Vail Resorts, Inc. (NYSE:MTN) Q3 2023 Earnings Call Transcript

And so, I’d say, the off – the positive of the wage investment, absolutely 100% believe that, that was the right thing to do for our business, given how critical the guest experience is. And do we always have opportunities to be efficient in how we apply that labor? Absolutely. And we’re putting very specific plans in place like this workforce management tool that will enable the decision-makers that are decentralized out in the resorts deciding how to allocate the labor. It will help them to be more efficient.

Brandt Montour: Okay. Thanks for that. That’s helpful. And then just a follow-up back toward the beginning of the call. You were pretty crystal clear about the outlook for pass sales growth potentially moderating throughout the rest of the selling season. I guess, I’m just curious how we should think about the fact that you started selling a little bit earlier this year. And so, you’re comparing a period that had a little bit, I think, I guess, a couple of weeks maybe of extra time to sell versus last year. And – but you also probably – you might look to open mountains earlier this year later. And so, maybe that’s just part of the longer-term, sort of incremental growth strategy. But how should we just think about that comparison given you should expect some level of moderation?

Kirsten Lynch: Yes. I don’t think I would think about that as a major driver one way or the other. It really is highly driven by deadlines and the calls to action. And so, we have a deadline in the early part of the sales cycle that is about benefit to pass holders and then we had the deadline over Memorial Day, the call to action around the price increase. And so, we are always looking for ways to use our data and our insights to influence behavior to make a decision as early in the selling cycle as possible. And this has been our approach for many, many years on pass sales. And so, a strong start with 6% on units and 11% on dollars, and I think the potential for that to moderate is because of our approach, because we’re always trying to get that decision making earlier. I would not view that the number of weeks on sale is a big driver of that.

Brandt Montour: Perfect. Thanks so much everyone.

Kirsten Lynch: Thank you.

Operator: This concludes the question-and-answer portion of today’s call. I would now like to turn the call back over to Kirsten Lynch for closing remarks.

Kirsten Lynch: Thank you, operator. This concludes our fiscal 2023 third quarter earnings call. Thanks to everyone who joined the call today. Please feel free to contact me or Angela directly should you have further questions. Thank you for your time this afternoon. Bye-bye.

Operator: This concludes today’s Vail Resorts fiscal third quarter 2023 earnings call and webcast. You may disconnect your line at this time, and have a wonderful day.