What changed in this filing

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Item 1. Business

2024-09-26 compared with 2023-09-28 · 170 added, 116 removed, 431 unchanged (40% of the section changed)

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Mountain Segment

In the Mountain segment, the Company operates the following 41 destination mountain resorts and regional ski areas, including five resorts within the top ten most visited resorts in the United States for the 2022/2023 North American ski season:

In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including four resorts within the top ten most visited resorts in the United States for the 2023/2024 North American ski season:

*Denotes a destination mountain resort, which generally receives a meaningful portion of skier visits from long-distance travelers, as opposed to our regional ski areas, which tend to generate skier visits predominantly from their respective local markets.

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Rocky Mountains (Colorado and Utah Resorts)

• Breckenridge Ski Resort (“Breckenridge”) - the most visited mountain resort in the United States (“U.S.”) for the 2022/2023 ski season with five interconnected peaks offering an expansive variety of terrain for every skill level, including access to above tree line intermediate and expert terrain, and progressive and award-winning terrain parks.

• Park City Resort (“Park City”) - the second most visited mountain resort in the U.S.

• Vail Mountain Resort (“Vail Mountain”) - the most visited mountain resort in the United States (“U.S.”) for the 2023/2024 ski season.

Vail Mountain offers some of the most expansive and varied terrain in North America with approximately 5,300 skiable acres including seven world renowned back bowls and the resort’s Blue Sky Basin.

• Breckenridge Ski Resort (“Breckenridge”) - the second most visited mountain resort in the U.S.

for the 2023/2024 ski season with five interconnected peaks offering an expansive variety of terrain for every skill level, including access to above tree line intermediate and expert terrain, and progressive and award-winning terrain parks.

• Park City Resort (“Park City”) - the third most visited mountain resort in the U.S.

for the 2023/2024 ski season and the largest by acreage in the U.S.

Park City offers 7,300 skiable acres, including diverse terrain for every type of skier and snowboarder.

• Vail Mountain Resort (“Vail Mountain”) - the third most visited mountain resort in the U.S.

for the 2022/2023 ski season.

Vail Mountain offers some of the most expansive and varied terrain in North America with approximately 5,300 skiable acres including seven world renowned back bowls and the resort’s rustic Blue Sky Basin.

In 2024, the International Olympic Committee selected Salt Lake City as the host for the 2034 Winter Olympics, naming Park City as an official venue for certain competitions.

• Keystone Resort (“Keystone”) - the ninth most visited mountain resort in the U.S.

for the 2023/2024 ski season, as well as the largest area for night skiing in Colorado.

For the 2023/2024 ski season, we also plan to complete the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift served terrain by 555 acres with the addition of a new six-person high speed lift, and also providing lift-served access to Erickson Bowl.

In December 2023, we completed our transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-

person high speed lift, and also providing lift-served access to Erickson Bowl.

Keystone is a premier destination for families with its “Kidtopia” program focused on providing activities for kids on and off the mountain.

• Beaver Creek Resort (“Beaver Creek”) - the tenth most visited mountain resort in the U.S.

• Beaver Creek Resort (“Beaver Creek”) - the eleventh most visited mountain resort in the U.S.

for the 2023/2024 ski season.

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Lake Tahoe Resorts

• Heavenly Mountain Resort (“Heavenly”) - located near the South Shore of Lake Tahoe with over 4,800 skiable acres, Heavenly straddles the border of California and Nevada and offers unique and spectacular views of Lake Tahoe.

• Heavenly Mountain Resort (“Heavenly”) - the twelfth most visited mountain resort in the U.S.

for the 2023/2024 ski season.

Located near the South Shore of Lake Tahoe with over 4,800 skiable acres, Heavenly straddles the border of California and Nevada and offers unique and spectacular views of Lake Tahoe.

Heavenly offers great nightlife, including its proximity to several casinos.

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• Kirkwood Mountain Resort (“Kirkwood”) - located about 35 miles southwest of South Lake Tahoe, offering a unique location atop the Sierra Crest, Kirkwood is recognized for offering some of the best high alpine advanced terrain in North America with 2,000 feet of vertical drop and over 2,300 skiable acres.

• Andermatt-Sedrun (“Andermatt-Sedrun”) - marking our first owned and operated resort in Europe, the Company acquired a 55% controlling ownership stake in Andermatt-Sedrun during Fiscal 2023.

Andermatt-Sedrun is located approximately 70 miles (110 kilometers) from Zurich, Switzerland and approximately 200 miles (320 kilometers) from Geneva, Switzerland, in the Ursern Valley of the Swiss Alps.

• Andermatt-Sedrun (“Andermatt-Sedrun”) - located approximately 70 miles (110 kilometers) from Zurich, Switzerland in the Ursern Valley of the Swiss Alps and approximately 200 miles (320 kilometers) from Geneva, Switzerland.

Andermatt-Sedrun offers nearly 75 miles (120 kilometers) of varied terrain and a top elevation of 9,800 feet (3,000 meters) across the mountains of Andermatt, Sedrun and Gemsstock, with connected access to Disentis, which is independently owned.

The ski area spans over 10 miles (16 kilometers) of scenic high alpine terrain between Andermatt and Sedrun, including the iconic Oberalp Pass, and is connected by the Matterhorn Gothard Bahn, a railway which operates year-round.

• Crans-Montana Mountain Resort (“Crans-Montana”) - during Fiscal 2024, we acquired a controlling interest in Crans-Montana, marking our second owned and operated resort in Europe.

Crans-Montana Mountain Resort is located in the Valais canton of Switzerland, approximately 125 miles (200 kilometers) from Geneva and approximately 190 miles (310 kilometers) from Zurich.

The resort spans nearly 4,600 feet (1,400 meters) of skiable vertical terrain, and approximately 87 miles (140 kilometers) of trails.

Crans-Montana has a legacy of being a renowned outdoor sports destination, having hosted signature events such as the Ski World Cup, Mountain Bike World Cup, Omega European Masters and Caprices Festival.

The commune of Crans-Montana has gourmet restaurants and luxury retail stores, as well as five-star hotels, including the recently developed Six Senses lodge and spa, a luxury 45-room ski-in, ski-out chalet-style property situated above the main gondola.

Additionally, the International Ski Federation Council has awarded the FIS Alpine World Ski Championships 2027 to Crans-Montana.

Regional Ski Areas

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Pacific Northwest (U.S.)

Stevens Pass Resort (“Stevens Pass’’) - located less than 85 miles from Seattle on the crest of Washington State’s Cascade Range, Stevens Pass offers terrain for all levels across over 1,100 acres of skiable terrain.

Stevens Pass has operated for over 80 years and is known for its numerous bowls, glades and faces, as well as extensive lighted terrain for skiing and riding well into the evening.

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There is limited opportunity for development of new destination ski resorts due to the limited private lands on which ski areas can be built, the difficulty in obtaining the appropriate governmental approvals to build on public lands and the significant capital needed to construct the necessary infrastructure.

As such, there have been virtually no new destination ski resorts of scale in North America for over 40 years, which has allowed and should continue to allow the best-positioned destination resorts to benefit from future industry growth.

Our resorts compete with other major destination mountain resorts, including, among others, Aspen Snowmass, Copper Mountain, Mammoth, Deer Valley, Snowbird, Palisades Tahoe, Killington, Sierra at Tahoe, Steamboat, Jackson Hole and Winter Park, as well as other ski areas in Colorado, California, Nevada, Utah, the Pacific Northwest, the Northeast, the Southwest, British Columbia, Canada, Australia and Switzerland, and other destination ski areas worldwide as well as non-ski related vacation options and destinations.

As such, there have been virtually no new destination ski resorts of scale in North America for nearly 45 years, which has allowed and should continue to allow the best-positioned destination resorts to benefit from future industry growth.

Our resorts compete with other major destination mountain resorts, including, among others, Aspen Snowmass, Deer Valley, Jackson Hole, Copper Mountain, Steamboat, Winter Park, Snowbird, Palisades Tahoe, Killington, Mammoth, St.

Moritz and Zermatt, as well as other ski areas in Colorado, California, Nevada, Utah, the Pacific Northwest, the Northeast, the Southwest, British Columbia, Canada, Australia and Switzerland, and other destination ski areas worldwide as well as non-ski related vacation options and destinations.

Additionally, our pass products compete with other single and multi-resort frequency pass products in North America, including the IKON Pass, the Mountain Collective Pass and various regional and local pass products.

The ski industry statistics stated in this section have been derived primarily from data published by Colorado Ski Country USA, Canadian Ski Council, Kottke National End of Season Surveys as well as other industry publications.

The ski industry statistics stated in this section have been derived primarily from data published by the Canadian Ski Council and Kottke National End of Season Surveys as well as other industry publications.

Our Competitive Strengths

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These resorts are complemented by regional ski areas in the Northeast, Pacific Northwest, Midwest and Mid-Atlantic regions, which are strategically positioned near key U.S.

population centers, as well as three ski areas in Australia and one ski resort in Switzerland.

population centers, as well as three ski areas in Australia and two ski resorts in Switzerland.

Through our data-driven marketing analytics and personalized marketing capabilities, we target increased penetration of ski pass products, providing our guests with a strong value proposition in return for guests committing to ski or ride at our resorts prior to, or very early into the ski season, which we believe attracts more guests to our resorts.

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typically rank in the most visited ski resorts in the U.S.

(five of the top ten for the 2022/2023 U.S.

(four of the top ten for the 2023/2024 U.S.

ski season), and most of our destination mountain resorts are consistently in the top ranked ski resorts in North America according to industry surveys, which we attribute to our ability to provide a high-quality experience.

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Exceptional Mountain Experience

• World-Class Mountain Resorts and Integrated Base Resort Areas

Our mountain resorts offer a multitude of skiing and snowboarding experiences for the beginner, intermediate, advanced and expert levels.

Each mountain resort is fully integrated into expansive resort base areas offering a broad array of lodging, dining, retail, nightlife and other amenities, some of which we own or manage.

• World-Class Destination Mountain Resorts and Integrated Base Resort Areas

Our destination mountain resorts offer a multitude of skiing and snowboarding experiences for the beginner, intermediate, advanced and expert levels.

Each destination mountain resort is fully integrated into expansive resort base areas offering a broad array of lodging, dining, retail, nightlife and other amenities, some of which we own or manage.

• Snow Conditions

Our Resorts in the Rocky Mountain region of Colorado and Utah, the Sierra Nevada Mountains in Lake Tahoe and the Coast Mountains in British Columbia, Canada generally receive abundant snowfall each year, but we have invested significantly in snowmaking systems in these areas that help provide a more consistent experience, especially in the early season.

We have made significant recent investments in our snowmaking systems in Colorado that transformed the early-season terrain experience at Vail, Keystone and Beaver Creek.

Our Resorts in the Rocky Mountain region of Colorado and Utah, the Sierra Nevada Mountains in Lake Tahoe and the Coast Mountains in British Columbia, Canada generally receive abundant snowfall each year, but we have invested significantly in snowmaking systems in these areas which help to provide a more consistent guest experience, especially in the early season.

We have made significant investments in our snowmaking systems within the past several years in Colorado that transformed the early-season terrain experience at Vail, Keystone and Beaver Creek.

Our other ski areas receive less snowfall than our western North American mountain resorts, but we have invested in snowmaking operations at these resorts in order to provide a consistent experience for our guests.

In calendar year 2024, the Company plans to invest in snowmaking projects at Park City, Hunter Mountain and Andermatt-Sedrun in order to enhance the early season guest experience.

Additionally, we provide several hundred acres of groomed terrain at each of our mountain resorts with extensive fleets of snow grooming equipment.

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Discretionary capital expenditures expected for calendar year 2024 include, among other projects:

• a new high-speed six-person lift in Bergman Bowl at Keystone, providing access to more than 550 acres of intermediate-and-above high alpine terrain, including 16 new trails in Bergman and Erickson Bowls;

• replacing Breckenridge’s fixed-grip double 5-Chair with a new high-speed four-person lift as part of a continued investment plan in the Peak 8 base area, which also includes new teaching terrain and a transport carpet from the base to make beginner terrain more accessible;

• replacing Whistler Blackcomb’s existing four-person high speed Fitzsimmons lift with a new high-speed eight-person lift, which will increase uphill capacity from Whistler Village, significantly reducing wait times and improving bike haul capacity during summer operations;

• replacing Stevens Pass’ current fixed-grip double Kehr’s Chair lift with a new four-person lift to improve uphill capacity and guest experience;

• replacing the current three-person fixed-grip Summit Triple lift at Attitash with a new high-speed four-person lift, increasing uphill capacity and reducing guests’ time on the longest lift at the resort.

In the past several years, we have installed or upgraded several high speed chairlifts and gondolas across our Resorts, including 18 new or replacement lifts across 12 Resorts for the 2022/2023 North American ski season, which meaningfully increased lift capacity and reduced wait times at those lift locations.

• replacing Whistler Blackcomb’s existing four-person high speed Jersey Cream lift with a new six-person high-speed lift, which is expected to provide a meaningful increase to uphill capacity and better distribute guests at a central part of the resort;

• replacing Hunter Mountain’s existing fixed-grip four-person Broadway lift with a new high-speed six-person lift and relocating the two-person fixed-grip E lift, providing a meaningful increase in uphill capacity and improved access to terrain that is key to the progressive learning experience for our guests;

• replacing Perisher’s Double and Triple Chairs with a new high-speed six-person lift, which is expected in advance of the 2025 winter season in Australia;

• preparatory work for the planned replacement of Park City’s fixed-grip two-person lift with a new ten-person Sunrise Gondola in calendar year 2025 in partnership with Canyons Village Management Association, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village.

• In the past several years, we have installed or upgraded several high speed chairlifts and gondolas across our Resorts, including five new or replacement lifts across five Resorts for the 2023/2024 North American ski season, which meaningfully increased lift capacity and reduced wait times at those lift locations.

Investments in the past several years include:

• a new high-speed six-person lift in Bergman Bowl at Keystone;

• replacing Breckenridge’s fixed-grip double 5-Chair with a new high-speed four-person lift;

• replacing Whistler Blackcomb’s existing four-person high speed Fitzsimmons lift with a new high-speed eight-person lift;

• replacing Stevens Pass’ current fixed-grip double Kehr’s Chair lift with a new four-person lift;

• replacing the three-person fixed-grip Summit Triple lift at Attitash with a new high-speed four-person lift;

• a new high-speed ten-person gondola at Whistler Blackcomb replacing the existing six-person gondola;

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Upon arrival, our resort staff serve as ambassadors to engage guests, answer questions and foster a customer-focused environment.

During Fiscal 2023, we announced the launch of the new My Epic mobile application (“My Epic App”), which we expect will be available to guests for the 2023/2024

North American ski season, and will allow our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.

We are also committed to ongoing technological innovation as a means to further enhance the quality of the guest experience and continue to shape our industry and culture.

We recently achieved the following technological milestones:

• My Epic mobile application (“My Epic App”) - During the 2023/2024 North American ski season, we launched the My Epic App, which allows our guests to purchase their pass product or lift ticket online and access our Resorts via the new app, utilizing hands free Bluetooth® technology, eliminating the need to wait in line to purchase lift tickets.

In addition, the My Epic App allows guests to capture their activity on the mountain (e.g.

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and provides information regarding parking, dining, events and other on-mountain activities.

In addition, beginning in the 2023/2024 North American ski season, we plan to pilot “My Epic Gear,” a new membership program that provides its members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have it delivered to them when and where they want it, with free slopeside pick up and drop off every day.

A limited number of Epic Pass holders will pilot the membership at Vail, Beaver Creek, Breckenridge and Keystone during the 2023/2024 ski season.

Expansion of the program is planned for the 2024/2025 ski season to additional North American Resorts, with further expansions planned for future seasons.

The My Epic App also provides access to My Epic Gear and My Epic Assistant, as discussed below.

• My Epic Gear membership program (“My Epic Gear”) - During the 2023/2024 North American ski season, we piloted our new gear membership program, My Epic Gear, to a limited number of Epic Pass holders at Vail, Beaver Creek, Breckenridge and Keystone.

The program will be launched for the 2024/2025 ski season at 12 destination and regional resorts across North America, including kids gear, with further expansions planned for future seasons.

My Epic Gear provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have that gear delivered to them when and where they want it, with free slopeside pick up and drop off.

My Epic Gear is designed to allow users to manage their entire experience from gear selection to boot fitting to delivery all from the new My Epic App.

• My Epic Assistant mobile application (“My Epic Assistant”) - During the 2023/2024 North American ski season, we announced the launch of the new My Epic Assistant, a new technology within My Epic App, which is scheduled to launch to a limited number of Epic Pass holders at Vail, Beaver Creek, Breckenridge and Keystone for the upcoming 2024/2025 North American ski season.

Expansion of the application is planned to additional resorts in future seasons.

Powered by artificial intelligence and resort experts, My Epic Assistant will provide real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease.

Whether looking for the latest snow conditions, or on-mountain support with rentals and lessons, guests can simply open the My Epic App and use My Epic Assistant to point them in the right direction.

We also solicit guest feedback through a variety of surveys and results, which are used to ensure high levels of customer satisfaction, understand trends and develop future resort programs and amenities.

We then utilize this guest feedback to help us focus our capital spending and operational efforts to the areas of the greatest need.

• Frontline Talent

Our talent philosophy is designed to enable us to fully achieve our mission and vision by ensuring we have the talent in place to deliver on our future growth plans, and we believe our frontline talent is a strategic advantage.

Over the past several years, ongoing investments in frontline talent have driven strong staffing levels, with high engagement and season-to-season return rates, enabling our mountain resorts to deliver strong guest experience results, including on-mountain activities as well as at our restaurants, lodging, ski and ride school, and retail/rental locations.

For more information, refer to the “Human Capital Management” section.

• Season Pass & Epic Day Pass Products

We offer a variety of pass products, primarily season pass and Epic Day Pass products, for all of our Resorts that are marketed towards both out-of-state and international (“Destination”) guests as well as in-state and local (“Local”) guests.

These pass products are available for purchase prior to the start of the ski season, offering our guests a better value in exchange for their commitment to ski at our Resorts before the season begins.

These pass products are available for purchase prior to the start of the ski season, offering our guests a better value in exchange for their commitment to pass products with access to our Resorts before the season begins.

Our pass program drives strong customer loyalty and mitigates exposure to more weather sensitive guests, leading to greater revenue stability and allowing us to capture valuable guest data.

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Sales of pass products are a key component of our overall Mountain segment revenue and help create strong synergies among our Resorts.

Our pass products range from providing access for a certain number of days to one or a combination of our Resorts to our Epic Pass, which provides unrestricted and unlimited access to all of our Resorts.

The Epic Day Pass is a customizable one to seven day pass product purchased in advance of the season, for those skiers and riders who expect to ski a certain number of days during the season, and which is available in three tiers of resort offerings.

Our pass product offerings range from providing access for a certain number of days to one or a combination of our Resorts to our Epic Pass, which allows pass holders unlimited and unrestricted access to all of our Resorts.

The Epic Day Pass is a customizable one to seven day pass product purchased in advance of the season, for those skiers and riders who want to purchase access for a certain number of days during the season, and which is available in three tiers of resort offerings.

All of our various pass product options can be found on our consumer website www.snow.com.

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As part of our continued strategy to drive pass product sales and create a stronger connection between key skier markets and our iconic destination mountain resorts, we have continued to expand our portfolio of properties in recent years.

In August 2022, we acquired Andermatt-Sedrun, located in Switzerland, marking our first strategic investment in, and opportunity to operate, a ski resort in Europe.

We acquired Crans-Montana and Andermatt-Sedrun in May 2024 and August 2022, respectively.

These acquisitions represent strategic investments to operate ski resorts in Europe as a part of our continued focus to expand our network of resort offerings, which provides a differentiated suite of options to our guests.

In December 2021, we acquired Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania (collectively, the “Seven Springs Resorts”), which added three regional ski areas strategically located near Pittsburgh, expanding our presence in the Mid-Atlantic region and generating incremental drive-to business from other major metropolitan areas such as Washington DC, Baltimore and Cleveland.

In September 2019, we acquired Peak Resorts, Inc., which added 17 regional ski areas strategically located near key U.S.

population centers in the Northeast, Mid-Atlantic and Midwest regions.

Additionally, we enter into strategic long-term season pass alliance agreements with third-party mountain resorts, which for the 2024/2025 ski season include Telluride Ski Resort in Colorado, Hakuba Valley and Rusutsu Resort in Japan, Resorts of the Canadian Rockies in Canada, Les 3 Vallées in France, Disentis Ski Area and Verbier 4 Vallées in Switzerland, Skirama Dolomiti in Italy and Ski Arlberg in Austria, which further increase the value proposition of our pass products.

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Additionally, Epic Coverage is included with the purchase of all pass products for no additional charge and provides refunds in the event of certain resort closures and certain travel restrictions, giving pass holders a refund for any portion of the season that is lost due to qualifying circumstances.

Additionally, Epic Coverage provides a refund for qualifying personal circumstances including eligible injuries, job losses and many other personal events.

Additionally, Epic Coverage provides refunds for qualifying personal circumstances including eligible injuries, job losses and other personal events.

• Premier Ski Schools

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We offer a wide variety of adult and child group and private lesson options with a goal of creating lifelong skiers and riders and showcasing to our guests all the terrain our resorts have to offer.

Our Resorts provide a variety of quality on-mountain and base village dining venues, ranging from top-rated fine dining restaurants to trailside express food service outlets.

Our Resorts provide a variety of quality on-mountain and base village dining venues, ranging from top-rated fine dining restaurants to on-mountain express service restaurants.

For the 2023/2024 ski season, we operated approximately 275 dining venues at our Resorts.

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In addition to providing a major retail/rental presence at each of our Resorts, we also have retail/rental locations throughout the Colorado Front Range and Minneapolis.

Many of our retail/rental locations near key population centers also offer prime venues for selling our pass products.

Starting with the 2023/2024 North American ski season, we piloted our new rental membership program, My Epic Gear, which reimagines the traditional gear rental and ownership model, with the goal of providing more choices, at a lower cost and less hassle to our customers.

The program will be launched for the 2024/2025 ski season at 12 destination and regional resorts across North America, including kids gear, with further expansions planned for future seasons.

My Epic Gear provides members with the ability to choose the gear they want from a selection of popular ski and snowboard models, and have it delivered to them when and where they want it, with free slopeside pick up and drop off.

• On-Mountain Activities

We are a ski industry leader in providing comprehensive destination vacation experiences, including on-mountain activities designed to appeal to a broad range of interests.

During a normal winter season, in addition to our exceptional ski experiences, guests can choose from a variety of non-ski related activities such as snowtubing, snowshoeing, scenic snow cat tours, backcountry expeditions, horse-drawn sleigh rides and high altitude dining.

During the summer season, our mountain resorts offer non-ski related recreational activities and provide guests with a wide array of options including scenic chairlift and gondola rides, mountain biking, horseback riding, guided hiking, 4x4 Jeep tours and our Epic Discovery program at Vail Mountain, Heavenly and Breckenridge.

The Epic Discovery program encourages “learn through play” by featuring extensive environmental educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.

During the winter season, in addition to our offered ski experiences, guests can choose from a variety of non-ski related activities such as snowtubing, snowshoeing, scenic snow cat tours, backcountry expeditions, horse-drawn sleigh rides and high-altitude dining.

During the summer season, our mountain resorts offer non-ski related recreational activities including scenic chairlift and gondola rides, mountain biking, horseback riding, guided hiking, 4x4 Jeep tours and our Epic Discovery program at Vail Mountain, Heavenly and Breckenridge.

The Epic Discovery program encourages “learn through play” by featuring extensive environmental

educational elements interspersed between numerous activities, consisting of zip lines, children’s activities, challenge ropes courses, tubing, mountain excursions, an alpine slide and alpine coasters.

The Mountain segment also operates several company-owned mountain resort golf courses, including three in Colorado, one in Vermont and two in Pennsylvania.

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High quality lodging options are an integral part of providing a complete resort experience.

Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.

Our owned and managed properties proximate to our mountain resorts, including six RockResorts branded properties (with a seventh RockResorts property planned for opening in 2025 in Keystone, Colorado) and a significant inventory of managed condominium units, provide numerous accommodation options for our mountain resort guests.

Our recent real estate efforts have primarily focused on the potential to expand our destination bed base and upgrade our resorts through the sale of land parcels to third-party developers, which in turn provides opportunity for the development of condominiums, luxury hotels, parking and commercial space for restaurants and retail shops.

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Lodging Segment

Our Lodging segment includes owned and managed lodging properties, including those under our luxury hotel management company, RockResorts;

Our Lodging segment includes owned and managed lodging properties, including those under our luxury hotel brand, RockResorts;

managed condominium units which are in and around our mountain resorts in Colorado, Lake Tahoe, Utah, Vermont, New York, Pennsylvania and British Columbia, Canada;

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The Lodging segment currently includes approximately 5,300 owned and managed hotel rooms and condominium units.

Our lodging strategy seeks to complement and enhance our mountain resort operations through our ownership or management of

lodging properties and condominiums proximate to our mountain resorts and selective management of luxury resort hotels in premier destination locations.

Our lodging strategy seeks to complement and enhance our mountain resort operations through our ownership or management of lodging properties and condominiums proximate to our mountain resorts and selective management of luxury resort hotels in premier destination locations.

In addition to our portfolio of owned and managed luxury resort hotels and other hotels and properties, our lodging business also features a Colorado ground transportation company, which represents the first point of contact with many of our guests when they arrive by air to Colorado.

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as of July 31, 2024.

For Fiscal 2023, our owned hotels, which include a combination of certain RockResort hotels as well as other hotels in proximity to our Resorts, had an overall ADR of $312.15, a paid occupancy rate of 51.5% and revenue per available room (“RevPAR”) of $160.75, as compared to the upper upscale segment’s ADR of $221.25, a paid occupancy rate of 67.1% and RevPAR of $148.45.

For Fiscal 2024, our owned hotels, which include a combination of RockResort hotels as well as other hotels in proximity to our Resorts, had an overall ADR of $317.65, a paid occupancy rate of 50.9% and revenue per available room (“RevPAR”) of $161.82, as compared to the upper upscale segment’s ADR of $225.01, a paid occupancy rate of 68.3% and RevPAR of $153.70.

We believe that this comparison to the upper upscale segment is appropriate as our mix of owned hotels include those in the luxury and upper upscale segments, as well as some of our hotels that fall in the upscale segment.

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• all of our hotels are located in unique, highly desirable resort destinations;

• our hotel portfolio has achieved some of the most prestigious hotel designations in the world, including The Arrabelle at Vail Square, which is currently rated as AAA 4-Diamond;

• our hotel portfolio has achieved some of the most prestigious hotel designations in the world, including two properties in our portfolio that are currently rated as AAA 4-Diamond;

• many of our hotels (both owned and managed) are designed to provide a look that feels indigenous to their surroundings, enhancing the guest’s vacation experience;

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In June 2021, we agreed to an amendment extending the term of the agreement an additional two years, with an expiration date of December 31, 2023.

Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.

The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024.

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GTLC’s resorts provide a wide range of activities for guests to enjoy, including cruises on Jackson Lake, boat rentals, horseback riding, guided fishing, float trips, golf and guided Grand Teton National Park tours.

As a result of the extensive amenities offered, as well as the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.

As a result of the extensive amenities offered, as well as

the tremendous popularity of the National Park System, GTLC’s accommodations within Grand Teton National Park generally operate near full capacity during their operating season.

Real Estate Segment

We have extensive holdings of real property at our mountain resorts primarily throughout Summit and Eagle Counties in Colorado.

We have extensive holdings of real property at our mountain resorts primarily throughout Summit and Eagle Counties in Colorado, as well as proximate to our resorts in Park City and Whistler Blackcomb.

The principal activities of our Real Estate segment include the sale of land parcels to third-party developers and planning for future real estate development projects, including zoning and acquisition of applicable permits.

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For our Lodging segment, we promote our hotels and lodging properties through marketing and sales programs, which include marketing directly to many of our guests through our digital channels (search, social and display), promotional programs and print media advertising, all of which are designed to drive traffic to our websites and central reservations call center.

We also promote comprehensive vacation experiences through various package offerings and promotions (combining lodging, lift

tickets, ski school lessons, ski rental equipment, transportation and dining).

We also promote comprehensive vacation experiences through various package offerings and promotions (combining lodging, lift tickets, ski school lessons, ski rental equipment, transportation and dining).

In addition, our hotels have active sales forces to generate conference and group business.

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Across both the Mountain and Lodging segments, sales made through our websites and call center allow us to transact directly with our guests, which further expands our customer base and enables analytics to deliver an increasingly guest-centric marketing experience.

Ski resort operations are highly seasonal in nature, with a typical ski season in North America generally beginning in mid-November and running through mid-April.

Ski resort operations are highly seasonal in nature, with a typical ski season in North America and Europe generally beginning in mid-November and running through mid-April.

In an effort to partially mitigate the concentration of our revenue in the winter months in North America, we offer several non-ski related activities in the summer months such as sightseeing, mountain biking, guided hiking, mountain coasters, ziplines, golf (primarily included in the operations of the Lodging segment) and our Epic Discovery program.

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As a company rooted in the great outdoors, we have a unique responsibility to protect and preserve the incredible environments in which we operate.

Through our corporate sustainability and social responsibility program, EpicPromise, we focus on climate change mitigation and adaptation, resource conservation and building stronger local communities through contributions to local non-profit organizations.

Our corporate sustainability and social responsibility program, EpicPromise, is comprised of four key pillars of our promise:

Sustainability, Community Support, Employee Foundation, and Inclusive Access.

The environment is our business, and we focus on climate change mitigation and adaptation, resource conservation and building stronger local communities through contributions to local non-profit organizations.

Our sustainability efforts are diverse and touch nearly every area of our operations.

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During Fiscal 2024, we continued to make progress toward our Commitment to Zero goals.

Specifically, we focused on reducing waste to landfill and expanding our robust composting and recycling programs as much as possible.

During the year ended July 31, 2022 (“Fiscal 2022”) we achieved 100% renewable electricity for our North American operations, and as a result we were awarded the National Ski Area Association’s Golden Eagle Climate Change Award at their 2023 annual conference.

In Fiscal 2023, we continued to make progress toward our zero net emissions goals, including continuing to purchase renewable energy from the 82-turbine Plum Creek Wind project we enabled, along with other renewable electricity programs.

For over four years, Vail Resorts has worked with leaders from other ski companies to develop an industry-driven climate commitment.

In June 2021 we, alongside Alterra Mountain Company, Boyne Resorts and POWDR, announced the Climate Collaborative Charter - the ski industry’s first unified effort to combat climate change.

This group rebranded as the Mountain Collaborative for Climate Action in September 2022 and continues to advocate for climate-smart policy, innovative waste reduction, and deepened sustainability within the partners’ respective operations.

Specifically, we focused on reducing waste to landfill and expanding our robust composting and recycling programs.

As a result of our waste reduction efforts, we were a finalist for the National Ski Area Association’s (“NSAA”) Golden Eagle Overall Environmental Excellence Award at the 2024 NSAA annual conference.

Additionally, during Fiscal 2024, we continued to procure renewable electricity from the 82-turbine Plum Creek Wind project we enabled, and the Elektron Solar Project we helped enable began operation in May 2024 and will provide Park City Mountain with 100% clean renewable electricity on the same utility grid Park City Mountain operates.

For over five years, Vail Resorts has been a member and active leader of the Mountain Collaborative for Climate Action, working with leaders from Alterra Mountain Company, Boyne Resorts and POWDR to develop an industry-driven climate commitment.

As the ski industry’s first unified effort to combat climate change, this group continues to advocate for climate-smart policy, innovative waste reduction, and deepened sustainability within the partners’ respective operations.

This partnership leverages our leadership in sustainability and is expected to accelerate our collective progress, leading the industry toward long-term transformational change.

In addition, during Fiscal 2023 we sponsored the reforestation of 95 acres in Washington, Oregon and Wyoming that were previously impacted by wildfire, which addressed 100% of the forests permanently impacted by our operations throughout the year.

Through direct EpicPromise grants and contributions from our $1 guest donation program, we partnered with several local environmental organizations to fund restoration projects, including the National Forest Foundation, the Tahoe Fund, Grand Teton National Park Foundation, Mountain Trails Foundation in Park City and the EnviroFund at Whistler Blackcomb.

In addition, during Fiscal 2024 we sponsored the reforestation of 10 acres in California and Minnesota that were previously impacted by wildfire or in need of native habitat restoration and forest resilience, which addressed 100% of the forests permanently impacted by our operations throughout the year.

Through direct EpicPromise grants and contributions from our $1 guest donation program, we partnered with several local environmental organizations to fund environmental stewardship projects, including the National Forest Foundation, the Tahoe Fund, Grand Teton National Park Foundation, Mountain Trails Foundation in Park City and the EnviroFund at Whistler Blackcomb.

We also encouraged our employees to help protect the environment and support their local community by volunteering with various local organizations.

Vail Resorts was recently recognized by Newsweek as one of the “Most Trustworthy Companies in America in 2023,” which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.

Vail Resorts was recognized by Newsweek as one of the “Most Trustworthy Companies in America” in both 2024 and 2023, which we believe reflects our focus on building customer, investor, and employee trust through listening, learning and adapting to the needs of our team members and guests, while remaining responsible stewards through our industry-leading sustainability efforts.

For Fiscal 2024, our focus for the EpicPromise community impact grant program focused on larger grants in key communities to support housing and childcare.

In addition, support continues to be given for food security, equal access to education and other basic needs and services.

In the second year of our Epic for Everyone Youth Access in partnership with the Katz Amsterdam Foundation, we hosted 2,186 urban youth to attend a 5-day snowsports program.

We also continued our legacy access program with more than 9,100 youth participating in multi-day programs focused on mentorship, leadership and the impact of outdoor time on mental health in this unprecedented time.

In the third year of our Epic for Everyone Youth Access in partnership with the Katz Amsterdam Foundation, we hosted 2,584 urban youth to attend a 5-day snowsports program.

We also continued our legacy access program with more than 12,000 youth participating in multi-day programs focused on mentorship, leadership and the beneficial impact of outdoor time on mental health.

Finally, our EpicPromise Employee Foundation (the “Foundation”), which was established in 2015, is a charitable foundation funded by annual contributions from the Company, its employees and its guests.

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Annually more than $1.0 million in grants and scholarships are provided to help employees in times of need or to pursue educational opportunities.

For more information on both the Foundation and our environmental stewardship, visit www.EpicPromise.com.

For more information on both the Foundation and our environmental stewardship, visit www.vailresorts.com.

Information on our websites does not constitute part of this document.

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Over the course of our Resorts’ various winter and summer operating seasons in Fiscal 2024, we employed approximately 44,900 seasonal employees.

In addition, we employed approximately 200 year-round employees and 200 seasonal employees on behalf of the owners of our managed hotel properties.

In addition, we employed approximately 300 year-round

employees and 200 seasonal employees on behalf of the owners of our managed hotel properties.

We consider our employee relations to be positive.

Recent investments in employee wages and benefits have driven strong staffing levels, enabling our mountain resorts to deliver strong guest experience results, including on-mountain activities as well as at our restaurants, lodging, ski and ride school, and retail/rental locations.

These investments included:

(i) increases in compensation for all of our hourly employees, including seasonal frontline staff, for the 2022/2023 North American ski season;

(ii) investments in our human resource department to support full staffing and deliver enhanced employee experience and a new frontline leadership development program;

(iii) a new mental health program available for all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions;

(iv) expanded reproductive care;

(v) establishment of a Flexible Remote Work policy which allows corporate employees to permanently work from any state in which we currently operate;

and (vi) new employee benefits, including a 40% discount for retail and rental gear.

Collectively, these investments helped enable strong return rates for our seasonal employee population.

(i) competitive wages and benefits for all of our hourly employees, including seasonal frontline staff;

(ii) investments in our human resource systems and processes to support full staffing and deliver enhanced employee experience;

(iii) differentiated frontline training and leadership development programming;

(iv) mental health and wellness programming available for all employees, even if they are not enrolled in an employer-sponsored healthcare plan, which includes free mental health therapy sessions;

and (v) unique employee benefits, including ski passes for employees and dependents, complementary ski/ride coupons and a 40% discount for retail and rental gear.

Collectively, we believe these investments helped attract top frontline talent from the external market and drove strong frontline retention and return rates.

The Vail Resorts talent philosophy recognizes that people are our most important asset in driving our business growth, and outlines the role that leaders play in attracting, developing, engaging, retaining and rewarding high performing, high potential talent, including supporting them to achieve their future career growth.

Our talent management system equips leaders with programs and tools to effectively assess, develop and reward talent and includes regular leadership talent review and assessment processes to ensure that the caliber and capability of our talent aligns with the sophistication of our business strategies and processes.

We also offer a variety of leadership development programs, which are available to everyone from entry-level seasonal frontline employees to our most senior executives.

Our executive team reviews talent strategy and succession planning frequently, including with our Board of Directors, to assess current and future talent needs.

We have a strong track record of hiring, developing and preparing high performing, high potential talent for internal mobility and succession and since 2018, we have nearly doubled our percentage of high performing, high potential talent through performance management and talent upgrades.

As a result, succession for our year-round senior leadership roles is primarily sourced through internal talent development and promotion, rather than external hires (76% internal fill rate, including re-hires).

Over the past three years, we announced internal successors for some of the most senior roles in our Company, including Chief Executive Officer, Chief Marketing Officer, President of the Mountain Division and Chief Operating Officer of Hospitality and Retail.

Nearly all of our recent appointments of General Managers and Chief Operating Officers of our Resorts for the past three years came from internal succession.

Additionally, in December 2022

we appointed a new Executive Vice President and Chief Financial Officer who had previously been with the Company for more than ten years, serving in various senior finance leadership roles.

We have a strong track record of hiring, developing and preparing high performing, high potential talent for internal mobility and succession.

As a result, succession for our year-round senior leadership roles is primarily sourced through internal talent development and promotion, rather than external hires, with an internal fill rate of approximately 80% for Fiscal 2024.

Our Chief Executive Officer was an internal successor appointed in November 2021, and over the past year, internal successors were selected for some of the most senior roles in our Company, including the Chief Information Officer and the General Counsel.

Nearly all of our appointments of General Managers and Chief Operating Officers of our Resorts for the past three years came from internal succession.

Additionally, in December 2022 we appointed a new Executive Vice President and Chief Financial Officer who had previously been with the Company for more than ten years, serving in various senior finance leadership roles.

To ensure we are building high performing teams, we encourage every employee at every level within the Company to continuously grow their leadership by participating in ongoing events that build leadership capability and drive aligned leadership expectations to enable business outcomes.

We host an annual leadership summit that brings together our leaders at the senior manager level and above to build understanding and alignment to business priorities, explore emerging leadership topics and build connections across our growing global business and organization.

We offer ongoing digital leadership series discussions led by our CEO for this same population throughout the year and equip leaders to share learnings and insights from these sessions in dialogue with their teams for the benefit of the entire organization.

We host an annual leadership summit that brings together our leaders at the director level and above to build understanding and alignment to business priorities, explore emerging leadership topics and build connections across our growing global business and organization.

In 2024, we expanded the leadership summit population of employees to include all manager level and above, creating separate, regional, in-person experiences for managers and senior managers across the Company to engage in leadership topics and connection opportunities relevant to their unique leadership roles.

We offer ongoing digital leadership series discussions led by our executive team members and enterprise senior leaders for this same population throughout the year and equip leaders with tools and guides to share learnings and insights from these sessions in dialogue with their teams for the benefit of the entire organization.

Our leadership philosophy has a very strong emphasis on emotional intelligence and a leader’s ability to understand their own impact on others, and shape that impact to unlock the potential of their teams.

We offer a broad range of professionally designed leadership development programs, with differentiated development for our highest performing, highest potential employees who make up our long-term leadership succession pipeline.

Building upon our culture of leadership development and in addition to the wage investment for seasonal, frontline talent, we also relaunched our signature “Epic Service” training.

Building upon our culture of leadership development for seasonal, frontline talent, we also provide our signature “Epic Service” training.

This program inspires and equips frontline talent, who play the most important role in delivering a differentiated guest experience, to practice service-based leadership.

We reinforce the principles of this program through a daily in-resort frontline recognition program and manager-led career development conversations for frontline staff.

The full Epic Service development platform enables employees to choose curated learning experiences in the areas of Leadership, Guest Service and Business – that align with their specific motivations and career goals.

Results are measured by completion of required training, utilization and impact of the Epic Service recognition program, employee engagement scores, pipeline readiness of internal talent for front-line leader roles, guest experience scores and Net Promoter Scores.

The full Epic Service development platform enables employees to choose curated learning experiences in Leadership, Guest Service and Business – that align with their motivations and career goals.

Results are measured by completion of required training, utilization and impact of the Epic Service recognition program, employee engagement scores, internal frontline talent promotion rates, pipeline readiness of top internal frontline talent for frontline leader roles, and Guest Experience and Net Promoter Scores.

We leverage a quarterly continuous listening survey to measure and understand the key drivers of sustainable engagement among our employees, make timely adjustments to maintain strong alignment, and to care for the needs of our employees.

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We look for people to join Vail Resorts who are brave, passionate and ambitious.

As Vail Resorts employees, we hold ourselves accountable for living these seven foundational values every day in everything we do:

As Vail Resorts employees, we hold ourselves accountable for living these seven core values every day in everything we do:

Serve Others, Do Right, Do Good, Be Safe, Have Fun, Be Inclusive and Drive Value.

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At Vail Resorts, one of our core values is “Be Inclusive,” which means that we expect everyone at our Company to be welcoming to others, including all races, gender identities, sexual orientations, abilities and other differences.

We have also recently added a new leadership competency, “Elevate,” which requires that all of our leaders are self-aware of their own inclusive behavior so they can intentionally build diverse representation, bring equity to our business practices, and create inclusive communities in which all people can thrive.

We are focused on moving from accountability to action, and “Elevate” will be included as a competency in our annual performance management process for all employees beginning with the year ending July 31, 2024.

We have a specific leadership competency, “Elevate,” which requires that all our leaders are self-aware of their own inclusive behavior so they can intentionally build diverse representation, bring equity to our business practices, and create inclusive communities in which all people can thrive.

We are focused on continuing to move from accountability to action and have added “Elevate” as a competency in our annual performance management process for all employees.

We have a long history of building gender diversity throughout the Company.

Women represent 54% of our corporate senior leaders at the director level and above and 52% of our corporate roles generally.

Ten resorts in our portfolio are led by women, including six of our 11 destination mountain resorts (Breckenridge, Vail, Park City, Crested Butte, Whistler Blackcomb and Northstar).

Five of the ten directors on our Board are women, four of our twelve executive committee members are women, we are one of only a few Fortune 1000 companies with women in both the Chief Financial Officer and Chief Executive Officer positions, and our Chief Executive Officer, Kirsten Lynch, is the only woman in our industry to head a Fortune 1000 company.

Eight resorts in our portfolio are led by women, including five of our twelve destination mountain resorts (Vail, Park City, Keystone, Crested Butte, and Whistler Blackcomb).

Six of the twelve directors on our Board are women, seven of our twelve executive committee members are women, we are one of only a few Fortune 1000 companies with women in both the Chief Financial Officer and Chief Executive Officer positions, and our Chief Executive Officer, Kirsten Lynch, is the only woman in our industry to head a Fortune 1000 company.

While women currently represent approximately 22% of mountain operations senior leadership roles, we continue to strive to bring more gender diversity to these roles, which have historically been male-dominated.

We have also developed women in leadership programs and a Women & Allies Employee Resource Group (“ERG”) to foster an inclusive culture and ensure equity of our talent practices.

ERGs are part of a framework for under-represented talent to create a community with people who share those parts of their identity and their allies.

Collectively, we refer to ERGs and Affinity Groups as “Employee Inclusion Networks.” Our first Affinity Group was the Rainbow Room, which was established in 2021 and focused on creating a community for our LGBTQIA+ employees and allies.

We also recently announced two new Affinity Groups which will launch in Fiscal 2024, the Black Employee Network and the Veterans, Partners & Allies Affinity Group.

We have also developed women in leadership programs and a Women and Allies Employee Resource Group to foster an inclusive culture and ensure equity of our talent practices.

Employee Resource Groups and Affinity Groups are part of a framework for under-represented talent to create a community with people who share those parts of their identity and their allies.

Collectively, we refer to Employee Resource Groups and Affinity Groups as the “Employee Inclusion Network.” An Affinity Group is an employee-led group that provides voluntary connection opportunities for our employees to build supportive relationships with colleagues who identify similarly to one another.

An Employee Resources Group is an employee-led group focused on driving systemic change through data-driven recommendations to processes, policies and programs to further Company goals of equity and inclusion.

Our Employee Inclusion Network is currently made up of two Employee Resource Groups (Women and Allies & Rainbow Room) and four Affinity Groups (Black Employee Network;

Veterans, Partners and Allies;

Asian and Pacific Islander and Allies;

and La Comunidad - Latine/Hispanic Employees).

Building on our success with increasing representation of women, we are focused on improving racial diversity at Vail Resorts, as well as in our communities and our industry.

To that end, we are working to address barriers to attracting, developing and retaining the best talent from BIPOC communities in order to fuel innovation and growth within our Company and industry.

We are also incorporating more diverse representation in our marketing efforts, including more direct outreach to communities of color.

Over the past three years, we have undertaken extensive efforts around DEI, including company-wide virtual webinars bringing forward diverse voices, DEI dialogues with external thought leaders, online DEI training modules aligned with our “Be Inclusive” value, building leader capability against our new “Elevate” competency, and establishment of the aforementioned employee resource groups and affinity groups.

We recognize that the future of the sport is inclusion, and the industry is facing a business imperative to inspire the next generation of diverse skiers and riders to join the sport.

In the 2023/2024 North American ski season, our youth access programs served more than 12,000 youth who may not have otherwise had access to the sport from across 32 of our mountain communities, including Vail, Heavenly, and Park City, as well as from cities surrounding our regional ski areas, such as Boston, New York, Chicago, Detroit, Philadelphia, St.

Louis, and more.

Additionally, Vail Resorts offers the adaptive pass with discounted pricing for individuals with permanent disability to enjoy unlimited,

unrestricted access to all Vail Resorts owned and operated resorts plus limited access at partner resorts including Telluride Ski Resort in Colorado and Resorts of the Canadian Rockies.

This year, nearly 3,400 Epic Adaptive passes were sold, and the Company continues to deepen partnerships with over 50 nonprofit organizations to offer adaptive programming for those with physical and mental barriers, providing impactful in-kind support including lift tickets, ski passes, and office space.

Keystone was also selected by the National Brotherhood of Snowsports (“NBS”) as the host site for the 2025 NBS Summit to continue the welcoming experience the NBS community had at Vail Mountain in 2023.

In service of this vision for the future of the sport, Vail Resorts is investing in building purposeful representation of talent from under-represented communities, embedding equity into leadership competencies and talent processes, and fostering an environment of inclusion where all employees are empowered to bring their full selves to work.

Over the past four years, we have increased the representation of talent from under-represented communities in our senior leader positions, built leader capability to “Lead with Equity,” and ensured employees have the opportunity to connect and engage with peers who share an identity through the aforementioned Employee Inclusion Network.

As part of our commitment to driving sustainable change, we are listening and learning as a company, and the Company is part of CEO Action, Colorado Inclusive Economy and Civic Alliance.

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Our Code of Conduct states that every employee is entitled to work in a respectful environment that is free of harassment and discrimination and we require our full-time, year-round employees, as well as certain seasonal employees, to complete a Code of Conduct training on an annual basis.

This annual requirement includes training on a variety of topics, such as financial integrity, ethical leadership and anti-harassment.

This annual requirement includes training on various topics, such as financial integrity, information security, ethical leadership and anti-harassment.

In Fiscal 2024, the training was completed by 98% of this employee base.

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Employee Housing

Making affordable employee housing available is critical to achieve our hiring and retention goals.

While identifying and securing affordable housing options is challenging in some of the communities in which we operate, providing frontline employees affordable housing in our resort communities is a critical aspect of the employee value proposition.

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We seek to register and protect our trademarks, service marks, trade names and logos and have obtained a significant number of registrations for those trademarks.

We believe our brands have become synonymous in the travel and leisure industry with a reputation for excellence in service and authentic hospitality.

We believe our brands have become synonymous in the travel and leisure industry

with a reputation for excellence in service and authentic hospitality.

Among other national and international trademark registrations, the Company owns U.S.

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The Company also owns Canadian and U.S.

trademark registrations for the Whistler Blackcomb & Design ® name and logo.

trademark registrations for the Whistler Blackcomb & Design ® name and logo, and Swiss trademark registrations for the CMA Group ® and Giorgio Rocca ® name and logos.

Environmental Compliance and other Laws and Regulations

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Internationally, we are subject to the Forest and Range Practices Act and Watershed Sustainability Act in British Columbia as well as the Environmental Planning and Assessment Act 1979 (NSW, Australia) and the Environment Protection Act 1970 and the Environment Protection and Biodiversity Conservation Act 1999 (Victoria, Australia).

With the acquisition of Andermatt-Sedrun, the Company is required to comply with all Swiss regulations, including federal acts and ordinances, as well as Cantonal authorities.

We are also required to comply with all Swiss regulations, including federal acts and ordinances, as well as Cantonal authorities.

Various federal, state, local and provincial regulations also govern our resort operations, including liquor licensing and food safety regulations applicable to our food and beverage operations and safety standards relating to our lift operations and heli-ski operations at Whistler Blackcomb.

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The operations of Breckenridge, Vail Mountain, Keystone, Crested Butte, Stevens Pass, Heavenly, Kirkwood, Mount Snow, Attitash and portions of Beaver Creek and Wildcat are conducted on land under the jurisdiction of the U.S.

Forest Service

(collectively, the “Forest Service Resorts”).

Forest Service (collectively, the “Forest Service Resorts”).

The 1986 Ski Area Permit Act (the “1986 Act”) allows the Forest Service to grant Term Special Use Permits (each, a “SUP”) for the operation of ski areas and construction of related facilities on National Forest lands.

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The MDAs, which were entered into in February 2017, have a term of 60 years (expiring on February 23, 2077) and are replaceable for an additional 60 years by option exercisable by the Partnerships after the first 30 years of the initial term.

In accordance with the MDAs, the Partnerships are obligated to pay annual fees to the Province at a percentage of gross revenues related to the operation of certain activities at Whistler Blackcomb.

accordance with the MDAs, the Partnerships are obligated to pay annual fees to the Province at a percentage of gross revenues related to the operation of certain activities at Whistler Blackcomb.

The MDAs require that each of the mountains be developed, operated and maintained in accordance with its respective master plan, which contains requirements as to matters such as trail design and development, passenger lift development and environmental concerns.

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The initial ten-year term of the lease commenced in December 1963, and the lease provides for eight separate ten-year extension options.

The current term of the lease extends through December 2023, and there are three remaining ten year extension options.

The current term of the lease extends through December 2033, and there are two remaining ten-year extension options.

Under both leases, the land can be used for the development and operation of a ski area including ski trails, ski lifts, warming shelters, restaurants and maintenance facilities.

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The NPW Act requires the Kosciuszko National Park to be managed in accordance with the principles specified in that legislation, including the provision for sustainable visitor or tourist use and enjoyment that is compatible with the conservation of the national park’s natural and cultural values.

The legislation also authorizes the Minister for the Environment and the Minister for Heritage (the “Minister”) to grant leases and licenses of land within the Kosciuszko National Park for various purposes, including for purposes related to sustainable visitor or tourist use and enjoyment.

purposes, including for purposes related to sustainable visitor or tourist use and enjoyment.

Under this power, the Minister has granted to Perisher a lease and a license of specified land within the Kosciusko National Park until June 30, 2048, with an option to renew for an additional period of 20 years.

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The Alpine Resorts (Management) Regulations 2009 (Vic) gives the RMBs the power to declare the snow season, temporarily close the resort to entry if there is a significant danger to public safety, determine parts of a resort to which entry is prohibited, set aside areas of the resort for public use, parking, driving of vehicles, or landing of aircraft, and determine the areas for cross country ski trails, skiing, snowboarding and other snow play activities.

Andermatt-Sedrun

Andermatt-Sedrun, acquired by the Company on August 3, 2022, is located in the Usern Valley of the Swiss Alps and comprises five mountains (Gemsstock, Nätschen, Sedrun/Oberalp, Realp and Valtgeva).

Swiss Resorts

Andermatt-Sedrun - acquired by the Company on August 3, 2022, Andermatt-Sedrun is located in the Usern Valley of the Swiss Alps and comprises five mountains (Gemsstock, Nätschen, Sedrun/Oberalp, Realp and Valtgeva).

Ski operations are conducted on land owned by Andermatt Swiss Alps AG (“ASA”) as freehold or leasehold properties, land owned by Usern Corporation, land owned by the municipality of Tujetsch and land owned by private property owners.

ASA holds three leasehold properties, which are owned by either Usern Corporation, a corporation under public law consisting of all the citizens of the Usern Valley, or the Swiss Confederation, namely the Federal Department of Defense, Civil Protection, and Sport (“DDPS”).

For the land owned by Usern Corporation, ASA and Usern Corporation have entered into a main framework concession agreement, dated August 13, 2013, which sets forth the terms and conditions for the use of the land in connection with ski infrastructure facilities in the Gemsstock and Nätschen-Gütsch-Oberalp areas (“Ursern Framework

Concession”).

The Ursern Framework Concession was entered into for a fixed term until December 31, 2032.

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The personal easement agreement was entered into for a fixed term until October 12, 2032, and we anticipate applying for renewal.

With respect to Swiss operations, companies who provide for regular and commercial passenger transportation by rail, road and water as well as by cable cars and elevators must obtain a passenger transport concession from the Federal Office of Transport (“FOT”).

Under the Ursern Framework Concession, ASA was granted the required concessions for all ski infrastructure facilities and the usage of the ski slopes on the property of the Ursern Corporation.

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Additionally, the plan approval included concessions and approvals for ancillary installations such as ski slopes, snowmaking systems, rolling carpets, railway station passenger subway and clearings.

Crans-Montana - acquired by the Company on May 2, 2024, Crans-Montana is located in the Valais canton of Switzerland.

The acquired operations include:

an approximate 84% ownership stake in Remontées Mécaniques Crans Montana Aminona SA (“CMA”), which controls and operates all the resort’s lifts and supporting mountain operations, including four retail and rental locations;

full ownership of SportLifeAG, which operates one of the ski schools located at the resort;

and full ownership of 11 restaurants located on and around the mountain (operated by Crans-Montana Food and Beverage SA, or “CMFB”).

The municipalities of Crans-Montana and Lens hold a stake in CMA of approximately 9.47% and 3.33%, respectively, which, together with our ownership share, collectively accounts for a total of approximately 96.22% ownership.

For the purpose of governing the exercise of selected rights and obligations as shareholders in CMA, we entered into a shareholders’ agreement with the municipalities of Crans-Montana and Lens.

The initial fixed term of the agreement expires on December 31, 2035, subject to future automated ten-year renewal periods, unless terminated by us or the municipalities acting jointly.

Among other things, the shareholders’ agreement provides for terms and conditions in relation to the election and governance of the board of directors, company policies, dividends, financial aspects and related matters.

The operations of the resort are conducted on land owned by CMA or CMFB as freehold or leasehold properties, land owned by regional civic communities, land owned by the municipalities of Crans-Montana or Lens and land owned by private property owners.

Portions of the Crans-Montana resort operations are conducted on land owned by third parties, including local municipalities, via numerous registered easements, building rights, or other agreements.

Certain of these building rights are also subject to federal concessions.

As noted above, companies who provide for regular and commercial passenger transportation by rail, road and water as well as by cable cars and elevators must obtain a passenger transport concession from the FOT.

Crans-Montana was granted the required concessions for all ski infrastructure facilities and the usage of the ski slopes.

Each passenger transport concession is granted for a maximum of 40 years and may then be extended, with the existing concessions having expiration dates between 2032 and 2047.

Concession Agreements

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Our concession agreement with the NPS for GTLC, which had an initial term expiration date of December 31, 2021, was amended in June 2021 to extend the term to December 31, 2023.

Additionally, in November 2023, we agreed to an amendment to the agreement extending the term until December 31, 2024.

The NPS currently expects to release a contract solicitation for the services offered by GTLC by the end of calendar year 2024.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business