Vail Resorts, Inc.

Please stand by. Your meeting is about to begin. Good afternoon and welcome to the Vail Resorts Fiscal First Quarter 2026 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 opened for your questions. If you would like to ask a question at that 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, press star 0. I will now turn the call over to Connie Wang, Vice President of Investor Relations at Vail Resorts. You may begin.

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

Thank you, Connie. Good afternoon, everyone. Thank you for joining our first quarter conference call. Before we discuss the results from the quarter and past 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. Beginning in the fall, we made some shifts in our marketing approach to increase spending in channels outside of traditional email that drove improved results for the fall past selling period. This included broadly increasing paid media and specifically being much more present in social and influencer channels. We saw some initial positive results from this effort, turning around the past 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 past selling period that likely impacted our local passholder results. 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. 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 past 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. 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. 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 past purchase ahead of the season. 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. Finally, in addition to purchasers of Epic Friends tickets, Purchasers 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. 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. 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. 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. 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. We are excited to have our new Chief Revenue Officer, Celeste Burgon, 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. 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. 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 at 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 past business, which remains a key long-term driver to our success. 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. 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 multi-year initiatives to continue elevating our destination resorts. With that, I will turn the call over to Angela to review our financial results and outlook more in depth.