Vail Resorts, Inc.

Good afternoon and welcome to the Vail Resorts Fiscal Third Quarter 2025 Earnings Conference Call. Today's conference is being recorded. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at any time, please press star 1 on your telephone keypad. If you need to remove yourself from the queue, press star 2. To get to as many questions as time permits, we ask that you please limit yourself to one question and one follow-up. At any time, if you should need operator assistance, please press star zero. I will now turn the call over to Angela Korch, Chief Financial Officer of Vail Resorts. You may begin.

Thank you, operator. Good afternoon and welcome to our fiscal 2025 third quarter earnings conference call. Joining me on the call is Rob Katz, our Chief Executive Officer. 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 in this call, are made as of today, June 5, 2025, and we undertake no duty to update them as actual events unfold. Today's remarks also includes 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 in the investor relations section of our website at www.vailresorts.com. Before we discuss our results, I would like to turn the call over to Rob for some opening remarks.

Thank you, Angela. Good afternoon, everyone. I am humbled, grateful, and super excited to be back in the CEO role at Vail Resorts, and it's good to be on this call with all of you again. First, I want to start out by thanking Kirsten Lynch, our former CEO, for the incredible career she has had with Vail Resorts, including the past three and a half years as CEO. Huge progress was made on so many fronts, from investments in our frontline talent to new guest experience innovations to much more. which will all absolutely be things we will be leveraging as we go forward, and I have immense gratitude for her for all of that work. So why did I choose to be back in this role? First and foremost, I love this company because of the incredible people we have working here and the amazing resorts we get to operate. I remain as passionate about this company, the sport, and our industry as I was when I first worked with Vail Resorts nearly three decades ago. But most importantly, I see a terrific opportunity ahead of us to drive value with the incredible foundation that's already been set. Given how much time I've spent around this company, it's natural to assume that I arrived here with a fully thought out, detailed action plan. But that's not the case, because there is a big difference between serving on the board and being an executive here every day with our teams driving change. And that is where real change happens, on the ground. That was true in 2006 when I first took over as CEO, and that is still true today. So while I'm not a brand-new CEO for this company, I'm still new, as so many things are different at the company and different in our industry and in the macro environment. And it will be important for me to take the time to listen and learn from everyone here and for all of you to give me the space to do that as well. That said, of course, I'm not starting at ground zero, and we'll have much more to share on our future plans during upcoming earnings calls and at our investor conference next spring. With that in mind, I am starting this next chapter with some fundamental points of views. The foundation of our success as a company remains our unique portfolio of owned and operated resorts and our strong business model that drives stability in an industry that is uniquely exposed to weather volatility. Advanced commitment remains central to the guest experience and our own thesis on how we drive value. Equally as important is that the guest and employee experience is paramount and is at the center of everything we do. And we need to always remember that while we also drive our financial success. When I look back on this past year, I see so much to be proud of and strong performance in so many areas. However, I also see areas where we can and will do better because we have high expectations for ourselves, and we are driving strong guest satisfaction scores. However, we need a more consistent guest and employee experience throughout the season and across all of our resorts. We can also do a better job communicating with our guests. We have incredible data and insights on our guests and very sophisticated tools and talent to drive demand, but we need to continue to innovate our marketing efforts as the environment around us has continued to evolve and ensure that our strategies and tactics are meeting guests where it's most impactful. Missing the mark here has clearly contributed to softer results than we expected this past season. It also needs to be clear to our guests what our company stands for. I recognize that the very existence of Vail Resorts as the industry leader and a large publicly owned company can sometimes seem at odds with the essence of the ski industry. But that's not how I see it. We are a company filled with passionate people and so many avid skiers and riders who have worked for decades to innovate this industry for the better. And we can do a better job showcasing how we benefit our guests and employees and the industry overall, and most importantly, do a better job, avoiding the moments that often set us backwards. Driving guest engagement and loyalty and stronger revenue growth are among my top priorities as CEO. I also understand that there's a narrative that the industry is mature, that there are not many strategies left to drive growth in our company. It's important to remember that that is exactly the same narrative I walked into when I became CEO in 2006. Of course, we can't just replay the approach and success we had back then, but it means I'm not daunted by the challenges of how to drive growth. I remain incredibly optimistic about what's possible because we are a much stronger and more innovative company than we were in 2006, with team members and leaders who are more thoughtful, sophisticated in their approach. And that is a powerful combination to drive change. And we need to recognize that change takes time. especially in an industry where the majority of our earnings occur over only four months each year. But the extra time it takes us to drive change also means that as we build our competitive differentiation, those advantages can drive revenue growth for years to come. Through it all, my primary job as CEO is ensuring we align with all of our stakeholders to deliver an experience of a lifetime for our guests and employees while driving financial success for our company as well. And that is what fuels my excitement to be back as CEO. With that, I'll turn it over to Angela to cover our fiscal 2025 third quarter results.