Six Flags Entertainment Corp (FUN) 2023 Q4 法說會逐字稿

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cedar Fair Entertainment Company 2023 Fourth Quarter Earnings Call. (Operator Instructions)

謝謝你的支持。我叫丹妮卡，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Cedar Fair Entertainment Company 2023 年第四季財報電話會議。 （操作員說明）

Thank you. I would now like to turn the call over to Michael Russell. Please go ahead.

謝謝。我現在想把電話轉給麥可·拉塞爾。請繼續。

Thanks, Danica. Good morning to everyone. Welcome to today's earnings call to review our 2023 fourth quarter and full year results for the period ended December 31. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is available under the News tab of our investors website at ir.cedarfair.com. On the call with me this morning are Cedar Fair's CEO, Richard Zimmerman; and Brian Witherow, our Chief Financial Officer.

謝謝，丹妮卡。各位早安。歡迎參加今天的財報電話會議，回顧我們截至12 月31 日的2023 年第四季度和全年業績。今天早上早些時候，我們透過通訊社發布了我們的財報新聞稿，您可以在我們投資者網站的「新聞」標籤下查看該新聞稿的副本在 ir.cedarfair.com。今天早上與我通話的是 Cedar Fair 的執行長 Richard Zimmerman；以及我們的財務長 Brian Witherow。

Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meaning of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of those risks, you may refer to the company's filings with the SEC.

在我們開始之前，我需要提醒您，本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。這些陳述可能涉及風險和不確定性，可能導致實際結果與此類陳述中描述的結果不同。有關這些風險的更詳細討論，您可以參考該公司向 SEC 提交的文件。

In compliance with the SEC's Regulation FD, this webcast is being made available to the media and the general public as well as analysts and investors. Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content on this call will be considered fully disclosed.

根據 SEC 的 FD 法規，該網路廣播將向媒體、公眾以及分析師和投資者開放。由於網路廣播向所有選民開放，事先通知已被廣泛且無選擇性地傳播，因此本次電話會議的所有內容將被視為已完全披露。

Before I begin, I want to reiterate that the purpose of today's call is to discuss 2023 fourth quarter and full year results and answer related questions. During Q&A today, management will not be taking questions about the proposed merger with Six Flags.

在開始之前，我想重申，今天電話會議的目的是討論2023年第四季和全年業績並回答相關問題。在今天的問答中，管理層不會回答有關與六旗擬議合併的問題。

With that, I'd like to introduce our CEO, Richard Zimmerman. Richard?

接下來，我想介紹一下我們的執行長理查德·齊默爾曼 (Richard Zimmerman)。理查德？

Thank you, Michael. Good morning, and thanks to everyone for joining us today. We're excited to be here today to discuss another very solid performance by Cedar Fair in 2023, including a record performance over the second half of the year. But before we review our results, let me briefly bring everyone up to speed regarding where we stand in terms of the proposed merger with Six Flags.

謝謝你，麥可。早安，感謝大家今天加入我們。我們很高興今天能在這裡討論 Cedar Fair 在 2023 年的另一個非常出色的表現，包括下半年創紀錄的表現。但在我們回顧我們的結果之前，讓我簡要地向大家介紹一下我們在與六旗擬議合併方面的立場。

I am pleased to say that we passed a key milestone at the end of January when the S-4 was declared effective and the related definitive documents were subsequently filed, including the Six Flags proxy statement and prospectus. Meanwhile, we continue to work through the antitrust approval process after receiving a second request from the Department of Justice on January 22. This was an anticipated part of the process that our respective teams have prepared for. And we continue to expect the transaction to close within the first half of the year as originally contemplated.

我很高興地說，我們在一月底實現了一個重要的里程碑，當時 S-4 被宣布生效，隨後提交了相關的最終文件，包括六旗代理聲明和招股說明書。同時，在 1 月 22 日收到司法部的第二次請求後，我們繼續完成反壟斷審批流程。這是我們各自團隊已準備好的流程的預期部分。我們仍然預計該交易將按照最初的預期在今年上半年內完成。

Since announcing the proposed merger in early November, we have engaged in many conversations with Cedar Fair unitholders as well as the broader investment community. And we are encouraged by the strong support we've heard from many investors. We look forward to closing the transaction in the coming months and unlocking the compelling value creation opportunities ahead for our combined company, which we are confident are greater than either company could have achieved independently. Naturally, as this process moves forward, we will keep the market apprised of other material events.

自 11 月初宣布擬議合併以來，我們與 Cedar Fair 單位持有人以及更廣泛的投資界進行了多次對話。許多投資者的大力支持令我們深受鼓舞。我們期待在未來幾個月內完成交易，並為合併後的公司釋放令人信服的價值創造機會，我們相信這比任何一家公司單獨實現的價值都要大。當然，隨著這項進程的推進，我們將隨時向市場通報其他重大事件。

Now let's move on to 2023 results and our outlook for the year ahead. I am pleased to report that Cedar Fair capped off an outstanding second half of the year with a record fourth quarter performance, including new fourth quarter highs in attendance, net revenues and adjusted EBITDA. As we have seen before, the 2023 operating season was a tale of two halves. By mid-season, the effects created by anomalous macro factors, namely unprecedented rainfall in California and uncontrolled wildfires in Canada, resulted in shortfalls in early season attendance and spring season pass sales, which posed a challenge to our potential full year results.

現在讓我們來看看 2023 年的業績以及我們對未來一年的展望。我很高興地向大家報告，Cedar Fair 憑藉創紀錄的第四季度業績，包括第四季度的參觀人數、淨收入和調整後 EBITDA 創下新高，為今年下半年的出色表現畫上了圓滿的句號。正如我們之前所見，2023 年營運季分為兩半。到了季節中期，異常宏觀因素（即加州前所未有的降雨和加拿大不受控制的山火）造成的影響，導致早期季節入場人數和春季季票銷售不足，這對我們的全年業績構成了挑戰。

Consequently, we modestly adjusted ticket pricing at several key parks while also investing more in our advertising and promotional campaigns. Along with return to more normal weather conditions, these mid-season adjustments were successful in generating incremental demand and led to a 3% increase in attendance over the balance of the season, recouping a meaningful portion of our early season deficit.

因此，我們適度調整了幾個主要公園的門票價格，同時增加了廣告和促銷活動的投資。隨著天氣條件的恢復，這些季中調整成功地增加了需求，並導致整個季節剩餘時間的觀眾人數增加了 3%，彌補了我們早期季節赤字的很大一部分。

In an effort to drive greater flow-through from the revenues we generated, we also remain laser-focused on identifying new cost efficiencies. While there is still more work to be done in this area, we were pleased that we achieved our goal of reducing second half operating costs and expenses from 2022 levels and improving adjusted EBITDA margins over the last 6 months of the year. As we have previously stated, our best opportunity to streamline cost and drive margin expansion resides in each year's second half, when operating costs are the most variable and attendance and revenues are at their peak.

為了從我們產生的收入中推動更大的流通，我們也繼續專注於確定新的成本效率。儘管在這一領域還有更多工作要做，但我們很高興實現了在 2022 年水準的基礎上降低下半年營運成本和費用並提高今年最後 6 個月調整後 EBITDA 利潤率的目標。正如我們之前所說，我們精簡成本和推動利潤擴張的最佳機會在於每年下半年，此時營運成本變化最大，而上座率和收入也達到頂峰。

Before I ask Brian to review our financial results in more detail, I want to take just a few minutes to elaborate on the value of several intangibles of our business model that are often overlooked yet extremely important to our ongoing success.

在我請布萊恩更詳細地審查我們的財務表現之前，我想花幾分鐘時間詳細闡述我們商業模式中幾個無形資產的價值，這些無形資產經常被忽視，但對我們持續的成功極為重要。

First is resiliency. Our historical track record of quickly recovering from macro disruptions is a testament to the resiliency of our business model. Cedar Fair's resiliency is grounded in our ability to dynamically manage resources, market our unique brand of entertainment and deliver a diversity of engaging experiences that drive demand through market cycles.

首先是韌性。我們從宏觀幹擾中快速恢復的歷史記錄證明了我們業務模式的彈性。 Cedar Fair 的彈性源自於我們動態管理資源、行銷我們獨特的娛樂品牌以及提供多樣化的引人入勝的體驗的能力，從而推動整個市場週期的需求。

This has allowed us to navigate downturns in our industry as evidenced by our recoveries from the Great Recession and the recent pandemic. This past season is just the most recent example of how our resiliency played a key role in driving record second half performance after macro factors weighed on first half results and our plans to produce another record year.

這使我們能夠渡過行業低迷時期，我們從大衰退和最近的大流行中恢復過來就證明了這一點。上個賽季只是最新的例子，說明在宏觀因素影響上半年業績和我們計劃再創紀錄的一年之後，我們的韌性如何在推動下半年業績創紀錄方面發揮了關鍵作用。

Second is our ability to sustain performance. For more than a century and a half, Cedar Fair and its iconic collection of parks have delivered sustained performance. This resides in the irresistible consumer appeal created by our unique outdoor attractions that draw millions of guests to our parks each year as they have for decades.

其次是我們維持業績的能力。一個半世紀以來，雪松博覽會及其標誌性公園系列一直保持著持續的表現。這源自於我們獨特的戶外景點所產生的不可抗拒的消費者吸引力，幾十年來，每年都吸引數百萬遊客來到我們的公園。

We leverage our expertise and the economic value produced by the resilient demand for our parks to generate exceptional amounts of free cash flow, much of which is invested back into our properties to drive future growth. Executed well, this time-tested approach is at the heart of Cedar Fair's sustained durability.

我們利用我們的專業知識和對公園的彈性需求所產生的經濟價值，產生大量的自由現金流，其中大部分投資回我們的物業，以推動未來的成長。如果執行得當，這種經過時間考驗的方法是 Cedar Fair 持續耐用的核心。

The appeal of our parks and all they have to offer has withstood the test of time. Since the founding of our flagship park, Cedar Point, in 1870, our company has built upon a rich history of delivering happiness and excitement to multiple generations of families. Our parks are woven into the fabric of their local communities, providing tens of thousands of good-paying jobs as well as economic prosperity for neighboring businesses and local governments. Therefore, we take seriously our role as custodians of a unique collection of historic parks and our obligation to preserve their integrity for the generations to come.

我們公園的吸引力及其所提供的一切都經受住了時間的考驗。自從我們的旗艦公園 Cedar Point 於 1870 年成立以來，我們公司已經積累了豐富的歷史，為多代家庭帶來幸福和興奮。我們的園區融入了當地社區的結構，為鄰近企業和地方政府提供了數以萬計的高薪就業機會以及經濟繁榮。因此，我們認真對待我們作為一系列獨特歷史公園的管理者的角色，以及我們為子孫後代保護其完整性的義務。

And third is stability. Our culture is rooted in stability, supported by the most experienced senior leadership team among the regional amusement park players. Industry experience also runs deep among our regional VPs and general managers, responsible for overseeing and managing the day-to-day operations at our park.

第三是穩定性。我們的文化植根於穩定，並得到地區遊樂園參與者中最有經驗的高階領導團隊的支持。我們的區域副總裁和總經理也擁有深厚的產業經驗，負責監督和管理園區的日常營運。

Fundamentally, we also have a healthy, stable business. Our balance sheet is solid. We can fund the company's capital needs. And if we see attractive opportunities, we have the capacity and financial flexibility to pursue them. Helping to drive that economic stability is the growth of our recurring, predictable revenue streams, the existence of which instills confidence in our long-term strategic plan and capital allocation strategies.

從根本上來說，我們的業務也是健康、穩定的。我們的資產負債表穩健。我們可以滿足公司的資金需求。如果我們看到有吸引力的機會，我們就有能力和財務靈活性來追求它們。我們經常性、可預測的收入流的成長有助於推動經濟穩定，這種收入流的存在為我們的長期策略計畫和資本配置策略注入了信心。

With that, I'll turn the call over to Brian, after which I'll return with a few closing thoughts around our outlook for the business. Brian?

說完，我會將電話轉給布萊恩，然後我會帶著一些關於我們業務前景的總結性想法回來。布萊恩？

Thanks, Richard, and good morning. I'll start off with a review of our record fourth quarter performance before providing a more detailed recap of our full year results.

謝謝理查德，早安。我將先回顧我們創紀錄的第四季業績，然後再更詳細地回顧我們的全年業績。

During the quarter, our parks had 377 total operating days with 1 additional day compared with the fourth quarter of 2022. During the period, we generated record net revenues of $371 million, up $5 million or 1% compared to the fourth quarter of 2022. Our improved performance was driven by a 9% increase in attendance to 5.8 million guest visits and a 7% increase in out-of-park revenues.

本季度，我們的樂園總營運天數為377 天，與2022 年第四季相比增加了1 天。在此期間，我們創造了創紀錄的淨收入3.71 億美元，比2022 年第四季增加了500 萬美元，增幅為1%。我們業績的改善得益於遊客人數增加 9% 至 580 萬人次以及園區外收入增加 7%。

The increase in out-of-park revenues was the result of the continued strong performance of our resort properties, incremental sponsorship business and higher revenues at the Knott's Marketplace. The increase in attendance reflects the robust demand for our extremely popular events, including Haunts and WinterFest as well as increased season pass visitation tied to the strong early sales of 2024 passes.

公園外收入的增加是由於我們的度假村物業持續強勁的表現、贊助業務的增量以及諾氏市場收入的增加。出席人數的增加反映了對我們極受歡迎的活動（包括 Haunts 和 WinterFest）的強勁需求，以及與 2024 年通行證早期銷售強勁相關的季通行證訪問量的增加。

Partially offsetting the growth in attendance and out-of-park revenues was a 7% decrease in, in-park per capita spending during the quarter. The decline in per capita spending was attributable to a decrease in admission spending, reflecting the mid-year pricing adjustments we made as well as the recovery of lower-priced attendance channels in the quarter and a shift in attendance mix.

本季園區內人均支出下降 7%，部分抵銷了遊客數量和園區外收入的成長。人均支出的下降是由於入場支出的減少，反映出我們進行的年中定價調整以及本季低價入場管道的恢復和入場組合的轉變。

Moving to the fourth quarter cost front. Operating costs and expenses in the period totaled $307 million, up $21 million compared to the fourth quarter of 2022. The period-over-period increase was primarily attributable to $17 million of transaction costs related to the proposed merger with Six Flags. These costs have been classified as SG&A expenses.

轉向第四季成本前沿。該期間的營運成本和支出總計 3.07 億美元，比 2022 年第四季增加 2,100 萬美元。年成長主要歸因於與六旗擬議合併相關的 1,700 萬美元交易成本。這些成本已歸類為 SG&A 費用。

Excluding the merger-related costs, total operating costs and expenses for the quarter increased $4 million or 1% due entirely to higher SG&A expense. The increase in SG&A expense reflects higher full-time wages as well as higher planned spending on advertising during the period.

不包括合併相關成本，該季度的總營運成本和費用增加了 400 萬美元，即 1%，這完全是由於 SG&A 費用增加所致。 SG&A 費用的增加反映了全職工資的增加以及在此期間計劃的廣告支出的增加。

Adjusted EBITDA, which management believes is a meaningful measure of the company's park-level operating results, increased $1 million to a record $89 million in the fourth quarter while fourth quarter margin remained essentially flat to prior year at 24%.

管理層認為，調整後的EBITDA 是衡量公司園區級營運表現的一個有意義的指標，該調整後的EBITDA 在第四季度增加了100 萬美元，達到創紀錄的8,900 萬美元，而第四季度的利潤率與去年同期基本持平，為24%。

Shifting our focus to full year results. Operating days in 2023 totaled 2,365 compared with 2,302 operating days in 2022. The 63 incremental days were the result of 80 net planned days added to our park operating calendars in 2023, largely in the first half of the year. These planned incremental days were partially offset by 17 operating days that were canceled during the year due to inclement weather.

將我們的注意力轉向全年業績。 2023 年的營運天數總計為 2,365 天，而 2022 年為 2,302 天。增加的 63 天是 2023 年公園營運日曆中淨增加 80 天的結果，主要是在今年上半年。這些計劃增加的天數被年內因惡劣天氣而取消的 17 個營業日部分抵消。

For the full year, net revenues totaled $1.8 billion on attendance of 26.7 million guests compared with net revenues of $1.82 billion on attendance of 26.9 million guests in 2022. The decrease in net revenues reflects the impact of a 1% or 247,000 visit decline in attendance and a 1% or $0.60 decrease in, in-park per capita spending. These declines in attendance and per capita spending were offset in part by a 5% or $10 million increase in out-of-park revenues.

全年淨收入總計18 億美元，出席人數為2,670 萬名賓客，而2022 年淨收入為18.2 億美元，出席人數為2,690 萬名賓客。淨收入的下降反映了出席人數下降1%（即247,000 人次）的影響公園內人均支出減少 1%，即 0.60 美元。遊客數量和人均支出的下降被園區外收入增加 5%（即 1000 萬美元）部分抵消。

The year-over-year decline in attendance reflects the impact of a decrease in season pass sales and lower demand during the first half of the year due to the extreme weather, particularly at our California parks. The decline in per capita spending was largely attributable to the previously discussed decrease in admission spending, which was partially offset by higher levels of guest spending on food and beverage. The improvement in guest spending on F&B was driven by increases in both the number of transactions per guests and the average transaction value, reflecting the impact of continued investments in our food and beverage offerings.

遊客人數較去年同期下降反映了上半年季票銷售下降和極端天氣導致需求下降的影響，尤其是在我們的加州公園。人均支出的下降主要歸因於先前討論的入場支出的減少，但部分被客人在食品和飲料上的支出水平較高所抵消。客人在餐飲上的支出的改善是由每位客人的交易數量和平均交易價值的增加所推動的，反映了我們對食品和飲料產品的持續投資的影響。

Moving on to the cost front for the full year. In 2023, operating costs and expenses totaled $1.32 billion compared with $1.29 billion in 2022. The year-over-year increase was primarily attributable to $22 million of transaction costs related to the proposed merger with Six Flags. Excluding these merger-related costs, total operating costs and expenses for the year increased $5 million, up less than 1%. This year-over-year increase was the result of a $14 million increase in SG&A expense, which was partially offset by a $4 million decrease in cost of goods sold and a $4 million decrease in operating expenses.

接下來是全年的成本方面。 2023 年，營運成本和費用總計 13.2 億美元，而 2022 年為 12.9 億美元。年成長主要歸因於與六旗擬議合併相關的 2,200 萬美元交易成本。排除這些與合併相關的成本，全年總營運成本和開支增加了 500 萬美元，增幅不到 1%。這一同比增長是由於 SG&A 費用增加了 1400 萬美元，但部分被銷售成本減少 400 萬美元和營運費用減少 400 萬美元所抵消。

The decrease in operating expenses was primarily driven by cost savings initiatives that led to reductions in seasonal labor hours and in-park entertainment costs. These cost savings were somewhat offset by 6 incremental months of land lease expense at California's Great America, higher early season maintenance costs at several parks and increased insurance-related costs. The increase in SG&A expense was primarily attributable to higher planned advertising during 2023.

營運費用的下降主要是由於成本節約措施導致季節性工時和公園內娛樂成本的減少。這些成本節省在一定程度上被加州大美洲公園 6 個月增量的土地租賃費用、多個公園早期季節維護成本增加以及保險相關成本增加所抵消。 SG&A 費用的增加主要歸因於 2023 年計畫廣告的增加。

Looking a little more deeply at operating costs for a moment. As Richard mentioned, we remain focused on reducing operating costs and improving margins. This past year, these efforts including taking variable costs out of the system when attendance levels were below expectations as well as setting the stage for reimagining how we program and staff our parks in order to capture more permanent savings.

更深入地研究一下營運成本。正如理查德所提到的，我們仍然專注於降低營運成本和提高利潤率。去年，這些努力包括在遊客數量低於預期時將可變成本從系統中剔除，以及為重新構想公園的規劃和人員配備奠定基礎，以實現更持久的節省。

Over the second half of the year, these efforts led to a $22 million year-over-year reduction in operating expenses. We made these adjustments while still entertaining nearly 600,000 more guests during that time. Our cost-saving efforts, combined with record revenues, led to a 210 basis point expansion in adjusted EBITDA margin over the second half of the year. The reduction in second half operating cost was primarily driven by efficiencies in operating supplies and entertainment costs as well as reductions in both seasonal and full-time labor.

下半年，這些努力使營運費用比去年同期減少了 2,200 萬美元。我們在做出這些調整的同時，仍接待了近 60 萬名客人。我們節省成本的努力加上創紀錄的收入，導致下半年調整後 EBITDA 利潤率擴大了 210 個基點。下半年營運成本的下降主要是由於營運供應和娛樂成本的效率以及季節性和全職勞動力的減少。

Over the second half of the year, our park teams reduced total seasonal labor hours by more than 550,000 hours while our average seasonal labor rate was up a modest 1%. The changes we have made to our seasonal pay structure continued to help flatten the growth curve around labor rates, which is particularly important given that seasonal labor rates -- our seasonal labor represents our single-largest operating cost.

下半年，我們的園區團隊將季節性勞動總時間減少了超過 55 萬小時，而平均季節性勞動率小幅上升了 1%。我們對季節性工資結構所做的改變繼續幫助拉平圍繞勞動力價格的成長曲線，考慮到季節性勞動力價格（我們的季節性勞動力代表了我們最大的單一營運成本），這一點尤其重要。

For the full year, our average 2023 seasonal labor rate was up 2% from last year, in line with expectations coming into the year. The recent success of our cost-saving measures gives us confidence going forward that we have the right strategies in place to drive incremental operating efficiencies and expand margins while still delivering a park experience that meets the demands and expectations of our guests.

就全年而言，我們 2023 年的平均季節性勞動比率比去年上升 2%，符合今年的預期。我們最近在成本節約措施方面取得的成功讓我們對未來充滿信心，因為我們制定了正確的策略來提高營運效率並擴大利潤，同時仍提供滿足客人需求和期望的公園體驗。

On the adjusted EBITDA front, for the full year, adjusted EBITDA totaled $528 million compared to $552 million in 2022. The $24 million decrease was primarily attributable to the year-over-year decreases in attendance and net revenues and, to a lesser extent, by the higher advertising, land lease and insurance-related costs in 2023.

在調整後 EBITDA 方面，全年調整後 EBITDA 總額為 5.28 億美元，而 2022 年為 5.52 億美元。減少 2,400 萬美元主要是由於出席人數和淨收入同比下降，其次是由於2023 年廣告、土地租賃和保險相關成本增加。

Now turning to the balance sheet. We ended the year with $65 million in cash on hand, no outstanding borrowings under our revolving credit facility and total net leverage just above our stated goal of 4x. Including our cash on hand and the available capacity under our revolver, we ended 2023 with total liquidity of $345 million, an adequate level to cover near-term cash needs.

現在轉向資產負債表。截至年底，我們手頭現金為 6500 萬美元，循環信貸安排下沒有未償還借款，總淨槓桿率略高於我們既定的 4 倍目標。包括我們的手頭現金和左輪手槍的可用容量，截至 2023 年，我們的流動性總額為 3.45 億美元，足以滿足近期現金需求。

I want to look at long lead business indicators for just a moment. As Richard previously mentioned, the early trends in sales of season pass products have been strong while group bookings and reservations at our resort properties are pacing in line with expectations. Our total deferred revenue balance at the end of the year was $192 million, representing an increase of $19 million compared to deferred revenues at the end of 2022. Through the end of January, sales of 2024 season passes were up approximately $16 million, driven by a 20% increase in unit sales.

我想暫時看一下長期領先業務指標。正如理查德之前提到的，季票產品的早期銷售趨勢一直強勁，而我們度假村飯店的團體預訂和預訂成長符合預期。我們年底的遞延收入餘額總額為 1.92 億美元，與 2022 年底的遞延收入相比增加了 1,900 萬美元。截至 1 月底，2024 年季票的銷售額增長了約 1,600 萬美元，其中銷量增加20% 。

The increase in units sold was somewhat offset by a decline in the average pass price, which reflects our pricing strategy aimed at building unit volume in the early months of the program as well as a shift in the mix of passes sold. With more than half of our season pass sales cycle remaining, including the spring window that accounts for close to 50% of total sales, we remain focused on maintaining the strong demand trends we've established to date.

銷售數量的增加在一定程度上被平均通行證價格的下降所抵消，這反映了我們旨在在計劃的最初幾個月增加單位數量的定價策略以及銷售通行證組合的變化。由於我們的季票銷售週期還剩下一半以上，其中包括佔總銷售額近 50% 的春季窗口，我們仍然致力於維持迄今為止建立的強勁需求趨勢。

Regarding our CapEx program, this past year, we spent $220 million on CapEx, including investments in new rides and attractions, upgraded and expanded food and beverage facilities and renovations to the Knott's Hotel. By comparison, we project investing between $210 million and $220 million on capital projects in calendar year 2024. Additionally, for modeling purposes, we are projecting full year 2024 cash interest payments of $140 million to $150 million and full year cash taxes of $50 million to $60 million.

關於我們的資本支出計劃，去年，我們在資本支出上花費了 2.2 億美元，包括投資新遊樂設施和景點、升級和擴建餐飲設施以及對納氏酒店進行翻修。相較之下，我們預計2024 年日曆年的資本項目投資將在2.1 億至2.2 億美元之間。此外，出於建模目的，我們預計2024 年全年現金利息支付為1.4 億至1.5 億美元，全年現金稅為5,000 萬美元。6 千萬美元。

Finally, I want to provide an update on our planned operating days for 2024. After carefully evaluating demand levels and our performance this past year, we've made the strategic decision to condense our operating calendars at several parks as we look to concentrate attendance over fewer days and drive better operating efficiency. The changes that are being implemented will primarily reduce operating days in the first 2 quarters, most notably at our small to mid-tier parks.

最後，我想提供有關2024 年計劃運營日的最新資訊。在仔細評估了去年的需求水平和我們的表現之後，我們做出了戰略決策，將壓縮幾個公園的運營日曆，因為我們希望將遊客集中在更少的天數並提高營運效率。正在實施的變革將主要減少前兩個季度的營運天數，尤其是在我們的中小型公園。

In total, we are currently planning for 2,253 operating days in 2024 or 112 fewer days than in 2023. For additional modeling purposes, the breakdown of planned operating days by quarter, which will be impacted by natural shifts in the timing of holidays as well as by shifts in the timing of our fiscal quarter ends, are as follows: 119 days in the first quarter, 803 days in the second quarter, 998 days in the third quarter and 333 days in the fourth quarter.

總體而言，我們目前計劃 2024 年的營運天數為 2,253 天，比 2023 年減少 112 天。出於額外建模目的，按季度細分計劃運營天數，這將受到假期時間自然變化以及按我們財政季度結束時間的變化，情況如下：第一季119 天，第二季803 天，第三季998 天，第四季333 天。

Despite the fewer operating days in 2024, we are confident we have the plans and initiatives in place to build on the momentum we established over the second half of 2023, pushing attendance at our parks back closer to 2019 pre pandemic levels.

儘管2024 年的營運天數有所減少，但我們相信我們已經制定了計劃和舉措，以鞏固我們在2023 年下半年建立的勢頭，將我們公園的遊客量推回到接近2019 年大流行前的水平。

With that, I'd like to turn the call back over to Richard.

說到這裡，我想把電話轉回理查。

Thanks, Brian. While somewhat disappointed by the way 2023 began, as I hope you can tell from our comments this morning, we are extremely pleased with our performance over the second half of the year and even more excited about the opportunities we believe can build on that momentum in 2024.

謝謝，布萊恩。雖然對2023 年的開始方式有些失望，但正如我希望您能從我們今天早上的評論中看出的那樣，我們對下半年的表現非常滿意，並且對我們相信可以在這一勢頭的基礎上再接再厲的機會感到更加興奮。2024 年。

Our positive outlook continues to be shaped by several factors. First, Consumer demand for amusement park entertainment remains strong and is pacing to soon surpass pre-pandemic attendance levels, an observation supported by our consumer research as well as our record second half performance in 2023 and the strong early trends in our long lead indicators, like 2024 season pass sales.

我們的正面前景持續受到多種因素的影響。首先，消費者對遊樂園娛樂的需求仍然強勁，並且很快就會超過大流行前的參觀水平，這一觀察結果得到了我們的消費者研究、我們2023 年下半年創紀錄的業績以及我們長期領先指標的強勁早期趨勢的支持，例如 2024 年季票銷售。

Second, in 2024, we are set to unveil one of our most compelling and broadest-reaching capital programs ever. We are especially excited about the debut of Cedar Point's Top Thrill 2, a project several years in the making and one that is certain to be one of the industry's most unique and anticipated new rides of the year.

其次，我們將在 2024 年推出有史以來最引人注目、影響最廣泛的資本計畫之一。我們對 Cedar Point 的 Top Thrill 2 的首次亮相感到特別興奮，該項目經過數年的製作，肯定會成為業內今年最獨特和最受期待的新遊樂設施之一。

Our investments in world-class assets like TT2 place Cedar Fair on the amusement industry's leading edge of roller coaster technology and continue to build on our heritage of delivering thrills unlike any other. Although TT2's massive presence at our flagship park will certainly steal this year's headlines, we are also introducing an incredible lineup of new attractions, dining and resort options across our entire portfolio of properties.

我們對 TT2 等世界級資產的投資使 Cedar Fair 處於遊樂行業過山車技術的領先地位，並繼續發揚我們提供與眾不同的刺激體驗的傳統。儘管 TT2 在我們旗艦公園的大量亮相肯定會成為今年的頭條新聞，但我們也在我們的整個酒店組合中推出了一系列令人難以置信的新景點、餐飲和度假村選擇。

Third, with each new season, we leverage more business intelligence and data analytics to inform our decision-making processes. As evidenced this past year by our agility, these expanded capabilities help set strategies that drive revenue growth and uncover operating efficiencies that reduce cost and increase profitability.

第三，在每個新季節，我們都會利用更多的商業智慧和數據分析來為我們的決策流程提供資訊。正如我們去年的敏捷性所證明的那樣，這些擴展的功能有助於制定推動收入成長的策略，並提高營運效率，從而降低成本並提高獲利能力。

And lastly, I would emphasize few reporting periods have been impacted by macro factors as much as the first half of 2023. Under normalized operating conditions, this should translate into a comparative tailwind and a stronger first half in 2024. With Mother Nature hopefully on our side, we are excited about our prospects for delivering a solid start to the year, coupled with an outstanding game plan for the peak season and the proven strength of our all-important second half.

最後，我要強調的是，很少有報告期像2023 年上半年那樣受到宏觀因素的影響。在正常化的營運條件下，這應該會轉化為2024 年上半年的相對順風和更強的勢頭。希望大自然能夠幫助我們實現這一目標。另一方面，我們對今年的良好開局前景感到興奮，加上旺季的出色比賽計劃以及我們最重要的下半年的證明實力。

We are fortunate to have a business model that has demonstrated resiliency and strength in varying economic and market conditions. I am encouraged with how effectively our mid-season strategic decisions drove performance over the second half of the year. While we continue to work to get demand back to pre-pandemic levels and, at the same time, operate our parks more efficiently, we believe we are well positioned to deliver another outstanding year in 2024 and remain laser-focused on delivering solid returns for our investors.

我們很幸運擁有一個在不同的經濟和市場條件下都表現出彈性和實力的商業模式。我們的季中策略決策有效地推動了下半年的業績，這讓我深受鼓舞。雖然我們繼續努力使需求恢復到大流行前的水平，同時更有效地運營我們的公園，但我們相信我們有能力在 2024 年再創輝煌，並繼續專注於為遊客帶來豐厚的回報我們的投資者。

As a reminder, we have no further updates on the merger beyond what I shared at the beginning of the call today. We ask that you keep your questions focused on our performance and our results.

提醒一下，除了我在今天電話會議開始時分享的內容之外，我們沒有關於合併的進一步更新。我們要求您將問題集中在我們的表現和結果上。

Danica, that's the end of our prepared remarks. Please open up the call for questions.

丹妮卡，我們準備好的演講就到此結束。請打開電話提問。

(Operator Instructions) Your first question comes from the line of James Hardiman with Citi.

（操作員說明）您的第一個問題來自花旗銀行的 James Hardiman。

So my question was going to be, do you think you've turned the corner in terms of attendance following the fourth quarter? But Richard, you said -- it sounds like the answer is yes based on one of the -- your final comments there that you thought that demand is soon going to outpace 2019. I'm assuming by demand, we mean attendance. I guess, if I look at the numbers, you were down about 5% versus 2019 in 2023. Do you think -- so it would take 5% attendance growth to get back there. Do you think that's in the cards, I guess, weather permitting?

所以我的問題是，你認為第四季之後你的上座率是否已經好轉了？但是理查德，你說——聽起來答案是肯定的，基於你最後的評論之一——你認為需求很快就會超過 2019 年。我假設需求是指出席率。我想，如果我看一下這些數字，到 2023 年，與 2019 年相比，下降了約 5%。您是否認為，需要 5% 的出席率增長才能回到這個水平。我想，如果天氣允許的話，你認為這有可能嗎？

I would say -- thanks for the question. When you look at what we did over the second half of the year and the strong demand, the ability to generate significant revenue in what is already our biggest period of the year and in particular, in the fourth quarter, we always talk about the strength of Halloween and we always talk about the strength we saw in WinterFest. And that showed through this year.

我想說——謝謝你的提問。當你看到我們下半年所做的事情以及強勁的需求，在我們今年最大的時期，特別是第四季度創造大量收入的能力時，我們總是談論實力萬聖節期間，我們總是談論在冬季節中看到的力量。今年這一點就得到了體現。

The fact that we really were able to push through 2019's level, the highest attendance in the fourth quarter, this year in 2023 says I think we have turned the corner. And I think while there's always been a great deal of focus from the sell-side community on the strength of the consumer, we're seeing really strong demand across all of our regions.

事實上，我們確實能夠在 2023 年突破 2019 年的水平，即第四季度的最高上座率，這表明我認為我們已經渡過了難關。我認為，雖然賣方社群一直非常關註消費者的實力，但我們看到我們所有地區的需求都非常強勁。

We saw the recovery in Southern California, particularly in the second half of the year. We had an extremely strong year, which we commented on, in the Ohio Valley. And we commented on that throughout the last couple of calls. So we do think where there is no extraneous factor like weather, we're seeing really strong demand.

我們看到南加州的復甦，特別是在下半年。我們在俄亥俄河谷度過了非常強勁的一年，對此我們進行了評論。我們在最近幾次電話會議中對此發表了評論。因此，我們確實認為，在沒有天氣等無關因素的情況下，我們會看到非常強勁的需求。

Got it. So you're -- it sounds like we're taking a wait and see, but you feel pretty good, fair?

知道了。所以你——聽起來我們正在觀望，但你感覺很好，公平嗎？

We are confident in the demand that we're seeing. And it's supported both -- as I said in my remarks, both by our research and what we're seeing in our leading indicators.

我們對所看到的需求充滿信心。正如我在演講中所說，我們的研究和我們在領先指標中看到的情況都支持了這一點。

Got it. And then Brian, I'm trying to figure out a smart way to ask this question. But I can't remember if it was the second quarter or the third quarter, when you initially talked about sort of getting that base layer of season pass sales on the books and then you would lean into price after that. And it seems like in a lot of ways, that played out here in the second half, particularly the fourth quarter.

知道了。然後布萊恩，我正在嘗試找出一個聰明的方法來問這個問題。但我不記得是在第二季還是第三季度，當你最初談到在帳面上獲得季票銷售的基礎層，然後你會傾向於價格。從很多方面來看，這種情況在下半場，尤其是第四節就已經體現出來了。

I guess, as we think about what we saw, which was a really nice increase in attendance, offset by a pretty meaningful decline in per caps, how much of that is a precursor to what we'll see in 2024? I guess, specifically, as we sit here today, the lower season pass sales -- season pass prices, I should say, how much does that impact per caps in 2024? And as we sit here today, is pricing back to being, I don't know, flat on a year-over-year basis on the season passes with the potential to grow that? Or are we continuing to sort of see lower season pass pricing into the new year?

我想，當我們思考我們所看到的情況時，出席人數確實大幅增加，但被人均人數大幅下降所抵消，其中有多少是 2024 年我們將看到的情況的前兆？我想，具體來說，當我們今天坐在這裡時，季票銷量較低——季票價格，我應該說，這對 2024 年的人均上限有多大影響？當我們今天坐在這裡時，我不知道，隨著季節的推移，價格是否會恢復到同比持平，並且有可能增長？或者我們會繼續看到淡季通行證定價進入新的一年？

Yes, James. So I think first, it's important to note that as we talk about that strategy of building a strong base for season pass and leaning into volume early, we did adjust pricing but only at a handful of parks. I think unfortunately are just the realities of our operating calendar in the parks that are open, a couple of those parks, most notably Knott's Berry Farm, are a big -- a large portion of the fourth quarter operations, right? Not all of our parks have as much meaningful fourth quarter operations as others.

是的，詹姆斯。因此，我認為首先，值得注意的是，當我們談論為季票建立強大基礎並儘早增加銷售的策略時，我們確實調整了定價，但僅限於少數公園。我認為不幸的是，這只是我們開放的公園運營日曆的現實，其中一些公園，尤其是諾氏漿果農場，佔第四季度運營的很大一部分，對吧？並非我們所有的公園都像其他公園一樣在第四季度實現了有意義的運營。

So I think some of those pricing adjustments weigh a little bit more maybe on fourth quarter than they necessarily will as we roll into '24 as you're back to sort of the full-throated portfolio of parks operating. That said, even at the parts where we did take prices back to adjust to sort of how the market around us in those few markets had moved, we have started to take price back up as we always do in our season pass program, right? On a market-by-market basis, we adjust our pricing.

因此，我認為，在第四季度，其中一些定價調整的影響可能會比我們進入 24 世紀時必然會產生的影響更大，因為你會回到全面運營的公園投資組合。也就是說，即使在我們確實調整價格以適應周圍市場在這幾個市場中的變化的部分，我們也開始像我們在季票計劃中一貫做的那樣調整價格，對吧？我們根據市場情況調整定價。

The playbook around season pass is the fall is the least expensive, then it bumps up a little for the winter sales cycle and then the spring and summer are the highest. So we'll continue to roll through that and get a read market-by-market. But as we think about going into next year, where the consumer is at, where per caps are going to come out, we always have to sort of separate and isolated admissions versus the in-park.

圍繞季票的策略是秋季是最便宜的，然後冬季銷售週期會稍微上漲，然後春季和夏季是最高的。因此，我們將繼續深入研究並逐一市場地進行閱讀。但當我們考慮明年的消費者狀況、人均限額將會出現的情況時，我們總是必須將門票與園區內的門票區分開來。

We continue to be pleased with what we see on guest spending inside the park, particularly around food and beverage. I think there's some more work that we have in store for a few of those other in-park channels, like merchandising gains in 2024. And then we certainly believe that a channel like guest spending on extra charge, most notably Fast Lane, will be lifted and benefited by those higher attendance numbers that we are expecting going into next year.

我們仍然對遊客在公園內的消費感到滿意，特別是在食品和飲料方面。我認為對於其他一些公園內管道，我們還有更多的工作要做，例如 2024 年的商品銷售收益。然後我們當然相信，像遊客額外付費的管道，尤其是快車道，將會我們預計明年的出席人數將會增加，這將提振並受益。

Got it. And so should I interpret all of that, I mean, if the positivity on attendance plays out in 2024, based on some of Richard's commentary, should we not assume that there's a significant giveback on the per cap front like we saw in the fourth quarter?

知道了。因此，我是否應該解釋所有這些，我的意思是，如果根據理查德的一些評論，2024 年出勤率的積極性會顯現出來，我們是否應該假設人均工資方面存在重大回饋，就像我們在第四季度看到的那樣？

I think, ultimately, the answer to that, James, is going to depend a little bit on mix of channel, which channels does the majority of that lift come from? I mean, as you know, season pass and group are smaller admissions per cap or a less expensive ticket on a per cap basis than single day, and so depending on where that mix or if that mix shakes out in the incremental attendance as well as which parks, right?

詹姆斯，我認為最終這個問題的答案將在某種程度上取決於管道的組合，大部分提升來自哪些管道？我的意思是，如您所知，季票和團體票的每人次入場人數較少，或者每人次門票比單日更便宜，因此取決於這種組合的位置，或者這種組合是否會在增加的出席人數中產生影響以及哪些公園，對嗎？

I mean, the higher per cap parks, if that's where more of the growth comes from, that could change that. But it's fair to say that as attendance gets back to those 2019 pre-pandemic levels and each of those channels recover, there's naturally some mathematical pressure on the admissions per cap. But there's a lot more revenue, and that's a type A problem we'd like to have.

我的意思是，人均公園數量越高，如果這是更多成長的來源，那可能會改變這種情況。但可以公平地說，隨著上座率恢復到 2019 年大流行前的水平，並且每個管道都恢復，人均招生自然會面臨一些數學壓力。但收入多很多，這是我們希望遇到的 A 類問題。

We will go to our next question from Steve Wieczynski with Stifel.

我們將討論 Steve Wieczynski 和 Stifel 提出的下一個問題。

So Richard, look, I understand you don't give annual guidance here. But if we're sitting here this time next year, would you be disappointed if you didn't exceed -- I would say not so much the EBITDA threshold from 2023, given obviously the easy weather comparisons you guys are going to have in the first half of this year, but probably a better comparison would be to look back at 2022, which I think was around $550 million of EBITDA. So if you didn't exceed that level this year, what are some of the factors that we need to be watching or thinking about?

所以理查德，聽著，我知道你不會在這裡提供年度指導。但如果我們明年這個時候坐在這裡，如果你沒有超過——我想說的是，沒有超過 2023 年的 EBITDA 閾值，你會感到失望嗎，因為顯然你們將在 2023 年進行簡單的天氣比較。今年上半年，但更好的比較可能是回顧2022 年，我認為EBITDA 約為5.5 億美元。那麼，如果今年沒有超過這個水平，我們需要關注或思考哪些因素？

Steve, it's a great question. And the backdrop would be whether it's '24 or any year that we create a plan for. We look at our portfolio and go where the opportunity is. We start to factor in and have factored in that we invest continuously over time in our parks, the capital projects, and particularly the bigger projects, drive demand in select markets. So we try and time that appropriately.

史蒂夫，這是一個很好的問題。背景是 24 世紀還是我們制定計劃的任何一年。我們審視我們的投資組合，並尋找機會所在。我們開始考慮並已經考慮到，隨著時間的推移，我們對園區、資本項目，特別是大型項目的持續投資，會推動特定市場的需求。所以我們嘗試適當地安排時間。

But we can't control the weather. We always talk about that. We look closely at the economies around our parks. And it's market-by-market. So we constantly look for what we think the potential is for each park each year and how do we unlock that. And certain parks will have the bigger products. And we expect more growth out of those. Certain parks will be in markets that potentially are really doing well, meaning the consumer is feeling really good. In certain markets, the consumer may be stressed.

但我們無法控制天氣。我們總是談論這個。我們密切關注園區週邊的經濟。這是逐個市場的。因此，我們每年都會不斷尋找我們認為每個公園的潛力以及如何釋放潛力。某些公園會有更大的產品。我們預計其中會有更多成長。某些公園所在的市場可能表現良好，這意味著消費者感覺非常好。在某些市場，消費者可能會感到壓力。

So I think we always talk, and we always get asked on this call, about the health of the consumer. I've said that in my first thing. So we monitor that as closely as we can. But what we -- we never really get the credit, and we've talked about this, from, I think, the broader market for the recurring nature of our revenue streams. So I don't think each year about disappointment. We're always disappointed when something we can't control gets in the way. But that's -- we're in an outdoor business. So weather and other things like that are just part of who we are.

因此，我認為我們總是在談論消費者的健康問題，而且在這次電話會議上我們總是被問到。我在第一件事就說過了。因此，我們會盡可能密切地監控這種情況。但我們——我們從來沒有真正得到榮譽，我們已經討論過這一點，我認為，來自更廣泛的市場，因為我們收入流的經常性。所以我每年都不會想到失望。當我們無法控制的事情發生時，我們總是會感到失望。但那是──我們從事戶外業務。所以天氣和其他類似的事情只是我們的一部分。

But when I think about building a plan and what I will evaluate at the end of the year, how close did we get to the potential that each park had that year, factoring all the things that we do control and how we program our parks, what days we're open. I think you see us reacting to where we think the opportunities are. But the other thing that I'll underscore that we're going to continue to look at, at the end of each year and as we go through each season.

但是，當我考慮制定計劃以及在年底評估什麼時，考慮到我們控制的所有事情以及我們如何規劃公園，我們距離每個公園當年的潛力有多大，我們的營業時間是哪幾天。我想你會看到我們對我們認為有機會的地方所做的反應。但我要強調的另一件事是，我們將在每年年底和每個季節繼續關注。

We're committed to dynamic pricing. We're committed to using our business intelligence capabilities and data analytics to drive our decision-making both now -- but we plan on a continual basis. We're talking about '24. And that's important. And that's right in front of us. But we're already working on '25 and '26 and '27 because we believe in the long-term health of this business. We've got to deliver in the short term. And that's what we're focused on. But we're also planning for the longer term so that we can sustain our performance over a period of time.

我們致力於動態定價。我們現在致力於利用我們的商業智慧能力和數據分析來推動我們的決策——但我們會持續進行規劃。我們正在談論'24。這很重要。那就在我們面前。但我們已經在致力於“25”、“26”和“27”，因為我們相信這項業務的長期健康發展。我們必須在短期內交付。這就是我們關注的重點。但我們也在製定長期計劃，以便能夠在一段時間內維持我們的業績。

Okay, got you. And then if I go back to -- I think James kind of asked this question. I'm going to ask it maybe a little bit of a different way. But you noted you obviously adjusted ticket pricing and your marketing spend in the second half of 2023 in order to get some of that lost attendance back. And it seemed like that clearly worked.

好的，明白了。然後，如果我回到——我認為詹姆斯問了這個問題。我會用稍微不同的方式來問。但您指出，您明顯調整了 2023 年下半年的門票價格和行銷支出，以挽回部分流失的觀眾人數。看起來這顯然有效。

I guess, the question is do you think you took too much price action? And I know, again this is -- Brian mentioned, it's a small component. It's a small part of your parks. But I mean, meaning do you think trying to get that price action back now is going to be a little bit more difficult? And I hope that all makes sense.

我想，問題是你認為你採取了太多的價格行動嗎？我知道，布萊恩提到過，這是一個小組件。它只是公園的一小部分。但我的意思是，你認為現在試圖恢復價格走勢會變得更加困難嗎？我希望一切都有意義。

Yes. No, I think I understand the question. I go back to our broad thoughts on dynamic price and then I'll ask Brian to weigh in. We're looking to optimize volume and price. And you never get it quite right. You get as much as you can and then you evaluate where you are on the continuum and you continue to adjust.

是的。不，我想我理解這個問題。我回到我們對動態價格的廣泛想法，然後我會請布萊恩參與權衡。我們正在尋求優化數量和價格。而且你永遠不會完全正確。你得到盡可能多的東西，然後你評估你在連續體上的位置，並繼續調整。

I think we did what we needed to do. And I would term our pricing adjustments modest. I'd also say as we look to the strength coming out of the fall season pass sales, we took our biggest price increases to the now winter price at those parks where we saw the strongest demand. So it's constantly watching the market and how our consumers are reacting and making sure we're trying to optimize that revenue stream. Brian?

我認為我們做了我們需要做的事情。我認為我們的定價調整是適度的。我還想說，當我們看到秋季通行證銷售的強勁勢頭時，我們在需求最強勁的那些公園將最大的價格上漲到了現在的冬季價格。因此，它不斷關注市場以及消費者的反應，並確保我們正在努力優化收入來源。布萊恩？

Yes. I think, Steve, I would just add, as we go through any year, there's always going to be points in times, various ticket channels in various markets, where we might bump our head. And that's a lot easier to navigate on a day-by-day or week-by-week basis than things like single-day tickets. I think what we saw the most pressure in the past year was, as we said earlier, was in season pass in several markets. And you have to remember, those -- that pricing strategy and those sales strategy around season pass are set in the summer leading to that late August launch of each year's or park's program.

是的。我想，史蒂夫，我想補充一點，在我們經歷的任何一年中，總是會有一些時間點，不同市場的不同售票管道，我們可能會碰頭。與單日門票相比，按天或按週進行導航要容易得多。我認為，正如我們之前所說，過去一年我們看到的最大壓力是幾個市場的季票。你必須記住，定價策略和圍繞季票的銷售策略是在夏季制定的，導致每年八月底推出每年或公園的計劃。

And so you put in place a pricing strategy that it's harder to adjust downward on season pass. And certainly, there were several markets in our portfolio that by the time we got to the first quarter of '23, the economies or maybe the consumer had changed a little bit from where they were back in July, August, when we were setting those prices. So the way the program works is you just have to ride it out and then make those adjustments for the next year. That's a different story when it comes to single-day tickets that you can dynamically price up and down as the season progresses.

所以你制定了一個定價策略，讓季票更難下修。當然，我們的投資組合中有幾個市場，當我們進入 23 年第一季時，經濟或消費者可能與 7 月、8 月的情況相比發生了一些變化，當時我們正在設定這些市場價格。因此，該計劃的運作方式是，您只需安然度過，然後在明年進行調整。對於單日門票來說，情況就不同了，你可以隨著季節的進展動態地上下浮動價格。

Okay. And Brian, real quick, can you give the operating days by quarter again? You broke up a little bit. I think I got the third and the fourth quarter, but I couldn't hear the first and second quarters.

好的。布萊恩，很快，你能再次給出每季的營業天數嗎？你們分手了一點點。我想我聽到了第三節和第四節，但我聽不到第一節和第二節。

Yes, sure. It was 119 days in the first quarter, 803 in the second, 998 in the third and 333 in the fourth.

是的，當然。第一季為119天，第二季為803天，第三季為998天，第四季為333天。

Our next question comes from Thomas Yeh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Yeh。

I wanted to ask about the cost outlook on a stand-alone basis. Brian, you sounded pretty confident in the cost controls that you've been putting in place. And in the recent filing, you had identified $45 million of savings I think, baked into the stand-alone expectations. And I think implied that total company expenses would actually be down. Is it fair to say that fewer operating days are incorporated that view and that's a net EBITDA positive contributor? And then maybe just beyond that on the core expenses, how you're managing to that outlook.

我想詢問一下單獨的成本前景。布萊恩，聽起來您對自己實施的成本控制非常有信心。在最近的文件中，我認為您已經確定了 4500 萬美元的節省，並將其納入獨立預期中。我認為這意味著公司總開支實際上會下降。是否可以公平地說，較少的營業天數納入了這一觀點，並且這是 EBITDA 的淨正貢獻者？然後，也許除了核心費用之外，你是如何實現這一前景的。

Yes. Thomas, I think you hit it right on the head. A big part of our strategy and approach to getting more efficient is, as we said on the call, focusing more of our attendance into a shorter operating season, particularly at the mid-tier parks. It's also about, as we've talked about in the past, reimagining how we program the parks, meaning what's the -- how do we program the parks, the entertainment of the parks that's less dependent on seasonal labor, our largest single cost.

是的。湯瑪斯，我認為你擊中了要害。正如我們在電話會議上所說，我們提高效率的策略和方法的一個重要部分是，將更多的遊客集中在較短的營運季節，特別是在中型公園。正如我們過去談到的那樣，它也涉及重新構想我們如何規劃公園，這意味著我們如何規劃公園，減少對季節性勞動力的依賴，這是我們最大的單一成本。

And so you're seeing some of that -- you'll see some of that play out and consistent with our comments on the call, where we're taking those 112 operating days out of the system this year. That's a big part of that. But it's also, as we said on the call, the need to, in any given year, adjust and remain nimble, if I use that term, around variable operating costs to better mirror the demand levels. So where we're very effective, the teams were especially effective this past year, was adjusting our staffing levels, pulling some of those variable costs down when attendance wasn't where we had expected because of the macro factors Richard mentioned. But it also cuts the other way, right? I mean, it means when attendance is strong, you need to make sure that you're staffed well.

所以你會看到其中的一些 - 你會看到其中的一些正在發揮作用，並且與我們在電話會議上的評論一致，我們今年將取消系統中的 112 個工作日。這是其中很大一部分。但正如我們在電話會議上所說，在任何一年中，都需要圍繞可變營運成本進行調整併保持靈活性（如果我使用這個術語），以更好地反映需求水準。因此，在我們非常有效的地方，團隊在過去的一年中尤其有效，調整了我們的人員配置水平，當由於理查德提到的宏觀因素而導致出席人數未達到我們的預期時，降低了一些變動成本。但它也有相反的效果，對吧？我的意思是，這意味著當出席人數較多時，您需要確保配備充足的人員。

One of the things that we pay very close attention to during the course of the year is how our seasonal labor dollars are translating to the in-park revenue channels. And there's a direct correlation when our staffing levels are more challenged. And that's often a natural challenge in the shoulder months before the kids are out of school in the summer, where staffing can be a little challenged. And we see that weigh on per cap. So we have to be -- our teams have to remain nimble on staffing up and staffing down. And then the more permanent changes are the things that we've talked about, which is adjusting those operating calendars, adjusting the programming of the parks to structurally lower the overhead costs.

在這一年中，我們非常密切關注的事情之一是我們的季節性勞動力資金如何轉化為公園內的收入管道。當我們的人員配置水準面臨更大的挑戰時，就會有直接的相關性。在孩子們夏季放學前的幾個月裡，這通常是一個自然的挑戰，那裡的人員配備可能會遇到一些挑戰。我們看到每個上限的權重。因此，我們的團隊必須在人員增減方面保持彈性。然後，更持久的變化是我們討論過的事情，即調整營運日曆，調整公園的規劃，以從結構上降低管理成本。

Great, makes sense. And then I wanted to revisit the bifurcation you were seeing earlier this year between Midwest strength and California weakness. And Richard, you talked about the recovery in Southern California in the second half. Is the postmortem on that and just some of the pricing strategies that you've enacted suggest that it was a weather-related problem primarily or more price sensitivity in some of the regions that where you saw the most impact?

太好了，有道理。然後我想重新審視今年早些時候你所看到的中西部強勢和加州弱勢之間的分歧。理查德，您談到了下半年南加州的復甦。事後分析以及您制定的一​​些定價策略是否表明這主要是與天氣相關的問題，還是您認為影響最大的一些地區的價格敏感度更高？

And as a follow-up to that, I think that the logic of trying to start the season pass sales at a lower price and stimulating demand would be that it would drive in-park spending strength. And I did notice that the food and bev per guest was also, I think, a little bit lower on a year-over-year basis. Any comments on how you're seeing that play out, that would be great.

作為後續行動，我認為嘗試以較低的價格開始季票銷售並刺激需求的邏輯是，它將推動公園內的消費強度。我確實注意到，我認為每位客人的食物和飲料也比去年同期下降。如果有任何關於您如何看待這一結果的評論，那就太好了。

Yes. From our standpoint, as we looked at all of '23, we saw what others in the industry and some adjacent industries saw, which was a little bit of consumer weakness out in California over the first half of the year. A lot of that was impacted by weather very early on. But once you got to the middle of the summer, we started to see the trends start to shift in terms of what consumers were doing with their time and their dollars. So yes, we always say -- and you go back to '07, the '08, '09, we first saw weakness in '07 out in California. And that kind of bled through to the east. So I think what we saw was a firming up of the consumer marketplace in California.

是的。從我們的角度來看，當我們回顧整個 23 年時，我們看到了行業內其他人和一些鄰近行業所看到的情況，即今年上半年加州消費者的疲軟。其中很多很早就受到天氣的影響。但一旦到了仲夏，我們就開始看到消費者在時間和金錢上所做的事情的趨勢開始改變。所以，是的，我們總是說 - 你回到 07 年、08 年、09 年，我們第一次看到 07 年加州的疲軟。這種情況也滲透到了東方。所以我認為我們看到的是加州消費市場的堅挺。

So as Brian mentioned, when we start and we spur a lot of volume, that puts people in the park. And then we can react to that demand once people get through the gates and make sure that we're staffed appropriately to grab the food and beverage, do more transactions per hour. When you do a significant increase in attendance as we saw, it will put a little pressure on the per caps because your park has a lot more folks in it. But that's a challenge -- that's a type A problem, that's the challenge we like to have. And I think all of the investments we've made over the past several years really support us being able to drive higher per capitas once people get in the park.

正如布萊恩所提到的，當我們開始並刺激大量銷售時，人們就會進入公園。然後，一旦人們通過大門，我們就可以對這種需求做出反應，並確保我們配備適當的人員來獲取食物和飲料，每小時進行更多交易。當你像我們看到的那樣顯著增加入場人數時，這會給人均限額帶來一點壓力，因為你的公園裡有更多的人。但這是一個挑戰——這是一個 A 類問題，這就是我們喜歡面臨的挑戰。我認為，我們過去幾年所做的所有投資確實支持我們在人們進入公園後能夠提高人均收入。

And then lastly, I'll say when we now look at '24, I talked about the really compelling capital investment lineup we've got this year. When you put in things like Top Thrill 2, that drives not only a lot of people to the park, but it also drives things like premium charges, our front-of-line Fast Lane program. So we're really excited by what I think we can do this year because we're more back to a traditional lineup. When I look at '21, '22 and '23, the investments we made were very disrupted by the pandemic, '20 and '21 and how we came out of that. So this is the year that we're now back to what I would call our more traditional playbook of really using world-class investments to drive not just the attendance and the demand, which gives us a little bit of pricing power at the gate, but also driving what happens once people get through the gates.

最後，我想說，當我們現在回顧 24 年時，我談到了我們今年真正引人注目的資本投資陣容。當你投入像《Top Thrill 2》這樣的項目時，不僅會吸引很多人來到公園，而且還會增加額外收費、我們的一線快速通道計劃等項目。所以我們對今年能做的事情感到非常興奮，因為我們更回到了傳統的陣容。當我回顧「21」、「22」和「23」時，我們所做的投資受到了大流行、「20」和「21」以及我們如何走出困境的嚴重干擾。因此，今年我們又回到了我所說的更傳統的策略，即真正利用世界一流的投資來推動不僅僅是出席率和需求，這給了我們一點定價權，還可以推動人們進門後發生的事情。

Got it. Last one for me, I might have missed it. But knowing things might change after the pending merger, do you have a sense of the CapEx outlook on a stand-alone basis just for modeling purposes?

知道了。最後一張對我來說，我可能錯過了。但知道待定合併後情況可能會發生變化，您是否對僅出於建模目的的獨立資本支出前景有一定的了解？

Thomas, for next year, we are planning $210 million to $220 million of capital.

湯瑪斯，明年我們計劃投入 2.1 億至 2.2 億美元的資本。

And for '23, what was the number for the full year?

23 年全年的數字是多少？

The high end of that is right around -- right at $220 million.

最高金額約為 2.2 億美元。

Our next question comes from Michael Swartz with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Michael Swartz。

I think I just wanted to kind of focus in on the first question on some of the commentary around channel mix. And as I recall, coming out of the pandemic, you guys have kind of had cut back on some of the lower-value channel business. And it sounds like you brought some of that back. So how should we think about that going forward? Are we just kind of back to status quo pre COVID? Or is that still a focus to limit some of that lower-value stuff going forward?

我想我只是想集中討論第一個問題，即有關頻道組合的一些評論。我記得，疫情過後，你們已經削減了一些低價值的通路業務。聽起來你帶了一些回來。那我們該如何看待未來呢？我們是不是又回到了新冠疫情之前的狀態？或者這仍然是限制未來一些低價值產品的重點？

I would say, Mike, that the approach is still to limit that. It's -- I wouldn't say we've pivoted all the way back. But in some markets, I think you always have to pay attention to and analyze the results and make adjustments where appropriate.

麥克，我想說，這種方法仍然是限制這種情況。我不會說我們已經一路倒退了。但在一些市場，我認為你總是要注意和分析結果，並在適當的時候做出調整。

So we have, in some of the shoulder months, where demand is naturally, structurally just a little bit lower because maybe school is still in session, things like that, weather isn't as nice as July or August, we've allowed a few of those programs on a market-by-market basis to come back into our marketing strategy. But I wouldn't say it's a wholesale pivot all the way back to where we were pre pandemic.

因此，在某些平淡月份，需求自然會在結構上降低一點，因為學校可能仍在上課，諸如此類的事情，天氣不像七月或八月那麼好，我們允許這些計劃很少會在逐個市場的基礎上重新納入我們的行銷策略。但我不會說這是一次全面回到大流行前的狀態。

Okay, great. And just from a cost standpoint, I mean, you've talked about some of the variable costs you removed in the back half of the year, I guess, partially in reaction to the softer attendance we saw in the first half of the year. But I guess, as we go into '24 and with season pass sales where they are, with some of the momentum you talked about going into the year, I guess, how does that translate to how you think about some of the costs at least in the first half of the year? Are you adding back costs? Or do you think some of the changes you made in the second half of the year should be sustainable into the first part of '24?

好的，太好了。我的意思是，從成本的角度來看，您談到了今年下半年取消的一些可變成本，我想，部分原因是對今年上半年出勤率下降的反應。但我想，當我們進入 24 年時，隨著季票銷售的情況，以及你談到的進入今年的一些勢頭，我想，這如何轉化為你至少對一些成本的看法上半年？您是否增加了成本？或者你認為你在下半年所做的一些改變應該能夠持續到 24 世紀上半年？

Yes. I think there are -- it's a little bit of a mixed bag, right? There's certainly some cost savings that we mined this past year that, as I said just a little bit earlier, are the direct response to us adjusting variable cost to the demand levels. And if we could go back and have higher demand levels, we'd allow those costs back in to make sure we're delivering not only the guest experience that our guests want, but also that we're driving the revenues that we know we can get when the attendance levels were higher.

是的。我認為有——有點魚龍混雜，對吧？正如我之前所說，我們去年確實節省了一些成本，這是我們根據需求水準調整變動成本的直接反應。如果我們可以回去並有更高的需求水平，我們就會允許這些成本回歸，以確保我們不僅提供客人想要的客人體驗，而且我們正在推動我們知道的收入出勤率較高時可以獲得。

But there are also permanent savings in there. And I think we'll start to see more of those coming in related to the adjustments that we're making to the park operating calendars as well as to how we program the parks. I think what's important to note though is the difference between the first half of the year for us and the second half of the year, and with even more of a concentration in Q3, that's where the lion's share of our variable cost sit. And that's where we can have the biggest impact.

但那裡也有永久的儲蓄。我認為我們將開始看到更多與我們對公園運營日曆以及公園規劃方式進行的調整相關的內容。我認為值得注意的是我們上半年和下半年之間的差異，而且更多地集中在第三季度，這就是我們可變成本的最大份額所在。這就是我們能夠產生最大影響力的地方。

Our first quarter especially and a little bit of our second quarter is a much more fixed cost base, particularly at the park level, where if we overreach and try and take cost too aggressive in trying to take cost out of the system, we run the risk of not being prepared to open the parks in spring, that April, May time frame that they normally open.

特別是我們的第一季和第二季的一小部分是一個更固定的成本基礎，特別是在公園層面，如果我們過度擴張並試圖採取過於激進的成本來試圖從系統中剔除成本，我們就會運作不准備在春季開放公園的風險，即公園通常開放的四月、五月時段。

So we run a pretty thin, I'll call it, sort of that fixed off-season cost base at the park level in the fourth quarter for some parks, like Cedar Point, which closed down at the end of October or in the first quarter for the lion's share of our seasonal parks that aren't open year-round. And so more of -- what you're going to continue to see more of the ability to get savings out of the system will lie in the third and fourth quarters with a bigger focus, of course, in the third quarter.

因此，我們的運行相當薄，我稱之為，對於某些公園來說，第四季度公園層面的固定淡季成本基礎，例如雪松角公園，它在十月底或第一季關閉四分之一的季節性公園大部分不全年開放。因此，您將繼續看到更多從系統中節省成本的能力將出現在第三和第四季度，當然，重點是在第三季度。

Our next question comes from Chris Woronka with Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯·沃龍卡。

I wanted to revisit the comments about adjusting the park operating days, and totally understand it certainly from an operational expense standpoint. But I guess, your plan or your goal is to get more attendance into fewer days. And the question is how much risk do you see to that? And also from an in-park spend standpoint, if the parks are going to be a little bit more crowded on certain days, particularly in shoulder seasons, is there any inhibitor then on an ability to spend in-park?

我想重新審視有關調整公園營運天數的評論，並從營運費用的角度完全理解它。但我想，你的計劃或目標是在更短的時間內獲得更多的出席率。問題是您認為這樣做的風險有多大？而且從園區內消費的角度來看，如果公園在某些日子（尤其是淡季）會更加擁擠，那麼是否會抑制公園內消費的能力？

Yes, Chris, let me jump in here. This is Richard. When I think about the days that we're stripping out, a lot of them were the days that we saw in the first quarter that we added the test, keeping some of our markets, Charlotte, Richmond and Great America, open throughout the -- on the weekends through January and February. By default, kind of like WinterFest, those were lower length-of-stay days. They weren't full summer days, where you get a 6-, 7-, 8-hour length of stay.

是的，克里斯，讓我跳到這裡。這是理查德.當我想到我們要取消的日子時，很多日子都是我們在第一季度看到的，我們添加了測試，保持我們的一些市場，夏洛特，里士滿和大美洲，在整個 - - 一月和二月的週末。預設情況下，有點像冬季節，這些日子的停留時間較短。那並不是夏天，在那裡你可以停留 6、7、8 小時。

So by default, what we're stripping out is a much shorter length of stay. You're losing the visit. So as you think about the revenue implications of that, as long as you get those guys to come -- and we're confident that we can drive the attendance in the operating calendar we've got. The operating calendar, we always constantly fine-tune year-by-year. And there's the constant debate on our side. Do you add days? Do you take days out? Where is the opportunity?

因此，預設情況下，我們取消的是更短的停留時間。你將失去這次訪問。因此，當你考慮到這對收入的影響時，只要你讓這些人來，我們就有信心在我們現有的營運日曆中提高上座率。對於營運日曆，我們總是逐年不斷微調。我們這邊一直在爭論。加天數嗎？你會請幾天假嗎？機會在哪裡？

But in terms of driving the per capita, I would point you back to whether it's July, August or, in particular, October, there's such flexibility and scalability in each of our sites. We drive our highest per caps on our biggest days. And that's not just admission pricing, it's also per capitas within the park because you drive longer length of stay. So we've got an ability to scale what we do. We've built all of our new food facilities, so on lower demand days, we could only open one line, not two. We open a half of a facility.

但就推動人均成長而言，我想提醒您，無論是 7 月、8 月，還是特別是 10 月，我們的每個站點都具有如此的靈活性和可擴展性。我們在最重要的日子裡發揮最高的人均上限。這不僅僅是門票價格，還包括公園內的人均價格，因為您開車的停留時間更長。所以我們有能力擴展我們的工作。我們已經建造了所有新的食品設施，因此在需求較低的日子裡，我們只能開設一條生產線，而不是兩條生產線。我們開設了一半的設施。

We've got that ability within our -- the way we construct our experience to really take and go grab as much revenue as we can get from our guests and give them an opportunity to make sure we're servicing them at a level that they want. So I'm mindful that we've got to be prepared for it. But we've built our parks to be able to drive per capitas even on the biggest of days.

我們擁有這種能力——我們建立體驗的方式，能夠真正從客人那裡獲取盡可能多的收入，並給他們一個機會，確保我們為他們提供的服務水平符合他們的要求。想。所以我注意到我們必須為此做好準備。但我們建造的公園即使在最好的日子裡也能滿足人均駕駛需求。

Okay. Super helpful. Just as follow-up to that, I mean, the number of park days, it looks like, that you haven't planned right now rounds to down 5% for the year, right? It's down 4.7%, 112 days. If we try to think about that in terms of hours, and maybe this is an exercise in splitting the atom, but it would certainly be less than that in hours, right, based on what you just said.

好的。超有幫助。作為後續行動，我的意思是，看起來您目前還沒有計劃將今年的公園天數減少 5%，對嗎？下跌 4.7%，112 天。如果我們嘗試以小時為單位來考慮，也許這是一個分裂原子的練習，但根據你剛才所說，它肯定會比以小時為單位要少，對吧。

Yes, just the way the math would work, it would be less than that. But as you know, Chris, the other thing, and this is our anticipated calendar coming in, weather will, we saw in '23, have an impact on it as will demand. If demand comes back strong, we are not opposed to sliding an incremental day in here or there to meet that demand.

是的，按照數學的計算方式，它會比這個少。但如你所知，克里斯，另一件事，這是我們預期的日曆，我們在 23 年看到，天氣將對其產生影響，需求也會產生影響。如果需求恢復強勁，我們並不反對在這裡或那裡增加一天的時間來滿足需求。

And that goes for operating hours as well, right? We will shrink hours during the course of the year based on weather factors, maybe not close the whole day, but close up early or we'll extend hours around demand. So the key here is -- again, I'll go back to that word nimble. We have to remain nimble and flexible around some of these things while responding to how the market is evolving around us.

這也適用於營業時間，對嗎？我們將根據天氣因素在一年中縮短營業時間，也許不會全天關閉，但會提早關閉，或者我們將根據需求延長營業時間。所以這裡的關鍵是──我再次回到「敏捷」這個詞。我們必須在其中一些事情上保持敏捷和靈活，同時應對周圍市場的演變。

Got you. Just one last one for me if I can real quick is do you think it's -- is there thought given to maybe starting to attach some kind of ancillary presale for the season pass products? And it obviously involves some kind of discount. But it gets you guys, whatever it might be, $50 or $75, $100 of built-in revenue that they're going to spend and encourage them to come. Is that something that's on the radar yet?

明白你了。如果我能很快的話，我想問的最後一個問題是，你認為——是否考慮過可能開始為季票產品附加某種輔助預售？這顯然涉及某種折扣。但無論是什麼，它都會為你們帶來 50 美元、75 美元、100 美元的內建收入，他們將花費這些錢並鼓勵他們來。這已經在雷達上了嗎？

We've used from time to time those season pass credits -- credit dollars, if you will, in markets here or there trying to test various things that resonate. I think what you'll -- what I can tell you, Chris, is that you'll continue to see us finding ways to evolve season pass. It's such a critical part of our overall attendance at north of 50% of the attendance mix. So finding ways to engage and create that stickiness for that season pass holder is key. So nothing concrete I can point to right now, but certainly something we have tested. And we'll likely continue to look for ways like that to continue to drive more demand for the season pass product.

我們不時在各地市場上使用這些季票積分——積分美元，如果你願意的話，試圖測試各種能引起共鳴的東西。我想你會——克里斯，我可以告訴你的是，你會繼續看到我們尋找改進季票的方法。這是我們總出席人數的重要部分，佔出席人數的 50% 以上。因此，尋找方法來吸引季票持有者並為其創造黏性是關鍵。所以我現在還不能指出具體的內容，但肯定是我們已經測試過的。我們可能會繼續尋找類似的方法來繼續推動對季票產品的更多需求。

Our next question comes from Eric Wold with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Eric Wold。

I guess, kind of taking the season pass question kind of to a longer-term kind of broader sense, you talked in the press release that the 20% increase in unit sales will be a nice tailwind for this year all season long. Maybe kind of thinking beyond that, can you -- do you have the data to kind of -- or at least you could share what unit sales are now versus what they were pre pandemic?

我想，將季票問題帶入更長期、更廣泛的意義上，您在新聞稿中談到，單位銷量的 20% 增長將是今年整個季節的良好推動力。也許除此之外，你可以——你有數據嗎——或者至少你可以分享一下現在的銷量與大流行前的銷量相比？

Any sense of how that demographic buyer has shifted back then? And then maybe even what the average distance is from a park versus back then? I'm trying to get a sense of what's changed in terms of maybe the TAM or kind of the reach around these parks that could have a much more broader long-term benefit versus kind of short-term pricing fluctuations for a given season.

你知道當時的購買者群體發生了怎樣的變化嗎？那麼，與當時相比，距離公園的平均距離可能是多少？我試圖了解 TAM 或這些公園周圍範圍的變化，與給定季節的短期價格波動相比，這些變化可能會帶來更廣泛的長期利益。

Yes, Eric, it's Brian. I'd start with this in terms of the demo of the season pass holder. We haven't seen a significant change in that area. We have seen that radius around the park, the product continued to maybe inch outward a little bit further over time. Maybe that's been exaggerated post pandemic. We've seen a lot of regional business models where folks are more willing to drive from a little further out as opposed to getting on a plane, which is more expensive, more complicated.

是的，艾瑞克，我是布萊恩。我將從季票持有者的演示開始。我們還沒有看到該領域發生重大變化。我們已經看到了公園周圍的半徑，隨著時間的推移，產品可能會繼續向外移動一點點。也許疫情過後這被誇大了。我們已經看到了許多區域性商業模式，人們更願意從更遠的地方開車，而不是搭乘更昂貴、更複雜的飛機。

And so we are seeing our season pass penetration maybe reaching a little bit further out. I don't know yet that it's a material shift, but it is moving in that direction. And lastly, in terms of the pre-pandemic versus post-pandemic volume, we are still -- even 2023, in spite of it being a shortfall of a couple of hundred thousand units to the '22 record level, that pass program was still above our 2019 season pass program in total units sold. So we have -- we set a new bar and are continuing to try and work our way north from there.

因此，我們看到我們的季票滲透率可能會進一步提高。我還不知道這是一個實質的轉變，但它正在朝這個方向發展。最後，就大流行前與大流行後的數量而言，即使到 2023 年，儘管與 22 年的創紀錄水平相比還存在數十萬單位的缺口，但該通行證計劃仍然是高於我們2019 年季票計劃的銷售總量。所以我們設定了一個新的標準，並繼續嘗試從那裡向北努力。

Our next question comes from Lizzie Dove with Goldman Sachs.

我們的下一個問題來自高盛的 Lizzie Dove。

I just wanted to dig a bit more into attendance on per cap. Like as I look to what you talked about in 3Q for October trends, you talked about a 2% increase in attendance and a 3% decrease in, in-park spending. So it feels like there was just a meaningful step-down in November and December to kind of end up where you did for the full quarter, especially as I would have thought October was the biggest contributor. So maybe if you can talk about that and just kind of anything that changed as you got through to the later months of the quarter.

我只是想更深入地了解人均出勤率。就像我在看您在第三季度談到的 10 月份趨勢時一樣，您談到了遊客數量增加了 2%，公園內支出減少了 3%。因此，感覺 11 月和 12 月只是有意義的下降，最終達到了整個季度的水平，特別是因為我認為 10 月是最大的貢獻者。因此，也許您可以談談這一點，以及在本季最後幾個月發生的任何變化。

Yes, Lizzie, it's Brian. It really dovetails back to my earlier comment that it's a little bit of mix. And the parks that are operating, particularly still in November and December, you're losing maybe one of your top two parks in terms of ticket pricing in Cedar Point as it shuts down at the end of October. Knott's is the other one, sort of one, two, typically in terms of pricing point on tickets and season passes, et cetera. And Knott's is the one park where we did roll prices back pretty significantly for that fall renewal because of how we felt the market had moved from where our '23 pricing was originally set.

是的，莉齊，我是布萊恩。這確實與我之前的評論相吻合，即它有點混合。對於正在運營的公園，尤其是在 11 月和 12 月，您可能會失去雪松角 (Cedar Point) 門票價格最高的兩個公園之一，因為它將於 10 月底關閉。諾特是另一家，大約是一、二，通常就門票和季票等的定價點而言。諾特公園是我們在秋季續約時大幅下調價格的一個公園，因為我們認為市場已經偏離了 23 年最初設定的定價。

So because Knott's is a little bit more a piece of that pie, it's really just a function of the mix play and the seasonality of our business. I think the other thing is, as it relates to the in-park spend, that's where a Cedar Point or even the Schlitterbahn Waterparks come into play, not being present in those as much in those fourth quarter numbers. Those are two of your biggest and your highest overall per cap parks. They have the longest length of stay of any parks in our system. So as they come out of the numbers, those variances get swung a little bit more mathematically, if I could say that, than overall.

因此，因為納氏更多的是其中的一部分，所以它實際上只是混合遊戲和我們業務季節性的函數。我認為另一件事是，因為它與公園內的支出有關，這就是雪松點甚至施利特班水上樂園發揮作用的地方，但在第四季度的數字中沒有那麼多出現。這是你們最大且人均容量最高的兩個公園。它們是我們系統中停留時間最長的公園。因此，當它們從數字中出來時，如果我可以這麼說的話，這些方差比總體上的變化在數學上更加明顯。

Now that's not to say that the pricing strategy or the pricing program that's in play right now is not going to have an impact on admissions per cap going into '24. There's certainly going to be some mathematical impact on pricing as we go into '24 on a park-by-park basis. So Knott's admission per cap is not going to be where it was in the first half of 2023 because of the changes we made there as an example. That said, we expect to see a lot more attendance and a lot more revenue. And that's ultimately for us what matters most is the revenue number. As Richard said earlier, it's about optimizing volume and pricing. It's not about maximizing either one of them independently.

但這並不是說目前正在實施的定價策略或定價計畫不會對進入 24 世紀的人均入場人數產生影響。當我們進入 24 年時，每個公園的定價肯定會受到一些數學上的影響。因此，諾特的人均入場人數將不會達到 2023 年上半年的水平，因為我們在那裡做了一些更改作為示例。也就是說，我們預計會看到更多的參觀人數和更多的收入。最終對我們來說最重要的是收入數字。正如理查德之前所說，這是關於優化銷售和定價。這並不是要獨立地最大化其中任何一個。

And Lizzie, I'll go back to my comments, which were in November and December, WinterFest has a much shorter length of stay. Particularly on the East Coast, we were pleased with the attendance. Toronto had a very strong WinterFest program. And there, when you look at U.S. reported, you lose on the foreign exchange piece of it. So we're driving a lot of volume up in Canada with a lower length of stay, there's just a mathematical impact on your per cap.

Lizzie，我會回到我的評論，那是在 11 月和 12 月，WinterFest 的停留時間要短得多。特別是在東海岸，我們對出席人數感到高興。多倫多有一個非常強大的冬季節計劃。在那裡，當你查看美國的報道時，你會在外匯方面遭受損失。因此，我們在加拿大以較短的停留時間大幅增加了客流量，這只會對您的人均限額產生數學影響。

Got it. That makes sense. And just one follow-up, so I know last year in the first quarter, you had a couple of big headwinds from particularly the California weather, which was really bad. You had, I think, the impact of the season pass, which had previously been extended and was not in 2023. So I guess, any kind of early reads on what you're seeing so far in January and early February? I know it's a much lower volume quarter, but I see California has had some kind of weather issues, so just kind of any early reads there of what you're seeing.

知道了。這就說得通了。只是一個後續行動，所以我知道去年第一季度，你遇到了一些很大的阻力，特別是加州的天氣，這真的很糟糕。我認為，你受到了季票的影響，季票之前已被延長，並且不在 2023 年。所以我想，你對 1 月和 2 月初到目前為止所看到的情況有什麼早期的了解嗎？我知道這是一個低得多的季度，但我發現加州出現了某種天氣問題，所以請儘早閱讀您所看到的內容。

Yes. I'd say, as we said in our prepared remarks, the best long lead indicators we have at this point are looking at those season pass and related all-season product sales, which are extremely strong, as well as early bookings around group events and reservations at our hotels. And those are pacing in line with our expectations. So from a long lead indicator, those feel really good at this point in time.

是的。我想說，正如我們在準備好的演講中所說的那樣，我們目前擁有的最好的長期領先指標是那些非常強勁的季票和相關的全季產品銷售，以及圍繞團體活動的早期預訂以及我們飯店的預訂。這些進展符合我們的預期。因此，從長期領先指標來看，目前的感覺非常好。

As it relates to California weather, we certainly didn't want to see that week or so of extreme weather but a very different scenario to what we experienced last year. I'd say what we've seen so far through the first 1.5 months or so of '24 is more comparable to typical California winter, which is you'll get weaker rain, but it's not anywhere near the extreme anomalistic weather patterns we saw in 2023.

由於這與加州的天氣有關，我們當然不想看到那一週左右的極端天氣，但與我們去年經歷的情況截然不同。我想說的是，到目前為止，我們在24 年的前1.5 個月左右所看到的情況與典型的加州冬季更具可比性，即降雨量會減弱，但與我們看到的極端異常天氣模式相差甚遠。2023 年。

Lizzie, I would say I'd echo Brian's comments. And again, I'd just say on the days we're open and the weather is the same year-over-year, I'm encouraged by what I see. If we were down percentage-wise to last year, I'd be discouraged, but I'm encouraged.

Lizzie，我想說我會同意布萊恩的評論。再說一次，我只想說，在我們開放的日子裡，天氣每年都一樣，我對所看到的感到鼓舞。如果我們的百分比比去年下降，我會感到沮喪，但我會受到鼓舞。

We will go to our next question, Paul Golding with Macquarie Capital.

我們將討論下一個問題，麥格理資本的保羅‧戈爾丁。

Richard, Brian, just had a question around the F&B comment. You noted that transaction count and transaction value were up. And that was a bright spot in the per cap mix. I was wondering how much of that is being driven by greater penetration of mobile food ordering and how far along we are in the rollout of that in order to see continued tailwinds potentially to help per caps relative to attendance.

理查、布萊恩剛剛對餐飲評論有疑問。您注意到交易數量和交易價值有所增加。這是人均上限組合中的一個亮點。我想知道其中有多少是由移動訂餐的更大滲透所推動的，以及我們在推出這一項目方面走了多遠，以便看到持續的有利因素可能有助於提高人均出勤率。

And then my second question is on the selling part of SG&A. Just as you see your pass count rise, this impressive 20% that you noted, how nimble are you to roll back some marketing if you feel that it's appropriate?

我的第二個問題是關於 SG&A 的銷售部分。正如您看到您的通行證數量增加了（您注意到的令人印象深刻的 20%），如果您認為適當的話，您是否可以靈活地取消一些行銷活動？

Yes, I'll start with your F&B question, Paul. We continue to experiment with different ways to optimize those efficiencies using mobile for food and beverage ordering and other aspects of the park as well, including most recently this past year, starting to test some mobile purchasing capabilities around something like Fast Lane. So the challenge with all those things always within the park, the ability to scale it to days where you might have 40,000 or 50,000 people in the park.

是的，我將從你的餐飲問題開始，保羅。我們繼續嘗試不同的方法來優化使用行動裝置進行食品和飲料訂購以及公園其他方面的效率，包括去年的最近一次，開始圍繞 Fast Lane 等測試一些行動購買功能。因此，所有這些東西始終在公園內的挑戰是，能否將其擴展到公園內可能有 40,000 或 50,000 人的日子。

So I think it's helped in some of the parks on a modest level. But more of the benefit, I'd say, more of that lift in the average transaction count, the average transaction value is the outcome of the investments we've made to replace old, tired, inefficient facilities with higher throughput, better experienced facilities for our guests that we can scale our staffing levels up and down more easily within. That's what we're driving more efficiencies at this point in time.

所以我認為這對一些公園有一定的幫助。但我想說，更多的好處是平均交易數量、平均交易價值的提升更多是我們進行投資的結果，我們用吞吐量更高、經驗更豐富的設施來取代舊的、陳舊的、低效的設施對於我們的客人來說，我們可以更輕鬆地上下調整人員配備水準。這就是我們目前正在提高效率的原因。

Not giving up on making an impact more around the mobile side of things, and we are actually rolling out our new mobile app as we speak, as we get into the '24 season at the various parks. I think Knott's is maybe next up on the schedule, which will have more functionality around that. But the challenge is always just how do you operationalize at an effective level on those big attendance days. So that's just a unique challenge to our business. As it relates to season pass, I'll let Richard provide some color on that.

我們並沒有放棄在移動方面產生更多影響，正如我們所說，隨著各個公園進入“24 季節”，我們實際上正在推出新的行動應用程式。我認為 Knott's 可能是計劃中的下一個，它將有更多的功能。但挑戰始終是如何在那些人潮眾多的日子裡有效地運作。所以這對我們的業務來說是一個獨特的挑戰。由於它與季票有關，我會讓理查德對此提供一些說明。

Yes. Paul, do you want to restate your question, so I make sure I got that on season pass?

是的。保羅，你想重申你的問題嗎，這樣我就可以確保我在季票上得到了這個問題？

Sure. Well, you've seen this pop in season pass sales on a unit basis. And so I was just asking around how nimble you are with the marketing aspect of your SG&A in terms of your ability to throttle down if you find that to be useful from a cost savings perspective, given how much attendance you may have already sort of pulled forward or captured with the season pass sales.

當然。嗯，您已經看到了季票銷量的大幅成長。因此，我只是想問一下，考慮到您可能已經減少了多少出勤率，您在SG&A 的營銷方面是否靈活，如果您發現從節省成本的角度來看這很有用，那麼您是否有能力進行節流？透過季票銷售轉發或捕獲。

I understand the question, Paul. And I put that in the broader bucket of it's not just season pass advertising. When we advertise and we go out with season pass advertising, particularly in the spring, where we sell 50% of our -- traditionally, it's 50% of our units, that also tells people that the parks are open for business. So there's a duality to all the advertising we have in the spring or in early summer.

我理解這個問題，保羅。我把它放在更廣泛的範圍內，而不僅僅是季票廣告。當我們做廣告時，我們會推出季票廣告，特別是在春季，我們會售出 50% 的商品（傳統上是 50% 的商品），這也告訴人們公園已開始營業。因此，我們在春季或初夏的所有廣告都具有雙重性。

I think one of the things that we monitor is the effectiveness of our spend. And we have been nimble. We dialed it up, we dialed it down. Coming out of the pandemic, we dialed it way down because we thought we had the ability to do that and there were different market conditions then. I'd say in every market, we're trying to find that optimal level of spend that drives the demand we want. And in each year, there are unique opportunities and unique challenges.

我認為我們監控的事情之一是我們支出的有效性。我們一直都很靈活。我們撥了它，我們撥了它。疫情結束後，我們大幅下調了預算，因為我們認為我們有能力做到這一點，而且當時的市場條件有所不同。我想說，在每個市場，我們都在努力找到能夠推動我們想要的需求的最佳支出水準。每年都有獨特的機會和獨特的挑戰。

This year, with TT2 coming on at Cedar Point, we want to make sure that we've got the program for advertising that will draw and extend the reach of Cedar Point. It's a super regional, it's a destination of its own. So we want to make sure. There's as much challenge in underspending in some markets when you've got opportunity as overspending and maybe trying to push too hard. It's a constant tug of war. And we dial that down to the market-by-market opportunities each year.

今年，隨著 TT2 在 Cedar Point 的推出，我們希望確保我們的廣告計劃能夠吸引並擴大 Cedar Point 的覆蓋範圍。這是一個超級區域，它本身就是一個目的地。所以我們想確定一下。在某些市場，當你有機會時，支出不足與超支以及可能過度努力所面臨的挑戰一樣多。這是一場持續不斷的拉鋸戰。我們每年都會將其歸結為逐個市場的機會。

Our next question comes from Ian Zaffino with Oppenheimer.

我們的下一個問題來自伊恩·扎菲諾和奧本海默。

Just wanted to ask a question on the CapEx, I know you said, I think, $210 million to $220 million. Can you maybe give us an idea of the components of that as far as rides? Is there any intention to increase F&B spend? I know you've done that in the past. And any other kind of components you could give us would be helpful.

只是想問一個關於資本支出的問題，我知道你說的是 2.1 億至 2.2 億美元。能為我們介紹一下乘坐方面的組成部分嗎？是否有意增加餐飲支出？我知道你過去也這麼做過。您可以向我們提供的任何其他類型的組件都會有所幫助。

Yes, Ian, I would say the profile this year, as I said in my earlier remarks, we're getting back to our more traditional profile. We had an opportunity to dial down during -- coming out of COVID on rides and attractions. We've dialed that back up. We continue to invest in food and beverage. And I think what you'll see this year is a little more spend on our rides and attractions, continued investment under food and beverage but also other guest amenities throughout the park. So I think the profile is very similar to what you saw this year, when we spent close to $220 million.

是的，伊恩，我會說今年的概況，正如我在之前的演講中所說，我們正在回到更傳統的概況。疫情過後，我們有機會在遊樂設施和景點上放鬆。我們已撥回該電話。我們繼續投資食品和飲料。我認為今年您會看到我們在遊樂設施和景點上的支出增加，在食品和飲料方面的持續投資以及整個公園的其他賓客設施。所以我認為這個情況與你今年看到的情況非常相似，當時我們花了近 2.2 億美元。

But again, part of that $220 million in '23 was attached to the Knott's Hotel, so a little more investment in the hotel and resort business but nothing to the level. Knott's was really one of the last renovations in terms of our existing hotel portfolio. We've got some work on the calendar coming up not this year but in future years down at Schlitterbahn to make sure that we touch their resort component. That was one of the things that we were very excited about in that acquisition all the way back in '19 was there was a resort component.

但同樣，23 年 2.2 億美元的一部分被分配給了諾氏酒店，因此對酒店和度假村業務的投資增加了一點，但沒有達到這個水平。就我們現有的酒店組合而言，諾氏酒店確實是最後一次翻新的酒店之一。我們在日曆上做了一些工作，不是今年，而是未來幾年在 Schlitterbahn 進行的工作，以確保我們觸及他們的度假村部分。早在 19 年那次收購中，我們就感到非常興奮的事情之一就是其中有一個度假村部分。

But we want to make sure that we're investing appropriately to drive demand, number one; two, continue to instill the guest amenities, both in food and beverage and elsewhere; and third, increasingly, you're going to see us, and kind of ties back to our last answer, invest in technology to make sure we're infusing technology into our parks. We're not only rolling out the mobile apps at all of our large parks through the spring, but we're also domino-ing new Wi-Fi at all of our parks. So we continue to prioritize those initiatives that our guests tell you -- that the guests tell us that they put a lot of value in.

但我們希望確保我們進行適當的投資來推動需求，這是第一；第二，繼續在餐飲和其他方面提供賓客便利設施；第三，你會越來越多地看到我們，這與我們最後的答案有某種聯繫，投資技術以確保我們將技術注入我們的公園。我們不僅在整個春季在所有大型公園推出行動應用程序，而且還在所有公園推出新的 Wi-Fi。因此，我們繼續優先考慮客人告訴您的那些舉措，即客人告訴我們他們非常重視的舉措。

Our next question comes from Robert Aurand with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Robert Aurand。

I wanted to ask about EBITDA margins. You talked in the past about being able to get back to the mid- to high 33s when you got attendance back to 2019 levels. And you're talking pretty positively about the attendance ramp here this morning. I guess, if I look at the deal filings, some of the stand-alone projections, the margins don't quite get back to those levels. So I'm just trying to understand some of the puts and takes, kind of your long-term margin outlook and kind of the ramp from here.

我想問一下 EBITDA 利潤率。您過去談到，當上座率回到 2019 年的水平時，能夠回到 33 的中高水平。您對今天早上這裡的出席率上升表示非常積極的態度。我想，如果我看一下交易文件和一些獨立的預測，利潤率並沒有完全恢復到這些水準。所以我只是想了解一些看跌期權和看跌期權，你的長期利潤前景以及從這裡開始的增長情況。

Yes, Robert, it's Brian. As we said in our prepared remarks, I mean, driving margin expansion is a core priority and remains that. As it relates to the model in the S-4 that was filed, I would say, again that's a working model that was reviewed with our Board back in the summer of 2023, not necessarily reflective of where we stand today on the plan that we have built for 2024.

是的，羅伯特，是布萊恩。正如我們在準備好的發言中所說，我的意思是，推動利潤率擴張是核心優先事項，而且仍然如此。由於它與提交的 S-4 中的模型相關，我想說，這是我們的董事會在 2023 年夏天審查過的工作模型，不一定反映我們今天對計劃的立場已為 2024 年建造。

As we said, our greatest opportunity for margin expansion is in the second half of the year. And we've built a plan for 2024 that if we see the kind of weather that we would expect and that translates into the demand levels we would expect, we would certainly expect to see a margin expansion from where we're at right now. Getting all the way back to pre-pandemic levels is going to be a function of, ultimately, those attendance levels. And in this new cost environment, it's critical to get back to that 27-plus million attendance level to get there.

正如我們所說，我們利潤率擴張的最大機會是在今年下半年。我們已經制定了 2024 年的計劃，如果我們看到我們預期的天氣狀況並轉化為我們預期的需求水平，我們肯定會看到我們目前的利潤率會擴大。最終，能否回到大流行前的水平將取決於這些出勤率。在這種新的成本環境下，要達到這一目標，至關重要的是要恢復到 2700 多萬的觀眾人數水準。

Just a quick one on group, I know coming into the year, you were missing 1.4 million group visits versus 2019. Any way you could frame up kind of where we exited the year and what you think you can get further back in 2024?

簡單介紹一下團體訪問，我知道今年以來，與 2019 年相比，您錯過了 140 萬次團體訪問。您能以何種方式描述一下我們今年的退出情況以及您認為 2024 年可以進一步實現哪些目標？

Yes, Robert, it's Richard. We're very encouraged by what we saw over the last 6 months. We saw a strengthening in the group channels. And now as we look forward, while we -- as we said in our prepared remarks, group is in line with expectations, we're seeing what we would expect to see our expectations another year out from the pandemic. If you go all the way back to 2008, 2009, it took us about 3 years to recoup the group. They're the slowest channel to come back.

是的，羅伯特，我是理查。我們對過去 6 個月的所見所聞感到非常鼓舞。我們看到集團通路的加強。現在，當我們展望未來時，正如我們在準備好的發言中所說，集團符合預期，但我們看到了我們在疫情結束後一年所期望看到的情況。如果你一直追溯到2008年、2009年，我們花了大約3年的時間才拿回了集團的資金。他們是回來最慢的管道。

But we saw companies booking, we saw youth group bookings in the second half, looking really good. And we're still seeing that trend as we would expect to see coming out of a macro disruption. So I've got -- I'm very encouraged by what we're seeing with our group channel, understanding that we did filter out some of the lower-priced, more demand-oriented channels through groups. But when we look at what is rep-driven, what is specific day, both in the youth and the corporate sector, I'm very encouraged right now.

但下半年我們看到公司預訂，我們看到青年團體預訂，看起來非常好。我們仍然看到這種趨勢，正如我們預期的那樣，會出現宏觀混亂的情況。因此，我對我們在團體管道中看到的情況感到非常鼓舞，因為我明白我們確實透過團體過濾掉了一些價格較低、更以需求為導向的管道。但當我們看看年輕人和企業界的代表驅動是什麼、具體的日子是什麼時，我現在感到非常鼓舞。

All right. That does conclude today's Q&A. I will turn the call back over to Richard Zimmerman for closing remarks.

好的。今天的問答就到此結束。我將把電話轉回給理查德·齊默爾曼（Richard Zimmerman）做總結發言。

Thanks to everybody for joining us and your continued interest in Cedar Fair. We hope you'll have a chance to visit one of our parks this season as we keep you apprised of our progress on the 2024 season. Michael?

感謝大家加入我們以及對 Cedar Fair 的持續關注。我們希望您本賽季有機會參觀我們的其中一個公園，我們會隨時向您通報 2024 年賽季的進展。麥可？

Thanks again, everybody. For additional questions, I invite you to contact our Investor Relations department at (419) 627-2233. And our next call will be in early May after we release our 2024 first quarter results. Danica, that concludes our call today. Thanks, everyone.

再次謝謝大家。如有其他問題，請致電 (419) 627-2233 聯絡我們的投資者關係部門。我們的下一次電話會議將於 5 月初在我們發布 2024 年第一季業績後舉行。丹妮卡，我們今天的電話會議到此結束。感謝大家。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。