Six Flags Entertainment Corp (FUN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

My name is Krista and I will be your conference operator today.

我叫克里斯塔 (Krista)，今天我將擔任您的會議主持人。

(Operator Instructions) At this time, I would like to welcome everyone to Six Flags Entertainment Corporation, third quarter, 2024 conference call.

(操作員指示)現在，我歡迎大家參加六旗娛樂公司 2024 年第三季電話會議。

(Operator Instructions)

（操作員指令）

Thank you, I would now like to turn the conference over to the Six Flags management team.

謝謝，現在我想將會議交給六旗管理團隊。

Please go ahead.

請繼續。

Thank you Krista.

謝謝你，克里斯塔。

And good morning everyone.

大家早安。

My name is Michael Russell, Corporate Director of Investor Relations for Six Flags.

我叫麥可‧拉塞爾 (Michael Russell)，六旗公司投資人關係總監。

Welcome to today's call to review our 2024 third quarter financial results for Six Flags Entertainment Corporation.

歡迎參加今天的電話會議，回顧六旗娛樂公司 2024 年第三季的財務表現。

Earlier this morning, we distributed via wire service our earnings press release.

今天早些時候，我們透過通訊社發布了我們的收益新聞稿。

A copy of which is also available under the news tab of our Investor Relations website at investors.sixflags.com.

您也可以在我們的投資者關係網站 investors.sixflags.com 的新聞標籤下找到該文章的副本。

We have also posted a short slide presentation that you can access either on the webcast page for today's call or on our IR website's presentation page.

我們還發布了一個簡短的幻燈片演示，您可以在今天電話會議的網路直播頁面或我們 IR 網站的演示頁面上訪問。

You'll find the slides provide additional information about Six Flags, strategic road map and long term metrics for measuring our progress which we will cover on today's call.

您會發現幻燈片提供了有關六旗、戰略路線圖和衡量我們進展的長期指標的更多信息，我們將在今天的電話會議上討論這些內容。

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.

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。

These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements.

這些聲明可能涉及風險和不確定性，可能導致實際結果與這些聲明中描述的結果不同。

For a more detailed discussion of these risks, you may refer to the company's filings with the SEC.

有關這些風險的更詳細討論，您可以參考該公司向美國證券交易委員會提交的文件。

In compliance with the SECs regulation FD, this webcast is being made available to the media and 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.

為遵守美國證券交易委員會 (SEC) 的 FD 規定，本次網路直播將向媒體和公眾以及分析師和投資者開放，因為網路直播向所有參與者開放，且事先通知已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完全披露。

On the call with me this morning are Six Flags, Chief Executive Officer, Richard Zimmerman; and Chief Financial Officer, Brian Witherow.

今天早上與我一起通話的有六旗首席執行官理查德·齊默爾曼 (Richard Zimmerman)；和財務長 Brian Witherow。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thank you, Michael.

謝謝你，麥可。

Good morning and thanks to everyone for joining us today.

早安，感謝大家今天的參加。

I want to welcome you to our first earnings call that will cover the post-merger, consolidated financial results for the new Six Flags Entertainment Corporation.

歡迎大家參加我們的第一次財報電話會議，此次電話會議將討論新六旗娛樂公司的合併後綜合財務表現。

I'll start my remarks by recapping results for the third quarter ended September 29, 2024 before providing some color around the performance over the last five weeks, including the impressive demand for our incredibly popular Halloween events.

我將首先回顧截至 2024 年 9 月 29 日的第三季業績，然後再介紹過去五週的表現，包括我們非常受歡迎的萬聖節活動的熱烈需求。

I'll wrap up with an update on long lead indicators including the status of season pass sales today before passing it over to Richard.

在將其轉交給理查德之前，我將總結長期領先指標的更新，包括今天的季票銷售狀況。

On a consolidated basis, operating days in the third quarter of 2024 total 2,585 days compared with 1,091 operating days for the third quarter last year, of the 1,494 incremental operating days, 1,591 days relate to operations during the third quarter at the legacy Six Flags Parks.

從合併數據來看，2024 年第三季的營運天數總計 2,585 天，而去年第三季的營運天數為 1,091 天，在增加的 1,494 個營運天數中，有 1,591 天與第三季原六旗公園的營運有關。

Meanwhile, Legacy Cedar Fair Parks had 97 fewer operating days compared to the third quarter last year with 71 of those fewer operating days due to a fiscal calendar shift.

同時，Legacy Cedar Fair Parks 的營運天數與去年第三季相比減少了 97 天，其中 71 天的營運天數是由於財政日曆的變化而減少的。

The balance of the remaining decrease in operating days at the legacy Cedar Fair Parks was the result of planned changes to park operating calendars as well as the impact of extreme weather and related operating disruptions.

原雪松博覽會公園剩餘營運天數減少是由於公園營運日程表的規劃變更以及極端天氣和相關營運中斷的影響。

For the third quarter, we generated net revenues of $1.35 billion on attendance of 21 million visits.

第三季度，我們的淨收入為 13.5 億美元，遊客量達到 2,100 萬人次。

These third quarter results included $558 million of net revenues and 9.2 million in attendance from legacy Six Flags operations.

第三季的業績包括來自六旗傳統業務的 5.58 億美元淨收入和 920 萬遊客人次。

Third quarter, revenues from legacy Cedar Fair decreased by $52 million compared to the third quarter last year, primarily due to 660,000 fewer visits during the current period. 460,000 of which were due to the fiscal calendar shift.

第三季度，傳統雪松會展中心的收入與去年第三季度相比減少了 5,200 萬美元，主要原因是本期間參觀人數減少了 66 萬人次。其中 460,000 是由於財政日曆的變化造成的。

The remaining 200,000 visit decrease in legacy Cedar Fair attendance was the result of the extreme weather and related operating disruptions during the period.

傳統雪松博覽會參觀人數減少的另外 20 萬，是由於該期間極端天氣和相關的營運中斷造成的。

As we noted on our last earnings call, extreme weather caused challenges in the beginning of the third quarter with hurricane barrel disrupting demand across multiple parts in early July.

正如我們在上次財報電話會議上指出的那樣，極端天氣在第三季初帶來了挑戰，七月初的颶風擾亂了多個地區的需求。

Later in the quarter, Hurricane Debby disrupted early august operations and then operations during the last week of September were again disrupted by Hurricane Helen.

本季度晚些時候，颶風黛比擾亂了 8 月初的運營，9 月最後一周的運營再次受到颶風海倫的擾亂。

Excluding the three weeks that were directly impacted by the extreme weather events, attendance across the combined portfolio during the balance of the third quarter was up slightly over the same three month period last year, supporting our belief that our consumer remains healthy and demand for our products remains strong.

除受極端天氣事件直接影響的三週外，第三季度剩餘時間整個綜合投資組合的出席人數較去年同期略有上升，這支持了我們的信念，即我們的消費者仍然健康，對我們產品的需求仍然強勁。

Looking at third quarter, guest spending trends for a moment out of park revenues for the quarter totaled $102 million which included $21 million in revenues from legacy Six Flags operations.

縱觀第三季度，本季遊客消費趨勢（不包括公園收入）總計 1.02 億美元，其中包括六旗傳統營運的 2,100 萬美元收入。

Out of park revenues from legacy Cedar Fair operations decreased by $5 million, the direct result of the fiscal calendar shift.

受財政日曆變化的直接影響，Cedar Fair 傳統營運的場外收入減少了 500 萬美元。

Meanwhile, in part per capita spending in the period was $61.27 representing a decrease of 2% compared to the in part per cap reported by legacy Cedar Fair in the third quarter last year.

同時，該期間人均零件支出為 61.27 美元，與去年第三季 Cedar Fair 報告的人均零件支出相比下降了 2%。

Approximately half of the decline related to the impact of the merger with the other half attributable to a planned decrease in average season pass pricing and a higher mix of season pass visitation at the legacy Cedar Fair Parks.

大約一半的下降與合併的影響有關，另一半則歸因於計劃中的平均季票價格下降以及傳統雪松博覽會公園季票參觀人數的增加。

The per capita headwinds at the legacy Cedar Fair Parks were partially offset by improved guest spending on food and beverage, which was up 2% in the quarter and higher spending on extra charge products including Fast Lane which was up 4% in the quarter.

傳統雪松博覽會公園的人均逆風被遊客在食品和飲料方面的支出增加（本季度增長了 2%）和在包括快速通道 (Fast Lane) 在內的額外收費產品上的支出增加（本季度增長了 4%）部分抵消。

These positive trends underscore our guest willingness to spend during their visits and are a tribute to our park teams who provide compelling products and high quality guest service.

這些積極的趨勢強調了我們的遊客在遊玩期間的消費意願，也是對我們公園團隊提供引人注目的產品和高品質遊客服務的讚揚。

Moving on to the cost front.

繼續討論成本方面。

Operating costs and expenses in the third quarter totaled $894 million which included $368 million of operating costs and expenses from legacy Six Flags operations.

第三季的營運成本和費用總計 8.94 億美元，其中包括來自六旗傳統業務的 3.68 億美元營運成本和費用。

The third quarter costs were made up of $575 million of operating expenses, $209 million of SG&A expense and $110 million of cost of goods sold.

第三季的成本包括 5.75 億美元的營運費用、2.09 億美元的銷售、一般及行政費用和 1.1 億美元的銷售成本。

Third quarter operating expenses included $245 million related to operations at legacy Six Flags and an $18 million adjustment to self-insurance reserves at legacy Cedar Fair.

第三季的營運費用包括與原有六旗營運相關的 2.45 億美元以及原有雪松博覽會自保準備金的 1800 萬美元調整。

These items were partially offset by a $10 million decrease in operating expenses at the legacy Cedar Fair Parks related to the calendar shift.

這些項目被因日曆調整而導致的原始雪松博覽會公園 (Cedar Fair Parks) 運營費用減少 1000 萬美元的部分抵消。

Excluding these factors, third quarter, operating expenses at legacy Cedar Fair decreased by $11 million, the results of our plans this year to reduce standalone operating expenses as part of the first phase of our merger related costs synergies.

除這些因素外，第三季度，原 Cedar Fair 的營運費用減少了 1,100 萬美元，這是我們今年計劃降低獨立營運費用的結果，也是我們合併相關成本協同效應第一階段的一部分。

Meanwhile, third quarter SG&A expenses included $81 million from legacy Six Flags operations and $55 million of merger and integration related costs excluding these items SG&A expense at legacy Cedar Fair was up $9 million primarily due to higher full time wages including bonus expense.

同時，第三季的銷售、一般及行政費用包括來自原六旗營運的 8,100 萬美元及 5,500 萬美元的合併與整合相關費用。

The $110 million of cost of goods sold in the quarter included $42 million related to legacy Six Flags operations during the period.

本季 1.1 億美元的銷售成本包括期間內與六旗傳統營運相關的 4,200 萬美元。

As a percentage of food, merchandise and gains revenue, cost of goods sold in the quarter increased 30 basis points. 10 basis points of the increase related to the operations of the legacy Six Flags Parks, with the remainder driven by an increase in food and beverage cost at the legacy Cedar Fair Parks.

作為食品、商品和收益收入的百分比，本季銷售成本增加了 30 個基點。其中 10 個基點的成長與傳統六旗公園的運作有關，其餘部分則源自於傳統雪松博覽會公園的食品和飲料成本的增加。

As we previously noted, we remain laser focused on driving operating efficiencies and improving margins.

正如我們之前提到的，我們仍然專注於提高營運效率和提高利潤率。

We are moving ahead with a sense of urgency to fully realize the $120 million of merger related cost synergies on a run rate basis by the end of 2025.

我們正帶著緊迫感向前邁進，以在 2025 年底前全面實現 1.2 億美元的合併相關成本綜效。

The cost saving efforts we've initiated to date at both legacy Cedar Fair and legacy Six Flags put us on pace to achieve our target of realizing $50 million in run rate cost energies by the end of 2024.

迄今為止，我們在傳統雪松會展和傳統六旗樂園發起的成本節約舉措使我們有望實現到 2024 年底實現 5000 萬美元運行成本能源的目標。

Turning now to adjusted EBITDA, which management believes is a meaningful measure of park level operating results.

現在談談調整後的 EBITDA，管理階層認為這是衡量公園層級營運績效的一個有意義的指標。

Adjusted EBITDA for the third quarter totaled $558 million including $206 million of adjusted EBITDA from legacy Six Flags operations.

第三季調整後 EBITDA 總計 5.58 億美元，其中包括來自六旗傳統業務的 2.06 億美元調整後 EBITDA。

This was partially offset by a $21 million decrease resulting from the fiscal calendar shift at legacy Cedar Fair and a $15 million decrease due to the impacts of the extreme weather on attendance and revenues during the quarter at the legacy Cedar Fair Parks.

這部分抵消了由於傳統雪松博覽會財政日曆變化導致的 2100 萬美元減少以及由於極端天氣對傳統雪松博覽會公園本季度的遊客人數和收入的影響導致的 1500 萬美元減少。

Consistent with our commitment, long term practice of providing transparency around operating results.

與我們的承諾一致，我們長期致力於提供透明的經營成果。

Let's turn our attention to results since the end of the third quarter, results that reflect the outstanding performance of our increasingly popular Halloween events which continue to deliver some of the biggest attendance days of the year.

讓我們把注意力轉向第三季末以來的業績，這些結果反映了我們日益受歡迎的萬聖節活動的出色表現，這些活動繼續成為一年中參與人數最多的日子之一。

Over the past five weeks, we entertained 6.5 million guests across the combined portfolio, an increase of 20% or more than 1 million visits compared to the combined portfolio over the same five week period last year.

過去五週內，我們共接待了 650 萬名遊客，與去年同期相比成長了 20%，造訪量超過 100 萬人次。

The strong momentum and demand that crossed both legacy Cedar Fair and legacy Six Flags Parks also translated into a meaningful increase in the sales of season passes and memberships.

傳統雪松會展公園和傳統六旗公園的強勁發展勢頭和需求也導致季票和會員資格銷售顯著增長。

Over the five week period, sales of 2025 season pass units were up 8% with the average pass price up 3%.

在這五週內，2025 張季票的銷售量上漲了 8%，平均價格上漲了 3%。

This brings the early sales of season pass units across the combined portfolio up 2% over the same time last year.

這使得合併後的產品組合中的季票早期銷售額比去年同期成長了 2%。

Based on the solid season pass base and the strong performance of October, which historically represents approximately 60% of full fourth quarter attendance.

基於穩固的季票基礎和 10 月的強勁表現，這在歷史上約佔第四季全部觀眾出席人數的 60%。

We believe we are on pace to achieve fourth quarter adjusted EBITDA of $205 million to $215 million with actual results dependent on operating conditions and macro factors such as weather over the final two months of the year.

我們相信，第四季度調整後 EBITDA 將達到 2.05 億至 2.15 億美元，實際結果取決於今年最後兩個月的經營狀況和天氣等宏觀因素。

Now turning to the company's balance sheet for a moment.

現在我們來看看公司的資產負債表。

Our balance sheet remains in solid condition at the end of the third quarter, we had $90 million of cash and cash equivalents on hand and approximately $4.8 billion of gross debt.

截至第三季末，我們的資產負債表依然穩健，我們手頭上有 9,000 萬美元的現金和現金等價物，以及約 48 億美元的總債務。

Of our debt outstanding approximately 80% is fixed through long term notes and outside of $200 million in senior notes which mature in July of next year, we have no significant maturities before 2027.

我們未償還債務中約有 80% 是透過長期票據固定的，除了明年 7 月到期的 2 億美元優先票據外，我們在 2027 年之前沒有重大到期票據。

Liquidity as of September 29, 2024 totaled $743 million including cash on hand and available capacity under our revolving credit facility, providing us with ample financial flexibility going forward.

截至 2024 年 9 月 29 日的流動性總計 7.43 億美元，包括庫存現金和循環信貸額度下的可用容量，為我們未來提供了充足的財務靈活性。

Deferred revenues on September 29, 2024 total $359 million compared with $208 million of deferred revenues on September 24, 2023.

2024 年 9 月 29 日的遞延收入總計 3.59 億美元，而 2023 年 9 月 24 日的遞延收入為 2.08 億美元。

The $151 million increase includes $144 million of deferred revenues at the legacy Cedar Fair Six Flags Parks with the remaining increase reflecting the strong sales of advanced purchase products at the legacy Cedar Fair Parks.

1.51 億美元的增幅包括原雪松博覽會六旗公園的 1.44 億美元遞延收入，剩餘的增幅則反映了原雪松博覽會公園預購產品的強勁銷售。

Through the end of the third quarter of 2024 deferred revenues at legacy Cedar Fair were up $7 million or 3%.

截至 2024 年第三季末，Cedar Fair 的遞延收入增加了 700 萬美元，增幅為 3%。

For modeling purposes, during the quarter, we spent $110 million on capital expenditures and for the fourth quarter, we expect CapEx will be in the $100 million to $110 million.

為了建立模型，本季度，我們花費了 1.1 億美元的資本支出，而第四季度，我們預計資本支出將在 1 億至 1.1 億美元之間。

Looking ahead, we expect to invest between $500 million and $525 million in cap capital expenditures in both 2025 and 2026.

展望未來，我們預計 2025 年和 2026 年的資本支出將分別在 5 億美元至 5.25 億美元之間。

These investments represent a level of CapEx spend necessary to accelerate the integration process and begin to activate the growth potential of the combined portfolio.

這些投資代表了加速整合過程和開始啟動合併後投資組合的成長潛力所必需的資本支出水準。

The investments will be primarily focused on project aimed at increasing demand and driving higher levels of guest spending.

投資將主要集中在旨在增加需求和推動更高水平的客人消費的項目上。

But we'll also include addressing any deferred infrastructure needs across the portfolio.

但我們也將解決整個投資組合中任何延期的基礎設施需求。

While we are still finalizing capital programs beyond 2026, we are targeting annual CapEx spend to be in the range of approximately 12% to 13% of net revenues over the long term.

雖然我們仍在敲定 2026 年以後的資本計劃，但我們的目標是長期內年度資本支出約佔淨收入的 12% 至 13%。

Lastly, from a cash flow perspective.

最後，從現金流的角度來看。

In 2025 we are projecting annualized cash interest payments of $305 million to $315 million in annualized cash taxes of $130 million to $140 million.

我們預計 2025 年年度現金利息支付額將達到 3.05 億至 3.15 億美元，年度現金稅額將達到 1.3 億至 1.4 億美元。

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

說到這裡，我想把電話轉給理查。

Thanks Brian and thanks again to everyone for joining us today.

謝謝 Brian，並再次感謝大家今天的參與。

Today, I'll briefly reflect on our third quarter. performance, share updates on our progress towards driving long term value creation and discuss the key strategic initiatives that will position the new Six Flags for sustained profitable growth.

今天，我將簡要回顧我們的第三季。業績，分享我們在推動長期價值創造方面取得的進展，並討論使新六旗實現持續盈利增長的關鍵戰略舉措。

I will also discuss our expectations for next season at a high level and our targets for assessing progress over the long term.

我還將高層討論我們對下個賽季的期望以及評估長期進展的目標。

First, let me say that I'm excited to share with you the early progress we've made since the completion of our transformational merger on July 1.

首先，我很高興與大家分享我們自 7 月 1 日完成轉型合併以來所取得的早期進展。

I couldn't be prouder of how our team has worked together with a sense of urgency to capture early wins while establishing a strong and stable foundation for delivering on the combined company's long term potential.

我為我們的團隊如何齊心協力、緊迫感十足地取得早期勝利同時為實現合併後公司的長期潛力奠定堅實而穩定的基礎而感到無比自豪。

We have made significant progress on our integration process while ensuring all 42 parts maximize performance during the most important months of the year.

我們在整合過程中取得了重大進展，同時確保所有 42 個部分在一年中最重要的幾個月內實現最佳效能。

And despite headwinds from the impact of three hurricanes, we delivered solid results.

儘管受到三次颶風的影響，我們仍然取得了穩健的表現。

As Brian mentioned, excluding the three weeks most directly impacted by the hurricanes, third quarter attendance across the portfolio was up slightly over the same three month period last year.

正如布萊恩所提到的，除受颶風直接影響的三個星期外，整個投資組合第三季的出席人數與去年同期相比略有增加。

And that momentum carried into October when demand for our Halloween events pushed year over year attendance up 20% over the past five weeks.

這種勢頭一直延續到十月份，過去五週內，萬聖節活動的需求使參與人數年增了 20%。

In addition to the outstanding recent attendance trends, I am particularly pleased with the robust early demand we've seen for season passes, which is one of our best long lead indicators heading into next season.

除了近期出色的出席人數趨勢之外，我對我們看到的季票早期強勁需求感到特別高興，這是我們進入下個賽季的最佳長期領先指標之一。

In addition to delivering a strong second half of the year, we've been focused on continuing to improve the guest experience at all our parks and build demand momentum that we can carry into 2025.

除了在下半年取得強勁業績外，我們還致力於繼續改善所有公園的遊客體驗，並建立可延續到 2025 年的需求動能。

As we shared with you on our last earnings call, one of the hallmarks of our long term success is delivering unmatched entertainment and exceptional guest service.

正如我們在上次財報電話會議上與您分享的那樣，我們長期成功的標誌之一是提供無與倫比的娛樂和卓越的客戶服務。

Based on decades of experience, we know guest satisfaction is vital to the sustainable long term growth of the business.

根據數十年的經驗，我們知道客人滿意度對於業務的長期永續成長至關重要。

With that in mind, our team moved quickly to make recognizable improvements at the legacy Six Flag Parks that have already proven to resonate with guests and have helped produce our highest guest satisfaction scores in the last four years.

考慮到這一點，我們的團隊迅速採取行動，對傳統的六旗公園做出了明顯的改進，事實證明這些改進引起了遊客的共鳴，並幫助我們在過去四年中獲得了最高的遊客滿意度分數。

The early returns from our actions are clear.

我們的行動所帶來的早期回報是顯而易見的。

Investing in the guest experience, drives higher attendance and establishes a strong foundation for future growth.

投資於客人體驗，可以提高出席率並為未來發展奠定堅實的基礎。

Our early progress reinforces our confidence that we are well positioned to continue to drive meaningful attendance growth heading into the 2025 season.

我們早期的進展增強了我們的信心，我們有能力在 2025 年賽季繼續推動有意義的出席人數成長。

I'm also happy to report that the integration process is progressing smoothly.

我也很高興地報告，整合過程進展順利。

Through project accelerate our internal initiative to unlock the full potential of the new Six Flags, we're seeing the early positive results we anticipated.

透過專案加速我們的內部舉措，釋放新六旗的全部潛力，我們看到了預期的早期積極成果。

Swift action on our core objectives has put us in position to deliver on the revenue upside and the cost synergies we know are available from the merger.

我們迅速採取行動實現核心目標，使我們能夠實現收入成長和成本協同效應，我們知道這些可以透過合併實現。

As Brian noted earlier, we are on track to achieve $50 million of cost synergies by the end of this year and we remain confident in our ability to deliver the full projected $120 million of cost synergies on a run rate basis by the end of 2025.

正如 Brian 之前提到的，我們預計在今年年底前實現 5000 萬美元的成本協同效應，並且我們仍然有信心到 2025 年底按運行率實現預計的 1.2 億美元的成本協同效應。

With our work on capturing cost synergies well underway, we have turned our focus to pursuing what we consider to be the greatest opportunity to merger, driving significant attendance growth in the combined new portfolio.

隨著我們在獲取成本綜效方面的工作順利進行，我們將重點轉向尋求我們認為最大的合併機會，從而推動合併後的新投資組合的遊客人數大幅增長。

In a demand driven business strength and attendance acts as the catalyst for improvements across all key performance indicators including longer length of stay, greater pricing power, higher levels of guest spending and ultimately improved margins and higher free cash flow.

在需求驅動的業務中，實力和出席率是所有關鍵績效指標改善的催化劑，包括更長的入住時間、更大的定價能力、更高的客人消費水平，以及最終提高的利潤率和更高的自由現金流。

Therefore, growing attendance is our highest priority, ensuring that parks stay comfortably crowded while still providing a quality experience to keep guests coming back year after year.

因此，增加遊客數量是我們的首要任務，確保公園保持舒適的客流量，同時仍提供優質的體驗，讓遊客年復一年地回來。

Looking at the legacy Six Flags Parks, the opportunities around attendance growth are compelling.

縱觀六旗公園的歷史，遊客數量增長的機會十分誘人。

Increase in attendance back to 2019 levels would represent a 48% increase over the 22 million guests the parks entertained in 2023.

如果遊客人數恢復到 2019 年的水平，將比 2023 年公園接待的 2,200 萬遊客增加 48%。

A goal that we believe is both achievable and appropriate, particularly when noting the relevant market penetration rates of the legacy Six Flags Parks were roughly half those of the legacy Cedar Fair Parks in 2023.

我們相信這個目標是可以實現的，也是適當的，特別是考慮到 2023 年，傳統六旗公園的相關市場滲透率大約是傳統雪松公園的一半。

With this upside potential as well as the strong momentum and season pass sales we have coming out of October, we believe we are well positioned to deliver attendance growth across the combined portfolio in 2025, that is ahead of our historical attendance growth rate of 1% to 2%.

憑藉這一上行潛力以及 10 月份的強勁發展勢頭和季票銷售，我們相信，我們有能力在 2025 年實現整個合併投資組合的遊客人數增長，這將高於我們 1% 至 2% 的歷史遊客人數增長率。

Our ability to successfully grow attendance and improve guest spending levels next year will be driven in large part by our compelling capital program.

我們明年能否成功增加遊客數量並提高客人消費水平，很大程度上將取決於我們強有力的資本計劃。

As we discussed last quarter, one of our guiding principles is strategically investing capital to drive growth, consistent reinvestment in our parks and underlying infrastructure is essential for creating long term value.

正如我們上個季度所討論的那樣，我們的指導原則之一是策略性地投資資本以推動成長，對我們的公園和基礎設施進行持續的再投資對於創造長期價值至關重要。

We are executing a disciplined approach to capital allocation that balances our investment in marketable new attractions and expanded in park offerings with infrastructure improvements that often go unnoticed but are extremely important to keeping our parks running efficiently.

我們正在執行一種嚴謹的資本配置方法，平衡我們對有市場價值的新景點和擴大公園產品的投資與基礎設施改進，這些改進通常被忽視，但對於保持我們的公園高效運行極為重要。

This ensures we maintain the integrity of our parks while broadening and enhancing the guest experience.

這確保我們在拓寬和增強遊客體驗的同時，保持公園的完整性。

As Brian mentioned over the next two years, we plan to invest $500 million to $525 million annually in capital expenditures across the portfolio.

正如 Brian 所提到的，在未來兩年內，我們計劃每年在整個投資組合中投資 5 億至 5.25 億美元作為資本支出。

This will include investing approximately $325 million to $350 million each year on marketable new attractions and revenue centers and investing another $175 million each year on infrastructure improvements.

其中包括每年投資約 3.25 億至 3.5 億美元用於建造有市場價值的新景點和收入中心，以及每年投資 1.75 億美元用於基礎設施改善。

Our marketable capital projects will be focused on the parks that generate the highest levels of potential cash flow, ensuring that our investments will drive the greatest possible returns.

我們的可銷售資本項目將集中在產生最高潛在現金流的園區，確保我們的投資帶來最大的回報。

Before I conclude with a review of our long term targets, I want to clarify a few points to ensure our investors understand our strategic approach moving forward.

在總結我們長期目標之前，我想澄清幾點，以確保我們的投資者了解我們未來的策略方針。

First, increase in attendance does not require and will not involve aggressive discounting.

首先，增加出席人數並不需要也不會涉及大幅折扣。

Based on our strategic approach to the business, we do not rely on price cuts to drive attendance.

根據我們的業務策略方針，我們不會依賴降價來提高客流量。

Our playbook focuses on delivering a high quality experience that guests value and are willing to pay for then dynamically pricing tickets based on demand, much like they approach hotels and airlines take.

我們的策略著重於提供客人重視且願意付費的高品質體驗，然後根據需求動態定價機票，就像他們對待飯店和航空公司的方式一樣。

Our business intelligence teams, pricing strategy is time tested and successful at setting consistent market expectations, building long term trust with consumers and sustainably growing attendance and per capita spending together.

我們的商業智慧團隊和定價策略經過了時間的考驗，成功設定了一致的市場預期，與消費者建立了長期信任，並持續增加了遊客量和人均消費。

We have taken the successful dynamic pricing tools and practices, we've spent more than a decade building and expanded them across the combined portfolio.

我們採用了成功的動態定價工具和實踐，並花了十多年的時間在合併後的投資組合中建立和擴展它們。

We fully expect these tools and our team's efforts to be equally effective moving forward, just as they have been in the past.

我們完全相信這些工具和我們團隊的努力將在未來發揮同樣的效果，就像過去一樣。

Second, we remain confident in the capital investments we have planned for the upcoming seasons and how those capital programs fit within our capital allocation priorities.

其次，我們對於未來幾季所規劃的資本投資以及這些資本計畫如何適應我們的資本配置優先事項仍然充滿信心。

As we previously noted, the legacy Six Flags Parks are foundationally strong with solid infrastructures which we believe can be enhanced without the need for outsized capital investments.

正如我們之前提到的，傳統的六旗公園基礎雄厚，基礎設施牢固，我們相信無需巨額資本投資即可進行增強。

Because of this, the majority of the investments we plan to make in the parks will be responsibly deployed towards high return opportunities that are aimed at enhancing the guest experience and driving growth.

正因為如此，我們計劃在公園進行的大部分投資將負責任地用於旨在提升遊客體驗和推動成長的高回報機會。

Third, the cost synergies we outlined upon announcing the merger can be fully realized and retained.

第三，我們在宣布合併時概述的成本綜效可以充分實現並保留。

As we've already noted, we have a line of sight to deliver the entire $120 million of cost synergies on a run rate basis by the end of 2025 with $50 million expected to be achieved by the end of this year.

正如我們已經指出的那樣，我們計劃在 2025 年底前實現全部 1.2 億美元的成本協同效應，預計今年年底將實現 5000 萬美元。

Much of the remaining cost synergies come from eliminating redundant overhead costs, optimizing shared services and rationalizing and leveraging our supplier base.

剩餘的成本綜效大部分來自於消除多餘的間接成本、最佳化共享服務以及合理化和利用我們的供應商基礎。

As Brian noted, while we are prepared to reinvest operating costs back into our parts to help drive growth, we intend to find additional cost savings to offset such initiatives.

正如布萊恩所說，雖然我們準備將營運成本重新投資到我們的零件以推動成長，但我們打算尋找額外的成本節約來抵消這些措施。

Finally, we are laser focused on managing near term debt levels and reducing that leverage to growth and free cash flow.

最後，我們專注於管理近期債務水平，並減少對成長和自由現金流的槓桿作用。

And we are moving with a sense of urgency to put the necessary initiatives in motion to help us achieve our goals.

我們正緊急採取必要措施來幫助我們實現目標。

In addition to driving organic growth in the business, we have also activated a comprehensive review of our portfolio, including excess and undeveloped land.

除了推動業務的有機成長之外，我們還對我們的投資組合進行了全面審查，包括過剩和未開發的土地。

This is an exercise that we have undertaken in the past and one that is focused on optimizing our asset base, narrowing our focus and helping us accelerate our planned reduction in leverage.

這是我們過去曾進行過的一項工作，重點是優化我們的資產基礎，縮小我們的關注範圍，並幫助我們加速按計劃降低槓桿率。

While we take the steps necessary to optimize near term results, we are working tirelessly to unlock the full potential of the merger.

在我們採取必要措施優化近期業績的同時，我們也不懈地努力，充分發揮合併的潛力。

Looking ahead, we've set ambitious but achievable targets that will help us measure our progress as we advance our strategic objectives.

展望未來，我們制定了雄心勃勃但可實現的目標，這將有助於我們在推進策略目標時衡量所取得的進展。

Ultimately, we are targeting annual unlevered pretax free cash flow of $800 million or more by 2027, which would imply an average growth rate of more than 10% over the next three years.

最終，我們的目標是到 2027 年實現每年 8 億美元或以上的無槓桿稅前現金流，這意味著未來三年的平均成長率將超過 10%。

This sustained level of growth can be achieved by increasing annual attendance to more than $55 million guests and expanding modified EBITDA margins to 35% or better.

透過將年度接待人數增加到 5500 萬美元以上並將調整後的 EBITDA 利潤率擴大到 35% 或更高，即可實現這一持續的成長水平。

This level of free cash flow growth would in turn facilitate our ability to reduce net total leverage back inside 3.5 times adjusted EBITDA by the end of 2027.

這種水準的自由現金流成長反過來會促進我們在 2027 年底之前將淨總槓桿率降低至調整後 EBITDA 的 3.5 倍以內。

We are planning to host an analyst day towards the end of the first quarter next year at which time, we will provide more specifics around the core strategies of our new long term plan as well as more color around our outlook for growth in the business.

我們計劃在明年第一季末舉辦分析師日，屆時我們將提供有關新長期計劃的核心策略的更多細節以及有關業務成長前景的更多細節。

Further details on our analyst day will be forthcoming.

有關分析師日的更多詳細資訊即將公佈。

Before we open up the call for questions, I want to emphasize my confidence in the tremendous potential for long term value creation of the new Six Flags.

在我們開始提問之前，我想強調一下我對新六旗長期價值創造的巨大潛力充滿信心。

Our resilient business model, strong foundation, and clear road map for success will drive sustained growth and profitability for the foreseeable future, by focusing on guest satisfaction, making disciplined capital investments and emphasizing operating cost efficiencies.

我們富有彈性的商業模式、堅實的基礎和清晰的成功路線圖將透過關注客人滿意度、進行嚴格的資本投資和強調營運成本效率，推動可預見的未來持續成長和獲利。

We are positioning Six Flags to thrive for the long term in any market environment.

我們的目標是，無論何種市場環境，六旗都能實現長期繁榮。

I'm extremely excited about our future.

我對我們的未來感到無比興奮。

We have the right strategy, the right team and the right assets to deliver exceptional experiences for our guests and strong returns for our shareholders.

我們擁有正確的策略、正確的團隊和正確的資產，可以為我們的客人提供非凡的體驗，並為我們的股東帶來豐厚的回報。

Thank you for your continued support and I look forward to keeping you updated on our progress in the quarters ahead.

感謝您一直以來的支持，我期待在未來幾季向您通報我們的進展。

That concludes our prepared remarks.

我們的準備好的演講到此結束。

Krista, please open the line for questions.

克里斯塔，請打開熱線回答問題。

(Operator Instructions) Steve Wieczynski, Stifel.

（操作員指示） Steve Wieczynski，Stifel。

Yeah.

是的。

Hey guys, good morning.

嘿，大家早安。

I hope you're all doing well.

我希望你們一切都好。

So Richard or Brian, if we think about the 55 million attendance it's called a target by 2027.

所以理查德或布萊恩，如果我們考慮到 5500 萬的出席人數，那麼到 2027 年就可以達到這個目標。

Is there any way to help us think about how the cadence might look getting from the current run rate level out to '27?

有什麼方法可以幫助我們思考從目前運行率水準到 '27 的節奏會是怎樣的？

I'm assuming it's not going to be a straight line over the next three years given the heavy investments that are going to need to be made in certain legacy Six Flags parks in '25 and '26.

我估計，鑑於 25 年和 26 年需要對某些六旗主題樂園進行大量投資，未來三年的成長不會是直線成長。

But just wondering what kind of color you could give there beyond what Richard mentioned in his prepared remarks, about '25.

但我只是想知道，除了理查德在準備好的演講中提到的關於 '25 的內容之外，您還能給出什麼樣的說明。

I think you said, Richard, being up above that 1% to 2% kind of historical growth range.

理查德，我想你說過，成長率超過了 1% 到 2% 的歷史成長範圍。

Thanks.

謝謝。

Yeah, Steve, it's Brian.

是的，史蒂夫，我是布萊恩。

So, yeah I start by emphasizing what Richard said in the prepared remarks, as we look at '25 and there's certainly some steps we're taking across the portfolio to position ourselves for longer term growth.

所以，是的，我首先強調理查德在準備好的發言中所說的話，當我們展望25年時，我們肯定會在整個投資組合中採取一些措施，為長期增長做好準備。

But we definitely believe there's upside in attendance next year beyond, what historical growth rates for this industry, for legacy Cedar or legacy Six would have shown that low single digit growth rate.

但我們確實相信，明年的觀眾人數將繼續增加，而這個行業的歷史成長率，對於傳統的 Cedar 或傳統的 Six 來說，將會顯示出較低的個位數成長率。

I think your point is a good one.

我認為你的觀點很正確。

The growth isn't often linear, that'd be easy if it was.

成長通常不是線性的，如果是的話那就容易了。

But it does tend to ramp up and there is an inflection point right at some point.

但它確實有上升的趨勢，並且在某個時刻會出現一個拐點。

And as we look out, we're really excited about what we have put in motion for '25, I think we're even more excited about the capital program and the set of initiatives for '26.

展望未來，我們對於 25 年所採取的行動感到非常興奮，我認為我們對 26 年的資本計劃和一系列舉措更加興奮。

And what we're working on beyond '26 as we said on the call, still some of those discussions in process.

正如我們在電話中所說，我們正在為 26 年以後的工作做一些討論，其中一些仍在進行中。

But I think there is that that point where, whether you call it the hockey stick or the Nike Swoosh inflection point growth will ramp. '25 has got growth.

但我認為，無論你稱之為曲棍球棒還是耐吉 Swoosh 拐點，成長都會加速。 ’25 取得了成長。

But I think looking beyond it is where you start to see that inflection point kick in.

但我認為，如果再往前看，你就會開始看到轉捩點的出現。

Yes, Steve, let me -- good morning.

是的，史蒂夫，讓我——早安。

It's Richard, let me jump in here.

我是理查德，讓我插話。

As I've said, often there's two things that really drive demand in our business and that proven to underpin our resiliency.

正如我所說，通常有兩件事真正推動了我們業務的需求，並且被證明可以支撐我們的彈性。

First, it's guest satisfaction.

首先，是客人滿意度。

We're tracking along at four years high on both sides of the portfolio.

我們的投資組合兩側都達到了四年來的最高水準。

So we're really pleased with that.

我們對此非常滿意。

And second, as Brian talked about a really compelling capital program, but I think '25 is really strong.

其次，正如布萊恩談到的一項真正引人注目的資本計劃，但我認為『25』計劃確實很強大。

I'm really excited about the '26 program which I think may be the best capital line up I've seen in my almost four decades.

我對'26計劃感到非常興奮，我認為這可能是我近四十年來見過的最佳資本陣容。

So I think we've got an ability to drive it how the markets react and the particulars -- any particular set of macro conditions, like weather always have an influence.

因此我認為我們有能力推動市場如何反應以及具體情況——任何特定的宏觀條件，例如天氣總是會產生影響。

But I think we're taking the necessary steps to drive that demand.

但我認為我們正在採取必要措施來推動這項需求。

That great color guys.

那些顏色真棒，夥計們。

And the second question, if we think about the $800 million of unlevered free cash flow out to 2027 if we do some math here and kind of back into some things.

第二個問題是，如果我們考慮到 2027 年的 8 億美元無槓桿自由現金流，如果我們在這裡做一些計算，然後回顧一些事情。

We're kind of getting you guys somewhere around let's call it about $1.28 billion to $1.3 billion of adjusted EBITDA.

我們大概將調整後的 EBITDA 定在 12.8 億美元至 13 億美元左右。

And if that math is right, or directionally right, just wondering if you could help us think about maybe how you guys are thinking about the per caps, how those could kind of trend in the out year or out in the out years.

如果這個計算是正確的，或者方向上是正確的，我只是想知道你們是否可以幫助我們思考一下你們是如何考慮人均收入的，以及這些收入在未來一年或未來幾年會呈現怎樣的趨勢。

And then does that target include any of your original revenue synergies?

那麼該目標是否包含您原來的任何收入綜效？

We heard about the expense synergies but didn't get any color around that, the original $80 million of revenue synergies.

我們聽說過費用協同效應，但沒有得到任何關於最初 8000 萬美元收入協同效應的細節。

Thanks.

謝謝。

Yes, Steve, it's Brian.

是的，史蒂夫，我是布萊恩。

On the revenue synergies, it was never really encompassed in that number, that $80 million number was -- as we said on the call, we think the real upside and full potential or realizing the full potential of this merger is, and that is the big opportunity to drive attendance growth right.

就收入協同效應而言，它從未真正包含在這個數字中，8000 萬美元這個數字是——正如我們在電話會議上所說的那樣，我們認為這次合併的真正優勢和全部潛力或實現全部潛力是，這是推動出席人數增長的巨大機會。

Over the next several years, much of the growth -- the revenue growth that's going to come from the merger should be a step function in growth and attendance, which is often at odds with per caps.

在接下來的幾年裡，大部分的成長——來自合併的收入成長應該是成長和出席人數的階躍函數，而這往往與人均收入不一致。

But it's critical to the long term success of the business, right?

但這對企業的長期成功至關重要，對嗎？

So we remain confident in our ability to continue to grow per caps, but there's no doubt that the primary near term focus is on driving revenue growth through attendance.

因此，我們仍然對繼續提高人均觀眾人數的能力充滿信心，但毫無疑問，近期的主要重點是透過提高觀眾人數來推動收入成長。

Okay, got you.

好的，明白了。

Thanks guys.

謝謝大家。

I appreciate the color.

我很欣賞這個顏色。

Thanks Steve.

謝謝史蒂夫。

James Hardiman, City.

詹姆斯·哈迪曼，城市隊。

Hey, good morning.

嘿，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Obviously, if you look at sort of the performance of stock since, since the merger closed, it seems like there's been somewhat of a shifting narrative and talking to investors, I think that narrative seems to be that you guys were surprised by A, the lack of investments that had been being made at the Six Flags Parks and then B, that the level of investment that would be required to sort of begin that turnaround was much greater than you originally anticipated.

顯然，如果您觀察一下自合併結束以來的股票表現，似乎有一種轉變的說法，在與投資者交談時，我認為這種說法似乎是，你們對以下兩個因素感到驚訝：A，六旗公園缺乏投資；B，開始扭轉局面所需的投資水平遠遠超出了你們最初的預期。

So, maybe speak to those notions, what was surprising, what's been sort of part of your expectations set all along and then maybe specifically if you can speak to 2025, I mean you've sort of laid out, how to think about the cost synergies next year.

所以，也許可以談談這些概念，什麼是令人驚訝的，什麼是你一直以來的期望，然後也許具體到 2025 年，我的意思是你已經闡述瞭如何考慮明年的成本協同效應。

You also made the point that ultimately all that's going to fall through to the bottom line.

您還指出，最終所有這些都將落到底線。

I don't know if that's going to be the case next year.

我不知道明年是否還會這樣。

Are there incremental sort of OpEx investments that need to be made short term that we won't see offset next year, but maybe how to think about OpEx specifically but sort of the margin profile in 2025.

是否存在需要在短期內進行的增量式營運支出投資，而這些投資明年將無法得到抵消，但也許應該具體考慮營運支出，但要考慮 2025 年的利潤率狀況。

Yeah, James, thanks for the question.

是的，詹姆斯，謝謝你的提問。

Good morning.

早安.

It's Richard.

是理查德。

When I think about the state of the business, we keep talking about how resilient our business model is and whether that's a legacy Six or legacy Cedar.

當我思考業務狀況時，我們一直在談論我們的業務模式有多有彈性，以及它是傳統的 Six 還是傳統的 Cedar。

There's a tremendous amount of appeal for our product.

我們的產品有巨大的吸引力。

As you saw 20% up in attendance in the month of October speaks both to the appeal of Halloween, but also how we tap into that appeal on a scale that few can match in each of our particular regions.

正如你所看到的，十月份的參與人數增加了20%，這不僅說明了萬聖節的吸引力，也說明了我們如何以在每個特定地區都很少有人能比擬的規模來利用這種吸引力。

So as I think about the questions we've gotten since the merger was consummated, a lot of them actually revolved less around the investment, some of it was around the investment, but a lot of it was around the health of the consumer.

因此，當我思考自合併完成以來我們所收到的問題時，許多問題實際上並不圍繞投資，有些問題圍繞著投資，但許多問題圍繞著消費者的健康。

And what we have said from the beginning is that on days where weather is good, we were encouraged by the demand we were seeing and that was particularly true in October where the weather was outstanding, but also in the third quarter where we said we were up slightly if you took out three weeks impacted greatly by hurricanes.

我們從一開始就說過，在天氣好的日子裡，我們看到的需求會讓我們感到鼓舞，尤其是在天氣極佳的十月份，而且在第三季度，如果除去受颶風嚴重影響的三週，我們的銷量還會略有上升。

Now, weather is part of our business.

現在，天氣是我們業務的一部分。

We're an outdoor business, but we've got an incredibly resilient business model because of the demand that we can generate.

我們是一家戶外企業，但由於我們能夠創造需求，因此我們擁有非常有彈性的商業模式。

The assets we have, is that we put together the strength of this combined company.

我們擁有的資產是我們整合了這家合併後公司的實力。

We have what we need to be able to drive demand and continuously improve all of our parts.

我們擁有推動需求和持續改進所有零件所需的一切。

There's things we want to work out on the legacy Cedar side.

我們想要在遺留的 Cedar 方面解決一些問題。

There's things we want to work on the legacy Six side.

我們希望在傳統的 Six 方面做一些工作。

But you'll hear us continue to speak to the broader strategic themes of -- as I said in my prepared remarks, reinvesting capital that generates a return and that very specifically taps into consumers that are willing to spend, our results prove that even though it's a bifurcated economy, the appeal of our product is there, our consumers are healthy and when they come, they are spending and they're coming in numbers that are high percentages based off of last year.

但是，您會聽到我們繼續談論更廣泛的戰略主題——正如我在準備好的發言中所說的那樣，再投資產生回報的資本，並且非常具體地吸引願意消費的消費者，我們的結果證明，即使這是一個分裂的經濟，我們的產品的吸引力仍然存在，我們的消費者是健康的，當他們來的時候，他們會消費，而且他們的人數與去年相比佔很高。

So I think the state of where we are a combined portfolio, we have incredibly resilient, irreplaceable assets that allow us to continue to drive demand.

因此，我認為，我們的綜合投資組合擁有極具彈性、不可替代的資產，使我們能夠繼續推動需求。

Brian on the margin front.

布萊恩 (Brian) 在邊緣前線。

Hey, James.

嘿，詹姆斯。

On the margin front as we said in our prepared remarks, margin remains a key focus for us has been going back to 2023 on the legacy Cedar side of things and as we've talked about, it's both being more efficient on the cost side, but it's also about driving attendance.

在利潤率方面，正如我們在準備好的評論中所說的那樣，利潤率仍然是我們關注的重點，早在 2023 年，我們就已經開始關注 Cedar 的傳統業務，正如我們所討論的那樣，這不僅在成本方面更加高效，而且還能提高出席率。

So as we look to '25, certainly leveraging our fixed cost base with higher attendance levels is critical, but it's also important that we remain focused on activating additional cost efficiencies, to offset any pressure that may come from our decisions to layer in incremental costs at the parks, whether that be related to expanding the operating calendars or efforts to improve the guest experience.

因此，展望2025年，利用我們的固定成本基礎來提高遊客量當然是至關重要的，但同樣重要的是，我們仍需專注於提高成本效率，以抵消因我們決定在公園中增加增量成本而可能帶來的任何壓力，無論是與擴大運營日曆還是努力改善遊客體驗有關。

As an example, I would tell you on the seasonal labor front as we've gotten into operations over the second half of the year, we're finding both on the legacy Cedar and legacy Six side.

舉個例子，我想告訴你，在季節性勞動力方面，隨著我們在今年下半年開始運營，我們在傳統的 Cedar 和傳統的 Six 方面都發現了這種情況。

That it isn't always about adding hours but using the hours more efficiently.

這並不總是關於增加工作時間而是更有效地利用時間。

So I think as we're taking our workforce management tools and applying them across the broader portfolio, the ability to take the same hours and use them more efficiently are going to be critical to driving that higher margin as we roll into 2025.

因此，我認為，當我們採用勞動力管理工具並將其應用於更廣泛的投資組合時，在進入 2025 年時，利用相同的時間並更有效地利用它們的能力對於提高利潤率至關重要。

Got it.

知道了。

That's helpful.

這很有幫助。

And then I wanted to follow up maybe a little bit on Steve's question.

然後我想稍微跟進一下史蒂夫的問題。

We've got this $800 million free tax, unlevered, free cash flow number, maybe help us with the walk in both directions, I guess in one direction to get us to EBITDA, I guess the missing piece would be CapEx, right?

我們有 8 億美元的免稅、無槓桿、自由現金流數字，也許可以幫助我們雙向發展，我想在一個方向上可以讓我們實現 EBITDA，我想缺少的部分就是資本支出，對嗎？

And so I think where people are landing is somewhere, $1.25 million to $1.3 billion in adjusted EBITDA.

因此我認為人們的預期目標應該是調整後的 EBITDA 為 125 萬至 13 億美元。

And then in the other direction, it seems like the missing pieces would be taxes and interest to get us to a fully levered after tax free cash flow number.

然後從另一個方向來看，似乎缺少的部分是稅收和利息，以使我們獲得完全槓桿化的稅後現金流數字。

Any help with that?

有什麼幫助嗎？

I think maybe using some of the pieces that you've given us something in the $350 million to $400 million, seems like we would land that plane in terms of the all in free cash flow number.

我認為，也許使用您給我們的 3.5 億到 4 億美元中的一些資金，似乎我們就能在全部自由現金流數字方面實現這一目標。

Any help there would be, thanks -- would be helpful.

任何幫助都會很有幫助，謝謝。

Thanks.

謝謝。

Yeah, let me, I guess, start at a high level and just say we're not going to provide EBITDA guidance.

是的，我想，從高層開始說，我們不會提供 EBITDA 指導。

And so but as you try and do the walk back, we've given the -- where we believe the cash -- interest and the cash tax numbers are for 2025, certainly we're not going to be satisfied with those levels and there are steps we're going to take to try and drive both of those things down over time.

因此，但是當您嘗試回溯時，我們已經給出了——我們認為的現金——利息和現金稅數字是 2025 年的，當然我們不會對這些水平感到滿意，而且我們將採取措施，嘗試隨著時間的推移降低這兩項數字。

So looking out more long term to '26, '27 as we advance those efforts on our side of the table will provide some more visibility into that, I think of over time.

因此，如果我們將目光放長遠到 2026 年和 2027 年，隨著我們在談判桌上不斷推進這些努力，我認為隨著時間的推移，我們將對此有更多的了解。

As you think about CapEx -- as we said, $500 million to $525 million for the next couple of years, we said all along that we were going to try and activate the integration process and the opportunity to drive growth as fast as we could and then settle back into what we think is the longer term CapEx trajectory which is, as we said on the call, 12% to 13% of net revenues.

當您考慮資本支出時——正如我們所說，未來幾年將達到 5 億至 5.25 億美元，我們一直表示，我們將嘗試啟動整合過程，並抓住機會盡快推動增長，然後回到我們認為的長期資本支出軌跡，即我們在電話會議上所說的淨收入的 12% 至 13%。

So depending on how you model it, you'll come up with your CapEx number.

因此，根據您的建模方式，您將得出您的資本支出數字。

But what I would just underscore is $800 million or more of unlevered pretax cash for free cash flow is what we're targeting in 2027.

但我想強調的是，我們的目標是到 2027 年實現 8 億美元或更多的無槓桿稅前自由現金流。

We're not going to be satisfied just stopping at $800 million.

我們不會只滿足於 8 億美元。

But there's a lot of work to be done between now and then.

但從現在到那時還有很多工作要做。

Understood.

明白了。

Appreciate the color Brian.

欣賞 Brian 的色彩。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good morning guys.

嘿，大家早安。

Thanks for all the details so far.

感謝您提供迄今為止的所有詳細資訊。

I was hoping maybe you could talk a little bit about, I think one of the opportunities you mentioned in the past, but haven't talked about quite as much recently, retail and arcade within the legacy Six Flags portfolio.

我希望您能稍微談一下，我認為這是您過去提到過的機會，但最近沒有談論太多，即傳統六旗投資組合中的零售和商場。

Could you maybe put some borders around that in terms of the size of the opportunity and how you realize it?

您能否就機會的大小以及如何實現它來設定一些界限？

Thanks.

謝謝。

Yeah, Chris, I think I'd step back to a higher level.

是的，克里斯，我想我會退回到更高的層次。

We think that -- as I said earlier, we think there's a lot of opportunity once we get the guests drive that demand and get them inside the gates, that opportunity -- as you know, we have focused heavily on food and beverage and we think there's a lot of runway there.

我們認為——正如我之前所說，我們認為一旦我們讓客人推動這種需求並讓他們進入大門，就會有很多機會，這個機會——如你所知，我們非常重視食品和飲料，我們認為那裡有很多發展空間。

We increasingly see the appeal as our keep our parks comfortably crowded of the premium experiences that we offer and continue to try and come up with new premium experiences that our guests value and tell us our value and that they want us to roll out.

我們越來越看到，我們提供的優質體驗具有吸引力，可以讓我們公園的客流量保持舒適，並繼續嘗試提供新的優質體驗，讓遊客看重這些體驗，告訴我們我們的價值，並希望我們推出這些體驗。

In terms of in part games and merchandise, we think there's equal opportunity.

就部分比賽和商品而言，我們認為機會均等。

What we've seen is where we go in and reinvest and rehab and renovate and upgrade the facilities.

我們看到的是，我們對這些設施進行了再投資、修復、翻新和升級。

We've seen nice return on facility by facility basis.

我們看到各個設施的回報都十分可觀。

So we're working through those plans right now again, we just closed the merger form months ago, but we do think there's an incredible opportunity for merchandise and what we call games to play a role in the experience and also generate some nice revenue lifts over time, but it will take some capital investment for us to get there.

因此，我們現在正在再次製定這些計劃，幾個月前我們剛剛完成合併，但我們確實認為，商品和我們所謂的遊戲在體驗中發揮作用，並隨著時間的推移產生一些不錯的收入增長，這是一個難以置信的機會，但我們需要一些資本投資才能實現這一目標。

But we've factored all that in.

但我們已經把所有這些都考慮在內了。

We talk about investing in revenue centers.

我們談論對收入中心的投資。

That's all of the things once you get inside the park.

這就是您進入公園後看到的全部內容。

Okay.

好的。

Got you.

明白了。

Thanks Richard.

謝謝理查德。

And then my second question is kind of related to your -- the comment about asset sales being possibly part of your long range value creation plan.

我的第二個問題與您的評論有關——關於資產出售可能是您長期價值創造計劃的一部分。

I know you don't -- you won't get into specifics, but can you maybe give us again some pointers on kind of what's going to inform those decisions?

我知道您不想談到具體細節，但您能否再給我們一些指點，告訴我們哪些因素會影響這些決定？

And maybe a thought as to how -- that something that can happen in the next 12 to 18 months or is it kind of more of a notional aspirational goal if the opportunity is right.

或許可以思考一下——某件事會在未來 12 到 18 個月內發生，或者如果機會合適，這更像是一種名義上的理想目標。

Thanks.

謝謝。

Thanks Chris.

謝謝克里斯。

As I think about this portfolio optimization, we've done this in the past on the Cedar side, certainly sold two small water parks in 2012, 2013.

當我考慮這個投資組合優化時，我們過去在 Cedar 方面已經這樣做過，並且在 2012 年和 2013 年出售了兩個小型水上樂園。

We underwent a comprehensive review several years later that led to the sale of the land underneath our Santa Clara Park.

幾年後，我們進行了全面審查，最終出售了聖克拉拉公園下面的土地。

I would say I wouldn't put a time frame around it as much as I think we're working closely with the board and we're looking internally at our capital structure, our capital allocation priorities and what we're trying to do and I'll go back to what I said in the August call, every park in our portfolio has a role if it plays its role, right?

我想說的是，我不會為此設定一個時間框架，因為我認為我們正在與董事會密切合作，我們正在內部審視我們的資本結構、資本配置優先事項以及我們正在嘗試做的事情，我會回到我在八月份電話會議上所說的，我們投資組合中的每個公園都有其作用，如果它發揮了作用，對嗎？

These are irreplaceable assets, but we also want to make sure that we're investing to drive growth across the combined portfolio.

這些都是無可取代的資產，但我們也希望確保我們的投資能推動整個投資組合的成長。

So I wouldn't put a time frame on it.

所以我不會為此設定一個時間框架。

But we're going to be very diligent and work methodically through what we think is possible and what would make sense as we think about our capital structure and capital allocation priorities.

但我們將非常勤勉，並在考慮資本結構和資本配置優先事項時有條不紊地進行我們認為可能的工作和有意義的工作。

Okay, very good.

好的，非常好。

I appreciate it.

我很感激。

Thanks guys.

謝謝大家。

Thanks Chris.

謝謝克里斯。

Thanks Chris.

謝謝克里斯。

Michael Schwartz, Truist Securities.

Truist Securities 的 Michael Schwartz。

Hey guys, good morning.

嘿，大家早安。

Maybe just wanted to dig into the fourth quarter guidance, which you guys have not given quarterly guidance as I can remember in the past.

也許只是想深入了解第四季的指引，據我記得，過去你們沒有給出季度指引。

Maybe you're just -- maybe your rationale for doing so, but then maybe give us some of the moving pieces if you can as it pertains to attendance or per caps assumptions in that EBITDA guidance range.

也許您只是 - 也許您這樣做有理由，但如果可以的話，請給我們一些與 EBITDA 指導範圍內的出席率或人均假設有關的變動因素。

Yeah, Mike, it's Brian.

是的，麥克，我是布萊恩。

You're right.

你說得對。

I mean, typically, one we've not -- it's been a long time since we gave short term annual guidance, let alone quarterly guidance.

我的意思是，通常情況下，我們已經很久沒有提供短期年度指導了，更不用說季度指導了。

But I think on the heels of the merger just closing four months ago, there's a lot of noise and as you've seen in the earnings statement this morning and you'll see in the 10-Q later just based on the reporting requirements.

但我認為，在四個月前剛完成的合併之後，會出現很多噪音，正如您在今天早上的收益表中看到的那樣，並且您稍後還會在 10-Q 中看到基於報告要求的噪音。

It's sort of difficult to glean current quarter versus prior year because it's a combined new code Six Flags versus legacy Cedar.

由於本季是新六旗集團與傳統雪松集團的合併，因此很難比較當季與去年同期的表現。

So just trying to provide a little bit of clarity and give the street a little bit more visibility as to how we see that the quarter developing, given how strong October was, right?

因此，考慮到 10 月的強勁表現，我們只是想提供一點清晰度並讓華爾街更加清楚我們如何看待本季的發展，對嗎？

I mean, a 20% lift in a attendance is quite frankly, very impressive.

我的意思是，出席率提高 20% 說實話是非常令人印象深刻的。

And something we're really proud of.

這是我們真正引以為傲的事。

That said we want to make sure that we don't get out over our skis on, on what that might mean for the balance of the quarter.

這就是說，我們要確保我們不會在滑雪板上犯錯，這對本季的平衡可能意味著什麼。

October is about 60% of the attendance.

10月份的出席率約為60％。

And so if you look at rolling that forward for the balance of the year, what happens in November and December from a macro factor perspective, again, we're in the outdoor entertainment business, weather is always an issue.

因此，如果您考慮將其延續到今年的餘額，從宏觀因素的角度來看，11 月和 12 月會發生什麼，我們從事戶外娛樂業務，天氣始終是一個問題。

It's a much more truncated portfolio that's in operation over the balance of the year.

這是一個在全年餘額中運作的更精簡的投資組合。

And so from a full quarter perspective, we're going to have less operating days in the fourth quarter than we did last year on a combined basis.

因此，從整個季度的角度來看，我們第四季的營業天數將比去年同期減少。

A lot of that is because of some calendar shift again with Cedar Fair -- on the Cedar Fair side of things.

這在很大程度上是因為 Cedar Fair 的日曆再次發生了變化——就 Cedar Fair 方面而言。

We've added some days back on the legacy Six side of things.

我們在傳統 Six 方面又增加了幾天的時間。

But net -- we're confident that, you know, we're tracking towards that [205] to [215] range we gave, which I think is a nice way to finish off the year and build moment, continue to build momentum as we roll into 2025.

但淨收入——我們有信心，我們正在朝著我們給出的 [205] 到 [215] 的範圍邁進，我認為這是結束這一年並建立勢頭的好方法，在我們進入 2025 年時繼續建立勢頭。

Okay.

好的。

Great.

偉大的。

And maybe help us with the $50 million in run rate savings did you generate any cost savings in the third quarter?

也許可以幫助我們節省 5000 萬美元的運行率，您在第三季度是否節省了任何成本？

I think you had mentioned something as it pertained to the legacy fund business in the quarter.

我認為您曾提到一些與本季的遺留基金業務有關的事情。

But maybe you could give us a sense of how much of that's already been enacted maybe how much we can see in the fourth quarter, just the business is so seasonal.

但也許您可以讓我們了解其中有多少已經實施，也許我們可以在第四季度看到多少，因為業務具有很強的季節性。

This isn't going to be linear.

這不會是線性的。

I know that, but any guidelines or parameters you can provide that would be great.

我知道，但如果您能提供任何指導方針或參數就太好了。

Yeah.

是的。

We noted in the call that when you strip out the noise of the extra week and some accounting noise around self-insurance reserves, again, looking just really at the core operating costs for the operating expenses for legacy Cedar were down approximately $11 million in the quarter.

我們在電話會議中指出，當你剔除額外一週的噪音和自保準備金周圍的一些會計噪音時，再一次，只看核心營運成本，傳統 Cedar 的營運費用在本季度下降了約 1100 萬美元。

And again, that's been driven by the initiatives that we put in place.

再次強調，這是由我們實施的措施所推動的。

We talked about at the beginning of the year.

我們在年初就討論過。

Those stand-alone operating costs savings, the first phase of the synergies on both the legacy Cedar and legacy Six side that we were looking to activate here in 2024.

這些獨立的營運成本節省是我們希望在 2024 年啟動的傳統 Cedar 和傳統 Six 協同效應的第一階段。

Certainly, more of those stand-alone, we felt the opportunity was greater on the legacy Cedar side.

當然，我們認為，如果這些公司獨立發展，那麼在傳統的 Cedar 方面機會更大。

And so that's where more of those savings have been generated.

這就是產生更多儲蓄的地方。

As we go into the fourth quarter, you're right, Mike, it's not linear because as I just mentioned, you got a lot less operations and a lot less opportunity to take out variable costs as we roll into November, December, then you certainly would have had back in the third quarter with July, August, September being a bigger month for cost.

進入第四季度，麥克，您說得對，它並不是線性的，因為正如我剛才提到的，隨著我們進入 11 月和 12 月，您的營運業務會少很多，消除變動成本的機會也會少很多，那麼在第三季度，7 月、8 月和 9 月是成本較大的月份，那麼您肯定會遇到這種情況。

But it's also on the corporate side, right?

但這也跟公司方面有關，對嗎？

We started to put into effect here in the last several weeks, over the last month or two, activating some of the other cost synergies, the duplicative overhead costs, leveraging some of the advantages of scale.

我們在過去的幾週，也就是過去的一兩個月開始實施，激活了一些其他的成本協同效應、重複的間接成本，利用了一些規模優勢。

We won't have a full year pocket of what those cost savings will mean to us by the end of the year, but we'll have on a run rate basis, got them moving.

到今年年底，我們還沒有計算出這些成本節省對我們來說意味著什麼，但我們將以運行率為基礎，讓它們運作起來。

And that's everything from third-party professional services and other such things that we've been operating with a sense of urgency to get those synergies mind as quickly as we can.

我們一直以緊迫感開展業務，從第三方專業服務到其他類似服務，以盡快實現這些協同效應。

Okay, great.

好的，太好了。

Thanks, Brian.

謝謝，布萊恩。

Thanks Michael.

謝謝邁克爾。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Great, thanks.

太好了，謝謝。

So maybe on the top line, could you elaborate just maybe a little bit more on the cadence of attendance trends in the third quarter relative to the drivers of the October magnitude?

因此，也許在頂線上，您能否就第三季的出勤趨勢節奏相對於十月份的驅動因素進行更詳細的說明？

And just how much you see this tied to macro or weather relative to early execution wins?

相對於早期執行的成功，您認為這與宏觀經濟或天氣有多大關係？

Yes, Matt, it's Richard.

是的，馬特，我是理查。

I'll jump in here and then Brian can fill in.

我先加入，然後 Brian 可以補充。

I think we'll kind of walked you through when we looked at the third quarter, a lot of noise we just did the merger putting the park chains together.

我想我們會引導你回顧第三季的情況，我們剛剛進行了合併，把公園連鎖店整合在一起，這引起了很多噪音。

When you stripped out the noise around the three weeks that were impacted by hurricanes, Beryl in July, Debby in August and then Helene in late September, we were up slightly in attendance.

如果剔除受颶風影響的三週（7 月的貝麗爾颶風、8 月的黛比颶風以及 9 月底的海倫颶風）的噪音，我們的出席人數將會略有增加。

So we were seeing reaction as we went through and implemented some operational changes like the chaperone policy.

因此，當我們進行並實施一些營運變革（例如陪同政策）時，我們看到了反應。

We started to see the markets react as we thought we would.

我們開始看到市場做出與我們想像一樣的反應。

When you got to October, listen, last year, there was a little bit of weather on the East Coast.

你聽，去年到了十月份，東海岸的天氣就有點不好。

So we benefited from better weather on the East Coast but we also -- when we look at the two halves of the portfolio, the legacy Cedar side was up against a record.

因此，我們受益於東海岸更好的天氣，但是，當我們審視投資組合的兩個部分時，我們發現，傳統的雪松資產面臨創紀錄的虧損。

And to be up what we were up in October, says that both the strength of the -- of our business model, the resilience that I've spoken to, but also the appeal of the product and the value our consumers see it.

而我們十月的業績成長，不僅顯示我們的商業模式的優勢、我剛才談到的韌性，也顯示出產品的吸引力和消費者所看到的價值。

So we're posting double-digit -- high double-digit increases on what was a record year in part of our portfolio.

因此，我們的部分投資組合在創紀錄的一年中實現了兩位數的高兩位數成長。

So every year, we look at October, and we go, how's Halloween going to get bigger.

所以每年，我們都會展望十月，思考萬聖節將會如何變得更盛大。

And every year, it does get bigger, in part because the second half of the year, we've always said this, 70% to 80% of our revenues and EBITDA get generated in the back half of the year.

而且每年，這個數字都會變得越來越大，部分原因是因為下半年，我們一直這麼說，70% 到 80% 的收入和 EBITDA 都是在下半年產生的。

Part of it is the weather, quite frankly, has gotten better and very conducive.

部分原因是坦白說，天氣變得更好，非常有利。

Part is the appeal of something like Halloween.

部分原因是像萬聖節這樣的節日的吸引力。

And the last part is, as we keep growing season passes and building a higher season bat base year-after-year, whether that's at the stand-alone companies or the combined companies, we continue to have more passes that can be used in the back half of the year as we start selling the next year season passes.

最後一部分是，隨著我們逐年增加季票數量並建立更高的賽季球棒基礎，無論是在獨立公司還是合併後的公司，隨著我們開始銷售下一年的季票，我們將繼續擁有更多可在下半年使用的季票。

That higher level of our biggest program really underscores the attendance foundation for the back half of the year.

我們規模最大的項目的更高水準確實強調了下半年的出勤基礎。

Brian, anything you want to add?

布萊恩，您還有什麼要補充嗎？

Yeah.

是的。

Just -- I would just underscore your point, Richard, on the impact of weather.

只是——理查德，我只是想強調你關於天氣影響的觀點。

Listen, we're in the outdoor entertainment business, as I said earlier.

聽著，正如我之前所說，我們從事戶外娛樂業務。

So it's not a question of if whether is going to have an impact, but rather when and where.

因此，問題不在於是否會產生影響，而是何時、何地會產生影響。

And we're not going to use weather as an excuse.

我們不會以天氣為藉口。

But I do think it's helpful and we do this, we believe it's helpful, and we do this exercise as we're going through and evaluating our results.

但我確實認為它是有幫助的，我們這樣做了，我們相信它是有幫助的，我們在檢查和評估結果時也做了這個練習。

If we carve out, as Richard said, those weeks.

正如理查所說，如果我們抽出那幾週的時間。

And there's no doubt that July with Beryl in September with Helene were more impacted in the quarter than August.

毫無疑問，7 月的 Beryl 和 9 月的 Helene 受到的影響比 8 月更大。

Debby was modestly impactful in the Southeast.

黛比 (Debby) 在東南部有一定的影響力。

And when I look at -- as you're trying to -- as we're trying to assess the health of the consumer, where demand sits if I just take out the week or the 1 week in August that Debby did hit, attendance in August was up 4%, sans that one week.

當我觀察——正如你試圖觀察的那樣——當我們試圖評估消費者的健康狀況時，如果我只去掉黛比確實影響到的 8 月份的一周或一周，8 月份的出席率上升了 4%，不包括那一周。

So again, it continues to underscore as I think Richard just said, there's -- the consumer -- our consumer is still healthy and willing to spend on experiences.

所以，正如理查德剛才所說，這再次強調了消費者——我們的消費者仍然健康，並且願意為體驗花錢。

And certainly, when weather conditions provide it, they're showing up.

當然，當天氣條件允許時，它們就會出現。

Great.

偉大的。

And then maybe a follow-up, Brian, just on the bottom line.

然後也許是後續問題，布萊恩，只是關於底線。

How best to think about maybe linearity of the 35% EBITDA margin target by 2027 and relative to low 30% today, just incorporating the, I think you said the Nike Swoosh top line progression commentary?

如何最好地考慮 2027 年 35% EBITDA 利潤率目標的線性以及相對於目前 30% 的低點，只是結合，我想您說的是 Nike Swoosh 頂線進展評論？

Yeah.

是的。

So I think, Matt, when it comes to margin or any one of those key performance indicators, you're right, it isn't linear.

因此，我認為，馬特，當談到利潤或任何一個關鍵績效指標時，你是對的，它不是線性的。

So much of margin is driven by the attendance number.

利潤很大程度是由出席人數決定的。

So I think it depends on how you model out the opportunity to drive attendance, right?

所以我認為這取決於你如何模擬提高出席率的機會，對嗎？

As we get more efficient, and listen, we're not done, there's more work to be completed and more initiatives to be executed against, but we've made good strides on the operating efficiency side of things.

隨著我們變得更加高效，聽著，我們還沒有完成，還有更多的工作要完成，還有更多的計劃要執行，但我們在營運效率方面已經取得了良好的進展。

And as we get more and more efficient, that allows more of that attendance and revenue lift to follow the bottom line faster.

隨著我們變得越來越高效，更多的出席人數和收入成長可以更快地獲利。

So that remains a focus for us.

因此這仍然是我們關注的重點。

But I think it really depends on how you model out the attendance lift because that's such a big driver for margin in this business.

但我認為這實際上取決於你如何模擬出席率的提升，因為這是該行業利潤率的一個重要驅動力。

Great, Thanks a lot.

太好了，非常感謝。

Ben Chaiken, Mizuho.

瑞穗的本‧柴肯 (Ben Chaiken)。

Hey, how's it going?

嘿，怎麼樣？

Thanks for taking my questions.

感謝您回答我的問題。

Can we -- just going back to the October acceleration, is there anything we need to be aware about concerning comparability.

我們可以－回到十月份的加速情況，關於可比性我們需要注意什麼嗎？

So not taking away from the 20% year-over-year.

因此，與去年同期相比，這一增幅並沒有減少 20%。

But just as we think about the progression from 3Q to October, so 3Q adjusted for weather per operating day on our numbers was up around 6%, and -- year-over-year, which is obviously very healthy, but then October is up 20%.

但正如我們思考從第三季到 10 月的進展一樣，根據我們的數據，經天氣調整後的第三季每個營業日的銷售額同比增長了約 6%，這顯然是非常健康的，但 10 月份的銷售額增長了 20%。

Were the operating base comparable in those periods?

這些時期的經營基礎是否有可比性？

And then what's the latest thought for operating days in the full year?

那麼，對於全年營業天數的最新看法是什麼？

Is it still down around 112 days year-over-year for the full year?

全年年比是否仍減少112天左右？

Hey, Ben, it's Brian.

嘿，本，我是布萊恩。

So on your 112, you're looking just at the legacy Cedar side, correct?

那麼，在您的 112 上，您只專注於傳統的 Cedar 方面，對嗎？

That's correct.

沒錯。

Yeah.

是的。

Yeah.

是的。

Yes.

是的。

Again, weather dependent over these last couple of months and what they might mean for the parks left with operations.

再次，這取決於過去幾個月的天氣狀況，以及這對仍在運作的公園意味著什麼。

So we're still in the hunt for that general trend line for operating days on the legacy Cedar side of things.

因此，我們仍在尋找傳統 Cedar 方面的營業日整體趨勢線。

In terms of the comparability, that number -- that 20% lift north of 1 million visits is on an apples-to-apples basis as best as we can do.

就可比較性而言，這個數字——100 萬次訪問量增加 20% 是我們所能做到的同類比較的基礎。

So that's comparing equivalent five weeks versus the equivalent five weeks the year before on a combined basis.

這是將相當於五週的時間與去年相當於五週的時間進行合併比較。

So I'd say, again, what we saw in October, as Richard said, was continued momentum of what we saw on non-weather disrupted days in the third quarter but just juiced by the fact that you were at the time of the year that is the probably the most popular time of the year for our guests with the events, whether it's Fright Fest at the legacy Six parks or Haunt or Halloween event at the legacy Cedar parks.

因此我想說，正如理查德所說，我們在 10 月份看到的情況延續了第三季度非天氣幹擾日的增長勢頭，但僅僅是因為此時正值一年中最受歡迎的時間，無論是傳統六大公園的恐怖節，還是傳統雪松公園的鬼屋或萬聖節活動，都對遊客產生了一定的影響。

Got it.

知道了。

And not to -- sorry, go ahead.

並且不—抱歉，請繼續。

Yes, Ben, let me jump in here.

是的，本，讓我插話。

I just want to say when we look at the plans coming into the year, we both -- you put this company together midyear.

我只想說，當我們回顧今年的計劃時，我們都——你們在年中將這家公司整合在一起。

I will say legacy -- Selim and his team really made a huge investment in Fright Fest putting in IP in terms of the mazes, really focusing on how to drive the October.

我想說的是遺產——塞利姆和他的團隊在恐怖節上投入了巨額資金，在迷宮方面投入了智慧財產權，並真正專注於如何推動十月。

So on both sides, what we saw in October was reasonably similar on both sides, just outstanding demand, but I think that comes from the planning that all of our ops teams do to get ready for handling bigger crowds.

因此，就雙方而言，我們在 10 月看到的情況相當相似，只是需求突出，但我認為這源於我們所有營運團隊為應對更大的人群所做的規劃。

And what I'm most pleased with, and we say this all the time, it's counter to, we do our highest per caps on our biggest attendance days because of the scalability built into our model.

而我最滿意的是，我們一直都這麼說，由於我們的模型具有可擴展性，我們在出席人數最多的日子裡實現了最高的人均收入。

Got it.

知道了。

And just to clarify very quickly, I understand that it's a comparable trailing five weeks, but just -- I know the operating days are moving around a lot.

只是為了快速澄清一下，我知道這是與過去五週的情況類似的，但只是——我知道營業日變化很大。

So you think the operating days in October this year are comparable to the prior year, just to be clear.

所以您認為今年 10 月的營業天數與去年同期相當，這很清楚。

Sans some weather impact, I would say, generally, yes.

除了天氣影響外，我會說，一般來說，是的。

I mean, we're looking to add days back, Ben, when it comes to the highest demand times of the year.

我的意思是，本，當談到一年中需求量最大的時段時，我們希望增加幾天的時間。

So over the last couple of years, we have added days into October, and that's going to be an area that we continue to look closely at.

因此，在過去的幾年裡，我們在十月增加了幾天，這將是我們繼續密切關注的領域。

As Richard likes to say, you fish where the fish are.

正如理查德喜歡說的那樣，在有魚的地方釣魚。

And our guests have told us October, September -- late September, October with the Halloween events is when they want to come when it's probably the level of urgency is the greatest.

我們的客人告訴我們，他們最想在十月、九月——九月下旬，也就是十月的萬聖節活動期間前來，這時候他們的緊迫感可能是最強的。

And so we'll continue to look to add days.

因此，我們將繼續尋求增加天數。

But on a general -- at the highest level, the operating days are generally comparable.

但總體而言，在最高層面上，營業天數通常是可比的。

Very helpful.

非常有幫助。

And then switching to legacy Six, EBITDA down 6% year-over-year.

然後切換到傳統的 Six，EBITDA 年比下降 6%。

On our numbers, that's pretty comparable to the underlying run rate in 2Q.

根據我們的數據，這與第二季的基本運行率相當。

I assume that in your original underwriting, you had somewhat higher expectations, I would think.

我認為，在您最初的承保時，您的期望會更高一些。

Can we talk about some of the levers to drive Six EBITDA higher?

我們可以談論一些推動六大 EBITDA 更高的槓桿嗎？

I know you guys mentioned getting back to 2019 levels of attendance.

我知道你們提到恢復到 2019 年的出勤率水準。

How do we do that?

我們該怎麼做呢？

Is that cutting price, investing in the park, investing in incremental operating days and then related?

這和降價、投資公園、投資增加營運天數等等有關係嗎？

When you think about reaching those 2019 levels of attendance for Six, does that drive higher, lower or comparable levels of EBITDA that were generated in 2019 for that legacy operation?

當您考慮讓 Six 達到 2019 年的出勤率水準時，這會導致 2019 年該傳統業務產生的 EBITDA 水準更高、更低還是相當？

And then I guess why?

然後我猜是為什麼？

Ben, thanks for the question.

本，謝謝你的提問。

Let me jump in here.

讓我插話一下。

And I think I'll go back to my prepared remarks.

我想我要回到我準備好的發言上。

We don't think we have to aggressively discount to be able to drive demand and drive attendance at legacy Six or at legacy Cedar.

我們認為，無需大幅折扣就能推動需求，推動傳統 Six 或傳統 Cedar 的出席率。

So that's not our philosophy.

所以這不是我們的理念。

We want to build demand.

我們希望創造需求。

We saw that demand start to build now.

我們看到需求現在開始增加。

So we don't -- as we think about it, we don't think that we need to stray from what has been a time-tested formula.

因此，當我們思考這個問題時，我們認為我們不需要偏離已經過時間考驗的公式。

It does take time, and we said that from the beginning.

這確實需要時間，我們從一開始就這麼說。

There's messaging that you got to do with the market.

有一些資訊是與市場有關的。

You got your people understand how you're formatting your season pass program.

你讓你的人們了解你是如何格式化季票計畫的。

I will tell you, we're particularly pleased with the impact of the additional advertising and media that we put in place in the third quarter, weighed a little bit on results, but in the third quarter, but clearly helped the fourth quarter.

我要說的是，我們對第三季投放的額外廣告和媒體的影響感到特別滿意，雖然這對第三季的業績有一點影響，但顯然對第四季有幫助。

And when we think about driving that demand forward, I don't want to step over an 8% increase over the last five weeks in season pass sales on a 3% higher price.

當我們考慮推動這種需求時，我不希望在過去五週內季票銷售額增長 8% 的同時價格上漲 3%。

So I think we're willing to step into our making the changes to put on the total portfolio, our approach and make sure we're fine-tuning all those levers.

因此，我認為我們願意採取措施，對整個投資組合和方法進行變革，並確保對所有這些槓桿進行微調。

We think we have all the levers but we really manage this on a season-by-season basis, less a quarter-by-quarter basis.

我們認為我們掌握了所有的手段，但實際上我們是按季節而不是按季度來管理的。

And I'll go back to my earlier comments.

我將回顧我之前的評論。

You want to drive demand, focus on guest satisfaction and putting compelling new rides and attractions and great revenue centers.

您希望推動需求、關注客人滿意度並推出引人注目的新遊樂設施和景點以及巨大的收益中心。

Brian, anything you want to add?

布萊恩，您還有什麼要補充嗎？

No, I think you hit it well, Richard.

不，我認為你打得很好，理查。

And do you think those levels of -- so that's very helpful, but reaching those 2019 levels of attendance, does that drive higher or lower or comparable levels of EBITDA would you expect?

您認為這些水平是否非常有幫助，但是達到 2019 年的出席人數水平，是否會導致 EBITDA 水平更高、更低或相當？

Well, I think, Ben, when you look at -- I'll use the legacy Cedar, right, as maybe the proxy for answering that.

嗯，本，我想，當你看——我會使用傳統的 Cedar，對吧，作為回答這個問題的代理。

Look at legacy Cedar coming out of the pandemic, where we're within a couple 100 basis points or so 200 basis points , 300 basis points of 2019 attendance levels and are pacing whether you look at it on a trailing 12-month basis, or some of the forecasts that are out there of being well above where we were in 2019 from an EBITDA basis.

看看雪松學院 (Cedar) 在疫情過後的表現，我們的客流量與 2019 年相比高出了幾百個基點、200 個基點、300 個基點，而且無論是按過去 12 個月的基礎來看，還是根據一些預測，我們的客流量都遠高於 2019 年的 EBITDA 水平。

So certainly, higher attendance, as Richard said, does not get driven by discounting.

因此，正如理查德所說，更高的出席率肯定不是透過折扣來推動的。

And as we've seen over the years, higher attendance drives higher levels of guest spending and doing -- entertaining more guests while managing costs efficiently pushes again that leverage up and drops more to the bottom line.

正如我們多年來所看到的，更高的出席人數將推動客人消費和行為的更高水平——招待更多的客人，同時有效地管理成本，會再次推高槓桿率，並進一步降低利潤。

Thank you very much.

非常感謝。

Thanks Ben.

謝謝本。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Thanks so much.

非常感謝。

I just wanted to double tap on that season pass momentum.

我只是想加倍利用季票的勢頭。

Richard, you just mentioned the average price as pricing up 3% even with the unit growth.

理查德，你剛才提到，即使單位數量成長，平均價格也上漲了 3%。

Can you just help us think about whether you're seeing the mix of tiers evolve as you kind of refine the product offering and what goes into the season passes?

您能否幫助我們思考一下，隨著您不斷改進產品供應和季票內容，您是否看到等級組合改變？

It seems like there's potentially more price taking on the higher-end prestige product.

看起來高端產品的價格可能會更高。

Any help on the mix shift and also just whether the ball parks pass adoption has been helping at all?

對於混合轉變有任何幫助嗎？

It's Brian.

我是布萊恩。

In terms of the all pass adoption, I think we're early.

就全通行證的採用而言，我認為我們還為時過早。

I mean we're pleased with what we're seeing, but it's such a small sample size.

我的意思是我們對所看到的結果感到滿意，但樣本量太小了。

I don't think we want to get too excited or too out of our skis on that just yet.

我認為我們現在還不應該對此過於興奮或過於興奮。

And there's still a lot to be done in terms of harmonizing the products from a benefits perspective, getting on the same ticketing system will be a big part of allowing us to take that next step, and that's the efforts that are underway right now as we plan for next year.

從福利角度來看，在協調產品方面還有很多工作要做，採用相同的票務系統將是我們邁出下一步的重要部分，這就是我們為明年制定的計劃，目前正在進行的努力。

Already, right, going on sale in '25 with '26 passes.

是的，'25 年和 '26 年通行證即將開始銷售。

That's the objective.

這就是目標。

In terms of the mix, we harmonize the programs take maybe a first step in harmonizing the programs as best we can, not being on a singular ticketing system.

在組合方面，我們協調各個節目，也許這是我們盡最大努力協調各個節目的第一步，而不是採用單一的票務系統。

And so we're watching how the guest purchasing patterns shifted around a little bit on that.

因此，我們正在觀察客人的購買模式是如何轉變的。

I think what we're most pleased with, in addition to seeing the big jump in demand of units, which isn't surprising given what we've historically seen when attendance is up, season pass sales follow.

我認為，我們最高興的是，除了看到單位需求大幅增長之外，這並不奇怪，因為我們過去看到，當觀眾人數增加時，季票銷售也會隨之增加。

And so October being what it was, it certainly was somewhat expected, but pleasantly so.

因此，對於十月來說，這當然是意料之中的事情，但卻令人愉快。

But I think more so, we're really pleased with the fact that we're seeing average pricing up, right?

但我認為更重要的是，我們真的很高興看到平均價格上漲，對嗎？

3%.

3%。

We'll see how that plays out.

我們將看看結果如何。

Again, as you noted, that's often a function of mix.

再次，正如您指出的，這通常是混合的功能。

But as we start to get into the spring sales and having this momentum, it gives our business intelligence team more of a tailwind when it comes to the pricing side of things.

但隨著我們開始進入春季銷售並擁有這種勢頭，它為我們的商業智慧團隊在定價方面提供了更多的順風。

So I think we're well positioned as we roll into calendar year 2025.

因此我認為，我們在邁入 2025 年時已經準備好了。

Okay.

好的。

That's helpful.

這很有幫助。

And then just a clarification on the unlevered free cash flow outlook.

然後只是對無槓桿自由現金流前景進行澄清。

You have these partnership puts coming up on the Six Flags side.

這些合作協議即將在六旗方面達成。

Is your sense that, that's still a good ROI to deploy capital into to buy that out?

您是否認為，投入資本來收購該公司仍能獲得良好的投資報酬率？

Or -- and just given your other capital priorities, I just wanted an update on how you think about that?

或者——考慮到您的其他資本優先事項，我只是想了解您對此的看法？

And should we assume that the adjusted EBITDA for your 2027 guidance is essentially the same as your modified EBITDA by then, if we're thinking about the building blocks there?

如果我們考慮其中的基本要素，我們是否應該假設您 2027 年指引的調整後 EBITDA 與那時的修改後 EBITDA 基本相同？

Yes, Thomas, it's Richard.

是的，湯瑪斯，我是理查。

Dallas and Atlanta, the original partnership part are a tremendous market.

達拉斯和亞特蘭大，最初的合作部分，是一個巨大的市場。

They're great assets in tremendous markets, tremendous franchises.

他們是巨大市場和巨大特許經營權的巨大資產。

We absolutely believe that there is a place in our portfolio and we'll work towards making sure that we exercise those at the appropriate time.

我們絕對相信我們的投資組合中有一席之地，我們將努力確保在適當的時候行使這些權利。

But our -- as we look at where there's opportunity, Dallas Fast growing Atlanta over $6 million, $7 million and growing, both those markets are extremely attractive.

但是，當我們看到機會時，達拉斯和亞特蘭大的市場發展迅速，分別達到 600 萬美元和 700 萬美元，而且還在成長，這兩個市場都極具吸引力。

So it's really difficult to find M&A.

因此尋找併購機會確實非常困難。

I think the partnership parks is built in M&A.

我認為合作園區是透過併購的方式建立的。

But in terms of the specifics around modified margin, I'll throw that one over to Brian.

但關於修改後的保證金的具體細節，我將把它交給 Brian。

Yes.

是的。

In terms of what we've assumed in the -- in the modeling, Thomas, is that the modified and adjusted would be the same from that perspective.

就我們在建模中假設的而言，托馬斯，從這個角度來看，修改後和調整後將是相同的。

Okay.

好的。

Great.

偉大的。

And if I could just squeeze one last one in.

如果我能再擠一點進去就好了。

I think part of the lever on growing attendance over time, you mentioned last quarter is both driving greater past adoption and just improving the visitation on a per guest pass basis.

我認為，您在上個季度提到的隨著時間推移而增加的遊客量的部分槓桿是，既推動過去的採用，又提高每位客人的訪問量。

Now that you're kind of a little bit more into it, are there any structural reasons why the per visit count might not come closer from the legacy Six Flags perspective closer to legacy Cedar?

現在您對這個問題有了更多的了解，是否存在一些結構性原因，導致從傳統六旗的角度來看，每次訪問的次數可能無法更接近傳統雪松？

Or asked another way, I guess, do you expect the season pass mix from an attendance perspective to run higher than the high 50s, near 60% of attendance that you've seen so far in terms of pulling both of those levers?

或者換一種問法，從出席人數的角度來看，您是否預計季票組合會高於 50% 以上，或者接近 60% 的出席人數，就拉動這兩個槓桿而言？

I would say, Thomas, Again, it's Richard, no structural reason why we can't both increase our penetration rate but also increase the visitation rate on season passes.

我想說，托馬斯，再說一次，理查德，沒有結構性原因導致我們不能同時提高滲透率和季票訪問率。

I've always said, listen, we want to sell -- if we could sell everybody that comes to the one of our respective parks to season pass, we would want to do it.

我一直說，聽著，我們想要出售——如果我們可以向來到我們各自公園的每個人出售季票，我們就會願意這麼做。

It's our highest price ticket.

這是我們票價最高的門票。

It's our most loyal customer.

這是我們最忠實的客戶。

And we think as we program the parks from a capital perspective, there's -- we've got an ability to both reinforce what's unique about each respective park in their markets and their regions, be that thrill oriented, be that family ordering, but also you'll see us as we do -- as we've announced next year, investing in the water parks, which season pass holders consistently tell us in all markets, is a really highly valued part of the experience.

我們認為，從資本角度對公園進行規劃時，我們既有能力強化每個公園在其市場和地區的獨特之處，無論是以刺激為導向，還是以家庭為導向，但您也會看到我們——正如我們明年宣布的那樣，投資水上樂園，所有市場的季票持有者都一致告訴我們，這是體驗中非常受重視的一部分。

They want to be able to come and visit the water parks in the summer, drives urgency in the summer, but also high perceived value, particularly from those guests that purchase the season pass.

他們希望能夠在夏天來參觀水上樂園，這在夏天帶來了緊迫感，同時也帶來了較高的感知價值，尤其是對於那些購買季票的客人來說。

So we think there's no structural reason and we're investing behind making sure we can tap that growth potential.

因此我們認為不存在結構性原因，我們正在進行投資以確保能夠挖掘這一成長潛力。

Appreciate it.

非常感謝。

Thank you so much.

太感謝了。

Paul Golding, Macquarie Capital.

麥格理資本的保羅‧戈爾丁 (Paul Golding)。

Thanks so much.

非常感謝。

I was just hoping to reconcile some of the comments on operating days and in light of the comfortably crowded commentary.

我只是希望在營業日和擁擠的評論中調和一些評論。

Brian, you were noting that some of the busier season periods you're looking to add operating days.

布萊恩，您注意到在某些繁忙季節您希望增加營業天數。

But Richard, you were also noting that you were looking to extend the stay in certain days that were busier.

但理查德，你也提到你希望在某些較繁忙的日子延長逗留時間。

How should we think about the portfolio-wide view of operating days on a run rate basis going forward?

未來我們該如何從運作率的角度來看待整個投資組合的營業日視野？

Thanks.

謝謝。

Yeah.

是的。

I think, Paul, when it comes to operating days, there's always going to be puts and takes, right?

保羅，我認為，當談到營業日時，總是會有一些得失，對嗎？

Our operating teams in the field are always trying to figure out ways to be more efficient and nothing is more efficient than taking some days out that might be lower value days and pushing that attendance, if you can, to other times of the year.

我們現場的營運團隊一直在努力尋找提高效率的方法，而最有效的方法就是抽出一些價值較低的日子，並將出勤時間推遲到一年中的其他時間（如果可以的話）。

I think we were very successful on that, this past year in the legacy Cedar properties, particularly the mid-tier parts where we made a lot of operating adjustments early in the season, a little bit in the fall, but it was probably more of a spring adjustment to the calendar, taking days out and sliding that attendance to other times of the year.

我認為我們在這方面非常成功，去年在傳統的雪松莊園，特別是中端部分，我們在季初做了很多運營調整，在秋季做了一些調整，但這可能更像是在春季對日曆進行調整，抽出幾天時間，將遊客人數推遲到一年中的其他時間。

And so we're going to continue to do that where it's most appropriate, but where demand is the greatest, and there's probably no time of the year that's more focus than as we said in the fall, late September, October, given most of the parks are open daily Memorial Day to Labor Day, there's not much to be done there, and there's not a lot of reason to take days out there other than maybe adjusting late August, as school calendars continue to move around.

因此，我們將繼續在最合適的地方，但在需求最大的地方開展這項工作，一年中可能沒有比秋季、九月下旬和十月更受關注的時間了，因為大多數公園在陣亡將士紀念日至勞動節期間每天都開放，那裡沒有太多可做的事情，而且除了可能在八月下旬進行調整（因為學校日曆會繼續變動）之外，沒有太多理由在那裡抽出時間。

But as you look at October, I'll give you a great example.

但是當你回顧十月時，我會給你一個很好的例子。

You go back five or six years ago, and Cedar Point, one of our largest parks in the portfolio was only open on the weekends for their Halloween event.

回顧五、六年前，我們投資組合中最大的公園之一雪松點 (Cedar Point) 僅在周末開放，以舉辦萬聖節活動。

We added Friday nights, not only drew a nice evening crowd, but put people in hotel rooms.

我們增加了周五晚上的活動，不僅吸引了大量的晚間觀眾，還為人們提供了酒店房間。

Saw that demand grow and as haunt or the how weekend demand continue to grow, we added all day Friday and then Thursday nights.

看到需求不斷增長，並且隨著週末需求的持續增長，我們增加了周五全天和周四晚上的旅行時間。

And we've not seen a spread out of the attendance, but actually continuing to drive that attendance growth.

我們並沒有看到出席人數擴大，而是實際上繼續推動出席人數的成長。

So we will do that where it's most appropriate.

因此，我們會在最適當的情況下這麼做。

That doesn't work across the entire portfolio at every part, but there are certainly some parks in the portfolio where it's going to make a lot of sense, and we'll give a lot of thought to it.

這並不適用於整個投資組合的每個部分，但投資組合中的一些公園肯定非常有意義，我們會對此進行深思熟慮。

Thanks, Brian.

謝謝，布萊恩。

Just a quick follow-up on the mix of new attractions for the capital plan going forward.

只是想快速跟進未來資本計劃中的新吸引力組合。

Legacy Cedar Fair has historically had a really robust festival and unique sort of holiday celebration slate.

傳統雪松博覽會歷來都有著非常熱鬧的節日慶祝活動和獨特的節日慶祝活動。

Is that -- I guess, how should we think about how that might influence the mix of capital projects for legacy Six going forward as part of that capital plan that's been outlined?

我想，我們應該如何思考，作為已概述的資本計劃的一部分，這可能會如何影響未來六大遺留項目的資本組合？

Thanks.

謝謝。

Paul, good question.

保羅，好問題。

As we think about it really is the answer, as Brian always said, different park-by-park, region by region.

當我們思考它時，答案確實如布萊恩常說的那樣，每個公園、每個地區都有不同的答案。

As we look at how we intend to sequence the investment, what demos, we're targeting, we're working through exactly how the events will work and where they will work and how they'll unfold.

當我們考慮如何安排投資順序、我們針對的演示是什麼時，我們正在仔細研究活動將如何進行、在何處進行以及如何展開。

Clearly, Halloweens are best and our biggest example of an event.

顯然，萬聖節是最好的，也是我們最大的活動典範。

We do things like Boysenberry and other things.

我們做諸如 Boysenberry 之類的東西以及其他東西。

There's been some traction with Octoberfest in some of the Six Flags park.

六旗樂園的部分地區已開始舉辦十月節活動。

So we're going to evaluate how to be most effective in our messaging and most effective at driving the demand.

因此，我們將評估如何最有效地傳達訊息並最有效地推動需求。

But clearly, as we think about all four seasons, we just want to make sure we've got enough firepower in all four seasons to really put that demand underneath the season pass program and give people a reason to come out all four seasons, but it will be very different park by park.

但顯然，當我們考慮所有四個季節時，我們只是想確保我們在所有四個季節都擁有足夠的火力，真正將這種需求納入季票計劃，並讓人們有理由在所有四個季節出來，但每個公園的情況都會有很大不同。

Great.

偉大的。

Thanks so much.

非常感謝。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

Hey, good morning guys.

嘿，大家早安。

This is Isaac Sellhausen on for Ian.

這是 Ian 的 Isaac Sellhausen。

I just had one follow-up as far as ticket pricing.

我只想就票價問題進行一次跟進。

You mentioned in the prepared remarks you won't lead at the discounting to drive that higher attendance.

您在準備好的發言中提到，您不會透過打折來提高出席率。

So maybe if you could just give some color on daily ticket dynamic pricing strategy on the legacy Six and Fun side.

所以也許您可以對傳統的 Six and Fun 方面的每日門票動態定價策略進行一些說明。

For the larger parks and maybe your expectations on admissions pricing relative to historical levels for next year?

對於較大的公園，您對明年的門票價格相對於歷史水準有何預期？

Thanks.

謝謝。

Yeah.

是的。

I think it's Brian.

我認為是布萊恩。

As it relates to pricing, Isaac, the -- as we said in the prepared remarks, building that demand and nothing is more helpful in doing that and getting those advanced purchase commitment channels as robust as possible.

至於定價，艾薩克，正如我們在準備好的評論中所說的那樣，建立這種需求，沒有什麼比做到這一點更有幫助，並使這些高級購買承諾管道盡可能強大。

So season pass through bookings.

因此可以透過季票預訂。

And that's what gives our business intelligence team that manages the dynamic pricing around single-day tickets the most confidence to lean in.

這讓我們負責管理單日票動態定價的商業智慧團隊充滿信心。

As Richard noted in the prepared remarks, I mean, we've spent over a decade building out the team and the tools behind dynamic pricing and believe based on what we've been able to successfully accomplish over the last several years, that approach and strategy has been very successful, and we're now expanding that, bringing all of the parks across the combined portfolio into that tool set and under that team's oversight.

正如理查德在準備好的發言中提到的，我們花了十多年的時間組建團隊並開發動態定價背後的工具，並且相信，基於過去幾年我們成功取得的成就，這種方法和策略非常成功，我們現在正在擴大這一範圍，將合併後的所有公園納入該工具集並置於該團隊的監督之下。

So as we roll into 2025, having a strong season pass base, continuing to get those group bookings and hotel reservations where appropriate or where applicable, I should say, going in the right direction, gives that team a lot of confidence in their ability to lean in.

因此，當我們進入 2025 年時，擁有強大的季票基礎，在適當或適用的情況下繼續獲得團體預訂和酒店預訂，我應該說，朝著正確的方向前進，讓這支球隊對他們的能力充滿信心。

So we're going to be as aggressive as the market allows when it comes to dynamic pricing, but we're not going to be sloppy, right?

因此，在動態定價方面，我們將在市場允許的範圍內盡可能積極，但也不會馬虎，對嗎？

As they like to say, pigs get fed and hogs get slaughtered.

正如他們常說的那樣，豬有飼料，豬有宰殺。

Our markets have been trained to expect certain levels of increases, but we're going to be responsible with the increases we take given the economic environment we find ourselves in.

我們的市場已經習慣了預期一定程度的成長，但考慮到我們所處的經濟環境，我們將對所承受的成長負責。

Okay.

好的。

Understood.

明白了。

And then as a quick follow-up, the balance of the $175 million of CapEx that you guided to for '25 and '26, just as a follow-up to the previous question, maybe if you could just provide some additional details as far as how you see that being spread out between legacy Six and Cedar?

然後作為一個快速的跟進，您指導的 25 年和 26 年 1.75 億美元資本支出的餘額，作為上一個問題的後續，也許您可以提供一些額外的細節，說明您認為這筆資金如何在傳統的 Six 和 Cedar 之間分配？

Thanks.

謝謝。

Still working through that.

仍在努力。

Isaac.

艾薩克。

So I wouldn't give you a breakdown right now because some of it still depends on what we find in the field.

因此我現在不會給你詳細分析，因為其中一些仍然取決於我們在現場發現的東西。

But we're working through that.

但我們正在努力解決這個問題。

What I would say is we're touching every park -- every park getting some infrastructure money because they should.

我想說的是，我們正在接觸每個公園——每個公園都獲得一些基礎設施資金，因為它們應該得到資金。

And we're making sure that we're keeping the -- we're addressing the needs of each particular park.

我們正在確保滿足每個特定公園的需求。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Morning.

早晨。

Thank you for taking the question.

感謝您回答這個問題。

I just want to go back to the point on operating days.

我只是想回到營業日的話題。

I think you said in the past that legacy Six Flags cut about 400 operating days versus 2019, you want to add back maybe half of those.

我記得您過去曾說過，與 2019 年相比，六旗主題樂園的營業日減少了約 400 天，您希望將其中的一半再加回來。

Curious, A, is that still the case and B, the kind of cadence of that?

好奇，A，情況仍然如此嗎？

Is that going to contribute to the kind of ramping of attendance growth over time and just which years might be added back?

隨著時間的推移，這是否將有助於提高參觀人數的成長？

Yes, Lizzie, it's Brian.

是的，莉齊，我是布萊恩。

That's correct.

沒錯。

I mean if you look at where the operating days were trending compared to where they were pre-pandemic, the legacy Six assets they were down about 400.

我的意思是，如果您看一下與疫情之前相比的營業日趨勢，您會發現原有的六大資產下降了約 400 天。

I don't know that we've reached a final conclusion yet on what the right number of days to add back.

我不知道我們是否已經就應該增加多少天數達成了最終結論。

As I said just a little bit ago, there's always going to be puts and takes.

正如我剛才所說，總是會有得有失。

I don't think every one of those days was a high-value day and they probably needed to be taken out of the system, similarly to what we did coming into 2024 at the legacy Cedar parks.

我認為並非每一天都是高價值的日子，它們可能需要從系統中刪除，類似於我們在 2024 年在傳統雪松公園所做的那樣。

We'll add days back responsibly.

我們將負責任地增加天數。

As I mentioned, we've we constantly play around with the operating calendar based on what the markets and the consumers are telling us.

正如我所提到的，我們會根據市場和消費者的回饋不斷調整營運日程。

But no decision has been made yet as to of those 400 days how many will ultimately, over the long term, get added back.

但目前尚未決定在這 400 天中，從長遠來看最終會添加多少天。

But I can tell you, we're not going to try and boil the ocean.

但我可以告訴你們，我們不會試著煮沸海洋。

We'll dribble some days back into the system where it's most appropriate and where the risk is the least and we'll see what the returns are on that.

我們將花幾天時間重新投入系統最適合、風險最小的地方，看看能帶來什麼回報。

And if we like it, we may add more days if we don't, we may pause or we may reverse course.

如果我們喜歡，我們可能會增加更多的天數；如果我們不喜歡，我們可能會暫停，或改變方向。

Got it.

知道了。

And then I guess more of a housekeeping point, but just on the kind of calendar shifts.

然後我想這更多的是一個管理要點，但只是關於日曆轉變的類型。

So I think it was roughly 90 days of operating day difference you had in 3Q, which was about $20 million of EBITDA impact.

所以我認為第三季的營業日差異大約是 90 天，對 EBITDA 的影響約為 2000 萬美元。

I think 4Q is about half of that from an operating day deficit comparatively year on year.

我認為第四季的營業日赤字大約是去年同期的一半。

So is it right to think that what you're guiding to, factors in, let's say, half of that to $10 million or so, but I know different days are worth different amounts.

所以，您是否認為您所指導的因素中，包含了一半，即 1000 萬美元左右，但我知道不同的日子價值不同。

So just curious what you're kind of factoring in from a calendar shift EBITDA impact in the fourth quarter?

所以我很好奇，您是如何考慮日曆變更對第四季度 EBITDA 的影響的？

Yeah.

是的。

So for fourth quarter, we're trending -- again, this will be impacted a little bit by weather over the balance of the year. but we're trending with operating days at legacy Cedar being down roughly 40 over the fourth quarter, legacy Six being up maybe 15 to 20 days.

因此，對於第四季度，我們的趨勢是——再次，這將受到全年天氣的一點影響。但我們的趨勢是，舊版 Cedar 的營業天數在第四季度減少了約 40 天，而舊版 Six 的營業天數則增加了約 15 至 20 天。

So you've got net somewhere around 20 to 25 less days on a combined basis in the fourth quarter.

因此，第四季的淨休假天數總計減少了約 20 至 25 天。

Got it.

知道了。

Thank you.

謝謝。

Ladies and gentlemen, I would now like to turn the call back over to Richard Zimmerman for closing comments.

女士們、先生們，現在我想將發言時間交還給理查德·齊默爾曼，請他作最後評論。

Thanks for joining us on today's call, and thanks for your continued interest in our company.

感謝您參加今天的電話會議，也感謝您對我們公司的持續關注。

As a heads up, we will be participating in several banking conferences before the end of the year, to being hosted in Miami by Deutsche Bank and Jefferies, one in New York hosted by Morgan Stanley and one in Boston hosted by Truist.

提前通知一下，我們將在今年年底前參加幾場銀行業會議，其中一場由德意志銀行和傑富瑞在邁阿密主辦，一場由摩根士丹利在紐約主辦，一場由 Truist 在波士頓主辦。

We hope to have a chance to visit with many of you in person at one of these events.

我們希望有機會在某一次活動中親自拜訪你們。

Otherwise, I want to wish you and your families a safe and happy holiday season.

最後，我祝福您和您的家人有一個安全快樂的假期。

Michael?

麥可？

Thanks, Richard.

謝謝，理查。

Please feel free to contact our Investor Relations department at (419) 627-2233.

請隨時聯絡我們的投資者關係部門（電話：（419）627-2233）。

Our next earnings call will be in February after the release of our 2024 full year results.

我們的下一次財報電話會議將在 2 月發布 2024 年全年業績後舉行。

Krista that concludes our call today.

克里斯塔，我們今天的通話到此結束。

Thanks, everyone.

謝謝大家。

Ladies and gentlemen, that does conclude today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。