The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brandt Antoine Montour - JPMorgan Chase & Co, Research Division - Analyst
: So my first question is just on the competitive landscape. I mean I think it's -- I think we're all sort of assuming at this point that Icon
isn't going to match your price cut. And I know the retention data that you have so far is really strong. Do you guys think that you
are gaining share at all from their system, maybe losing share at the high end, maybe a little bit on the margin? What's your sense
from the data?
Question: Brandt Antoine Montour - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And then just on the balance sheet, you have $1.3 billion of cash on hand. What are the priorities for this excess cash? And
what does the Board need to see before reimplementing the dividend? Is it temporarily hindered or tied to potential M&A opportunities,
like in terms of just keeping plenty of dry powder? Or is there -- how should we really think about that?
Question: Paul Alexander Golding - Macquarie Research - Analyst
: The first question I have is around ancillary services coming back. I'm just wondering if you could give some color on how the
experience, either for dining or other ancillary services, has been maybe more efficient or the user experience has been digitized?
Just trying to get a sense of what margin impact could look like, conscious of the ancillary services being lighter through COVID, but
margin this quarter coming in where it was. And then I have a follow-up on labor after that.
Question: Paul Alexander Golding - Macquarie Research - Analyst
: And then on labor with the current backdrop, just wondering if the bulking up on customer experienced staff, is that more a transitory
trend where you're going to plateau just because of how many new pass members you're onboarding and the COVID disruption?
Or is that something that you see just for the business just sort of sticking around long term?
Question: Alexander Rocco Maroccia - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: First question pertains to the resumption of the capital projects you outlined. There's plenty of headlines about supply chain and
employment constraints these days. Have you seen major price increases in material and labor costs that can impact the CapEx
assumptions you outlined earlier this year? And then do you think it could impact your budgeting for next year?
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JUNE 07, 2021 / 9:00PM, MTN.N - Q3 2021 Vail Resorts Inc Earnings Call
Question: Alexander Rocco Maroccia - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. Understood. That's helpful. And then secondly, a less discussed topic is your real estate segment. Obviously, the housing
market is pretty robust right now, and many of your mountain communities are seeing impressive price increases. Is it possible to
see a bit more opportunistic strategy with the real estate portfolio in these types of cycles?
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