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- **Lift Ticket Innovation**: 30% advance booking discount and Epic Friends tickets drive 6% post-Labor Day pass sales growth.\n- **Dynamic Pricing**: Testing off-peak discounts at Keystone to capture incremental visitation.\n- **Marketing Success**: Social media spend boosted pass dollars by 6%, offsetting weather-related decline.\n- **Capital Allocation**: $234M-$239M invested in resort tech (My Epic App), dining upgrades, and sustainability.\n- **Financial Resilience**: Flat EBITDA despite inflation, with $1.5B liquidity supporting long-term growth.\n

**【CEO Summary Section】**
- Introduced new lift ticket strategies: 30% discount for 30-day advance booking and Epic Friends tickets offering 50% off for friends and family.\n- Pass sales improved post-Labor Day, with units down 1% and dollars up 6%, driven by social and influencer marketing.\n- Dynamic pricing will be tested at Keystone to incentivize off-peak visitation.\n- Emphasized long-term focus on guest experience through dining upgrades and remote avalanche control systems.\n- New Chief Revenue Officer, Celeste Burgoyne, to join in January to modernize marketing efforts.\n
**【CFO Financial Commentary】**
- Q1 2026 net revenue up 4% YoY, EBITDA flat due to Australia weather benefits and cost inflation.\n- Pass sales: units down 2%, dollars up 3% for the season, with 2.3M guests committed to 2025-26.\n- Resource Efficiency Transformation plan on track to deliver $75M cumulative savings by FY26.\n- Capital investments of $234M-$239M include resort upgrades (e.g., Park City gondola), tech enhancements (My Epic App), and sustainability projects.\n- Balance sheet remains strong with $1.5B liquidity and net debt at 3.0x EBITDA.\n
**【Q&A Highlights】**
- **Lift Ticket Strategy**: 30% discount expected to drive incremental revenue, with pricing tested dynamically at select resorts.\n- **Weather Impact**: Early season challenges offset by improved marketing, with guidance assuming normal conditions post-Christmas.\n- **Technology Investments**: My Epic App to enable in-app commerce, Ski School digital experience, and remote avalanche control systems.\n- **Dining Enhancements**: Multiyear plan to upgrade resort dining through remodels, menu innovation, and seating optimization.\n- **Pass Mix**: Unlimited pass sales growth driven by targeted marketing, with Epic Friends tickets boosting lift ticket-to-pass conversion.\n

Vail Resorts, Inc. (MTN) Q1 2026 Earnings Call Transcript

Revenue

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MTN

MTN fundamentals

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