Vail Resorts, Inc. (MTN) 2026 Q3 法說會逐字稿

Thank you for your continued patience. Your meeting will begin shortly. (Operator Instructions)

感謝您持續的耐心等候。您的會議將於稍後開始。（接線員指示）

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

下午好，歡迎參加 Vail Resource 2026 會計年度第三季財報電話會議。今天的會議將被錄音。（接線員指示）

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

我現在把電話交給 Vail Resorts 投資人關係副總裁 Connie Wang。您可以開始了。

Thank you, operator. Good afternoon, everyone, and welcome to Vail Resorts fiscal 2026 third quarter earnings conference call. Joining me on the call today are Rob Katz, our Chief Executive Officer; and Andrea Korch, our Chief Financial Officer.

謝謝，接線員。各位下午好，歡迎參加 Vail Resorts 2026 會計年度第三季財報電話會議。今天與我一同出席的有我們的執行長 Rob Katz，以及我們的財務長 Andrea Korch。

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, June 8, 2026, and we undertake no duty to update them as actual events unfold.

在開始之前，提醒各位，本次電話會議中提供的部分資訊可能包含前瞻性陳述，該等陳述係基於若干假設，並受我們在向美國證券交易委員會（SEC）申報文件中所述之多項風險與不確定性影響，實際未來結果可能與之有重大差異。我們於今日下午發布之新聞稿中的前瞻性陳述，以及本次電話會議中的發言，均以今日（2026 年 6 月 8 日）為準；隨著實際事件發展，我們不承擔更新義務。

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 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.

今天的發言亦包含若干非 GAAP 財務衡量指標。相關調節表已載於我們新聞稿所附表格中；該新聞稿以及我們的 Form 10-Q 季度報告已於今日下午向 SEC 申報，亦可於我們網站 www.vailresorts.com 的投資人關係專區取得。

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

我現在把電話交給 Rob 作開場致詞。

Thanks, Connie. Good afternoon, everyone, and thank you for joining us for our third quarter earnings call. Before getting into the details around the corner, I want to take a minute to step back and discuss our progress against the focus areas I laid out last year. This call a year ago is my first opportunity to speak with all of you after stepping back into the CEO role.

謝謝你，Connie。各位下午好，感謝各位參加我們的第三季財報電話會議。在進入接下來的細節之前，我想先花一點時間退一步，談談我們在我去年提出的重點聚焦領域上的進展。一年前的這通電話會議，是我在重新回到執行長職務後，首次有機會與各位對話。

At that time, I outlined the foundational advantages that differentiate our company, including our owned and operated network, advanced commitment model and deep guest relationships and our commitment to leveraging those to deepen guest engagement, loyalty and drive stronger revenue growth. Now a year later, and despite just going through a very challenging season, those priorities remain unchanged, and we are encouraged by the progress we've made in evolving our marketing approach and enhancing our lift ticket strategies.

當時，我概述了使我們公司與眾不同的基礎優勢，包括我們自有並營運的網路、先行承諾（advanced commitment）模式、以及與顧客之間深厚的關係；並承諾運用這些優勢來深化顧客參與與忠誠度，並推動更強勁的營收成長。如今一年過去，儘管我們剛經歷一個極具挑戰的雪季，這些優先事項仍未改變；我們也對在行銷方法演進以及纜車票（lift ticket）策略強化方面所取得的進展感到鼓舞。

As I think is well understood, our results this past year were significantly impacted by weather challenges across the Western United States. The historically adverse weather conditions we discussed last quarter continued through March and April, which drove meaningful pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies, which experienced the worst season on record for snowfall.

如各位所熟知，我們過去一年的業績受到美國西部天候挑戰的顯著影響。我們在上季所討論的歷史性不利天候狀況延續至 3 月與 4 月，對本季的到訪人次與營收造成明顯壓力，尤其是我們位於落磯山脈的目的地度假村，其降雪量創下史上最差雪季。

To give context on the magnitude of the impact of conditions on visitation this past season, industry-wide visitation in the Rockies declined approximately 24%. When you look back over 40 years, the prior worst decline in visitation outside of COVID-related closures for the Rockies was down 8% in 2012, which illustrates the unprecedented severity of the conditions and the anomaly we just experienced.

為了讓各位了解本季天候對到訪人次影響的幅度，落磯山脈地區全產業到訪人次約下滑 24%。回顧 40 年來，除 COVID 相關停業之外，落磯山脈地區先前最嚴重的到訪下滑為 2012 年的下滑 8%；這凸顯了本次天候狀況前所未見的嚴重性，以及我們剛經歷的異常情況。

Against that backdrop, our advanced commitment strategy and geographic diversity, along with our resource efficiency transformation plan, and ability to use our integrated systems to remain agile on expenses. We're pivotal in mitigating the impact from weather this past year. At the midpoint of our updated guidance range, resort EBITDA will decline 14% from our original fiscal year 2026 guidance issued back in September 2025, which is in line with the fiscal year 2012 miss to guidance despite snowfall in the Rockies being down approximately 30% from the previous low in 2012.

在此背景下，我們的先行承諾策略與地理多元化布局，加上我們的資源效率轉型計畫，以及運用整合系統在費用端保持敏捷調整的能力，對於緩解過去一年天候帶來的衝擊至關重要。以我們更新後財測區間的中位數來看，度假村 EBITDA 將較我們於 2025 年 9 月發布的 2026 會計年度原始財測下滑 14%；儘管落磯山脈降雪量較 2012 年先前低點再下降約 30%，該偏離幅度仍與 2012 會計年度未達財測的情況相當。

And year-over-year, the midpoint of resort EBITDA guidance implies a 12% decline. Nothing to cheer about, but something to be proud of given the visitation decline in a historically high fixed cost business. Importantly, the challenging conditions did not shift our focus from delivering a high-quality guest experience as we achieved record guest experience scores including year-over-year increases at every resort in the Rockies where we were most impacted by weather.

以年對年來看，度假村 EBITDA 財測中位數意味著下滑 12%。這當然沒有什麼值得慶祝，但在一個固定成本歷史性偏高的產業中，考量到到訪人次的大幅下滑，這樣的表現仍值得自豪。更重要的是，艱困的天候並未改變我們提供高品質顧客體驗的重點；我們達成了創紀錄的顧客體驗評分，包括在受天候影響最嚴重的落磯山脈各度假村，評分皆較去年提升。

For the third season in a row, we had full staffing in our resorts, a strong return rate for our seasonal employees, high employee engagement scores, efficient utilization of our labor hours due to workforce planning and much better selectivity in our recruiting efforts as our need to hire new people continues to decline. We also saw a marked decline in employee injuries per labor hour, typically another good indicator of improving culture. Overall, we are very pleased with our operational execution within the areas we could control.

連續第三個雪季，我們的度假村人力配置達到滿編，季節性員工回任率強勁，員工敬業度分數高；由於人力規劃，我們的工時運用更有效率，且在招募上更具選擇性，因為我們需要新聘人員的數量持續下降。我們也看到每工時的員工受傷事件明顯下降，這通常也是企業文化改善的另一項良好指標。整體而言，對於我們在可控範圍內的營運執行表現，我們非常滿意。

We are also encouraged by the positive proof points we're seeing across the key strategies we outlined heading into the season. evolving our marketing approach, focusing on driving lift ticket visitation and optimizing our past product portfolio, and I'd like to provide an update on each of these.

我們也對於在本季前所提出的關鍵策略上看到的正向驗證點感到鼓舞：演進我們的行銷方法、聚焦推動纜車票到訪，以及最佳化我們的通行證（pass）產品組合；我想就這三項分別提供最新進展。

First, evolving our marketing approach. This involves increasing our focus on targeted paid media investments and adjusting the channel strategies to better reach and engage with guests. Heading into the season, we saw positive results from this shift in approach as we were able to improve the past sales trend by 5 percentage points in the post Labor Day selling period relative to the earlier selling period, which provided greater stability going into this past season. Additionally, with increased marketing investment and a clear focus on our resorts we saw increases in unaided brand awareness from destination guests for our top resorts.

第一，演進我們的行銷方法。這包括提高我們對精準投放的付費媒體投資比重，並調整通路策略，以更有效觸及並與顧客互動。在雪季開始前，我們已從這項轉變中看到正向成果：相較於更早的銷售期間，我們在勞動節（Labor Day）後的銷售期間，通行證（pass）銷售趨勢改善了 5 個百分點，為本季帶來更高的穩定性。此外，隨著行銷投資增加並明確聚焦於我們的度假村，我們頂級度假村在目的地旅客中的非提示品牌知名度（unaided brand awareness）也有所提升。

Second, we made changes heading into the season to focus on driving lift ticket visitation, which delivered early positive results. We expanded our pass holder benefit program with Epic friend tickets at a 50% discount and saw visitation from benefit tickets increased 10% despite a decline in overall lift ticket visitation of 10%. In addition, we introduced super advanced lift tickets, which offered a 30% discount for purchases made a month in advance, which drove a 65% increase in tickets sold more than 28 days out, and we did not see evidence of material cannibalization of other advanced ticket products.

第二，我們在雪季開始前做出調整，聚焦推動纜車票到訪，並在早期取得正向成果。我們擴大了持票人（pass holder）福利方案，推出 Epic 朋友票（Epic friend tickets）五折優惠；儘管整體纜車票到訪下滑 10%，福利票帶來的到訪仍成長 10%。此外，我們推出超提前纜車票（super advanced lift tickets），對於提前一個月購買者提供 30% 折扣，使得提前超過 28 天售出的票券增加 65%，且未見對其他提前購票產品造成重大蚕食（cannibalization）的跡象。

Combined with our shift in marketing approach, these strategies drove meaningful outperformance relative to the US industry in lift ticket visitation this past season. based on preliminary data, as we saw our US lift tickets declined 12%, while the rest of the industry lift ticket visitation was down approximately 20%. And in the Rockies, our outperformance was even stronger.

結合我們行銷方法的轉變，這些策略使我們在本季纜車票到訪表現上相對於美國產業呈現明顯超越。根據初步數據，我們在美國的纜車票到訪下滑 12%，而產業其他業者的纜車票到訪約下滑 20%。在落磯山脈地區，我們的超越幅度更為顯著。

There's no doubt a portion of our outperformance was due to the destination nature of many of our resorts, which may do better than local resorts in a tough weather year. But even in the Northeast, we saw excellent conditions, we saw an increase in our lift ticket visits of 8% and versus the rest of the industry down in an estimated 8% in the Northeast.

毫無疑問，我們部分的超越表現來自於我們許多度假村具目的地型態的特性，在天候不佳的年份可能比在地型度假村表現更好。但即使在東北部，我們也遇到極佳的條件；我們的纜車票到訪增加 8%，而東北部其他產業業者的纜車票到訪估計下滑 8%。

Finally, moving on to next season's pass sales. Spring pass sales were down 10% and sales dollars, including tax which reflects softer demand following one of the worst ski season in history. While our overall pass sales decelerated in May from our April deadline, part of that was the timing of military sales, a portion of which got pulled forward into April due to us offering pass benefit tickets to military pass holders for the first time, in part was due to the timing of auto renew charges. Excluding auto renew and military, unit declines are very stable between the two selling periods.

最後，接著談到下一雪季的季票銷售。春季季票銷售量下滑10%，銷售金額（含稅）亦下降，反映在史上最差的滑雪季之一之後需求轉弱。雖然我們整體季票銷售在5月相較4月截止日有所放緩，其中一部分是軍方銷售的時點因素：由於我們首次向軍方季票持有人提供季票福利票券，部分軍方銷售被提前至4月；另有一部分則與自動續約扣款的時點有關。排除自動續約與軍方因素後，兩個銷售期間的單位數下滑相當穩定。

While we're clearly not satisfied with any decline in pass sales, the outcome is not necessarily surprising given the severity of the conditions we just experienced the past season and the massive growth we saw in pass sales in the previous five years, especially in our frequency products, which saw the biggest decline this past spring. Encouragingly, third-party data suggest that our spring pass performance meaningfully outpaced the broader industry, which we would attribute to all the new strategies we put in place for this year.

雖然我們顯然對任何季票銷售下滑都不滿意，但考量到我們剛經歷的上一雪季條件之嚴峻，以及過去五年季票銷售的大幅成長，這樣的結果並不令人意外，尤其是我們的高頻產品在今年春季出現最大幅度的下滑。令人鼓舞的是，第三方數據顯示我們春季季票表現明顯優於整體產業，我們將此歸因於今年所推行的各項新策略。

Angela will cover additional details on the Spring past results, but we do believe based on our own results and the broader market data that a portion of the decline is likely due to delayed purchase decisions rather than reduced overall intent to ski next season. creating an opportunity for improved past performance in the fall selling season and/or ultimately through in-season lift ticket purchases next year.

Angela 會補充春季季票結果的更多細節，但根據我們自身結果與更廣泛的市場數據，我們確實認為部分下滑可能源自購買決策延後，而非整體對下季滑雪意願降低，這為秋季銷售季的季票表現改善，以及／或明年雪季期間透過現場纜車票（lift ticket）購買帶來的提升，創造了機會。

Looking back over the past several decades, US ski market data indicates that visitation typically fully recovers following the season with poor conditions if the subsequent season has normal conditions, and we believe we are well positioned to capture that visitation recovery with the past analytic at product and marketing strategies we have developed. That said, given how unprecedented this past season was it's hard to know with certainty how any of this will play out.

回顧過去數十年，美國滑雪市場數據顯示：若在經歷一個雪況不佳的雪季後，下一雪季回到正常條件，造訪人次通常會完全復甦；我們相信，憑藉我們所建立的季票分析、產品與行銷策略，我們具備良好條件把握這波造訪復甦。不過，鑑於上一雪季前所未見，我們也很難確定最終會如何發展。

Looking ahead, we see a unique opportunity to drive a step change improvement in the overall guest experience across our resorts, through continued investments in lifts, snowmaking, terrain and talent while leveraging the scale and strength of our integrated network to implement new technologies and processes to enhance key elements of the guest experience. We are uniquely positioned to differentiate the guest experience as we have intentionally built a fully integrated, owned and operated network of world-class destination and regional resorts connected through our path and marketing ecosystem and supported by unified data and technology platform.

展望未來，我們看到一個獨特機會：透過持續投資纜車、造雪、地形與人才，同時運用我們整合式網路的規模與優勢，導入新技術與流程，強化賓客體驗的關鍵環節，從而在各度假村推動整體賓客體驗的躍升式改善。我們具備獨特優勢來差異化賓客體驗，因為我們有意打造了一個完全整合、由我們自有並營運的世界級目的地與區域度假村網路，透過我們的季票與行銷生態系相互連結，並由統一的數據與技術平台支撐。

We have key initiatives underway or gear ski school and dining businesses as well as every facet of guest engagement and communication, and we will share updates on these efforts in the upcoming months and throughout the year. Together, these initiatives will play an important role in driving future visitation growth and long-term value creation.

我們已在裝備租賃、滑雪學校與餐飲業務，以及賓客互動與溝通的各個面向推動關鍵計畫；未來幾個月及全年我們都會分享這些工作的最新進展。綜合而言，這些計畫將在推動未來造訪成長與創造長期價值方面扮演重要角色。

With that, I'll turn it over to Angela to walk through the quarter in more detail.

接下來我把時間交給 Angela，請她更詳細說明本季表現。

Thanks, Rob. I'll briefly cover the results from the quarter, our updated fiscal 2026 guidance and spring pass sell results. Starting with the third quarter results. Weather conditions remained extremely unfavorable in the quarter, which put continued pressure on visitation and revenue across the business. Resort revenue for the quarter declined 7% compared to the prior year.

謝謝，Rob。我將簡要說明本季結果、我們更新後的2026財年指引，以及春季季票銷售結果。先從第三季結果談起。本季天候條件仍極度不利，持續對全業務的造訪人次與營收造成壓力。本季度假村營收較去年同期下滑7%。

primarily driven by unfavorable weather conditions that impacted visitation and revenue for both local and destination guests, particularly at our resorts in the Rockies and in Tahoe.

主要是因不利天候影響本地與目的地旅客的造訪與消費，尤其是在我們位於落磯山脈與太浩湖的度假村。

Lift revenue declined 5% despite visitation being down 15%, primarily as a result of North American pass sales increasing 3% heading into the season. Resort EBITDA for the quarter was down 9% and as our advanced commitment model, cost discipline and the geographic diversity of our portfolio, partially mitigated the larger conditions headwinds.

纜車收入下滑5%，儘管造訪人次下降15%，主要因北美季票銷售在雪季開始前成長3%。本季度假村EBITDA下滑9%；我們的預先承諾模式、成本紀律以及投資組合的地理多元性，部分緩解了更大的天候逆風。

To expand on the magnitude of the conditions impact, even our most committed past visitation in North America declined 17% over the winter, while lift ticket visitation declined 10%. The impact was particularly severe in the Rockies, where snowfall for the winter finished down 55% below the 30-year average.

為了進一步說明天候影響的幅度，即便是我們在北美最忠誠的季票客群，整個冬季的造訪也下降了17%，而單日纜車票造訪則下降10%。影響在落磯山脈尤其嚴重，該地區冬季降雪量最終較30年平均值低55%。

Looking ahead to the fourth quarter, we expect stable demand across our North American lodging and Mountain Resort businesses during the summer season, and we are encouraged by early momentum in Australia, where Epic Australia Pass units are up approximately 26% and dollars are up approximately 31%.

展望第四季，我們預期北美住宿與山區度假村業務在夏季旺季的需求將保持穩定；同時，我們對澳洲市場的早期動能感到鼓舞，Epic Australia Pass 的銷售量約成長26%，銷售金額約成長31%。

Turning to full year guidance. We are updating our full year outlook with the resort EBITDA midpoint now at the bottom of the range we provided in March, consistent with our April update. We now expect net income attributable to Vail Resorts in the range of $128 million to $162 million and resort reported EBITDA in the range of $735 million to $755 million. This change reflects the continuation of historically challenging conditions through March and April, which further pressure visitation late in the season.

接著談全年指引。我們更新全年展望，度假村EBITDA的中位數目前落在我們3月提供區間的下緣，與4月更新一致。我們目前預期歸屬於 Vail Resorts 的淨利介於1.28億至1.62億美元，度假村申報EBITDA介於7.35億至7.55億美元。此變動反映歷史性嚴峻天候條件延續至3月與4月，進一步壓抑雪季後段的造訪人次。

With the reduction in earnings, we now expect our cash taxes to be in the range of $75 million to $85 million. We remain on track to exceed our initial two-year resource efficiency transformation plan of $100 million as we expect to achieve $106 million of annualized efficiencies by the end of this year.

隨著獲利下修，我們目前預期現金稅負介於7,500萬至8,500萬美元。我們仍按計畫將超越最初兩年的資源效率轉型計畫1億美元目標，因為我們預期在今年底前可達成1.06億美元的年化效率提升。

We also remain on track to deliver an additional $30 million of savings in fiscal 2028 as outlined in our March investor conference presentation. From fiscal 2026, this translates to an incremental $45 million of efficiencies year-over-year before $13 million of onetime costs. Our resource efficiency initiatives are providing a modest offset in a weather-impacted year and reinforce our commitment to driving structural efficiency across the business.

我們也仍按計畫在2028財年額外實現3,000萬美元節省，正如我們在3月投資人會議簡報中所述。以2026財年而言，這相當於在扣除1,300萬美元一次性成本之前，年對年新增4,500萬美元的效率提升。我們的資源效率計畫在受天候影響的年度提供了些許抵銷效果，並強化我們推動全公司結構性效率的承諾。

Turning to our balance sheet and capital allocation. Despite the difficult operating environment this year, we remain confident in the strength of our cash flow generation and the stability of our business model. Our balance sheet remains strong as we ended the quarter with liquidity of approximately $1.1 billion and net leverage of 3.5 times trailing 12 months EBITDA.

接著談資產負債表與資本配置。儘管今年營運環境艱難，我們仍對現金流創造能力的強勁與商業模式的穩定性保持信心。我們的資產負債表依然穩健，本季末流動性約11億美元，淨槓桿為過去12個月EBITDA的3.5倍。

We are also reaffirming our capital plans of approximately $215 million to $220 million in core capital spending and $234 million to $239 million of total capital investments as we continue to invest in technology across our gear, ski school and dining businesses to enhance the guest experience and ultimately to drive long-term growth in our business.

我們也重申資本計畫：核心資本支出約2.15億至2.20億美元，總資本投資約2.34億至2.39億美元；我們將持續在裝備租賃、滑雪學校與餐飲業務導入科技，以提升賓客體驗，並最終推動業務長期成長。

Our capital allocation priorities remain unchanged, starting with reinvestment of the business and maintaining balance sheet flexibility to pursue potential acquisition opportunities, followed by returning capital to shareholders. We maintained the quarterly dividend at $2.22 per share and we'll remain opportunistic on buybacks as evidenced by the repurchase of approximately $45 million of shares year-to-date.

我們的資本配置優先順序維持不變：首先是再投資於業務並維持資產負債表彈性，以把握潛在併購機會；其次是回饋股東。我們將季度股利維持在每股2.22美元；同時也會在庫藏股回購上保持機動性，年初至今已回購約4,500萬美元的股份即為例證。

On pass sales, as Rob noted earlier, pass units and sales dollars through the May deadline were down 10% and 5%, respectively, including the effect of tax. Half days sold were down approximately 8% and reflecting a higher mix of unlimited products sold during the period.

在季票銷售方面，如 Rob 先前所提，至5月截止日為止，季票銷售量與銷售金額分別下滑10%與5%（含稅影響）。售出的半日數約下滑8%，反映期間內無限次產品的銷售占比提高。

Pass performance to date has been driven by softer demand following the challenging conditions this season, evident in the fact that the weakness has been most pronounced in our more weather-impacted destination markets, including Colorado, Utah and Lake Tahoe as well as a long destination gap to typically travel to the Rockies, which all saw low double-digit unit decline.

截至目前的季票表現主要受到本雪季艱困天候後需求轉弱所影響；從弱勢在受天候影響較大的目的地市場最為明顯即可看出，包括科羅拉多、猶他與太浩湖，以及通常需長途前往落磯山脈的目的地市場，這些地區的銷售量皆出現低雙位數下滑。

In contrast, we saw much stronger performance in our Eastern US markets and at Whistler Blackcomb, where cost units were down low single digits. We are seeing positive performance in our new initiatives as the new young adult product introduced this year saw results pacing well ahead of other age groups. And as I mentioned, our core high-value unlimited pass products are outperforming frequency products. all of which reinforces the strength of our value proposition.

相較之下，我們在美國東部市場以及惠斯勒黑梳山（Whistler Blackcomb）看到更強勁的表現，當地每單位成本下降了低個位數百分比。我們也看到新措施帶來正面成效，今年推出的全新年輕成人產品，其表現進度明顯領先其他年齡層。此外，如我先前提到的，我們核心的高價值無限次通行證產品表現優於次數型產品；這些都再次印證了我們價值主張的強勁。

We are also seeing better relative performance from growing pass holders and more pressure in pass sales within our new segment. as reduced visitation in the past season has resulted in a smaller conversion audience, which is typically a key driver of unit growth during this period. While near-term trends likely reflect delayed decision-making following a challenging season, we remain confident in the long-term growth opportunity given our strong resort network and marketing strategies.

我們也看到來自持續成長的既有通行證持有人之相對表現更佳，而在我們的新客群區隔中，通行證銷售承受較大壓力。由於上一季造訪人次下降，導致可轉換的受眾規模縮小，而這通常是此期間帶動單位成長的關鍵驅動因素。雖然短期趨勢可能反映在艱困雪季後決策延後，我們仍對長期成長機會保持信心，因為我們擁有強大的度假村網絡與行銷策略。

In closing, while the season's results reflect an exceptionally challenging operating met, we are confident in the strength of our business model and the progress we're making on our key strategies. We remain focused on delivering a differentiated guest experience. strengthening our demand model and executing the opportunities within our control. Over the long term, we believe these efforts position us well to drive sustainable growth and create value for our shareholders.

最後總結，儘管本季結果反映了極為艱難的營運環境，我們對自身商業模式的韌性以及在關鍵策略上的推進進展仍充滿信心。我們將持續專注於提供差異化的旅客體驗、強化我們的需求模型，並落實我們可控範圍內的各項機會。長期而言，我們相信這些努力將使我們具備推動可持續成長並為股東創造價值的良好定位。

With that, I'll turn the call back over to the operator for Q&A.

接下來，我把電話交回給主持人進行問答。

(Operator Instructions)

（接線員指示）

David Katz, Jefferies.

David Katz，Jefferies。

I wanted to ask, Angela, about the comment about the young adult product pacing well ahead of other groups. Could you put some context around how well that's doing, put some maybe relative size on that group's ability to make a difference? And just some more meat on the bones around that particular comment, please.

Angela，我想問一下你提到年輕成人產品的進度明顯領先其他族群的評論。你能否提供一些背景，說明它目前表現有多好，或許也談談該族群的相對規模，以及它在多大程度上能對結果產生影響？也請就那段評論再多補充一些細節，謝謝。

Sure. I'll comment on it, David. I think it's -- we're not going to put more specificity around it yet. We'll provide more color as we get to the end of the full selling period, but it's definitely meaningfully outperforming all the other age groups and has been from the beginning. The other comment I'll share is that what we're seeing is a good trade-up from a lot of other products, of course, into the core Epic product, which is what we were trying to do.

當然。David，我來回應。我想——我們目前還不會提供更具體的數字。等到整個銷售期結束時，我們會提供更多說明；但可以確定的是，它確實顯著優於所有其他年齡層，而且從一開始就是如此。另外我想補充的是，我們看到許多其他產品的客戶確實有明顯升級，轉向我們的核心 Epic 產品，這正是我們希望達成的。

So we see that as a real positive as well. In the end, I don't think it's not something that is going to drive our overall results for the year. It's a mitigator, I think, to some of the other declines that we're seeing.

因此我們也把這視為一項非常正面的訊號。不過到最後，我不認為這會成為推動我們全年整體結果的主要因素。我認為它更像是用來緩解我們在其他面向所看到的一些下滑。

Right. And frankly, if we were to break up the different cohorts within the pass group, right, like could you maybe give us just a bit more detail across the board on how some of those are doing and what your expectation is for those some up, some down?

了解。坦白說，如果我們把通行證族群內不同的客群分組來看，例如——你能否就整體各個族群的表現再多提供一些細節？以及你對於哪些上升、哪些下降的預期是什麼？

Yes. I think what we're seeing is pretty -- I think as we highlighted, as Angela mentioned, I think one of the biggest things that we're noting is in Colorado, in Tahoe, in Utah and in destination markets, particularly destination guests who visited kind of the Rockies resorts or typically visit the Rockies Resorts. Those are where we're seeing the biggest decline.

可以。我想我們看到的情況相當——如我們重點提到、也如 Angela 所說，我們注意到最大的重點之一是：在科羅拉多、太浩湖、猶他，以及目的地市場，特別是造訪落磯山度假村或通常會造訪落磯山度假村的目的地旅客。這些地區是我們看到下滑幅度最大的地方。

And we're seeing much, much more modest declines in the Northeast and in Whistler Blackcomb. And so that really tells us, right, that this is very much a conditions impact from last year as opposed to some broader structural impact.

而在東北部以及惠斯勒黑梳山，我們看到的下滑要溫和得多、得多。因此這其實告訴我們，這更像是去年雪況所造成的影響，而不是更廣泛的結構性影響。

Not surprised that following the season that we just saw that the new segment of our pass sales is down a lot more than renewal. But obviously, we're kind of heartened that the renewal piece is as strong as it is. And I think the other piece that -- yes, that we would mention is just that the unlimited products, which we have been focused on quite a bit since last Labor Day, are really outperforming our frequency products. and we're trying to move people from frequency up. I also would say, yes, obviously, if we're going to see a buyer is the newer buyer to the overall program a bit more sensitive and unlikely to buy as early given the conditions that we just went through.

在我們剛經歷那樣的雪季之後，我們的新客群通行證銷售下滑幅度遠大於續約，這並不令人意外。但顯然，我們也對續約部分能維持如此強勁感到鼓舞。另外一點——是的——我們會提到的是：自去年勞動節以來我們相當聚焦的無限次產品，確實大幅優於次數型產品，而我們也正嘗試把人從次數型往上移轉。我也會說，是的，顯然如果買方是整體計畫中的新買家，在剛經歷那樣的狀況後，他們會更敏感、也更不太可能那麼早就購買。

Shaun Kelley, Bank of America. .

Shaun Kelley，美國銀行（Bank of America）。

Rob, I guess, big picture, we're getting a lot of questions that are a little too early on sort of what the impact is of what we learned today on next year's planning and sort of to not box in on guidance, maybe the easiest way to ask it is based on what you know right now, does this -- these results and what you're seeing on the pass side, in particular, does it really change much in terms of how you're planning for the business, staffing for next year and how you're thinking about the broader operating expense and planning outlook at this stage?

Rob，我想從大方向來看，我們收到很多問題，想知道今天我們了解到的情況，對明年的規劃會有什麼影響，但現在問可能有點太早。為了不要把問題框在財測指引上，也許最簡單的問法是：以你目前所知，這些結果以及你在通行證端看到的情況（尤其是通行證），是否會在很大程度上改變你們對業務的規劃、明年的人力配置，以及你們此刻對更廣泛的營運費用與規劃展望的看法？

No, it's not. I mean, I think when you look back historically, what you see is that -- and this is over a lot of years, and both -- when you look at years where the Rockies did poorly, I think another great example is when two years during the drought that we had in Tahoe.

不會。我的意思是，回顧歷史，你會看到——而且這是很多年的觀察、也涵蓋——當你看那些落磯山表現不佳的年份時，我想另一個很好的例子是我們在太浩湖遇到乾旱的那兩年。

And then you look at the year that had normal conditions, yes, we see every indication that visitation comes fully back and in some cases, the passes even the year before the bad year like it did in Tahoe, some of which I think is pent-up demand that gets created during a season like we just went through.

然後你再看雪況正常的年份，是的，我們看到各種跡象顯示造訪人次會完全回升；在某些情況下，通行證甚至會回到不佳年份之前的水準，就像太浩湖當時那樣。我認為其中一部分是像我們剛經歷的那種雪季會累積出被壓抑的需求。

That said, during those years, right, there was no past programs like we had or have today and certainly now past programs to the extent that we've grown them over the last 5 years. So it's not surprising to us that you're going to see some, especially in the spring delayed decision-making. This would be a perfect example of when you'd expect that.

話雖如此，在那些年份裡，並沒有像我們過去或今天這樣的通行證計畫，當然更不用說我們在過去 5 年把通行證計畫擴大到現在的程度。因此，對我們而言並不意外，你會看到一些（尤其是在春季）延後決策的情況。這正是一個你會預期出現這種現象的典型例子。

And so at the moment, no, we're seeing a lot of this as timing between spring and fall or even between fall and the season for lift tickets. That's why it's critical in our minds that we not only have great programs on the season pass side but also for lift tickets. So we are planning for, yes, a normal season next year with normal conditions.

所以就目前而言，不會，我們把其中很多視為春季與秋季之間的時間差，甚至是秋季與雪季之間（就纜車票而言）的時間差。這也是為什麼在我們看來至關重要的是：我們不僅要在季票端有很好的方案，也要在纜車票端有很好的方案。因此，我們正在以明年會是正常雪季、雪況正常為前提來做規劃。

Now that said, as we mentioned and as I mentioned, as Angela mentioned, yes, we are dealing with an unprecedented anomaly. So there's no way that we can be exactly sure what it's going to look like. But right now, there's no change in our planning for next season.

不過話說回來，正如我們提到的、也如我提到的、如 Angela 提到的，是的，我們正在面對一個前所未見的異常狀況。因此我們不可能百分之百確定它會呈現什麼樣貌。但就目前而言，我們對下一季的規劃沒有改變。

Great. And then just as my follow-up, I couldn't help but notice both, I think, in the release and also in your prepared remarks, you talked about I think it was a step function improvement on lifts, terrain, you mentioned snowmaking, but I think all of it built around the guest experience. And just wondering if you could either elaborate a little bit more? Or is there kind of right time to hear a little bit more about initiatives there that we should look forward to listening into?

很好。那我追問一下，我注意到無論是在新聞稿或你們的事先準備講稿中，你們都提到我想是關於纜車、地形的「階躍式」改善，你也提到造雪，我想所有這些都是圍繞在旅客體驗。想請問你是否能再多闡述一些？或者是否有一個合適的時間點，我們可以期待聽到更多相關措施，之後可以留意？

Sure. I think what I'd say is it's kind of continued investments in the way we have in the past in things like lift and snowmaking terrain, upgrades to restaurants, things like that. I think where we really see the step change is taking the network of resorts that we have and using technology and new processes to obviously, to then elevate like through system-wide or network-wide investments, the experience that guests have.

當然。我想我會說，這有點像是延續我們過去一貫的投資方向，例如纜車與造雪地形、餐廳升級之類的。我認為我們真正看到的躍升在於，把我們擁有的度假村網路整合起來，運用科技與新流程，透過全系統或全網路層級的投資，提升賓客的體驗。

And so that could be like My Epic Gear in terms of completely changing how guests experience gear. It could be around Ski School, like the digitization of Ski School, which is something that we announced and that we have other things that we're working on that we'll be announcing kind of in the months ahead.

因此，這可能像是 My Epic Gear，從根本上改變賓客體驗裝備的方式。也可能是在滑雪學校方面，例如滑雪學校的數位化；這是我們已經宣布的內容，另外也還有一些正在進行、會在接下來幾個月陸續對外宣布的事項。

Same thing with food, other things we're looking at on food new things that we're looking at on how we connect with guests, address guest feedback, how critical and impactful the app is to everybody. And in our minds, we can create a bit of an ecosystem around our resorts that we think meets what guests of this generation, right, expect in this time, expect, which is technology that really makes a new process that makes everything easier and better and eliminates all the kind of a hurdle that some people can have when they go skiing, but at the same time, doesn't get in the way of their experience on snow. And we think we're just uniquely positioned to do that as well as the marketing piece, right?

餐飲也是一樣；我們也在餐飲上看一些新做法，還有如何與賓客連結、如何回應賓客回饋，以及 App 對每個人有多關鍵、多有影響力。在我們看來，我們可以圍繞度假村打造一個生態系，去符合這一代賓客在這個時代的期待——也就是科技與新流程，讓一切更簡單、更好，消除一些人去滑雪時可能遇到的各種障礙，但同時又不會妨礙他們在雪上的體驗。我們也認為自己在這方面具備獨特優勢，另外還有行銷面向，對吧？

Obviously, we have the ability to market both pass and lift tickets to these guests with a kind of unified marketing approach but at the same time, and I think we saw some of the benefits of this, still elevating each Resorts brand, elevating the experience and unique connection that each resort has to our guests.

顯然，我們有能力以一套統一的行銷方式，向這些賓客同時行銷季票與纜車票；但同時——而且我想我們也看到了一些好處——我們仍能提升各個度假村的品牌，提升每個度假村與賓客之間那種獨特連結與體驗。

Molly Baum, Morgan Stanley.

Molly Baum，摩根士丹利。

I guess one follow-up to -- you talked about the deferral of past purchasing. Do you expect heightened trade down to maybe some of the lower frequency pass products if demand does materialize later in the selling season? And I guess, to the extent that you can comment, I know not all of these products existed back then, what have you seen historically after a weaker weather year when it comes to the different pass products?

我想追問一下——你提到季票購買的遞延。如果需求在銷售季後段才真正顯現，你是否預期會出現更明顯的「降級購買」，轉向一些使用頻率較低、價格較低的季票產品？另外，在你能評論的範圍內——我知道當時並非所有產品都存在——歷史上在天候較弱的一年之後，不同季票產品的表現你們通常看到什麼情況？

Yes. I think it's a little challenging because obviously, when the last time, certainly when the Rockies went through this, we actually saw a pass growth in the following year, but that was at a much earlier stage in the overall pass maturity cycle, and we did not have frequency products like we have today. At this point, I would say that it's hard to say.

是的。我認為這有點難判斷，因為很明顯，上一次——至少洛磯山脈地區經歷這種情況時——我們在隔年其實看到季票成長，但那是在整體季票成熟週期更早的階段，而且當時我們也沒有像今天這樣的「頻率型」產品。在目前這個時間點，我會說很難下定論。

I think we're not seeing trade down in in our numbers and obviously the strongest performers right now are the unlimited products and higher-value Epic products versus regional products. So at the moment, we're not seeing any of those trends. But we'll see. I think we're in a unique moment.

我認為我們在數據上並沒有看到降級購買；而且目前表現最強的是無限次產品與高價值的 Epic 產品，相較之下優於區域型產品。所以就目前而言，我們沒有看到那些趨勢。但我們再觀察。我認為我們正處在一個獨特的時刻。

In the end, we don't think this is about people saying that they're not going to ski next year. We think it's about people not willing to make that commitment today. And yes, obviously, unprecedented season that we just went through. It's so hard to say how it will play out when we get through the fall.

歸根結底，我們不認為這是人們說他們明年不滑雪了。我們認為這是人們不願意在今天就做出那個承諾。而且，是的，我們剛經歷了一個前所未有的雪季。很難說等到秋天過後，情況會如何發展。

Got it. That's helpful. And then one other one. You talked a lot about the integration app in fiscal '28 bringing My Epic Gear into the app. But as we kind of think about that transition, particularly on the Epic Gear launch, does that transition period create any notable revenue gap in 2027 as we're going to the subscription revenues or starting to call out there in terms of the volatility we might see?

了解。這很有幫助。然後還有一個問題。你談了很多在 2028 財年把 My Epic Gear 整合進 App 的整合型 App。但當我們思考這個轉換、特別是 Epic Gear 的推出時，這段轉換期是否會在 2027 年造成任何顯著的營收缺口，因為我們要轉向訂閱收入，或在揭露上開始提到那邊可能出現的波動？

I mean I think when I say in FY27 for My Epic Gear is that it's definitely a transition year where we're moving from kind of what we were offering before to taking kind of the ability to select your own gear and rolling that out for all of our demo skis that we're going to sell next year. So obviously, what I'd say is it's not from a financial perspective, no, we don't see any any issue there.

我的意思是，我提到 My Epic Gear 在 2027 財年，是因為那確實是一個轉換年：我們會從先前提供的內容，轉向讓你能選擇自己的裝備，並把這個能力推廣到我們明年要銷售的所有示範滑雪板（demo skis）。所以很明顯，我會說從財務角度來看，不會，我們不認為那裡會有任何問題。

From an experience perspective, it's kind of going from a very small high-touch experience but very few number of guests to really rolling it out to the highest end guests but across a much broader base of tears. And then in FY28, you would see the full experience with high touch points and everything else being rolled out to yes, to everyone who rent and then we'll have gradations, obviously, different parts of the experience at that point, but the ability to select your gear, the ability to have an app and get the gear wherever you want really reducing all these friction points.

從體驗角度來看，這是從一個規模很小、非常高接觸（high-touch）的體驗——但能服務的賓客數量很少——轉變為把它推廣到最高端的賓客，但覆蓋更廣的層級。然後在 2028 財年，你會看到完整體驗：高接觸的服務節點與其他所有內容都會推出，對，是面向所有租賃者；當然屆時會有不同層級、不同部分的體驗，但「可選擇裝備」、以及透過 App 在你想要的地方取得裝備的能力，將大幅降低這些摩擦點。

The ability once you've gone through and try out a boot or use the ski and then you like it, we can actually have that already for you without you coming in again, trying anything on or even if we're delivering it to your unit or condo, you don't have to -- we'll just drop it off and you can pick it up. It's not like we have to actually have people go through the process of the fitting. So all of that is really FY28 piece, but FY27, it will be the first step towards that.

一旦你試穿過靴子或使用過滑雪板，然後你喜歡它，我們其實可以在你不需要再來一次、不需要再試穿任何東西的情況下，直接把它準備好；甚至如果我們把它送到你的房間或公寓，你也不必——我們只要放下，你就可以取用。這不像我們還必須讓人再走一次試穿配對（fitting）的流程。所以這些都主要是 2028 財年的內容，但 2027 財年會是邁向那個方向的第一步。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀。

This is somewhat related to an earlier question. But assuming the current trend of down mid-single digit in dollar sales for the past product continues, that means the lift part of the business has to come in at a double-digit range for overall to be flattish, which is not, I guess, in conceivable or a tough year but probably hard to do.

這和先前的一個問題有點相關。但如果目前季票產品美元銷售額下滑中個位數的趨勢持續，這代表纜車票（lift）這部分的業務必須達到雙位數成長，整體才可能大致持平；我想這並非不可想像——在艱難的一年——但可能很難做到。

At the same time, you have given some nuggets of positive indicators in the release kind of suggesting that historically visitors seem to come back after a tough year. even after they kind of delayed purchase decisions initially. I guess, could you talk to the potential or perhaps have for the lift business to grow at a double-digit range based on historical patterns, but also programs you might have in plan for getting lift visitors?

同時，你們在新聞稿中也提供了一些正向指標，暗示從歷史來看，遊客似乎會在艱難的一年後回流，即使他們一開始延後了購買決策。我想請你談談：基於歷史模式，以及你們可能規劃的方案，纜車票業務是否有機會出現雙位數成長，以帶動纜車票訪客人次？

And then I have a quick follow-up.

然後我有一個簡短的追問。

Yes. I think if you look back -- I mean, when I say is maybe the reverse of this, right? So when we were growing season pass revenue 20-plus percent per year in the double digits for a long time, we absolutely saw a significant decline to lift ticket visitation as people move from passes -- from lift tickets to passes.

是的。我想如果你回頭看——我的意思是，也許可以反過來看這件事，對吧？當我們在很長一段時間內以雙位數、每年 20% 以上的速度成長季票收入時，我們確實看到纜車票訪客人次明顯下滑，因為人們從纜車票轉向季票。

And so we do think we have every opportunity to see strong growth in lift ticket visitation if the pass business comes down. So we do think there's a fluid movement between the two products.It doesn't mean that it's perfect.

因此，如果季票業務下滑，我們確實認為有很大的機會看到纜車票訪客人次強勁成長。所以我們認為這兩種產品之間存在流動性的轉換；但這不代表它是完美的。

It doesn't mean I can't exactly say because obviously, we're in a unique environment, exactly how that will play out. But we don't think there's any kind of artificial cap to how we can drive lift ticket growth, it really comes down to what the demand is and I think for us, the key thing was having a product available for people at more accessible price points. And so there, I think, certainly, our Epic Friend tickets, the super advanced lift tickets sold. That has performed very well and obviously, only in its first year, not a ton of awareness.

也不代表我能非常精確地說——因為很明顯，我們正處在一個獨特的環境——它會如何發展。但我們不認為在推動纜車票成長方面存在任何人為的上限；真正取決於需求如何，而對我們來說，關鍵在於提供一個讓人們能以更可負擔的價格點進入的產品。因此在那方面，我認為我們的 Epic Friend 票、以及超早鳥纜車票（super advanced lift tickets）的銷售表現非常好。而且很明顯，這才第一年，市場認知度還不算高。

So we see that as a huge opportunity for next year. We were very selective last year in picking certain resorts in certain time periods to be more aggressive on specific lift ticket products. And I think you'll continue to see us do the same thing ahead of going into next year. Now that said, it will always be that the best deal is going to come from a pass.

因此，我們將其視為明年的一個巨大機會。去年我們非常審慎地挑選特定期間的特定度假村，針對某些特定的纜車票產品採取更積極的策略。我認為在進入明年之前，你們會持續看到我們採取同樣的做法。不過話說回來，最划算的方案永遠會是來自通行證。

And so as we get certainly towards the end of the pass selling season, we will make sure that we're reminding everybody of that fact before we go into next year. And obviously, we do have our turn in your ticket program, where folks who might have used an epic preticket this year or bought any lift to get can obviously use that to buy a path as they go into next year.

因此，當我們確實逐步接近通行證銷售季的尾聲時，我們會在進入明年之前，確保提醒大家這一點。而且很明顯地，我們也有「把你的票轉成通行證」的方案；今年使用過 Epic 預購票或購買任何纜車票的人，顯然都可以用它在進入明年時購買通行證。

Okay. That's helpful. And then could we go over the levers you have to protect EBITDA, right, given mid-single-digit range decline so far, at least in past products, it seems like you see that improving a little bit later in the season.

好的。這很有幫助。接著，能否談談在目前（至少就通行證產品而言）迄今出現中個位數百分比下滑的情況下，你們有哪些槓桿可以用來保護 EBITDA？看起來你們認為在季節後段會有所改善。

But sort of top line dynamics but also cost side of things, what kind of underlying cost inflation we're looking at and how you look at tape of that EBITDA recovery after an anomaly year with an underlying -- understanding that, ultimately, a lot also depends on strength of the lift business once we get there, I guess?

也就是說，從營收端的動態到成本端，你們預期的基礎成本通膨大概會是什麼樣子？以及在經歷一個異常年度之後，你們如何看待 EBITDA 復甦的節奏？當然我理解，最終也很大程度取決於我們到了那個時點後纜車票業務的強勁程度，對吧？

Yes. Well, first of all, we'll go into next -- into FY27 with an opportunity to really see, right, the kind of run rate improvement in our resource efficiency transformation efforts because obviously, we're delivering on all of that for FY26, a portion of which is going to really roll into FY27 and we have new initiatives that we'll be talking more about as we go forward a portion. Most of that will be FY28, but a portion of that will also hit FY27.

是的。首先，我們在進入下一個——進入 FY27 時，確實有機會看到我們在資源效率轉型工作上的「運行率」改善，因為我們顯然正在為 FY26 交付這些成果，其中一部分將會延續到 FY27；同時我們也有新的倡議，之後會再多談一些。其中大部分會在 FY28 反映，但也有一部分會在 FY27 產生影響。

And then obviously, yes, I think we have given a unified approach that we take towards how we schedule labor and all of our workforce planning. We can be nimble with labor to the extent that we see that visitation decline but we're going into next season looking for full staffing and really expecting -- assuming that the condition is good, yes, that we're going to get that full visitation.

然後，當然，是的，我認為我們在如何排班用工以及整體人力規劃方面，採取的是一致的做法。在我們看到到訪人次下滑的情況下，我們可以在用工上保持彈性；但我們在規劃下一季時仍以滿編為目標，並且真正期待——在假設條件良好的前提下——我們會迎來完整的到訪量。

So we're not going to pull back on the guest experience. But I think as we saw this year, yes, if that's what happens, we certainly can make adjustments. But that's not what we're going to be planning for.

所以我們不會在賓客體驗上退讓。但我想如同今年所見，是的，如果真的發生那種情況，我們當然可以做出調整。但那不是我們會用來做規劃的基準情境。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行（BNP Paribas）。

Maybe kind of going continuing on to the past selling season, as you kind of go through the rest of the year or summer, like how do you think -- are you changing any of the maybe strategies or like marketing to kind of drive a little bit of an acceleration? Or is it kind of using the same maybe like marketing approach as you have in the last maybe couple of months?

也許延續通行證銷售季的話題，當你們走過今年剩餘時間或夏季時，你們是否會調整任何策略或行銷方式，以帶動銷售加速？還是說會大致沿用過去幾個月的行銷方法？

Yes. I would say that we're constantly looking at whatever our results are for the last deadline, especially and saying, okay, what did we learn? What can we do differently? Where can we lean in more one place or another? And we're taking all the learnings that we have in the spring, and we're to put them to work as we go through Labor Day and through the rest of the season.

是的。我會說，我們一直在檢視上一個截止日的結果，尤其是，並且問自己：好，學到了什麼？我們可以做哪些不同的事情？我們可以在哪些地方更用力、或在其他地方收斂？我們會把春季累積的所有學習，運用到接近勞動節（Labor Day）以及整個剩餘銷售季的推進中。

And I do think we have opportunities some of the new approaches that we launched post Labor Day last year, we have an opportunity, obviously, to put those in along with the learnings that we have through spring into this year's Labor Day.

而且我確實認為，我們有機會把去年勞動節之後推出的一些新做法，連同我們在春季得到的學習，一起運用到今年的勞動節檔期。

And yes, in the midway, we tend not to make big product changes because we feel like, yes, it's critical for everyone to be making decisions on the product set that we have and important that the folks who buy earlier always get the best deal. We're not going to change from that. But in terms of how we go to market in terms of the dollars that we invest on media,

另外，是的，在銷售季進行到一半時，我們通常不會做重大的產品變更，因為我們認為，讓每個人都能基於我們現有的產品組合來做決策至關重要；同時也很重要的是，較早購買的人永遠能拿到最好的價格。我們不會改變這一點。但就我們如何推向市場、以及我們在媒體上投入的預算而言，

Yes, that is always going to be about the numbers that we're seeing, and we did see good results from the incremental dollars that we put to work last fall. We saw good returns from the incremental dollars that we put together that we put to work this spring. And so that's definitely going to be front of mind as we go into the fall.

是的，那永遠會取決於我們看到的數據；而我們確實看到，去年秋天追加投入的預算帶來了不錯的結果。我們也看到，今年春天追加投入的預算帶來了良好的回報。因此，當我們進入秋季時，這肯定會是我們優先考量的重點。

Okay. Got it. And then maybe going -- continuing on to the question around the kind of lift or window ticket demand into next year. So as you mentioned, following a kind of challenging season, you might expect conditions to normalize the visitation to recover.

好的。了解。接著也許回到明年纜車票（現場窗口票）需求的問題。如你所提到的，在一個相對具挑戰性的雪季之後，你可能會預期條件回歸正常、到訪量回升。

And I guess if past units are down a bit and maybe then that means that lift window tickets are higher, I guess, in a way that also creates a positive mix effect, where like maybe the price per window ticket visit maybe is higher.

我想，如果通行證銷量略有下降，或許就意味著窗口纜車票會更高；某種程度上也會帶來正向的組合效應，例如每次窗口票到訪的平均價格可能更高。

Is that something we should be thinking about in terms of like, I guess, the incrementality of window ticket visit into next year in terms of EBITDA?

就 EBITDA 而言，這是否是我們在思考明年窗口票到訪增量時應該納入考量的因素？

Yes. Yes, absolutely. And I would say it's important to remember that, yes, we're down 10% units, 8% in days sold after this ridiculously horrible winter, we're still so far ahead of where we've been in any previous bad season in terms of advanced commitment in total.

是的。是的，完全是。而且我會說，重要的是要記得：是的，我們的單位數量下降了 10%，售出的天數下降了 8%；但在經歷這個極其糟糕的冬季之後，我們在「總體提前承諾」方面，仍然遠遠領先於過去任何一個不佳雪季的表現。

So if you think about how much advanced commitment we have at this point in front of next year versus any year we've had historically, like where we've had a bad season like this. No, no, no, we're well ahead. So actually, in some respects, we're in a much stronger position as we're thinking about next season, even though we had a bad year last year.

所以如果你去想，在這個時間點、面向明年，我們的提前承諾相較於歷史上任何一個像這樣的差季，其實——不不不——我們是大幅領先的。所以實際上，從某些角度來看，儘管去年表現不佳，但我們在思考下一季時反而處於更強的位置。

And yes, there is the opportunity. If somebody is going to not buy a path, and it's going to wait to buy a lift ticket even at the lower prices that we're putting out for lift tickets, they're going to be paying more. And so that is absolutely our lift ticket, effective ticket price will go up -- sorry, our overall effective our overall effective ticket price will go up as they move from past lift tickets. Now that said, that's not what we want. We still want people to be in the advanced commitment bucket, but yes, we have to have every lever available to us.

而且，是的，確實存在這樣的機會：如果有人不買通行證，而是等到購買纜車票——即使是我們對外提供的較低纜車票價格——他們仍會付出更多。因此，我們的纜車票有效票價將會上升——抱歉，我們整體的有效票價將會上升，因為他們從通行證轉向購買纜車票。不過話說回來，這不是我們想要的。我們仍希望大家落在提前承諾的那一類，但，是的，我們必須讓自己手上有所有可用的槓桿。

Jay Stantial, Stifel. .

Jay Stantial，Stifel。.

Maybe starting off on pass sales. If we go back to this time last year, Rob, I think you talked to some resilience in purchasing behavior through Liberation Day and some of the choppiness we're seeing back then in consumer sentiment. Obviously, weather is going to be the bigger impact so far this year. But just curious if you think that macro uncertainty may be factoring in as well. If you look at trends so far the selling season?

也許先從通行證銷售談起。如果回到去年這個時點，Rob，我記得你談到在解放日（Liberation Day）前後，以及當時消費者信心出現一些波動的情況下，購買行為仍展現出一定韌性。很明顯，今年迄今更大的影響會是天氣。但我也想了解，你是否認為總體不確定性也可能正在影響銷售季迄今的趨勢？

And then historically, can you just remind us what do you typically see when gas and flight costs are higher what sort of impact do you see to visitation behavior across the local and destination cohorts during the season?

然後從歷史經驗來看，能否請你提醒我們，當汽油與機票成本較高時，你們通常會看到什麼情況？在雪季期間，對本地與目的地客群的到訪行為，通常會造成什麼樣的影響？

Yes, sure. I mean, I'd say right now, tough to break out kind of any kind of macro impact from the weather impact and by the conditions impact from last year. And I think based on some of the data we were talking about in terms of how Whistler is doing or the East versus other markets, definitely seems like this is much more of a condition-driven decline.

是的，當然。我的意思是，我會說就目前而言，很難把任何宏觀面的影響，從天氣影響以及相較去年雪況條件的影響中拆分出來。而且我認為，根據我們先前談到的一些數據，例如惠斯勒的表現，或東部相較其他市場的情況，確實看起來這更像是由雪況條件所驅動的下滑。

I think when you look back historically, obviously, the further you travel the harder. So a lot of times, you do see people if they have an issue with the plane cost, they may drive. So we may see more and stronger global visitation. At the same time, a lot of people won't go and fly internationally to the extent that the cost of those flights are even higher. And obviously, we're seeing some cutback on some of the European flights and things like that.

我認為回顧歷史，顯然旅行距離越遠，影響就越大。所以很多時候，如果人們覺得機票成本有問題，他們可能就會改成開車。因此我們可能會看到更多、也更強勁的自駕到訪。同時，當國際航班的成本更高時，很多人就不會選擇出國搭機旅行到那種程度。而且顯然，我們也看到部分歐洲航班等出現一些縮減。

Asia. So ultimately, that could help the overall destination -- the US destination or margin destination business here.

亞洲。所以歸根結底，這可能會對整體目的地業務——也就是美國目的地或山區目的地的業務——有所幫助。

So I think our business provides a natural hedge of sorts, I think, in tougher economic times because of how core kind of skiing is and the kind of recreation component of our business. It's not all just vacation spend. But in the end, right now, I think it's hard to say what the overall economic environment will be next year. And so we're focused much more on the kind of unique situation we're dealing with rather than the overall economic environment right now.

所以我認為，我們的業務在某種程度上提供了一種天然的避險，我想在較艱困的經濟時期尤其如此，因為滑雪本身的核心性，以及我們業務中的休閒娛樂屬性。它不完全只是度假支出。但最終，就目前而言，我認為很難判斷明年的整體經濟環境會如何。因此我們現在更專注於我們正在面對的獨特情況，而不是整體經濟環境。

That's great. And then you actually -- I think you touched on this a little bit, but it's a correlated question that we get from investors all the time is sort of how much impact the transatlantic or transpacific outbound steer travel is having on visitation, just given that value proposition and that seems to be a lot of word-of-mouth marketing benefit over the last or three years.

很好。接著你其實——我想你稍微提到了一點，但這也是投資人一直問我們的一個相關問題：跨大西洋或跨太平洋的出境滑雪旅行，考量到其性價比，以及過去兩三年似乎帶來很多口碑行銷效益，究竟對到訪量造成了多大影響？

Rob, I'm curious, just when you look at the data, how material do you think this trend truly is versus just more of a narrative thing? And if it is material, is there obviously, flight costs and things of that are going to help you stay where they are. But from more in terms of the levers that you can pull, is there any opportunity with it's in the marketing strategy or otherwise to sort of go after this laps get space that's sort of opted for international?

Rob，我很好奇，當你看數據時，你認為這個趨勢到底有多實質，還是比較像是一種敘事？如果它確實很實質，當然機票成本等因素會幫助你們維持現狀。但從你們可操作的槓桿來看，不論是在行銷策略或其他方面，是否有機會去爭取那些原本選擇出國滑雪的滑雪日（laps）/客群？

Yes. We see that as a material driver, right? So obviously, we have data because our path is to provide right, access, both in Europe and in Asia, and we're not seeing a material increase in the usage of that. I think in unique locations, yes, it can be meaningful to a resort in Europe or Asia's US business, they can see a real increase.

是的。我們確實把它視為一個實質的驅動因素，對吧？所以很明顯，我們有數據，因為我們的通行證提供了在歐洲與亞洲的使用權，而我們並沒有看到那邊的使用量出現實質性的增加。我認為在某些特定地點，是的，對歐洲或亞洲的某些度假村而言，對其美國客源可能會很有意義，他們可能會看到明顯增加。

But in terms of the overall visitation that's happening in the kind of North American ski industry, no, I don't think it's material either way. I think it's -- yes, it's a kind of nice kind of bucket list type thing that people add on every now and then, but it's not really replacing the normal visitation.

但就北美滑雪產業整體正在發生的到訪量而言，不，我不認為它在任何方向上是重大的。我認為——是的，它比較像是一種「人生清單」式的體驗，人們偶爾會加進去，但它並沒有真正取代正常的到訪。

I would say the other side of it, which I don't think is changing anytime soon, but really, what we've seen over the last five to seven years is a decline in inbound visitation into the US And so between lots of different factors, part of it, the US dollar, others just the overall inbound tourism, which is not just about skiing, but about everybody in tourism. I mean, I think that is the much bigger trend that international visitation to the US for a lot of travel, but certainly for the ski industry has gone down a lot.

我會說另一面——我不認為短期內會改變——但我們在過去五到七年真正看到的是，赴美入境旅遊人次在下降。因此在許多不同因素之下，其中一部分是美元匯率，其他則是整體入境觀光的走弱；這不只是滑雪，而是整個旅遊業都如此。

And so if there's any normalizing trend ultimately over time, that is our hope. And I know that in addition to us, there's lots of other people in the US travel business. trying to promote that.

所以如果隨著時間推移最終出現某種正常化的趨勢，那就是我們所希望的。而且我知道，除了我們之外，美國旅遊業還有很多其他人也在努力推動這件事。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗（Mizuho）。

Maybe one on cost. The midpoint of the new guide implies EBITDA down 12% with a cost base of just over $2 billion. As we think about next season, other than installation, how should we think about the flow-through of any incremental revenues?

我想問一個關於成本的問題。新指引的中位數意味著在成本基礎略高於20億美元的情況下，EBITDA 下降12%。展望下個雪季，除了安裝（installation）之外，我們應該如何看待任何增量營收的流入（flow-through）？

And then separately, are there any moving parts you would flag? I guess, for example, were there any onetime areas you pulled back this year, we should consider the need to come back as revenue presumably returns?

另外，有沒有任何你們會特別提醒的變動因素？例如，今年是否有任何一次性縮減的項目，我們應該考慮在營收如預期回升時需要加回？

Yes. Thanks for the question. I think the biggest piece to think about is there's obviously a favorable component that we had this year of where we yes, we were able to manage to the demand levels and the revenue. That, of course, would come back with revenue, as you would expect, outside of just kind of inflation on our base operating cost. And then as Rob mentioned, we have the year-over-year benefit going the other way on our resource efficiency transformation.

是的。謝謝你的問題。我認為最大的一點是，今年顯然有一個有利的部分：我們確實能夠依照需求水準與營收來管理成本。當然，正如你所預期的，隨著營收回升，這部分也會回來；此外還有我們基礎營運成本的通膨因素。然後如 Rob 提到的，我們的資源效率轉型在年對年比較上，會帶來相反方向的效益。

Expect that to be about $106 million relative to about, right, we were at the 82 cumulative point this year. So you'll see a year-over-year benefit from that.

預期那大約是1.06億美元，相較於今年累計約8,200萬美元的水準。所以你會看到這部分帶來年對年的效益。

Outside of that, it's really other things that just normally track with performance, things like our performance management compensation that you should think about will return, obviously, in a normal environment next year.

除此之外，其他基本上就是通常會隨著營運表現變動的項目，例如我們的績效管理獎酬（performance management compensation），你應該預期在明年正常環境下會回到較正常的水準。

I guess maybe following up on that. I guess you were referring to variable cost components associated with visitation? Say that again?

我想就此追問一下。你指的是與到訪量相關的變動成本組成嗎？你再說一次？

Yes, the variable costs that go with the revenue, right, things like credit card fees and taxes and all of those types of things that go with the revenue that we would expect to come back with visitation returning.

是的，就是隨著營收而變動的成本，對吧？例如信用卡手續費、稅金，以及所有這類與營收連動的項目；我們預期在到訪量回升時，這些也會隨之回來。

Okay. And then maybe just one from a modeling perspective. I think this year saw what presumably is elevated effective ticket price. I assume that's basically just from season pass dollars trucks to pose against lower visitation from weather. I guess, am I thinking about this correctly?

了解。再來從建模角度問一個問題。我想今年看到的有效票價（effective ticket price）應該偏高。我猜這基本上是因為季票收入仍然入帳，但因天氣因素導致到訪量較低所致。我這樣理解對嗎？

And is there any way you could help us quantify your ag next season and then any other offsets you would consider?

另外，你們能否協助我們量化一下你們下個雪季的 ag，還有你們會考慮的其他抵銷因素？

Yes, you're correct. The effective ticket price this year, when we have pass visitation in North America down 17%, but obviously has the revenue locked in, that is having a a very large impact on effective ticket price overall.

是的，你說得對。今年的有效票價，在北美季票到訪量下降17%的情況下，但營收顯然已鎖定，因此對整體有效票價造成非常大的影響。

So what I would do is I would separate out the past revenue piece from the lift ticket piece to really get more of a comparative of what you would expect in terms of the pricing change year-over-year versus just right, the visitation impact from this current season.

所以我會把季票營收的部分與纜車票（lift ticket）營收的部分分開來看，才能更可比地理解年對年的定價變化，而不是被本季到訪量的影響所干擾。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行。

I just wanted to ask about past trends versus peers. I think you mentioned pass sales are outperforming others in the industry. So can you just dig into that a little bit? Just anything to frame the magnitude there and the different drivers of that delta? .

我想問一下過去的趨勢相較於同業。我記得你提到季票銷售表現優於產業內其他公司。所以你能否再深入說明一下？任何能用來界定其幅度，以及造成該差距的不同驅動因素？。

Yes, it's hard for us to -- obviously, there's not a perfect information on that since we're the only one that's publicly reporting, but we're basing that on just some third-party entities that try and track transaction volume and other things in the marketplace.

是的，這對我們來說有點難——顯然，因為我們是唯一一家公開揭露的公司，所以在這方面沒有完美的資訊；但我們的判斷是基於一些第三方機構，它們嘗試追蹤市場上的交易量以及其他指標。

Yes, so it's hard to speak with a lot of precision on any of it. But to the extent yes, that we are outperforming. We do think it's from all the things that we did going into this pass selling season, which is we're spending more on media. We are -- we have the young adult pass, which we think was really priced well.

是的，所以要非常精準地談論這些其實不容易。但就我們確實跑贏的部分而言，我們認為這來自於我們在這一季季票銷售季開始前所做的所有事情，包括我們在媒體上的投入更多。我們——我們推出了青年成人季票，我們認為定價非常到位。

We also think the message of that young adult pass was a really strong message for us as we went through this season.

我們也認為，青年成人季票的訴求訊息在我們這一季的推廣過程中，對我們而言是非常強而有力的訊息。

And we also just, yes, lead into completely new marketing tactics and approaches than we had last spring. And because a lot of the new things that we started doing really were last fall. And so we feel like that helped as well. And we had a really strong year in terms of guest experience in our resorts, even with, I think, the down snowfall and conditions that were tough, I think. I think there was a sense broadly that on the things we could control this season, I think we did really well.

另外，我們也確實採用了與去年春天完全不同、全新的行銷戰術與方法。而且我們開始做的許多新事情其實是在去年秋天。所以我們覺得這也有所幫助。此外，就算我認為降雪量偏低、雪況也很艱難，我們度假村的旅客體驗仍然表現非常強勁。我想整體而言，大家都感受到：在這一季我們能控制的事情上，我們做得非常好。

I certainly feel that way. And I think a lot of our guests feel that way. And I think that gives confidence that as we go into next season, yes, that we will, of course, put the -- put everything we have into making it the absolute best is impossible.

我自己確實是這麼覺得。我想很多旅客也有同樣感受。我認為這也帶來信心：當我們進入下一季時，是的，我們當然會把——把我們所有能做的都投入，讓它做到不可能再更好。

Got it. That's helpful. And then just maybe on M&A. Can you talk about what you're seeing out there from an M&A perspective, maybe how the abnormally poor season might be influencing decision-making from operators that might be looking to sell assets?

了解。這很有幫助。接著想問一下併購（M&A）。你能談談你們從併購角度在市場上看到什麼嗎？也許談談這個異常糟糕的雪季，可能如何影響那些可能想出售資產的營運商的決策？

Yes. I'm not going to comment on M&A and never do, but in terms of spicy. But I would say, historically, I have not seen situations where down either economic years or down snow years, it trigger people to immediately sell. I think everybody feels like no one wants to be selling on it in a down year. I think sometimes it reminds people though that you can have these tough years.

是的。我不會評論併購，而且我一向不評論，至於那些火辣的話題也是。但我會說，從歷史來看，我沒有看過景氣不佳的年份或降雪不佳的年份，會觸發人們立刻出售。我想大家都覺得沒有人想在景氣差的年份賣資產。不過我想，有時候這會提醒大家，你確實可能遇到這種艱難的年份。

And so sometimes the year after, they're even 2 years after, right, there's a different mindset of ownership.

因此有時候是在隔年，甚至兩年後，對吧，所有權方的心態會有所不同。

Obviously, a lot of resorts have transacted in North America over the last couple of decades. So a lot of the folks that are still owning resorts, I think, are doing so because this is a long-term family commitment that they have. So whether a year like this is going to impact them is kind of unclear.

顯然，過去幾十年北美有很多度假村完成交易。所以我認為，仍在持有度假村的許多人之所以繼續持有，是因為這是他們長期的家族承諾。因此像今年這樣的一年是否會影響他們，其實不太明朗。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Can you just talk a little bit more about this, I believe, a new inclusion of a KPI with called days sold and certainly, it comes with footnote on it, about some metrics in there. Talk a little bit about why including that now, I assume it has to do with the prevalence of frequency products, but a little bit more color on that. And anything else we should be thinking about in watching that KPI specifically?

你能否再多談一點，我相信你們新增了一個KPI，叫做「售出天數」（days sold），而且你們也在註腳中說明了其中的一些衡量方式。談談為什麼現在要納入這個指標；我猜可能與「次數型」產品的普及有關，但希望你能提供更多背景。另外，在觀察這個KPI時，還有沒有其他我們應該特別注意的？

Yes. I think it is something that we've been looking at internally for a while, and it obviously tries to say we've been reporting on units, but if you sell an Epic Pass or a Global Pass, that's 1 unit, if you sell an Epic 1 day, that's also 1 unit. That's the way we've been tracking it. But obviously, those are two completely different products. And so internally, we've been tracking days sold because it tells us how many days of skiing we have.

是的。我想這是我們內部觀察了一段時間的東西；它基本上是在說：我們一直在揭露「單位數」（units），但如果你賣出一張 Epic Pass 或 Global Pass，那是1個單位；如果你賣出一張 Epic 1 day，那也是1個單位。我們一直是用這種方式追蹤。但顯然，這是兩種完全不同的產品。因此我們內部一直在追蹤「售出天數」，因為它能告訴我們賣出了多少天的滑雪天數。

Now that said, like we don't -- we, of course, don't know when we sell a product, how many days they're going to use it.

不過話說回來，當我們賣出一個產品時，我們當然不知道他們會使用多少天。

So just for simplicity internally, and now we're sharing it externally, it highlights now that if we are mixing up in the kind of frequency of that unit, so to speak, yes, then that will show up in the days sold versus just units. So I think we started talking about that publicly at the investor conference.

所以為了內部簡化——現在也對外分享——它凸顯了：如果我們在某種意義上改變了該「單位」的使用頻率組合，那麼是的，這會反映在「售出天數」上，而不只是反映在「單位數」上。所以我想我們在投資人會議上就開始公開談到這件事。

And I think we said -- talked about that we might continue to report on that, and we're going to. And in the end, it is what we track most closely in terms of thinking about overall revenue and how many visits we're going to get out.

我想我們也說過——談到我們可能會持續揭露這個指標，而我們會這麼做。最終，就整體營收以及我們將帶來多少造訪人次的判斷而言，這是我們追蹤得最密切的指標。

Now obviously, it's important to us. The units are important, too, because we like to see all the guests. Obviously, that's kind of a transaction piece. So it's still important, but not quite as important as the days sold, which tracks, yes, just a little closer to how much volume people are buying.

當然，這對我們很重要。單位數也很重要，因為我們希望看到所有旅客。顯然，那比較偏向交易層面的指標。所以它仍然重要，但不如「售出天數」那麼重要；後者更貼近人們實際購買的量。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

So Rob, you mentioned the turn-in ticket program, the Epic Buddy ticket program and I apologize if I missed this, but how are those programs being utilized so far? Is it in line with your underwriting, better or worse? And just given the nature of those products and who owns those options, is there an obvious characteristic as to when you think they would turn them in to buy the pass throughout the cycle here?

Rob，你提到了「交回票券」計畫（turn-in ticket program）以及 Epic Buddy 票券計畫；如果我漏聽了先說聲抱歉，但這些計畫目前的使用情況如何？是否符合你們的承保假設（underwriting），表現更好或更差？另外，考量這些產品的性質以及誰持有這些選項，你們是否看到一個明顯的特徵：在整個週期中，他們大概會在什麼時點交回票券來購買季票？

Yes. I guess what I'd say is yes, there -- it's kind of early because a lot of that is going to -- we think probably happens later. But right now, yes, we're seeing improvements in both the turn in our ticket categories across the board. But Obviously, ultimately, we need to see how it goes out through the remainder of the season because the selling season for passes. So it's a little early to say.

是的。我想我會說的是：是的——現在還算早，因為我們認為其中很多可能會在較後期發生。但就目前而言，是的，我們看到各類票券的交回率（turn-in）全面改善。但顯然，最終我們還需要看整個雪季剩餘期間的表現，因為這是季票的銷售季。所以現在下結論還有點早。

And both of those programs performed really well from our standpoint on a relative basis. But obviously, we didn't see the full benefit of them because, of course, overall visitation was lower, and we had serious headwinds with conditions.

而且從我們的角度看，這兩個計畫相對而言都表現得非常好。但顯然，我們沒有看到它們的全部效益，因為整體到訪人次較低，而且雪況帶來了嚴重逆風。

But on a relative basis to other lift ticket products, they did well. But from a kind of turn in your ticket perspective in terms of the impact they can have on the past business, we would really need to see like a normal full season. see how many people actually buy it in that context and then how many people convert into passes following that.

但相較於其他纜車票產品，它們的表現不錯。不過，從「交回票券」的角度、也就是它們對季票業務可能帶來的影響來看，我們真的需要看到一個正常、完整的雪季——看看在那樣的情境下，實際有多少人會購買，接著又有多少人會轉換成季票。

So this will be a tough year to make a full assessment of it. But the flip side to it, I would say we felt really good about introducing some of these new aggressive products last year in what turned out to be a tough winter because obviously it allowed us to have products that we are promoting that made it easier for people to buy.

因此，今年將會是很難對此做出全面評估的一年。但從另一面來看，我會說，我們對於去年推出其中一些更具進取性的新品感到非常滿意；而去年結果證明是一個艱難的冬季，因為這顯然讓我們能夠推廣一些產品，讓人們更容易購買。

And I'd say that's the same thing with pass, obviously, it is a tougher past selling season right now. And so the fact that we have these other avenues for people to get in, we see is all positive.

而我會說，通行證也是同樣的情況；很明顯，目前的通行證銷售季更具挑戰。因此，我們有這些其他途徑讓人們加入，我們認為都是正面的。

Okay. Fair enough. Second question would be on the competitive environment. You guys seem like you're gaining share in terms of pass sales versus your competitors and specifically, in that younger cohort where you guys adjusted the price lower. Do you have any concern that competing systems who are doing worse than you right now may get more aggressive in their pricing or promotions, especially in that younger cohort try and win some share back?

好的。有道理。第二個問題是關於競爭環境。你們看起來在通行證銷售方面相對競爭對手正在提升市佔，特別是在你們下調價格的較年輕族群。你們是否擔心目前表現比你們差的競爭系統，可能會在定價或促銷上變得更具侵略性，尤其是在那個較年輕族群，試圖把一些市佔搶回去？

And then how that could sort of impede your ability to try and improve pass sales throughout the next three defaults?

然後，這可能會如何在某種程度上阻礙你們在接下來三個預設期間內提升通行證銷售的能力？

Yes. What I said -- of course, I have no idea, right? It's hard to know. And I think we take our purchase part of it -- there's a little bit of competitive dynamic that we're looking at there. But a part of it, I think, as we shared in the investor conference was we looked at how much we increased pass pricing over the last four years in both adult and young adult.

是的。我剛才說的——當然，我也不知道，對吧？這很難判斷。我認為我們在購買端——我們確實在那裡觀察到一些競爭動態。但其中一部分，我想正如我們在投資人會議上分享的，我們回顧了過去四年在成人與年輕成人兩個類別中，通行證價格上調的幅度。

And what we realized was in the adult category, yes, actually, we did quite well on that. But in the young adult category, we didn't. And so in a way, this was almost like a rollback of some of the increases that we took before.

我們意識到，在成人類別中，是的，實際上我們在那方面做得相當不錯。但在年輕成人類別中，我們沒有。因此在某種程度上，這幾乎像是把我們先前做過的一些漲價回調。

Look, I think one of the benefits we have, and again, I have no idea how other people are going to make pricing decisions and and that's obviously on them. But one of the benefits we have here is that because we own, right, all of our resorts and how only limited partners, when we increase or decrease price, we're not constrained by the relationship that we have with the partners or how we're paying them, we're not paying them. how we're spending on media or not.

你看，我認為我們的一個優勢是——再次強調，我不知道其他人會如何做定價決策，這顯然取決於他們。但我們在這裡的一個優勢是，因為我們擁有、對吧、我們所有的度假村，而且只有有限合夥人；當我們提高或降低價格時，我們不會受限於與合作夥伴之間的關係，或我們如何支付他們——我們並不支付他們；也不受我們在媒體上花多少或不花多少的限制。

I mean all of those things are easier. We also get the benefit of ancillary, right, in all of our resorts, not just in the owned resorts, or a limited number of resorts in the past.

我的意思是，所有這些事情都更容易。我們也能受益於附帶收入（ancillary），對吧，在我們所有度假村中，而不僅僅是在自有度假村，或像過去那樣僅限於少數度假村。

So to the extent that we're being more aggressive with young adults, no matter where they ski largely in our North American network, we're getting the benefit of that lift full 100% of lift revenue was, we're also getting the benefit of everything they spend on the mountain.

因此，在我們對年輕成人採取更積極策略的程度上，無論他們主要在我們北美網路的哪裡滑雪，我們都能獲得纜車收益的好處——纜車收入可100%歸我們所有——同時我們也能受益於他們在山上花的所有費用。

So I can see how that makes it a little bit trickier if you don't have that set up. And I think the same is true, right, for all of these other things that we're doing as we move back and forth between past and lifts, we're doing this in a very holistic manner. It can be harder to do when it's a little bit more vulcanized. So for us, in the end, we're not really in a reactive mode at all.

所以我能理解，如果你沒有這樣的架構，事情會變得更棘手一些。而且我認為同樣的道理也適用於我們正在做的所有其他事情：當我們在通行證與纜車票之間來回調整時，我們是以非常整體的方式在做。當它被切割得更零散時，就更難做到。因此對我們而言，最終我們根本不處於反應式模式。

We're really in how do we optimize. And I think we set that when I first came in, you were looking to optimize our past portfolio and make decisions that were pretty independent of what others are doing.

我們真正關注的是如何最佳化。我想我在剛加入時就定下了這個方向：你們希望最佳化我們的通行證產品組合，並做出相當獨立於他人作法的決策。

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

謝謝。以上為今天電話會議的問答部分。我現在想把電話交回給 Rob Katz 作結語。

Thank you. While this year presented weather challenges and tougher financial results, it also sharpened our focus and reinforce the work we're doing to address the end-to-end guest experience. from marketing to products to the entire on-mountain experience. On that point, I want to thank our frontline teams for their unwavering dedication throughout this exceptionally challenging season.

謝謝。雖然今年面臨天候挑戰且財務結果更為艱難，但也讓我們的焦點更清晰，並強化我們為改善端到端賓客體驗所做的工作——從行銷到產品，再到整個山上體驗。在此我想感謝我們第一線團隊在這個極具挑戰的雪季中始終如一的投入與奉獻。

As we look ahead, we built an integrated network and platform that positions us to deliver a consistent, differentiated guest experience, strengthen loyalty and drive long-term growth. This network allows us to deliver a more consistent a more consistent experience at every touch point at scale, which remains the heart of everything we do, and I'm confident will drive us to the next phase of our growth. Thank you all for your time today.

展望未來，我們建立了一個整合式網路與平台，使我們能夠提供一致且具差異化的賓客體驗、強化忠誠度並推動長期成長。這個網路讓我們能在每一個接觸點以規模化方式提供更一致的體驗——這仍然是我們一切工作的核心——我有信心這將帶領我們進入下一階段的成長。感謝各位今天撥冗參與。

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

謝謝。以上為 Vail Resorts 2026 會計年度第三季財報電話會議與網路直播。您現在可以掛斷電話，祝您有美好的一天。