Vail Resorts Inc Q4 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Rocco Maroccia - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : The website's explanation of Epic Pass credits in circumstances where somebody chooses a cheaper pass, makes it sounds like the credit-only applies to the price of the cheaper pass, not the original pass. Can you just explain the mechanics of how this is going to impact deferred revenue? And should we assume that the remaining $14 million in deferred rev won't be recognized in full?

Question: Alexander Rocco Maroccia - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Okay. Understood. And then secondly, are you expecting to change the timing of CapEx in fiscal '21, given the potential refunds you might see with that big coverage? And then when you resume normal CapEx, what's going to be prioritized?

Question: Paul Alexander Golding - Macquarie Research - Analyst : So in looking at the $70 million figure of cost reductions over the expectations for fiscal '20, curious to what amount of that, if there's any breakdown you could give, that could indicate maybe something around marketing savings or something that we might expect to come back in following years? And then my second question is around capacity in the lodging segment. Any limitations there on capacity? And any expectations around how the drive up or local predominance this season could flow through to that segment?