Overview Key strengths Key risks A diverse and growing geographic footprint. Highly acquisitive using incremental financial leverage. The Ikon pass, a multi-resort season pass, contributes to revenue growth, provides visibility, and data from pre-committed sales. Reduced discretionary spending on travel and leisure activities can lead to lower visitation. The resort industry features barriers to entry given the limited supply of mountains that can be developed for winter sports. Remains reliant on favorable weather conditions, which can impair revenue and profitability when snowfall is meaningfully below average. Record pass sales, favorable early season snow conditions in the West, and reduced Canadian travel restrictions supported increased skier visitation and year-on-year revenue growth of 14.3% for fiscal 2023, ended July. We forecast revenue
