort net revenue increased 3%, driven by a 4% increase in season pass revenue, and increased ancillary spend per guest across our ski school and dining businesses. Resort reported EBITDA year-to-date also reflects strong cost discipline, including savings from the resource efficiency transformation plan.

年初至今，度假村淨收入成長了 3%，這得益於季票收入增加了 4%，以及滑雪學校和餐飲業務的每位客人的輔助支出增加。度假村報告的年初至今的 EBITDA 也反映了嚴格的成本控制，包括資源效率轉型計畫帶來的節省。

The company's full year resort reported EBITDA growth.

該公司全年度假村報告 EBITDA 成長。

I partially offset by $15 million in expected increased costs from company-wide performance-based management incentive plan expense. It was not earned in the prior year, of which $12 million has been incurred through the fiscal third quarter.

我部分抵銷了預計公司績效管理激勵計畫費用增加的 1,500 萬美元成本。這筆收入不是前一年賺到的，其中 1,200 萬美元是在第三財季產生的。

And $6 million of expected unfavorable resort reported EBI impact from changes in foreign exchange rates, of which $4 million has been incurred through the fiscal third quarter.

預計外匯匯率變動將對度假村報告的 EBI 造成 600 萬美元的不利影響，其中 400 萬美元已在第三財季產生。

Overall, the results demonstrate the strength and resilience of the company's business model, supported by its expansive resort network and loyal guest space, even as the company's western North American destination resorts experienced a decline in visitation. With outsized impacts from fewer lift ticket guests.

總體而言，儘管該公司位於北美西部的目的地度假村的遊客數量有所下降，但業績仍證明了該公司商業模式的實力和韌性，這得益於其廣泛的度假村網絡和忠誠的客人空間。纜車票乘客減少帶來的影響巨大。

Through the 2024, 2025 North American ski season, guest satisfaction scores across our destination mountain resorts and regional ski areas were strong and consistent with prior year, excluding Park City Mountain.

到 2024 年和 2025 年北美滑雪季，除帕克城山滑雪場外，我們目的地山區度假村和區域滑雪場的客人滿意度得分都很強勁，與去年保持一致。

As a result of the investments we continue to make in our teams, the company achieved record frontline return rates and strong employee engagement scores across our mountain resorts during the winter season.

由於我們持續對團隊進行投資，該公司在冬季的山區度假村實現了創紀錄的一線回報率和強大的員工敬業度得分。

In addition, we are on track to achieve our two year resource efficiency transformation plan, which was announced in September 2024. The plan is designed to improve organizational effectiveness and scale for operating leverage as the company grows.

此外，我們預計將實現2024年9月宣布的兩年資源效率轉型計畫。該計劃旨在隨著公司的發展提高組織效率和營運槓桿規模。

Through the three pillars of scaled operations, global shared services, and expanded workforce management, the company expects $100 million in annualized cost efficiencies by the end of its fiscal 2026 year.

透過規模化營運、全球共享服務和擴大勞動力管理這三大支柱，該公司預計到 2026 財年末，年化成本效率將達到 1 億美元。

The company now expects to deliver approximately $35 million of efficiencies before one-time operating expenses in the fiscal year 2025, which includes $8 million of efficiencies the company is accelerating into the current fiscal year from its original fiscal year 2026 plan. The company remains on track to deliver the $100 million in annually cost efficiencies by the end of its fiscal year 2026.

該公司目前預計，在 2025 財年扣除一次性營運費用之前，將實現約 3,500 萬美元的效率提升，其中包括公司根據原定的 2026 財年計劃在本財年加速實現的 800 萬美元的效率提升。該公司仍有望在 2026 財年結束前實現每年 1 億美元的成本效益。

Now turning to our outlook for fiscal 2025, as a result of the lower than expected lift ticket visitation during the spring period announced on April 20 April 24, 2025, and one-time costs related to the CEO transition announced on May 27, 2025, the company is updating its fiscal guidance for fiscal 2025.

現在轉向我們對 2025 財年的展望，由於 2025 年 4 月 20 日至 4 月 24 日宣布的春季纜車票訪問量低於預期，以及 2025 年 5 月 27 日宣布的與首席執行官過渡相關的一次性成本，公司正在更新其 2025 財年的財務指引。

The company now expects net income attributable to resorts to be between $264 million and $298 million and resort reported EBITDA for fiscal 2025 to be between $831 million and $851 million.

該公司目前預計度假村的淨收入將在 2.64 億美元至 2.98 億美元之間，度假村報告的 2025 財年 EBITDA 將在 8.31 億美元至 8.51 億美元之間。

The guidance reflects the lower than expected lift ticket visitation in the spring period that was partially mitigated by the company's focus on its resource efficiency transformation plan and strong overall cost discipline.

該指引反映了春季纜車票訪問量低於預期的情況，但公司對資源效率轉型計畫的關注和嚴格的總體成本控制在一定程度上緩解了這一影響。

The updated guidance now includes an estimated $9 million in one-time costs related to the CEO transition. In addition to the estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan and the estimated $1 million of acquisition and integration-related expenses specific to Cron Montana.

更新後的指引目前包括與執行長過渡相關的約 900 萬美元的一次性成本。除了與多年資源效率轉型計劃相關的估計 1500 萬美元的一次性成本以及 Cron Montana 特定的估計 100 萬美元的收購和整合相關費用之外。

Compared to the original fiscal 2025 guidance, the updated guidance includes an estimated $7 million impact from foreign exchange rates. At the midpoint, the guidance implies an estimated resort on margin for fiscal 2025 to be approximately 28.4% or 29.2% before one-time cost from the resource efficiency transformation plan and CEO transition.

與最初的 2025 財年指引相比，更新後的指引包括了預計 700 萬美元的外匯匯率影響。從中間值來看，該指引意味著在扣除資源效率轉型計畫和執行長過渡的一次性成本之前，2025 財年的預計度假村利潤率約為 28.4% 或 29.2%。

Turn into our balance sheet and capital allocation priorities. As of April 30, 2025, the company's total liquidity is measured by total cash plus revolver availability and delayed draw term loan availability with approximately $1.6 billion.

成為我們的資產負債表和資本配置優先事項。截至 2025 年 4 月 30 日，該公司的總流動性以現金總額加上循環信貸可用額度和延期提取定期貸款可用額度來衡量，約為 16 億美元。

This includes 467 million of cash on hand, 508 million of US revolver availability, $450 million of US delayed draw, term loan availability, and 215 million of revolver availability under the Whistler credit agreement.

其中包括 4.67 億美元的庫存現金、5.08 億美元的美國循環信貸可用額度、4.5 億美元的美國延期提款、定期貸款可用額度以及惠斯勒信貸協議下的 2.15 億美元的循環信貸可用額度。

As of April 30th, 2025, the company's net debt was 2.6 times its trailing 12 months total reported EBITDA. The company declared a quarterly cash dividend on Vail Resort's common stock of $2.22 per share. The dividend will be payable on July 9, 2025, to shareholders of record as of June 24, 2025.

截至 2025 年 4 月 30 日，該公司的淨債務是其過去 12 個月報告的 EBITDA 總額的 2.6 倍。該公司宣布對 Vail Resort 普通股派發每股 2.22 美元的季度現金股息。股利將於 2025 年 7 月 9 日支付給截至 2025 年 6 月 24 日登記在冊的股東。

During the quarter, the company repurchased approximately 0.2 million shares, and an average price of approximately $161 per share for a total of $30 million. Additionally, the board of directors increased the company's authorization for share repurchases by 1.5 million shares to approximately 2.8 million shares.

本季度，該公司回購了約 0.2 百萬股，平均價格約為每股 161 美元，總計 3,000 萬美元。此外，董事會還將公司股票回購授權增加了 150 萬股，達到約 280 萬股。

We remain committed to being a disciplined and balanced approach as stewards of our shareholders capital. We continue to prioritize investments and enhance our guests and employee experience, provide high return capital projects, and enable strategic acquisition opportunities.

身為股東資本的管理者，我們始終致力於採取嚴謹、平衡的方式。我們將繼續優先考慮投資並提升客人和員工的體驗，提供高回報的資本項目，並提供策略性收購機會。

After these priorities, we focus on returning excess capital to shareholders. In the current environment, the company looks to balance its approach between share repurchases and dividends. The current dividend level reflects the strong cash flow generation of the business with any growth in the dividend dependent on a material increase in future cash flows.

在完成這些優先事項之後，我們將專注於向股東返還多餘的資本。在當前環境下，該公司尋求在股票回購和股息之間取得平衡。目前的股息水準反映了企業強勁的現金流產生，股息的任何成長都取決於未來現金流的大幅增加。

And the company also maintains an op opportunistic approach to share repurchases based on the value of the shares. As it relates to the investments that enhance the guest experience, we remain committed to consistently increasing capacity at our resorts through lift, terrain and food and beverage expansion projects, along with investments in technology to further elevate the guests and employee experience at our resort.

而該公司也保持著根據股票價值進行股票回購的機會主義態度。就提升賓客體驗的投資而言，我們將繼續致力於透過電梯、地形和餐飲擴建項目不斷提高度假村的容量，同時投資科技以進一步提升度假村的賓客和員工體驗。

The company expects to invest approximately $249 million to $254 million of total capital in calendar year 2025. Key capital investments include the multi-year transformational investment plans at Park City Mountain, which include the new Sunrise gondola out of the canyon's base area, along with beginner terrain improvements and restaurant upgrades, in addition to investments at Andermatt Citrone.

該公司預計 2025 日曆年的總資本投資約為 2.49 億美元至 2.54 億美元。主要資本投資包括帕克城山的多年轉型投資計劃，其中包括從峽谷底部區域出來的新日出纜車，以及初學者地形的改善和餐廳的升級，此外還有對安德馬特 Citrone 的投資。

A new six-pack lift at Parrisher, new functionality for the My Epic app, more advanced AI capabilities for my Epic assistant, and technology investments across the companies and for our businesses.

Parrisher 的六塊肌得到了新的提升，My Epic 應用程式有了新的功能，My Epic 助理擁有了更先進的 AI 功能，並且在整個公司和我們的業務中進行了技術投資。

Now I'll turn the call back to Rob to discuss the springs.

現在我將把電話轉回給 Rob 來討論彈簧問題。

Thank you, Angela. Past product sales through May 20, 2025, for the upcoming North American ski season decreased approximately 1% in units and increased approximately 2%. Sales dollars as compared to the period in the prior year through May 28, 2024.

謝謝你，安吉拉。截至 2025 年 5 月 20 日，即將到來的北美滑雪季節的產品銷售單位數下降約 1%，成長約 2%。與截至 2024 年 5 月 28 日的去年同期相比，銷售額有所增加。

Given elevated levels of macroeconomic volatility that occurred throughout the spring selling period, it is currently unknown what, if any, impact that had on early past decision making. Past sales dollars are benefiting from the 7% price increase relative to the 2024 to 2025 season, partially offset by the mixed impact from the growth of Epic Day Pass products.

鑑於整個春季銷售期間宏觀經濟波動性加劇，目前尚不清楚這對早期決策產生了什麼影響（如果有的話）。過去的銷售額受益於相對於 2024 至 2025 年季節 7% 的價格上漲，但 Epic Day Pass 產品成長帶來的混合影響部分抵消了這一增長。

Past product sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.73 between the Canadian dollar and US dollar in both periods for Whistler black home pass sales. The slight decline in units relative to the prior year season to date was primarily driven by new pass holders and lower tenured renewing passholders.

對過去的產品銷售額進行調整，以消除外幣的影響，對惠斯勒黑色家庭通行證銷售額的兩個時期採用加元和美元之間的 0.73 美元匯率。與去年同期相比，通行證數量略有下降，主要是因為新通行證持有者和續簽通行證期限較短的通行證持有者。

Which may reflect delayed decision making by the macro due to the macroeconomic environment. Epic Day Pass products experienced strong unit growth driven by the strength in renewing pass holders. Overall, renewing pass holder product net migration was relatively consistent with the prior three years.

這可能反映出宏觀經濟環境導致宏觀決策延遲。受通行證持有者續訂熱情的推動，Epic Day Pass 產品的銷量實現了強勁成長。整體而言，續簽通行證持有者產品淨移民與前三年相對一致。

The majority of our past selling season is ahead of us, and we believe the full year pass unit and sales dollar trends will be relatively stable with the spring results. We'll provide more information about our past sales results in our September 2025 earnings release.

我們過去的銷售季節大部分都已過去，我們相信，隨著春季業績的公佈，全年票房和銷售額趨勢將相對穩定。我們將在 2025 年 9 月的收益報告中提供更多有關我們過去銷售業績的資訊。

Australia passed sales through May 28th, 2025, increased approximately 20% in units and approximately 8% in sales dollars as compared to the period in the prior year through May 29, 2024. Epic Australia Pass sales are benefiting from the successful introduction of the Epic Australia 4-day pass, which is resonating with lower frequency skiers and riders in Australia.

截至 2025 年 5 月 28 日，澳洲的銷售額與去年截至 2024 年 5 月 29 日的期間相比，單位數增加了約 20%，銷售額增加了約 8%。Epic Australia Pass 的銷售受益於 Epic Australia 4 日通票的成功推出，該通票受到澳洲低頻率滑雪者和騎手的歡迎。

In closing with the North American and European ski seasons coming to an end, I want to especially thank our frontline employees for their passion and dedication to delivering an experience of a lifetime to our guests. Our employees are the core of Vail Resort's mission, and I'm looking forward to seeing all of our employees and all of you up on the hill.

隨著北美和歐洲滑雪季節即將結束，我要特別感謝我們的第一線員工，感謝他們的熱情和奉獻精神，為我們的客人提供一生難忘的體驗。我們的員工是韋爾度假村使命的核心，我期待在山上見到我們所有的員工和你們所有人。

At this time, Angela and I would be happy to answer your questions, operator, we are now ready for questions.

現在，安吉拉和我很樂意回答您的問題，接線員，我們現在準備好回答問題了。

(Operator Instructions)

（操作員指示）

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon, everyone. Thanks for taking my questions. Rob, welcome back. It's great to hear your voice again. I appreciate you doing this. So, I'd love to lead off with kind of where you started on some of the priorities that that you highlighted.

大家好，下午好。感謝您回答我的問題。羅布，歡迎回來。很高興再次聽到你的聲音。我很感激你這麼做。因此，我想先了解您強調的一些優先事項。

I think if I caught it in the pre prepare. Remarks you said customer experience and stronger revenue growth. So just what could some of the key levers be in both those areas? I appreciate it's super early, but kind of, maybe walk us through the brainstorm a little bit about what you're exploring and what could be on the table in those areas if that's the top two that come to mind?

我想如果我在預先準備中抓住了它。您剛才提到了客戶體驗和更強勁的收入成長。那麼這兩個領域中的關鍵槓桿究竟是什麼呢？我知道現在還為時過早，但是，也許您可以稍微帶我們了解一下您正在探索什麼，以及如果您想到的最重要的兩個領域，在這些領域可以討論什麼？

Sure, I think on guest experience, I think it is building on the progress that we're already making. I think we've made a lot of investments in guest experience and, if it's Park City had a challenging experience, obviously I think everybody knows, during a portion of this year. But when you look at all of our other resorts, we actually had really good guest experience scores.

當然，我認為就客人體驗而言，這是建立在我們已經取得的進展之上的。我認為我們在賓客體驗方面投入了大量資金，如果帕克城在今年的某個時間段遇到了挑戰，那麼顯然我想大家都知道。但當您看看我們所有其他度假村時，您會發現我們的客人體驗評分實際上非常好。

That said, no, the Park City experience was obviously unacceptable. And so yeah, one of my key priorities is ensuring that all of our resorts are consistently throughout the season delivering that experience. And I think that's literally a matter of building on the track record and the investments that we've already made and just bringing them to life and executing.

話雖如此，但帕克城的經歷顯然是不可接受的。是的，我的首要任務之一就是確保我們所有的度假村在整個季節都能持續提供這種體驗。我認為這實際上是在我們已經取得的成績和投資的基礎上，將其付諸實踐並執行的問題。

I think on the marketing side we've got incredible fundamentals and foundations right in that group and terrific talent. But I think there's an opportunity for us to take what we're doing in marketing and bring it to be a little bit more current.

我認為在行銷方面，我們團隊擁有令人難以置信的基礎和出色的人才。但我認為我們有機會讓我們在行銷方面所做的事情更有時代性。

We've had a number of things that have been so successful for us when you look back over the last decade, but obviously some new tools and approaches for us to make sure we're really connecting with guests in a way that's most impactful given the kind of changing environment that's out there. And I think that is for us a critical part of really returning to revenue growth.

回顧過去十年，我們取得了許多成功，但顯然我們也採用了一些新的工具和方法，以確保在不斷變化的環境下，我們能夠以最有影響力的方式與客人建立聯繫。我認為這對我們來說是真正恢復收入成長的關鍵部分。

Thank you. And then just as my follow up, you also kind of reiterated that advanced commitment remains, pretty much the core of the business and, it obviously has revolutionized the stability of, your earnings and cash flows over time. So, zooming out as we kind of look at the mix as it's progressed here in a few years after the price cut.

謝謝。然後，正如我接下來要問的，您也重申了提前承諾仍然是業務的核心，並且顯然它徹底改變了您的收益和現金流的穩定性。因此，當我們縮小範圍來觀察降價後幾年內組合的進展時。

You know what's on the table in terms of adjusting or tweaking, the pricing strategy and is the 75% of lift ticket sales still the North Stars in terms of what you're targeting?

您知道在調整或修改定價策略方面需要做什麼嗎？就您的目標而言，75% 的纜車票銷售是否仍是北極星？

Would there be any opportunity to possibly adjust that mix and think about, high low strategies and things like that to possibly drive, different levels of utilization just, help us think, kind of how you're thinking about ways to maybe further evolve something that obviously you basically transform the industry with?

是否有機會調整這種組合併思考高低策略等可能推動不同程度的利用，以幫助我們思考，您正在考慮如何進一步發展某種顯然可以從根本上改變行業的東西？

Yeah, I think, I would say that weather volatility is not going away, and so I think the core thesis that it's important to get people to commit to their skiing in advance remains. I think one of our focus areas though is obviously how we get the pricing and product strategy of that right, and I think we've continued to innovate on that, but I think there are opportunities for us to look at our, product portfolio and see where it is that we could, there may be gaps that we could fill.

是的，我認為天氣波動不會消失，所以我認為讓人們提前承諾滑雪的重要性的核心論點仍然存在。我認為我們的重點領域之一顯然是如何制定正確的定價和產品策略，我認為我們一直在不斷創新，但我認為我們有機會審視我們的產品組合，看看我們可以填補哪些空白。

It's important to also remember when you look at our, when you look at seasons. Growth overall in the last like this year and certainly last year is that we obviously grew dramatically right when you look back at 2002 and so you know we added, we almost doubled right up 40%, right, the number of passes.

當你觀察我們、觀察季節時，記住這一點也很重要。回顧 2002 年，我們今年以及去年的整體成長顯然是大幅成長的，因此您知道我們增加了通行證數量，幾乎翻了一番，成長了 40%。

So once you do that, of course it's true that you're probably pulling some future growth in a couple of those years right from future years, and that's somewhat to be expected. That said, obviously we're a much stronger company by having people commit in advance, and I think that's true not just in the ski industry, but it's true in almost all travel where people are looking to get their customers to commit in advance.

因此，一旦你這樣做了，你當然可能會在未來幾年內拉動一些未來的成長，這在某種程度上是可以預料的。話雖如此，但顯然，透過讓人們提前承諾，我們的公司會變得更加強大，我認為這不僅適用於滑雪行業，而且適用於幾乎所有的旅遊業，人們都希望讓客戶提前承諾。

I do think there's also opportunities for us to do a better job on driving lift ticket sales. I mean, obviously for this year that was obviously an area that didn't perform to where we expected, them to, and it's going to be our job to really innovate and come up with approaches where we feel we can drive lift ticket sales, particularly in off-peak periods, while at the same time not really putting or endangering right, the value that we're offering from our season passes.

我確實認為我們還有機會更好地推動纜車票銷售。我的意思是，顯然今年這方面的表現沒有達到我們的預期，我們的工作就是真正創新，提出我們認為可以推動纜車票銷售的方法，特別是在非高峰時段，同時又不會真正損害或危及我們季票所提供的價值。

Thank you very much.

非常感謝。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

Hey, good afternoon, everyone. Thanks for taking our questions and welcome back, Rob. Maybe actually just stick it on that last point that you just made on driving ticket lift ticket sales. When you think about the decline you saw this season and for a couple of seasons now, obviously part of this is sort of just post COVID reversion and guest behavior?

嘿，大家下午好。感謝您回答我們的問題，歡迎回來，羅布。也許實際上只是堅持你剛才提到的關於推動纜車票銷售的最後一點。當您想到本季以及接下來幾季的下滑趨勢時，顯然部分原因在於疫情後的復甦和客人行為？

Some of it was weather, but part of this does feel a little bit more struck. Of nature. So with that in mind, Robin, just curious how you think about and frame this moderation and window ticket sales that you have seen in recent years?

部分原因是天氣，但部分原因確實讓人感覺更加震驚。大自然的。因此，考慮到這一點，羅賓，我只是好奇您如何看待和構建近年來所看到的這種適度和窗口票銷售？

How much of this is sort of unavoidable, how much of it was more self-inflicted, and then strategically, does it, does this feel like a trend that can be reversed with just some operational and marketing adjustments, or does this really warrant a deeper discussion on the optimal pricing strategy?

其中有多少是不可避免的，有多少是自己造成的，然後從戰略上講，這是否感覺像是一種只需一些營運和行銷調整就能扭轉的趨勢，或者這是否真的需要對最佳定價策略進行更深入的討論？

I think, I guess when I look at it, what I would say is, obviously, we want people to be on the mountain, right, and we want people to visit our resorts and our, of course what we'd prefer is that people buy in advance and come to the resort on a path product of some sort to the extent that there are people who are not doing that, it's still our hope to convert those lip ticket buyers or people who, today may not be buying a pass to a path product.

我想，當我看到它時，我想說的是，顯然，我們希望人們上山，對，我們希望人們參觀我們的度假村，當然，我們更希望人們提前購買並通過某種路徑產品來到度假村，儘管有些人沒有這樣做，但我們仍然希望將那些口頭購票者或今天可能不會購買通行證的人轉變為路徑產品。

But if we don't get them on a path product. Then it's our job to provide avenues and paths for them to come to our resorts to try them out and ultimately get them into our, primary loyalty product. I think that, does require right looking at new approaches to our past, product and pricing strategy.

但如果我們沒有為他們提供路徑產品。然後，我們的工作就是為他們提供途徑和路徑，讓他們來到我們的度假村體驗，並最終讓他們成為我們主要的忠誠度產品。我認為這確實需要正確審視我們過去的產品和定價策略的新方法。

But I don't think it actually goes to the core thesis that we would prefer to have people in advanced commitment products, and we're not about to do anything that would call into question the value proposition that we're offering to our householders.

但我並不認為這實際上觸及我們更希望人們使用高級承諾產品的核心論點，而且我們也不會做任何會質疑我們向住戶提供的價值主張的事情。

That's great.

那太棒了。

Thank you for that. And then maybe just turning over to the current trade environment as this is our first time hearing from you since April 2, Rob or Angela.

謝謝你。然後也許只是轉向當前的貿易環境，因為這是自 4 月 2 日以來我們第一次聽到您的消息，Rob 或 Angela。

Can you just sort of frame out for us where the exposure is in the model the potential tears just as the landscape looks today, keeping in mind it's dynamic, and then just sort of what sort of opportunity do you have to offset or de-risk any potential exposure?

您能否為我們簡單描述模型中暴露的位置，就像今天的景觀一樣，考慮到它是動態的，那麼您有什麼樣的機會來抵消或降低任何潛在的風險？

Yeah, thanks, Jeff. As a service business, we don't have, a lot of direct exposure to tariffs, right, because our main cost is labor. But there's obviously, right, a larger impact that we're looking at from tariffs, which is, right, how does that impact the consumer and does that impact any shifting in their spending patterns and of course, right in this, kind of macro environment that just creates some uncertainty.

是的，謝謝，傑夫。作為服務企業，我們不會直接受到關稅的影響，因為我們的主要成本是勞動力。但顯然，我們正在關注關稅的更大影響，即，它會如何影響消費者，是否會影響他們的支出模式的轉變，當然，在這種宏觀環境下，這會產生一些不確定性。

So that's the side that we watch more on the actual cost piece. Right, we do have a lot of long-term agreements and it's the largest purchaser with a lot of our suppliers, right? We do have ways to kind of help mitigate on the expense side, the impacts.

所以這是我們在實際成本方面關注較多的方面。對，我們確實有很多長期協議，而且它是我們許多供應商的最大採購商，對嗎？我們確實有辦法幫助減輕費用方面的影響。

Great, thank you both.

太好了，謝謝你們兩位。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Afternoon. Good to talk to you. Welcome back.

下午。很高興和你談話。歡迎回來。

Thanks Rob, I wanted to talk about sort of labor broadly speaking, right? But much has changed since we last had this conversation. One of which is just, generally cost of living, costs in general, and, the company has made some adjustments, etc.

謝謝 Rob，我想從廣義上談談勞動，對嗎？但自從我們上次進行這次談話以來，情況已經發生了很大變化。其中之一就是一般的生活成本、一般成本，以及公司所做的一些調整等等。

But that's I imagine a particular area of focus and its sort of an overall labor strategy. I know this is a general question, but I'd love to hear what high level thoughts you may have so far?

但我認為這是一個特別關注的領域，也是一種整體的勞動力策略。我知道這是一個一般性的問題，但我很想聽聽您目前有什麼高層次的想法？

Yeah, I mean, I think I said a couple of times, both in this call and obviously on my, letter to, all of our team members that, everyone talent in total, right, all of our employees, all of our team members at this company write a core to everything we do and we understand.

是的，我的意思是，我想我已經說過幾次了，無論是在這次電話會議中，還是在我給所有團隊成員的信中，每個人的才能，對，我們所有的員工，我們公司的所有團隊成員都為我們所做的每件事寫下了核心，我們理解。

That is right, the experience that people are coming for. It's not just the resorts, right? It is actually how they interact with the people who are here and the service that they get is all about, right? All of our employees throughout every part of the business.

沒錯，人們來這裡就是為了體驗。不只是度假村，對吧？這實際上就是他們如何與這裡的人們互動以及他們所獲得的服務，對嗎？我們所有的員工都遍佈於業務的各個部分。

And so, it's critical for us to, yeah, have shown up in a way that truly delivers that experience of a lifetime and that only happens if we do that for them and that includes, our employees that may be part of a union. I mean they are just as important as anyone else here and it's important for us to, of course, work through the various processes that go on with our unionized employees in a way that brings those to a successful resolution.

因此，對我們來說，至關重要的是，我們要以一種真正能給員工帶來一生難忘體驗的方式出現，而這只有當我們為他們做到這一點時才會發生，這包括我們的員工，他們可能是工會的一部分。我的意思是，他們和這裡的其他人一樣重要，當然，對我們來說，重要的是透過與工會員工進行的各種流程，成功解決這些問題。

There's always going to be tension, there's always going to be challenges, through that, of course. And, obviously even after the Park City, negotiation and ultimately the impact that happened to the resort, two other very successful union contracts that were signed this year and many others right in the years that preceded the Park City situation.

當然，總是會有緊張，總是會有挑戰。顯然，即使在帕克城事件談判和最終對度假村產生影響之後，今年仍然簽署了另外兩份非常成功的工會合同，並且在帕克城事件之前的幾年裡還簽署了許多其他合同。

So that is, of course, very top of mind for me, but again as part of a broader commitment to ensuring that we. Are delivering and supporting our delivering the right experience for our employees and supporting them so that they can ultimately deliver the right experience for our guests and of course that's critical to driving revenue growth as we, look ahead.

所以，這對我來說當然是最重要的，但這也是我們更廣泛的承諾的一部分，以確保我們能夠做到。我們正在為員工提供並支持他們，以便他們最終能夠為我們的客人提供正確的體驗，當然，這對於推動我們未來的收入成長至關重要。

Understood. And one of the other sorts of harder, evolving challenges has been weather, right? And, it seems as though the weather presents a challenge somewhere almost all the time.

明白了。另一個更艱難、更不斷演變的挑戰是天氣，對嗎？而且，似乎天氣幾乎總是會對某個地方帶來挑戰。

And I just wonder the degree to which you sort of think about that in today's, environment and you know how you, aside from the pre-sold nature of the passes, are there other, strategies whether financial or otherwise, that you can, deploy in just dealing with that complexity?

我只是想知道，在當今的環境下，您會在多大程度上考慮這個問題，除了通行證的預售性質之外，您是否知道還有其他策略（無論是財務策略還是其他策略）可以用來處理這種複雜性？

I think that is, of course, one of the, most important things we always are thinking about in terms of the business, and it's certainly a unique aspect right about this industry versus some other, parts of travel. But we do think that our advanced commitment, strategy is critical for that, and it is about this trade that we're making, with our guests where we're providing.

我認為，當然，這是我們在業務方面始終考慮的最重要的事情之一，而這無疑是這個行業相對於旅遊業其他部分的一個獨特之處。但我們確實認為，我們的先進承諾和策略對此至關重要，而且這與我們與客人進行的交易有關。

A more accessible price point to them and in return, right, we're getting a commitment for the season, and I don't see us shifting away from that. Obviously it's critical for us to be part of making our resorts right a kind of fulsome experience, right?

對他們來說這是一個更容易接受的價格點，作為回報，我們得到了本賽季的承諾，我認為我們不會放棄這一點。顯然，對我們來說，努力讓我們的度假村成為完美的體驗是至關重要的，對吧？

So when our resort communities and the towns that we operate in are thriving and the businesses there and the experience that they provide are thriving, then that also provides a reason for people to come even if the snow isn't as good. And so that's also a component for us of how we ensure that even through lower snow years we can still, bring guests in and drive revenue.

因此，當我們的度假社區和我們經營所在的城鎮蓬勃發展，那裡的企業和他們提供的體驗也蓬勃發展時，即使雪質不那麼好，這也為人們前來提供了理由。因此，這也是我們確保即使在降雪較少的年份我們仍然可以吸引客人並增加收入的因素。

Understood. Thank you very much.

明白了。非常感謝。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good evening. Thanks so much. Rob, you mentioned in your repaired remarks there's a lot that's different about the industry, macro companies since you were last in the seat.

嗨，晚上好。非常感謝。羅布，您在修改後的評論中提到，自從您上次擔任該職位以來，這個行業、宏觀公司已經發生了很多變化。

Maybe if we could talk about the industry a bit, there's been, maybe not necessarily new since you left, but there's a lot of other multi mountain pass players, many of which have grown their portfolios pretty significantly over the last couple of years. So how do you think about the company?

也許我們可以稍微談論這個行業，自從你離開後，可能不一定是新的，但還有很多其他的多山口參與者，其中許多在過去幾年中已經大幅增加了他們的投資組合。那麼您如何看待這家公司？

Position from a competitive perspective both from the past offering as well as your network of reports and how do you think about how that position do to drive passengers in the US what and just what seems like a more competitive environment than it than it maybe has been historically?

從過去的產品以及您的報告網絡的競爭角度來看，您如何看待這一地位對美國乘客的影響，以及現在的競爭環境似乎比歷史上任何時候都更具競爭力？

Yeah, absolutely. I mean, I think there's no question that, the Icon path, which was, which debuted when I was still CEO, of course, right, presented new competition to us, but I think it also, helped build and secure the entire market for advanced commitment products.

是的，絕對是如此。我的意思是，我認為毫無疑問，Icon 路徑在我還擔任執行長時就已推出，當然，它給我們帶來了新的競爭，但我認為它也有助於建立和鞏固高級承諾產品的整個市場。

So I think from the time that you know Icon has shown up till today, I think the consumer mindset has shifted from thinking about whether they should buy a pass at all to understanding that actually that's probably the best way to, actually access a mountain and so now it's just a matter of which pass they buy.

所以我認為從 Icon 出現到今天，消費者的心態已經從考慮是否應該購買通行證轉變為理解這實際上可能是進入山區的最佳方式，所以現在的問題只是購買哪種通行證。

And I think our company should welcome healthy, good, thoughtful, innovative competition, and there's no doubt that the Icon path has absolutely, been that. I think I feel like our past offering is very strong and very compelling and, is tailored to the guests that we're going after.

我認為我們的公司應該歡迎健康、良好、深思熟慮、創新的競爭，毫無疑問，Icon 的道路絕對就是這樣的。我認為我們過去提供的服務非常強大、非常引人注目，並且是根據我們所追求的客人量身定制的。

And it's true we don't, we look at adding resorts or adding a partner in a very like disciplined thoughtful way about what we think adds and is not duplicative to what we already have and to the extent that. Yeah, brings in new guests, or really provides an experience that will broaden the experience that that our guests are looking for, and really moves that needle and that's something, that we looked at before and that's something we'll continue to look at as we go forward.

確實，我們不會這樣做，我們會以非常嚴謹、深思熟慮的方式考慮增加度假村或增加合作夥伴，我們會考慮哪些方面會增加，哪些方面不會與我們已有的重複。是的，吸引新客人，或真正提供一種能夠拓寬我們客人所尋求的體驗的體驗，並真正推動這一進程，這是我們之前關注的事情，也是我們今後將繼續關注的事情。

I think it's also true though that you know as we have competitors that have continued to get better, we have to get better and that relates to some of the comments they made about our marketing effort in terms of, I think there's opportunities for us to innovate there and to bring some of the approaches that we're to be more current with the tools and communication channels and approaches that are available in today's environment.

不過，我認為事實也是如此，因為我們的競爭對手正在不斷進步，所以我們也必須進步，這與他們對我們的行銷工作所做的一些評論有關，我認為我們有機會在那裡進行創新，並採用一些更符合當今環境下可用的工具、溝通管道和方法的方法。

And so I think just like you saw us do that in multiple incarnations over the last 15 years, I think there are many opportunities for us to do that again.

所以我認為，就像您看到我們在過去 15 年中多次這樣做一樣，我認為我們有很多機會再次這樣做。

Okay, that's helpful and maybe just a follow up on the European strategy, Bill's been pretty clear as recent as the investor day in March, and I think you even mentioned it in you're prepared to mark some on the benefits of the owner operator model. Europe's a place where you've had partnerships for years and you recently added, I think, six new partners in Austria.

好的，這很有幫助，也許只是對歐洲策略的後續跟進，比爾在三月份的投資者日上已經非常明確地表達了這一點，我想你甚至提到了這一點，你準備標記一些業主經營者模式的好處。歐洲是你們多年來一直建立合作關係的地方，而且最近你們在奧地利又增加了六個新夥伴。

So should investors look at that as a signal maybe about your willingness to explore the partnership model more broadly. In Europe and perhaps is there an opportunity in your mind to launch a path through the partnership model in Europe versus the owner operated model and if I can just squeeze one in just how are you thinking about M&A, I guess is the use of capital probably particularly as you might need to reinvest to reinvigorate growth in the US?

那麼投資者是否應該將此視為一個信號，表明您願意更廣泛地探索合作模式。在歐洲，您是否考慮過透過合作模式而不是所有者經營模式在歐洲開闢一條道路，如果我可以插一句，您如何看待併購，我猜可能是利用資本，特別是因為您可能需要重新投資以重振美國的成長？

Yeah, I think in Europe, it's not that different than the US or anywhere else. I think our preference is always going to be to own and operate a resort. It's a that is a completely different business, of course, than having just a partner, but it is the business that we're in and where we think we add tremendous value on multiple fronts. One, we think we can operate the resorts better.

是的，我認為歐洲的情況與美國或其他地方並沒有什麼不同。我認為我們的偏好始終是擁有並經營一個度假村。當然，這與僅僅擁有一個合作夥伴是完全不同的業務，但這是我們所從事的業務，我們認為我們可以在多個方面增加巨大的價值。一是我們認為我們可以更好地經營度假村。

And two, we also think that we have collected data from the resorts. We can be more flexible in the approach that we're using in terms of price promotion, and communication channels, all of that we think is a comprehensive opportunity. Now that said, especially internationally.

其次，我們也認為我們已經從度假村收集了數據。我們可以在價格促銷和溝通管道方面採取更靈活的方法，我們認為所有這些都是一個全面的機會。話雖如此，尤其是在國際上。

No, we have been open to partnerships and we'll continue to be open to partnerships because we do think it enhances the path and at the same time, many of those resorts are not resorts that are interested in selling, and we completely understand that.

不，我們一直對合作持開放態度，我們將繼續對合作持開放態度，因為我們確實認為這會增強發展道路，同時，許多度假村並不是有意出售的度假村，我們完全理解這一點。

But we're still going to be disciplined in how we add either a partner or an owned resort, and I think that's true on the M&A front here as well, or anywhere in the world like we need to be disciplined. It's critical for us, right, to ensure that we're buying the right resort in the right location for the right price with the right upside, both in terms of how the skiing guest experience can be expanded and obviously financially, right, the kind of returns we can drive from that investment.

但我們在增加合作夥伴或自有度假村方面仍將保持紀律，我認為這裡在併購方面也是如此，或者在世界任何地方我們都需要保持紀律。對我們來說，至關重要的是確保我們以合適的價格在合適的地點購買合適的度假村，並擁有合適的優勢，這不僅體現在如何擴大滑雪遊客的體驗方面，而且顯然還體現在財務方面，即我們可以從這項投資中獲得什麼樣的回報。

I don't see that as really changing from the approach that we've taken over a fairly long period of time, that said, I think it's also true that within Europe we absolutely are going to take a very disciplined approach, just given, the opportunity we have, we think to begin to create a network, and we don't want to, in the end of the day when the right opportunity presents itself, we will pursue it, but it is going to be a very targeted approach and a disciplined approach as we look forward.

我不認為這與我們長期以來採取的做法有什麼真正區別，話雖如此，我認為在歐洲，我們絕對會採取非常嚴謹的做法，考慮到我們擁有的機會，我們認為可以開始創建一個網絡，我們不想這樣做，但當合適​​的機會出現時，我們會去追求它，但展望未來，這將是一種非常有針對性和嚴謹的做法。

Great. Thanks, Rob.

偉大的。謝謝，羅布。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Hi guys, this is Zian on from on. Maybe as you look to next season, do you foresee any issues to get, in terms of getting visas for international workers and maybe just talk about the environment for seasonal workers into next season that kind of depending on that point about labor?

大家好，我是 Zian，來自。也許當您展望下個季度時，您是否預見到在為國際工人獲得簽證方面會遇到的任何問題，也許只是談論下個季度季節性工人的環境，這取決於勞動力的情況？

Yeah, thanks. We, yeah, we do use visas like you know for some of our seasonal hiring, especially where we flex in the season, and we've gone through a lot of different environments, right, though, especially related to the COVID times where there were a lot of restrictions on that.

是的，謝謝。是的，我們確實會使用簽證來進行一些季節性招聘，特別是在季節性靈活安排的情況下，我們也經歷過很多不同的環境，尤其是在 COVID 時期，當時有很多限制。

And we've been able to manage through those kind of changing levels and we've really reduced our number of visas also over time as you've heard us talk about the high retention rates and return rates that we've had for seasonal employees.

我們已經能夠應對這些不斷變化的水平，而且隨著時間的推移，我們的簽證數量也確實減少了，正如您所聽到的，我們談到季節性員工的高保留率和回報率。

Right, that also reduces kind of the need for some of those programs, but we continue to look at it every year and really evaluate where we will take advantage of those programs or not, but we don't see that as a, something that we couldn't manage around at this point.

是的，這也減少了對某些項目的需求，但我們每年都會繼續關注這個問題，並真正評估我們將在哪些方面利用這些項目，但我們並不認為這是我們目前無法解決的問題。

Okay, got it. And then you mentioned about $8 million worth of ex earlier cost savings from the transformation plan. Maybe you could talk a little bit more about how the transformation plan is going and, maybe some of the savings that you're getting?

好的，明白了。然後您提到轉型計劃節省了約 800 萬美元的成本。也許您可以再多談談轉型計畫的進展情況，以及您獲得的一些節省？

Yeah, we are really pleased that we were able to really focus on accelerating some of our efforts that, we'd already identified for a resource efficiency transformation plan into the current year and right that obviously helped offset this year some of the visitation shortfalls that we had and yeah, the team has done an amazing job of really making sure that we can deliver on all three pillars.

是的，我們非常高興能夠真正集中精力加快我們的一些努力，我們已經確定了今年的資源效率轉型計劃，這顯然有助於抵消今年我們的一些訪問量不足的問題，是的，團隊做得非常出色，確保我們能夠實現所有三大支柱。

You saw us more recently, maybe in May, see the announcement where we also kind of put out for our or change in operating model for our mountain division to realign some of those resorts, but also, some centers of excellence that we can do that can really unlock savings for us as well.

您最近（可能是在五月）看到了我們發布的公告，其中我們也宣布了我們山區部門的營運模式變更，以重新調整其中一些度假村，但同時，我們還可以建立一些卓越中心，這確實可以為我們節省開支。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Hi, good evening, everyone.

大家好，晚上好。

Regarding this standing offer for Park City, is entertaining that just a non-starter or Rob, given your reputation as a creative outside the box, financial idea person, would you consider finding a way to sell that at in a creative multiple but perhaps maintain a long-term agreement to keep Park City in the [Epic Pass] network?

關於對帕克城的長期報價，有趣的是，這只是一個不可能實現的方案，或者羅布，鑑於你作為一個打破常規的創意人士和金融創意人士的聲譽，你會考慮找到一種以創意倍數出售該報價的方法，但也許會保持長期協議以將帕克城留在 [Epic Pass] 網絡中？

No, that's not something that we're looking at, and we don't think that that ultimately is in the right long term interests of our company, we think it's, especially a resort like Park City, of course, is critical to our overall company and our network, and yeah, we think it's incumbent upon us to continue to listen to the feedback.

不，這不是我們正在考慮的事情，我們也不認為這最終符合我們公司的長期利益，我們認為，尤其是像帕克城這樣的度假勝地，當然對我們整個公司和我們的網絡至關重要，是的，我們認為我們有責任繼續聽取反饋。

From our guests, from our community partners, and continue to drive improvement both in the way that we, deliver an experience for our guests, the way that we deliver for our employees, and the way that we deliver for our community members.

來自我們的客人、來自我們的社區合作夥伴，並繼續推動我們為客人提供體驗的方式、我們為員工提供服務的方式以及我們為社區成員提供服務的方式的改進。

And it's true, one of my priorities is aligning right all of our stakeholders and not all of our stakeholders are going to agree with the things that we, decide to do, they may not all agree amongst themselves about what is the right strategy and approach.

確實，我的首要任務之一是協調所有利害關係人，但並非所有利害關係人都會同意我們決定要做的事情，他們可能不會就正確的策略和方法達成一致。

And it's our job to kind of navigate that dynamic and obviously in an environment where you've got a fair amount of passion and a fair amount of emotion that can sometimes be tricky, and we may not always get it right, but that's still our job and something we're very committed to.

我們的工作就是駕馭這種動態，顯然，在這種充滿激情和情感的環境中，有時會很棘手，我們可能無法總是正確，但這仍然是我們的工作，也是我們非常致力於的事情。

Okay, thank you for making that, very clear. My follow up question actually is on the dividend. How comfortable are you, Rob, with the current dividend policy or the payout levels? Could that possibly, that payout be up for review?

好的，謝謝你，說得很清楚。我的後續問題其實是關於股息的。羅布，您對目前的股利政策或派息水準感覺如何？這筆賠付有可能被審核嗎？

Yeah, sure, I'm very comfortable with our dividend, and I think our board is obviously that's why we announced and authorized the dividend again this quarter. At the same time, we wanted to make it clear in our remarks that that the priority for us is always going to be the investments that we're making in our employees, in our resorts, and in acquisitions, and that always comes first.

是的，當然，我對我們的股息非常滿意，我認為我們的董事會顯然也同意這一點，這就是我們本季再次宣布並批准股息的原因。同時，我們想在發言中明確表示，我們的首要任務始終是對員工、度假村和收購的投資，這些永遠是第一位的。

And then we're looking at the funds that are left over after that in terms of what we're returning to shareholders. And I think you know one of the comments we made is that yeah as we look at the dividend we're comfortable with it.

然後，我們會考慮剩餘的資金，用於返還給股東。我想你知道我們提出的其中一條評論是，是的，當我們看股息時，我們對此感到滿意。

And of course if we were going to increase it going forward, it would have to be after right a real material increase in our free cash flow and so in our mind that of course would better align the payout ratio as you're talking about as we look over the next couple of years.

當然，如果我們要在未來增加派息率，那麼就必須在我們的自由現金流真正大幅增加之後，因此在我們看來，這當然會更好地調整您所說的未來幾年的派息率。

Okay, very clear on that. Thank you.

好的，非常清楚。謝謝。

Pine Kaurion with UBS.

瑞銀的 Pine Kaurion。

Hi. Thank you so much for taking my question and welcome back to revisit Megan's question regarding the European strategy for a moment, could you talk a bit about your approach there?

你好。非常感謝您回答我的問題，歡迎回來重新討論梅根關於歐洲戰略的問題，您能談談您在那裡的方法嗎？

Do you think the playbook you had for North America could actually work for Europe, where you have more proximity of mountains and where maybe raising lift ticket prices to make the customer choose the past product might not be as smooth as how that evolved in North America, and then I a quick follow up.

您是否認為您為北美製定的策略實際上也適用於歐洲？那裡距離山脈更近，也許會提高纜車票價以讓客戶選擇過去的產品，但這可能不會像在北美那樣順利，然後我快速跟進。

No, we don't think that the same playbook that we've used in North America would be the right playbook for Europe, and we think that to the extent that we launched a really European-based ta product, it would be different, and the approach would be different because we understand that all of the dynamics are very different there.

不，我們認為我們在北美使用的策略不適合歐洲，而且我們認為，就我們推出真正基於歐洲的 ta 產品而言，它會有所不同，方法也會不同，因為我們知道那裡的所有動態都非常不同。

At the same time, we believe that there is an opportunity to be more strategic right about the approach that is being taken in Europe, and I think, even more so as you think about the European ski industry going forward and the weather volatility that we talked about before. So, the same. Attractiveness of an advanced commitment product we believe exists there as well.

同時，我們相信，我們有機會對歐洲正在採取的措施採取更具戰略性的措施，而且我認為，當你考慮歐洲滑雪產業的未來發展以及我們之前談到的天氣波動時，這樣做就更加明智了。所以，一樣。我們相信高級承諾產品也具有吸引力。

And just like in the United States, it took many years, right, for even our past product, let alone the rest of the industry to follow. Of course it would take time for that to happen there. But if you look out over the long haul, we certainly think that there is a compelling opportunity not only for us but for the industry itself there.

就像在美國一樣，即使是我們過去的產品，也花了很多年才跟進，更不用說其他行業了。當然，這需要時間。但如果從長遠來看，我們肯定會認為這不僅對我們，而且對整個產業本身來說都是一個極具吸引力的機會。

Great, thank you. That's very helpful. And in terms of your outlook for ['25] for next season for next year's season and how that's shaping up, I guess what are you seeing in the business to give you that confidence that trends that you saw in spring will sort of remain steady for the year, the reason I'm asking this is because investors sort of think of Vail.

太好了，謝謝。這非常有幫助。至於您對 ['25] 下一季度、明年的展望以及情況如何，我想您在業務中看到了什麼，讓您有信心相信您在春季看到的趨勢將在今年保持穩定，我之所以問這個問題，是因為投資者有點想到了韋爾。

Average consumer to be a bit higher end than US average maybe and in some ways maybe a little bit insulated from the inflationary pressures at the same time we are in a different macro environment today than three months ago. How does that go into your overall sort of calculations for next year's Ski season?

一般消費者的消費水準可能比美國平均高一點，而且在某些方面可能稍微不受通膨壓力的影響，同時，我們今天所處的宏觀環境與三個月前不同。這對您對明年滑雪季節的總體計算有何影響？

Yeah, I think the macroeconomic environment is definitely a risk. I think that our comments about, continuing, the trends on season pass sales are dependent upon the macroeconomic environment staying relatively stable. Obviously if it got dramatically worse, no those, of course that could change.

是的，我認為宏觀經濟環境肯定是個風險。我認為，我們對季票銷售趨勢的持續評論取決於宏觀經濟環境是否保持相對穩定。顯然，如果情況急劇惡化，當然可能會改變。

And if it got better right, we could see, the opposite, and we also commented that, yeah, it's unclear yet, whether the macroeconomic environment over spring pass sales, especially when, a decent amount of our spring pass sales occur, before the April deadline, which was right in the, heart of a lot of the chatter that was going on there on a macro basis.

如果情況變得更好，我們可以看到相反的情況，我們也評論說，是的，目前還不清楚宏觀經濟環境是否會影響春季通行證的銷售，特別是當我們的春季通行證在 4 月份截止日期之前有相當一部分銷售時，這正是宏觀層面上許多討論的核心。

Yeah, whether that led to delayed decision making is something we won't see till the end of the season. So I'd say, based on what we're looking at right now and the data we have on our own gas and assuming a relatively consistent macro environment, yeah, we feel good about maintaining, the trends that we're seeing right now.

是的，這是否會導致決策延遲，我們要到賽季結束時才能知道。所以我想說，根據我們現在所看到的情況以及我們掌握的天然氣數據，並假設一個相對一致的宏觀環境，是的，我們對維持目前看到的趨勢感到滿意。

Thank you.

謝謝。

Ben Chaiken, MIzuho.

本·柴肯，瑞穗。

Hey, thanks for taking my questions. Regarding Europe, the partnerships in Austria over the last few weeks were pretty notable. How do you think about the tipping point, if you will, where there's momentum with a European pass or a regional pass within Europe?

嘿，謝謝你回答我的問題。就歐洲而言，過去幾週在奧地利的合作關係非常引人注目。如果您願意的話，您如何看待歐洲通行證或歐洲區域通行證發展的轉折點？

Meaning, do you think about like the number of assets required to create this flywheel that you've developed elsewhere? And then maybe related following up on a previous question, can you achieve the desired network effect in Austria, for example, without owning the assets or is that just a precursor to eventually buying?

意思是，您是否考慮過創建您在其他地方開發的飛輪所需的資產數量？然後也許與前面的問題相關，例如，如果不擁有資產，你能否在奧地利實現所需的網路效應，或者這只是最終購買的前兆？

I think that is, I would say that's probably still an open question, right, in terms of I don't think it's necessary for us to own a certain amount of assets to be able to put a product out, but the question is, right, to have a product that would be compelling or make an impact. Or, be differentially important to the guests in some way.

我認為，我想說這可能仍然是一個懸而未決的問題，對吧，就我而言，我認為我們沒有必要擁有一定數量的資產才能推出產品，但問題是，對吧，要擁有一款引人注目或產生影響的產品。或者，以某種方式對客人表現出不同的重要性。

Yeah, we do think that that probably owning some additional assets, right, might be critical for that, but where those come in the life cycle of that potential product is a question when we would feel confident enough to, launch that product where we feel like again it would be additive is also still an open question, and I don't think we have not come to any final conclusion on that.

是的，我們確實認為擁有一些額外的資產可能對此至關重要，但這些資產在潛在產品的生命週期中的位置是一個問題，當我們有足夠的信心推出我們認為再次具有附加價值的產品時，這仍然是一個懸而未決的問題，我認為我們還沒有就此得出任何最終結論。

In the end of the day, like we are going to, just like we have done historically, right? We pursue a lot of different things and we look to see where the openings are and where the opportunities are that we think ultimately drive value and that's, where we put our resources and focus and Europe will absolutely be there when we think it's the right time.

到最後，我們都會這麼做，就像我們歷史上所做的那樣，對吧？我們追求很多不同的東西，我們尋找機會，尋找我們認為最終能帶來價值的機遇，這就是我們投入資源和精力的地方，當我們認為時機成熟時，歐洲絕對會出現在那裡。

Got it. And then Rob, I love your take on ancillary. Obviously, that's been a large push over the last, maybe 3, 3 years. Are Epic Gear and driving ski school attached still top priorities for you?

知道了。然後羅布，我喜歡你對輔助的看法。顯然，在過去的 3、3 年裡，這是一個巨大的推動。Epic Gear 和駕駛滑雪學校仍然是您的首要任務嗎？

Absolutely, yeah, I know, absolutely. I think we have, obviously these are guests that are already visiting our resort where we feel like there's opportunity to deepen our relationship with them and broaden our capture rate and in our minds, part of that is going to be kind of some of the marketing improvement that I think we're going to be focused on as we look ahead to the upcoming seasons but part of it is also right innovating on the product that we're offering and how they're engaging with that product or service.

絕對，是的，我絕對知道。我認為我們已經做到了，顯然這些客人已經訪問過我們的度假村，我們覺得有機會加深與他們的關係，提高我們的捕獲率，在我們看來，其中一部分將是一些營銷改進，我認為我們將在展望即將到來的季節時重點關注這些改進，但其中一部分也是對我們提供的產品以及他們如何與該產品或服務進行創新。

And so in that respect we think My Epic Gear and My Epic Pass are both. Yeah, critical to that, right? It is something new using technology and providing a better guest experience, and then we layer, on top of that an improved marketing approach that we think, yeah, will be one of the most important revenue drivers as we look to the future.

因此從這個方面來看，我們認為 My Epic Gear 和 My Epic Pass 兩者兼具。是的，這很重要，對吧？這是一種利用技術並提供更好的客戶體驗的全新方式，然後我們在此基礎上改進行銷方法，我們認為，是的，這將是我們未來最重要的收入驅動力之一。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Great, thanks so much, for taking the question. So looking back at this past season and sort of the visitation shortfall that, I believe you guys would say underperformed, what you're trying to do, what the industry did, when you look at where, geographically you lost share or sort of by source market, what can you tell us about sort of who that guest is, right?

太好了，非常感謝您回答這個問題。因此，回顧過去的這個季度以及遊客人數的不足，我相信你們會說表現不佳，你們正在嘗試做什麼，行業做了什麼，當你看在哪裡，從地理位置上看你們失去了份額，或者按來源市場劃分，你能告訴我們那些客人是誰嗎？

I know that Rob, you said that. The experience, getting experience consistent getting experience right is top of mind, which gets, do you need to win back? Is it more mountain specific or is it more, I guess, yeah, source market specific.

我知道羅布，你說過這件事。經驗，獲得經驗一致，獲得正確的經驗是最重要的，你需要贏回嗎？它是更針對特定山脈還是更針對特定源市場？

Well, a couple of things. One is that I would say, yeah, we absolutely we did not achieve this year the result that we were looking for, and it's true that I think we underperformed the industry. Now part of that is where the industry overperformed, right, in some of the markets like the Midwest where we did perform well, but obviously we have a tiny market share and only a couple of resorts there.

嗯，有幾件事。首先，我想說，是的，我們今年確實沒有取得我們想要的結果，而且我確實認為我們的表現不如行業平均。現在部分原因是行業表現優異，在中西部等一些市場，我們確實表現良好，但顯然我們的市場份額很小，而且那裡只有幾個度假村。

So part of it is a geography balance, but part of it, even within the geography, it's right, we feel like we didn't hit our mark. And yeah, the biggest area where we feel like we fell short was, uncommitted lift to visitors, and I think that obviously is someone who is, they're not committed in front of the season, but they're obviously not also committed likely to skiing that season or not committed to skiing at our resort or maybe another resort that season.

因此，部分原因是地理平衡，但部分原因是，即使在地理範圍內，我們也覺得我們沒有達到目標。是的，我們感覺最大的不足是沒有為遊客提供承諾的接待服務，我認為這顯然是有些人在滑雪季前沒有做出承諾，但他們顯然也沒有承諾在那個季節滑雪，或者沒有承諾在那個季節在我們的度假村或其他度假村滑雪。

And in our minds, right, that is where we, yeah, we need to take a different marketing approach to be able to compete and compete well right in that marketplace. I think there's also opportunities for us to drive past sales as well.

在我們看來，是的，我們需要採取不同的行銷方式，才能在市場上競爭，並且競爭得很好。我認為我們也有機會提高過去的銷售額。

And again, it's typically going to be at the margin, right, of course, is that less committed person who we have to convert again something that this company has done successfully for a long period of time and I feel like is. Yeah, it's right in our wheelhouse to be able to turn around, and yeah, as we look forward to the next couple of years, we think this is, very achievable.

再說一次，這通常處於邊緣，對吧，當然，就是那些不太投入的人，我們必須再次轉變，而這家公司長期以來已經成功地做到了這一點，我覺得是這樣。是的，扭轉局面完全在我們的掌控之中，是的，展望未來幾年，我們認為這是非常有可能實現的。

Okay, that's really helpful, caller. Thanks for that. A second question is, you alluded a couple of times, Rob, to, innovation around the past, some of your peers are notable in there, sort of, constant tinkering and more dynamic sort of, active management of peering and blackout dates and things like that.

好的，這真的很有幫助，來電者。謝謝。第二個問題是，羅布，你提到過幾次，過去的創新，你的一些同行在這方面很出色，他們不斷地進行修補，並且更有活力，積極地管理對等和停電日期等事情。

I know you're not going to announce your idea or ideas here, but just to get your maybe philosophy on the pros and cons of more caring at the expense of being more complicated, of course, but perhaps to unlock the unique supply and demand dynamics of, each particular mountain you have.

我知道你不會在這裡宣布你的想法，而只是想了解一下你對以更複雜為代價來付出更多關懷的利弊的哲學，當然，也許是為了解開你所擁有的每座特定山峰獨特的供需動態。

Yeah, I think most people would say that we've done a lot of that already and if anything, sometimes, we could be, people can criticize us for having too many products, right, being too complex, but it is for this exact reason that we are constantly looking. At whether or not there's a new approach right for us to get somebody to commit in advance.

是的，我想大多數人會說我們已經做了很多，如果有的話，有時，人們可能會批評我們的產品太多，太複雜，但正是出於這個原因，我們一直在尋找。我們是否有新的方法可以提前讓某人做出承諾。

And of course it's true that as time has gone on, that becomes harder because the people who are easiest to convince, of course we already converted them a long time ago. But in our minds like that's what we're here to do, and that innovation is critical and so as I talk about potentially changing our past product or portfolio.

當然，隨著時間的推移，這變得越來越難，因為那些最容易說服的人，我們很久以前就已經改變了他們。但在我們看來，這就是我們來這裡要做的，創新至關重要，所以我談到可能會改變我們過去的產品或產品組合。

Yeah, I don't see some huge overhaul, but it is to see where we can be more aggressive and how can we continue to mine both. I would say to your earlier question, both types of guests and source markets, right? I think it's both. I don't think it's isolated to one market or one type of guest. I think it's on what I would call it though it is the less committed skier that I think is where our focus will be.

是的，我沒有看到什麼大規模的改革，但可以看看我們可以在哪些方面更積極，以及如何繼續開採這兩種資源。我想回答您之前的問題，既有客人類型，也有客源市場，對嗎？我認為兩者都有。我認為它並不局限於某個市場或某一類客人。我認為這就是我所說的，儘管我認為我們的重點是那些不太投入的滑雪者。

That's great. Thanks for everything.

那太棒了。謝謝你的一切。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good afternoon, everyone. Rob, it's nice to have you back in the seat.

嘿，大家下午好。羅布，很高興你再次回到我的座位。

So I want to start off with it, it's a little bit of a different question, Rob, but if you look at like the cruise industry, right, and you look at, they have ticket prices that are probably, significantly higher than they were in 2019 and, you guys are kind of on a like for like basis, not a lot higher, and some of that's mixed.

所以我想從這個開始，羅布，這是一個有點不同的問題，但如果你看看郵輪行業，你會發現，他們的票價可能比 2019 年高得多，而你們的票價差不多，不會高很多，有些是混合的。

And maybe some of that in the cruisest industry is just new hardware and stuff. So, the question is, do you think you can continue driving price and engagement? Do you have enough ways to kind of reinvigorate or, not reinvent but, re-energize the product without, going off the rails spending wise. Is that possible? Do you think you need to do that?

也許遊輪產業的一些產品只是新硬體和新東西。那麼，問題是，您認為您可以繼續提高價格和參與度嗎？您是否有足夠的方法來重振或（不是重新發明而是重新激發產品）活力，而不會偏離支出的軌道？這可能嗎？你認為你需要這麼做嗎？

Yeah, I think I absolutely believe that our opportunity to continue to drive price is there, as it's been there before, and I think we've shown that in a lot of different ways. I think, it's a little bit different than the cruise industry or the hotel industry in that we've got this matrix right around advanced commitment and lift tickets, and we're dialing both at the same time and even within lift tickets, right, we're dialing. People who want to buy right in advance of showing up, the day of.

是的，我認為我絕對相信我們有機會繼續推動價格上漲，就像以前一樣，而且我認為我們已經通過很多不同的方式證明了這一點。我認為，它與郵輪業或酒店業略有不同，因為我們有圍繞提前承諾和纜車票的矩陣，我們同時撥打這兩個號碼，甚至在纜車票內，我們也在撥打。想要在到達之前、當天購買的人。

And so, it's a bit more complex, but that's also I think where we've been able to be successful and we have, we are continuing to invest. In our resorts continuing to add new lists, upgrade restaurants, right, new experiences, continuing to use technology to improve the guest experience, and we think all of those absolutely justify, right, the opportunity for us to continue to charge for that.

所以，這有點複雜，但我認為這也是我們能夠成功的地方，而且我們正在繼續投資。在我們的度假村中，我們不斷增加新的列表，升級餐廳，對吧，新的體驗，繼續使用技術來改善客人體驗，我們認為所有這些都絕對證明了我們繼續收費的機會。

But at the same time, yes, we understand that to move people into advanced commitment, that's going to be something that, we have to look at from a kind of longer term basis. As we give that discount, the question is, right, are we picking up extra days of skiing or extra dollars over a four year season where if we don't do that.

但同時，是的，我們明白，要讓人們做出更高級的承諾，我們必須從更長遠的角度來看待這件事。當我們提供折扣時，問題是，如果我們不這樣做，那麼在四年的滑雪季裡，我們是否會獲得更多的滑雪天數或額外的收入。

We may lose that person in a bad snow year, which, by the way, it could be a bad snow year or it could be a bad weather day, right? We could have an amazing, snow year and one day over Christmas, right, if it's very windy, you can lose people. So, getting those folks to commit in advance for us, even if it's a week in advance, right, can still be quite compelling. To our overall value thesis for the company.

我們可能會在雪況不好的年份失去那個人，順便說一句，那可能是雪況不好的年份，也可能是天氣不好的年份，對吧？我們可能會迎來一個令人驚嘆的雪年，聖誕節期間有一天，如果風很大，可能會失去一些人。因此，讓這些人提前為我們做出承諾，即使是提前一周，仍然很有說服力。對於我們公司的整體價值論點。

Okay, yeah, fair enough. I appreciate that color. The follow-up is, yeah, you've covered a lot of ground on costs and there's a lot of different angles to it, but, and I'm certainly not trying to get a number from you for any future year, but just directionally at a high level.

好的，是的，夠公平。我很欣賞那個顏色。後續問題是，是的，您已經討論了很多有關成本的問題，並且涉及很多不同的角度，但是，我當然不是想從您那裡得到未來任何一年的數字，而只是從高層次上給出一個方向。

Do you think based on what you see today, which may change, you think there needs to be kind of a grand reset of sorts on operating expenses in terms of labor or housing or whatever, or do you think you just need to tweak certain things and other things with corporate expenses and such will counterbalance the operating expenses?

根據您今天看到的情況（這種情況可能會發生變化），您是否認為需要對勞動力、住房或其他方面的營運費用進行某種大規模的重新調整，或者您是否認為只需要對公司費用中的某些事項和其他事項進行調整，這樣就可以平衡營運費用？

No, we don't, we don't think that there needs to be some grand reset. We think we need to ensure that we stay competitive, in terms of, how we attract employees to the company and when you look at. The investment that was made a couple of years ago was significant.

不，我們不認為需要進行一些重大重置。我們認為我們需要確保我們保持競爭力，無論是在如何吸引員工加入公司還是何時。幾年前進行的投資意義重大。

And I think it really reset us, and I think has allowed us to deliver a much better experience along with many other ways that we're connecting with our employees, which is especially on the seasonal frontline levels, which is why we, our seasonal return rates and retention rates, right, are the best they've ever been.

我認為這確實讓我們重獲新生，並且讓我們能夠提供更好的體驗，同時透過許多其他方式與我們的員工建立聯繫，尤其是在季節性一線員工，這就是為什麼我們的季節性回報率和保留率達到了有史以來最好的水平。

So to me, right, that I think we start with that. Now I also think that there's ways that we can be a lot smarter. And so what you're seeing in the resource transformation efforts is not, we're not pulling back on the guest experience at all, but we're realizing that we're a big company now that grew pretty quickly and we can actually just be more thoughtful about how we resource and how we oversee the same things.

所以對我來說，對的，我認為我們從那裡開始。現在我也認為我們可以透過一些方式變得更加聰明。因此，您在資源轉型工作中看到的並不是，我們根本沒有降低客戶體驗，而是我們意識到我們現在是一家發展相當迅速的大公司，我們實際上可以更加深思熟慮地考慮如何配置資源以及如何監督相同的事情。

And obviously then no different than any other company. There are opportunities right for us to use technology and AI and other stuff that we're going to continue to leverage just like everybody else's.

顯然這與其他公司沒有什麼不同。我們有機會利用科技、人工智慧和其他東西，就像其他人一樣，我們將繼續利用它們。

Okay. Thanks, Rob.

好的。謝謝，羅布。

This will conclude the Q&A portion of today's call. I would now like to turn the call back over to Rob Katz for closing remarks.

今天電話會議的問答部分就到此結束。現在我想將電話轉回給 Rob Katz 做最後發言。

Thank you, operator. This concludes our fiscal 2025 third quarter earnings call. Thanks to everyone who joined us today. Please feel free to contact Angela or me directly, should you have any further questions.

謝謝您，接線生。我們的 2025 財年第三季財報電話會議到此結束。感謝今天加入我們的所有人。如果您還有其他問題，請隨時直接與 Angela 或我聯絡。

Thank you for your time this afternoon and goodbye.

感謝您今天下午抽出時間，再見。

Thank you sir. This concludes today's Vail Resorts fiscal third quarter 2025 earnings conference call and webcast. You may now disconnect your line at this time and have a wonderful day.

謝謝您，先生。今天的 Vail Resorts 2025 財年第三季財報電話會議和網路直播到此結束。現在您可以斷開線路並享受美好的一天。