Megan Alexander: Hi, thanks very much. Most of mine have been answered at this point, but, you talked about strong pass sales growth from renewing holders. Could you maybe just give us some color on what you saw with year one renewals versus multi-year pass holders?
Kirsten Lynch: Yes, we are seeing — I mean, the primary driver of our growth right now that we’re reporting is primarily driven by the loyalty of our pass holders and we’re seeing strong renewals across all different levels of our pass holders versus prior year, which we are thrilled with because it’s critical to success of the pass program to have that loyalty and those renewals while we’re also going after new pass holders and bringing people in. I will share also an interesting piece that is, when we look at new pass holders, Megan, we look at people that are brand new coming to Vail Resorts, people converting from a list ticket, but we also look at people who used to be pass holders, what we would call lapsed pass holders from any prior years in the past.
It could be from a year ago, two years ago, five years ago, eight years ago. And we are achieving strong growth, significantly strong growth among that population, people who used to be pass holders that are now coming back to us.
Megan Alexander: Awesome. Super helpful. And then maybe just one clarification on your answer to Brandt’s question. Is it — is the impact that you’re seeing in Australia, is there an impact from lapping the pent-up demand, or was that more of a last year impact? And so we would get all of it back next year, I don’t know if that makes sense, but just want to understand if there is an impact from the lap that you’re seeing, or it’s really just the weather this year?
Angela Korch: Hi, Megan. Yeah, I think there — it’s a little bit of a normalization piece is what I would say, right? So we did have some of that pent-up demand in the prior year and very good conditions and just a really strong finish to the season in the prior year. And in this Q1, right, we’re seeing the opposite where we’ve had very warm temps that have led to the terrain closures. And so, right, it’s a little bit of both, I would say, right, very different extreme conditions that we’re seeing from the prior year to this year.
Megan Alexander: Okay, that’s helpful. Thank you.
Kirsten Lynch: Thank you, Megan.
Operator: Thank you. This concludes the Q&A 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 year-end earnings call. Thank you to everyone who joined us today. Please feel free to contact me or Angela directly, should you have further questions. Thank you for your time this afternoon. Goodbye.
Operator: Thank you, ladies and gentlemen. This concludes today’s Vail Resorts fiscal 2023 fourth quarter earnings call and webcast. You may disconnect your line at this time and have a wonderful day.
