Six Flags Entertainment Corp (FUN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Six Flags Entertainment Corporation first quarter 2025 earnings call. (Operator Instructions).

女士們、先生們，感謝你們的支持。我叫艾比，今天我將擔任您的會議主持人。現在，我歡迎大家參加六旗娛樂公司 2025 年第一季財報電話會議。（操作員指令）。

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

謝謝，現在我想將會議交給六旗管理階層。前進。

Thanks, Abby, and good morning, everyone. My name is Michael Russell, Corporate Director of Investor Relations for Six Flags. Welcome to today's earnings call to review our 2025 first quarter financial results for Six Flags Entertainment Corporation.

謝謝，艾比，大家早安。我叫麥可‧拉塞爾 (Michael Russell)，六旗公司投資人關係總監。歡迎參加今天的收益電話會議，回顧六旗娛樂公司 2025 年第一季的財務表現。

Earlier this morning, we distributed via wire service our earnings press release, a copy of which is also available under the news tab of our investor relations website investors.sixflags.com. Before we begin, I need to remind you the comments made during this call will include forward-looking statements within the meaning of the federal securities laws.

今天早些時候，我們透過通訊社發布了我們的收益新聞稿，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新聞稿的副本。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所定義的前瞻性陳述。

These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the company's filings with the SEC. 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.

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。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。為遵守美國證券交易委員會的公平揭露規則，該網路廣播將向媒體和公眾以及分析師和投資者開放。

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

因為網路直播向所有選民開放，事先通知已被廣泛且無選擇性地傳播。本次通話的所有內容將被視為完全揭露。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)；和首席財務官 Brian Witherow。

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

說完這些，我會把電話轉給理查。

Thank you, Michael. Good morning, everyone. Thanks for joining us today.

謝謝你，麥可。大家早安。感謝您今天加入我們。

I would like to start by sharing my perspective on where we are as we ramp up operations at all 42 of our parks in our first full year as the new Six Flags. We are making meaningful progress in tapping the full potential of the merger. We are seeing stronger market response to our exciting new slate of rides and attractions, improving guest satisfaction ratings, and executing on our plans to deliver significant cost savings.

首先，我想分享一下我對我們目前情況的看法，因為我們在新六旗成立的第一年就加大了所有 42 個公園的運作。我們在充分發揮合併潛力方面正在取得有意義的進展。我們看到市場對我們令人興奮的新遊樂設施和景點的反應越來越強烈，遊客滿意度評級不斷提高，我們的計劃也在執行中，從而大幅節省了成本。

I am very pleased with the pace of the integration work, and I want to thank our teams for their tireless efforts on all fronts over the past several months. As we noted in our earnings release this morning, our results showed the operating loss that is typical for a seasonal business that has very few parks in operation during the first quarter of the calendar year.

我對整合工作的進展感到非常滿意，並感謝我們的團隊在過去幾個月在各個方面所做的不懈努力。正如我們在今天早上的收益報告中指出的那樣，我們的結果顯示，對於一個在日曆年第一季運營的公園很少的季節性企業來說，經營虧損是典型的。

While the operating loss in the quarter was greater than the combined loss of the legacy companies in 2024, it was only slightly greater than what we expected in our operating plan and was consistent with the level of off-season investment necessary to prepare our parks to open. Despite the weather and other macro level challenges we have faced to begin the year, we remain confident in our outlook for the business, and especially in our 2025 operating plan.

雖然本季的營運虧損大於 2024 年傳統公司的總虧損，但僅略高於我們在營運計畫中的預期，並且與我們公園開業準備所需的淡季投資水準一致。儘管我們在年初面臨天氣和其他宏觀層面的挑戰，但我們對業務前景仍然充滿信心，尤其是對我們的 2025 年營運計劃。

Our plan was built around a strategy to minimize lower value operating days, particularly in the first and fourth quarters, maximize the number of operating days in the second and third quarters. And make upfront investments that will enhance the guest experience and drive demand and revenue generation as we head towards the heart of the 2025 operating season.

我們的計劃是圍繞一項策略制定的，即盡量減少低價值營運天數（特別是在第一季和第四季），盡量增加第二季和第三季的營運天數。並在我們邁向 2025 年經營旺季之際進行前期投資，以提升客人體驗並推動需求和創造收入。

Our confidence is backed by the solid results we generated in April, despite recent weather issues. The positive momentum we are seeing in long lead indicators such as season pass sales and school and youth group bookings, and the excitement being generated in our markets by the compelling slate of new rides and attractions we are introducing this year. While overall April results fell short of expectations due to the recent bout of cold and wet weather, we are nonetheless encouraged with the improving trends we saw, particularly on good weather weekends earlier in the month of April.

儘管最近天氣存在問題，但我們在四月取得的穩健業績仍然增強了我們的信心。我們在季票銷售、學校和青年團體預訂等長期領先指標中看到了積極的勢頭，而且我們今年推出的一系列引人注目的新遊樂設施和景點也為市場帶來了興奮。雖然由於最近一輪寒冷潮濕的天氣，四月份的整體業績低於預期，但我們仍然對所看到的改善趨勢感到鼓舞，特別是在四月初天氣良好的周末。

We are also pleased with the April trends in season pass sales, positive momentum that is encouraging as we head into the peak sales months of May and June, which combined are expected to represent close to 40% of the full year sales cycle. And as more parks began to begin to reopen last week, bookings at our resort properties trended higher, up more than 10% versus the comparable week last year. Another positive indicator consumers remain engaged as we get closer to daily operations in the peak summer season.

我們對 4 月季票銷售趨勢也感到滿意，這一積極勢頭令人鼓舞，因為我們即將進入 5 月和 6 月的銷售高峰期，預計這兩個月的銷售總額將佔全年銷售週期的近 40%。隨著上週更多公園開始重新開放，我們度假村的預訂量呈上升趨勢，與去年同期相比增長了 10% 以上。另一個積極的指標是，隨著我們接近夏季高峰期的日常運營，消費者仍然保持參與。

Most importantly, we saw no detectable change in guests' behaviors in April, despite broader market concerns. When the weather was good, we were encouraged by the strong demand we saw. Our guests continued to demonstrate a willingness to spend on goods and experiences they valued, reinforcing our view that high quality, close to home entertainment options like ours are highly resilient, even in a choppy macroeconomic environment.

最重要的是，儘管市場普遍存在擔憂，但四月我們並未發現客人行為有明顯變化。天氣好的時候，我們看到強勁的需求，這讓我們感到鼓舞。我們的客人繼續表現出願意花錢購買他們重視的商品和體驗，這強化了我們的觀點：即使在動盪的宏觀經濟環境中，像我們這樣的高品質、貼近家庭的娛樂選擇也具有很強的彈性。

We believe this positions us well to achieve our 2025 performance goals. While the economic landscape remains unclear, we continue to focus on what we can control, executing our merger integration plan, optimizing our cost structure, and enhancing the guest experience to drive demand. We remain firmly on track to achieve the $120 million in merger cost synergies by the end of the year, six months earlier than originally contemplated at the announcement of the merger. As Brian will outline in a moment and in keeping with our operating plan. We now expect current year operating costs and expenses to be more than 3% lower than combined 2024 actuals for both legacy companies.

我們相信，這將使我們有條件實現 2025 年的績效目標。儘管經濟狀況尚不明朗，但我們仍將繼續專注於我們能夠控制的事情，執行我們的合併整合計劃，優化我們的成本結構，並提升客戶體驗以推動需求。我們仍有望在今年年底前實現 1.2 億美元的合併成本協同效應，比宣布合併時最初設想的提前六個月。正如 Brian 稍後將概述的並符合我們的營運計劃。我們現在預計，今年的營運成本和費用將比兩家傳統公司 2024 年的實際總成本和費用低 3% 以上。

As part of our cost reduction plan, we are engaged in a corporate restructuring process designed to flatten our organizational structure, streamline decision making, and drive cost efficiencies. As an example, earlier this month we eliminated multiple senior executive leadership positions at the corporate level and consolidated functional ownership under a few keys.

作為成本削減計劃的一部分，我們正在進行企業重組，旨在扁平化組織結構、簡化決策並提高成本效率。例如，本月早些時候，我們取消了公司層級的多個高階管理職位，並將職能所有權整合到幾個關鍵部門之下。

These changes and others we have underway will create new opportunities for the next generation of leadership within the company, support the cultivation of talent across the organization, and meaningfully reduce cost. Once this initiative is completed, we will have reduced our full-time headcount by more than 10%. Our system-wide reorg effort, along with additional cost saving initiatives we've identified post-merger, are designed to reset the company's cost base and deliver an incremental $60 million of cost savings above and beyond our original synergy target by the end of 2026.

這些變革以及我們正在進行的其他變革將為公司下一代領導創造新的機會，支持整個組織的人才培養，並大幅降低成本。一旦該計劃完成，我們的全職員工人數將減少 10% 以上。我們的全系統重組工作以及合併後確定的其他成本節約措施旨在重置公司的成本基礎，並在 2026 年底之前實現超出我們原定協同目標的 6000 萬美元的增量成本節約。

Before I turn the call over to Brian to review our results in more detail, let me take a moment to address the evolving tariff situation. While recent developments in US trade policy have created marketplace uncertainties based upon the tariffs as currently outlined, we believe our exposure is relatively limited. The fact that labor represents more than 50% of our operating cost structure inherently minimizes the potential impact of any new tariffs on the non-labor portion of our cost structure.

在我將電話轉給 Brian 以更詳細地回顧我們的結果之前，請允許我花一點時間來討論不斷變化的關稅情況。儘管美國貿易政策的最新發展根據目前的關稅造成了市場不確定性，但我們認為我們的風險敞口相對有限。事實上，勞動力占我們營運成本結構的 50% 以上，這本質上最大限度地減少了任何新關稅對我們成本結構中非勞動力部分的潛在影響。

We believe we are well positioned to substantially absorb or offset any impact. Without significantly affecting our cost structure or margin outlook, naturally, our teams are already actively working with suppliers and sourcing partners, pursuing mitigation strategies to offset these impacts through material substitutions, alternative sourcing, and, where appropriate, pricing adjustments to protect our margins. We will continue to update the market as additional clarity becomes available.

我們相信，我們有能力充分吸收或抵消任何影響。在不顯著影響我們的成本結構或利潤前景的情況下，我們的團隊自然已經積極與供應商和採購合作夥伴合作，尋求緩解策略，透過材料替代、替代採購以及在適當情況下調整價格來抵消這些影響，以保護我們的利潤率。隨著更多清晰資訊的出現，我們將繼續更新市場動態。

With that, I'll turn the call over to Brian for a review of our financials. After his remarks, I'll return with some closing thoughts, Brian.

說完這些，我將把電話轉給布萊恩，讓他審查我們的財務狀況。布萊恩，聽完他的演講後，我會總結一下。

Thank you, Richard, and good morning. I'll begin by providing some additional color on our first quarter in April results before providing an update on select balance sheet items. First, it's important to remember that the first quarter is not indicative of full year performance.

謝謝你，理查德，早安。我將首先對我們四月份第一季的業績提供一些補充說明，然後再對部分資產負債表項目進行更新。首先，重要的是要記住，第一季的表現並不能代表全年的表現。

We would normally expect the quarter to represent roughly 7% of full year attendance and revenues, and we incur considerable costs during the first few months of the year related to repairing our parks to open. The small number of operating days and the higher fixed nature of our early season cost structure limits our upside and makes even small variances performance look more meaningful than when it really reflects in terms of full year performance.

我們通常預計該季度的遊客人數和收入約佔全年的 7%，並且我們在一年的前幾個月因修復公園開放而產生了相當大的成本。營運天數較少以及我們早期成本結構的固定性較高，限制了我們的上行空間，並且使得即使是微小的差異表現看起來也比全年表現實際反映的更有意義。

Based on actual first quarter results, this year's first quarter performance attracts closer to approximately 5.5% of full year attendance and closer to approximately 6% of full year revenues based on our current full year outlook. As we noted in our earnings released this morning, first quarter results were impacted by operating calendar shifts, including strategic changes that were made to key park events such as the Boys and berry festival at Knott's Berry Farm, which shifted in the second quarter this year.

根據第一季的實際業績，根據我們目前的全年展望，今年第一季的業績將吸引接近全年出席人數的 5.5% 左右，並吸引接近全年收入的 6% 左右。正如我們在今天早上發布的收益報告中指出的那樣，第一季的業績受到了營運日曆變化的影響，其中包括對主要公園活動（如納氏百樂坊的男孩和漿果節）所做的戰略性改變，這些改變在今年第二季度發生了變化。

While coming into the year, we had planned to have approximately five fewer combined operating days in the first quarter compared to last year. We ended the quarter with 14 fewer days, the result of managing our park operating calendars tightly in response to inclement weather and other cost savings objectives.

今年進入以來，我們計劃第一季的營運總天數將比去年減少約五天。本季結束時，我們的營運天數減少了 14 天，這是因為我們為了應對惡劣天氣和其他成本節約目標而嚴格管理公園營運日程。

The fewer operating days combined with the shift of the Knotts berry Farm, Boysenberry Festival to the second quarter were the biggest drivers of first quarter year over year attendance and revenue declines, timing variances that we expect to reverse in the second and third quarters as we expand our operating calendars, particularly at our parts where the opportunities for attendance growth are the greatest.

營運天數減少，加上納氏漿果農場和博伊森莓節移至第二季度，是導致第一季度遊客人數和收入同比下降的最大因素，隨著我們擴大運營日曆，我們預計時間差異將在第二季度和第三季度扭轉，特別是在遊客人數增長機會最大的地區。

Looking at April demand trends, which even out some of the early season calendar shifts, attendance over the past five weeks was up a little more than 1% compared to the prior year. This was despite the Midwest being plagued by heavy rain and cooler than normal temperatures over the last two weeks of the month, a strong indication that demand for our parts remains strong when not disrupted by weather. We estimate the impact of weather on April attendance was approximately 175,000 visits.

從四月的需求趨勢來看，這抵消了部分早期季節日曆變化的影響，過去五週的出席人數與去年同期相比增長了 1% 多一點。儘管中西部地區在本月最後兩周遭受強降雨和低於正常溫度的困擾，但這有力地表明，只要不受天氣影響，我們零件的需求仍然強勁。我們估計天氣對四月參觀人數的影響約為175,000人次。

Normalizing for the weather difference, April attendance would have been up approximately 8% on a year over year basis. Meanwhile, guest spending trends during the first quarter were also affected by the operating calendar changes. This led to a mixed shift to lower price tickets in the absence of higher demand events like the Boysenberry Festival, which also shifted higher in-par spending visits into the second quarter.

如果排除天氣差異的影響，四月的遊客人數將比去年同期增加約 8%。同時，第一季的客人消費趨勢也受到營運日曆變化的影響。由於缺乏像博伊森莓節這樣需求較高的活動，這導致門票價格出現不同程度的下降，這也導致第二季度的平價消費遊客量增加。

As expected, April per capita trends improved from the first quarter, consistent with the shift in our operating calendars and higher attendance levels. Based on trends to date and the strategic initiatives we have planned for the season, we expect per capita spending to continue to increase as we get deeper into the season and attendance levels move higher and length of guest stays increase.

正如預期的那樣，四月份的人均趨勢較第一季有所改善，這與我們的營運日曆的變化和更高的出勤率相一致。根據迄今為止的趨勢和我們為本季制定的戰略舉措，我們預計，隨著本季的深入、遊客人數的增加和客人住宿時間的延長，人均消費將繼續增加。

Coming out of the first quarter, we were pleased to see momentum in the sale of season passes and membership strengthened. The recent robust performance, despite the weather disruptions at the end of April, narrowed the sales GAAP to prior year to approximately 2% in terms of units sold and 3% in terms of total sales. Shortfalls that our team is focused on closing as we head into the critical May June sales window.

第一季結束後，我們很高興看到季票銷售和會員數量的成長勢頭增強。儘管 4 月底受到天氣影響，但近期業績表現強勁，按 GAAP 計算，與去年相比，銷售額下降了約 2%（按銷售單位計算）和 3%（按總銷售額計算）。隨著我們進入關鍵的五月至六月銷售窗口，我們的團隊正致力於彌補這些不足。

Based on our current program strategies, we expect the average price of a season path at our legacy, Cedar Fair parks to be up 3% to 4% over the balance of the sale cycle, while the average price at our Legacy Six Flags parks is projected to be essentially flat to prior year, the result of changes to the product structure and a mixed shift in path type sold. While disappointed to see attendance over the last two weeks of April impacted by weather after building such strong momentum earlier in the month, it's important to note that April only represents roughly 20% of expected second quarter attendance and revenues.

根據我們目前的規劃策略，我們預計，在銷售週期的剩餘時間裡，我們傳統的雪松會展公園季節性路徑的平均價格將上漲 3% 至 4%，而我們傳統的六旗公園的平均價格預計將與去年基本持平，這是產品結構變化和所售路徑類型混合變化的結果。儘管 4 月初遊客人數勢頭強勁，但 4 月初最後兩週遊客人數卻因天氣原因受到影響，令人感到失望，但值得注意的是，4 月份遊客人數和收入僅佔預計第二季度遊客人數和收入的 20% 左右。

Meaning there is ample time over the balance of the quarter to build upon the positive demand trends we generated earlier in the month. Based on current park operating calendars, we are expecting to pick up an incremental 37 operating days in May and June, bringing our projected total second quarter operating days to 2028, up 36 days from the second quarter last year.

這意味著我們在本季度剩餘時間內有充足的時間來鞏固本月早些時候產生的積極需求趨勢。根據目前的公園營運日曆，我們預計 5 月和 6 月的營運天數將增加 37 天，使我們預計的第二季總營運天數達到 2028 天，比去年第二季增加 36 天。

This should bode well in expanding our opportunities to drive higher levels of tenants and revenues in the quarter. Shifting to the cost side of the business for a moment from a cost perspective, our teams delivered results largely in line with expectations during the first quarter. While there were some anticipated cost timing differences that should reverse over the next two quarters, we expect, where we kept controllable variable costs in check without disrupting the guest experience.

這預示著我們將在本季擴大租戶數量並增加收入。暫時從成本角度轉向業務的成本面，我們的團隊在第一季交付的業績基本上符合預期。雖然預計會出現一些成本時間差異，但在接下來的兩個季度中這些差異應該會逆轉，我們預計，我們將控制可控的變動成本，而不會影響客人體驗。

In the quarter we incurred $15 million of non-recurring merger-related integration costs and another $5 million of adjusted EBITDA add-backs for costs such as severance and commercial liability settlements. First quarter operating expenses were largely consistent with expectations. The somewhat higher level of spending was driven by two primary factors.

本季度，我們發生了 1500 萬美元的非經常性合併相關整合成本，以及另外 500 萬美元的調整後 EBITDA 加回，用於支付遣散費和商業責任和解等費用。第一季的營運費用與預期基本一致。支出水準略高主要由兩個因素推動。

First, a pull forward of pre-opening maintenance work to ensure our parks were prepared and our rides were licensed and ready to open on day one. And, second, an increase in early season advertising, a strategic decision to support season pass sales and drive higher demand. These decisions resulted in an estimated expense timing difference in the quarter of approximately $10 million which we would expect to reverse over the balance of the year.

首先，提前做好開業前的維護工作，確保我們的公園做好準備，我們的遊樂設施獲得許可，並準備在第一天開放。其次，增加早期季票廣告，這是一項支持季票銷售並推動更高需求的策略決策。這些決定導致本季預計費用時間差異約為 1000 萬美元，我們預計該差異將在今年剩餘時間內逆轉。

While remaining nimble in our approach, we are committed to making decisions like these that set us up for much stronger performance as demand builds into the key second and third quarters, which by themselves are expected to represent 95% or more of a full year adjusted EBITDA. At the same time, as Richard noted, we expect the steps we are taking to optimize our cost structure will reduce full year operating costs and expenses by more than 3% this year, inclusive of our second year of merger-related synergies.

在保持靈活態度的同時，我們致力於做出這樣的決定，以便隨著關鍵的第二季度和第三季度需求的增加，我們能夠實現更強勁的業績，預計第二季度和第三季度將佔全年調整後 EBITDA 的 95% 或更多。同時，正如理查德所指出的，我們預計，我們正在採取的優化成本結構的措施將使今年全年營運成本和費用降低 3% 以上，其中包括我們第二年的合併相關協同效應。

This aggressive cost savings effort is intended to provide some downside protection against any potential weakening in consumer demand this summer. The targeted cost reductions do not contemplate any potential outsized impacts related to tariffs, which we expect to be minimal based on the available information at this time.

這項積極的成本節約措施旨在為今年夏季可能出現的消費需求減弱提供一些下行保護。目標成本削減並未考慮與關稅相關的任何潛在的超額影響，根據目前掌握的信息，我們預計這種影響將微乎其微。

As we noted in this morning's earnings release, we are maintaining our full year 2025 adjusted EBITDA guidance of $1.08 billion to $1.12 billion. Our confidence in our ability to deliver another strong performance this year is underscored by the resilience of our business model, as demonstrated in the past by the rapid recovery from macro events, including the Great Recession of eight - nine and the COVID disruption.

正如我們在今天早上的收益報告中指出的那樣，我們維持 2025 年全年調整後 EBITDA 指引，即 10.8 億美元至 11.2 億美元。我們對自己今年再次取得強勁業績的能力充滿信心，這一點得益於我們業務模式的韌性，正如過去從宏觀事件（包括 89 年的大衰退和新冠疫情）中快速復甦所證明的那樣。

As a close to home, less expensive, and less complicated choice for entertainment, our parks have historically performed well throughout various cycles, as families always find a way to make time for fun. We believe those same staycation attributes are even more relevant today, and combined with an outstanding 2025 capital program, position us well as we head into the peak summer season.

作為一種離家近、價格便宜、不太複雜的娛樂選擇，我們的公園在各個週期都表現良好，因為家庭總是能找到辦法抽出時間來享受樂趣。我們相信，同樣的居家度假屬性在今天更加重要，再加上出色的 2025 年資本計劃，我們將在進入夏季旺季時佔據有利地位。

Now turning to the company's balance sheet for a moment. We ended the quarter with ample liquidity, including $62 million of cash on hand and $179 million of available capacity under our revolving credit facility. Of the company's $5.3 billion of gross debt at the end of the first quarter, which included $626 million in borrowings on a revolving credit facility, approximately 70% is fixed through long-term notes, and outside of $200 million in senior notes that mature in July of this year, we have no significant maturities before 2027.

現在我們來看看公司的資產負債表。本季末，我們擁有充足的流動性，包括 6,200 萬美元的現金和 1.79 億美元的循環信貸額度下的可用容量。截至第一季末，公司總債務為 53 億美元，其中包括 6.26 億美元的循環信貸借款，其中約 70% 透過長期票據固定，除了今年 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。

We are monitoring the credit markets and evaluating options to address our July notes, including the possibility of using projected balance sheet liquidity to fund payoff.

我們正在監控信貸市場並評估解決七月票據的方案，包括使用預期資產負債表流動性來支付還款的可能性。

Regarding our CapEx programs during the first quarter, we spent $140 million on capital expenditures, which is consistent with our previously disclosed expectation to spend $475 million to $500 million for the full year in 2025. As we have previously said, our plan is to invest a similar amount in 2026. Beyond our CapEx plans, we are in a strong position to use ex access-free cash flow to pay down debt as quickly and efficiently as possible.

關於我們第一季的資本支出計劃，我們花費了 1.4 億美元的資本支出，這與我們先前揭露的 2025 年全年支出 4.75 億至 5 億美元的預期一致。正如我們之前所說，我們的計劃是在 2026 年投資類似的金額。除了我們的資本支出計畫之外，我們還可以利用免除資本支出的現金流盡快、盡可能有效地償還債務。

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

說完這些，我想把電話轉回理查。

Thanks Brian. As we look towards the rest of the year, I'd like to take a few minutes to expand on our strategic roadmap and how we're positioning Six Flags to deliver sustainable growth in 2025 and beyond. First and foremost, as I mentioned earlier, we've made significant progress on our merger integration and synergy realization plans.

謝謝布萊恩。展望今年剩餘時間，我想花幾分鐘時間詳細闡述我們的策略路線圖，以及我們如何定位六旗以實現 2025 年及以後的可持續成長。首先，正如我之前提到的，我們在合併整合和協同實現計劃方面取得了重大進展。

From a systems perspective, our IT integration is on track. Guest data across all parks will be migrated to our in-house ticketing platform by year end, providing a seamless experience for all park pass holders and enabling a more unified approach to pricing, promotion, and CRM.

從系統角度來看，我們的 IT 整合正在按計劃進行。所有公園的遊客數據將在年底前遷移到我們的內部票務平台，為所有公園通行證持有者提供無縫體驗，並實現更統一的定價、促銷和 CRM 方法。

Integration of the full technology stack remains a multi-year initiative, although we're pleased with the groundwork that has already been laid to advance that effort. Our ongoing portfolio optimization efforts are another key to our strategy to strengthen the business and realize the full potential of the merger. I am pleased to say that these efforts are well underway, as evidenced by the recent announcement of our plans to close our Maryland parks after the 2025 season.

儘管我們對已經為推進這項工作奠定的基礎感到滿意，但完整技術堆疊的整合仍然是一項多年的計劃。我們正在進行的投資組合優化工作是我們加強業務和充分發揮合併潛力的策略的另一個關鍵。我很高興地說，這些努力正在順利進行，我們最近宣布計劃在 2025 年賽季後關閉馬裡蘭州的公園就證明了這一點。

The decision to sunset Six Flags America and Hurricane Harbor at the end of this season was a difficult but necessary one, a decision that aligns with our broader priorities to simplify our operations, reduce portfolio risk, and focus resources on high margin, high growth parks. Proceeds from the divestiture of non-core assets such as this will support debt reduction. And the transactions are expected to be cash flow, creative, reduce our leverage ratio, and modestly improve EBITDA margins.

決定在本賽季結束時關閉六旗美國和颶風港是一個艱難但必要的決定，這一決定符合我們簡化營運、降低投資組合風險和將資源集中在高利潤、高成長公園的更廣泛的優先事項。此類非核心資產剝離所得收益將用於支持減債。預計這些交易將帶來現金流、富有創造力、降低我們的槓桿率，並適度提高 EBITDA 利潤率。

It's premature to provide a specific timetable for the sale process, but it's reasonable to say it could take 12 months to 18 months or more to complete, along with other asset sale efforts, including excess land adjacent to King's Dominion near Richmond, Virginia. We will work diligently with our real estate advisors to execute these transactions as efficiently as possible while maximizing value.

現在就提供出售過程的具體時間表還為時過早，但可以合理地說，它可能需要 12 個月到 18 個月或更長時間才能完成，同時還要出售其他資產，包括弗吉尼亞州里士滿附近 King's Dominion 附近的多餘土地。我們將與我們的房地產顧問密切合作，盡可能有效地執行這些交易，同時實現價值最大化。

As it relates to future divestiture of assets, we don't have any plans to close any additional parks at this time. We will continue to evaluate all options and consider other potential transactions to enhance shareholder value. In the meantime, we are excited at the prospect of operating all 42 of our parks for the 2025 season. We have also made great progress building out our capital plans for the next few years with our capital strategy remaining disciplined and tightly aligned with our growth priorities. As Brian mentioned earlier, we still expect to invest approximately $1 billion on capital projects for the 2025 and 2026 seasons.

由於涉及未來的資產剝離，我們目前沒有關閉任何其他公園的計劃。我們將繼續評估所有選擇，並考慮其他潛在交易以提高股東價值。同時，我們對 2025 年運營全部 42 個公園的前景感到興奮。我們在製定未來幾年的資本計畫方面也取得了巨大進展，我們的資本策略依然嚴謹，與我們的成長重點緊密結合。正如布萊恩之前提到的，我們仍預計在 2025 年和 2026 年賽季的資本項目上投資約 10 億美元。

Should macroeconomic conditions meaningfully change, we will have several levers at our disposal to reduce our use of cash. Most meaningfully is our ability to quickly adjust the scope of our CapEx program. Approximately 30% of our annual CapEx budget is allocated to infrastructure projects that are more discretionary, have shorter lead times, and can often be delayed until later periods. Along with our ability to adjust our operating cost structure up and down to match demand levels, this affords us the flexibility to rationalize our use of cash should market conditions change materially from plan. We will continue to be disciplined and nimble in deploying capital.

如果宏觀經濟條件發生重大變化，我們將採取多種手段來減少現金的使用。最有意義的是我們能夠快速調整資本支出計畫的範圍。我們每年約有 30% 的資本支出預算分配給基礎設施項目，這些項目更具自由度，交付週期更短，而且通常可以推遲到後期。除了我們能夠根據需求水準調整營運成本結構之外，如果市場條件與計畫發生重大變化，這也使我們能夠靈活地合理使用現金。我們將繼續嚴謹、靈活地部署資本。

Despite broader concerns around the economy, we remain focused on executing our strategic roadmap, driving top line growth, capturing synergies and resetting our cost structure, optimizing our portfolio of assets, and improving capital efficiency, which positions Six Flags well to deliver quality earnings growth, substantial free cash flow growth, and enhance value for our shareholders. We are excited to share more details of our long term strategy at our upcoming investor day, where we will outline our growth objectives through 2028, the pathway to a 40% margin, and a clear line of sight for unlocking more shareholder value.

儘管人們對經濟有更廣泛的擔憂，但我們仍然專注於執行戰略路線圖，推動營收成長，實現協同效應並重置成本結構，優化資產組合併提高資本效率，這使六旗能夠實現優質的盈利增長、大幅的自由現金流增長並為股東提升價值。我們很高興在即將到來的投資者日分享我們長期策略的更多細節，屆時我們將概述到 2028 年的成長目標、實現 40% 利潤率的途徑以及釋放更多股東價值的明確路線。

In closing, I want to thank our associates for their commitment to delivering an exceptional guest experience to the investment community. We appreciate your continued support and confidence and look forward to keeping you updated on our progress as we pursue our long range targets. Abby, that concludes our opening remarks. Please open the line for questions.

最後，我要感謝我們的同事致力於為投資界提供卓越的客戶體驗。我們感謝您一直以來的支持與信任，並期待在我們追求長遠目標的過程中向您通報我們的進展。艾比，我們的開場白到此結束。請開通熱線以解答疑問。

(Operator Instructions)

（操作員指示）

James Hardiman, Citi Research.

花旗研究部的詹姆斯‧哈迪曼 (James Hardiman)

Hi, this is Sean Wagner on for James Hardiman. I believe the 36 additional operating days works out to about 2% growth in operating days in the second quarter. How do you expect attendance and sales growth in that quarter to compare to that number?

大家好，我是 James Hardiman 的 Sean Wagner。我認為，增加的 36 個營運天數相當於第二季營運天數成長 2% 左右。您預計該季度的出勤率和銷售額成長與該數字相比如何？

I'll let Sean it's Richard, I'll let Brian take the number aspect of it. What I will say, I'll reiterate what we said in our guidance, we from the beginning have believed that second and third quarters are where the opportunities were as we look at the combined Par portfolio. So, all of our emphasis is we believe those are higher margin days. We believe those are going to be highly accretive, and we see really strong demand heading into the second quarter and third quarter days, Brian.

我會讓肖恩 (Sean) 來負責理查德 (Richard)，然後讓布萊恩 (Brian) 來負責數字方面。我要說的是，我將重申我們在指導中所說的內容，從一開始我們就相信，當我們審視合併後的 Par 投資組合時，第二季和第三季是機會所在。因此，我們所有的重點都是我們相信那是利潤率較高的日子。我們相信這些將會帶來很大的增值，而且我們看到第二季和第三季的需求非常強勁，布萊恩。

Yeah, Sean, we don't have, specific quarterly guidance, so I am going to couch my comments, carefully here. The, as Richard mentioned, the focus coming into 2025. It was about optimizing the operating calendar and taking out lower value days in the first and fourth quarter or maybe you can characterize it slightly different and say days that have a lower ceiling and maybe a lower floor at the same time because of the variability of weather. Adding back days in the second and third quarter will be higher value days that we believe not only represent the ability for higher margin days but also higher attendance days.

是的，肖恩，我們沒有具體的季度指導，所以我將在這裡謹慎地發表我的評論。正如理查德所提到的，重點是 2025 年。這是為了優化營運日曆，並在第一季和第四季中剔除價值較低的日子，或者你可以稍微改變一下描述，即由於天氣的變化，這些日子的上限和下限可能都較低。我們認為，第二季和第三季增加的天數將是價值更高的天數，這不僅代表著更高利潤天數的能力，也代表著更高的出勤天數的能力。

Okay, I guess is there any quantification you can give us on the Easter and or Boysenberry Festival shifts, and now that Easter's behind us and most of the Boysenberry Festival has occurred, do you expect to make all of that up and teach you or did poor weather kind of hold any of any of that back?

好的，我想您能否就復活節和博伊森莓節的變化給我們提供一些量化的信息，現在復活節已經過去，博伊森莓節的大部分活動也已經結束，您是否希望彌補所有這些不足並教給您，或者惡劣的天氣是否阻礙了其中任何一項？

Well, certainly weather has been, as we noted, a factor in April. We said, weather and led by the Midwest, it wasn't exclusive to the Midwest, but the Midwest was the most impacted. We lost, as we noted on the call in our prepared remarks, about 175,000 visits over that last half of the last two weeks.

嗯，正如我們所提到的，天氣確實是四月的一個因素。我們說，天氣影響主要是中西部地區，不是中西部地區獨有的，但中西部地區受到的影響最大。正如我們在電話會議中準備好的演講中所指出的，在過去兩週的後半段時間裡，我們損失了大約 175,000 次訪問。

I am sorry, of April Boysenberry is still ongoing. The event isn't over. It runs through May at the middle of May at Knots, and so Boysen will have sort of laughed by the time we get to the end of the second quarter. We do believe, as we were just talking about, the opportunities to add. Day in May and June are going to be greater or have greater upside than what was potentially lost in April because of because of the weather. Now May and June could also face weather issues. That's the uncertainty of an outdoor entertainment business, but we're excited about the potential that the May and June represent with those incremental operating days.

很抱歉，四月份的 Boysenberry 活動仍在進行中。活動尚未結束。該活動將於 5 月中旬在 Knots 舉行，並持續整個 5 月份，因此當我們到達第二季末時，Boysen 應該會大笑起來。正如我們剛才所說，我們確實相信還有增加的機會。五月和六月的天數將會比四月因天氣原因可能造成的損失更大，或者說有更大的上漲空間。現在五月和六月也可能面臨天氣問題。這就是戶外娛樂業務的不確定性，但我們對 5 月和 6 月增加的營運天數所帶來的潛力感到興奮。

Okay, and just to clarify, is there any quantification you can give us on, I guess, the attendance impact that the Easter or the Boysenberry Festival shifts had?

好的，為了澄清起見，您能否給我們一些量化數據，說明復活節或博伊森莓節的變化對出席人數的影響？

Boysen would have been the most pronounced, and Boysenberry, now again, the event's not over, so I don't want to give an uninformed number on Boysen. I think we'll be in a better position to tell you exactly what shifted after the Boysenberry event is fully wrapped.

博伊森 (Boysen) 是最引人注目的，而博伊森貝裡 (Boysenberry) 則再次引人注目，現在，事件還沒有結束，所以我不想給出博伊森的未知數字。我認為，在 Boysenberry 活動完全結束後，我們能夠更好地告訴您究竟發生了什麼變化。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

Hey guys, good morning, so, how are you guys? I hope you guys are doing well. So, Brian, I just want to clarify something, I think you mentioned, I am pretty sure you mentioned your prepared remarks that you're expecting the first quarter attendance to represent.

嘿夥計們，早安，你們好嗎？我希望你們一切都好。所以，布萊恩，我只是想澄清一些事情，我想你提到過，我很確定你提到過你準備好的發言，你預計第一季的出席人數將代表這一點。

I think you said about 5.5% for the full year and then first quarter revenues to be about 6% for the full year and that's different than what I think was in your release. I think your release says it should be about 7% for both. I assume that's more historical versus anything else. And just when I clarify that I heard you right there because I think there's a lot of folks and investors out there that are kind of, a little bit panicked about what was in the release.

我認為您說的是全年收入約為 5.5%，然後第一季收入約為全年 6%，這與您發布的版本不同。我認為您的新聞稿說兩者的比例都應該在 7% 左右。我認為這比其他任何事情都更具歷史意義。我剛剛澄清說我聽到了您的聲音，因為我認為有很多人和投資者對新聞稿中的內容感到有點恐慌。

Yes, Steve, the 7% would be more of a historical or what we would normally expect coming into a year, given some of the headwinds around timing of operating calendars and other factors the pace that we're on right now. You heard correctly. On attendance, we're currently tracking where first quarter would represent 5.5% of full year attendance based on our outlook over the balance of the year and revenues closer to 6%, which is inside of what would be a normal course or a historical pacing for the first quarter.

是的，史蒂夫，考慮到營運日曆時間方面的一些阻力以及其他因素以及我們目前的步伐，7% 的增長更像是一個歷史性的或我們通常預期的一年的增長。你沒聽錯。關於出席人數，根據我們對全年餘額的展望，我們目前追蹤的第一季度出席人數將佔全年出席人數的 5.5%，收入接近 6%，這在第一季度的正常水平或歷史節奏之內。

The most I think the key thing to take away is that the first quarter is not a material quarter by any stretch. It's a very important quarter from a from a setting up the stage for getting the parks ready to open, but in terms of the trend lines, as we said, it's somewhat of an inconsequential or not indicative quarter when it comes to what full year potential looks like.

我認為最關鍵的是，第一季無論如何都不是一個重要的季度。從為公園開放做好準備的角度來看，這是一個非常重要的季度，但就趨勢線而言，正如我們所說，對於全年潛力而言，這是一個無關緊要或不具指示性的季度。

Okay, gotcha. Thanks for that, Brian. And then second question probably for you, Richard, but I want to ask about the decision to close the Six Flags Park in Maryland. But look, I guess the thesis is, essentially shut the park down. That land there, I mean, I am from Maryland, that land has to be worth a decent amount of money, and then you'll be able to keep the majority of those folks, essentially at your King's Dominion Park, which is relatively close in the grand scheme of things.

好的，明白了。謝謝你，布萊恩。理查德，第二個問題可能要問你，我想問關閉馬裡蘭州六旗公園的決定。但是你看，我猜論點是，本質上關閉公園。那裡的土地，我的意思是，我來自馬裡蘭州，那塊土地必須值相當多的錢，然後你才能留住那裡的大多數人，基本上是留在國王統治公園，從總體上看，這個公園相對較近。

So, I guess. Question is, as we kind of look across your portfolio. I know you said you're not actively looking to shut other assets down, but to me it would seem like there are, other opportunities to do the same type of thing across the portfolio. And so, while you're maybe not shopping something today, is that the right way to think about it?

所以，我猜。問題是，當我們回顧一下您的投資組合時。我知道您說過您不會主動尋求關閉其他資產，但對我來說，似乎還有其他機會在整個投資組合中做同樣的事情。那麼，雖然您今天可能不打算購物，但這是正確的思考方式嗎？

I think, let me answer it this way, Steve. I think it's a good question. As I think about that particular land parcel, and we think back to the transaction that we did at Legacy Cedar back in 2022 with the land underneath our Santa Clara Park. There are times where you have unique opportunities, and it truly is unique, and put the land in Maryland underneath our DC park and the land at Richmond underneath the excess land at Richmond.

我想，讓我這樣回答吧，史蒂夫。我認為這是個好問題。當我想到那塊特定的土地時，我們回想起 2022 年我們在 Legacy Cedar 與聖克拉拉公園下方的土地進行的交易。有時候你會有獨特的機會，而且它確實是獨一無二的，把馬裡蘭州的土地放在我們的 DC 公園下面，把里士滿的土地放在里士滿多餘的土地下面。

Both have huge potential to generate values that's far in excess of what we think we can produce in terms of results going forward. So when we look at the ability to redeploy capital, we try to be good stewards of the capital that's invested in this company. I think we've got an obligation to spot these types of opportunities and act quickly on them. So we're going to we're going to move as quickly as possible while maximizing value, as I said in my prepared remarks.

兩者都具有巨大的潛力，可以創造遠遠超出我們認為未來所能創造的價值。因此，當我們考慮重新部署資本的能力時，我們會努力做好投資於這家公司的資本的管理。我認為我們有義務發現這些類型的機會並迅速採取行動。因此，正如我在準備好的發言中所說的那樣，我們將盡快採取行動，同時實現價值最大化。

We do have now, parks all across North America, so you know there's lots of opportunities for people to buy tickets to our parks in every region, including the DC area, the Baltimore area, and down through, Raleigh and Richmond as well. But when we think about the rest of the portfolio, we'll continue to evaluate. Where there are other opportunities, we don't see as much an opportunity on the underlying land at this point under the rest of the portfolio, but there may be an opportunity as we said to maximize value as we think about some of our smaller locations.

現在，我們的公園遍布北美各地，因此，您知道人們有很多機會購買我們在每個地區的公園的門票，包括華盛頓特區、巴爾的摩地區，以及羅利和里士滿。但當我們考慮投資組合的其餘部分時，我們會繼續評估。雖然還有其他機會，但目前我們還沒有看到投資組合中其他土地上存在太多機會，但正如我們所說的，當我們考慮一些較小的地點時，可能存在實現價值最大化的機會。

Okay, got you, thanks for the guys, really appreciate it.

好的，明白了，謝謝你們，真的很感激。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Thank you so much for taking my question. So, Brian, Richard, I entirely hear you on the Easter shift and events kind of moving out of Q1 and Q2, but then we have sort of April that's tracking a bit softer than what would have been implied by kind of an Easter shift, and I understand you talked about sort of. The impact, I guess my question is what gives you confidence to keep the guidance here? It sounded like you haven't really seen much impact from kind of the weakening consumer in your business.

非常感謝您回答我的問題。所以，布萊恩、理查德，我完全理解你們關於復活節轉變和事件從第一季和第二季度轉移的說法，但是四月份的走勢比復活節轉變所暗示的要弱一些，我知道你們談到了這一點。影響，我想我的問題是，是什麼讓您有信心保持這裡的指導？聽起來您似乎沒有看到消費疲軟對您的業務造成太大影響。

Is there anything else you're watching closely? I guess the key question is what are those early signs that you're seeing that gives you the confidence to keep the guidance unchanged here and then have a quick follow up.

您還在密切關注其他什麼嗎？我想關鍵問題是，您看到的早期跡像是什麼，讓您有信心保持指導不變，然後迅速跟進。

Thank you. Let me jump in here and say that we do remain confident in our ability to hit our full year numbers. What we watch are both long lead indicators and we've talked at length today about season pass sales, but also what we're seeing as we look at the information that becomes available as we open up parks, how they're performing, we opened up Cedar Point last Saturday and in 47 degrees and a driving rain that was almost sideways.

謝謝。我要說的是，我們確實有信心實現全年目標。我們所觀察的既是長期領先指標，我們今天也詳細討論了季票銷售情況，但我們也在觀察公園開放時獲得的信息，以及它們的表現。上週六我們開放了雪松點，當時氣溫為 47 度，大雨傾盆。

We had almost 18,000 people in the park because they were there to ride the reopened top thrill too, and they were there to experience be on there on opening day at Cedar Point, which is a long held tradition. So that type of demand, when we see that and a level of demand in less than ideal weather gives us real confidence that we look at things. I know when we also watch, and I know there's a lot of concern about the health of the consumer. Yeah, when we look at how our consumers perform and let me give you a little backdrop of one thing that we watched, when we look specifically at the e-commerce channel and what we sell through our e-commerce channel since on a year-to-date basis since January 1, we're up 1% in unit volume and we're up mid single digits on price if you average out everything that we sell through that channel.

公園裡有近 18,000 名遊客，因為他們也來這裡是為了體驗重新開放的頂級刺激，也是為了在雪松點公園開幕當天體驗現場氣氛，這是一個悠久的傳統。因此，當我們看到這種需求以及在不太理想的天氣條件下的需求水平時，我們就會真正有信心看待事物。我知道我們也在關注，我知道大家非常關心消費者的健康。是的，當我們觀察消費者的表現時，讓我給你介紹一下我們觀察到的一件事的背景，當我們特別關注電子商務渠道以及自 1 月 1 日以來我們通過電子商務渠道銷售的產品時，如果平均計算我們通過該渠道銷售的所有產品，我們的單位銷量增長了 1%，價格上漲了中等個位數。

So we continue to see a willingness of the consumer to recognize value. And dip into it and then lastly, the other thing that I am really excited about, we've talked at length about our approach to food and beverage and the ability to generate more transactions, grow revenues within our food and beverage segment. We've renovated 11 restaurants across the portfolio, converted them into what we call our crew serve model. It's a model that improves service capacity, allows us to increase menu variety and the ability to drive a higher check average, improves.

因此，我們繼續看到消費者願意認可價值。最後，另一件讓我非常興奮的事情是，我們詳細討論了我們對食品和飲料的態度，以及在食品和飲料領域產生更多交易、增加收入的能力。我們已經翻新了旗下 11 家餐廳，將它們改造成我們所謂的「團隊服務」模式。這是一種可以提高服務能力的模式，使我們能夠增加菜單種類，並提高平均消費金額。

The results have been outstanding and encouraging. per caps spending is up year over year at all 11 locations. The average transaction value across the 11 locations is up almost 10%. five of the locations have increased transaction accounts by more than 50%, and four of them have doubled the transactions. So, it's not just pricing, it's also the ability to get people to buy up the menu because we have higher quality items that they'll choose, but it's also the ability to drive that revenue in a very efficient way. And when we look at it, that's part of the formula here where we're going to continue to drive that in park spending, so.

成果非常出色，令人鼓舞。所有 11 個地點的人均支出均較去年同期成長。這 11 個地點的平均交易額上漲了近 10%。其中有五家門市的交易額增加了50%以上，有四家店的交易額翻了一番。因此，這不僅僅是定價的問題，也是讓人們購買菜單的能力，因為我們有他們會選擇的更高品​​質的菜餚，而且這也是以非常有效的方式推動收入的能力。當我們看它時，這就是這裡的公式的一部分，我們將繼續推動公園支出，所以。

That combined with our approach to cost management, and I'll reinforce that what Brian and I both said in prepared remarks we anticipate that operating costs and expenses will be down 3% or more in this calendar year. So yes, tough first quarter, not in full year performance, but the ability to drive top rowing revenue growth. Really be cost efficient and take cost out of the system, which is one of the rationales behind the deal, the ability to continue to optimize portfolio.

結合我們的成本管理方法，我要強調的是，布萊恩和我都在準備好的發言中提到，我們預計今年的營運成本和費用將下降 3% 或更多。所以是的，第一季確實很艱難，不是全年業績不佳，而是推動頂級收入成長的能力不佳。真正實現成本效益並從系統中節省成本，這是交易背後的原理之一，能夠繼續優化投資組合。

All those things give us confidence that we can achieve the 25-operating plan, but also more importantly, set up a really successful 26 and beyond, and we'll have for everybody on that topic when we get together for our investor day on May 20th.

所有這些都讓我們有信心實現 25 年的營運計劃，但更重要的是，制定一個真正成功的 26 年及以後的計劃，我們將在 5 月 20 日的投資者日與大家討論這個話題。

Looking forward to that and thank you. That's super helpful. Just a quick follow up, Richard, if I may, in terms of your asset sales, is it possible at all to put in perspective kind of what your expectations are in terms of proceeds for the combined land sale and the Maryland sale? I guess I am trying to understand what's the extent of the leveraging we could expect from those to the extent you can answer understanding there could be some sensitivity around how much you can say, so I appreciate anything I could get.

非常期待並且謝謝。這非常有幫助。理查德，我只是想快速跟進一下，如果可以的話，就您的資產銷售而言，您是否可以從綜合土地銷售和馬裡蘭州銷售的收益角度說明一下您的預期？我想我正在嘗試了解我們可以從中期望獲得多大的利用率，您可以回答，理解對於您能說多少可能會有一些敏感性，所以我很感激我能得到的任何信息。

I'll let Brian weigh in as well, but we'll have a lot more to say in terms of the leveraging target and how we see the proceeds from this and any other potential action between now and 2028. We'll have more to say on that on May 20, but we're looking to unlock significant proceeds, particularly the land sales and then were we to approach anything else it'd have to be something that would generate significant impact, but it's really about also reducing the complexity of our business model and making sure that the capital we're putting back in the business goes towards those high potential high revenue growth opportunity sites.

我也會讓布萊恩參與進來，但關於槓桿目標以及我們如何看待從現在到 2028 年期間的這項行動和任何其他潛在行動的收益，我們還有很多話要說。我們將在 5 月 20 日就此發表更多評論，但我們希望獲得可觀的收益，特別是土地銷售，然後如果我們要採取其他任何措施，它都必須能夠產生重大影響，但這實際上也是為了降低我們業務模式的複雜性，並確保我們重新投入業務的資本用於那些具有高潛力、高收入增長機會的地點。

Yeah, Arpine, we're not going to put a specific price on those two locations, but if you were to go out and look at a range of market price per acre, you can see a gross proceeds number that could easily get north of a couple $100 million.

是的，阿爾派恩，我們不會對這兩個地點給出一個具體的價格，但如果你去看看每英畝的市場價格範圍，你會發現總收益數字很容易就達到幾億美元。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Thanks so much. I wanted to ask about progress on unifying your season pass selling strategy. I think you've been implementing a more consistent pricing on the legacy Six Flags footprint than was historically used, so any more color you can provide on how you've seen behavior shift on the Six Flags side, maybe both in terms of the blended pricing to date and the pace of adoption you expect and how much you think that contributed to the gains that you saw in the last like 4 week or 5 week period.

非常感謝。我想詢問一下統一季票銷售策略的進展。我認為你們在傳統的六旗園區實施的定價比歷史上使用的定價更加一致，因此，您能否提供更多關於您如何看待六旗方面的行為轉變的信息，也許是迄今為止的混合定價，以及您預期的採用速度，以及您認為這對過去 4 週或 5 週期間的收益有多大貢獻。

Listen, we Thomas, good morning, Richard. What we saw over the last 4 week or 5 week period indeed was indicative of where we think we could go. We strongly believe in a consistent approach to the market so that the market understands they can make their own decisions on value that we provide and see that the value gets greater. We think there's a tremendous opportunity in June and July given the membership aspect of the Flags program and we've got that's sort of the installment at some of the pieces.

聽著，湯瑪斯，早安，理查。過去四周或五週的所見所聞確實表明了我們認為我們可以走的路。我們堅信採取一致的方法對待市場，以便市場了解他們可以對我們提供的價值做出自己的決定，並看到價值變得更大。我們認為，考慮到 Flags 計劃的會員方面，六月和七月存在巨大的機會，而且我們已經獲得了一些分期付款。

We really do need to get back to what I what I laid out in my prepared remarks, which is getting everybody on the same ticketing system. We harmonized the programs at a high level. We did not want to give up on this season and we rolled out the all park passport which lets you visit any of our parks in the portfolio. So a lot more work to do, but it's really going to be a lot. Here and we're going to be a lot more efficient and effective when everybody's on the same ticketing system when all the data is feeding into our data warehouse and the CRM folks that are on our team can go in and mine the value out of our guests and the relationship we have with them and focus on driving more visits and getting more out of every visit from those season pass holders. Brian, anything you want to add?

我們確實需要回到我在準備好的發言中提出的內容，即讓每個人都使用相同的票務系統。我們在高層次上協調了這些計劃。我們不想放棄這個季節，因此我們推出了全公園護照，讓您可以參觀我們投資組合中的任何公園。所以還有很多工作要做，但真的會很多。當每個人都使用同一個票務系統時，當所有資料都輸入到我們的資料倉儲時，我們的效率和效果會大大提高，我們團隊的 CRM 人員可以深入挖掘客人的價值以及我們與他們之間的關係，並專注於增加訪問量，讓季票持有者的每次存取都獲得更多收益。布萊恩，您還有什麼要補充的嗎？

Yeah, I would just say Thomas, we knew coming into '25, given all the efforts that Richard just talked about in terms of ticket harmonization but also program harmonization. That it was going to be, a little bit bumpy as we as we reset the season pass and membership programs on both sides of the portfolio a little bit later start to the year with a later Easter and maybe deferring some of the opening days a little bit deeper into the season would put us, a little bit timing wise behind where we were last year, but very Encouraged by the sales trends, up mid-single digits in terms of unit sales over the five weeks of April, and I think it's also important to note that there's multiple bites at this apple, right? It's not just the sale of 2025 passes, which May and June, as Richard noted, very meaningful part of the full sale cycle.

是的，我只想說托馬斯，我們知道進入 25 年，考慮到理查德剛才談到的在門票協調和節目協調方面所做的所有努力。由於我們重新設定了季票和會員計劃，年初會稍微晚一些，復活節也會晚一些，而且可能會將一些開幕日推遲到季節的更深處，這會讓我們在時間上比去年稍微落後一些，但銷售趨勢非常鼓舞人心，四月份五週的單位銷售額增長了中個位數，我認為值得注意的是，這個蘋果有好幾口，對吧？這不僅僅是 2025 年通行證的銷售，正如理查德指出的那樣，5 月和 6 月是整個銷售週期中非常重要的一部分。

But, we will, before we know it, we'll be quickly into, late summer and selling 2026 passes and we feel we'll be in a much better place in terms of the consumers' understanding of what the program looks like. We'll be deeper into that exercise of harmonizing the ticketing platforms. So we're focused right now. The teams are highly focused on the May June window, but there's a lot of prep work going on with plans for the 26 launch later this summer. And so, there's multiple opportunities to really drive the season pass program in the right direction.

但是，在我們意識到之前，我們很快就會進入夏末並開始銷售 2026 年的通行證，我們認為，就消費者對該計劃的理解而言，我們將處於更好的位置。我們將更深入地進行協調票務平台的工作。所以我們現在集中精力。各團隊高度關註五月至六月的發射窗口，但為今年夏天晚些時候的第 26 次發射計劃正在進行大量準備工作。因此，有多個機會可以真正推動季票計劃朝著正確的方向發展。

Got it. That's helpful. And then maybe just a quick follow up going of the initial question on the full year attendance implied guidance. I think 5.5% for, one puts you at around a 2% growth rate for the year. This might be using too much precision on a small number at this point, but do you anticipate there's room for attendance to still grow above historical trends, which I think is what you got to the last quarter, or did the slightly lower than expected one in April take you down a little bit on that. Thanks so much.

知道了。這很有幫助。然後也許只是對全年出勤率隱含指引的初始問題進行快速跟進。我認為 5.5% 意味著全年成長率約為 2%。目前，這可能對小數字使用了過多的精度，但您是否預計出席人數仍有增長空間，高於歷史趨勢，我認為這就是您在上個季度得到的結果，或者 4 月份略低於預期的人數是否讓您對此感到有些失望。非常感謝。

Go ahead, brown, go ahead.

來吧，布朗，來吧。

Yeah, I was just going to say, I think you hit it on the head, Thomas Wright. There's a degree of precision that that, depending on whether you use 5.5% or you use 5.7% or 5.3% can skew things dramatically. We said that the tracking, it's tracking right now, where first quarter would represent closer to approximately 5.5%, but is there upside to that? Math certainly we think there's a lot of opportunity in June as evidenced by the expanded operating calendar.

是的，我只是想說，我認為你說對了，托馬斯·賴特。存在一定的精確度，取決於您使用 5.5% 還是 5.7% 或 5.3%，這可能會對結果造成巨大偏差。我們說，目前的追蹤顯示，第一季的成長率將接近 5.5%，但這有上行空間嗎？當然，我們認為 6 月有很多機會，從擴大的營運日曆就可以看出。

We think there's great opportunity in July given the weather comps that we have from last year. So, I think, depending on how those things play out over the balance of the year and what you put into your model, you can get to a number that's above the 2% for the full year.

考慮到去年的天氣狀況，我們認為 7 月有很大機會。因此，我認為，根據這些因素在全年中的表現以及你在模型中輸入的內容，你可以得到全年高於 2% 的數字。

Thanks, Thomas.

謝謝，托馬斯。

Ben Chaiken, Mizuho Securities USA.

瑞穗證券美國公司的 Ben Chaiken。

Hey, good afternoon, good morning. Thanks for taking my questions. I guess first on cost, I feel like there's a pretty significant update that we kind of just glossed over. You're saying 3% or more lower on cost. I just maybe have a couple of clarifications here. Number one, is that all do you define that as all cash cost, so just like the delta between revenue up, point number 2 is the down 3% plus is that a tool kind of like. Number that we should expect in the P&L or do we then need to gross that up for inflation, so meaning like our cost our reported cost is going to be down 3% plus or up at when you take into consideration and then point number 3, what changed versus your previous goal which I think was $70 million in the year which I don't think would have gotten you to down 3% plus and then a few follow ups. Thanks.

嘿，下午好，早安。感謝您回答我的問題。我想先關於成本，我覺得有一個相當重要的更新我們只是一筆帶過了。您說的是成本降低 3% 或更多。我可能只是想在這裡澄清幾點。第一，您是否將其定義為全現金成本，因此就像收入上升之間的差額一樣，第二點是下降 3% 加上這是一種工具。我們應該在損益表中預期的數字，還是我們需要根據通貨膨脹將其加總，這意味著我們的成本，我們的報告成本將下降 3% 以上或上升，當你考慮到然後是第 3 點時，與你之前的目標相比有什麼變化，我認為今年的目標是 7000 萬美元，我不認為這會讓你下降 3% 以上，然後是一些後續行動。謝謝。

So Ben, let me jump in here first. Yes. So, what we're saying is, when I say down 3% operating cost and expenses, I would exclude cost of goods sold, so that that's a separate calculations look at things. This is operating expenses and SGNA combined, so we'll be down 3% for our forecast. We did say that you know we hit our 120. We hit $50 million of cost synergy savings last year and this year we'll hit all 70. That's how we complete the 120.

那麼本，讓我先從這裡開始。是的。所以，我們的意思是，當我說降低 3% 的營運成本和費用時，我會排除銷售成本，這樣這是一個單獨的計算。這是營運費用和 SGNA 的總和，因此我們的預測將下降 3%。我們確實說過，你知道我們達到了 120。去年，我們的成本綜效節省了 5,000 萬美元，今年我們將全部實現 7,000 萬美元。這樣我們就完成了 120。

So we're comfortable we've got the decisions in place. We're executing on the rear. We understand the need to actually expand margins. That is one of the reasons we did this deal, that's tapping the potential of the merger. So as we look forward, we're continuing to hunt for a little bit more, but I'll also emphasize that the 60 million I referenced in my remarks sits on top of that 120, and that's both the impact in 26 of decisions we're making this year, but also other things that we can't get to until we harmonize the tech stack, so. That's we're plotting out the integration and you know mining the fruits of the integration over the next 12 to 24 months. We're pleased we got to 50% more than the cost synergies and savings we originally promised, and we continue to look to be as efficient as possible.

因此，我們很高興已經做出了決定。我們正在後方執行任務。我們理解擴大利潤的必要性。這是我們達成這筆交易的原因之一，就是挖掘合併的潛力。因此，展望未來，我們會繼續尋求更多，但我還要強調的是，我在發言中提到的 6000 萬是建立在 1.2 億的基礎上的，這既是我們今年做出的 26 項決定的影響，也是我們在協調技術堆棧之前無法實現的其他事情，所以。這就是我們正在規劃的整合，並且在未來 12 到 24 個月內挖掘整合的成果。我們很高興實現了比最初承諾的成本協同效應和節省 50% 以上的目標，並且我們將繼續努力提高效率。

You should maybe just to follow up there for a second in case I missed it. The, so I totally hear you on the cost x COGS but is that a is that a net of inflation number or then would we layer in inflation on top of that I'm just trying to put modeling perspective, think about where expectations should be.

您可能只需要跟進一下，以防我錯過它。所以我完全聽到了你關於成本 x COGS 的說法，但這是一個扣除通貨膨脹的數字嗎，或者我們是否會將通貨膨脹加在其上，我只是想從模型的角度來思考一下預期應該在哪裡。

Yeah, Ben, Brian, that number is all in inflation inclusive. The only thing I would, call out, and I think you alluded to this in how you asked the question, that would be excluding any integration or other adjusted EBITDA. Add backs like severance, as we go through this reorg effort, there'll be a chunk of severance over the second half of the year related to that. So really looking at your sort of recurring normal course operating costs and expenses inclusive of SGNA in that target.

是的，本，布萊恩，這個數字已經包含了通貨膨脹因素。我唯一要指出的是，我認為您在提問時已經提到了這一點，那就是排除任何整合或其他調整後的 EBITDA。加上遣散費之類的費用，隨著我們進行重組工作，今年下半年將會有大量與此相關的遣散費。因此，真正要看的是該目標中包含 SGNA 在內的經常性正常營運成本和費用。

Understood. And then what are these 60 million and then totally appreciate the incremental 60 that are coming out in 26, which is I think a new data point. Could dive in about what encompasses those 60 million and is that also a net of inflation number as well?

明白了。那麼這 6 千萬是什麼呢？然後完全理解 26 年出現的增量 6000 萬，我認為這是一個新的數據點。能否深入探討這 6,000 萬的具體數字，以及這也是扣除通膨因素後的數字嗎？

We'll have more to say in a couple of weeks as we look at the profile of our 2028 target. But I would say, as I said, some of it is the residual impact, the remaining impact of decisions we're making in real time as we go through reorganizing our company. Some are things that we can't get to until next year. We're still building out the operating plan, but we think that that level of savings takes a big chunk out of the inflation impact in next year, so Brian.

幾週後，當我們回顧 2028 年目標的概況時，我們會有更多話要說。但我想說，正如我所說的，其中一些是殘餘影響，是我們在重組公司過程中即時做出的決策的剩餘影響。有些事情我們要明年才能實現。我們仍在製定營運計劃，但我們認為這種程度的節省將在很大程度上消除明年通貨膨脹的影響，布萊恩說。

Yeah, and I would say right now that that target ban may be slightly different.

是的，我現在想說的是，目標禁令可能略有不同。

That's a gross synergy or cost savings target for 26, we'll be doing a lot more work as we as we get into later in here into 25 and building out the 26 plan where inflation and some of those other things that that may offset, but that's our gross incremental synergy piece that sits above and beyond the original 120 that we had announced with the merger.

這是 26 年的總協同效應或成本節約目標，隨著我們進入 25 年後期並製定 26 年計劃，我們將做更多的工作，其中通貨膨脹和其他一些因素可能會抵消，但這是我們的總增量協同效應，超出了我們在合併時宣布的最初 120 的目標。

Got it. And just to log in a very quick third one in an ideal world regarding the land sales in Maryland, would you get certain entitlements on that land in Maryland prior to selling, for example, data in order to maximize value? Are you trying to do that currently? It may be a better way of asking it.

知道了。簡單來說，在理想情況下，關於馬裡蘭州的土地銷售，為了實現價值最大化，您是否會在出售馬裡蘭州土地之前獲得該土地的某些權利，例如數據？您目前正在嘗試這麼做嗎？這也許是更好的提問方式。

We're working closely with the jurisdictions in Richmond and also in DC to make sure that the process yields a benefit for the company, but certainly a benefit for the community. Entitlements are always part of that process. We have found both jurisdictions extremely engaged and looking to help in the process. So, I think those conversations will be productive.

我們正在與里士滿和華盛頓特區的司法管轄區密切合作，以確保這項流程不僅能為公司帶來利益，還能為社區帶來利益。權利始終是這過程的一部分。我們發現兩個司法管轄區都非常積極地參與並希望為此進程提供幫助。所以，我認為這些對話將會很有成效。

There's always a tug of war. There's always some tension in the timeline between getting entitlements and what ultimately the property becomes when you redevelop a property and the proceeds you get. So we'll look for the intersection that maximizes value, but that also delivers it in an efficient time frame and very pleased with the cooperation and the discussion so far with the local jurisdictions.

總是存在著拉鋸戰。在獲得權利和重新開發房產並獲取收益時最終變成什麼樣子之間的時間線上總是存在一些緊張關係。因此，我們將尋找能夠最大化價值的交匯點，同時也要在有效的時間範圍內實現價值，並且對迄今為止與當地司法管轄區的合作和討論感到非常滿意。

Thank you, appreciate it.

謝謝，感激不盡。

Matthew Boss, J.P. Morgan.

摩根大通的馬修·博斯。

Great, thanks. So, Richard, maybe in light of the near-term economic uncertainty that you cited, how are you thinking about balancing price versus volume near term and then at Six Flag on the recapture opportunity from attendance? Just how best to think about the annual cadence of attendance recapture if we think about maybe the linearity of recapturing the lost attendance relative to investments or initiatives that you have in place multi-year.

太好了，謝謝。那麼，理查德，也許考慮到您提到的近期經濟不確定性，您如何考慮在近期平衡價格與數量，然後在六旗重新獲得遊客數量的機會？如果我們考慮重新獲得失去的出席人數與您多年來實施的投資或計劃之間的線性關係，那麼如何最好地考慮重新獲得出席人數的年度節奏。

Matt, I would say as we think about the opportunity to drive market penetration, we think it's one of the key reasons the key opportunities that the combined company has, the new Six Flags has, as we think about that, I think there are interpenetrated markets across the portfolio that reside from either side of the companies that came on either side of the legacy companies, so. What we have seen in the past is you get good traction in year one, you get more traction in year two, and there's a bill.

馬特，我想說，當我們考慮推動市場滲透的機會時，我們認為這是合併後的公司（新六旗）擁有的關鍵機會之一，當我們考慮這一點時，我認為整個投資組合中存在相互滲透的市場，這些市場位於傳統公司兩側的公司之間，所以。我們過去看到的情況是，第一年你會獲得良好的發展勢頭，第二年你會獲得更大的發展勢頭，然後就會有賬單。

So, we're going to talk about, what we see over the next few years beyond '25 and early '26 as we get to May 20th. So, I don't want to foreshadow those comments too much because we've got a robust presentation for everybody and we're excited to go through it. But as we think about the opportunity, it's considerable. You've heard us say that, in the under penetrated parts, if we get those under penetrated parts up to what we would say are the guide rail levels, there's 10 million in the near term. There's significantly more than that in the longer term. So as we think about 2028, there is a There's a look at how we drive demand with our capital plans which are coming together nicely.

因此，我們將在 5 月 20 日之前討論 2025 年和 2026 年初之後幾年的情況。所以，我不想過多地預示這些評論，因為我們已經為每個人準備了一個精彩的演示，我們很高興能夠完成它。但當我們思考這個機會時，我們會發現它是相當可觀的。您聽我們說過，在穿透不足的部件中，如果我們將這些穿透不足的部件提高到我們所說的導軌水平，那麼短期內就會有 1000 萬個。從長遠來看，這個數字要高得多。因此，當我們考慮 2028 年時，我們會考慮如何利用我們正在順利實施的資本計劃來推動需求。

I am really excited about the reactions we've seen in all of the parts that have opened, and we've seen some tremendous reaction to the coasters that we're opening and that we're about to open. So I think there is a real Affinity for in each of the markets and there are as a core of customers that really want to come back year after year. Our job is to execute really well, provide a great guest experience, and get them to come back year after year. Brian, anything you want to add?

我對於所有已開放部分所見的反應感到非常興奮，而且我們看到了人們對我們正在開放和即將開放的過山車的巨大反應。所以我認為每個市場都有真正的親和力，有一群核心客戶確實希望年復一年地回來。我們的工作是出色地執行，提供出色的客戶體驗，並讓他們年復一年地回來。布萊恩，您還有什麼要補充的嗎？

I'd just say mad at a high level, the 25 business plan is certainly built and focused around driving demand, as Richard said, tapping into the opportunities that are in front of us. But at the same time, we remain confident in our ability to improve gas spending. That opportunity will increase as we get deeper into the season, as you referenced sort of the cadence of attendance.

我只想說，從高層次來看，25 個商業計劃肯定是圍繞著推動需求而製定的，正如理查德所說，利用擺在我們面前的機會。但同時，我們仍對改善天然氣支出的能力充滿信心。正如您所提到的出席節奏，隨著賽季的深入，這種機會將會增加。

And you've heard us talk about keeping our parks comfortably crowded. It's important is that extends length of stay, which increases spending on things like food and beverage and drives more demand for premium experience. So, while not meaning, maybe not material increases in the first quarter and in April, seeing per capita continuing to trend in the right direction is extremely encouraging, particularly. As we think about some of the initiatives that we have in place, and Richard hit on it a little bit earlier in one of the one of the in answering one of the questions about, some of the early momentum we're seeing in a channel like Food and beverage with the initiatives of renovating and adding food locations.

你們也聽到我們談論如何讓公園的客流量保持在適宜的水平。重要的是延長住宿時間，從而增加食品和飲料等方面的支出，並推動對優質體驗的更多需求。因此，雖然第一季和四月可能不會出現實質成長，但看到人均成長繼續朝著正確的方向發展是非常令人鼓舞的。當我們思考我們已經實施的一些舉措時，理查德在早些時候回答一個問題時提到了這一點，我們在食品和飲料等渠道中看到的一些早期勢頭是翻新和增加食品店的舉措。

So, I think it's a combination of both volume and per capita, and pricing will follow, right? We'll continue to use dynamic pricing and BI tools that we've always used, but one thing that we should note is, we're putting a floor on pricing. While dynamic pricing cuts both ways, we're not looking to, we've said this before and we'll continue to say it, we're not discounters, we're looking to maintain pricing discipline. That's a little bit educated by our past experience. That that shows, even in challenging economic times, demand becomes highly inelastic, meaning that there's no amount of discounting to preserve or preserve attendance or drive the consumer to behave any differently than they're going to. So, we'll lean into pricing more than we'll take pricing down.

所以，我認為這是數量和人均的結合，定價也會隨之而來，對嗎？我們將繼續使用我們一直使用的動態定價和 BI 工具，但我們應該注意的一點是，我們為定價設定了底線。雖然動態定價有利有弊，但我們並不希望如此，我們之前就說過，並且會繼續這麼說，我們不是折扣商，我們希望維持定價紀律。這是我們根據過去的經驗所學到的一點教訓。這表明，即使在經濟困難時期，需求也會變得非常缺乏彈性，這意味著無論多少折扣都無法維持或維持出席率或促使消費者採取與以往不同的行為。因此，我們會更傾向於提高定價，而不是降低價格。

Great. And then maybe just a follow up, Brian, on the cost side, could you just walk through the puts and takes to consider as it relates to maybe this year's reset of the base relative to the underlying operating cost growth to consider as we think about relative to the low to mid single digit growth historically.

偉大的。然後也許只是一個後續問題，布萊恩，在成本方面，您能否簡單地介紹一下需要考慮的利弊，因為它可能與今年基數的重置有關，相對於基礎運營成本的增長，我們考慮的是相對於歷史上低到中等個位數的增長。

Yeah, so I mean, I think coming into this year, as Richard said in previous remarks, it's a continuation of the effort that began last year after the merger closed, challenging, for us to make, significant changes in the middle of the season.

是的，所以我的意思是，我認為進入今年，正如理查德在之前的評論中所說的那樣，這是去年合併結束後開始的努力的延續，對我們來說，這是一個挑戰，需要在賽季中期做出重大改變。

So, we were, there was a lot of planning and a lot of work. That was going on at that point in time, but we had to wait on a lot of those changes until after the season wrapped, which for some of our parks was, early November and other parks. It wasn't until, early January. So, the exercise to reset the cost base is across the board. It involves, as we've said, a review and a reset of the org structure.

所以，我們做了很多計劃，做了很多工作。當時情況就是這樣，但我們必須等到這個季節結束之後才能做出許多改變，對於我們的一些公園來說，這個季節結束的時間是 11 月初，而對於其他公園來說，這個季節結束的時間是 11 月初。直到一月初才發生。因此，重新設定成本基礎的做法是全面的。正如我們所說，它涉及組織結構的審查和重置。

It involves leaning in on other non-headcount related cost savings, whether that be, the harmonization of our IT stack or, driving better terms with our vendor partners and suppliers, so there's, it's across the spectrum, quite frankly, Matt. I would say early on it skews a little bit more heavily. The opportunity skews a little bit more heavily on the headcount side of things and then starts to pivot a little bit more towards the non-headcount, as Richard said, there are some things that are contractually tied up for a little longer than you'd like, and so you get to them maybe later in 25 or they're part of the 26 algorithm for cost savings. In terms of the headwinds, there's always inflation, and so we, we're dealing with that, but as we noted it to Ben's question, we've accounted for that in our target of 3% or more cost reduction.

它涉及到依靠其他與員工人數無關的成本節約，無論是協調我們的 IT 堆棧，還是與我們的供應商合作夥伴和供應商達成更好的協議，所以，坦率地說，它是全方位的，馬特。我想說，早期這種偏差會更嚴重一些。機會主要集中在員工人數方面，然後開始更多地轉向非員工人數方面，正如理查德所說，有些事情的合約期限比你希望的要長一些，所以你可能在 25 年以後才會處理它們，或者它們是 26 年成本節約演算法的一部分。就不利因素而言，通貨膨脹始終存在，因此我們正在應對這一問題，但正如我們回答 Ben 的問題時所說，我們已經將這一因素考慮在內，並將成本削減目標定為 3% 或更多。

So, I really Matt, let me jump in here. We said that this would be the great reset when we put these companies together in 2025 we proved to be that. When we talk about re-architecting our business, it's not just rearchitecting the or structure. We've gone in and applied a lot of science, benchmarking different sites against each other.

所以，我真的，馬特，讓我插話進來。我們說過，當我們在 2025 年將這些公司整合在一起時，這將是一次偉大的重置，事實證明我們確實如此。當我們談論重新建構我們的業務時，它不僅僅是重新建構或結構。我們深入研究並應用了大量科學方法，對不同的站點進行了相互對比。

We've gone in and taken the time to redo our decision making processes. So, this was a holistic look at our organization, not just the structure, but how we make decisions, and I am really. Pleased that where we're coming out and how we've clarified within the organization and we'll clarify, how we be as effective as possible while being as efficient as possible and we're really driving this business through the use of KPIs and embedding the data and analytics around those KPIs and all the decisions we're making.

我們已經花時間重新制定了決策流程。因此，這是對我們組織的全面審視，不僅僅是結構，還有我們如何做出決策，我真的這麼做了。很高興看到我們所取得的成果以及我們在組織內部如何明確這一點，我們將進一步明確如何盡可能高效地開展業務，我們真正透過使用 KPI 來推動這項業務，並圍繞這些 KPI 和我們所做的所有決策嵌入資料和分析。

Great color. Best of luck.

顏色很棒。祝你好運。

Thanks man.

謝謝老兄。

Michael Swartz, Truist Securities.

Truist Securities 的 Michael Swartz。

Hey guys, good morning. Maybe just with all the macro and consumer uncertainty out there, maybe if we just take a step back and go back to, prior periods of consumer weakness where do we typically start to see some of the cracks in the foundation as it pertains to your business?

大家好，早安。也許只是因為存在所有宏觀和消費者不確定性，也許如果我們退一步，回到之前的消費者疲軟時期，我們通常會在哪裡開始看到與您的業務相關的基礎裂縫？

Good question, Mike. Good morning, it's Richard. When I think back to eight or nine, we saw it going into eight or nine. Season pass sales were significantly lower. We saw group bookings, not just eroding, but we actually had groups calling us up and canceling. And when we looked at our resort bookings, they just weren't, they dropped off considerably heading into season. We're not seeing any of that, as I said, let's work backwards here.

問得好，麥克。早上好，我是理查。當我回想起八、九年的時候，我們看到它進入了八、九年。季票銷量明顯下降。我們發現團體預訂量不僅在減少，而且實際上還有團體打電話給我們並取消預訂。但當我們查看度假村的預訂情況時，情況並非如此，進入旺季後，預訂量大幅下降。正如我所說，我們沒有看到任何這些，讓我們從這裡倒推。

We've seen a 10% increase in opening weekend of Cedar Point and bookings for that weekend, so people are booking later, but they're booking. We've seen an increase in our small group booking channel, which is our five groups that are 15 to 100, that's showing strength. Youth and student groups are showing a lot of strength. We're not seeing it there. We are seeing companies being cautious, but we're also seeing companies saying, I may not book my spring outing. What do you got available in the fall. So they're looking a little bit longer, but with season pass.

我們發現雪松點影展開幕週末的預訂量增加了 10%，所以人們預訂得比較晚，但他們還是在預訂。我們看到小團體預訂管道有所增長，也就是我們的五個團體，人數在 15 到 100 人之間，這顯示出實力。青年和學生團體展現了強大的力量。我們沒有在那裡看到它。我們看到一些公司變得謹慎，但我們也看到一些公司說，我可能不會預訂春遊。秋天你有什麼可用的東西？因此他們希望時間更長一些，但可以使用季票。

North of 55% to 60% of our attendance, we really watch that channel most closely. And then again, what we saw, and I'll go back to what I said about our e-commerce channel, just looking at everything we sell on our e-commerce volume up 1%, pricing up mid single digits, it means that we don't see the erosion of the consumer that maybe some other businesses are seeing. That's not to say that it's not there in other sectors, but our consumers and our markets are reacting the way we would expect them to as we head into late spring.

在我們 55% 到 60% 的觀眾中，我們確實最密切地關注該頻道。再說一遍，我們看到了，我回到我所說的我們的電子商務管道，只看我們在電子商務上銷售的所有商品，銷量增長了 1%，價格上漲了中等個位數，這意味著我們沒有看到其他一些企業可能看到的消費者流失。這並不是說其他行業不存在這種情況，而是隨著春末的到來，我們的消費者和市場正做出我們所預期的反應。

Okay, great that's super helpful. And then maybe 11 off question on the first quarter, and I know there's a lot of noise in the quarter given the timing of Easter and some of the some of the calendar shifts, but when I look at the Legacy Six Flags business, it looks like the rate of EBITDA decline was up was nearly triple what it was last year. Maybe just help us unpack, why that was.

好的，太好了，非常有幫助。關於第一季度，也許還有 11 個問題，我知道由於復活節的時間和一些日曆變化，本季度有很多噪音，但當我查看 Legacy Six Flags 業務時，似乎 EBITDA 下降率幾乎是去年的三倍。也許只是幫助我們解開為什麼會這樣。

Yeah, Mike, so I think if you look at, the two sides of the portfolio, we certainly with the six side of our portfolio, the Six Flags parks, more of those opening up earlier, we invested and it's a big chunk of the timing difference I mentioned on the cost side. I'd say more of it is happening from the cost side as we brought forward a lot of off-season. Whether you want to call it maintenance or pre-opening costs, we brought a lot of those from a timing perspective earlier in the year here in 2025, and so that's a bigger part of the equation on our Six Flags side of the portfolio.

是的，麥克，所以我認為如果你看一下投資組合的兩個方面，我們當然有投資組合的六個方面，六旗公園，其中更多是較早開放的，我們進行了投資，這是我在成本方面提到的時間差異的很大一部分。我想說，從成本方面來看，這種情況更多是因為我們提前了很多淡季。無論您想稱之為維護成本還是開業前成本，我們從時間角度來看，在 2025 年早些時候就已經將其中很大一部分投入其中，因此，這在我們六旗投資組合中佔了更大的比重。

On the cedar side, a little bit more of the headwind is related to the to the shift the Knott's Berry Farm, but that's really the only part that we have. On that side of the portfolio that has any significant or meaningful first quarter operations on the on the sixth side, we did see a little bit of headwind on some of the calendar issues, but not as demonstrative as maybe what we saw with Knotts Berry Farms Boys and Berry Festival.

在雪松方面，更多的逆風與諾氏百樂坊的轉變有關，但這確實是我們唯一擁有的部分。在投資組合中，對於在第六季度有任何重大或有意義的第一季度運營的一方，我們確實看到一些日曆問題遇到了一些阻力，但並不像我們在諾氏漿果農場男孩和漿果節上看到的那樣明顯。

Okay, super helpful. Thank you.

好的，非常有幫助。謝謝。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Thank you very much. You know, I know there's some talk about F&B and you seem to be leaning very much into it and it seems to be going well. But have you seen any type of shifts on the F&B side? Like are people still, is the uptake on more discretionary F&B, if you call it that, maybe like alcohol or something along those lines. Is there any type of softness or anything along those lines there that or is it pretty much as robust there as it is kind of in the other F&B offerings? Thanks.

非常感謝。你知道，我知道有一些關於餐飲的討論，你似乎非常傾向於此，而且進展似乎很順利。但是你看到餐飲方面有什麼改變嗎？就像人們仍然在接受更多的自由支配的餐飲，如果你這樣稱呼它的話，可能像酒精或類似的東西。那裡是否有任何類型的柔軟度或類似的東西，或者它是否與其他 F&B 產品一樣強勁？謝謝。

Yeah, Ian, it's Richard. You broke up a little bit. I think about the various pieces of F&B. I would say we've seen strength in our meal category. We've seen real strength in beverages. We've still seen great strength in adult beverages. So it really has been across the board, weekend by weekend, I would tell you that if it's a rainy weekend, you get as much snack selling, so the snacks go down a little because length of stay is probably not the same, but we've seen on normal, same day weather to same day weather, sunny weather, strength across all the things that we track and we've still got, I mentioned the 11 locations that we've already opened. We've still got a couple more going to open in May. And I will tell you here at our local Charlotte Park we're putting in an adult swim up beverage bar that is just everybody's been asking me about.

是的，伊恩，我是理查。你們分手了一點。我考慮了餐飲的各個方面。我想說，我們的餐飲類別表現出色。我們已經看到了飲料的真正實力。我們仍然看到成人飲料的強勁成長。所以情況確實全面，每個週末都是如此，我想告訴你，如果週末下雨，零食銷量也會一樣多，所以零食銷量會下降一點，因為停留時間可能不一樣，但我們已經看到正常的同一天天氣、同一天天氣、晴朗的天氣，我們追踪的所有事物都表現強勁，我們仍然有，我提到了我們已經開設的 11 個地點。我們還有幾家店將於五月開幕。我會告訴你們，在我們當地的夏洛特公園，我們正在設立一個成人泳池飲料吧，每個人都在問我這件事。

So, we see the desire of our consumers to really come and enjoy the food and beverage segment, which really seems to resonate as a guest satisfier. We like it as a revenue growth potential, but it also is something people talk about and then one of the reasons they keep coming back.

因此，我們看到消費者真正想要來享受食品和飲料的願望，這似乎確實引起了客人的共鳴。我們喜歡它，因為它具有收入成長潛力，但它也是人們談論的話題，也是他們不斷回頭的原因之一。

Okay then thanks. And then maybe to broaden the question just geographically, can you maybe tell us how businesses kind of geographically, some of the competitors have commented on like West Coast softness. Have you seen any of that at all, or is it pretty much broadacious geographically. Stable? Thanks.

好的，謝謝。然後也許從地理角度擴大問題，您能否告訴我們企業的地理分佈情況，一些競爭對手評論說西海岸的疲軟。您是否見過這樣的情況，或從地理分佈來看，這樣的情況是否十分廣泛？穩定的？謝謝。

I would say Brian can weigh in here, but I would say what we've seen in Brian referenced it is. Because we had a couple of, inclement weather weekends, rainy weekends, Midwest and East Coast, that sort of colored it. But no, when we've had good weather, we've seen what we would expect to see throughout all the regions. So, but again it's a limited sample size at this point. We're only 15% of our operating days in. So, it's a little hard to get a read on the whole portfolio when the whole portfolio is not up and operating. That'll be in early June when everybody's 7 days a week.

我想說布萊恩可以在這裡發表意見，但我想說我們在布萊恩那裡看到的就是如此。因為我們遇到了幾個惡劣天氣週末，中西部和東海岸都有雨，這影響了它。但不，當天氣好的時候，我們已經看到了我們期望在所有地區看到的情況。但目前的樣本量仍然有限。我們的營業天數僅為 15%。因此，當整個投資組合尚未啟動和運作時，要了解整個投資組合的情況會有些困難。那將是在六月初，那時每個人一週工作七天。

So that's when we'll have a real meaningful look at the different regions. But I will say historically what we've seen, the Midwest has been rock solid the last four years, that's continued to perform really well. The coasts have a little more impact from weather, particularly on the East Coast, but what we like. Out and we'll talk about on May 20. The geographic diversity means we don't have more than 30% of our attendance or revenues in any particular region.

因此，那時我們將對不同地區進行真正有意義的觀察。但我要說的是，從歷史上看，中西部地區在過去四年中一直表現堅如磐石，並且持續表現良好。沿海地區受天氣的影響較大，尤其是東海岸，但我們喜歡這樣。我們將在 5 月 20 日討論此事。地理多樣性意味著我們在任何特定地區的出席人數或收入都不會超過 30%。

That well diversified model is one of the keys to doing the merger and why we feel really good about that diversification, although it does take an adjustment for Brian and I anytime you look at the weather map, we've got parks everywhere. So if there's weather anywhere, it's going to be near us. All right, thank you very much.

這種多元化的模式是合併的關鍵之一，也是我們對這種多元化感到非常滿意的原因，儘管它需要布萊恩和我進行調整，但每當你查看天氣圖時，你都會發現我們到處都有公園。所以，如果任何地方有天氣，它就會在我們附近。好的，非常感謝。

Chris Woronka, Deutsche Bank Securities.

克里斯‧沃龍卡 (Chris Woronka)，德意志銀行證券公司。

Hey, good morning guys. Thanks for working overtime on the here.

嘿，大家早安。感謝您在這裡加班工作。

I was hoping they talked a little bit about guest mix at Six Flags. I know you guys, you did the chaperone policy, when you closed the deal last summer. I know there was a little bit of near term disruption with that, but looking forward, and I understand your commentary about pricing on Six Flags legacy passes maybe being flat, do you think you can get to where you want a mix this year or is that more of a multi-year project?

我希望他們能稍微談論一下六旗的客人組合。我了解你們，去年夏天達成交易時，你們就實行了陪同政策。我知道這在短期內會造成一些幹擾，但展望未來，我理解您關於六旗傳統通行證價格可能保持不變的評論，您認為今年可以達到您想要的混合價格嗎，還是說這是一個多年的項目？

As I think about the guest mix, one of the things I'll go back to is how we think about capital, and we've always said, and we'll reiterate as we talk about this business, we think there's a rotation of in any market of thrill rides, family product, and water product. You see that in our mix this year. We've got waterpark renovations and expansions at LA and Dallas.

當我考慮客人組合時，我會回顧的事情之一就是我們如何看待資本，我們一直說，並且在談論這項業務時我們會重申，我們認為在任何驚險遊樂設施、家庭產品和水上產品的市場中都會出現輪換。您可以在今年的組合中看到這一點。我們在洛杉磯和達拉斯進行了水上樂園的翻新和擴建。

You see coasters in several parks. You see here at Charlotte and a couple other markets family product going in. I think what we've seen, Chris, is the broad profile of what we would expect to see as we as we broaden our mix. So the markets are reacting. Chaperone policy has been helpful in the key markets across all of our company, and we use that extensively. But I do think when you when you offer things that appeal to different segments, you'll start to broaden your base over time.

您可以在幾個公園看到過山車。您可以看到夏洛特和其他幾個市場都有家庭產品進入。克里斯，我認為我們所看到的是我們在擴大產品組合時期望看到的大致情況。因此市場正在做出反應。陪同政策對我們公司所有的關鍵市場都很有幫助，我們也廣泛地採用這項政策。但我確實認為，當你提供能夠吸引不同群體的產品時，隨著時間的推移，你的客戶群就會擴大。

Okay, thanks, Richard. Then a quick follow up just related to that, also kind of a CapEx question which is, I know you said about 30% of your CapEx might be infrastructure. I don't think that, relates to any of the maintenance stuff you're working on at Six Flags with respect to, lighting and, the little things. That had kind of gone undone over the years. Are you satisfied that as you head into peak season at the Legacy Six Flags parks that you're, you've got all the little things that that need to be fixed or they kind of in place by now.

好的，謝謝，理查。然後快速跟進與此相關的問題，這也是一種資本支出問題，我知道您說過大約 30% 的資本支出可能是基礎設施。我認為這與您在六旗所從事的照明和小事方面的維護工作無關。多年來，這一點一直沒有實現。當您進入六旗傳奇公園的旺季時，您是否滿意，您是否已經解決了所有需要解決的小問題，或者它們現在已經到位了。

Yeah, I'll let Brian weigh in. We continue to look at things that we can do to improve the guests' experience. We prioritize those things that I think the guests give us much value at. Listen, as a guy who ran a park, I will tell you I walked the site that I was responsible for the first year and 10 years later I still hadn't gotten to everything, so the list is always long.

是的，我會讓布萊恩來權衡。我們將繼續研究可以採取哪些措施來改善客人的體驗。我們優先考慮那些我認為客人非常重視的事情。聽著，作為一個管理公園的人，我會告訴你，第一年我走遍了我負責的場地，十年過去了，我仍然沒有走遍所有地方，所以清單總是很長。

We see things that sometimes our customers don't, but they're important to us, so we're going to continue to make improvements year by year and make sure that we make sure that we're giving priority to those things the guests value most, which is why we're so focused on food and beverage because we get a lot of credit for that. There's high perceived value and it really drives our demand.

我們有時會注意到顧客沒有註意到的事情，但這些事情對我們來說很重要，所以我們會逐年不斷改進，確保優先考慮客人最重視的事情，這就是為什麼我們如此關注食品和飲料，因為我們因此獲得了很多讚譽。它具有很高的感知價值，並且確實推動了我們的需求。

Okay thanks guys.

好的，謝謝大家。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking the question. I know there's a lot of moving pieces, but just to kind of round everything out with the kind of calendar shifts you mentioned in 2Q and 3Q and kind of timing of cost shifting and attendance shifting. Any help in how to think about the kind of cadence of EBITDA are for the year, I think the midpoint would imply the next three quarters grow around call it 15%, but I'm curious if that's more weighted, second quarter, third quarter, fourth quarter based on just some of the operating calendar shifts that you mentioned.

您好，感謝您提出這個問題。我知道有很多變動，但只是為了將所有事情歸結於您在第二季和第三季提到的日曆變化以及成本變化和出勤變化的時間安排。關於如何思考年度 EBITDA 節奏的任何幫助，我認為中點意味著接下來的三個季度將增長 15% 左右，但我很好奇這是否更有權重，第二季度、第三季度、第四季度是否僅基於您提到的一些營運日曆變化。

Yeah, it's Brian. I mean, as we said, the biggest opportunity and the focus coming into this year was second and third quarters. I think third quarter is pretty obvious to everyone as it's the lion's share of the operating calendar. The second quarter represents some great opportunity, particularly May and June, given the expanded. A number of days in those months, as we said on the call, those two quarters together have the potential to be 95% or more of full year EBITDA.

是的，我是布萊恩。我的意思是，正如我們所說，今年最大的機會和重點是第二季和第三季。我認為第三季對每個人來說都是很明顯的，因為它佔據了營運日曆的最大份額。第二季代表著一些絕佳的機會，尤其是五月和六月，因為規模擴大了。正如我們在電話會議上所說，這兩個月份中的幾天，這兩個季度加起來有可能達到全年 EBITDA 的 95％ 或更多。

And so, again, a lot of the timing is often influenced by macro factors like weather, and we've always been very confident that. When weather can be a little choppy early in the year, you still have plenty of runway to make it up, so it gets difficult to be precise in an imprecise, world like that But I think the second and third quarters do provide the opportunity to be a significant part of the growth story for 2025.

因此，許多時機往往受到天氣等宏觀因素的影響，我們對此一直非常有信心。當年初天氣有點不穩定時，你仍然有足夠的時間來彌補，所以在這樣一個不精確的世界裡，很難做到精確，但我認為第二季度和第三季度確實提供了成為2025年增長故事的重要組成部分的機會。

Got it. And then Brian, I think you said up front that you're expanding your operating calendars and this particularly at some parks where you see the opportunities for attendance growth are the greatest. I am curious like which are those parks where you see the biggest opportunity or kind of turnaround story or uplift story from here that you would consider to be, call it your most core parks.

知道了。然後布萊恩，我想你剛才說過，你正在擴大營運日程，特別是在一些你認為遊客成長機會最大的公園。我很好奇，您認為哪些公園擁有最大的機遇，哪些公園能夠帶來轉機或提升，哪些公園是您最核心的公園。

Yeah, so, as Richard mentioned, there's a number of parks in the portfolio that from a penetration rate sit, lower than some of the better performing parks. There's some and so we'll focus on those. I think it's also important to call out that, the planned operating calendar changes, the additions we're making, those are always there's always a little bit of degree of. Variability to that, meaning that when weather's a little unfavorable, we're going to manage that day maybe out of the system from a cost management perspective. And when we see strong demand, particularly in this is more of a comment that you would see us make changes maybe late August and into the fall, when we see strong demand, we're not afraid to add days in and ride that demand.

是的，正如理查德所提到的，從滲透率來看，投資組合中有許多公園低於一些表現較好的公園。有一些，所以我們將重點放在這些上。我認為同樣需要指出的是，計劃中的營運日程表變更、我們正在進行的新增內容總是存在一定程度的。多變性意味著，當天氣有點不利時，從成本管理的角度來看，我們可能會在系統之外管理那一天。當我們看到強勁的需求時，特別是在這更多的評論中，你會看到我們可能在 8 月底和秋季做出改變，當我們看到強勁的需求時，我們不怕增加天數來滿足這種需求。

So, I think if you look at the operating calendar, you're going to see some very obvious things we're adding some days back in June at Six Flags over Texas as an example, and we think that that makes a lot of sense in that market, but there are a number of other markets in the system that we that we see a lot of opportunity for, Carowinds is a fast growing market. We're continuing to look to find ways to add days in the fall where we can where we can tap into, strong momentum.

因此，我認為，如果您查看營運日曆，您會看到一些非常明顯的變化，例如，我們在 6 月的幾天內在六旗德克薩斯主題公園增加了一些項目，我們認為這在該市場非常有意義，但該系統中還有許多其他市場，我們看到了很多機會，卡羅溫茲就是一個快速增長的市場。我們將繼續尋找方法，在秋季增加營業天數，以便獲得強勁的發展勢頭。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. Thanks for taking my question. So just on the past sales, digging in a layer deeper, you gave the overall pass revenue pa you gave, the pricing between the legacy, the two legacy systems. I was wondering if you could maybe talk about it on a volume or a unit basis, just sort of, when we think about the different pricing and I understand there's different strategies, but just to give us a sense on sort of, momentum on the different the different programs.

大家早安。感謝您回答我的問題。因此，僅根據過去的銷售情況，深入挖掘一下，您將獲得每年的總收入，以及兩個傳統系統之間的定價。我想知道您是否可以根據數量或單位來談論這個問題，當我們考慮不同的定價時，我知道有不同的策略，但只是為了讓我們了解不同計劃的勢頭。

I think in terms of maybe I'll try and answer it this way, in terms of the outlook, we're trying to drive higher volumes on both sides of the combined portfolio, consistent with the attendance trends, coming into this year, we're on our legacy cedar side of the portfolio, attendance was back in. Pre-pandemic levels, the season pass base is somewhat reflective of that. On the sixth side of our portfolio, attendance is still well off at pre-pandemic levels, and because season pass and membership is such a big part of our overall attendance, you can assume that the path faces is down as well to pre-pandemic levels.

我想也許我會嘗試這樣回答，就前景而言，我們正試圖推動合併投資組合兩側的交易量增加，與出席人數趨勢保持一致，進入今年，我們處於投資組合的傳統雪松方面，出席人數又回來了。與疫情前的水平相比，季票基數在一定程度上反映了這一點。在我們投資組合的第六方面，出席人數仍然遠低於疫情前的水平，而且由於季票和會員資格占我們整體出席人數的很大一部分，因此您可以假設面臨的路徑也下降到了疫情前的水平。

So, the volume opportunity, much like for attendance, is higher on our at our six. Parks, but we're not satisfied and going to settle for the volume numbers that we have on the cedar side as well. So, we're going to lean into both. If I was trying to, separate between the two, I'd say the opportunity for volume is higher on the six side right now than the cedar side of the portfolio. The pricing, we can be a little bit more aggressive as we noted in our prepared remarks on the cedar side because of that.

因此，就像出席人數一樣，我們的六人數量機會更高。公園，但我們並不滿足，我們將滿足於雪松方面的產量。因此，我們將同時採用這兩種方法。如果我嘗試區分這兩者，我會說目前投資組合中六邊形的交易量機會高於雪松邊。正如我們在雪松方面的準備好的評論中所指出的那樣，定價我們可以更積極一些。

Okay, that's. Helpful. And then just a bigger picture question on the full year guidance, obviously reaffirming either da and you called out macro in the release and you've got some other moving pieces, right, sounding a little bit better on OpEx and obviously one was a bit a bit tough versus plan. But when I take a step back and think about all the comments you guys gave today about demand momentum and what you're seeing in terms of top line KPIs. It doesn't seem like you're implying any change to your plan for top line for the year, but I, but please let me know if I am sort of, walking myself off a cliff here.

好的，就這樣。很有幫助。然後是關於全年指導的一個更大的問題，顯然重申了 da，你在發布中提到了宏觀，你還有一些其他的移動部分，對吧，在運營支出方面聽起來好一點，顯然與計劃相比有點困難。但當我退一步思考你們今天對需求動能以及你們在頂線 KPI 方面所看到的情況的所有評論時。看起來你並沒有暗示要對今年的營收計畫做出任何改變，但是如果我在這裡陷入困境，請告訴我。

No, I would say, listen, we are encouraged by a number of things we've seen about the KPIs that we look at. We came in thinking that there was meaningful top line growth to go get. We still believe that, so we're chasing that hard. We're also trying to be as responsible as possible on the side and make sure that we, as we've talked at length on this call, get to the meaningful cost savings that that combination of driving the top line. And meaningful cost reduction should drive a healthy increase in margin. But I've commented throughout this call on various channels. We see we see things that are encouraging, but I am looking forward to getting all 42 of our parks open so we can get a real read on where everything is. Thanks everyone.

不，我想說，聽著，我們所看到的有關 KPI 的許多事情讓我們感到鼓舞。我們一開始就認為，這將帶來有意義的營收成長。我們仍然相信這一點，所以我們正在努力追求這一點。我們也試圖盡可能地負責任，並確保我們能夠實現有意義的成本節約，從而推動營收成長，正如我們在這次電話會議上詳細討論的那樣。大幅降低成本將推動利潤率的健康成長。但我在這次通話過程中透過各種管道發表了評論。我們看到了一些令人鼓舞的事情，但我期待著我們所有的 42 個公園都開放，這樣我們就可以真正了解一切狀況。謝謝大家。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Thanks for taking my questions. I appreciate you staying on just a little bit longer.

感謝您回答我的問題。我很感謝你能再多待一會兒。

Just very quick detail. Number one, there was some discussion about a couple $100 million in deals, and I think what we heard is American and hurricane was 100 plus, but there's a couple $100 million. Can we just unpack that a little bit? Are we, what else is in that couple $100 million? Are you ready to talk about that at this point or are we saving that for Ohio?

只是非常簡短的細節。首先，有人討論了幾筆價值 1 億美元的交易，我認為我們聽到的是美國和颶風公司的交易額超過 1 億美元，但只有幾億美元。我們能稍微解釋一下嗎？那麼，這對夫婦的 1 億美元裡還有什麼呢？您現在準備好談論這個問題了嗎，還是我們要把它留到俄亥俄州再談？

No, I'll let Brian clarify, but the comments about the real estate value of the land in Richmond and the land in DC could be $200 million or more, I think is what we said.

不，我會讓布萊恩澄清一下，但關於里士滿和華盛頓特區土地的房地產價值可能達到 2 億美元甚至更多的評論，我想這就是我們所說的。

Correct, yeah, we're not putting a price on anything separate at this point, David, and we're still working through the process with our real estate advisors and try, as Richard said, maximize those values. We were just trying to put, a neighborhood if you look at market prices out there on a per acre basis, you can get the math that's north of 200 for those two combined locations that we've talked about to this point.

是的，是的，大衛，我們目前還沒有對任何單獨的東西定價，我們仍在與我們的房地產顧問一起努力，並像理查德所說的那樣，努力實現這些價值的最大化。我們只是想說，如果你以每英畝為基礎查看市場價格，你會發現，對於我們到目前為止討論過的那兩個地點的組合，你的價格已經超過了 200。

Understood. And then just my second question is, I hope you would just give us a little insight on the technology side of things. And I know Richard, you've talked about analytics, being kind of a decision driver. how much of that is technology driven and what inning would you feel like you are at in terms of kind of pushing that part of the company going forward? I know that it was a Legacy six issue.

明白了。我的第二個問題是，我希望您能就技術方面的問題給我們一些見解。我知道理查德，你談到了分析，它是一種決策驅動因素。其中有多少是由科技驅動的？就推動公司這一部分向前發展而言，您覺得自己處於什麼階段？我知道這是《遺產》第六期。

I would say this I think in terms of what we desire to have, I think we're in the middle innings of building a lot of that out. Dashboards are coming online virtually every week on different KPIs. We found a way to migrate data over so we can have the information we need, but we need to go back to the underlying tech stack and get everybody on the same system, whether that's the same, POS system. We found ways as you would expect us to get the data pulled out a little more cumbersome, a little more clunky. I would say we know where we want to go. We're in the early innings of the tech stack integration, but we're making progress fast.

我想說的是，就我們想要擁有的東西而言，我認為我們正處於建立其中許多目標的中期階段。幾乎每週都會有不同 KPI 的儀表板上線。我們找到了一種遷移資料的方法，這樣我們就可以獲得所需的信息，但我們需要回到底層技術堆疊並讓每個人都使用同一個系統，無論是否是同一個 POS 系統。正如您所期望的，我們找到了一些方法來提取數據，只是方法有點麻煩、有點笨重。我想說我們知道我們想去哪裡。我們正處於技術堆疊整合的早期階段，但進展很快。

Okay, we'll take it. Thanks very much and I appreciate being included.

好的，我們會接受的。非常感謝，我很感激能夠被納入。

That will conclude our question and answer session. I will not turn the conference back over to Mr. Richard Zimmerman for closing remarks.

我們的問答環節到此結束。我不會將會議交還給理查德·齊默爾曼先生作閉幕發言。

Thanks for joining us on today's call. Brian, Michael, and I look forward to seeing you, many of you on Investor Day. We're excited to share our perspective on the growth potential of a larger and more formative Six Flags, as well as our plan for monetizing the growth for the benefit of our shareholders and other constituents across North America and beyond. We'll be sure to keep you updated on our progress along the way,

感謝您參加今天的電話會議。布萊恩、麥可和我期待在投資者日見到你們，以及你們中的許多人。我們很高興與大家分享我們對更大、更具成長性的六旗的成長潛力的看法，以及我們將成長貨幣化的計劃，以造福我們的股東和北美及其他地區的其他選民。我們一定會隨時向您通報我們的進展，

Michael?

麥可？

Thanks, Richard. Please feel free to contact our IR department at 419-627-2233, and our next earnings call will be in August after the release of our 2025 second quarter results. Abby, that concludes our call today. Thank you, everyone.

謝謝，理查。請隨時撥打我們的 IR 部門電話 419-627-2233，我們的下一次收益電話會議將於 8 月我們發布 2025 年第二季度業績後舉行。艾比，我們今天的通話到此結束。謝謝大家。

Thank you. And ladies and gentlemen, again, this concludes today's call, and we thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。