Vail Resorts Inc (MTN) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Vail Resorts fiscal first-quarter 2026 earnings conference call. Today's conference is being recorded. (Operator Instructions)

下午好，歡迎參加 Vail Resorts 2026 財年第一季財報電話會議。今天的會議正在錄影。（操作說明）

I will now turn the call over to Connie Wang, Vice President of Investor Relations at Vail Resorts. You may begin.

現在我將把電話交給 Vail Resorts 投資者關係副總裁 Connie Wang。你可以開始了。

Thank you, operator. Good afternoon, and welcome to our fiscal 2026 first-quarter earnings conference call. Joining me on the call are Rob Katz, our Chief Executive Officer; and Angela Korch, our Chief Financial Officer.

謝謝接線生。下午好，歡迎參加我們2026財年第一季財報電話會議。與我一同參加電話會議的有我們的執行長羅伯·卡茨和我們的財務長安吉拉·科爾奇。

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. Forward-looking statements in our press release issued this afternoon, along with our remarks on this call, are made as of today, December 10, 2025, and we undertake no duty to update them as actual events unfold.

在開始之前，請允許我提醒各位，本次電話會議中提供的一些資訊可能包含前瞻性陳述，這些陳述基於某些假設，並受到我們在提交給美國證券交易委員會的文件中所述的諸多風險和不確定性的影響，實際的未來結果可能會有重大差異。今天下午發布的新聞稿中的前瞻性聲明以及我們在本次電話會議上的發言均截至 2025 年 12 月 10 日，我們不承擔隨著實際情況發展而更新這些聲明的義務。

Today's remarks also include certain non-GAAP financial measures. Reconciliations of these measures are provided in the tables included with our press release, which, along with our annual 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.

今天的演講也包含一些非GAAP財務指標。這些措施的調整情況已在我們的新聞稿附表中提供，這些表格以及我們的 10-Q 表格年度報告已於今天下午提交給美國證券交易委員會，也可在我們的網站 www.vailresorts.com 的投資者關係部分查閱。

I would now like to turn the call over to Rob for opening remarks.

現在我謹將電話交給羅布，請他致開幕詞。

Thank you, Connie. Good afternoon, everyone. Thank you for joining our first-quarter conference call. Before we discuss the results from the quarter and pass sales results, I want to provide an update on some of the key strategies we laid out last quarter to drive visitation and evolve our marketing approach.

謝謝你，康妮。大家下午好。感謝您參加我們第一季電話會議。在討論本季業績並公佈銷售結果之前，我想先介紹我們上個季度製定的一些關鍵策略，這些策略旨在提高客流量並改善我們的行銷方法。

Beginning in the fall, we made some shifts in our marketing approach to increase spending in channels outside of traditional e-mail that drove improved results for the fall pass selling period. This included broadly increasing paid media and specifically being much more present in social and influencer channels.

從秋季開始，我們對行銷方式進行了一些調整，增加了在傳統電子郵件以外的管道的支出，從而提高了秋季通行證銷售期間的業績。這包括大幅增加付費媒體投入，尤其是在社群媒體和網紅管道上投入更多精力。

We saw some initial positive results from this effort, turning around the pass sales dollar trend for the post Labor Day period from up 1% compared to the prior year through Labor Day to up 6% post Labor Day, even though we faced challenging early season conditions heading into the final pass selling period that likely impacted our local passholder results.

這項努力初步取得了一些積極成果，扭轉了勞動節後通行證銷售額的趨勢，從勞動節前比上年同期增長 1% 到勞動節後增長 6%，儘管我們在進入最後一個通行證銷售期時面臨著具有挑戰性的賽季初期條件，這可能影響了我們當地通行證持有者的業績。

As we head into the winter season in the Northern Hemisphere, we are turning our focus to driving lift ticket visitation. For this season, we have several new strategies aimed at increasing lift ticket visitation that is an important funnel for driving long-term guest lifetime value.

隨著北半球進入冬季，我們將重點轉向提高滑雪纜車票的客流量。本季，我們推出了幾項新策略，旨在增加纜車票的銷量，這是提升客戶終身價值的重要途徑。

Earlier this year, we launched Epic Friends tickets, which provides a 50% discount to friends and family of pass holders. This pass holder benefit enables our most loyal pass guests to share their experience with their network of family and friends who can apply the cost of that lift ticket to a pass the following year.

今年早些時候，我們推出了 Epic Friends 門票，為季票持有者的親朋好友提供 50% 的折扣。這項季票持有者福利使我們最忠實的季票持有者能夠與他們的家人和朋友分享他們的體驗，他們可以將該張纜車票的費用用於購買下一年的季票。

In addition to the new Epic Friend tickets, we have also announced a new advanced discount offering for guests willing to commit one month in advance. The new lift ticket offer provides a 30% discount off window pricing for customers who commit over a month in advance at select resorts.

除了新的 Epic 好友門票外，我們還宣布了一項新的提前預訂折扣優惠，適用於願意提前一個月預訂的客人。新的纜車票優惠活動為提前一個月以上預訂指定度假村纜車票的顧客提供窗口價格 30% 的折扣。

That means that some of the company's largest destination mountains, skiers, and riders can save over $100 per lift ticket depending on the day by purchasing four more weeks in advance. This provides another important bridge in product offerings for guests who cannot commit to a pass purchase ahead of the season.

這意味著，該公司一些最大的滑雪勝地的滑雪者和單板滑雪者，如果提前四周購買纜車票，每張纜車票可以節省超過 100 美元，具體節省金額取決於日期。這為那些無法在賽季開始前購買季票的客人提供了另一個重要的產品選擇。

In addition to our new lift ticket product offerings, we are also looking to be more strategic in pricing across our individual resorts and time periods. We are implementing more dynamic pricing strategies targeted at driving off-peak visitation at certain resorts, which fulfills the dual purpose of pricing select resorts more competitively and incentivizing visitation in lower volume time periods. We will be utilizing these strategies at resorts like Keystone in the upcoming ski season where we see the most opportunity to offset lower price with additional volume capture to drive overall revenue.

除了推出新的纜車票產品外，我們還希望在各個度假村和不同時間內採取更具策略性的定價方式。我們正在實施更動態的定價策略，旨在推動某些度假村在淡季的客流量，這既能使特定度假村的價格更具競爭力，又能激勵遊客在客流量較低的時段前來遊覽，可謂一舉兩得。在即將到來的滑雪季，我們將在像基斯通這樣的度假村運用這些策略，因為我們認為在這些度假村最有機會透過增加客流量來抵消價格下降的影響，從而推動整體收入成長。

Finally, in addition to purchasers of Epic Friends tickets, purchases of advanced and window lift tickets will be able to apply up to $175 of the cost of their lift ticket to a pass for next season. Growing lift ticket sales is a critical entry point for guests to join our pass program, and we believe it is critical to have an integrated approach across all lift access products. Given the widened spread between lift tickets and pass prices, we believe that even with these new discounts, passes still represent the best value for our guests.

最後，除了購買 Epic Friends 門票的遊客外，購買預售票和窗口票的遊客還可以將票款中的最高 175 美元用於購買下一季的季票。提高纜車票銷售量是吸引遊客加入我們通行證計畫的關鍵切入點，我們認為對所有纜車服務產品採取一體化方法至關重要。鑑於纜車票和通票價格之間的差距越來越大，我們認為即使有了這些新的折扣，通票仍然是我們客人最划算的選擇。

Moving now to our broader marketing efforts, we are looking to evolve and modernize our approach in how we reach and engage our guests. On the messaging front, we are in the early stages of creating content that builds a stronger connection with our guests by tapping into the passion they feel for our resort brands.

現在，讓我們從更廣泛的行銷工作著手，尋求改進和現代化我們接觸和吸引顧客的方式。在訊息傳遞方面，我們正處於早期階段，致力於透過激發賓客對我們度假村品牌的熱情，來創建能夠與賓客建立更緊密聯繫的內容。

Over the past quarter, we took some first steps to increase our media spending with messaging that celebrated the individual identity of each resort, which helped drive improved fall pass sales, performance, and incremental return compared to the spring selling period. We have also shifted our marketing to better capture guests at the top of the funnel, a key to building awareness and have expanded marketing in channels where younger consumers spend most of their time, including social, video, connected TV, and streaming audio.

在過去的一個季度裡，我們採取了一些初步措施，增加了媒體支出，透過宣傳每個度假村的獨特個性來提升業績，這有助於推動秋季季票銷售、業績和收益增長，與春季銷售期相比，秋季季票銷售有所提高。我們也調整了行銷策略，以更好地吸引潛在客戶，這是建立品牌知名度的關鍵。此外，我們也擴大了在年輕消費者花費最多時間的管道（包括社群媒體、視訊、連網電視和串流音訊）的行銷。

While the full impact of brand-building marketing is expected to increase over time, we are seeing early signs that our investments in these channels are resonating with guests through increased engagement and outperformance versus our traditional branded creative and stronger brand awareness based on guest research.

雖然品牌建立行銷的全面影響預計會隨著時間的推移而增加，但我們已經看到一些早期跡象表明，我們對這些管道的投資正在引起顧客的共鳴，透過提高參與度和超越我們傳統的品牌創意，以及基於顧客研究的更強的品牌意識，實現了比以往更好的業績。

The total magnitude of our actions around lift tickets and marketing will be less visible this fiscal year, but we are seeing early signs that reinforce our focus on these key areas. Longer term, we are focused on optimizing our products and pricing across our pass and lift tickets to drive long-term value creation.

本財年，我們在纜車票和行銷方面的行動規模可能不太明顯，但我們已經看到一些早期跡象，這些跡象強化了我們對這些關鍵領域的關注。從長遠來看，我們專注於優化我們的通行證和纜車票的產品和定價，以推動長期價值創造。

We are excited to have our new Chief Revenue Officer, Celeste Burgoyne, join us next month. Celeste has an incredible 20-year track record of success at LuluLemon and is a very strong business leader with a passion for guest experience and leadership.

我們很高興下個月迎來新的首席營收長 Celeste Burgoyne。Celeste 在 LuluLemon 擁有令人矚目的 20 年成功記錄，是一位非常優秀的商業領袖，對顧客體驗和領導力充滿熱情。

I am more than confident that Celeste will make a very strong and long-term impact on helping us drive growth and ensure we live up to our mission of experience of a lifetime. I look forward to partnering with Celeste in modernizing our marketing engagement to drive future growth.

我非常有信心，Celeste 將對我們推動成長和確保我們實現「終身體驗」的使命產生非常強大而長遠的影響。我期待與 Celeste 合作，共同推動行銷活動的現代化，以推動未來的成長。

While we've seen a slow start to our Rockies and Tahoe resorts due to challenging early season conditions, we've seen some strength in the Northeast and seen more typical patterns of Whistler Blackcomb and in Switzerland. Changing weather and snowfall patterns are not new to us, but they reinforce the importance of the stability we create from our pass business, which remains a key long-term driver to our success.

由於早季條件惡劣，落基山脈和太浩湖地區的度假村開局緩慢，但東北地區的度假村表現出一定的活力，惠斯勒黑梳山和瑞士的度假村也呈現出更典型的經營模式。天氣和降雪模式的變化對我們來說並不陌生，但這更加凸顯了我們透過通行證業務創造的穩定性的重要性，而這仍然是我們長期成功的關鍵驅動力。

Overall, I am confident that we are working on the key areas that will drive our next phase of growth. We are laser-focused on delivering an exceptional guest experience, deepening our consumer connection with our resorts, and driving lift ticket visitation. And while still in early innings, we are seeing early signs that our initial efforts are resonating.

總的來說，我相信我們正在努力攻克推動我們下一階段成長的關鍵領域。我們全心致力於提供卓越的賓客體驗，加深消費者與度假村的聯繫，並推動滑雪票的銷售。雖然目前還處於初期階段，但我們已經看到初步跡象表明，我們最初的努力正在產生效果。

We will continue to look for opportunities to optimize our products and pricing to support overall guest experience for fiscal year 2027. Our calendar year 2026 capital plan, which Angela will go into more detail shortly, reinforces our commitment to improving guest experience through investments in technology and multiyear initiatives to continue elevating our destination resorts.

我們將繼續尋找機會優化我們的產品和定價，以支援 2027 財年的整體客戶體驗。我們 2026 年的資本計畫（Angela 稍後會詳細介紹）強化了我們致力於透過投資技術和多年計畫來改善賓客體驗的承諾，以繼續提升我們的度假勝地。

With that, I will turn the call over to Angela to review our financial results and outlook more in depth.

接下來，我將把電話交給安琪拉，讓她更深入分析我們的財務表現和展望。

Thank you, Rob. Good afternoon, everyone. Overall, we are pleased with the results from the first quarter, which were in line with our expectations. Resort net revenue was up 4% year over year as we saw improved visitation at our Australian resorts due to more favorable weather conditions and the introduction of the Epic Australia 4-Day Pass.

謝謝你，羅布。大家下午好。總體而言，我們對第一季的業績感到滿意，這與我們的預期相符。由於天氣條件更加有利以及推出了 Epic Australia 4 天通行證，我們在澳洲的度假村遊客數量有所增加，度假村淨收入同比增長 4%。

Fiscal first-quarter Resort reported EBITDA was flat year over year, reflecting the Australia weather favorability and the benefits from the resource efficiency transformation plan, offset by typical inflation in year-round overhead costs, increased marketing spend aimed at driving winter pass product sales and onetime costs related to the resource efficiency transformation plan.

財年第一季度假村報告稱，EBITDA 與去年同期持平，這反映了澳洲有利的天氣和資源效率轉型計劃帶來的好處，但被全年管理費用的典型通貨膨脹、旨在推動冬季通行證產品銷售的營銷支出增加以及與資源效率轉型計劃相關的一次性成本所抵消。

Regarding our resource transformation plan, we expect to deliver approximately $75 million of cumulative efficiencies before onetime operating expenses of approximately $14 million in fiscal year 2026, which represents a $38 million in incremental savings versus fiscal year 2025. As stated in our prior call, we anticipate exceeding the original $100 million annualized target, and we're looking forward to providing more details next spring.

關於我們的資源轉型計劃，我們預計在 2026 財年實現約 7,500 萬美元的累積效率提升，而一次性營運支出約為 1,400 萬美元，與 2025 財年相比，這將增加 3,800 萬美元的節省。正如我們在先前的電話會議中所述，我們預計將超過最初設定的 1 億美元年化目標，我們期待在明年春天提供更多細節。

Turning to pass sales, we finished the North American pass product selling period for the upcoming 2025, 2026 ski season, with units down 2% and sales dollars up 3%. We saw an acceleration in pass sales trends from our September update, with pass sales improving from the 3% decline in units and 1% increase in sales dollars for the period ending September 19 to a 1% decline in units and a 6% increase in dollars from September 20 through December 5, 2025, reflecting improvements from our paid media investments and higher price flow-through from an increased mix of unlimited pass products.

再來看季票銷售，我們完成了即將到來的 2025 年和 2026 年滑雪季的北美季票產品銷售期，銷量下降了 2%，銷售額增長了 3%。從我們 9 月的更新來看，通行證銷售趨勢有所加速，截至 9 月 19 日的期間，通行證銷量下降了 3%，銷售額增長了 1%，而從 2025 年 9 月 20 日至 12 月 5 日，銷量下降了 1%，銷售額增長了 6%，這反映了我們付費傳播價格的價格以及無限傳導產品的增加。

While paid media drove positive results, snowfall was also down almost 60% versus the prior year at our Western North American resorts, which likely impacted local pass sales near the end of the selling period.

雖然付費媒體帶來了積極的效果，但與前一年相比，我們北美西部度假村的降雪量也下降了近 60%，這可能影響了銷售期末的當地季票銷售。

With the results from the full pass selling season, the company now has approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the 2025, 2026 season in nonrefundable advance commitment products this year, which are expected to generate approximately $1 billion of revenue and account for approximately 74% of all skier visits excluding complementary visits this year.

根據整個季票銷售季的業績，該公司今年已收到約 230 萬名客人預訂了 2025 年和 2026 年雪季的不可退款預售產品，這些產品將為我們在北美、澳大利亞和歐洲的 42 個度假村帶來收入，預計將產生約 10 億美元的收入，並佔今年所有滑雪者訪問量的約 74%）。

We have grown pass units by 55% over the past five years, highlighting the increased guest commitment, which in turn provides greater financial stability to the company.

過去五年，我們的通行證數量增加了 55%，凸顯了顧客忠誠度的提高，進而為公司提供了更大的財務穩定性。

Moving to guidance, we are reiterating our previous guidance range of $201 million to $276 million in net income and Resort reported EBITDA of $842 million to $898 million for fiscal year 2026. Similar to last quarter, our guidance assumes growth from price increases and ancillary capture as well as the assumed benefit from the approximately $38 million in incremental efficiencies related to the resource efficiency transformation plan, offset partially by lower pass units, which are expected to have a negative impact on skier visits relative to the prior year, along with normal cost inflation.

關於業績指引，我們重申先前對2026財年淨利2.01億美元至2.76億美元的指引，度假村報告的EBITDA為8.42億美元至8.98億美元。與上個季度類似，我們的預期是價格上漲和輔助收入增長，以及資源效率轉型計劃帶來的約 3800 萬美元的增量效率收益，但部分增長將被較低的通行證數量所抵消，預計這將對滑雪者到訪量產生負面影響，與上一年相比，此外還有正常的成本上漲。

What's changed this quarter is that while our paid media efforts have driven an early improvement in pass sales, we've also seen a slow start to the season from below average conditions and recognize that it's very early in the North American ski season. We have seen conditions improve with recent increased snowfall, but recognize that most of our primary earnings period is still ahead of us. Therefore, we are reiterating our previously announced guidance at this point in time.

本季發生變化的是，雖然我們的付費媒體推廣活動推動了季票銷售的早期成長，但我們也看到由於低於平均水平的條件，本季開局緩慢，並且我們意識到現在北美滑雪季還處於非常早期的階段。我們看到，隨著近期降雪量的增加，情況有所改善，但我們也意​​識到，我們主要的獲利期尚未到來。因此，我們在此重申先前公佈的指導意見。

Rounding out the fiscal first quarter, our balance sheet remains strong with liquidity of $1.5 billion and net debt at 3.0 times trailing 12 months EBITDA. We are confident in our ability to address our upcoming convertible debt maturity with a combination of cash on hand and our delayed draw term loan facility.

截至本財年第一季末，我們的資產負債表依然穩健，流動資金達 15 億美元，淨負債為過去 12 個月 EBITDA 的 3.0 倍。我們有信心透過手頭現金和延期提取定期貸款安排來應對即將到期的可轉換債券。

Our capital allocation priorities remain intact as we announced our calendar year 2026 capital investments at our resorts, along with maintaining the cash dividend of $2.22 per share. We continue to be opportunistic about share buybacks, and we completed approximately 200,000 shares of repurchases after the quarter and for $25 million.

我們的資本配置優先事項保持不變，我們宣布了 2026 年在度假村的資本投資計劃，同時維持每股 2.22 美元的現金股息。我們繼續抓住機會進行股票回購，本季末我們完成了約 20 萬股股票的回購，金額達 2,500 萬美元。

Standing on our 2026 capital plan, we announced a core capital investment plan of $215 million to $220 million, which reflects the growth in inflation, including the impact from tariffs. In addition to the core capital plan, the company plans to invest an additional $12 million of growth capital investments in its European resorts, $5 million of resource efficiency transformation projects, and $2 million in real estate planning capital. Including these investments, total capital is expected to be between $234 million to $239 million.

根據我們的 2026 年資本計劃，我們宣布了一項 2.15 億美元至 2.2 億美元的核心資本投資計劃，這反映了通貨膨脹的增長，包括關稅的影響。除了核心資本計畫外，該公司還計劃向其歐洲度假村追加 1,200 萬美元的成長資本投資，500 萬美元的資源效率轉型計畫投資，以及 200 萬美元的房地產規劃資本投資。包括這些投資在內，總資本預計在 2.34 億美元至 2.39 億美元之間。

Within our capital plan, I want to highlight our investments in a couple of key areas. First, we are making multiyear investments to elevate guest experience at our destination resorts. In Park City, we will replace the existing eight-passenger Cabriolet lift with a 10 passenger gondola, enhancing the accessibility and experience between the village and connecting multiple gondolas to the Canyons Village in the garage base area.

在我們的資本計劃中，我想重點介紹我們在幾個關鍵領域的投資。首先，我們正在進行多年投資，以提升我們度假勝地的賓客體驗。在帕克城，我們將用可容納 10 名乘客的纜車取代現有的可容納 8 名乘客的敞篷纜車，從而提高村莊之間的可及性和體驗，並將多個纜車連接到車庫底部區域的峽谷村。

At Whistler Blackcomb, we are also investing in new lift to replace a new lift to replace the showcase TBAR lift, which will greatly improve accessibility to scale terrain on the Blackcomb Glacier. We are also rolling out a larger initiative around elevating our dining experiences at our top resorts, which includes remodels as well as activations to -- at our destination resorts.

在惠斯勒黑梳山，我們也正在投資建造新的纜車，以取代現有的標誌性 TBAR 纜車，這將大大改善前往黑梳冰川攀岩區的便利性。我們也正在推出一項更大的計劃，旨在提升我們頂級度假村的餐飲體驗，其中包括改造和活動——在我們的目的地度假村。

We are also beginning a multiyear investment at select resorts to implement remote avalanche control systems. These systems remotely trigger controlled avalanches reducing manual intervention and improving safety, reliability, and the guest experience through faster, more consistent predictable train openings.

我們還將在部分度假村啟動一項多年投資計劃，以實施遠端雪崩控制系統。這些系統可遠端觸發可控雪崩，減少人工幹預，並透過更快、更穩定、可預測的列車開啟來提高安全性、可靠性和乘客體驗。

We are also investing to upgrade the Blitzen lift at Seven Springs to ease congestion and improve the experience in accepting the North Face side of the resort. Next, we are investing in technology to support the guest experience with improvements in addition to the My Epic app, along with enhancements to our marketing capabilities and e-commerce platform.

我們也正在投資升級七泉山的隨身纜車，以緩解擁堵，改善前往度假村北坡的體驗。接下來，我們將投資科技來提升顧客體驗，除了 My Epic 應用程式之外，還將改進我們的行銷能力和電子商務平台。

Within the My Epic app, we've added functionality. The functionality will provide guests with information they need and streamline their resort experience, allow for in-app commerce with Apple and Google Pay and continue to invest in revamping and digitizing the ski school experience and integrating the My Epic gear experience into the broader rental platform.

我們在 My Epic 應用程式中加入了一些功能。該功能將為客人提供所需信息，簡化其度假體驗，支持 Apple Pay 和 Google Pay 的應用程式內支付，並將繼續投資改進和數位化滑雪學校體驗，並將 My Epic 裝備體驗整合到更廣泛的租賃平台中。

On the marketing front, we are modernizing our e-commerce platform by migrating to a new content management system to enhance personalization, flexibility, and speed to market. We're also expanding our capabilities for more agile pricing and product updates to capture revenue opportunities and improve the operational efficiency.

在行銷方面，我們正在透過遷移到新的內容管理系統來對我們的電子商務平台進行現代化改造，以增強個人化、靈活性和上市速度。我們也不斷提升自身能力，以實現更靈活的定價和產品更新，從而抓住收入機會並提高營運效率。

Last, we will continue to support our sustainability initiatives through investments in low energy snowmaking at Okemo and waste reduction projects across the resorts. We are also investing capital to support the resource efficiency transformation plan.

最後，我們將繼續支持我們的永續發展舉措，投資奧克莫的低能耗造雪計畫和度假村的減廢計畫。我們也正在投入資金支持資源效率轉型計畫。

In closing, we are leveraging our distinct competitive advantages and progressing on the drivers of our next growth phase to drive results in fiscal year 2027 and beyond. With our track record of disciplined capital allocation, we are laying the foundation to drive long-term sustainable growth and consistent value creation.

最後，我們將利用我們獨特的競爭優勢，推進下一成長階段的各項驅動因素，以在 2027 財年及以後取得業績。憑藉我們一貫嚴謹的資本配置，我們正在為推動長期永續成長和持續價值創造奠定基礎。

At this time, I'm happy to turn the call back to the operator for your questions.

現在，我很樂意將電話轉回給接線員，回答您的問題。

(Operator Instructions) Shaun Kelley, Bank of America.

（操作員說明）肖恩凱利，美國銀行。

Rob or Angela, I'd love to start with announcement yesterday. Obviously, it kind of builds on the momentum of what you did with Epic Friends over the summer. But just help us think and how you're thinking about quantifying an initiative like this. Just how do you expect it to play out between price and volume as you take another stab at kind of the reduction here for the advanced period.

羅布或安琪拉，我希望從昨天的公告開始。顯然，這在某種程度上延續了你在暑假期間與 Epic Friends 合作所取得的成就。請您幫助我們思考一下，您是如何考慮量化這類舉措的。您認為在高級階段再次嘗試降低價格和銷售時，價格和銷售量之間會如何變化？

How did you measure it? And when you put these two initiatives together, how are you thinking about just kind of when you're going to know like was this trade-off or was this kind of the right level to kind of to offer this product out to people?

你是如何測量的？當你把這兩項措施結合起來時，你如何考慮何時才能知道這種權衡是否合理，或者這種程度的投入是否足以將產品推向市場？

Yes. So I think the drivers here, obviously -- and we have been talking about this for a little bit in terms of making lift tickets more accessible, being more competitive on that front, but also doing it in a disciplined and fenced way.

是的。所以我認為，很明顯，這裡的驅動因素是——我們已經討論過一段時間了，那就是讓纜車票更容易獲得，在這方面更具競爭力，但同時也要以一種有紀律、有控制的方式進行。

And in our mind, this is a unique opportunity to kind of address at this moment in time. So people -- there are some people who will book a vacation, obviously, they know they're going skiing. So they're going to buy a pass before the deadline that just passed in December. Then there are other people who may be truly making a decision right in the moment in that day.

在我們看來，這是一個在此時此刻解決這個問題的獨特機會。所以有些人——很明顯，有些人會預訂假期，他們知道自己要去滑雪。所以他們打算在12月剛過去的截止日期前購買通行證。還有一些人可能是在當天某個特定的時刻做出真正的決定。

But there's a bunch of people who are not ready to make their decision by the December deadline, but are still planning to vacation in the future. And so when they go to our website, they will now see these lower prices. So as they think about the ability to make this decision, they're going to be looking at those lower prices on the website. That's one. So we're kind of trying to catch them like in their booking phase and then their comparing phase.

但也有很多人無法在 12 月的最後期限前做出決定，他們仍然計劃在未來度假。因此，當他們訪問我們的網站時，就會看到這些更低的價格。因此，當他們考慮是否做出這個決定時，他們會關注網站上的那些較低價格。這是其中之一。所以我們試著在他們的預訂階段和比較階段抓住他們。

Two is that we are providing a call to action, right, for lift tickets that we think is a little bit stronger than what we've had before. So now when somebody is going to a website, for instance, if somebody is on the site now looking for them okay, then they'll know that, hey, they've only got a little bit of time if they want to book a lift ticket. And we're going to be obviously showing them that on the website. So that actually creates, right, some time sensitivity to their purchase.

第二點是，我們正在發出購買纜車票的行動號召，我們認為這次的號召比以往更有力。所以現在，當有人造訪某個網站時，例如，如果有人正在網站上搜尋他們，那麼他們就會知道，嘿，如果他們想預訂纜車票，他們只有一點時間了。我們顯然會在網站上向他們展示這些內容。所以這其實就造成了他們購買行為的時效性。

Last is that once people don't buy a pass, we see very few people buying lift tickets this early. So in our minds, it was also an opportunity to start getting kind of a little bit of the mini advanced commitment piece that we thought was actually more important than just the seven-day advance or the three-day in some resorts that we have today.

最後一點是，一旦人們不買季票，我們就很少看到有人這麼早就買纜車票了。所以在我們看來，這也是一個機會，可以開始逐步落實一些我們認為比現在某些度假村實行的七天預訂或三天預訂更重要的小型提前預訂制度。

So in our mind, yeah, we looked at that and said, yes, we thought this would move enough vacation decisions plus enough additional incremental days of skiing even for people who are already get to come that that trade was worth the cut in price.

所以，我們當時的想法是，是的，我們考慮過這個問題，然後說，是的，我們認為這將改變足夠多的度假決定，並且即使對於那些已經來滑雪的人來說，也能增加足夠多的滑雪天數，因此這種交換是值得的，即使價格降低了。

Great. And then for my follow-up, and maybe just switch gears slightly, obviously, the comments on the weather on the one side, but what we saw on the pass trajectory on the other seem to offset each other here a little bit. But I just wanted to dig into that core message, if you could.

偉大的。然後，我想接著說，或許可以稍微轉換話題，一方面是關於天氣的評論，另一方面是我們看到的過境軌跡，兩者似乎有點相互抵消。但如果你方便的話，我更想深入探討這個核心訊息。

Is the message here that all other things equal, we could have actually raised had it not been for what you're seeing in the early conditions on the resorts? And then if so or regardless, just help us think about, is that kind of comment on the weather through today? Or have you also derisked a little bit as we look into the forecast here, just kind of knowing that this is always evolving with the weather?

這裡傳達的訊息是，在其他條件相同的情況下，如果不是因為度假村早期的情況，我們本來可以提高價格的？那麼，如果是這樣的話，或者不管怎樣，請幫我們思考一下，這種評論是否適用於今天的天氣？或者，鑑於天氣狀況瞬息萬變，您是否也稍微降低了風險？

Yes. I guess what I'd say is I'm not going to comment on like a hypothetical around guidance, but I would say that, yeah, we did overdeliver on passes. And even that the over-delivery on passes, we think, was muted by challenging weather at the end when obviously that marginal consumer is not as motivated.

是的。我想說的是，我不會對指導方面的假設性問題發表評論，但我確實要說，是的，我們在傳球方面做得超出了預期。我們認為，即使是通行證的超額交付，也因為最後階段惡劣的天氣而減弱，顯然，在那時，邊緣消費者的購買意願並沒有那麼高。

Last year, at that exact time, we had very, very strong conditions. So we had a little bit of a tougher comp at the very end than we did this year. But we're really pleased with the turnaround that we see, particularly the revenue turnaround, right, up 1% through Labor Day and now up 6%, right, post Labor Day.

去年同期，我們的條件非常非常好。所以，我們最後階段的競爭比今年激烈一些。但我們對目前的好轉感到非常滿意，尤其是收入好轉，勞動節前成長了 1%，勞動節後成長了 6%。

And it speaks to a lot of what we've been saying in terms of changing how we're going to engage with guests and particularly drive much better results from our higher priced pass products. In terms of conditions, yes, I think the comments you're making about guidance are assuming a normal experience at our resorts over Christmas. It's really not possible for us to assess anything beyond that.

這與我們一直以來所說的改變與顧客互動的方式，特別是從我們價格更高的通行證產品中獲得更好的結果，有很多契合之處。就條件而言，是的，我認為你對指導方針的評論是假設我們的度假村在聖誕節期間能夠正常運作。我們實在無法評估超出這個範圍的任何內容。

Obviously, we've all seen conditions change dramatically in just a couple of days. So at this point, that is where we're focused. I do think, yes, that some of the early -- by definition, we lost some momentum in the early season, just given sluggish conditions, but that is factored into our guidance.

顯然，我們都看到了情況在短短幾天內發生了巨大變化。所以目前，這就是我們關注的重點。是的，我認為，從定義上講，我們在賽季初期失去了一些勢頭，這主要是由於當時的低迷狀況，但這已經納入了我們的指導方針中。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

And apologies for any background noise. I guess sticking to the pass, as you strategize for next year, Rob, it'd be helpful to get your current view on pass benefits? And maybe specifically, how do you think about third-party benefits to the pass? How focused are you on this opportunity? And then one quick follow-up.

如有背景噪音，請諒解。羅布，我猜你還是堅持使用通行證吧。在製定明年的策略時，了解你目前對通行證優勢的看法會很有幫助？具體來說，您如何看待第三方為通行證帶來的益處？你對這個機會有多重視？然後還有一個簡短的後續問題。

Yes. So I think we are taking a look kind of holistically at every piece of this. And as we've said, we'll look at pricing. We look at pricing in the different products and see. Our focus as it's always been, is about driving -- maximizing long-term revenue. And so that's going to be a key driver for us.

是的。所以我認為我們正在從整體上審視這件事的每一個面向。正如我們所說，我們會考慮定價問題。我們查看不同產品的定價，看看情況如何。我們一直以來的重點都是推動——最大化長期收益。所以這將是我們前進的關鍵動力。

We absolutely look at third-party benefits. We do a lot of research -- direct primary research -- with our guests and actually broader destination guests on this. And I think some of those benefits can move the needle, but it's really on the margin. I mean I think people really are looking at this, and they're looking at price, and they're looking at access to the resorts.

我們當然會考慮第三方帶來的好處。我們對此進行了大量研究——直接的一手研究——對象包括我們的客人以及更廣泛的目的地客人。我認為其中一些好處可能會產生影響，但實際上影響甚微。我的意思是，我認為人們確實在關注這一點，他們在關注價格，也在關注度假村的便利程度。

And it's about like whether -- do we have the resorts that they want to go to? And is that at a price that's reasonable. Of course, there's no doubt that people would love to have cut the line, or they'd love to get on the mountain earlier and things like that. Certainly, those things move the needle.

這就像是在問——我們有沒有他們想去的度假村？而且價格合理嗎？當然，毫無疑問，人們都希望能夠插隊，或更早登上山峰等等。當然，這些因素確實會產生影響。

The Epic Friend tickets, what we used to call buddy tickets, we do have seen that, that's quite important, especially to our spring pass purchasers. I think the third-party benefits are kind of a nice to have, but it's certainly not what we see as like the primary driver of results.

史詩好友票，也就是我們以前所說的好友票，我們已經看到，這對我們的春季通行證購買者來說非常重要。我認為第三方帶來的好處固然可喜，但它絕對不是我們認為有成果的主要驅動因素。

Got it. Okay. That's very helpful. And then as you think about the price investment made yesterday, as we sit here today, does that make sense for the overall path in the future to evolve as well, whether that's through an extended deadline or different price points? I guess just thinking about the positioning of kind of the whole mosaic of the company today.

知道了。好的。那很有幫助。那麼，當我們今天坐在這裡思考昨天做出的價格投資時，這是否有利於未來的整體發展路徑，無論是透過延長截止日期還是不同的價格點？我想，這大概就是思考一下公司目前整體的定位吧。

Yes. I don't see us extending the deadline for pass. So I mean, right now that is very much a key part of how we provide that discount is that it's before the majority of the ski season has started and that if you're buying products after that, they are refundable.

是的。我認為我們不會延長通過的截止日期。所以我的意思是，目前我們提供折扣的關鍵在於，折扣是在滑雪季的大部分時間開始之前提供的，如果您之後購買產品，則可以退款。

And so that's true even with the product we just talked about. So this 30-day advance ticket is refundable ultimately. So it is why there's still a delta, a pretty significant delta between that and buying a pass in terms of what you could ski for by the day.

所以，即使是我們剛才討論的產品，情況也是如此。所以這張提前30天預訂的票最終是可以退款的。所以，這就是為什麼滑雪和購買滑雪通行證之間仍然存在差距，而且差距相當大，因為滑雪通行證的價格取決於你每天的滑雪費用。

So I think the core structure of this, we're not anticipating changing. But we do think, yes, there's an opportunity for us to be more creative about how we market lift tickets, and I think there's an opportunity potentially for us to be a little smarter about how we price all of this.

所以我認為，這個核心結構我們預計不會改變。但我們認為，是的，我們有機會在纜車票的營銷方式上更具創意，而且我認為，我們或許有機會在定價方面更加明智一些。

I'd just say on the spectrum there, it is consistent with what we already do with our passes. When you think about the deadline approach we have with passes, right? The greater you commit in advance the better price you get with it pass, right?

我想說，就目前的情況來看，這和我們處理傳球的方式是一致的。想想我們處理通行證的截止日期，對吧？預先投入的金額越多，透過該協議獲得的價格就越優惠，對嗎？

And so this is a similar thing with lift tickets. Yes, we had a seven-day advance lift ticket. 30 days in advance is kind of extending that out but in a similar structure and to drive the similar behavior that we're trying to do, which is to convey in advance.

所以，滑雪票的情況也類似。是的，我們之前實施提前七天售票的政策。提前30天售票雖然延長了售票期限，但結構類似，目的也是為了引導大家養成類似的習慣，也就是提前做好宣傳。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Firstly, I'd like to just focus on the technology investments. And just talk about the -- how you think about returns on those investments. Obviously, they enhance the experience. But what are you able to measure in terms of maybe school lift or other ancillary spend that may occur as you make those investments?

首先，我想重點談談技術投資。就談談你如何看待這些投資的回報。顯然，它們能提升體驗。但是，在進行這些投資的過程中，您能夠衡量哪些方面，例如學校的提升或其他相關的支出？

Yes. I think, absolutely, they drive, I think, two things. One is they definitely improve the guest -- digital kind of guest experience in the technology piece. Or they're enhancing kind of the in-person experience like we are doing with ski school or with rental.

是的。我認為，絕對如此，我認為，它們推動了兩件事。一方面，它們確實改善了客人——尤其是數位化客人在技術方面的體驗。或者他們正在增強線下體驗，就像我們透過滑雪學校或租賃服務所做的那樣。

But a lot of these technology investments also help us improve conversion. And certainly, if you compared it versus like putting in a new lift, actually, it's a lot easier to track the return on these investments because we're getting the real-time feedback and can see it.

但這些技術投資也有助於我們提高轉換率。當然，如果把它和安裝新電梯之類的東西相比，實際上，追蹤這些投資的回報要容易得多，因為我們可以得到即時回饋並看到它。

In particular, I think the focus that we're putting on the app, right now, we're seeing a lot of traffic growth to the app and on mobile. And we are currently in mobile, obviously, up here in a mobile website, certainly, we can take payment. But in the app, we're not doing any commerce and we don't have easy ways like Apple Pay and Google Pay to close a sale.

尤其是我認為，目前我們對應用程式的重視，使得應用程式和行動端的流量大幅成長。顯然，我們目前使用的是行動端，在這個行動網站上，我們當然可以收款。但在這個應用程式中，我們不進行任何交易，也沒有像 Apple Pay 和 Google Pay 那樣便捷的完成交易的方式。

And so we do see that as having a direct improvement in our ability to drive sales. I mean we're going to be starting with basically lift access products, but ultimately, we will have ski school and rental in there as well. And so now when we look at ski school, for instance, yes, for this year, I would say one of the key things is going to be seeing how guests react to the digital ski school experience that we're going to be providing.

因此，我們認為這將直接提高我們推動銷售的能力。我的意思是，我們最初主要提供纜車服務產品，但最終，我們也會提供滑雪學校和租賃服務。所以現在當我們審視滑雪學校時，例如，是的，就今年而言，我認為關鍵的事情之一將是觀察客人對我們即將提供的數位滑雪學校體驗的反應。

I don't know whether it's necessarily going to have an impact this year on conversion. But obviously, to the extent that we can improve our guest experience scores and Net Promoter Scores within ski school, then we expect to see that actually come back certainly in follow-up visits or a next season.

我不知道這是否一定會對今年的轉換率產生影響。但顯然，如果我們能夠提高滑雪學校的顧客體驗評分和淨推薦值，那麼我們期望在後續訪問或下一個雪季中看到實際效果。

Got it. And as my follow-up, I'd like to go back to Shaun's first question and maybe ask it in a bit more direct way since it's something that comes up in our conversations quite a bit.

知道了。作為後續問題，我想回到肖恩的第一個問題，並以更直接的方式問一下，因為這是我們在談話中經常提到的問題。

With respect to the discounting on lift tickets, I think what we're all at least in part trying to figure out is whether there is kind of a reset in lift ticket revenues separate and apart from pass revenues and/or whether those decisions that you're making are producing incremental revenue now?

關於纜車票折扣，我認為我們至少都在試圖弄清楚的是，纜車票收入是否會與季票收入分開進行某種重置，以及/或者你們正在做出的這些決定是否正在產生額外的收入？

Or are they setting you up to create incremental revenue in the future, right? We're all trying to sort of plot your revenue growth and put it all together.

或者他們是在為你未來創造更多收入做準備，對嗎？我們都在努力分析你的收入成長情況，並將所有資訊匯總起來。

Yes. So what I would say is I think if you look at our lift ticket visitation over the last couple of years, it's declined at the same time that our season pass revenue has basically been flat. And so -- and particularly on visitation. And so when you look at that, I think that's not -- that relationship is not something that I think it was one thing to see lift ticket visitation decline when we were growing pass units dramatically.

是的。所以我想說的是，如果你看一下我們過去幾年的滑雪票客流量，你會發現它一直在下降，同時，我們的季票收入基本上保持不變。因此——尤其是在探視方面。所以當你審視這一點時，我認為這並不是——我認為這種關係不是一回事，當我們大幅增加季票數量時，看到滑雪票訪問量下降是一回事。

But to the extent that we are seeing more mature growth in season pass, we should see growth in lift tickets. How? And so this is one of the things that Epic Friend tickets would be a way. Being more creative on pricing and more differentiated on pricing at our resorts is another way which we're doing. Another way is the promotion, the 30% off promotion that we announced yesterday, another way is increased marketing and improving the brand.

但是，隨著季票銷售的日益成熟，我們應該也能看到纜車票銷售的成長。如何？所以，這就是 Epic 好友券的作用之一。我們正在採取的另一種方式是，在度假村的定價上更具創意和差異化。另一種方法是促銷，例如我們昨天宣布的七折促銷活動；另一種方法是加強行銷力度，提升品牌形象。

And all -- I'd say the basic blocking and tackling of marketing of lift tickets, which we were not really doing in the same way that we were doing for pass before. So yes, we do see this as adding revenue. And we do see this as adding revenue this year, and that is included within our guidance. And it's included when we put out our guidance and highlighted that we saw pass visitation declining, but overall, that would be offset by lift ticket visitation improving, that was included in that.

而且，我想說的是，滑雪票行銷的基本環節，我們以前做季票行銷的方式，和現在做滑雪票行銷的方式完全不同。所以，是的，我們認為這會增加收入。我們認為這將增加今年的收入，並已將其納入我們的預期之中。我們在發布指導意見時也考慮到了這一點，並強調我們看到滑雪通行證的訪問量有所下降，但總體而言，纜車票訪問量的增加會抵消這一下降，這一點也包含在指導意見中。

What we're saying though is that we think these things take a few years to get into the guest psyche. It's not -- I think one of the things we've learned over time is that just like when we introduced the Epic Pass a long time ago, it wasn't that everyone in the entire ski industry was like aware of it and all of a sudden started making decisions around it. It took time.

我們想說的是，我們認為這些事情需要幾年時間才能真正深入客人的心中。並非如此——我認為我們隨著時間的推移所學到的一件事是，就像很久以前我們推出 Epic Pass 時一樣，並不是整個滑雪行業的每個人都意識到了它，並突然開始圍繞它做出決定。這需要時間。

And these new things that we're doing, I think, are the same. That will have some impact this year, but we think we'll see better impact with Epic Friends and this 30% of four-week out ticket as guests really start to get in that habit.

我認為，我們正在做的這些新事情也是一樣的。今年這將產生一些影響，但我們認為隨著 Epic Friends 和提前四周購票可享 30% 折扣的優惠活動逐漸普及，我們將看到更大的影響。

Arpine Kocharyan.

阿爾皮內·科恰良。

This is a bit of a maybe unfair question since I'm asking about the current quarter, but I was wondering if you could speak to broader visitation trends into November and early December in terms of seeing traction with some of the promotional initiatives you have going on for the season.

這個問題可能有點不公平，因為我問的是本季的情況，但我很想知道您能否談談 11 月和 12 月初的整體遊客量趨勢，以及您為本季開展的一些促銷活動是否取得了成效。

But specifically, within this broader bifurcation in the consumer space between upper end and lower end, what are you seeing in regional versus destination resorts? Do you see that leverage of lower pricing kind of discounting working better at your original resorts, while maybe higher end not is price elastic and maybe there isn't much need to discount with those guests?

但具體來說，在消費領域中高端和低端這種更廣泛的分化趨勢下，您在區域度假村和目的地度假村方面看到了什麼？您認為在您最初的度假村中，利用較低的價格進行折扣的策略是否效果更好？而高端度假村的價格彈性可能較小，因此可能沒有必要對這些客人進行折扣。

Yes. I think we said in our comments, and I'd reiterate that I think we're in very early innings of even this season, let alone the life cycle of a lot of these changes that we're doing. But what we're seeing is encouraging. But yes, it's hard.

是的。我想我們在評論中已經說過，而且我還要重申，我認為我們現在還處於本賽季的早期階段，更不用說我們正在進行的這些變革的生命週期了。但我們目前看到的情況令人鼓舞。但確實很難。

Obviously, we're not ready to really speak to a lot of this because the season has barely begun. And of course, conditions are impacting so much of this in terms of looking at current visitation. So really hard for us to assess a lot of this.

顯然，我們現在還不方便談論很多事情，因為賽季才剛開始。當然，就目前的遊客數​​量而言，各種因素都對遊客數量產生了很大影響。所以，我們真的很難評估其中許多方面。

I'd say on the broader point about upper end versus lower end of the consumer, I think at this point, we're not ready to suggest that any of our results are being impacted by that. That's maybe a broader point about the economy and broader points about travel. But I think it's a little too early for us to comment on that. I think a lot of what we're seeing, we think is much more about our own trends than it is necessarily about macro trends at this point.

關於高端消費者與低端消費者這一更廣泛的觀點，我認為目前我們還不能斷言我們的任何業績都受到了影響。這或許引出了關於經濟和旅遊業的更廣泛的問題。但我認為現在對此發表評論還為時過早。我認為，我們目前看到的許多現象，更反映了我們自身的趨勢，而不是宏觀趨勢。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

As you think about changes to your pass structure, I've seen that there's been the announcement of the Ikon reserve type of pass, would that ever be a consideration for you, folks, that type of pass?

在考慮改變通行證結構時，我看到已經宣布推出 Ikon Reserve 類型的通行證，各位，你們會考慮推出這種類型的通行證嗎？

I would say everything is always a consideration for us. So I think in terms of having some more premium experience, that's something we clearly -- we'll always think about and focus on, I think, some of the things that they're doing. We have in some of our higher-end resorts, obviously, like private clubs and private dining.

我覺得所有因素我們都會考慮。所以我覺得，就提供更優質的體驗而言，這顯然是我們——我們會一直思考和關注的事情，我認為，我們會關注他們正在做的一些事情。當然，我們的一些高端度假村也提供私人俱樂部和私人餐飲等設施。

And then obviously, ski school for us is a major driver. It's almost like a club in and of itself, right, in terms of getting the line cutting privileges plus concierge-type support services plus obviously, ski instruction in the midst of all that. So it's something we'll always look at.

當然，滑雪學校對我們來說也是一個主要驅動因素。它本身就像一個俱樂部，對吧？因為會員可以享有免排隊特權、禮賓式支援服務，當然，還能獲得滑雪指導。所以這是我們一直會關注的事情。

But for us, like -- just like a lot of the other changes that sometimes people suggest we have to look at like how it would impact the total ecosystem and other sources of revenue and other business lines that we have. But for us, for our upper-end guests, we really do feel like we've got some pretty good avenues if they want to spend more on their vacation and get kind of some unique services.

但對我們來說，就像人們有時建議的許多其他變化一樣，我們必須考慮它會對整個生態系統、其他收入來源以及我們擁有的其他業務線產生怎樣的影響。但對於我們這些高端客人來說，如果他們想在假期上花更多錢，並獲得一些獨特的服務，我們確實覺得我們有一些非常好的方法。

Okay. And then sort of breaking news -- well, there's a chance to tell you right, it may go on strike. Roughly, how much does in a normal year does your relationship with Telluride and Epic Pass contribute to your overall earnings ballpark?

好的。然後，還有一條突發新聞——好吧，我得告訴你，它可能會罷工。通常情況下，您與 Telluride 和 Epic Pass 的合作關係每年能為您的總收入貢獻多少？

Well, I mean I think it's -- yeah, the relationship is it doesn't -- Telluride doesn't necessarily contribute to our earnings into the year. I think access to Telluride helps pass sales, which is important. And obviously, yes, we're very hopeful that they can find a way to resolve the differences and that they have an amazing ski season ahead.

嗯，我的意思是，我認為——是的，這種關係是——特柳賴德不一定會對我們當年的收益做出貢獻。我認為參加特柳賴德車展有助於促進銷售，這很重要。當然，我們非常希望他們能夠找到解決分歧的方法，並期待他們迎來一個精彩的滑雪季。

Okay. So it's pretty small, I assume, in the big picture of things because you don't own it. It's just a past relationship essentially, correct?

好的。所以，從大局來看，它很小，因為那不是你的。這只是一段過去的感情，對吧？

There's no earnings from Telluride that go to us.

我們從特柳賴德音樂節沒有獲得任何利益。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

I guess, Rob, as you kind of look at this year and understanding the slow start, but if you kind of look at -- I know you've always lodged in bookings for both pay period and then kind of further out into the spring is a little bit of an indicator. Are you seeing any change in pattern or booking behavior in terms of people maybe if you look at same customer coming that has an Epic Pass are they waiting longer to book? Are they booking shorter, longer? Any patterns you can see yet?

我想，羅布，當你回顧今年並理解其緩慢的開局時，如果你看看——我知道你一直以來都會在付款週期內以及更遠的春季預訂，這多少算是一個指標。您是否觀察到人們的預訂模式或行為有任何變化？例如，持有 Epic Pass 的顧客是否會等待更長時間才進行預訂？他們預訂的行程是短還是長？看什麼規律了嗎？

What I'd say is I think there's no doubt that I think as conditions were not great during November and early December, we definitely have seen booking deceleration by that. But the flip side to that is we've also seen it rebound very, very quickly. And so that's not that uncommon in terms of where we are.

我想說的是，毫無疑問，由於11月和12月初的情況不太好，我們確實看到了預訂量的放緩。但另一方面，我們也看到它反彈得非常非常快。所以，就我們所在的地方而言，這種情況並不算罕見。

I think, obviously, we go into the season with $1 billion of revenue, right, on passes, but those represent visits like we're saying almost 75% of our visits. So those are folks who are going to come, most likely as we see in every year. But yes, we do see -- of course, people are trying to pick and choose like when is the right time to come.

我認為，很顯然，我們本賽季的門票收入為 10 億美元，對吧？但這只占我們總訪問量的近 75%。所以這些人很可能會來，就像我們每年看到的那樣。但是，是的，我們確實看到——當然，人們都在試圖挑選合適的時機前來。

I think for Christmas, we're going to get a lot of folks who -- because a lot of our biggest destination resorts they have incredible experiences, right, not only on the mountain, but of course, in the town and with other activities. And so what we see actually, there's been a lot of evidence of this. And even in years that were slower for us on the mountain sometimes, actually, it's been record sales years for some of these towns.

我認為聖誕節期間，我們會迎來很多遊客——因為我們許多大型度假勝地都能提供令人難以置信的體驗，對吧，不僅在山上，當然在城鎮里以及其他活動中也是如此。實際上，我們看到的是，有很多證據可以證明這一點。即使在我們山區生意比較清淡的年份，實際上，有些城鎮的銷售額也創下了紀錄。

So actually, for us, we feel like that's where this combination of a broad set of experiences that people have plus the pass pulls people in. And yes, then it's just a matter of how many visits do we get during Christmas and when snow cons and when conditions shift.

所以實際上，我們覺得正是人們所擁有的各種經驗加上通行證的結合，才吸引了人們。是的，那麼問題就只剩下聖誕節期間我們能接待多少遊客、何時會有雪景以及天氣狀況何時會改變了。

But at this point, we're -- we have kind of factored that in. And yes, assuming that we have a more normal Christmas experience, we always feel very good about the guidance.

但目前我們已經把這一點考慮進去了。是的，假設我們能過一個比較正常的聖誕節，我們對這些指導方針總是感到非常放心。

Okay. Understood. And then as you -- and this kind of question relates to both the new friend pass -- friend tickets and also just your overall goal of getting more folks on to the mountains. Any early read on how ancillary spend looks for kind of the first timers and what's kind of embedded in your expectations related to ancillary spend for first timers?

好的。明白了。然後，正如你所說——這類問題既與新的好友通行證有關——好友票，也與你讓更多人上山的總體目標有關。對於首次購屋者來說，輔助性支出的情況如何？您對首次購屋者的輔助性支出有哪些預期？

We don't -- I'd say, yes, it's way too early to try and to sell that because we -- I think that's something we'll probably have a much better sense of much deeper into the season. But I would also say that the folks -- there'll be some people who are true first timers, there will be some people who just couldn't make up their mind in Epic Friends, for instance, before the pass deadline.

我們不——我想說，是的，現在就試圖推銷這個還為時過早，因為我們——我認為我們可能會在賽季後期對此有更清晰的認識。但我也想說，這些人中會有一些是真正的新手，也會有一些人在截止日期前無法決定是否參加 Epic Friends 之類的遊戲。

And then there'll be other people who are normal lift ticket purchasers who are just going to be committing 30 days in advance. So for us, these guests, I think, our destination guests largely we see as a cohort in terms of their spend on the mountain. And we would expect that a lot of these folks who were coming in would be quite similar to those folks.

此外，還有一些普通的纜車票購買者，他們會提前 30 天預訂。所以對我們來說，這些客人，我認為，我們的目的地客人，我們基本上將他們視為一個群體，因為他們在山上的消費額很高。我們預計，這些新來的人很多都和那些人非常相似。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

I wanted to follow back up on one of Shaun's questions from earlier. If I heard you correctly, Rob, I think you described the 30% one-month advanced discount as sort of unique was the term, I believe you used. I guess my question is this, could this represent a bit more of a transition or a long-term evolution towards a suite of, call it, advanced lift ticket discounts, whether it's four weeks, three weeks, two weeks, and it starts to become really more of a yield management exercise more than anything else?

我想就肖恩之前提出的一個問題做個後續說明。羅布，如果我沒聽錯的話，你把提前一個月支付的 30% 折扣描述為“有點獨特”，我相信你是這麼說的。我想問的是，這是否代表著一種過渡或長期發展，朝著一系列所謂的「高級纜車票折扣」方向演變，無論是四周、三週還是兩週的折扣，並且最終演變成一種收益管理措施，而不是其他什麼？

Or to that point, you should we think about this more as one-off? And then just as a corollary to this, how do you think about the potential for AI to sort of, we'll call it, simplify the consumer purchasing journey and and help enable some more differentiation that you've been able to drive historically?

或者說，我們是否應該把這件事看成是一次性的事件？由此引申出一個問題：您認為人工智慧在簡化消費者購買流程以及幫助您實現以往一直能夠實現的差異化方面，有哪些潛力？

Yes, sure. So I think -- I don't remember if I -- I don't know if I said it in the prepared remarks, but if I said it in the answer in terms of unique, what I would say is I think it's unique for us. Sure. We have not had a product like this before.

當然可以。所以我想——我不記得我是否——我不知道我是否在準備好的演講稿中說過，但如果我在回答中用「獨特」這個詞來形容，我會說我認為這對我們來說是獨一無二的。當然。我們以前從未有過這樣的產品。

At this point, no, we're not anticipating having kind of multiple products that by 7 days, 10 days, 15 days, 20 days, we're not thinking that. I mean, I guess it's certainly possible. I would say, yes, I think AI does help quite a bit, and it's certainly something we are using in terms of taking a lot of data and synthesizing it down to give you some insights.

目前，我們預計不會在 7 天、10 天、15 天、20 天內推出多種產品，我們不這麼認為。我的意思是，我覺得當然有可能。是的，我認為人工智慧確實有很大的幫助，我們當然也在利用人工智慧來收集大量數據並將其綜合起來，從而提供一些見解。

And so when you look across how many resorts we have, how many lift ticket products we have, and how many pass products we have, that give essentially the same access and all the different advanced dynamics. We do think that AI can help kind of really take our information plus research and assess like what's the right pricing point and approach for that.

因此，當你縱觀我們擁有的度假村數量、纜車票產品數量和通行證產品數量時，你會發現它們本質上提供了相同的訪問權限和所有不同的先進功能。我們認為人工智慧可以幫助我們更好地利用資訊和研究成果，評估出合適的定價點和方法。

But in the end, it's of course, it's still a business judgment and offsetting our strategy for what we think makes the most sense for the company, and that's still going to be it's us ultimately setting pricing based on what we think ultimately drives revenue.

但歸根結底，這當然仍然是一個商業判斷，我們會根據我們認為對公司最有意義的策略來調整我們的策略，而最終定價仍然會由我們根據我們認為最終能帶來收入的因素來決定。

That's great. And then turning over to the lodging side of things. I'm just curious if you think there's opportunity to sort of run similar initiatives as is what you're doing right now with the window and the lift ticket side of things, whether it's more advanced on sort of discount?

那太棒了。接下來，我們來看看住宿方面的問題。我只是好奇，您是否認為有機會開展類似您目前在窗口和纜車票方面所做的舉措，例如提供更高級的折扣？

Just obviously, lodging is a material piece of the budget for a destination guests coming into one of your resorts. So I'm just curious if there's opportunity to sort of rethink pricing there as well.

很顯然，對於前來您度假村的遊客來說，住宿是預算中不可或缺的一部分。所以我很好奇，這方面是否也有機會重新思考定價策略。

Well, I would say, I mean, lodging is already a highly dynamic pricing system because it basically is participating in the broader lodging dynamic pricing system. So there, obviously, we're changing price all the time, literally on an almost daily basis based on what we have in inventory, what we're seeing out in the market. So it is a very different, I don't know, eco sphere than what we see in lift tickets and passes.

嗯，我的意思是，住宿本身就是一個高度動態的定價系統，因為它基本上參與了更廣泛的住宿動態定價系統。所以很顯然，我們會不斷調整價格，幾乎每天都會根據庫存狀況和市場行情來調整。所以，它和我們在纜車票和通行證中看到的生態圈非常不同，我不知道該怎麼形容。

So I'd say no, I don't see us trying to do what we're doing right now and lift access to lodging because lodging is yes, much further along. I also don't see lift access going to where lodging is either because they're just different businesses, and I think we respect that.

所以我覺得，不，我不認為我們應該繼續現在的做法，提高住宿的進入門檻，因為住宿方面確實進展得更順利。我也看不到通往住宿區的電梯，因為它們是不同的商業場所，我認為我們應該尊重這一點。

But we feel good about our entire approach to lodging. I think we absolutely are leveraging like the right technology and very much looking at all of our competitors to ensure that we're driving the most revenue.

但我們對我們的整個住宿方案感到滿意。我認為我們絕對正在利用正確的技術，並且密切關注所有競爭對手，以確保我們能夠獲得最大的收入。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So the first question is I think it was pretty clear, the pricing discounts and cuts that you've talked about throughout the call are more than offset by volumes. And you said you're going to -- you had baked in some incremental revenue for these.

所以第一個問題是，我認為已經很清楚了，您在整個通話中提到的價格折扣和減價，都被銷量所抵消了。你說過你會——你已經為這些項目預留了一些增量收入。

And so I guess the question is, when you think about the incremental revenue that you baked in, I know you're not going to give that number, but is that piece more coming from what you called out today, selectively being more aggressive on dynamic pricing from window tickets at certain resorts? Or is it more from the thing you announced yesterday the month ahead, 30% discounted ticket program?

所以我想問的是，當你考慮你預留的增量收入時，我知道你不會透露具體數字，但這部分收入是否更多地來自於你今天提到的，即在某些度假村對窗口票採取更積極的動態定價策略？或者，這更多是指你昨天宣布的下個月的七折票優惠計劃？

Yes, we're not going to give specifics on that. But all of these things come together, including Epic Friends to help -- and marketing to help in terms of marketing, I mean, additional paid media, better brand elevation, more top of funnel. I mean all of these are things that are all coming together to create the guidance that we have. And so yes, at this point, tougher to parse it out.

是的，我們不會透露具體細節。但所有這些因素結合起來，包括 Epic Friends 的幫助——以及行銷方面的幫助，我的意思是，額外的付費媒體、更好的品牌提升、更多的漏斗頂端。我的意思是，所有這些因素共同作用，形成了我們現在所擁有的指導方針。所以，是的，到了這個地步，就更難釐清了。

But I would say, yes, we absolutely see this as driving additional revenue because, yes, I mean, that's based on the assessment that we have and what we look at in the market and what other people are doing. And in a way, just because we've been -- again, if you go back historically, right, we have been -- we really haven't been focused on lift tickets to drive lift tickets on their own.

但我認為，是的，我們絕對認為這將帶來額外的收入，因為，是的，我的意思是，這是基於我們的評估、我們對市場的觀察以及其他人正在做的事情。從某種意義上說，正是因為我們一直以來——再說一遍，如果你回顧歷史，對吧，我們一直以來——我們並沒有真正專注於用纜車票來推動纜車票本身的增長。

We've really been focused on moving people to pass. So you just haven't seen this level of dynamic approach that we're taking today. So I think it maybe stands to reason that you're going to see some benefit from this now that we're really putting our muscle behind it.

我們一直致力於幫助人們通過考試。所以你們以前從未見過我們今天採取的這種充滿活力的方法。所以我覺得，既然我們現在真的投入了大量精力，那麼你從中看到一些好處也是理所當然的。

Okay. That's helpful. I appreciate it. A follow-up on this, though, would be for that sort of more dynamic pricing, it's like resorts throughout the season. Can you just benchmark us on sort of what the what you did before?

好的。那很有幫助。謝謝。不過，關於這一點，我想進一步探討一下，對於這種更動態的定價方式，就像度假村在整個旅遊旺季一樣。能否提供我們一份基準數據，讓我們了解你們之前的工作成果？

I mean we remember you talking about pushing into off-peak before. But it wasn't really a situation where you were taking price down specifically? What were you doing before? And then what also -- what can you see in your data as you were raising prices that kind of gives you the sense for the elasticity that you need to see for this to work out in terms of volumes?

我的意思是，我們記得你之前說過要爭取在非尖峰時段銷售。但當時的情況並不是你特意去降價的吧？你之前在做什麼？那麼，在漲價過程中，你從數據中看到了什麼，這讓你能夠感受到漲價所需的彈性，從而在銷售方面取得成功？

Well, I'd say two things. One is in terms of what we're doing for. Well, we had -- I mean there's certainly activations at the resort. Obviously, pricing was lower. Lodging pricing was lower and off-peak and another time periods. Ski school prices were lower, rental prices were lower.

嗯，我想說兩點。一方面是指我們所做的一切是為了什麼。嗯，我們——我的意思是，度假村裡肯定有一些活動。顯然，價格更低。住宿價格在淡季和其他時段較低。滑雪學校的價格更低，租賃價格也更低。

So it's not that -- obviously, we weren't ignoring it. But in a way, right, but so much of our focus was on a pass. And the pass really wasn't focused on -- I mean, there are some passes that have blackout days, some didn't. So we were focused, but we were not really focused on when it's actually going to use the product. It was much more of a focus on just getting them into the program as a whole.

所以顯然不是那樣——我們並沒有忽視它。但從某種意義上來說，沒錯，但我們當時的注意力都集中在傳球上了。而且通行證的重點並不在於──我的意思是，有些通行證有使用限制日期，有些則沒有。所以，我們當時很專注，但我們並沒有真正關注產品實際使用的時間。重點更多放在如何讓他們融入整個專案上。

So like this is a pretty big shift in terms of where we're sitting today and how we're going to go about this. And I would say that, yes, we have done a number of price tests on different things at different resorts that are not -- we don't -- we're not going to call attention to, but we actually do get learnings from that.And a lot of what we've launched so far has been built on the experience that we've gleaned from a number of those things.

所以，這對於我們目前的處境以及我們將如何開展工作來說，是一個相當大的轉變。是的，我們確實在不同的度假村對不同的產品進行過多次價格測試，這些測試結果我們不會——我們不會——我們不會特別強調，但我們確實從中獲得了經驗。我們目前推出的許多產品和服務都是基於我們從這些測試中汲取的經驗而開發的。

And again, it's helpful because we have a lot of data capture, and we have a lot of personalization amongst our guests and so we can really track and we can compare resort to resort, we can compare different periods. So that allows us to do some things that obviously are tougher to do if you don't really have the same breadth that we have and that we could bring.

而且，這很有幫助，因為我們收集了大量數據，並且對客人進行了很多個性化服務，所以我們可以真正地追蹤和比較度假村，比較不同的時期。因此，這使我們能夠做一些事情，如果你沒有我們所擁有的廣度和我們所能帶來的廣度，這些事情顯然會更難做到。

And I'd say, yes, of course, the other piece is -- what we have just the broad piece that I mentioned earlier, which is our lift ticket sales were down the last two years, even though the industry's lift tickets sales were, I think, flat and then up or maybe up in both years. And so I would say that's also a test that, clearly, we're doing something that wasn't working, and so -- which is why it's not like we're not saying that it's just about price.

是的，當然，另一部分是——正如我之前提到的，我們目前的大局是，儘管整個行業的纜車票銷售額在過去兩年裡持平或上升，但過去兩年我們的纜車票銷售額卻有所下降。所以我覺得這也是一個檢驗，很明顯，我們正在做一些行不通的事情，所以——這就是為什麼我們並不是說這只是價格問題。

What we're saying is it's about these multiple things. It's about price, it's about promotion. It's about engaging with guests. It's about brand and the individual resort brands. And it's about, yes, this kind of top-of-funnel advertising versus call to action. I mean -- so we see this as a multipronged effort, not just price.

我們想說的是，這件事涉及很多方面。關鍵在於價格，在於促銷。關鍵在於與客人互動。關鍵在於品牌以及各度假村的品牌。是的，這涉及漏斗頂端廣告與行動號召之間的差異。我的意思是——所以我們把這看作是一項多管齊下的努力，而不僅僅是價格問題。

Molly Baum, Morgan Stanley.

莫莉‧鮑姆，摩根士丹利。

The first one I wanted to ask is about the larger initiative you mentioned to enhance your dining offerings. Can you talk about what the impetus was for that investment? Was it driven by guest feedback? And maybe at a high level, how you're thinking about your value proposition there and how impactful you think the investments will be ultimately for your ancillary business.

我首先想問的是您提到的旨在提升餐飲服務的更大計劃。能談談促成這項投資的動因嗎？這是根據顧客回饋而做出的決定嗎？或許從更高的層次來說，你如何看待你的價值主張，以及你認為這些投資最終會對你的輔助業務產生多大的影響。

Yes. I think one of the challenges I think we saw from COVID was we went into COVID and although it was terrific that we could operate the resorts in the second year kind of 2020, 2021, we barely could operate our dining. And then even in the following year, we also we're operating at a much more scale down level.

是的。我認為我們從新冠疫情中看到的挑戰之一是，雖然我們能夠在 2020 年、2021 年第二年經營度假村是一件非常棒的事情，但我們的餐飲服務幾乎無法運作。即使到了第二年，我們的營運規模也大幅縮減。

And I just don't think the company has fully come back from that. I think maybe we're a little slow to do that. And I think a little slow maybe to realize that it was going to take the consumer more effort by us to get them back into our restaurants. It wasn't going to be enough for us to do what we were doing before COVID. We actually we're going to need to do some new things.

我認為公司還沒有完全從那次事件中恢復過來。我覺得我們在這方面可能有點慢。而且我覺得我們可能反應有點慢，才意識到我們需要付出更多努力才能讓消費者重返我們的餐廳。光是繼續沿用新冠疫情前的做法已經遠遠不夠了。實際上，我們需要做一些新的嘗試。

And so the things that we've launched are really, one, having a much greater level of personalization and creativity and merchandising, branding in each outlet, both resort by resort and within each resort. So I think, yes, giving more initiative opportunity to people, managing all of these locations. But at the same time, having a central team that's watching all of it and then saying, wait, here, this is working, that's not working; we should try this, we should try that and much better data. So that's key.

因此，我們推出的舉措實際上是：第一，在每個門市，無論是度假村之間還是度假村內部，都實現了更高水平的個性化、創意和商品化、品牌化。所以我認為，是的，應該給員工更多主動權，讓他們管理所有這些地點。但同時，有一個中央團隊負責監控所有情況，然後說，等等，這裡，這個有效，那個無效；我們應該嘗試這個，我們應該嘗試那個，這樣就能獲得更好的數據。所以這一點至關重要。

Then two is, yes, the investments we're making, which are really, I'd say, threefold. One investment is we're actually improving the dining -- physical structure of the dining. Sometimes it's adding new food or stations. Sometimes it's just upgrading the visual look of it or upgrading kind of how people move through it.

其次，是的，我們正在進行的投資，實際上，我認為有三個方面。其中一項投資是改善餐飲環境—改善餐飲場所的實體結構。有時候是增加新的食物或攤位。有時候只是提升視覺效果，或是改進人們在其中移動的方式。

We also have another initiative where we are trying to optimize seating. And so we've gone back and looked at table size and chair size and everything else and how we're laying out each of the dining group. And again, with technology and a centralized approach, we can kind of compare and contrast what's working in one place, what's working in another place, and make sure that we're doing what we can on that.

我們還有另一個旨在優化座位安排的計劃。因此，我們重新審視了桌子尺寸、椅子尺寸以及其他所有因素，以及我們如何安排每個用餐區域的佈局。再次強調，借助技術和集中式方法，我們可以比較分析一個地方行之有效的做法和另一個地方行之有效的做法，並確保我們盡我們所能去改進這些做法。

And then last is ultimately the food itself. And then this is not a capital investment but more of an operating investment in terms of how we can invest in the food either elevating ingredients or providing more breadth. And we do see this as also a multiyear effort, where I think you'll see even more of this as we go into FY27 where we've got a lot of work going on right now on what are ways for us to really differentiate on the food business.

最後才是食物本身。而且，這並非資本投資，而更多的是營運投資，也就是我們如何投資於食品，無論是提升食材品質或擴大產品範圍。我們也認為這是一項多年努力，我認為隨著我們進入 2027 財年，你會看到更多這樣的努力，因為我們目前正在進行大量工作，研究如何在食品業務中真正脫穎而出。

Got it. That's very helpful. And then just one quick follow-up on the improvement in pass sales trends post September. You saw it in both pricing and in units, but you mentioned that the marketing investments helped improve mix sequentially.

知道了。那很有幫助。最後，我想快速跟進一下9月之後通行證銷售趨勢的改善。你在價格和銷售上都看到了這一點，但你提到行銷投入有助於逐步改善產品組合。

So I guess my follow-up there is, was that an intentional byproduct of your marketing changes? Should we expect to see more improvement from mix going forward? Or do you think maybe units may accelerate a little more as we go forward and as these initiatives mature?

所以我想追問的是，這是你們行銷策略改變的有意副產品嗎？我們是否可以期待未來混音方面會有更多改進？或者您認為隨著我們不斷推進和這些舉措日趨成熟，單位數量的增長速度可能會再加快一些？

Well, I think we're -- one, we're obviously going to be trying to drive growth. But yes, our marketing was, I think, a little more heavily weighted this year to our unlimited products. One, the Epic Friend tickets, are for unlimited products. And the Epic Friend, we extended it for the first time into the fall, so that fall purchasers of unlimited products could get Epic Friend benefits.

嗯，我認為我們——首先，我們顯然會努力推動成長。但沒錯，我認為我們今年的行銷確實更加專注於我們的無限量產品。其中一種是 Epic Friend 門票，可無限次購買商品。此外，我們首次將 Epic Friend 服務延長至秋季，以便秋季購買無限量產品的顧客可以享受 Epic Friend 的福利。

We also -- doing more upper funnel kind of brand building and brand connection. We also felt was directed at these folks who are making a bigger commitment and really trying to inspire their passion for the business. And that is something that we intend to do, I think, more of a -- candidly, a much better job of as we have more time to prepare as we go into next year.

我們也正在進行更多漏斗上層的品牌建立和品牌連結工作。我們也覺得這番話是說給那些做出更大承諾、真正努力激發他們對事業熱情的人聽的。我認為，這是我們打算做得更好——坦白說，隨著我們有更多的時間準備，明年我們會做得更好。

I think we are going to be focused on those unlimited products. I think we've done maybe much like the season pass, the pass and lift ticket piece. We've done this incredible job of building out the Epic Day pass product line and promoting that and bringing new people in.

我認為我們將專注於那些無限供應的產品。我認為我們可能已經做得有點像季票、通行證和纜車票那樣了。我們在建立 Epic Day 通行證產品線、推廣該產品線以及吸引新用戶方面做得非常出色。

And obviously, when you look at the growth we've had over the last four years, it's been significant. A lot of it coming in Epic Day. But we also think it's now an opportunity for us to go back to that kind of unlimited pass holder and the Epic and Epic Global pass holder to make sure that they're feeling the strong connection and incentives to go into those products.

顯然，縱觀過去四年我們所取得的成長，這是非常顯著的。很多內容都會在Epic Day上發布。但我們也認為，現在是一個讓我們重新與無限通行證持有者、Epic 通行證持有者和 Epic Global 通行證持有者建立聯繫的機會，以確保他們感受到強烈的聯繫和激勵，從而購買這些產品。

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

今天的電話會議問答環節到此結束。現在我謹將電話交還給羅伯·卡茨，請他作總結發言。

Thank you all for joining our first-quarter fiscal 2026 earnings call. I want to close out by saying that our path to sustainable growth is clear, and I'm confident we're focused on the right priorities to keep advancing these strategies.

感謝各位參加我們2026財年第一季財報電話會議。最後我想說，我們實現永續成長的道路是清晰的，我相信我們正專注於正確的優先事項，以繼續推動這些策略。

I'd also like to take a moment to thank our dedicated team members, particularly our frontline employees as they create an experience of a lifetime for our guests. It is only because of our team's commitment and passion that we are able to deliver on this mission.

我還要藉此機會感謝我們敬業的團隊成員，特別是我們的第一線員工，他們為我們的客人創造了終生難忘的體驗。正是由於我們團隊的投入和熱情，我們才能完成這項使命。

With that, thank you all again for your interest and time, and we look forward to seeing you on the slopes this season.

在此，再次感謝大家的關注和時間，我們期待這雪季在雪道上見到你們。

This concludes today's Vail Resorts fiscal first-quarter 2026 earnings conference call and webcast. You may disconnect your line at this time, and have a wonderful day.

今天的 Vail Resorts 2026 財年第一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了，祝您有美好的一天。