I would say for the travel from the U.S., right, that has not been the primary part of this thesis, right? It is a network benefit that we have to give our epic pass holders access to Switzerland, which is incredible. But what we're seeing really, right, is the market itself is very much a market that attracts destination visitation within the Alps and within Europe and from outside of Europe. And so that's really where the growth opportunity that we see long term within that market.

Mar 10, 2025 / CEO / receipt, needs a key / Kirsten Lynch, CEO | earnings call 2025-03-10 | transcript da1ee953-65bb-4dc7-8944-7ef6b8084252 | chars 45570-46058 | segment 46

And I think what you saw for this year is you did see a lot of the resort markets actually not fill in as expected as you went through with the season for both the same factors that we're talking about in terms of some of this normalization and I think travel behavior, but also from the conditions likely impacting the lodging fill-in, if you will, from there as well. And for the resort communities, we saw really occupancy declines around four points for the winter season.

Jun 6, 2024 / CEO / receipt, needs a key / Kirsten Lynch, CEO | earnings call 2024-06-06 | transcript cec38e2d-cfc8-4327-9a1d-c5516d735812 | chars 44440-44916 | segment 45

You've heard a lot of travel and leisure companies talking about seeing signs of normalization, and some of them overtly saying off of a peak from last year as a headwind to them. And when I look at the ski industry, you know, the ski industry had peak visitation last year, and when we look at the behavior this past season, laughing that, even when conditions were outstanding, it does, we do believe that the past season, the down 8%, our down 8%, that's consistent with that, but the ski industry, you know, those numbers look, for this past year, look more in line with what you would considered to be more normalized trend, I would say.

Jun 6, 2024 / CEO / receipt, needs a key / Kirsten Lynch, CEO | earnings call 2024-06-06 | transcript cec38e2d-cfc8-4327-9a1d-c5516d735812 | chars 47825-48467 | segment 48