WEBVTT - Building the World’s Best High-Performance Skis

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<v Speaker 1>These is Bloomberg business Week with Carol Messer and Tim

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<v Speaker 1>Steneveek on Bloomberg Radio. Well, each fall, Bloomberg Pursuits does

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<v Speaker 1>a ski takeover. They highlight where to ski and what

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<v Speaker 1>gear to use for the upcoming season. So in last

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<v Speaker 1>season's takeover, we sent BusinessWeek contributor Gordy Megros to try

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<v Speaker 1>out some skis from a new company called Peak Ski Company,

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<v Speaker 1>based in Montana, co founded by ski racing legend Body Miller.

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<v Speaker 1>So here's what Gordy wrote after spending all day on

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<v Speaker 1>the skis, Carol, Typically skis require a certain amount of

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<v Speaker 1>speed and pressure to engage the tip and initiate the turn,

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<v Speaker 1>but these carved without having to apply that force at

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<v Speaker 1>speed on the steeps, they held the turn like a

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<v Speaker 1>race ski, and in bumps and slush they were quick

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<v Speaker 1>and forgiving. Not once did I feel off balance. He continued,

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<v Speaker 1>anybody could use these skis. Beginners would love them because

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<v Speaker 1>they're easy to turn. Experts would too because they still

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<v Speaker 1>can ski aggressively and feel solid underfoot.

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<v Speaker 2>It's a great feel of what these two gentlemen are

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<v Speaker 2>up to. So let's talk more about the skis with

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<v Speaker 2>the co founders of the company, Andy Worth and Body Miller.

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<v Speaker 2>Andy also CEO and President of Peak Ski Company. He

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<v Speaker 2>joins us from Bozeman, Montana. Body, by the way, of

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<v Speaker 2>course you know him, Olympic and World Championship gold medalist

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<v Speaker 2>many times over and the chief Innovation officer at Peak

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<v Speaker 2>Ski Company. He joins us on zoom from Big Sky, Montana. Guys,

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<v Speaker 2>so great to have you here with us. Body, let

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<v Speaker 2>me start with you. How did this all come together

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<v Speaker 2>to create Peak Ski and why did you want to

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<v Speaker 2>do it?

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<v Speaker 3>Well, I've been obviously in skiing since since I was

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<v Speaker 3>grow a little and had exposure to a lot of

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<v Speaker 3>different companies. Started on K two, Ben Fisher, then Rosenhold

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<v Speaker 3>and Atomic, then Head for eight or ten years.

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<v Speaker 4>So being in the race rooms and seeing.

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<v Speaker 3>The economics of the way the ski companies worked and

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<v Speaker 3>the challenging aspects of the construction methodology was kind of

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<v Speaker 3>frustrating for me. It's pretty, it's pretty, it's pretty analogue,

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<v Speaker 3>and they're sort of stuck in a lot of ways.

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<v Speaker 3>We didn't really change much in the ski world. We

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<v Speaker 3>were changing skis all the time, prototyping, but just watching

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<v Speaker 3>what was happening in the consumer market, and then sort

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<v Speaker 3>of understanding the business model of you know, those companies.

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<v Speaker 3>As I was with them, it was it seemed really

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<v Speaker 3>unlikely that I would go into the hard goods side

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<v Speaker 3>of the business. I know Andy felt the same way.

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<v Speaker 3>We both kind of came into this as skeptics or contrarians,

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<v Speaker 3>but as we dove into it a little bit more.

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<v Speaker 3>I mean, I always wanted to bring better skis to

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<v Speaker 3>the consumer market. There's a big gap between World Cup

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<v Speaker 3>skis and the rest and World Cup skis, granted, are

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<v Speaker 3>specifically designed for racing and hard snow, really.

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<v Speaker 4>Smooth, you know, perfectly.

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<v Speaker 3>Prepared hills, which obviously wouldn't apply as well to your

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<v Speaker 3>consumer just because the hill's always a little messed up

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<v Speaker 3>puffs of snow and nothing is manicured like we get

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<v Speaker 3>in World Cup. But my goal was to bring really

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<v Speaker 3>good skis to the market. And then as I sort

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<v Speaker 3>of Andy and I evolved through this, I had a

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<v Speaker 3>connection with a company in Germany, a good friend of mine,

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<v Speaker 3>and I'd always wanted to sort of modernize the manufacturing process,

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<v Speaker 3>and I think I don't know that Andy and I

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<v Speaker 3>would have done it had we just had the model

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<v Speaker 3>of doing what we're doing right now. Which is, you know,

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<v Speaker 3>building skis and selling them direct consumer. It's a it's

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<v Speaker 3>a fine business, but it's the scalability is a little

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<v Speaker 3>bit problematic in this case. The real sort of enticing

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<v Speaker 3>part was re engineering the manufacturing process so that instead

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<v Speaker 3>of forty five minutes to build a ski and it's

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<v Speaker 3>glue and they you know, for those of you get

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<v Speaker 3>don't know, it's a bit like making a sandwich. They

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<v Speaker 3>call it a sandwich construction. It's a lot of different

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<v Speaker 3>layers laid up with blue or pore impregnated with blue,

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<v Speaker 3>and then you compress it and cook it in a press.

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<v Speaker 3>It takes about forty minutes or so right now, which

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<v Speaker 3>is why they've been building skis for next winter already

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<v Speaker 3>right now, because that's how long it takes to build

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<v Speaker 3>a million pairs of skis set. And we have a

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<v Speaker 3>manufacturing process that we're in the in the in the

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<v Speaker 3>Work song where we can build a ski in somewhere

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<v Speaker 3>around ten seconds and no glue, be able to recycle

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<v Speaker 3>it the same machine that it constructs it will take

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<v Speaker 3>it apart and you can retask those materials. So well,

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<v Speaker 3>that was the part that really got us excited. That

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<v Speaker 3>was sort of the why of doing this.

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<v Speaker 1>I want to talk We'll talk. Yeah, I want to

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<v Speaker 1>talk more about that, but.

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<v Speaker 4>I hopefully that's what that's where the home run is.

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<v Speaker 1>I want to bring in Andy Worth here because he's

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<v Speaker 1>a many your veteran of the ski industry, having run

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<v Speaker 1>some huge mountains here in the US Squad Valley for

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<v Speaker 1>many years, worked at Interest before that. Andy, talk about

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<v Speaker 1>the business here and the financing of this. It's a

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<v Speaker 1>little confusing to me about who the investors are and

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<v Speaker 1>who you raised money from and how much money you've raised.

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<v Speaker 1>So give us the details on the business side here,

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<v Speaker 1>and you know the reception that you've gotten from as

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<v Speaker 1>you go out and try to raise money for this.

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<v Speaker 5>Thank you very much for that lead. I didn't I

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<v Speaker 5>should have thought you guys were going to refer to

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<v Speaker 5>Gordy's article on us. We were shippings of that in

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<v Speaker 5>November pleasantly and certainly a respected writer in certainly writing

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<v Speaker 5>for Bloomberg. That's a great lead out Relative to the

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<v Speaker 5>business is body mentioned. We were both retired about four

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<v Speaker 5>years ago. I worked in the private equity world and

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<v Speaker 5>also running a bunch of ski resorts. As you know,

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<v Speaker 5>we came out this business with ventrarian approaches. The understatement

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<v Speaker 5>skeptical in many ways, but after doing a great deal

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<v Speaker 5>of research and realizing that what body had in his

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<v Speaker 5>mind was something that could provide an exceptional product, new

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<v Speaker 5>type of product to the market. And we had these

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<v Speaker 5>strategic initiatives on which we were working and we commenced

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<v Speaker 5>building the company, standing it up so to speak, and

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<v Speaker 5>launched in April last year. And Tom, TOI your point,

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<v Speaker 5>we had established an initial pre cash valuation based on

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<v Speaker 5>pro forma EBITDA on a three year basis and pretty

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<v Speaker 5>contemporary multiples from what I was able to glean from

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<v Speaker 5>other companies. That pre cash valuation was thirteen million small company.

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<v Speaker 5>And then we raised completed an eight million dollar raised

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<v Speaker 5>about oh gosh, three four months ago, so postcash or

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<v Speaker 5>twenty one and in this case we're currently raising funds

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<v Speaker 5>through Republic Capital. This is crowdfunding, basically a safe note,

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<v Speaker 5>and it has our enterprise value at thirty five million.

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<v Speaker 5>The reason being Tom, is the we have a clear

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<v Speaker 5>line of sight now on these strategic initiatives. The core

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<v Speaker 5>of the business are the skis and that's what prompted

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<v Speaker 5>and supports that initial fundraising effort and the valuations to

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<v Speaker 5>which I mentioned that I referred to. In this case,

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<v Speaker 5>we're starting to get a clean line of sight on

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<v Speaker 5>the three strategic initiatives, which include technology integration. It's extreme

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<v Speaker 5>innovation across all levels. But technology integration through peak Locate,

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<v Speaker 5>which is this proprietary device we're inserting in the skis Wait.

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<v Speaker 2>Wait, so we're bloomberg. So we get a little wonky

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<v Speaker 2>about the financial side of it. So it's interesting, So

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<v Speaker 2>do you guys continue along these ways? Is there venture

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<v Speaker 2>capital money also in it? Is the goal to eventually

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<v Speaker 2>go public? Like, how do you do you think about it? Andy?

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<v Speaker 5>Yeah, no, A great question, of course, and not surprisingly

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<v Speaker 5>on this format. But I think really we're focused on

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<v Speaker 5>right now is advancing on these strategic initiatives, and then

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<v Speaker 5>lessons learned in other acquisition environments in my old career

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<v Speaker 5>is we're gonna advance on these initiatives and you can

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<v Speaker 5>get to the point where we can generate substantial value

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<v Speaker 5>for our current investors and investors coming in through Republic.

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<v Speaker 5>In this mechanism, we don't have a you can't speak

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<v Speaker 5>to any exit strategy because we're focused on an execution

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<v Speaker 5>right now. But we know that we can take the

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<v Speaker 5>value of the business right now thirty five million up

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<v Speaker 5>substantially from here.

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<v Speaker 2>Well, it's interesting, but it come on back in because

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<v Speaker 2>Tim and I were talking when we were prepping for this,

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<v Speaker 2>because Tim's a Ski are really into this. Were you

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<v Speaker 2>guys profitable, Like it can be hard to go up

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<v Speaker 2>against the establishment, and you learned a lot about the

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<v Speaker 2>industry and the mechanics and kind of I love what

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<v Speaker 2>you said the economics of the way ski companies work.

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<v Speaker 2>You probably learned a lot about it, which can be

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<v Speaker 2>tough to go against. Though also so I'm just curious.

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<v Speaker 2>Were you guys profitable in the first year? I mean,

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<v Speaker 2>how are you looking for about it? And we've got

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<v Speaker 2>about a minute then we're going to come back and

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<v Speaker 2>talk some more.

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<v Speaker 5>Okay, go ahead.

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<v Speaker 3>The typical sales channel that everyone's locked into is really

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<v Speaker 3>the problem, so Andy and I address that by going

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<v Speaker 3>direct consumer profitability.

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<v Speaker 4>We ended up not.

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<v Speaker 3>Being profitable year one, which you know, was frustrating, but

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<v Speaker 3>also given the nature of startups, was not terribly surprising.

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<v Speaker 3>But the margins are really good when you sell direct. Obviously,

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<v Speaker 3>the margins are much better. You don't have to sell

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<v Speaker 3>two hundred thousand pairs of skis to be breaking even,

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<v Speaker 3>so I mean, Andy, I'll let you fill in. But

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<v Speaker 3>the really positive stuff we took out a year one

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<v Speaker 3>outweighed the fact that we had some quality control issues

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<v Speaker 3>and just I guess you'd call them growing pains.

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<v Speaker 2>Well, and hang on for a second, because we're gonna

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<v Speaker 2>we've got to do some news and we don't want

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<v Speaker 2>you to get cut off, so we're going to continue

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<v Speaker 2>the and get you to weigh in on that aspect

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<v Speaker 2>of the business. When we come back. We're talking with

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<v Speaker 2>Andy Wirth and Body Miller, as we said of the

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<v Speaker 2>Peak Ski company co founders. Andy also CEO, Body also

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<v Speaker 2>chief innovation officer. And there was a great story that

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<v Speaker 2>was written by Bloomberg business Week that really gives you

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<v Speaker 2>details about what they set out to do, what Body

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<v Speaker 2>set out to do, and it is interesting. I love

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<v Speaker 2>when he obviously has learned a lot about the business

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<v Speaker 2>and how they were doing it, and just this idea

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<v Speaker 2>of being able to manufacture much more quickly changes the

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<v Speaker 2>mathematical business.

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<v Speaker 1>And also what skis worked for him when he was young,

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<v Speaker 1>when he was racing. So we'll get into all that.

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<v Speaker 1>Let's get right back to Andy Wirth, CEO and president

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<v Speaker 1>of Peak Ski Company and Body Miller, Olympic and World

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<v Speaker 1>Championship gold medalist and the Chief Innovation officer at Peak

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<v Speaker 1>Ski Company. They join us on Zoom from Montana. Buddy,

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<v Speaker 1>I want to go back to you because I was

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<v Speaker 1>struck when you said after the first year you were

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<v Speaker 1>frustrated about not being profitable. But I mean, it's really

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<v Speaker 1>tough for a startup, and I think the expectation to

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<v Speaker 1>actually be profitable after one year. I mean, look at Amazon,

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<v Speaker 1>for example, it took more than a decade to regularly

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<v Speaker 1>become profitable quarter after quarter. Why were you expecting to

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<v Speaker 1>be profitable after the first year.

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<v Speaker 3>I sort of touched on it in the margins, the

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<v Speaker 3>margins if we'd you know that we we didn't model

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<v Speaker 3>out quite a bit. Andy's a bit of a quant

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<v Speaker 3>and you know, I always like to to sort of

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<v Speaker 3>use all of our experience and knowledge. It didn't feel

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<v Speaker 3>like either of us were very naive coming into this.

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<v Speaker 3>But the margins on our on our product are good,

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<v Speaker 3>and we're selling right in kind of the sweet spot

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<v Speaker 3>of where you know they typically net out for for

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<v Speaker 3>a high quality, you know, small handmade ski company. But

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<v Speaker 3>the challenge was was quality control. It's just it's a

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<v Speaker 3>byproduct of the manufacturing process itself. It's just very inexact.

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<v Speaker 3>You're using materials that have variances to them, and the

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<v Speaker 3>assembly processes is pretty uh, as I said, it's analog,

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<v Speaker 3>and so there's us being direct consumer. We didn't feel

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<v Speaker 3>like we had the latitude to give anything but perfect

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<v Speaker 3>skis to people, so we ended up with a lot.

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<v Speaker 3>I don't know, I think it was close to thirty

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<v Speaker 3>percent of our inventory didn't pass the QC inspection of

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<v Speaker 3>the of the manufacturer. So it wasn't enough snitpicking. It

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<v Speaker 3>was just the reality and that that was way outside

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<v Speaker 3>of our modeling. And you know, that was tough. But

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<v Speaker 3>the great news is we sold. We sold through you know,

0:11:23.440 --> 0:11:27.400
<v Speaker 3>mid ninety percent of the inventory we had, which was

0:11:28.000 --> 0:11:30.600
<v Speaker 3>basically you know above or right ear where we projected.

0:11:30.679 --> 0:11:33.000
<v Speaker 3>So all of our projections that we could control were

0:11:33.040 --> 0:11:35.680
<v Speaker 3>good and that would have led the profitability. The part

0:11:35.760 --> 0:11:38.200
<v Speaker 3>that was the problem was we didn't have the inventory

0:11:38.280 --> 0:11:42.000
<v Speaker 3>to sell to get our numbers. But you know, again

0:11:42.080 --> 0:11:45.640
<v Speaker 3>that's part of the inspiration or the drive to re

0:11:45.800 --> 0:11:50.920
<v Speaker 3>engineer the manufacturing process because everybody wants better stuff, quicker,

0:11:51.280 --> 0:11:55.520
<v Speaker 3>cheaper and more precise, and that's we're sort of delivering.

0:11:55.679 --> 0:11:57.920
<v Speaker 1>Hey, Andy, come on back in here. Because you're building

0:11:57.920 --> 0:12:01.120
<v Speaker 1>this business with Body, I'm wondering where else you can

0:12:01.160 --> 0:12:03.360
<v Speaker 1>go here? Because I know you guys were talking about

0:12:03.400 --> 0:12:06.880
<v Speaker 1>doing a Body Miller ski academy. You end up pulling

0:12:06.920 --> 0:12:09.319
<v Speaker 1>the plug on the Granby Ranch location in Colorado back

0:12:09.320 --> 0:12:11.800
<v Speaker 1>in twenty twenty two. Where else can you guys go

0:12:11.840 --> 0:12:12.720
<v Speaker 1>as a partnership.

0:12:14.120 --> 0:12:16.400
<v Speaker 5>Well, kind of the sky's a limit. As they say,

0:12:16.800 --> 0:12:19.880
<v Speaker 5>we neither of us feel like retired guys nowadays. I

0:12:19.880 --> 0:12:23.280
<v Speaker 5>can tell you that's for darn sure. We come at

0:12:23.400 --> 0:12:26.120
<v Speaker 5>this business and this effort with a great deal of

0:12:26.120 --> 0:12:29.439
<v Speaker 5>passion for the outdoors the mountains, certainly from the ski industry.

0:12:29.480 --> 0:12:33.000
<v Speaker 5>Different angles of attack, but similar ethos and way of

0:12:33.040 --> 0:12:35.840
<v Speaker 5>approaching things. There's a couple of different ventures that we

0:12:35.880 --> 0:12:39.000
<v Speaker 5>have that we're taking on and considering right now. All

0:12:39.040 --> 0:12:41.880
<v Speaker 5>of our emphasis and focuses on Peak, and the primary

0:12:41.920 --> 0:12:44.280
<v Speaker 5>reason being is coming back to this reengineering of the

0:12:44.440 --> 0:12:47.320
<v Speaker 5>entire process by which skis are made that puts us

0:12:47.360 --> 0:12:49.720
<v Speaker 5>in a position to be three four years down the

0:12:49.760 --> 0:12:53.480
<v Speaker 5>road having our machinery process that we with a smile

0:12:53.520 --> 0:12:56.360
<v Speaker 5>on our face. We call a treadstone because it is

0:12:56.800 --> 0:13:00.960
<v Speaker 5>fairly confidential information that we're working with this group in Germany.

0:13:01.280 --> 0:13:04.439
<v Speaker 5>But nonetheless it's it's something that we anticipate be in

0:13:04.480 --> 0:13:06.000
<v Speaker 5>a place where we can have thirty thirty five to

0:13:06.040 --> 0:13:08.720
<v Speaker 5>forty percent of the world's market share made on our

0:13:08.760 --> 0:13:11.960
<v Speaker 5>machines and our process. And that is where when I

0:13:12.120 --> 0:13:15.439
<v Speaker 5>mentioned value creation, that's where it comes into place.

0:13:15.520 --> 0:13:17.560
<v Speaker 2>So does that mean Andy, you'll be making you guys

0:13:17.559 --> 0:13:21.520
<v Speaker 2>will be making skis for other companies, other brands.

0:13:22.120 --> 0:13:25.760
<v Speaker 5>Yes, ma'am. In fact, it might be interested to know

0:13:25.840 --> 0:13:28.440
<v Speaker 5>my best effort at Yogi Bearism is the least important

0:13:28.440 --> 0:13:30.520
<v Speaker 5>thing about our company or the skis, but they're critical,

0:13:30.600 --> 0:13:33.040
<v Speaker 5>and the reason being the skis are critical. But at

0:13:33.080 --> 0:13:35.600
<v Speaker 5>the same time, we're in this to the innovation for

0:13:35.640 --> 0:13:38.320
<v Speaker 5>the innovation on so many different fronts, including the process.

0:13:38.480 --> 0:13:38.680
<v Speaker 4>Right.

0:13:38.760 --> 0:13:41.520
<v Speaker 2>So body, it's like becoming the luxatica of skiing, right, Like,

0:13:41.640 --> 0:13:43.240
<v Speaker 2>you don't care what the brand is, but if you

0:13:43.280 --> 0:13:47.440
<v Speaker 2>can improve the process, that's okay, or being like a

0:13:47.559 --> 0:13:49.480
<v Speaker 2>what is it a founder is talking about?

0:13:49.840 --> 0:13:53.000
<v Speaker 3>Yeah, you're talking about really established companies. But the irony

0:13:53.120 --> 0:13:56.360
<v Speaker 3>is besides attaching and incredible people. Andy and I are

0:13:56.360 --> 0:13:59.680
<v Speaker 3>big fans of many of the companies that we're competing against,

0:13:59.760 --> 0:14:02.880
<v Speaker 3>and in this way, we're not looking to steal market

0:14:02.880 --> 0:14:06.359
<v Speaker 3>share from them, because at a certain point it becomes

0:14:06.920 --> 0:14:09.760
<v Speaker 3>annoying to manage logistics. In this case, our goal is

0:14:09.840 --> 0:14:14.360
<v Speaker 3>to have ten purchase orders and be delivering two million

0:14:14.360 --> 0:14:17.240
<v Speaker 3>pairs of skis, and they advantage that. I think I

0:14:17.280 --> 0:14:19.800
<v Speaker 3>don't see it stopping there because we can deliver them

0:14:19.800 --> 0:14:22.480
<v Speaker 3>for twenty or thirty or forty dollars less than they

0:14:22.520 --> 0:14:25.880
<v Speaker 3>make them for themselves. Now, Plus they can divest of

0:14:25.960 --> 0:14:28.520
<v Speaker 3>all their other sort of liability because even though a

0:14:28.560 --> 0:14:33.200
<v Speaker 3>lot of their equipment's amoritized, they're just understand that there's.

0:14:32.720 --> 0:14:34.480
<v Speaker 4>A lot of fluff there. There's a lot of.

0:14:35.880 --> 0:14:38.760
<v Speaker 3>Loss, and we can we can clean that up as

0:14:38.760 --> 0:14:42.040
<v Speaker 3>well as there's things like gray market skis that you know,

0:14:42.120 --> 0:14:44.680
<v Speaker 3>there's a little bit of the inventory is out of control.

0:14:44.760 --> 0:14:47.160
<v Speaker 3>So I think I don't see it stopping. I can't

0:14:47.160 --> 0:14:49.440
<v Speaker 3>see a company saying, hey, build us these five hundred

0:14:49.440 --> 0:14:51.240
<v Speaker 3>thousand pairs and we're going to build the other five

0:14:51.320 --> 0:14:54.920
<v Speaker 3>hundred thousand for forty dollars more and deal with fifteen

0:14:54.960 --> 0:14:55.560
<v Speaker 3>percent weeks.

0:14:56.000 --> 0:14:59.160
<v Speaker 2>Their accountants or the whole financial team might say, oh wait,

0:14:59.280 --> 0:15:02.440
<v Speaker 2>I mean, let's talk about that, guys, the impact of

0:15:02.440 --> 0:15:04.720
<v Speaker 2>climate change, body and the lack of snow. How are

0:15:04.720 --> 0:15:07.200
<v Speaker 2>you incorporating that risk and reality into your business. I mean,

0:15:07.240 --> 0:15:09.120
<v Speaker 2>we've finally seen some snow here in New York City,

0:15:09.120 --> 0:15:13.680
<v Speaker 2>but it's barely a sprinkling here. But innovating with the

0:15:13.720 --> 0:15:16.000
<v Speaker 2>idea that more and more skiers maybe skiing on man

0:15:16.040 --> 0:15:17.760
<v Speaker 2>made snow, how does that come into it? And body,

0:15:17.760 --> 0:15:19.440
<v Speaker 2>we've got about thirty forty seconds here.

0:15:20.600 --> 0:15:23.560
<v Speaker 3>Yeah, it's you know, it's just the reality that we're facing.

0:15:23.720 --> 0:15:27.400
<v Speaker 3>I think the ski industry is remarkably healthy. You know,

0:15:27.720 --> 0:15:30.320
<v Speaker 3>I don't think it's an immediate thing for the ski industry.

0:15:30.360 --> 0:15:33.160
<v Speaker 3>I think it's certainly important that we'd be dealing with

0:15:33.200 --> 0:15:36.640
<v Speaker 3>it and addressing it, and in our company, recyclability of

0:15:36.680 --> 0:15:40.000
<v Speaker 3>the skis is a huge part of the technology we're

0:15:40.040 --> 0:15:42.600
<v Speaker 3>working with as well. So, you know, I think I

0:15:42.640 --> 0:15:44.920
<v Speaker 3>don't see it being a massive problem. But you are

0:15:44.960 --> 0:15:46.880
<v Speaker 3>going to have years like this year where it's been

0:15:46.960 --> 0:15:48.800
<v Speaker 3>really tough at the beginning of the season's been tough

0:15:48.800 --> 0:15:49.280
<v Speaker 3>for But do.

0:15:49.240 --> 0:15:52.520
<v Speaker 2>You innovate differently? Body, do you make different types of

0:15:52.560 --> 0:15:57.160
<v Speaker 2>skis because of maybe more man made snow just quickly, No.

0:15:57.040 --> 0:15:57.480
<v Speaker 4>Not really.

0:15:57.520 --> 0:15:59.960
<v Speaker 3>I mean you think a man made snow is on piece,

0:16:00.880 --> 0:16:02.760
<v Speaker 3>you know, and then there's off these skis. And yes,

0:16:02.800 --> 0:16:05.200
<v Speaker 3>the trend has been going much wider. So we certainly

0:16:05.320 --> 0:16:08.160
<v Speaker 3>address that end of the market where it's on groomers

0:16:08.160 --> 0:16:11.560
<v Speaker 3>on these skis. But the reality is there's a huge

0:16:11.560 --> 0:16:12.680
<v Speaker 3>demand across the board.

0:16:12.840 --> 0:16:15.240
<v Speaker 1>Right, Hey, Andy, we got about thirty seconds left. I

0:16:15.240 --> 0:16:17.000
<v Speaker 1>want to give you the last word here and just

0:16:17.080 --> 0:16:19.320
<v Speaker 1>ask you what's top of mind as we begin the

0:16:19.440 --> 0:16:21.960
<v Speaker 1>year here and you guys are trying to build this company.

0:16:23.080 --> 0:16:24.960
<v Speaker 5>I appreciate that, Tim, and it got to augment with

0:16:25.040 --> 0:16:27.800
<v Speaker 5>point here is that the climate change matter is something

0:16:27.840 --> 0:16:31.360
<v Speaker 5>that's an exigent threat for us overall. And what we

0:16:31.440 --> 0:16:33.920
<v Speaker 5>do is number one, we reduce our footprint. Number Two,

0:16:33.960 --> 0:16:36.600
<v Speaker 5>we're doing everything we can with this process to actually

0:16:36.600 --> 0:16:39.640
<v Speaker 5>localize where skis are made. And so that's a pretty

0:16:39.640 --> 0:16:43.960
<v Speaker 5>substantial contribution in favor of that. But relative to Peak

0:16:43.960 --> 0:16:46.480
<v Speaker 5>and what we're doing, I emphasize the fact that we

0:16:46.520 --> 0:16:50.480
<v Speaker 5>have Body and he's got this brilliant mental level, creative

0:16:50.560 --> 0:16:53.440
<v Speaker 5>mind that is unique. It's almost like Chuck Yeger working

0:16:53.800 --> 0:16:57.000
<v Speaker 5>it's Lucky Martin on the Mack capable airplane back in

0:16:57.000 --> 0:16:59.400
<v Speaker 5>the forties. He's got this unique ability to be an

0:16:59.400 --> 0:17:02.760
<v Speaker 5>engineer but at the same time put those skis on

0:17:02.840 --> 0:17:05.120
<v Speaker 5>snow that enables us to take up this whole own.

0:17:05.119 --> 0:17:06.760
<v Speaker 2>It's a nice compliment, very cool.

0:17:07.000 --> 0:17:08.879
<v Speaker 1>Thank you guys for joining us. Andy Warz, CEO and

0:17:08.920 --> 0:17:11.679
<v Speaker 1>President of Peak Ski Company and Vody Miller, Olympic and

0:17:11.680 --> 0:17:14.600
<v Speaker 1>World Championship gold medalist and Chief Innovation Officer at Peak

0:17:14.640 --> 0:17:14.880
<v Speaker 1>Ski