Six Flags Entertainment Corp (FUN) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Six Flags 2025 second quarter earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加六旗 2025 年第二季財報電話會議。（操作員指示）

Thank you. I'd now like to turn the call over to Six Flags Management. Go ahead, please.

謝謝。現在我想將電話轉給六旗管理公司。請繼續。

Thank you, Rob, 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 Six Flags Entertainment Corporation's 2025 second quarter financial results.

謝謝你，羅布，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 年第二季的財務表現。

Earlier this morning, we issued two press releases, including our earnings release for the second quarter and another release announcing a leadership change. Copies of these press releases are available under the news tab of our Investor Relations website at investors.sixflags.com.

今天早些時候，我們發布了兩份新聞稿，包括第二季的收益報告和另一份宣布領導層變動的新聞稿。這些新聞稿的副本可在我們投資者關係網站 investors.sixflags.com 的新聞標籤下找到。

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

在我們開始之前，我需要提醒您，本次電話會議中發表的評論將包括聯邦證券法所定義的前瞻性陳述。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。

In compliance with the SEC's 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。由於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，因此本次電話會議的所有內容都將被視為完全披露。

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) 和首席財務官布萊恩·威瑟羅 (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, and good morning, everyone. Thanks for joining us today. Before we discuss our financial results, I want to address the leadership announcement we made this morning. I will be stepping down as President and CEO by the end of 2025. I plan to remain in the role until my successor is appointed, and I will work closely with the Board to identify the next leader to guide Six Flags forward.

謝謝你，邁克爾，大家早安。感謝您今天加入我們。在我們討論財務結果之前，我想談談我們今天上午宣布的領導層情況。我將於 2025 年底卸任總裁兼執行長一職。我計劃繼續擔任該職位，直到我的繼任者被任命，並且我將與董事會密切合作，確定下一任領導者來帶領六旗前進。

I will continue to serve as a Director of the company, so I will remain actively involved in overseeing the continued execution of our strategic plan. This will be a smooth, orderly succession process. To put this in some context, I've been in the entertainment industry for 38 years, and I've seen it evolve and change.

我將繼續擔任公司董事，因此我將繼續積極參與監督我們策略計畫的持續執行。這將是一個平穩、有序的繼任過程。具體來說，我從事娛樂產業已經 38 年了，我見證了它的發展和變化。

For most of that time, it has been a goal of mine to help create a leading North American operator that can cater to all ages and entertainment styles. With the successful combination of Cedar Fair and legacy Six Flags completed last summer, we've now done that.

在大部分時間裡，我的目標是幫助創建一個能夠滿足所有年齡和娛樂風格需求的北美領先營運商。隨著去年夏天雪松會展和傳統六旗樂園的成功合併，我們現在已經做到了這一點。

And I couldn't be prouder of what we've accomplished so far. With that said, we've only just scratched the surface of the enormous potential of our combined company. As you'll hear us discuss in more detail this morning, we experienced some macro and weather-related headwinds in the second quarter. Even so, July was strong, and the leading indicators heading into August looked good thus far.

我對我們迄今所取得的成就感到無比自豪。話雖如此，我們對合併後公司的巨大潛力才剛剛觸及皮毛。正如您今天早上將聽到我們更詳細地討論的那樣，我們在第二季度經歷了一些宏觀和天氣相關的阻力。即便如此，7月的表現仍然強勁，而且8月的領先指標到目前為止看起來也不錯。

We are also making great progress on integration and synergy realization. So despite the rainy weekends we saw back in May and June, I've never been more confident in our strategy to optimize our assets are more optimistic in the long-term value potential and opportunities for Six Flags.

我們在整合和實現協同效應方面也取得了很大進展。因此，儘管五月和六月的周末都陰雨綿綿，但我對我們優化資產的策略從未如此有信心，對六旗的長期價值潛力和機會也更加樂觀。

With that in mind, the Board and I have decided that now is the right time to begin the process of finding our company's next leader, someone who will build on the progress we've made so far and propel Six Flags to its full potential.

考慮到這一點，董事會和我決定，現在是開始尋找公司下一任領導者的最佳時機，他能夠在我們迄今取得的進展的基礎上繼續前進，並推動六旗發揮其全部潛力。

Like I've said, I've been doing this for a long time in many ways, my career has already been more satisfying than I could have ever hoped. Being able to offer family experiences that are unique, engaging and memorable has been incredibly rewarding. And along the way, we have created a powerful new industry leader with incredibly bright prospects for long-term value creation for our guests, our associates and our shareholders.

就像我說過的，我在很多方面已經做了很長時間了，我的職業生涯已經比我所希望的更令人滿意。能夠為家庭提供獨特、有趣且難忘的體驗是非常有意義的。在此過程中，我們打造了一位強大的新產業領袖，為我們的客人、員工和股東創造長期價值擁有無比光明的前景。

I want to thank my entire Six Flags team for all the hard work and dedication that has gotten us to this point. We have plenty of season still ahead of us, including some of our most popular events in some of our biggest attendance days and we're going to make sure they go off without a hitch.

我要感謝整個六旗團隊的辛勤工作和奉獻精神，讓我們取得了今天的成就。我們還有很多賽季要參加，包括一些最受歡迎的活動和一些參加人數最多的日子，我們將確保它們順利進行。

I remain more committed than ever to Six Flags success, and over the coming months, I will ensure we are executing on our strategy and working diligently to achieve our objectives of increasing adjusted EBITDA, reducing net leverage and delivering on our integration efforts. Before I review the second quarter and the challenges we face, I want to start with where we are right now because the story has changed. July has been a turning point.

我比以往任何時候都更加致力於六旗的成功，在接下來的幾個月裡，我將確保我們執行我們的策略，並努力實現我們的目標，即增加調整後的 EBITDA、降低淨槓桿率和實現我們的整合努力。在回顧第二季和我們面臨的挑戰之前，我想先說我們現在的情況，因為情況已經改變了。七月是一個轉捩點。

As weather has normalized and guests have a chance to experience our new rides and other attractions, we are seeing a surge in demand for our parks while sales of season passes and memberships are climbing fast. While we know we have ground to make up from a tough May and June, these results stand a clear message. When the gates are open and the product is strong, people will visit.

隨著天氣恢復正常，遊客有機會體驗我們的新遊樂設施和其他景點，我們看到公園的需求激增，季票和會員資格的銷售也迅速攀升。雖然我們知道我們需要彌補五月和六月的艱難時期，但這些結果傳達了一個明確的訊息。當大門敞開、產品強大時，人們就會來參觀。

Now on to our early season performance. While results over the first half of the year fell well below our expectation, does not alter our goal of delivering a strong second half nor our conviction in the long-term potential of Six Flags.

現在來談談我們賽季初的表現。雖然上半年的業績遠低於我們的預期，但這並沒有改變我們下半年業績強勁成長的目標，也沒有改變我們對六旗長期潛力的信心。

Our financial results through the first six months of the year reflect a significant decline in attendance, driven by lower renewal rates and sales of season passes as well as disrupted demand for single-day visits, all largely influenced by macro factors, including extreme weather conditions, coupled with economic uncertainty and not reflective of a loss of consumer interest.

我們今年前六個月的財務業績反映出遊客人數大幅下降，這是由於續訂率和季票銷售下降以及單日遊需求中斷所致，所有這些主要受到宏觀因素的影響，包括極端天氣條件，加上經濟不確定性，並不反映消費者興趣的喪失。

As a result of these temporary macro headwinds, we believe many guests delayed park visits during the early weeks of our operating season, making fewer impulse buys, delaying purchases of season passes and memberships and displaying a more value-conscious mindset.

由於這些暫時的宏觀不利因素，我們認為許多遊客在營運季節的最初幾週推遲了公園遊覽，減少了衝動性購買，推遲了季票和會員資格的購買，並表現出更加註重價值的心態。

In our business, the impact of short-term macro level disruptions such as weather are amplified earlier in the year when visitation urgency is lower and there are plenty of opportunities to still visit later in the season. The second half of the year has historically been the defining period for our business. As the saying goes, we make hay when the sun shines.

在我們的業務中，天氣等短期宏觀層面乾擾的影響在年初會被放大，因為那時遊客的緊迫性較低，而且在季節後期仍有很多機會可以遊覽。從歷史上看，下半年一直是我們業務的決定性時期。正如俗話所說，趁著陽光明媚，我們曬乾草。

In 2017 and '18, and as recently as 2023, a macro factors weighed on the first half performance at legacy Cedar Fair, yet a return to normalized conditions, solid capital programs and a heightened urgency to visit combined to strive strong rebounds in the second half of those seasons.

2017 年和 2018 年，以及最近的 2023 年，宏觀因素對傳統雪松會展中心上半年的表現造成了影響，但恢復正常狀態、穩健的資本計劃和更高的參觀緊迫性共同作用，力爭在這兩個季節的下半年實現強勁反彈。

Years like these underscore the resiliency of our model, the strength of our brands and the importance of our ability to execute during the peak summer and fall seasons when we generate the majority of our annual attendance, revenues and adjusted EBITDA.

這些年凸顯了我們模式的彈性、我們品牌的實力以及我們在夏季和秋季高峰期執行能力的重要性，這期間我們創造了大部分年度客流量、收入和調整後 EBITDA。

We see a similar opportunity in the back half of 2025. Our job is to manage through short-term disruptions and focus on the things we can control, and that is exactly what we've done and will continue to do. To stimulate early season demand and drive season pass sales, we introduced several attractive limited duration promotional offers during the second quarter.

我們認為 2025 年下半年也會出現類似的機會。我們的工作是應對短期幹擾並專注於我們能夠控制的事情，這正是我們已經做的並將繼續做的事情。為了刺激早期需求並推動季票銷售，我們在第二季推出了幾項有吸引力的限時促銷優惠。

At the same time, we pulled forward advertising dollars from the second half of the year to increase consumer awareness and combat some of the macro headwinds we saw developing. While these initiatives did not offset the combination of inclement weather and softer consumer demand in the first half, we expect they will benefit the business in the second half in the longer term.

同時，我們從下半年開始提前投入廣告費用，以提高消費者意識並應對我們看到的一些宏觀不利因素。雖然這些舉措未能抵消上半年惡劣天氣和消費需求疲軟的影響，但我們預計，從長遠來看，這些舉措將使下半年的業務受益。

We've also added operating hours and staffing where most appropriate making sure all of our rides, attractions and revenue centers are fully operational and available to the guests to enjoy when they visit. At certain parks, this lifted seasonal labor and maintenance costs, which we've moved to offset with cost reductions elsewhere while maintaining the integrity of the guest experience.

我們還在最合適的地方增加了運營時間和人員，以確保我們所有的遊樂設施、景點和收費中心都能全面運營，供遊客在遊覽時享受。在某些公園，這增加了季節性勞動力和維護成本，我們已採取措施透過降低其他地方的成本來抵消這些成本，同時保持遊客體驗的完整性。

We will continue to look for second half expense offsets to balance out our full year spending in these areas, and we remain confident we can deliver on our full year cost reduction goals. We have also taken decisive actions to address the shortfall in this year's active pass base.

我們將繼續尋求下半年的費用抵銷來平衡我們在這些領域的全年支出，並且我們仍然有信心實現全年成本削減目標。我們也採取了果斷行動來解決今年活躍通行證基數的不足問題。

The launch of our 2026 season pass program includes a reimagined pass structure that features an offer for an expanded all park pass benefit for our top-tier pass buyers. This is intended to leverage the appeal of the all park pass benefit and tap into the strong pent-up demand from customers who have delayed their purchases in the spring.

我們推出的 2026 年季票計畫包括重新設計的通票結構，為我們的頂級通票購買者提供擴展的全公園通票福利。此舉旨在利用全園通行證優惠的吸引力，並滿足春季推遲購買的客戶的強烈壓抑需求。

As we get deeper into the new season pass cycle, we will offer additional enhancements as well as we roll into 2026, including regional pass options, the introductions of memberships at the legacy Cedar Fair parks and a comprehensive loyalty program that extends across the entire portfolio. These programmatic changes are designed to strengthen annual pass renewal rates, attract new customers and create a more robust and consistent recurring revenue stream.

隨著我們深入新季票週期，我們將在 2026 年提供額外的增強功能，包括區域通行證選項、在傳統雪松博覽會公園推出會員資格以及涵蓋整個投資組合的綜合忠誠度計劃。這些計畫變更旨在提高年度通行證續約率，吸引新客戶並創造更強勁、更穩定的經常性收入來源。

While we work to improve top line performance, cost discipline remains a top priority. A significant structure -- restructuring of our organization completed in the second quarter flattened our layers of leadership, consolidated duplicative functions and improve the overall agility of our teams.

在我們努力提高營業收入的同時，成本控制仍然是重中之重。一項重要的架構—我們在第二季完成的組織重組扁平化了我們的領導層級，整合了重複的職能，並提高了我們團隊的整體敏捷性。

These strategic measures will permanently reduce our full-time labor cost by more than $20 million on an annualized basis enable us to operate more effectively as a unified company. Significant progress has also been made by our team to harmonize our technology stacks, including our ticketing platforms, ERP suite and our safety and maintenance systems. This and other IT refinements allow us to simplify administrative functions, further the organizational structure and will advance incremental cost savings into the future.

這些策略措施將永久減少我們的全職勞動成本，每年減少2,000多萬美元，使我們能夠作為一家統一的公司更有效地運作。我們的團隊在協調我們的技術堆疊方面也取得了重大進展，包括我們的票務平台、ERP 套件以及我們的安全和維護系統。這項措施以及其他 IT 改進使我們能夠簡化管理職能、進一步改善組織結構，並在未來進一步節省成本。

Combined with additional cost savings we are uncovering through our centralized procurement and purchasing functions, these collective efforts support our goal of reducing 2025 full year operating costs and expenses before adjusted EBITDA add backs by 3% compared to last year's combined cost base.

結合我們透過集中採購和採購功能發現的額外成本節約，這些共同努力支持了我們的目標，即在調整後的 EBITDA 增加之前，將 2025 年全年營運成本和費用與去年的合併成本基礎相比降低 3%。

With that, I'll turn the call over to Brian for a more detailed review of our financial results. After his remarks, I'll return to address guidance and offer some closing thoughts. Brian?

說完這些，我將把電話轉給布萊恩，讓他更詳細地審查我們的財務結果。在他講話之後，我將回來提供指導並提供一些結束語。布賴恩？

Thanks, Richard. I'll begin with the balance sheet and a recap of use of cash this quarter. In late June, we closed a $500 million fungible add-on to our term loan. We used the net proceeds to pay off $200 million of 2025 notes while using the balance to repay a portion of our outstanding revolver borrowings. Following this transaction, we have no debt maturing until 2027 when the buyout of the noncontrolling interest of our Georgia park is due in January and $1 billion of bonds come due in April.

謝謝，理查。我將從資產負債表和本季現金使用情況的回顧開始。6 月底，我們完成了 5 億美元定期貸款的可替代附加貸款。我們利用淨收益償還了 2 億美元的 2025 年票據，同時利用餘額償還部分未償還的循環借款。此次交易之後，我們將沒有債務到期，直到 2027 年，屆時我們喬治亞公園的非控制權益的收購將於 1 月到期，而 10 億美元的債券將於 4 月到期。

We intend to address these maturities in the coming months before they go current next year. Despite the headwinds to start the year, our underlying business remains solid. Adjusted EBITDA for the quarter fell well below plan.

我們打算在未來幾個月內解決這些到期債務，然後在明年到期。儘管年初面臨阻力，但我們的基礎業務依然穩固。本季調整後的 EBITDA 遠低於計劃。

And nevertheless, we have ample liquidity with no near-term covenant or cash concerns. We ended the quarter with approximately $107 million in cash and cash equivalents and total liquidity of $540 million, including cash on hand and available capacity under our revolving credit facility.

儘管如此，我們擁有充足的流動性，沒有短期契約或現金擔憂。截至本季末，我們擁有約 1.07 億美元的現金和現金等價物，總流動資金為 5.4 億美元，其中包括庫存現金和循環信貸額度下的可用容量。

During the three month period, capital expenditures totaled $168 million, consistent with our previously disclosed expectation to spend $475 million to $500 million for the full year in 2025. During the quarter, we used $122 million on cash interest payments and $10 million in cash taxes.

在這三個月期間，資本支出總計 1.68 億美元，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。本季度，我們使用了 1.22 億美元現金支付利息，並使用了 1,000 萬美元現金支付稅款。

Based on outstanding debt, including forecasted borrowings on our revolver, we expect full year cash interest payments will total approximately $320 million. We now expect 2025 full year cash taxes will total approximately $40 million reflecting the impact of further tax planning efforts by our team as well as the benefit of bonus depreciation deductions provided under new tax regulations. We are working to identify more cost efficiencies within our future capital programs and are now projecting a total CapEx spend of approximately $400 million for 2026.

根據未償債務（包括循環信貸的預測借款），我們預計全年現金利息支付總額約為 3.2 億美元。我們現在預計 2025 年全年現金稅總額將達到約 4000 萬美元，這反映了我們團隊進一步的稅務規劃努力的影響以及新稅法規定的獎金折舊扣除的好處。我們正在努力在未來的資本計畫中尋找更多的成本效益，目前預計 2026 年的總資本支出約為 4 億美元。

Cash interest payments next year are projected to total between $320 million and $330 million and cash tax payments in 2026 are projected to be in the $45 million to $50 million range. Touching on leverage.

預計明年的現金利息支付總額將在 3.2 億美元至 3.3 億美元之間，而 2026 年的現金稅支付總額預計將在 4,500 萬至 5,000 萬美元之間。談到槓桿。

Accounting for our recent refinancing transaction and revolver borrowings, gross debt outstanding at the end of the second quarter was approximately $5.3 billion and net debt to annualized second quarter adjusted EBITDA was approximately 6.2 times, which is above our target range of sub-4 times.

考慮到我們最近的再融資交易和循環借款，第二季末未償還債務總額約為 53 億美元，淨債務與第二季度年化調整後 EBITDA 之比約為 6.2 倍，高於我們 4 倍以下的目標範圍。

Our priority remains reducing leverage back inside of 4 times as quickly as possible which we remain confident can be accomplished through the combination of organic growth in the business and the selected divestiture of noncore assets.

我們的首要任務仍然是盡快將槓桿率降低至 4 倍以內，我們仍然相信，透過業務的有機成長和選擇性地剝離非核心資產，我們可以實現這一目標。

As we shared last quarter, we are actively pursuing two opportunities, including the monetization of excess land near Kings Dominion in Richmond, Virginia and the sale of land at Six Flags America in Bowie, Maryland, a park we are sunsetting after the 2025 season.

正如我們上個季度所分享的，我們正在積極尋求兩個機會，包括將弗吉尼亞州里士滿國王統治附近的多餘土地貨幣化，以及出售馬裡蘭州鮑伊六旗美國的土地，我們將在 2025 年賽季後關閉該公園。

We are aggressively working on the steps necessary to close each transaction as quickly as possible, and we will provide further updates as things develop. We are also actively evaluating other opportunities where similar value creation is possible.

我們正在積極採取必要措施盡快完成每筆交易，並將根據事態發展提供進一步的更新。我們也在積極評估其他可能創造類似價值的機會。

Now turning to second quarter results. Given we operate in the outdoor entertainment space, we prefer not to use weather as an excuse for soft performance, but rather acknowledge that it's an uncontrollable we need to navigate through. It's clear, however, that extreme weather across much of our North American portfolio had a meaningful impact on early season operations, particularly over the last six weeks of the second quarter.

現在來看看第二季的業績。鑑於我們經營的是戶外娛樂領域，我們不願意以天氣作為業績不佳的藉口，而是承認這是我們需要克服的無法控制的因素。然而，很明顯的是，我們北美大部分投資組合的極端天氣對早期營運產生了重大影響，特別是在第二季的最後六週。

Over that six week period, combined attendance was down 12% from the same time frame last year as severe storms, excessive rain and extreme heat disruptive visitation and sales of season passes during the most critical portion of the sales cycle.

在這六週的時間裡，由於嚴重的風暴、過多的降雨和極端高溫在銷售週期最關鍵的階段擾亂了參觀和季票的銷售，總參觀人數比去年同期下降了 12%。

By comparison, combined attendance over the first seven weeks of the quarter when weather was not an issue, was flat compared to the prior year. Overall, close to 20% of our operating days in the second quarter were impacted by weather, including 49 days in which parks were forced to close entirely.

相比之下，在沒有天氣問題的本季前七週內，總出席人數與去年同期持平。總體而言，第二季我們近 20% 的營運天數受到天氣影響，其中 49 天公園被迫完全關閉。

By comparison, we were only forced to close parks on 12 days due to inclement weather during the second quarter of 2024. Despite the headwinds around attendance when weather wasn't an issue, demand was solid.

相較之下，2024 年第二季度，我們僅因惡劣天氣而被迫關閉公園 12 天。儘管在天氣不成問題的情況下出席人數有所減少，但需求仍然強勁。

And when guests visited, they continue to show a desire and willingness to spend on quality items and unique experiences. This was particularly the case at some of our largest and more well-established properties. At the legacy Cedar Fair parks admissions per capita spending was up 4% during the quarter, reflecting a 2% to 3% increase in season pass pricing and a 3% to 4% increase in single-day ticket pricing.

當客人光臨時，他們繼續表現出購買優質商品和獨特體驗的願望和意願。在我們一些規模最大、信譽較好的酒店中尤其如此。本季度，傳統的雪松博覽會公園的人均入場費上漲了 4%，其中季票價格上漲了 2% 至 3%，單日票價上漲了 3% 至 4%。

The cost value proposition at those parts is very high, giving us clear line of sight to responsibly take pricing with demand. Meanwhile, per capita spending on in-park products at the legacy Cedar Fair parks was up 3% in the quarter, driven by higher guest spending on food and beverage, extra charge products and merchandise.

這些部分的成本價值主張非常高，讓我們能夠清楚地根據需求負責任地定價。同時，由於遊客在食品和飲料、額外收費產品和商品方面的支出增加，本季傳統雪松博覽會公園的人均園內產品支出增加了 3%。

Each of these positive trends underscores our belief that our consumer remains engaged and interested in the entertainment, our parks offer. On the cost front, we continue to focus on realizing synergies across the portfolio while understanding that it's critical to reinvest in our underperforming parks to improve guest satisfaction scores and increased penetration rate over the long term.

這些積極的趨勢都強調了我們的信念：我們的消費者仍然參與並對我們的公園提供的娛樂活動感興趣。在成本方面，我們繼續專注於實現整個投資組合的協同效應，同時也明白，對錶現不佳的公園進行再投資對於提高客人滿意度和長期滲透率至關重要。

At the legacy Cedar Fair parks, we realized a 1% reduction in operating expenses on an adjusted EBITDA basis. The decrease was primarily driven by lower maintenance costs and a reduction in seasonal labor hours during the quarter. Much of these cost savings were reinvested at the legacy Six Flags parks as we worked to enhance the guest experience and improve the value proposition of those parks.

在傳統的 Cedar Fair 公園，我們實現了調整後 EBITDA 基礎上的營運費用減少 1%。下降的主要原因是本季維護成本降低和季節性工時減少。我們致力於提升遊客體驗並改善這些公園的價值主張，並將節省的大部分成本重新投資於傳統的六旗公園。

During the quarter, we incurred $11 million of nonrecurring merger-related integration costs and another $28 million of adjusted EBITDA add backs, comprised primarily of $24 million of severance payments related to our recent org restructuring initiative and $4 million of public liability settlements.

在本季度，我們發生了 1,100 萬美元的非經常性合併相關整合成本和另外 2,800 萬美元的調整後 EBITDA 加回，主要包括與我們最近的組織重組計劃相關的 2,400 萬美元遣散費和 400 萬美元的公共責任和解金。

Outside of these costs, cash operating expenses in the period were driven higher by two primary factors, first, a shift of approximately $19 million in advertising originally budgeted for the second half of the year. As Richard noted, this was a real-time strategic decision made to combat attendance pressures we were seeing and to stimulate demand for season passes and single-day tickets heading into the peak summer season.

除了這些成本之外，本期間的現金營運費用還受到兩個主要因素的推動，首先，原定於下半年預算的廣告費用轉移了約 1,900 萬美元。正如理查德所指出的，這是即時做出的策略決策，旨在應對我們所看到的觀眾人數壓力，並刺激夏季高峰期對季票和單日票的需求。

And second, a pull forward into the second quarter of approximately $6 million of pre-opening maintenance investments at several or underpenetrated parks. A strategic initiative to ensure rides were licensed and ready to operate on opening day.

其次，將在第二季對幾個或幾個尚未普及的公園投入約 600 萬美元的開業前維護投資。這是一項策略性舉措，旨在確保遊樂設施在開放當天獲得許可並準備好投入營運。

These decisions resulted in an estimated expense timing difference in the quarter of approximately $25 million, which we would expect to fully reverse over the balance of the year. While we pull forward spending on maintenance and marketing and reinvested cost savings, we still expect to reduce our full year operating cost and expenses, excluding adjusted EBITDA add-backs by 3%.

這些決定導致本季預計費用時間差異約為 2500 萬美元，我們預計該差異將在今年剩餘時間內完全扭轉。雖然我們提前支出維護和行銷費用並重新投資成本節約，但我們仍預計將全年營運成本和費用（不包括調整後的 EBITDA 加回）降低 3%。

Our cost-saving efforts are always aligned with our business, which is back-half weighted, meaning the opportunities for reducing costs are the greatest and least disruptive to the business during the third and fourth quarters.

我們的成本節約努力始終與我們的業務保持一致，即後半部分加權，這意味著在第三季度和第四季度，降低成本的機會最大，對業務的干擾最小。

Before I turn things back over to Richard, let me provide some more color around our recent performance trends and our updated outlook for the full year. Over the past four weeks, attendance is up more than 300,000 visits or 4% over the same four week period last year and demand trends are accelerating.

在我將主題轉回給理查德之前，請允許我更詳細地介紹我們最近的業績趨勢以及我們對全年的最新展望。過去四周，參觀人數比去年同期增加了 30 多萬人次，增幅為 4%，需求趨勢正在加速。

We are particularly pleased with the improved results considering the ongoing attendance headwind that a smaller active pass base represents. For the full five weeks of July, attendance was up 1% and preliminary net revenues were down approximately 3%, reflecting the pressure on guest spending due to attendance mix and the impact of recent promotional offerings in the market.

考慮到較小的有效通行證基數所帶來的持續上座率阻力，我們對這項改善的結果感到特別高興。7 月整整五週的時間裡，遊客人數增加了 1%，而初步淨收入卻下降了約 3%，反映出遊客組合對遊客消費造成的壓力以及近期市場促銷活動的影響。

At the legacy company level, attendance in July at our Cedar Fair parks was up 3% or more than 180,000 visits and preliminary revenues were up 2% and were approximately 7% -- or $7 million, demonstrating the strong consumer appeal of our more established properties.

在傳統公司層面，7 月份我們雪松博覽會公園的遊客人數增長了 3%，超過 180,000 人次，初步收入增長了 2%，約為 7%，即 700 萬美元，這表明我們更成熟的物業對消費者俱有強大的吸引力。

Meanwhile, demand trends at our legacy Six Flags parks improved significantly from the second quarter but remained down 1% or approximately 54,000 visits for the month. At the individual park level, we're seeing returns on the initiatives we've implemented and the investments we've made.

同時，我們傳統的六旗公園的需求趨勢較第二季度有顯著改善，但當月遊客量仍下降 1% 或約 54,000 人次。在單一公園層面，我們看到了我們所實施的措施和所做的投資的回報。

The recent improvement in attendance has been led by the performance of our 15 largest properties where our capital programs were concentrated this year. Combined attendance at those 15 locations was up 5% over the past four weeks, underscoring our belief that the second quarter headwinds were transient and not reflective of a fundamental change in the business.

近期遊客人數的提高得益於我們今年資本項目集中的 15 家最大影院的出色表現。過去四周，這 15 家門市的客流量合計成長了 5%，這進一步證明，我們認為第二季的不利因素只是暫時的，並不代表業務發生了根本性變化。

Case in point, recent demand trends at Cedar Point, Kings Island, Canada's Wonderland, Knott's Berry Farm and Kings Dominion, have meaningfully accelerated, reflecting the strength of our loyal customer base and the value of the investments we made at those parks this season.

例如，雪松點主題樂園、國王島主題樂園、加拿大奇幻樂園、納氏百樂坊主題樂園和國王島主題樂園的近期需求趨勢均顯著加速，這反映了我們忠實客戶群的實力以及我們本季在這些樂園進行的投資價值。

On a combined basis, attendance at those five parks over the past four weeks was up 8% and or approximately 250,000 visits. Canada's Wonderland and the introduction of the new dual launch coaster AlpenFury has been nothing short of a standout success story.

整體而言，過去四周這五個公園的遊客人數增加了 8%，約有 25 萬人次。加拿大奇幻樂園和新型雙發射過山車 AlpenFury 的推出無疑是一個傑出的成功故事。

Since the July 12 debut of its new coaster, the park has seen attendance improved by 20% over the prior year during the same time frame, which in turn has helped drive a more than 20% lift in Fast Lane sales. Moreover, since the ride's opening, there has been a surge in season pass sales, up more than 100,000 units in the weeks following the coaster's debut.

自 7 月 12 日新過山車首次亮相以來，該公園的遊客量較去年同期增長了 20%，這反過來又推動了 Fast Lane 的銷售額增長了 20% 以上。此外，自從過山車開放以來，季票銷量一路飆升，在過山車首次亮相後的幾週內，銷量已超過 10 萬張。

We are seeing similar success at the legacy Six Flags parks where we concentrated our efforts and our capital investments in 2025, including Magic Mountain, Fiesta Texas, Six Flags Great America and Six Flags Over Georgia.

我們在 2025 年集中精力和資本投資的傳統六旗公園也取得了類似的成功，其中包括魔術山、德克薩斯嘉年華、六旗大美洲和六旗喬治亞。

Attendance at those four parts was up approximately 76,000 visits or 6% over the last four weeks of July. In addition to the green shoots we are seeing emerge from this year's capital program, our 2026 season pass program is off to an outstanding start across the system.

7 月最後四周，這四個部分的參觀人數增加了約 76,000 人次，增幅為 6%。除了我們看到今年的資本計畫出現的綠芽之外，我們的 2026 年季票計畫在整個系統中也取得了良好的開端。

We launched the program several weeks earlier this year to take advantage of anticipated pent-up market demand. Since the end of the second quarter, we've seen increased season pass sales of 700,000 units, reducing our second quarter deficit by more than half in only one month. The strong start represents the first step in building a solid foundation for the 2026 season and provides meaningful momentum for the remainder of the 2025 season.

我們在今年早些時候的幾週啟動了該計劃，以利用預期的被壓抑的市場需求。自第二季末以來，我們的季票銷量增加了 70 萬張，僅在一個月內就將第二季的虧損減少了一半以上。強勁的開局代表著為 2026 賽季奠定堅實基礎的第一步，並為 2025 賽季的剩餘比賽提供了有意義的動力。

Now let me address our updated guidance. Through the first seven months of the year, we've seen both the impact of a very challenging first half and the encouraging rebound that began in July. Taking this into account, along with our outlook for the balance of the year, we are revising our full year 2025 adjusted EBITDA guidance to a range of $860 million to $910 million from the prior range of $1.08 billion to $1.12 billion.

現在讓我來談談我們的最新指導。今年前七個月，我們既看到了上半年極具挑戰性的影響，也看到了自七月開始的令人鼓舞的反彈。考慮到這一點，結合我們對今年餘額的展望，我們將 2025 年全年調整後 EBITDA 指引從先前的 10.8 億美元至 11.2 億美元修訂為 8.6 億美元至 9.1 億美元。

This revision reflects the impacts of the extraordinary weather disruptions earlier in the year, a smaller active pass base heading into the second half and a consumer who appears more value conscious than a year ago. It also reflects the strong response we've seen in July and that weather conditions over the balance of the year are comparable to the prior year and the current macroeconomic conditions maintained.

此次修訂反映了今年早些時候異常天氣的影響、下半年活躍通行證基數的縮小以及消費者比一年前更加註重價值。這也反映了我們在七月看到的強烈反應，以及今年全年的天氣狀況與去年相當，並且當前的宏觀經濟狀況得以維持。

At the midpoint of this guidance, we expect attendance for the second half of the year to be flat compared to the last year. After accounting for the loss of 500,000 visits associated with the removal of lower margin, higher risk winter holiday events at four parks this year.

在該指引的中期，我們預計下半年的出席人數將與去年持平。今年，由於取消了四個公園利潤較低、風險較高的冬季假日活動，損失了 50 萬遊客量。

We expect the in-park per capita spending over the second half of 2025 will be down approximately 3%, consistent with our most recent trends and reflective of the projected impact of planned promotional offers and attendance mix over the balance of the year.

我們預計 2025 年下半年公園內人均消費將下降約 3%，這與我們最近的趨勢一致，並反映了計劃中的促銷優惠和全年遊客結構預計產生的影響。

And lastly, the midpoint reflects the expected reduction of second half operating cost and expenses, excluding adjusted EBITDA add-backs, by approximately $90 million compared with the second half of 2024. Achieving our back half cost reduction goal of $90 million will bring full year cost and expenses down 3% compared to last year's full year combined spend for the legacy companies.

最後，中點反映了預計下半年營運成本和費用（不包括調整後的 EBITDA 加回）與 2024 年下半年相比將減少約 9,000 萬美元。如果實現我們下半年 9,000 萬美元的成本削減目標，那麼全年成本和費用將比去年全年原有公司的綜合支出下降 3%。

As we noted in this morning's release, approximately one-third of these savings reflect costs that were shifted in the first half of the year and approximately two-thirds representing permanent cost savings. On an annualized run rate basis, the second half permanent cost savings, bring our total merger-related cost synergies at the end of 2025 to approximately $120 million when compared with the cost synergies we achieved in 2024.

正如我們在今天早上的新聞稿中指出的那樣，這些節省中約有三分之一反映了上半年轉移的成本，約有三分之二代表永久性成本節省。以年化運行率計算，下半年的永久性成本節約將使我們在 2025 年底的總合併相關成本協同效應與我們在 2024 年實現的成本協同效應相比達到約 1.2 億美元。

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. While we are disappointed by the need to lower full year adjusted EBITDA guidance, we believe it is a prudent and realistic measure given uncertain market dynamics and a slower first half than we expected at the outset of 2025.

謝謝，布萊恩。雖然我們對需要降低全年調整後 EBITDA 指引感到失望，但考慮到不確定的市場動態以及 2025 年初上半年的成長速度低於我們的預期，我們認為這是一個謹慎而現實的措施。

Importantly, we would anticipate much stronger second half results with normalized weather conditions to improve demand trends, a positive response to our 2025 capital program and disciplined expense control. We are mindful of our company's leverage and remain committed to paying down debt as quickly as possible.

重要的是，我們預計下半年的業績將更加強勁，因為天氣條件正常化將改善需求趨勢，我們的 2025 年資本計劃將得到積極響應，費用控制也將更加嚴格。我們注意到公司的槓桿作用，並將繼續致力於盡快償還債務。

As Brian noted, we are evaluating an opportunity to monetize noncore assets, which could significantly accelerate deleveraging. The near-term headwinds we faced in the first half of 2025 were ill-timed just as we were coming off an outstanding fourth quarter and hitting our stride as a combined company but exogenous factors do not change the long-term trajectory or the outlook for Six Flags.

正如布萊恩所指出的，我們正在評估將非核心資產貨幣化的機會，這可能會顯著加速去槓桿化。2025 年上半年，我們面臨的短期逆風來得不是時候，因為我們剛剛度過了出色的第四季度，合併後的公司正步入正軌，但外部因素不會改變六旗的長期發展軌跡或前景。

We've already seen demand return as weather has improved and believe the strategic actions we are taking will result in the performance we are targeting for the second half of 2025 as well as set us up for a breakthrough 2026 season.

隨著天氣好轉，我們已經看到需求回升，並相信我們正在採取的策略行動將使我們實現 2025 年下半年的目標業績，並為 2026 年的突破做好準備。

As we move through the second half of the year, we are focused on executing the opportunities over which we have control, building upon the momentum we've seen in July and delivering the kind of guest experiences that drive loyalty and sustained growth.

隨著下半年的到來，我們將專注於抓住我們能夠掌控的機會，鞏固我們在七月所取得的進展，並提供能夠提高忠誠度和持續成長的客戶體驗。

A key part of this work is our systems integration project, which is on track to deliver a new ticketing platform, a fully reengineered in-park mobile app and a more interactive e-commerce site all scheduled to launch in November.

這項工作的關鍵部分是我們的系統整合項目，該項目將按計劃推出一個新的售票平台、一個完全重新設計的公園內行動應用程式和一個更具互動性的電子商務網站，所有這些都計劃於 11 月推出。

To close, let me bring everyone back to the bigger picture. We are building a better business with a more stable cost structure, an expanded suite of products and an unrelenting drive to create unforgettable moments for every guest who visits our park. Our strategy is clear, invest in value-enhancing profitable growth, rapidly reduce leverage and create value for our guests, our associates and our shareholders.

最後，讓我帶領大家回顧更大的圖景。我們正在透過更穩定的成本結構、更廣泛的產品系列和不懈的努力來打造更好的業務，為每位到訪我們公園的遊客創造難忘的時光。我們的策略很明確，投資於增值的獲利成長，迅速降低槓桿率，為我們的客人、員工和股東創造價值。

Let me leave you with this. Our company is strong, our strategy is sound and the opportunities are real. We will continue to manage this business with discipline, with an eye on this long term, knowing that along the way, there will always be difficult cycles unanticipated surprises and unexpected volatility. What matters, however, that we continue to stay focused on our guests, execute with excellence, invest where we see durable returns.

讓我把這個留給你。我們的公司實力雄厚，我們的策略合理，機會真實存在。我們將繼續嚴謹地管理這項業務，並著眼於長遠，因為我們知道在這過程中，總會有困難的周期、意想不到的驚喜和意想不到的波動。然而，重要的是，我們繼續關注我們的客人，卓越地執行，在我們看到持久回報的地方進行投資。

Rob, that concludes our prepared remarks. Please open the line for questions.

羅布，我們的準備好的發言到此結束。請開通熱線以解答疑問。

(Operator Instructions)

（操作員指示）

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

Yeah, hey guys, good morning. So Richard or Brian, I guess to start, I'm kind of confused in terms of your macro pressure comments. When you refer to macro pressures, are you referring to weather? Or are you indicating that you've seen a material change in customer spending patterns because of macro fears which aren't weather-related.

是的，嘿，大家早安。所以理查德或布萊恩，我想首先，我對你的宏觀壓力評論有點困惑。當您提到宏觀壓力時，您指的是天氣嗎？或者您是在表明，由於與天氣無關的宏觀擔憂，您已經看到客戶支出模式發生了重大變化。

I just can't figure out what you guys are referring to, whether headwinds make sense to us. But if you're saying your customer base has slowed to become more cautious in terms of spending, I guess, that would be somewhat confusing given spend patterns across a lot of other consumer verticals have remained pretty healthy at this point. So any color there would be helpful. Thanks guys.

我只是不懂你們指的是什麼，逆風對我們來說是否有意義。但是，如果你說你的客戶群在支出方面已經放緩並變得更加謹慎，我想，這會有些令人困惑，因為目前許多其他消費者垂直領域的支出模式仍然相當健康。所以任何顏色都會有幫助。謝謝大家。

Steve, let me jump in here and Brian can weigh in. When we talk about macro factors, weather is clearly a dominant factor, as you said. And when we look at that, clearly, that impact was significant. The other thing that we look at is we look at the spending, once people come inside the gate, we've commented on that.

史蒂夫，讓我插嘴一下，布萊恩可以發表意見。當我們談論宏觀因素時，正如您所說，天氣顯然是一個主導因素。當我們觀察這一點時，顯然，其影響是巨大的。我們關注的另一件事是查看支出，一旦人們進門，我們就會對此發表評論。

We are seeing a little bit of pressure on our lower income consumer. As we look at our demographics and folks that are coming, we think that there are segments of our markets that are feeling pressure in different ways market by market. Brian?

我們發現低收入消費者面臨一些壓力。當我們觀察人口統計和即將到來的人群時，我們認為，我們市場中的某些部分在不同市場中感受到了不同的壓力。布賴恩？

Yeah. The only thing I would add, Steve, is, as Richard noted, the -- we're watching closely the difference between the lower end consumer and the higher end consumer. As you noticed, we haven't seen a significant pullback in customer behavior at the parks when they're there, they're spending, particularly at our more established and largest properties.

是的。史蒂夫，我唯一想補充的是，正如理查所說，我們正在密切關注低端消費者和高端消費者之間的差異。正如您所注意到的，我們並沒有看到遊客在公園的行為明顯下降，尤其是在我們比較成熟和規模較大的公園消費。

What we did see in the first half is something I think we've talked about previously, which is the urgency around visitation in the front half of the year is much lower than it is as we get deeper into the year. So I think one of those macro trends, not necessarily a change in consumer mindset or I'm sorry, consumer behavior, maybe more in consumer mindset and the comment that the value proposition needs to be really high.

我認為我們之前已經討論過我們在上半年看到的情況，即上半年的訪問緊迫性比進入下半年時低得多。因此，我認為這些宏觀趨勢之一不一定是消費者心態或消費者行為的改變，也許更多的是消費者心態的改變，以及價值主張需要非常高的評論。

And so we're focused on that lower-end consumer and monitoring where that moves. But we're not seeing significant change in our guest behavior once they're at the parks.

因此，我們專注於低端消費者並監控其動向。但我們並沒有看到遊客到達公園後的行為有顯著變化。

Okay. Got you. And then second question, just trying to understand where we sit today versus back in -- a couple of months ago back in May when you guys provided those 2028 financial targets. So I guess what I'm trying to figure out is, obviously, yes, weather has been a massive headwind here in May and June. But wondering why that would have such a material impact on these goals that were kind of put in place for three years out?

好的。明白了。第二個問題，只是想了解我們現在的處境與幾個月前（5 月）你們提出的 2028 年財務目標相比如何。所以我想弄清楚的是，顯然，五月和六月這裡的天氣確實非常不利。但令人疑惑的是，為什麼這會對這些三年前所訂定的目標產生如此重大的影響？

And maybe saying that a little bit differently. I would have thought your '28 targets would have embedded some pretty significant unperfect weather macro headwinds, something along those lines that would still kind of allow you to get close to that $1.5 billion target. So I'm not sure if maybe you guys are kind of walking that target back now given the change with Richard and the new CEO coming, I guess I'm just a little bit confused there.

或許這麼說會有點不同。我原本以為，你的 28 個目標會包含一些相當顯著的非完美天氣宏觀阻力，類似這樣的因素仍然會讓你接近 15 億美元的目標。因此，考慮到理查德和新任執行長的到來，我不確定你們現在是否會重新實現這一目標，我想我只是有點困惑。

Steve, as I noted in our prepared remarks, we believe the challenges we faced in the first half of the year are largely transient and not reflective of a fundamental change in the consumer that would disrupt as you said, the long-term potential of the business.

史蒂夫，正如我在準備好的發言中提到的那樣，我們認為，今年上半年我們面臨的挑戰基本上是暫時的，並不反映消費者的根本變化，而這種變化會像你所說的那樣破壞業務的長期潛力。

With that said, we're going to reassess our long-term guidance after the season is closed and following the release of our full year 2025 financial results. When I look at the recovery we've seen, let me go back to what we've seen in July, for the five week up in attendance, 4% on the four weeks. More recently in the last two weeks of the month, up 8%. When you look at the acceleration, we are seeing tremendous response and people coming back.

話雖如此，我們將在賽季結束後以及發布 2025 年全年財務業績後重新評估我們的長期指導。當我看到我們所看到的復甦時，讓我回顧一下我們在七月看到的情況，連續五週的出勤率上升了，四周增長了 4%。最近在本月的最後兩週，上漲了 8%。當你看到加速度時，我們看到了巨大的反響和人們的回歸。

A matter of fact, for the first two days of this week, we were up 80,000 -- almost 90,000 visits on Monday and Tuesday that just concluded. So as we think about the long-term potential we still believe that the strategies we're laying in place will drive and let us get to that long-term potential.

事實上，本週前兩天，我們的訪問量就增加了 80,000 人次——剛結束的周一和周二的訪問量幾乎達到了 90,000 人次。因此，當我們考慮長期潛力時，我們仍然相信，我們所製定的策略將推動我們實現這一長期潛力。

But we do want to make sure that we take a look at how the second half unfolds. What I've said to the team, and I want to be very clear, while I'm the CEO, we're going to focus on finishing '25 strong and building the strongest possible momentum for '26. And I think that will give us an ability to really focus on those long-term targets and address those once we get to the end of the year and into the first part of next year.

但我們確實想確保看看下半場將如何展開。我已經向團隊說過，而且我想非常明確地說明，當我擔任執行長時，我們將專注於強勢結束 25 年，並​​為 26 年積累最強勁的勢頭。我認為這將使我們有能力真正專注於這些長期目標，並在年底和明年上半年解決這些問題。

Okay. Got it. Thanks, Richard. Thanks, Brian. I appreciate it.

好的。知道了。謝謝，理查。謝謝，布萊恩。我很感激。

Thanks, Steve.

謝謝，史蒂夫。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Hi, good morning. Thanks for taking my question. So you mentioned accelerating divestitures. Could you give a broader sense of what you're looking at and the timing of those divestitures fully understanding that some of that is more tied to sort of the transaction market.

嗨，早安。感謝您回答我的問題。所以你提到加速資產剝離。您能否更廣泛地介紹一下您所關注的情況以及這些資產剝離的時機，充分了解其中一些資產剝離與交易市場的關係更為密切。

But sitting here today, how would you size that opportunity beyond what we already know? And what could that mean for deleveraging targets that you have medium term? And I have a quick follow-up. Thank you, and I have a quick follow up.

但是今天坐在這裡，除了我們已經知道的內容之外，您如何衡量這個機會？這對您的中期去槓桿目標意味著什麼？我有一個快速的後續行動。謝謝，我會盡快跟進。

Yes. I'll jump in, and again, Brian could weigh in. As we look at the portfolio, we're clearly taking a strategic look at it, working closely with our Board and we'll have more to share as we go through that. We're trying to execute very quickly on the two noncore asset sales that we talked about and have a process underway for each of those. We're also engaged and evaluated the rest of what we think is potential given market conditions and how quickly we can move to potentially divest other things that we would consider noncore. Brian?

是的。我會加入，而且布萊恩也可以參與其中。當我們審視投資組合時，我們顯然會從戰略角度來看待它，並與董事會密切合作，我們將在這一過程中分享更多資訊。我們正試圖快速執行我們談到的兩項非核心資產出售，並且正在為每項資產出售制定一個流程。我們也參與並評估了在市場條件下我們認為具有潛力的其他部分，以及我們能夠多快地剝離我們認為是非核心的其他部分。布賴恩？

Yeah. I guess I would just -- Arpine, I would just add with the lion's share of our EBITDA -- 90%-plus of the EBITDA coming from our largest 15 or 16 locations. We've said all along our priority when it comes to thinking about optimizing the portfolio lies in several core objectives.

是的。我想我會——Arpine，我只想補充一下我們 EBITDA 的最大份額——90% 以上的 EBITDA 來自我們最大的 15 或 16 個地點。我們一直說，在考慮優化投資組合時，我們的首要任務是實現幾個核心目標。

One is narrowing management's focus, reducing risk and simplifying our capital needs to those most key and strategic assets. Deleveraging will be a benefit of that, but those remain the priorities when it comes to our focus on optimizing the portfolio.

一是縮小管理重點，降低風險，並將我們的資本需求簡化為最關鍵和最具策略性的資產。去槓桿將帶來好處，但當我們專注於優化投資組合時，這些仍然是優先事項。

Okay, thank you. And then a quick clarification question. You highlighted acceleration in cost saves for the back half of about $90 million from what I think was closer to $70 million before today, but then there is about $25 million of pull forward of costs that move from the back half to Q2.

好的，謝謝。然後是一個快速澄清的問題。您強調了下半年成本節省加速了約 9000 萬美元，而我認為今天之前的成本節省接近 7000 萬美元，但從下半年到第二季度，成本節省又提前了約 2500 萬美元。

So what's sort of the upside to actual synergies outside of that pull forward of cost? I'm trying to understand a little bit better. On a full year basis, what's the upside today versus what you were looking at it what you were looking at in terms of cost synergies? Thank you.

那麼，除了成本提前之外，實際綜效還有哪些好處呢？我正嘗試更好地理解這一點。從全年來看，與您之前所看到的成本協同效應相比，今天的上升空間是什麼？謝謝。

Yeah. Coming into the year, I'll remind you, Arpine, we realized between the two combined companies, close to $55 million of synergies in 2024. As we roll into '25, our goal was to finish realizing the original $120 million target.

是的。進入今年，我要提醒你，Arpine，我們在兩家合併後的公司之間實現了接近 5500 萬美元的協同效應，到 2024 年。當我們進入25年時，我們的目標是實現最初1.2億美元的目標。

And so we had set an objective of $65 million-plus of synergies for this year. The $90 million target for the second half of this year, if you look at what we would consider the permanent cost savings, as I said, of the $90 million second half reduction close to two-thirds of that is permanent cost savings.

因此，我們為今年設定了 6,500 萬美元以上的綜效目標。今年下半年的目標是 9000 萬美元，如果你看看我們認為的永久性成本節約，正如我所說，下半年 9000 萬美元的削減中接近三分之二是永久性成本節約。

When we annualize on a run rate, a few of those items, like the full-time headcount reductions as one example. We get close to that $65 million-plus of permanent cost synergies in 2025, getting us to that full $120 million.

當我們按年率計算運行率時，其中的一些項目，例如全職員工人數的減少。到 2025 年，我們的永久成本綜效將接近 6,500 萬美元以上，達到 1.2 億美元。

We will continue to look for more cost savings and there are additional synergies as we roll into 2026. We'll provide more of an outlook on that as we get to the end of this year, and we focus on next year. But for this year, we'll have checked the box on realizing the $120 million of original merger-related cost synergies once we execute on the second half objectives and targets.

我們將繼續尋求更多的成本節約，並在進入 2026 年時實現更多的綜效。我們將在今年年底前提供更多展望，並著眼於明年。但就今年而言，一旦我們實現下半年的目標和指標，我們將實現 1.2 億美元的原始合併相關成本綜效。

Thank you. That's helpful. Thanks.

謝謝。這很有幫助。謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. Thanks for taking my call. So maybe let's just do a little bit of math on the guidance. If we look at the midpoint previously versus today, I think we're talking about a $215 million cut versus the prior guide.

嘿，早安。謝謝您接聽我的電話。因此，也許我們可以對指導做一些數學計算。如果我們將先前的中點與今天的中點進行比較，我認為我們談論的是與先前的指導相比削減 2.15 億美元。

Now obviously, you don't give us explicit quarterly guidance, but I get to maybe -- I don't know, $160 million miss versus Q2. And ultimately, I'm getting to maybe an implied sort of [$50 million to $60 million] lower in the second half. Maybe if you could share how we should be thinking about that math?

現在很明顯，你沒有給我們明確的季度指導，但我可能——我不知道，與第二季度相比損失了 1.6 億美元。最終，我預計下半年的利潤可能會下降 5,000 萬美元到 6,000 萬美元。也許您可以分享我們應該如何思考這個數學問題？

Ultimately, what is the guide down is 2Q versus the back half of the year? And particularly as we think about the second half reduction in expectations, how much of that is just the lost season pass revenues, but it's pretty difficult to make up, right, if people weren't there in May and June buying those season passes? And how much of it is sort of everything else? That would be helpful. Thanks.

最終，與今年下半年相比，第二季的下降幅度如何？特別是當我們考慮到下半年預期的下降時，其中有多少只是季票收入的損失，但如果人們在五月和六月沒有購買季票，那麼彌補起來就相當困難了，對吧？其中有多少是其他東西？那將會很有幫助。謝謝。

Yeah, James, it's Brian. I'll try it this way, and you can tell me if I answer it or we can go down another path. I mean when we came into this year and the midpoint of our guidance range of $1.1 billion was largely tied to volume, right, attendance growth of close to 3%-plus.

是的，詹姆斯，我是布萊恩。我會用這種方式嘗試，如果我回答了，你可以告訴我，或者我們可以換個方法。我的意思是，當我們進入今年時，我們的指導範圍的中點 11 億美元主要與數量有關，對，出席人數增長接近 3% 以上。

A big chunk of that was through the expectation and the goal of driving a significant increase in that active pass base. As you noted and as we said in our prepared remarks, that has not happened in the first half of the year.

其中很大一部分是透過期望和目標來推動活躍傳球基礎的大幅增加。正如您所指出的以及我們在準備好的發言中所說的那樣，今年上半年並沒有發生這種情況。

Things were significantly disrupted. We lost a significant amount of passes -- more than 300,000 season pass sales down in the months of May and June, again, all sort of tied back to the weather disruptions that we spoke about. So that is the biggest and most significant headwind that we've seen.

事情被嚴重打亂了。我們損失了大量的通行證——5 月和 6 月的季票銷量下降了 30 多萬張，這又與我們之前提到的天氣影響有關。這是我們所見過的最大、最顯著的逆風。

In terms of the cost side of the business, I think we're going to execute on not only the cost savings that we had identified coming into the year, there will be incremental savings beyond, but those are more tied towards the lower volume, responding to the lower demand levels, the lower attendance levels that we've seen this year. So as we think about -- as we've laid out in the prepared remarks and we think about the second half of the year, achieving attendance of flat.

就業務成本方面而言，我認為我們不僅會執行今年已經確定的成本節約目標，而且還會逐步節省成本，但這些節省更多地與較低的數量有關，以應對今年出現的較低的需求水平和較低的出席率。因此，正如我們在準備好的演講中所述，我們認為下半年的出席人數將保持穩定。

Given that shortfall in the season pass base or the active pass base and the elimination of approximately 0.5 million visits associated with the four winter events that were on plugging. That's reflecting growth of 1% to 2% in the balance of the business, again, in spite of a season pass base or an active pass base that is still down on a year over year basis.

鑑於季票基數或有效票基數的短缺，以及與四場正在堵塞的冬季活動相關的約 50 萬次訪問的取消。這反映出業務餘額成長了 1% 至 2%，儘管季票基數或有效票基數與去年同期相比仍有所下降。

That is helpful. And then maybe a question about costs. We talked about the fact that you really leaned into advertising spend and I guess, maintenance spend is going to be a little bit different than that. But maybe walk us through the timing of that spending. Obviously, if it's raining and cold advertising might not really moved the needle.

這很有幫助。然後也許還有一個關於成本的問題。我們談到了你確實傾向於廣告支出的事實，我想，維護支出會與此略有不同。但也許請向我們介紹一下這筆支出的具體時間。顯然，如果下雨且天氣寒冷，廣告可能不會起到什麼作用。

So I'm guessing that this was more once weather got a little bit better that you sort of leaned into that. But I'm trying to just figure out how much of that OpEx spend was incremental and what that ultimately looks like next year? Because even when I sort of back out the $25 million of cost that you've laid out, it seems like a lot of growth in terms of operating expenses. So just trying to think through that.

所以我猜，一旦天氣變好一點，你就會傾向於這樣做。但我只是想弄清楚，這些營運支出中有多少是增量，以及明年最終會是什麼樣子？因為即使當我收回你所列出的 2500 萬美元成本時，從營運費用來看，這似乎也是一個很大的成長。所以只是試著思考一下。

Yeah. So let's break it into some pieces. Your comments about the advertising. So the lion's share of the pull forward, as we noted, is advertising. And I agree with your comment that the advertising -- the decision to pull forward advertising, a little bit different animal than the pull forward of maintenance because maintenance expense can fluctuate just based on things that happen sometimes unpredictably during the course of the year.

是的。因此讓我們將其分解成幾個部分。您對廣告的評論。因此，正如我們所指出的，推動力最大的是廣告。我同意您的評論，提前投放廣告的決定與提前支付維護費用略有不同，因為維護費用可能會根據一年中有時會發生的不可預測的事情而波動。

But the advertising pull forward, when we made those decisions to pull forward advertising, it was before necessarily the bad weather really kicked off or really accelerated in the latter half of May, right? You don't just turn advertising on overnight, right?

但是，當我們做出提前發布廣告的決定時，一定是在惡劣天氣真正開始或真正加速（即 5 月下半月）之前，對嗎？你不可能一夕之間就打開廣告，對吧？

We made that decision as we were turning into Q2, the beginning of the quarter and put those things in motion. So we can look back with hindsight and say, if you had known the weather was going to be what it was for six or seven weeks, wouldn't you have done it. But I think at the moment, it was the right strategic decision.

我們在進入第二季度，也就是本季初時做出了這個決定，並開始實施這些計劃。所以，事後我們可以回顧一下，如果你知道未來六、七週的天氣狀況會是那樣，你就不會這麼做了。但我認為目前來看，這是正確的策略決策。

And while we didn't see the near term or the immediate lift I think we still believe that it's benefiting us in July and the results we were putting up this over the past four or five weeks and will benefit us going forward.

雖然我們沒有看到短期或直接的提升，但我認為我們仍然相信這會在 7 月為我們帶來好處，而且我們在過去四到五週內取得的成果也將使我們在未來受益。

In terms of other costs or the cost savings, our cost savings objectives coming into this year, as I said in my prepared remarks, we're always more back half loaded. The business, I think, even now, James, flowing it as long as you have, is that we're a second half business, right? The biggest months our July, August and October. Between those three months, you probably do about based on historical patterns.

就其他成本或成本節約而言，正如我在準備好的發言中所說，我們今年的成本節約目標始終是落後一半。詹姆斯，我認為，即使是現在，只要你一直經營下去，我們的業務就還是下半年的業務，對嗎？最大的月份是七月、八月和十月。在這三個月之間，您可能會根據歷史模式進行一些事情。

As much as 80%-plus -- 80%, 82% of your full year EBITDA is generated then. And that's where the lion's share of the biggest days are, your highest staffing levels where you have the most ability to, as I said on the call, meaningfully impact the cost structure without disrupting the guest experience.

屆時將產生高達 80% 以上（80% 至 82%）的全年 EBITDA。正如我在電話中所說的那樣，這就是最重要的日子，也是您人員配備水平最高的地方，您最有能力在不影響客人體驗的情況下對成本結構產生重大影響。

And so we were always more back half weighted in terms of our goal of realizing cost savings -- that has accelerated though with the pull forward of -- if you remember, in the first quarter, we talked about pulling forward close to $10 million of advertising and maintenance and now another $25 million in the second quarter.

因此，就實現成本節約的目標而言，我們始終更加重視後半部分——不過，隨著成本的提前，這一目標已經加速——如果你還記得的話，在第一季度，我們談到了提前近 1000 萬美元的廣告和維護費用，現在在第二季度又提前了 2500 萬美元。

So the first half costs are up somewhere in the $30 million to $35 million, some of those advertising dollars that we pulled forward in the first quarter, likely we're second quarter, so I'll call it, $30 million to $35 million overall. So the second half of the year is going to be where the opportunity is the richest to mine the cost savings. And we've already put in place or in motion the decisions to realize the largest chunks of that $90 million

因此，上半年的成本增加了約 3,000 萬至 3,500 萬美元，其中一部分是我們在第一季提前投入的廣告費用，很可能在第二季也是如此，所以我稱之為總體上 3,000 萬至 3,500 萬美元。因此，下半年將是挖掘成本節約機會最豐富的時期。我們已經制定或啟動了實現 9,000 萬美元最大部分的決策

Yeah, James. Let me go back to the advertising question. It's Richard. When we look back on 2024, we knew coming into '25 that we had -- a lot of our growth is going to be tied to season pass. We want to make sure we supported that program in the spring strategically we did. If you go back and look at 2024, we put in the market more advertising in the late July through August time frame to try and drive a stronger second half of the summer, didn't see what we wanted to see out of that, but it did to Brian's point, really helped drive a 20% increase in the October attendance.

是的，詹姆斯。讓我回到廣告問題。我是理查德。當我們回顧 2024 年時，我們知道進入 2025 年，我們的許多成長都將與季票息息相關。我們希望確保我們在春季策略性地支持該計劃。如果回顧 2024 年，我們會在 7 月下旬至 8 月期間向市場投放更多廣告，試圖推動夏季下半段的業績更加強勁，雖然沒有看到我們想要看到的結果，但正如 Brian 所說，它確實幫助推動了 10 月份觀眾人數增加 20%。

So there's always residual impact from the advertising. When you put it out there, remind consumers that you're still there. So always difficult to always look at it one for one but we wanted to make sure coming into the year that we gave ourselves the firepower we needed to really chase the season passes.

因此，廣告總是會產生殘留影響。當你把它展示出來時，提醒消費者你仍然在那裡。因此，總是很難逐一看待它，但我們希望確保進入新的一年，我們能夠為自己提供真正追逐季票所需的火力。

Now what we're seeing now is that there may be some residual impact from what we put in the market because we were off to a really strong start -- really strong start to the 2026 season, which will also help underpin our second half performance. So we're pleased with that, but we've got a long ways to go.

現在我們看到的是，我們投入市場的舉措可能會產生一些殘餘影響，因為我們的開局非常強勁——2026 賽季的開局非常強勁，這也將有助於鞏固我們下半年的表現。我們對此感到高興，但我們還有很長的路要走。

That's helpful. Thanks guys.

這很有幫助。謝謝大家。

Thanks James.

謝謝詹姆斯。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good morning. Maybe just a clarification on -- maybe just a clarification on costs. I don't totally fall the variables. So I guess your guide prior to this quarter was for cash cost to be down [3%], it's kind of like what we were talking about on 1Q, but then attendance was materially lower with incremental part closures.

嘿，早安。也許只是對成本進行澄清。我並不完全相信這些變數。所以我猜你在本季之前的指導是現金成本下降 [3%]，這有點像我們在第一季度談論的情況，但隨後隨著部分門市關閉的增加，出席人數大幅下降。

I think you kind of suggested the prepared remarks somewhere around 30 incremental park closure days year over year. So why is minus 3% still the right answer? Shouldn't that be an opportunity for cost to be much lower?

我認為您在準備好的評論中建議每年增加 30 天左右的公園關閉時間。那麼為什麼-3%仍然是正確的答案呢？這不是一個大大降低成本的機會嗎？

We're going to continue to look, Ben, for incremental savings beyond. But at the same time, as I mentioned, the need to balance investing in the parks that are underperforming and establishing the momentum that we need going into '26, that becomes sort of the trade-off, right?

本，我們將繼續尋找進一步的增量儲蓄。但同時，正如我所提到的，需要在對錶現不佳的公園的投資和建立我們進入26年所需的勢頭之間取得平衡，這是一種權衡，對嗎？

So as we think about -- the biggest areas to take cost out of are always labor maintenance costs, those are -- and we've already addressed the advertising. Labor, seasonal labor, most notably and maintenance are our biggest areas to have impact. So as we evaluate the opportunities to take more cost out, that weighs into that decision.

因此，當我們思考時——最大的成本削減領域始終是勞動力維護成本，這些是——我們已經解決了廣告問題。勞動力、季節性勞動力，尤其是維護是我們受影響最大的領域。因此，當我們評估降低更多成本的機會時，這會影響我們的決策。

Now where there will be incremental savings opportunities, what's not reflected in that 3% target is cost of goods. So to the extent that fluctuates up or down with demand that will provide some incremental tailwind around the cost savings. But the cash operating costs that we're talking about, our goal is to still deliver close to that 3%, which will be close to a $60 million reduction from the combined spend last year.

現在有了增量節省的機會，但 3% 的目標並沒有反映出商品成本。因此，隨著需求的上下波動，這將為成本節約提供一些增量的順風。但對於我們討論的現金營運成本，我們的目標仍然是實現接近 3% 的水平，這將比去年​​的總支出減少近 6000 萬美元。

Yeah. I guess I'm just trying to figure out if the parks were not even open. Like what's the offset if there's -- again, these are round numbers, but 30 incremental part closure days, where is -- can you help us with the offset of what are the costs went up maybe that are keeping you at that minus 3%?

是的。我想我只是想弄清楚公園是否還沒有開放。例如，如果有抵銷金額，那是多少——再說一次，這些都是整數，但是 30 個增量零件關閉日，在哪裡——您能幫助我們抵消上漲的成本嗎，也許這些成本讓您保持在 -3% 的水平？

Well, so you're talking about within the second quarter. Yeah. I mean, listen, within the second quarter, we had --

嗯，所以您說的是第二季的情況。是的。我的意思是，聽著，在第二季度，我們--

I'm talking about the year for the full year cash costs, the goal is still to be down 3%, but you -- which is the same as the original goal, which is minus 3%. But you had park closures.

我說的是全年現金成本，目標仍然是下降 3%，但這與最初的目標相同，即下降 3%。但公園關閉了。

Yeah. We are adding days back in the -- adding more days in the second half of the year. So there's a year over year comparison issue that goes the other way, to your point about the more closed days in the second quarter this year.

是的。我們將在下半年增加更多天數。因此，與去年同期相比，存在相反的問題，正如您所說，今年第二季度的關閉天數更多。

We're adding 30 to 35 incremental days in the fall as we look to tap into the strong demand for the Halloween events that we offer Fright Fest, Haunt, et cetera. And so that puts pressure on that number going the other way, but still in line with achieving the original target of 3%.

我們將在秋季增加 30 到 35 天的活動天數，以滿足人們對我們提供的 Fright Fest、Haunt 等萬聖節活動的強烈需求。因此，這給該數字帶來了壓力，但仍符合實現 3% 的原始目標。

Okay. And then as you've seen demand come back in the last few weeks, does that give you any confidence in the ability to push price? Maybe you could kind of expand on your price thought process in the back half of the year under different demand scenarios, right? You talked about the last four weeks being up four of the last five weeks, being up one and the expectation that pricing will be down 3%.

好的。那麼，正如您所看到的那樣，過去幾週需求有所回升，這是否讓您對推動價格上漲的能力充滿信心？也許您可以在下半年根據不同的需求情境擴展您的價格思考過程，對嗎？您談到過去四周價格上漲，過去五周中有四周上漲，一週上漲，預計價格將下降 3%。

Ben, we're looking closely at pricing. Yes, when we see demand, we're taking we're taking price. We're looking at the parts that are doing extremely well and being able to do that. As we've always said, Halloween, in particular, is the gift that keeps on giving. We've added days because we think not only can we drive attendance, but that's where we've got our most pricing power.

本，我們正在仔細研究定價。是的，當我們看到需求時，我們就會採取價格。我們正在關注那些表現極為出色的部分並且能夠做到這一點。正如我們一直所說，萬聖節是一份不斷給予的禮物。我們增加了演出天數，因為我們認為這不僅可以提高觀眾人數，也是我們擁有最大定價權的時期。

So when we look at the pricing on the pure admission side, we think we've got an ability to be careful with the value-conscious customer, drive that season pass, but particularly take price on our bigger days. We've been particularly aggressive on our front of line experience and has seen tremendous response at the parks.

因此，當我們從純門票方面來考慮定價時，我們認為我們有能力謹慎對待注重價值的顧客，推動季票，但特別是在重要的日子裡收取費用。我們在前線體驗方面特別積極，並在公園裡看到了巨大的反響。

So we've been able to lean into pricing for that. So we're taking pricing where we can and where we see that demand. The other thing that I'll say that Brian touched on is if you look at the last year comparison in the second quarter, very choppy schedule, operating schedule last year as well with some parks not being open quite as long.

因此，我們能夠據此制定價格。因此，我們會根據需求和能力來定價。布萊恩提到的另一件事我想說的是，如果你看一下第二季度與去年同期的比較，你會發現時間表非常不穩定，去年的營運時間表也是如此，有些公園的開放時間沒有那麼長。

And we've extended, as I said in my prepared remarks, we've added some incremental operating hours to the parks to get longer length of stay and give the guest a little more value when you compare that year over year.

正如我在準備好的演講中所說，我們延長了公園的運營時間，以延長遊客的停留時間，與去年同期相比，為遊客帶來更多價值。

Thanks.

謝謝。

Thanks, Ben.

謝謝，本。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Hi, great, thank you very much. Wanted to just drill a little bit into the in-park spend, and I guess the decline you're talking about a 4%. What is basically driving that? I know you talked about some promotions, but then you kind of said the customer is okay. So why do we need the promotions at this point? Is that just for the low end?

你好，太好了，非常感謝。只想深入了解一下園區內的消費情況，我猜你說的下降幅度是 4%。其根本原因是什麼？我知道您談到了一些促銷活動，但您好像說顧客沒問題。那為什麼我們現在需要促銷呢？這僅適用於低端嗎？

And then also, when you talk about mix, you're talking about -- explain that a little bit to me because if season passes are down, you'd be expecting more family passes, right, as far as attendance. So when that have the opposite effect? Then I have a follow-up. Thanks.

而且，當您談到混合時，您是在談論——請向我稍微解釋一下，因為如果季票數量減少，那麼就出席人數而言，您會期待更多的家庭票。那麼什麼時候會產生相反的效果呢？然後我有一個後續問題。謝謝。

Yeah. Ian, when you look at the attendance mix, I'll start with that one first, and particularly in the second quarter. Season passes will come and get their visits in, as we've always said. And when you have a high percent of season pass, that puts pressure on the per cap. But when you get extreme weather events like we had through those seven weeks when we were down significantly, you lose almost all your demand tickets, your one day tickets.

是的。伊恩，當你查看出勤情況時，我會先從這一點開始，特別是第二季。正如我們一直所說的那樣，季票將會到來並吸引遊客。當季票比例很高時，這會給每人帶來壓力。但是，當遇到像我們過去七週那樣的極端天氣事件時，我們的票量就會大幅下降，幾乎所有的需求票、一日票都會遺失。

So as we think about that, that puts a lot of pressure on the per cap. As we look at it now, when we talk about promotional offers, we're making sure that we're trying to target the -- you get the customer to come, give them an opportunity to visit lower price on a Tuesday versus a Saturday.

所以當我們考慮這一點時，這會給每個人帶來很大的壓力。正如我們現在所看到的，當我們談論促銷優惠時，我們確保我們試圖瞄準目標——讓顧客前來，讓他們有機會在周二而不是周六以更低的價格光顧。

We're leaning more and more into the demand that we're seeing and changing prices on the fly as our business intelligence team and our record management team looks at the trends each week. They're taking prices up during the week. So we continue to do what we can to try and drive as much. Brian, do you want to comment on the down for anything you want to add on that?

隨著我們的商業智慧團隊和記錄管理團隊每週關注趨勢，我們越來越傾向於關注我們看到的需求並隨時改變價格。他們本週提高了價格。因此，我們將繼續盡我們所能，嘗試並取得盡可能多的成果。布萊恩，你想對此發表評論或補充什麼嗎？

Yeah. I mean, I think I'll just go back to what you were saying in terms of mix. In mix cuts in a few different ways. You touched on one, which is channel mix. Within the channel mix, we're also seeing, as an example, season pass a little bit more migration this year as we harmonize the legacy programs to align with one another.

是的。我的意思是，我想我會回到你剛才所說的混合方面的問題。以幾種不同的方式進行混合切割。您提到了其中一點，那就是頻道組合。在頻道組合中，例如，隨著我們協調傳統計劃以使其相互一致，今年我們也看到季票的遷移增加。

We're seeing, in terms of the '25 pass mix, a little bit of a migration down at our 6 lags parks, some of the lower-priced products in that mix. So that's putting a little bit of pressure. It's not only mix between season pass and single day tickets, but it's also within the individual channels as well. As we think about promotions, as Richard said, going forward, our focus is to try and add value. As we said, the consumer seems much more value conscious this year than the last couple of years.

就 25 張通行證組合而言，我們看到我們的 6 個滯後公園出現了一些遷移，其中的一些產品價格較低。所以這會帶來一點壓力。它不僅是季票和單日票的混合，而且還存在於各個頻道中。正如理查德所說，當我們考慮促銷時，我們的重點是嘗試增加價值。正如我們所說，今年的消費者似乎比過去幾年更重視價值。

And we've -- what we've tried to do historically is instead of discounting tickets provide more value in products, whether that be season pass or single day tickets to get people to move. And we do that out of the goal of not eroding price integrity of our ticketing structure, right?

我們一直以來嘗試做的不是折扣票，而是提供更有價值的產品，無論是季票還是單日票，以吸引人們出遊。我們這樣做的目的是不破壞我們的票務結構的價格完整性，對嗎？

And so things like the all park add-on as a benefit for those migrating up to the highest tier passes in our system for next year. The objective there is to test that, again, what has proven successful historically and get folks migrating back up to those higher-priced products that maybe they had in '25, bought down as we harmonize the products. So that's the mix comment that we're talking about.

因此，對於明年升級到我們系統中最高級別通行證的遊客來說，全公園附加服務是一項福利。其目的是再次測試歷史上已被證明是成功的方法，並讓人們重新購買他們在 25 年購買的那些價格更高的產品，因為我們協調了產品。這就是我們正在談論的混合評論。

Okay, thanks. And then just quickly, there's just been -- there's a lot of noise as far as cost in the quarter. What would you kind of point us to as a decremental margin or like a normalized decremental margin if there kind of wasn't all these moving pieces in this quarter. Thanks.

好的，謝謝。然後很快，就出現了——關於本季度的成本有很多噪音。如果本季沒有出現所有這些變動因素，您會將我們的遞減利潤率或正常化的遞減利潤率定為多少？謝謝。

Yeah. So I guess as it relates to margin, I mean, I'll try and answer it this way for you, Ian. The impact of pulling forward some costs into 2000 -- or into the second quarter in 2025. Certainly, without getting the return in incremental demand has put pressure on margin. The loss of just -- I mean, again, this is a volume-driven business, right? And so the first attendance that we lose is the highest margin attendance, particularly as we're stepping our parks these days.

是的。因此我想，由於它與利潤有關，我的意思是，我會嘗試這樣回答你，伊恩。將部分成本提前至 2000 年或 2025 年第二季的影響。當然，沒有獲得增量需求的回報會對利潤帶來壓力。只是損失——我的意思是，這是一個由數量驅動的業務，對嗎？因此，我們失去的第一個遊客量是最高利潤遊客量，特別是當我們這些天正在逐步開放公園時。

The staffing model today is very different than it was five or six years ago because the cost of labor is so much higher. So we staff our parks at more of a base level and then increased staffing as needed and as might be available. Historically, it used to be the opposite. You'd staff higher and pull staffing out as you didn't need it. That's changed over the last four or five years.

如今的人員配置模式與五、六年前相比有很大不同，因為勞動成本要高得多。因此，我們首先在公園內配備基礎員工，然後根據需求和可能的情況增加員工數量。從歷史上看，情況恰恰相反。您會增加員工數量，並撤出不需要的員工。過去四、五年來，情況發生了變化。

So when we lose attendance, losing 1.4 million visitors over the last six weeks of the second quarter, that's all very high-margin attendance lost. You're talking about attendance that's falling out depending on the park at a level that could be as high as 55% to 70% margin attendance that's falling out of the system.

因此，當我們失去遊客數量時，在第二季度的最後六週內失去了 140 萬遊客，這都是高利潤率的遊客損失。您說的是遊客人數的下降，具體數字取決於公園的情況，下降幅度可能高達 55% 至 70%。

Okay. Thank you very much.

好的。非常感謝。

You're welcome.

不客氣。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good morning, everybody. Thanks for taking my question. I -- we've sort of had a lot of discussion about the quarter and the back half of the year. I wanted to maybe just focus on the analyst meeting forecast, right, which it would seem as called into question or how we would classify it, which wasn't that long ago, can you just walk us through sort of what's changed or what aspects could have been different within that guide, right? The weather is the weather. But that was a little longer-term vision.

大家早安。感謝您回答我的問題。我——我們對本季和下半年的情況進行了很多討論。我可能只想關注分析師會議預測，對吧，這似乎受到質疑，或者我們如何對其進行分類，這並非很久以前的事情，您能否向我們介紹一下該指南中發生了哪些變化或哪些方面可能有所不同，對吧？天氣就是天氣。但那是一個稍微長遠的願景。

Yeah, I'll take a shot and then --

是的，我會嘗試一下，然後--

Let me jump in. David, when we talk about longer-term guidance, and we look at what we think the full profit potential of our portfolio parts is, I don't think our view of that has changed. I think we think there is still that potential. I strongly believe that -- when you look at that and we look back at the building blocks of that, and Brian touched on this in his answer, we always said this is a volume business and that our goal was to recover the 10 million of visits, 8 million of those visits were going to come from season pass. So our view of the world hasn't changed from that perspective, which is why we're going to wait to reassess the long-term guidance until early next year.

讓我加入吧。大衛，當我們談論長期指導時，我們會考慮我們認為投資組合部分的全部盈利潛力是什麼，我認為我們對此的看法沒有改變。我認為我們仍然有這種潛力。我堅信——當你回顧這一點並回顧其基本要素時，布萊恩在他的回答中提到了這一點，我們總是說這是一項批量業務，我們的目標是恢復 1000 萬次訪問，其中 800 萬次訪問將來自季票。因此，從這個角度來看，我們對世界的看法並沒有改變，這就是為什麼我們要等到明年年初再重新評估長期指導。

When you see the -- when we say that we were up [$700,000] in our active pass base in July, double the amount that we were up last year when you look at 2024, same month of July. Then we're starting to see what we would want to see and traction in the areas we want to see traction.

當您看到 - 當我們說我們 7 月份的活躍通行證基數增加了 [700,000 美元] 時，當您看 2024 年（即 7 月份）時，這將是去年增加金額的兩倍。然後我們開始看到我們想要看到的東西以及我們想要看到牽引力的領域的牽引力。

So yes, weather is weather. Yes, we've had a -- the second quarter was a tough quarter, particularly those seven last weeks. That doesn't change our view of the longer-term potential or the profit potential of the parks.

是的，天氣就是天氣。是的，我們經歷了——第二季度是一個艱難的季度，特別是最後七週。這並沒有改變我們對公園長期潛力或獲利潛力的看法。

As Brian said in his remarks, where we've invested capital, and the weather has cleared out and normalized, we're starting to see the consumer reaction we would expect. So all of those things underpin our view of the world as we saw it when -- with you on May 20. And as we look forward to what we think the potential of this business is, those are the building blocks that are still the right building box for us to focus on and to keep sharing with you our progress on that. Brian?

正如布萊恩在演講中所說，我們已經投入了資金，天氣也已放晴並恢復正常，我們開始看到消費者所期望的反應。因此，所有這些都支撐了我們在 5 月 20 日與你們在一起時對世界的看法。當我們展望這項業務的潛力時，這些基石仍然是我們應該關注的正確構建框架，我們會繼續與大家分享我們在這方面的進展。布賴恩？

Yeah. The only thing I was going to add, Richard, and just underscore what you said is that a transient disruption like we've seen here in the second quarter of 2025 doesn't change our outlook -- long-term outlook for the business.

是的。理查德，我唯一想補充的是，並強調你所說的，就像我們在 2025 年第二季度看到的短暫中斷不會改變我們的前景——業務的長期前景。

What I think is responsible is waiting to see how the balance of the year performs, not so much for what it means to 2025. This is a challenging year, and the results are going to be disappointing no matter what compared to what they were coming into the year.

我認為負責任的做法是等待觀察今年的平衡表現，而不是關注它對 2025 年意味著什麼。這是充滿挑戰的一年，與去年相比，無論結果如何，都會令人失望。

But what's important is to see the momentum that we've built, the base that we've established in terms of those long lead indicators, most notably, season pass sales or the active pass base, group business, resort bookings to have an outlook going into '26 as much around pacing going forward to those long-term targets.

但重要的是看到我們已經建立的勢頭，我們在長期領先指標方面建立的基礎，最值得注意的是季票銷售或活躍通行證基礎、團體業務、度假村預訂，以便對 26 年有一個展望，並朝著這些長期目標邁進。

I think we're not walking away from our long-term objectives, but I think it's important to understand coming out of this year, what it means to the near-term pacing of getting to those long-term targets.

我認為我們不會放棄我們的長期目標，但我認為重要的是要了解今年的情況對實現這些長期目標的短期步伐意味著什麼。

I think that's fair. And just to follow up, is it also fair that we should think about much of what's occurred within the Six legacy parks more so than the Cedar Fair legacy park, the implication being that those have maybe turned out to be a bit of a different animal than what was expected. Is that something we should take away here too?

我認為這是公平的。再進一步問，我們是否應該多考慮六大遺產公園內發生的事情，而不是雪松博覽會遺產公園，這意味著它們可能與預期的有所不同。這也是我們該帶走的東西嗎？

No, I wouldn't say that. What I would say is, I think -- and we've talked about underpenetrated parks on both sides of the legacy portfolios. We've had -- and we've commented on the parks that performed well on both sides. We're happy to see 6% on the legacy Six Flags, 8% of the legacy Cedar. But there's also other parts, Dorney Park a year after coaster.

不，我不會這麼說。我想說的是，我認為——我們已經討論了遺留投資組合雙方滲透率不足的公園。我們已經——並且我們已經對雙方表現良好的公園進行了評論。我們很高興看到六旗主題樂園的營收成長了 6%，雪松主題樂園的營收成長了 8%。但也有其他部分，多尼公園 (Dorney Park) 過山車一年後問世。

You don't expect them to maintain their attendance level. That's the way we invest. You've got other parks that are underpenetrated with opportunity on both sides of the portfolio. So in any given year, you try and really optimize where you're driving the demand, while you're managing where you're not investing and make sure you're being really disciplined on delivering on free cash flow and doing other things at those other parks.

你不會指望他們能保持原來的出勤率。這就是我們的投資方式。其他公園的投資組合雙方都還未充分開發，因此存在許多機會。因此，在任何一年中，您都會嘗試真正優化推動需求的地方，同時管理您不投資的地方，並確保您在實現自由現金流和在其他公園做其他事情方面真正自律。

The other thing that I'll say is we've strategically, we talked about this on Investor Day as well, really invested a lot into food and beverage and continue to get great feedback from the guests on both sides of the portfolio.

我想說的另一件事是，我們在策略上，我們也在投資者日談論了這一點，確實在食品和飲料方面投入了大量資金，並繼續從投資組合雙方的客人那裡獲得良好的反饋。

With all the things that we've done on food and beverage and how we've reconfigured that program and are continuing to reconfigure it. So that both drives revenue, but also drives higher guest satisfaction. And as we've always said, when we get a higher guest satisfaction, we see repeat visitation from season passes, we also get higher renewal rates, which is one of the things we're really focused on, making sure we start to see convergence and increasing on the renewal rates of season passes on both sides of the portfolio.

我們在食品和飲料方面所做的一切以及我們如何重新配置​​該計劃並將繼續重新配置它。這樣既可以增加收入，又可以提高客人滿意度。正如我們一直所說的那樣，當我們獲得更高的客人滿意度時，我們會看到季票的重複訪問，我們也會獲得更高的續訂率，這是我們真正關注的事情之一，確保我們開始看到投資組合雙方的季票續訂率趨同和增加。

So I do think there's opportunity on both. We see that this year with a strong performance out of Canada and out of Cedar Point and in a few other places. So when you look at where the opportunities are, I don't think they're specific to either side of the portfolio. But obviously, we want to go get, as we said, those 10 million visits back over the next few years.

所以我確實認為兩者都有機會。我們看到，今年加拿大、雪松點和其他一些地方的表現都很強勁。因此，當你看看機會在哪裡時，我認為它們並不特定於投資組合的任何一方。但顯然，正如我們所說的，我們希望在未來幾年內重新獲得這 1000 萬次訪問量。

Understood. Thank you very much.

明白了。非常感謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks so much for taking the question. I just wanted to ask on the CapEx side of things. Firstly, just to clarify, I think you said $400 million. I just want to check if that was -- I think it was ['26 or whether it was '25]. And then how do you think about that? Because you mentioned when you do add new rides into the parks, like you mentioned with kind of Wonderland, you do see intendance grow.

您好，非常感謝您提出這個問題。我只是想問一下資本支出方面的問題。首先，需要澄清的是，我認為您說的是 4 億美元。我只是想確認一下——我想是的['26 還是 '25]。那您對此有何看法？因為您提到，當您在公園中添加新的遊樂設施時，就像您提到的仙境樂園一樣，您確實會看到遊客人數的增長。

But of course, cash considerations and leverage considerations. And so with pulling back on that CapEx, how do you kind of balance that and think about the attendance opportunity as a result?

但當然，還有現金考量和槓桿考量。那麼，在減少資本支出的同時，您如何平衡這一點並考慮由此帶來的出席機會？

Good question, Lizzie. Thanks for the question. When we think about making sure we've got what we need from a marketable capital perspective, you want to get full benefit out of the strong program we put in this year. We don't think we've gotten full benefit. We think we can lean on that a little bit next year as well.

問得好，莉齊。謝謝你的提問。當我們考慮確保從市場資本角度獲得我們所需要的東西時，您希望從我們今年實施的強有力的計劃中獲得全部利益。我們認為我們還沒有獲得全部利益。我們認為明年我們也可以稍微依賴這一點。

For instance, Canada is having a great month of July but they only opened their coaster on July 12. And typically, on the bigger products, we see a little bit of carryover into the following year. So when we think about that calendar year, $400 million, that will be the spending on two or three programs, certainly on '26, also a little bit of '27, we've already spent on '26 because we signed contracts and done things like that.

例如，加拿大 7 月的旅遊業表現很好，但他們直到 7 月 12 日才開放過山車。通常，對於較大的產品，我們會看到一些延續到下一年的趨勢。因此，當我們考慮到那個日曆年時，4 億美元將用於兩個或三個項目，肯定是在 26 年，也有一點 27 年，我們已經在 26 年花掉了，因為我們簽署了合約並做了類似的事情。

We're going to continue to invest in food and beverage, we've got a line-up of some really impactful products, but we're coming off a year where we really didn't get as much traction as we wanted in part because of the ill-timed weather.

我們將繼續投資食品和飲料，我們已經推出了一些真正有影響力的產品，但由於天氣不合時宜，我們過去一年並沒有獲得我們想要的那麼多的關注。

And we think we can lean into getting benefit of some of what we added this year and next year, while continuing to invest in the amenities in the park while continue to invest in food and beverage and other things that will drive our demand. Brian, anything you want to add?

我們認為，我們可以從今年和明年新增的一些項目中獲得收益，同時繼續投資公園內的設施，繼續投資食品、飲料和其他能夠推動我們需求的東西。布萊恩，您還有什麼要補充的嗎？

No, I'd just clarify to your question at the beginning, Lizzie, the CapEx spend for this year is still in the $475 million to $500 million range, and we'll continue to update that as we get closer to year-end. Next year is the $400 million, 2026.

不，我只是想在一開始澄清一下你的問題，Lizzie，今年的資本支出仍然在 4.75 億美元到 5 億美元的範圍內，隨著年底的臨近，我們會繼續更新這一數字。明年是4億美元，也就是2026年。

Got it. And then just to kind of follow up on David's question a little bit on the legacy Six parks. The tenant decline was somewhat similar at legacy Six than legacy Cedar, but the EBITDA result or the pressure was a lot worse at legacy Six. I think the margins are about 16%. And so I'm curious just like how you think about like reinvestment needs in those parks. And how kind of quickly those kind of initiatives can kind of come through over the next few years?

知道了。然後，我們稍微回答大衛關於六個公園遺產的問題。傳統 Six 的租戶減少情況與傳統 Cedar 有些相似，但傳統 Six 的 EBITDA 結果或壓力要大得多。我認為利潤率約為16%。所以我很好奇您如何看待這些公園的再投資需求。未來幾年內這些措施能多快實現？

As we look at -- Lizzie, good question. I think back to where we successfully revived underpenetrated parts, certainly that I've been involved with, we've talked at length about the Knott's example, the Carowinds example.

正如我們所見——莉齊，問得好。我回想起我們成功恢復未充分滲透的部分，當然我也參與其中，我們已經詳細討論了諾特的例子、卡羅溫茲的例子。

It's as much about consistent investment in things that the guests see in touch, the amenities, the food and beverage, the other things we've referenced, along with making sure when you put something in that it really drives demand.

這也關乎對客人所見所聞、便利設施、食物和飲料以及我們提到的其他事物的持續投資，同時確保投入的某些東西能夠真正帶動需求。

So we try and balance that in every year, but particularly on the penetrated parts and some legacy Six, a couple in the legacy Cedar consistent investment in the amenities touching a section of the park, letting the guests know that you're taking care of and you're giving them more value we see that over time, that's as important as the level of investment.

因此，我們每年都嘗試平衡這一點，特別是在滲透部分和一些傳統的六大主題公園、一些傳統的雪松主題公園中，我們對公園部分設施進行了持續的投資，讓客人知道你正在照顧他們，你正在為他們提供更多價值，我們看到，隨著時間的推移，這與投資水平同樣重要。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody, and thanks for taking my question. So just one for me. Can you hear me?

大家早安，感謝您回答我的問題。所以對我來說只有一個。你聽得到我嗎？

Yeah, we can. Thanks.

是的，我們可以。謝謝。

Okay. Great, thanks. So for the July stats, I know you gave a lot of stats. I was hoping for a sort of a system-wide look at July attendance, excluding hurricane-affected markets because I know hurricanes created a really easy comp somewhere throughout the month at various parks and various regions. And obviously, the point is that with the tenants of 1% to that month, we want to get confidence against that 1% to 2% implied second half guide that you kind of gave ex the winter events.

好的。太好了，謝謝。對於七月份的統計數據，我知道您給了許多數據。我希望對七月份的遊客人數進行全系統的觀察，排除受颶風影響的市場，因為我知道颶風在整個月的某個時候在各個公園和各個地區造成了非常容易的比較。顯然，重點在於，由於該月增長率為 1%，我們希望對您根據冬季事件給出的 1% 至 2% 的下半年隱含指導有信心。

Yeah, Brandt. So I'll answer it this way. You're right. I mean, last year July's numbers were impacted by some hurricane events. By comparison, the first week of July was sort of that last week of the really bad weather we saw at the end of the second quarter.

是的，布蘭特。所以我會這樣回答。你說得對。我的意思是，去年七月的數據受到了一些颶風事件的影響。相較之下，七月的第一周就像是我們在第二季末經歷的惡劣天氣的最後一周。

So the six weeks that finished up the second quarter, there was that seventh week, the week of July 4. It was really sort of a slow start. That's why we talked about the last four weeks of July, the strength we saw up 4% versus for the whole month, only 1%.

因此，在第二季結束的六週內，還有第七週，即 7 月 4 日那一週。這確實是一個緩慢的開始。這就是為什麼我們談論 7 月的最後四周，我們看到其強度上升了 4%，而整個月僅上升了 1%。

So when you push those two things together, the weather comps actually this year aren't really all that aided by what happened last year. The other part that was -- that more of our small parks are stand-alone water park and some of our smaller parks were more impacted last year.

因此，當你將這兩件事放在一起時，今年的天氣狀況實際上並沒有受到去年天氣狀況的很大影響。另一部分是——我們的更多小型公園都是獨立的水上樂園，而我們的一些小型公園去年受到的影響更大。

While this year, we saw some of our largest parks in the system that were impacted parks like Cedar Point, Canada's Wonderland, Great America in Chicago, to name a few. And so it's always a question of when and where and the wear was much worse this year for the first week of July than what we saw last year with the hurricane challenges we faced.

而今年，我們看到系統中一些最大的公園受到了影響，例如雪松點主題公園、加拿大奇幻樂園、芝加哥大美洲主題公園等等。因此，問題始終是何時何地發生，今年 7 月第一周的磨損比去年我們面臨的颶風挑戰要嚴重得多。

Okay, thanks for that. Actually, I do have one more, if I may. Pulled forward, you opened up pass sales earlier this year. You pulled forward advertising I think the benefits to the potential benefits you're aiming for there are pretty self-explanatory. The question I have is what are the opportunity costs of those moves?

好的，謝謝。事實上，如果可以的話，我還有一個。向前拉，你在今年早些時候就開放了通行證銷售。我認為您提前投放廣告所帶來的潛在利益是不言而喻的。我的問題是這些措施的機會成本是多少？

I mean, just presumably, if it was super obvious and there were no costs associated with that, you would kind of do that every year, right? So I guess, are there any sort of knock-on effects or sort of pull forward that we need to think about that maybe like in terms of '26 attendance that those moves perhaps might create on the negative side?

我的意思是，如果這非常明顯且沒有任何相關成本，你每年都會這樣做，對嗎？所以我想，我們需要考慮這些措施是否會產生某種連鎖反應或影響，例如就 26 年的出席人數而言，這些舉措可能會產生負面影響？

No, I think it's a fair question. Most of the impact brand is really situated in this year, not next year. I'll go back to my prepared remarks. When we have a really strong second half season pass sales in the fall and then through the winter, it sets up a really strong first half to the next year. One of the things that we've always said is when we open new product, we want to tie that to the sales cycle.

不，我認為這是一個公平的問題。大多數有影響力的品牌確實都處於今年，而不是明年。我將回到我準備好的發言。當我們在秋季和整個冬季的下半年季票銷售表現非常強勁時，這將為明年上半年的強勁銷售奠定基礎。我們一直在說的一件事是，當我們推出新產品時，我們希望將其與銷售週期連結起來。

One of the reasons we went earlier with Canada's Wonderland, we didn't want to open the coaster and not give the people -- not give the consumer an ability to buy something they really saw value with. We know that you're in the wind-down phase of a season pass launch when you get to July, and you're about to launch the new one, our customers are trained to know that.

我們之前選擇加拿大奇幻樂園的原因之一是，我們不想開放過山車，不給人們——不給消費者購買他們真正認為有價值的東西的能力。我們知道，當您進入 7 月時，您正處於季票發布的收尾階段，並且您即將發布新的季票，我們的客戶都知道這一點。

So I think the knock-on effects could be a little bit past single-day ticket, we like that. That's a trade we'll take every day, go back to our Investor Day presentation. Season pass holders worth $250, $275 over the course of a year in terms of spending versus an $80 to $90 on a single-day visitor.

所以我認為連鎖反應可能會超出單日票的範圍，我們喜歡這樣。這是我們每天都會進行的交易，請回到我們的投資者日演示。季票持有者一年的消費金額為 250 美元至 275 美元，而單日遊客的消費金額為 80 至 90 美元。

So when you put all those things together, I think the benefit of increased volume typically leads to a really strong back half of the year in a much stronger front half of the following season.

因此，當你把所有這些因素綜合起來時，我認為銷量增加的好處通常會導致下半年的銷售非常強勁，而下一季的前半年的銷售則會更加強勁。

Okay. All right. Thanks, everybody.

好的。好的。謝謝大家。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good morning guys. Thanks for hanging in there with our questions. So this will be another season pass question, but maybe in a slightly different way. I think you guys have said in the past you're adding something like 20% or 25% of your visits from passes and knowing that you can't predict the weather you're somewhat similar to the ski industry, right? And I think there's at least one ski company out there that is consistently saying they're now getting 70% of their lifting revenue from pass sales.

嘿，大家早安。感謝您耐心回答我們的問題。所以這將是另一個季票問題，但可能方式略有不同。我想你們過去曾說過，你們透過通行證增加了 20% 或 25% 的訪問量，並且知道你們無法預測天氣，這有點類似於滑雪行業，對嗎？我認為至少有一家滑雪公司一直表示，他們現在 70% 的滑雪收入來自通行證銷售。

And I'm curious as whether you guys have done the math and if you -- they had to take a pricing cut initially to get there when they launched the big pass. Have you guys done the math on whether something like that works for you, is there a consideration to creating a some kind of epic path -- longer path and maybe getting more commitment upfront, albeit at a lower price. Is that -- can you get to that level, do you think?

我很好奇，你們是否計算過，以及當他們推出大通行證時，他們是否必須先降低價格才能達到這個目標。你們有沒有計算過這樣的事情是否適合你們，是否考慮過創建某種史詩般的道路——更長的路徑，也許能得到更多的前期承諾，儘管價格較低。您認為您能達到那個水平嗎？

Well, the way -- Chris, let me answer it this way. and Brian can weigh in. The way we structure our program, the lowest price is always in the fall, and then we take price and step up price to drive urgency. But one of the reasons we wanted to -- we talked about the potential this merger just like with Epic Pass. The value is in all the mountains you can go to if you start the past.

好吧，克里斯，讓我這樣回答。布萊恩可以參與其中。我們建立計劃的方式是，最低價格總是在秋季，然後我們採取價格並提高價格以推動緊迫性。但我們想要這樣做的原因之一是——我們討論了這次合併的可能性，就像與 Epic Pass 合併一樣。如果你開始回顧過去，價值就在於你可以去到的所有山峰。

Brian touched on this in his prepared remarks, we've layered in the all park access to this early offer to really test what kind of demand we can drive and not just in unit sales, but how much interest is there and how can we strategically reinforce the value of all 42 of our parks.

布萊恩在他準備好的演講中提到了這一點，我們將所有公園的訪問權限都納入到這一早期優惠中，以真正測試我們可以推動什麼樣的需求，不僅僅是單位銷售，還包括有多少人感興趣，以及我們如何從戰略上加強我們所有 42 個公園的價值。

So we're trying to tap strategically the same thing that I think others have done [vail or icon] in the number of mountains that they have. And whether or not you visit the other mountains, you can and it's the appeal of the product. So I think that's really what we're testing, and we're pleased so far with what we're seeing. I also think we're going to be pleased with what the early response we're getting in terms of renewals already. Brian?

因此，我們試圖從戰略上利用其他人在他們擁有的山峰數量方面所做的事情（vail 或 icon）。無論您是否參觀其他山脈，您都可以，這就是該產品的吸引力。所以我認為這確實是我們正在測試的，到目前為止我們對所看到的結果感到滿意。我還認為，我們會對續約方面已經收到的早期回饋感到滿意。布賴恩？

Yeah, I would just -- I would add, I mean, I think the decisions around past pricing, Chris, are always made at the individual park level because they vary park to park. I understand the scenario that you sort of laid out. As I look across the system and usually what we've tried to migrate to is a good, better, best in terms of pricing and benefits associated with the past program.

是的，我只是想——我想補充一點，克里斯，我認為過去定價的決定總是在單一公園層級做出的，因為每個公園的定價都不一樣。我理解您所描述的情景。當我審視整個系統時，通常我們試圖遷移到與過去的計劃相關的價格和利益方面好的、更好的、最好的。

We really don't have any passes or park level programs out there that at this point are Uber priced, at least at the core gold product, which is where the majority of the buyers spot to and where we really sort of steer them. We -- I think maybe just to provide a little history.

目前，我們確實沒有任何通行證或公園級別的計劃是 Uber 定價的，至少在核心黃金產品方面是這樣，這是大多數買家關注的，也是我們真正引導他們關注的。我們——我想也許只是提供一點歷史。

We did execute a very similar playbook to what you described at Cedar Point. We had stalled at that park around 110,000, 120,000 season passes, and we really only had one product. It was at the time called Platinum now would be the equivalent of prestige. That path was over a couple of hundred dollars more than double most of our other parks passes.

我們確實執行了與你在雪松點描述的非常相似的劇本。我們在該公園的季票銷售量約為 110,000 到 120,000 張，但實際上我們只有一種產品。當時它被稱為白金，現在相當於聲望。這條路的費用是其他大多數公園通票的兩倍多，超過幾百美元。

Could never get ourselves confidence to chase more volume eventually through a lot of analysis got there and cut the pass price basically in half and so 120,000 passes become 400,000 passes, where -- and the park has remained for the last half decade.

我們始終沒有信心去追求更多的門票數量，最終經過大量的分析，我們將門票價格基本上降低了一半，12 萬張門票變成了 40 萬張，而這個數字在過去的五年裡一直沒有改變。

So we execute that at a park level where appropriate. I don't know as I look across the system right now that, that opportunity lies anywhere, but we'll continue to evaluate. I think the bigger goal here is and what Richard laid out is driving more volume, right, add more value to the past. Drive more volume and the trade-off for the -- any perceived revenue risk is easily overcome by that incremental volume that you drive.

因此，我們在適當的公園層級執行這項任務。當我現在縱觀整個系統時，我不知道這個機會是否存在，但我們會繼續評估。我認為這裡更大的目標是，理查德提出的是推動更多的銷量，對，為過去增加更多的價值。提高銷售量和權衡－任何可察覺的收入風險都可以透過您提高的增量銷售輕鬆克服。

Guys, thanks for all that color. A quick follow-up if I can. And as a follow-on question to that, which is, do you think is there -- as you past product line-up stands today and the tweaks you're planning to make, do you think there's enough kind of direct attachment to ancillary? I mean sometimes, it sounds like ancillary is almost you kind of get it and you say, we wish we had more.

夥計們，謝謝你們給我這麼多顏色。如果可以的話我會快速跟進。接下來的問題是，您是否認為 - 根據您過去的產品陣容以及您計劃進行的調整，您是否認為有足夠的直接配件來輔助？我的意思是，有時候，聽起來輔助的東西幾乎就是你得到的，然後你說，我們希望有更多。

Is there a way to tie more of that into the season pass? I'm not suggesting you go back to the unlimited dining plan at all, but are there maybe ways to encourage more ancillary spend that attached to that past product?

有沒有辦法將更多內容與季票連結起來？我並不是建議您完全回到無限餐飲計劃，但是否有辦法鼓勵更多與過去產品相關的輔助消費？

Yeah. We always focus on the all-season add-ons, and one of the reasons we're coming out with our new e-commerce side and our new mobile app will be to really make that path to purchase a lot easier and a lot more engaging with our guests.

是的。我們始終專注於全季附加產品，我們推出新的電子商務平台和新的行動應用程式的原因之一就是為了讓購買途徑變得更加輕鬆，並讓我們的客人更有吸引力。

We've seen over time that those penetration rates have consistently gone up as the consumers realize the value in all of those. So I think it's part of making sure we're conveying the value they can get part making a little bit easier on the path to purchase.

隨著時間的推移，我們看到，隨著消費者意識到所有這些的價值，這些滲透率一直在上升。所以我認為這是為了確保我們傳達他們可以獲得的價值，從而使購買過程變得更容易一些。

But the other piece is as those penetration rates go up, we've always said this, the more people that buy the all-Season dining, all-Season beverage, the higher the renewal rate. So I think it all feeds together, Chris.

但另一方面，隨著滲透率的上升，我們一直這麼說，購買全季餐飲、全季飲料的人越多，續約率就越高。所以我認為這一切都是相互關聯的，克里斯。

Okay. Fair enough. Thanks guys.

好的。很公平。謝謝大家。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Thanks for squeezing me in. You just clarify on the 2026 past cycle on an apples to apples gold or prestige basis, is the initial pricing you're launching with starting at a lower level versus last year? And how much of that is promotional versus a reaction to the incremental pressure that you flagged on the low-end consumer?

謝謝你把我擠進來。您只是澄清一下，在 2026 年過去的周期中，以蘋果對蘋果黃金或聲望為基礎，您推出的初始定價是否比去年的水平低？其中有多少是促銷措施，有多少是針對低端消費者所施加的增量壓力的反應？

Yeah, Thomas. The -- in terms of pricing, again, going to vary a little bit park to park. In general, and what you're comparing to, right? Are you comparing to where we led off, in which case, as Richard noted, is fall always much lower than where the previous season is letting up with its peak summer pricing. So from that perspective, if you're -- if you're comparing there, you're going to see all the parks down.

是的，托馬斯。就定價而言，不同公園的定價會略有不同。總的來說，你在比較什麼，對嗎？您是否在與我們開始時的情況進行比較，在這種情況下，正如理查德指出的那樣，秋季的價格總是比上一季夏季價格高峰時的價格低得多。所以從這個角度來看，如果你——如果你在那裡比較，你會看到所有的公園都倒閉了。

But if you're comparing back to last fall, for the parts where the comparison is easy, and it's a little bit more challenging as we weren't necessarily fully harmonized on some of our Six Flags parks last year to the program we're offering now. I would say on the Cedar side, the price is flat to up.

但如果與去年秋季進行比較，比較起來很容易，但也更具挑戰性，因為去年我們的一些六旗公園與我們現在提供的項目並不一定完全協調。我想說，就 Cedar 而言，價格持平或上漲。

On the Six side, it's going to vary a little bit across the good, better, best menu. But I would say at the gold and prestige, more of the incentive, if you want to call it, incentive is in the value add, not in a price reduction.

在六個方面，好、更好、最佳菜單會略有不同。但我想說的是，黃金和聲望的更多激勵，如果你願意這樣稱呼的話，激勵在於增值，而不是降價。

Okay. Understood. And then maybe I could just follow up on the second half guidance for attendance, assuming a normalized weather environment, obviously, a crapshoot you to predict weather. But is a normalized comparison against last year. I believe October was a great weather month for you. Is there some expectation that you are assuming that, that replicates the same way or a more normalized version would be kind of like over a longer period of time? Thank you.

好的。明白了。然後，也許我可以按照下半年的出勤率指導進行操作，假設天氣環境正常，顯然，預測天氣是一場賭博。但與去年相比，這是一個正常化的比較。我相信十月對你來說是一個天氣很好的月份。您是否假設某種預期，以相同的方式複製，或者更規範化的版本會在較長的時間內出現？謝謝。

Yeah. I think as it relates to weather, you're exactly right. We're not -- while we spend an ending amount of time focused on it. It's not something that we're experts in or can predict with 100% accuracy. And so as we think about the comparison or whether over the balance of this year, it's not -- it's more so Thomas, to last year on a comparable basis, meaning -- last year, we had some good weather.

是的。我認為就天氣而言，您說得完全正確。我們並沒有——儘管我們花了大量的時間專注於此。這不是我們擅長的領域，我們也無法 100% 準確地預測它。因此，當我們考慮比較或考慮今年的餘額時，它不是 - 它更像是托馬斯，與去年相比，這意味著 - 去年，我們的天氣很好。

As you noted in October, we had some challenging weather, particularly the last 7 to 10 days of September and a little bit as we got into -- deeper into the fourth quarter. We would expect that there's going to be good and bad this year.

正如您在十月份提到的那樣，我們遇到了一些具有挑戰性的天氣，特別是九月份的最後 7 到 10 天以及進入第四季度後的情況。我們預計今年會有好有壞。

It's not that we're looking for ideal or we're expecting the five weeks of October last year to replicate itself exactly this year, helping to offset it, as I mentioned earlier on the call, we're adding some days and even in the process of reviewing the opportunity for more days here or there if demand levels warranted. And so that provides us a little bit of insurance to the downside if weather were to be markedly worse during a key week or weekend than it was last year.

這並不是說我們期望理想的情況，或者我們期望去年 10 月的五週在今年完全重現，以幫助抵消它，正如我之前在電話會議上提到的那樣，我們正在增加一些天數，甚至在審查機會的過程中，如果需求水平有必要，可以在這裡或那裡增加更多天數。因此，如果在關鍵的一周或週末，天氣狀況明顯比去年更糟糕，這能為我們帶來一些保障。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

You're welcome.

不客氣。

And that concludes our question-and-answer session. I will now turn the call back over to Richard Zimmerman for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給理查德·齊默爾曼，請他作最後發言。

Thanks, everybody, for joining us on today's call. For those of you who are unable to visit Cedar Point during our Investor Day, we hope you'll have a chance to visit one of our parks in your area before the end of the '25 season. Excited for you to see many of the improvements we've made since the completion of the merger.

感謝大家參加今天的電話會議。對於那些無法在投資者日期間參觀雪松點的人來說，我們希望您有機會在 25 年賽季結束之前參觀您所在地區的一個公園。很高興您看到我們自合併完成以來所取得的許多改進。

On our next earnings call in early November, we'll update you on our performance of our parks during the busy Halloween season which should produce once again some of our biggest days of the year. Meantime, we'll keep you posted on other developments as things develop. Michael?

在 11 月初舉行的下一次收益電話會議上，我們將向您通報我們公園在繁忙的萬聖節期間的表現，這一天應該會再次成為我們一年中最重要的日子。同時，我們會隨時向您通報事態發展的其他進展。麥可？

Thanks, Richard. Please feel free to contact our IR department at 419-627-2233. As Richard mentioned, our next earnings call will be in November after the release of our of 2025 third quarter results. Rob, that concludes today's call. Thanks, everyone.

謝謝，理查。請隨時撥打我們的 IR 部門電話 419-627-2233。正如理查德所提到的，我們的下一次收益電話會議將在 2025 年第三季業績發布後的 11 月舉行。羅布，今天的通話到此結束。謝謝大家。

Thank you, everyone, for your participation. You may now disconnect.

謝謝大家的參與。您現在可以斷開連線。