Six Flags Entertainment Corp (FUN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Six Flags Entertainment Corporation 2026 first quarter earnings call. (Operator Instructions)

各位女士、先生，感謝您耐心等候。我叫 Desiree，今天將擔任本次電話會議的接線員。此刻，我謹代表大家歡迎各位參加六旗娛樂公司（Six Flags Entertainment Corporation）2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Six Flags' management for opening remarks. Go ahead, please.

現在我想將電話交給六旗管理團隊進行開場致詞。請開始。

Good morning, and welcome to Six Flags Entertainment Corporation's first-quarter 2026 earnings conference call. I'm Michael Russell, Six Flags' Head of IR. On the call with me today are John Reilly, President and Chief Executive Officer; Brian Witherow; and Dave Hoffman, Chief Accounting Officer and Interim Finance Lead.

早安，歡迎參加六旗娛樂公司 2026 年第一季財報電話會議。我是 Michael Russell，六旗投資人關係主管。今天與我一同出席的有總裁兼執行長 John Reilly、Brian Witherow，以及首席會計官兼臨時財務負責人 Dave Hoffman。

Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Please refer to our earnings release and SEC filings for a discussion of those risks.

在開始之前，我想提醒各位，本次電話會議中所做的某些陳述可能屬於前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與所述內容存在重大差異。有關這些風險的討論，請參閱我們的財報新聞稿與向美國證券交易委員會（SEC）提交的文件。

Today's call will begin with prepared remarks from John, followed by Dave. After which, John will return for closing remarks. We will then open the call for questions.

今天的電話會議將先由 John 發表準備好的談話，接著由 Dave 發言。之後，John 將回來做結語。接著我們將開放提問。

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

那麼，我把電話交給 John。John？

Thank you, Michael, and good morning. Before discussing the quarter, I want to address the leadership changes we announced this morning.

謝謝你，Michael，早安。在討論本季表現之前，我想先談談我們今天早上宣布的領導團隊變動。

We have made targeted adjustments across key areas of our senior leadership team, including finance, administration, and marketing, to better align our organization with our strategic priorities going forward. We thank Brian for his many years of service and contributions to this company.

我們已在高階領導團隊的關鍵領域進行有針對性的調整，包括財務、行政與行銷，以便讓組織在未來能更好地與我們的策略重點對齊。我們感謝 Brian 多年來對公司的服務與貢獻。

Dave Hoffman, our Chief Accounting Officer, will step in on a temporary basis to lead the finance organization. I am confident Dave will help make this a smooth transition.

我們的首席會計官 Dave Hoffman 將暫時接手領導財務組織。我相信 Dave 將協助確保這次交接順利進行。

Since stepping into the role of CEO, I've worked with the team to take deliberate actions to strengthen the company's strategic and financial positioning, including the sale of non-core assets, monetization of excess land, and refinancing of our balance sheet. These actions, together with the leadership actions we are implementing, position us to execute against our core operating objectives.

自我接任執行長以來，我與團隊採取了一系列審慎行動，以強化公司的策略與財務定位，包括出售非核心資產、將多餘土地變現，以及對資產負債表進行再融資。這些行動，加上我們正在推動的領導層措施，使我們更有利於落實核心營運目標。

Turning to the quarter. We delivered meaningful year-over-year improvement, driven by higher attendance, increased guest spending, and disciplined cost management. While the first quarter is seasonally limited, with only a subset of parks open, including our parks in California, Mexico, and Texas, the strong first-quarter results demonstrate the resilience of our operating model and progress against our priorities.

接著談本季表現。在入園人次增加、遊客消費提升以及嚴謹的成本管理帶動下，我們實現了顯著的年對年改善。雖然第一季受季節性影響、僅有部分園區開放（包括我們在加州、墨西哥與德州的園區），但強勁的第一季成果展現了我們營運模式的韌性，以及在重點事項上的進展。

Before getting into the drivers of the quarter, I do want to acknowledge that results benefited from the earlier timing of Easter and spring break, as well as more normalized operating conditions in California relative to the disruption that we experienced in the prior year. While these factors helped, first-quarter performance also reflects the cumulative impact of the foundational work we have put in place over the past year.

在深入說明本季驅動因素之前，我也要指出，業績受惠於復活節與春假時間較早，以及相較去年遭遇的干擾，今年加州的營運狀況更趨正常化。儘管這些因素有所助益，第一季的表現也反映了我們過去一年所建立之基礎工作的累積成效。

This includes the integration of our ticketing platforms, enhancements to our digital and commercial capabilities, and operational improvements across our parks. Together, these efforts are driving measurable gains in consumer engagement and demand.

其中包括整合我們的售票平台、強化數位與商業能力，以及在各園區推動營運改善。這些努力共同帶動了消費者互動與需求的可衡量提升。

A key component of that progress has been our decision to allocate additional resources to our revenue management efforts, supported by enhancements to our consumer-facing digital platforms. As part of this initiative, we have embedded pricing and revenue management expertise into the organization and redesigned our platforms to better guide guests toward the best value for their needs.

上述進展的一個關鍵組成，是我們決定在收益管理工作上投入更多資源，並以面向消費者的數位平台升級作為支撐。作為此項計畫的一部分，我們已將定價與收益管理專業能力嵌入組織，並重新設計平台，以更好地引導遊客找到最符合其需求的最佳價值方案。

In the first quarter, we saw the benefits in higher conversion rates, improved capture, and increased migration toward higher value season pass products. New for 2026, we've introduced regional access benefits across select pass tiers, allowing guests to visit multiple parks within a defined region. This new regional pass offering is gaining traction as guests are demonstrating a clear preference for greater flexibility and broader access, driving product upgrades and increased cross-park visitation.

在第一季，我們看到更高的轉換率、更佳的攫取率（capture），以及更多消費者轉向更高價值的季票產品。2026 年的新措施是，我們在部分通行證等級中推出區域通行權益，讓遊客可在特定區域內造訪多座園區。這項新的區域季票方案正逐步獲得市場動能，因為遊客明顯偏好更高的彈性與更廣的可用範圍，進而帶動產品升級與跨園區造訪增加。

We are encouraged by the early response, including improved pass sales trends, a more favorable product mix, and strong guest interest in visiting more than one park. The regional pass has also enabled us to enter the core of the season with a larger and more engaged pass and membership base, which we expect will support visitation and spending through the peak operating period.

我們對早期反應感到鼓舞，包括季票銷售趨勢改善、產品組合更有利，以及遊客對造訪多座園區的強烈興趣。區域季票也使我們能在旺季開始時，擁有更大且更投入的季票與會員基礎，我們預期這將在營運高峰期支撐入園與消費。

Once guests arrive at our parks, we saw strong in-park spending trends during the quarter, reflecting the earlier timing of the Knott's Boysenberry Festival, a high per cap event; as well as improved food and beverage offerings and higher park utilization, driving incremental ancillary spend.

當遊客進入園區後，本季我們看到園內消費趨勢強勁，反映出 Knott's Boysenberry Festival（諾氏莓果節）這類高人均消費活動的舉辦時間較早；同時餐飲供應改善與園區使用率提升，也帶動了額外的附加消費。

To restore localized decision-making, we have reintroduced park presidents at our largest parks. We've done this to improve accountability, accelerate decision-making, and drive greater consistency across the portfolio.

為了恢復在地化決策，我們已在最大型的園區重新設置園區總裁職位。此舉旨在提升責任歸屬、加速決策，並推動整體園區組合更高的一致性。

We remain disciplined in our capital allocation. Our priority is to invest in parks that offer the highest returns, particularly at our larger properties, with a focus on enhancing the guest experience through targeted investments in rides, food and beverage, and the overall environment.

我們在資本配置上仍保持紀律。我們的優先事項是投資於能帶來最高報酬的園區，特別是較大型的資產，並聚焦於透過對遊樂設施、餐飲與整體環境的精準投資來提升遊客體驗。

Residual free cash flow will be directed toward operations and toward debt reduction. As an extension of this strategy, we have completed the sale of select parks and progressed on the sale of non-core land assets. These actions are expected to enhance margins, sharpen focus, and improve returns to shareholders.

剩餘自由現金流將用於營運以及償還債務。作為此策略的延伸，我們已完成出售部分園區，並推進非核心土地資產的出售。預期這些行動將提升利潤率、聚焦核心並改善股東報酬。

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

接下來，我把電話交給 Dave。Dave？

Thanks, John. For the first quarter, attendance increased 4%, per capita spending increased 6%, and net revenue increased 12% compared to the prior year. Through April, which normalizes for the Easter shift, trends in attendance and revenue remained positive.

謝謝你，John。第一季入園人次年增 4%，人均消費年增 6%，淨營收較去年同期成長 12%。截至 4 月（已就復活節時間移動進行常態化調整），入園與營收趨勢仍維持正向。

Our teams also delivered strong cost control, with first-quarter operating costs down meaningfully year over year. Taken together, we drove a $48 million improvement in adjusted EBITDA, reflecting improvements across demand, guest spending, and cost discipline. Performance was driven by pricing and product structure changes, improved marketing and messaging, and strong in-park operations.

我們的團隊也展現強勁的成本控管，第一季營運成本較去年同期顯著下降。綜合而言，我們推動調整後 EBITDA 改善 4,800 萬美元，反映需求、遊客消費與成本紀律等面向的提升。表現主要由定價與產品結構調整、更佳的行銷與訊息傳遞，以及強勁的園內營運所帶動。

Consistent with John's remarks, we are seeing the impact of our pricing and revenue management initiatives contributing to improved pricing and product mix. This is reflected in the 3% increase in admissions per capita and the 10% increase in in-park product per capita spending, achieved alongside attendance growth, underscoring the quality of demand.

與 John 的談話一致，我們看到定價與收益管理計畫的成效，正促成更佳的定價與產品組合。這反映在門票人均收入提升 3%，以及園內產品人均消費提升 10%；且是在入園人次成長的同時達成，凸顯需求品質。

We strengthened our balance sheet during the quarter through refinancing, improved liquidity, and extending maturities. May and June are key selling periods for our season pass and membership products, and we expect greater visibility into full season trends as we move through those months.

本季我們透過再融資、提升流動性並延長到期日，強化了資產負債表。5 月與 6 月是季票與會員產品的關鍵銷售期，隨著我們走過這幾個月份，預期將對全季趨勢有更高的能見度。

Finally, we completed the sale of select non-core parks during the quarter and have provided additional details within the earnings release to assist with modeling those disposals.

最後，我們在本季完成出售部分非核心園區，並在財報新聞稿中提供更多細節，以協助各位在模型中反映這些處分交易。

As we think about the first quarter, it's important to keep a few factors in mind. Results benefited from timing and more normalized operating conditions in California. It's also important to remember that only a portion of our parks are open in the first quarter.

在回顧第一季時，有幾個因素需要留意。業績受惠於時間因素以及加州較為正常化的營運狀況。同時也要記得，第一季僅有部分園區開放。

As such, the quarter represents approximately 6% to 8% of full-year attendance and revenues, and the company usually operates at a loss in the first quarter because most of our seasonal parks are closed. As a result, we would caution against extrapolating first-quarter performance to the full year.

因此，本季約占全年入園人次與營收的約6%至8%，且公司通常在第一季呈現虧損，因為我們多數季節性樂園在第一季期間仍處於關園狀態。因此，我們提醒各位不要將第一季的表現直接外推至全年。

Lastly, we are not providing formal earnings guidance or long-term targets at this time. Instead, we are focused on consistent execution across the operating levers that drive long-term value.

最後，我們目前不提供正式的盈餘指引或長期目標。相反地，我們專注於在推動長期價值的各項營運槓桿上，持續且一致地落實執行。

We believe investors are best served by transparency around demand trends, per capita spending, cost discipline, liquidity, and capital structure, areas where we have strong visibility and are already seeing progress. While we're not providing guidance, we remain committed to regular, transparent communication.

我們認為，對需求趨勢、人均消費、成本紀律、流動性與資本結構等面向保持透明，最能服務投資人；這些領域我們具備高度能見度，且已經看到進展。雖然我們不提供指引，但我們仍致力於定期且透明的溝通。

As the season unfolds and visibility improves, we will continue to provide clear, qualitative context around performance trends, key initiatives, and progress against our strategic priorities.

隨著旺季展開、能見度提升，我們將持續就績效趨勢、關鍵計畫，以及在策略優先事項上的進展，提供清楚的定性說明。

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

接下來，我把電話交回給John。

Thanks, Dave. Before we move to closing remarks, I'll ask Brian to share a few brief comments.

謝謝，Dave。在我們進入結語之前，我先請Brian分享幾點簡短的看法。

Thanks, John. As this is my final earnings call, I want to say what an honor it has been to serve as the CFO of Six Flags and our predecessor company, Cedar Fair.

謝謝，John。由於這是我最後一次參與財報電話會議，我想說，能夠擔任六旗（Six Flags）以及我們前身公司Cedar Fair的財務長（CFO），是我的榮幸。

Over the last 31-plus years, I've had the opportunity to work with an incredible group of colleagues; execute numerous M&A transactions, including the most important merger in our industry; and lay the foundation for the future of the new Six Flags. I'm proud of everything we've accomplished during that time, and I'm confident that Six Flags is well positioned to continue to succeed and provide engaging and entertaining experiences for our guests for years to come.

在過去31年以上的時間裡，我有機會與一群傑出的同事共事；執行多起併購交易（M&A），其中包括我們產業中最重要的合併案；並為新六旗的未來奠定基礎。我為這段期間我們所完成的一切感到自豪，也相信六旗已具備良好定位，能在未來多年持續成功，並為賓客提供引人入勝且富娛樂性的體驗。

John?

John？

Thank you, Brian. We appreciate your contributions, and we wish you our best.

謝謝你，Brian。我們感謝你的貢獻，也祝你一切順利。

Turning to the quarters ahead. We are entering the most important part of our operating season with encouraging early momentum, particularly around consumer demand. And we're excited about our new park offerings. Our 2026 capital program was highlighted by the addition of Tormenta, the world's tallest dive coaster at Six Flags Over Texas; as well as the return of MonteZOOMa at Knott's Berry Farm, one of the park's iconic attractions.

接著談談接下來幾季。我們正進入營運季中最重要的階段，且早期動能令人鼓舞，尤其是在消費者需求方面。我們也對新的園區內容感到興奮。我們2026年的資本計畫亮點包括：在德州六旗（Six Flags Over Texas）新增Tormenta——全球最高的俯衝式雲霄飛車；以及在諾氏莓果樂園（Knott's Berry Farm）讓園區的經典設施MonteZOOMa回歸。

Meanwhile, we're focused on the family market at Six Flags Great Adventure in New Jersey with the first phase of a new boardwalk area and, at Six Flags Magic Mountain north of Los Angeles, with the introduction of Looney Tunes Land, a fully reimagined themed area that will be the home of our Looney Tunes characters, including Bugs Bunny, Daffy Duck, and others. These park enhancements are aimed at expanding our addressable audience and complementing the park's core thrill business.

同時，我們在新澤西的六旗大冒險（Six Flags Great Adventure）聚焦家庭市場，推出全新木板步道區的第一期；而在洛杉磯北方的六旗魔術山（Six Flags Magic Mountain），我們推出Looney Tunes Land——一個全面重新打造的主題區，將成為我們樂一通（Looney Tunes）角色的家，包括兔巴哥（Bugs Bunny）、達菲鴨（Daffy Duck）等。這些園區升級旨在擴大我們可觸及的受眾，並與園區核心的刺激型遊樂業務相輔相成。

At King'\s Island, our new Phantom Theater experience blends immersive storytelling, animatronics, and multi-sensory effects to create a highly engaging indoor attraction. And earlier this week, we announced plans to expand the entertainment offerings at three parks, including a reimagined lineup of summertime shows at Kings Dominion and the return of Holiday in the Park at Six Flags Great Adventure and Six Flags Over Georgia. These are strategic decisions based on thorough analysis and consumer research.

在King'\s Island，我們全新的Phantom Theater體驗結合沉浸式敘事、機械動畫（animatronics）與多感官效果，打造高度吸引人的室內景點。而在本週稍早，我們宣布計畫擴增三座樂園的娛樂內容，包括Kings Dominion重新打造的夏季表演陣容，以及六旗大冒險（Six Flags Great Adventure）與喬治亞六旗（Six Flags Over Georgia）「Holiday in the Park」活動的回歸。這些都是基於全面分析與消費者研究所做出的策略性決策。

Strategically, these types of offerings broaden our reach. They allow us to attract guests who may not typically visit during our traditional operating season, while reinforcing the value of our season pass and membership programs by extending the number of meaningful use opportunities throughout the year.

在策略上，這類內容能擴大我們的觸及範圍。它們讓我們能吸引那些在傳統營運季期間未必會造訪的賓客，同時透過延長全年有意義的使用機會，強化季票與會員方案的價值。

As our seasonal parks have begun to open, we're encouraged by the positive trends we're seeing in both consumer demand and operational execution. While we are still early in the season, the momentum we are building reflects the actions we've taken across pricing, product design, and park-level execution.

隨著我們的季節性樂園開始開園，我們對消費者需求與營運執行兩方面所呈現的正向趨勢感到鼓舞。雖然目前仍在旺季初期，但我們正在建立的動能反映了我們在定價、產品設計與園區端執行上的各項作為。

As we move through the year, we're mindful of several dynamics, including more competitive comparisons related to last year's marketing activity, promotional cadence, and early cost synergy benefits. These are factors we understand well and have planned for, and they are embedded in how we are managing the business going forward.

隨著我們推進全年，我們也留意幾項動態，包括與去年行銷活動、促銷節奏，以及早期成本協同效益相關的較具競爭性的比較基期。這些因素我們非常了解並已納入規劃，也已反映在我們未來的營運管理方式之中。

Against this backdrop, we remain focused on disciplined execution. We believe the underlying improvements we've made across demand generation, monetization, and cost control position us well to navigate these dynamics and continue building momentum through the balance of the season. More importantly, we believe these actions are strengthening the foundation of the business in a way that supports sustainable growth, margin expansion, and long-term value creation.

在此背景下，我們仍專注於有紀律的執行。我們相信，我們在需求創造、變現能力與成本控管方面所做的底層改善，使我們能妥善因應這些動態，並在本季剩餘期間持續累積動能。更重要的是，我們相信這些行動正以支持永續成長、利潤率擴張與長期價值創造的方式，強化公司的基礎。

Operator, that concludes our prepared remarks. Dave and I are ready for questions.

接線員，我們的事先準備發言到此結束。Dave和我已準備好回答問題。

(Operator Instructions) Ben Chaiken, Mizuho.

（接線員指示）Ben Chaiken，瑞穗（Mizuho）。

And Brian, best of luck. It's been great. On the operating day strategy, the operating day is, year to date, down year over year, I would imagine part of the strategy -- that's part of the strategy to help control costs. I guess, how do you think about operating days for the remainder of the year and other opportunities to control costs? And then one quick follow-up.

Brian，祝你未來一切順利。這段時間很棒。關於營運日策略，截至目前營運日數較去年同期下降；我想這是策略的一部分——也是為了協助控管成本。我想問的是，你們如何看待今年剩餘期間的營運日安排，以及其他控管成本的機會？另外我還有一個簡短的追問。

Sure. Ben, this is John; and I'll start out here. So we approached this issue market by market. And some of the efficiency we saw in January benefited also on the cost side, and then we were pleased with the results, the attendance per day as we talked about earlier.

當然。Ben，我是John；我先回答。我們是以各市場逐一評估的方式來處理這個議題。我們在一月看到的一些效率提升，也在成本端帶來效益；同時我們也對結果感到滿意，尤其是如先前所提到的每日入園人次。

So we'll approach this with agility as we go forward. And even in Q1, for example, we were adding days in Mexico City while we were adjusting the other way for some of the parks. Part of that dynamic in the first quarter is the loss of the winter events just to carry over the first week in January.

因此，接下來我們會以更靈活的方式來因應。例如在第一季，我們在墨西哥城增加了營運日，同時對部分樂園則往相反方向調整。第一季的部分動態，來自冬季活動僅延續到一月第一週，之後就結束了。

And then going forward, I'll turn this over to Dave. And he has the numbers for you for the year to go.

接下來，我把問題交給Dave。他會提供你今年剩餘期間的相關數字。

Morning, Ben. This is Dave. So you read the 24-day reduction in Q1. We expect to remove another 16 days in Q2 and then add 60 days in the balance of the year. So overall, we'd expect to add 20 days to the calendar. You know that that is subject to change as we get deeper into the year, but that's what the plan is.

早安，Ben。我是Dave。你提到第一季減少24天。我們預期第二季再減少16天，然後在今年剩餘期間增加60天。因此整體而言，我們預期行事曆將淨增加20天。你也知道，隨著我們進入年度更後段，這仍可能調整，但目前的計畫是如此。

Okay, that's very helpful. And then just one question on the 1Q and the year to date. I know you mentioned in the prepared remarks that Easter, I believe you said, was a benefit to 1Q. I think just stepping back and thinking historically, I would imagine that Easter being earlier was a marginal headwind to the year-to-date attendance numbers, just given the seasonality around park openings.

好的，這非常有幫助。另外關於第一季與截至目前的表現，我知道你們在事先準備的發言中提到復活節，我記得你說復活節對第一季有幫助。但如果退一步從歷史角度來看，我會想像復活節較早其實會對截至目前的入園人次造成些微逆風，因為樂園開園具有季節性。這樣的邏輯對嗎？

Is that correct, like that logic? And then if so, how much -- do you have a ballpark or a round number of what that impact was on a year-to-date standpoint, recognizing that you said it was a benefit to 1Q specifically?

如果是的話，影響大概有多少——你們是否能提供一個大致或整數的估計，從截至目前的角度來看？同時也理解你剛才說它對第一季本身是有利的。

Yeah, we don't -- I don't know that we would characterize the timing of it as a headwind at all. I think it can be a headwind when it's very early, like in March. But it just happened to be very late in 2025, so the April comparisons give us comfort that we navigated through the March plus April comps favorably.

是的，我們不會——我不確定我們會把它的時點描述為任何逆風。我認為當它非常早、例如在三月時，可能會形成逆風。但它剛好在 2025 年非常晚才發生，所以四月的比較讓我們有信心，我們有利地度過了三月加四月的同店比較。

Steve Wyszynski, Stifel.

Steve Wyszynski，Stifel。

So John, I want to ask about the cost structure. I mean, that was a pretty big surprise in the quarter. And I understand there are gives and takes in terms of year-over-year comparability. But wondering if you can help us think about the longer-term margin opportunity in terms of what you see as you work your way into that job, John -- I'd say, especially now with some of the lower margin parks removed from the portfolio.

所以 John，我想問一下成本結構。我是說，這一季這點相當令人意外。我也理解在年對年可比性方面有一些此消彼長的因素。但想請你幫我們思考一下較長期的利潤率機會：就你在逐步進入這個職位、John——我會說，特別是現在投資組合中一些較低利潤率的園區已被移除——你所看到的情況而言。

So the cost work that we've been able to execute on is part of a plan that we've implemented in the company. And we have various levers, including organizational changes in our corporate offices. In Charlotte and in Arlington, we've made changes there while supplementing the parks. That's one key lever.

我們能夠推動並落實的成本工作，是公司已經實施的一項計畫的一部分。我們有多個槓桿可用，包括在公司總部辦公室的組織調整。在夏洛特與阿靈頓，我們在補強園區的同時也做了調整。這是一個關鍵槓桿。

We did benefit somewhat from changes that were made in '25 in Q1. And then we have since executed other changes, as I said, reducing the overhead centrally and increasing the resources at the park level for a net reduction.

我們確實在第一季部分受益於 25 年所做的變更。之後我們也如我所說執行了其他變更，透過在中央端降低管理費用，同時在園區層級增加資源，最終達成淨額下降。

We see considerable opportunity on the procurement front going forward. We've engaged in calls and negotiations with our top 75 vendors, and then we have begun outreach to the next 400 vendors to really remind them of the scale of what we offer as North America's largest regional operator, the benefit of working with us on our contracts; and asking them for help and efficiencies.

展望未來，我們在採購方面看到相當大的機會。我們已與前 75 大供應商進行通話與談判，並開始接觸接下來的 400 家供應商，主要是要提醒他們：作為北美最大的區域型營運商，我們提供的規模，以及與我們簽約合作的好處；同時也請他們協助提供改善與效率。

The early returns have been encouraging, but we have a lot of -- we believe we have a lot of opportunity to mine on the procurement front. And then there's a number of other initiatives we talked in the last quarter about automation and efficiency and ideas from the field.

初步回饋令人鼓舞，但我們在採購端仍有——我們相信仍有很多機會可以深挖。此外，還有一些其他的倡議，我們在上一季也談到自動化、效率提升，以及來自第一線的想法。

We are executing on those ideas now as well that should yield cost savings going forward. And I think also, the structure where we have park presidents now is going to help accelerate the impact of those kinds of initiatives.

我們現在也在執行這些想法，未來應可帶來成本節省。我也認為，現在我們設置了園區總裁的架構，將有助於加速這類倡議的成效。

And then to conclude, I would just go back up to something that we also said last quarter. Look, in 2025, we finished at 27% EBITDA margin. Clearly, it was a difficult year. But to have the scale that we have and to be at 27%, we said before, is not something that we accept. And we're working hard to improve upon it.

最後總結一下，我想回到我們上一季也提到的一點。你看，2025 年我們的 EBITDA 利潤率是 27%。顯然，那是艱難的一年。但以我們的規模而言，利潤率只有 27%，我們之前就說過，這不是我們能接受的。我們正在努力改善。

And you can see the comps in the industry. But certainly, in the 30% ranges, 30%-plus ranges, it's proven that regional operators cannot execute in that space. So we see opportunity. We're not going to put a number on it, but we're unhappy with 27%. And we have a plan to improve it over time.

你也可以看到同業的同儕比較。但可以確定的是，在 30% 左右、甚至 30% 以上的區間，已經證明區域型營運商是可以做到的。所以我們看到機會。我們不會給出一個具體數字，但我們對 27% 不滿意。而且我們有一個計畫，會隨時間推進來改善。

Thanks for that, John. And then second question, I want to ask about the entire park portfolio at this point. I mean, obviously, you guys have sold a number of parks over the past couple of months. And I'm wondering, as you look across the portfolio at this point, John, if you see other opportunities to -- whether it's sell or shut down underperforming parks. And then maybe help us think about what, in your mind, the number of parks is eventually going to look like over the longer-term.

謝謝你，John。第二個問題，我想問目前整體園區投資組合的情況。我是說，很明顯你們在過去幾個月賣掉了不少園區。我想知道，John，當你現在檢視整個投資組合時，是否看到其他機會——不論是出售或關閉表現不佳的園區。另外也請你幫我們思考一下，從長期來看，你心目中最終園區數量大概會是什麼樣子。

Yeah, thanks. So we executed on what we said we would, which is the sale of six parks that have been closed in the US. That were some of our smaller parks, and then we have Montreal that we expect to close in the second quarter. So we've executed on what we said.

好的，謝謝。我們已經按我們所說的去執行，也就是出售美國境內已關閉的六座園區。那些是我們較小的園區；另外還有蒙特婁，我們預期會在第二季關閉。所以我們已經做到我們說過的事。

The first thing I think is important to say that we said to our consumers and our pass members and our prospective visitors is that we have no other plans in 2026. If you're buying a pass, if you're thinking about a pass, the portfolio is the portfolio. And we're focused on the summer and execution. I think that's a very important message for people who want to come and experience the summer in our parks.

我認為首先重要的是，我們已向消費者、年票會員以及潛在訪客說明：我們在 2026 年沒有其他計畫。如果你正在買年票、或正在考慮年票，投資組合就是目前這個投資組合。我們專注在夏季以及執行。我認為這對想來我們園區體驗夏季的人而言，是非常重要的訊息。

That said, we are seeing the benefits of focus. Since the disposal of the six parks and the pending sale of Montreal, we're seeing the benefits of focus in our strategy. And we're really focused on execution, on demand generation, on pricing and operational execution.

話雖如此，我們確實看到了聚焦所帶來的效益。自從處分六座園區、以及蒙特婁待售之後，我們在策略上看到了聚焦的好處。我們非常專注在執行、需求創造、定價以及營運執行。

And the more we can focus that on the highest yield parks, the biggest parks, the better off we'll be. So we'll approach this with flexibility, and we'll be willing to look at it again in the future.

而我們越能把這些聚焦在收益最高的園區、規模最大的園區，我們的狀況就會越好。因此我們會以更具彈性的方式來看待這件事，未來也願意再重新檢視。

James Hardiman, Citi.

James Hardiman，花旗。

I wanted to start out by saying, Brian, it's been a pleasure working with you and learning from you through the years. I want to say you'll be missed, and good luck with the next chapter.

我想先說，Brian，這些年能與你共事並向你學習是一件很愉快的事。我想說你會被想念，也祝你下一段旅程一切順利。

Thanks, James.

謝謝你，James。

Sure thing. And then so following up on the previous line of questioning, the slimmed down portfolio, looks like, from some of the disclosures here, you're losing about 10% to 11% of attendance, only about 6% of EBITDA. Maybe help us think through the cash flow implications of that slimmed down portfolio, both quantitatively, if you can give us sort of updated numbers in terms of CapEx and interest and taxes; but then qualitatively, right, that renewed focus on the parts that really moved the needle.

當然。接著延續前一個問題，精簡後的投資組合，從這裡的一些揭露看起來，你們大約會少 10% 到 11% 的入園人次，但 EBITDA 只少大約 6%。也許請你幫我們思考這個精簡後投資組合對現金流的影響：量化上，如果可以的話，請提供一些更新的數字，例如資本支出、利息與稅負；以及質化上，對那些真正能帶來關鍵影響的部分重新聚焦。

I'm assuming you can now dedicate more of the CapEx budgets to what's left and hopefully what could get those incremental returns and ideally drive incremental offside from what's left. But maybe walk us through some of those items.

我假設你們現在可以把更多資本支出預算投入到留下來的園區，希望能取得那些增量回報，理想情況下也能從剩餘資產中帶來更多增量上行。但也請帶我們走一遍其中一些項目。

So James, this is John. We did provide a table in the earnings release that walks you through that quarter by quarter for the year -- the revenue, the EBITDA impact quarter by quarter because we know that's something that will be important as you model our performance.

James，我是 John。我們在財報新聞稿中確實提供了一張表，按季度逐一帶你看今年的情況——收入以及 EBITDA 的季度影響，因為我們知道這會是你在建立我們業績模型時很重要的資訊。

The -- you're correct. And I think we had it on the earlier question, too, that it can help drive margin improvement because these are generally lower margin parks than our higher-scale parks. Additionally, with CapEx allocation, the way you characterized it is, I think, generally accurate that this gives us more flexibility with CapEx toward parks with higher returns.

你——你說得沒錯。而且我想我們在前一個問題也提到，這有助於推動利潤率改善，因為這些園區一般而言相較於我們規模更大的園區，利潤率較低。另外，在資本支出配置方面，你的描述我認為大致正確：這讓我們能更有彈性地把資本支出投向回報更高的園區。

So we see it in the same way. If there's a specific, I guess, cash flow or tax question, I think Dave can take that.

所以我們的看法也一樣。如果有更具體的現金流或稅務問題，我想 Dave 可以回答。

I guess I would just reiterate. It's really more about reallocating to higher return parks. So just calling out some of the numbers, James, we're still expecting $425 million to $450 million of CapEx for the year. The first-quarter CapEx was a little bit lighter than that, just given the cadence of some of the projects, but we still expect to get within that range.

我想我只會再重申一次。這其實更關乎把資本重新配置到回報更高的樂園。所以點出一些數字，James，我們仍預期今年的資本支出（CapEx）為4.25億至4.50億美元。第一季的CapEx稍微低一些，主要是因為部分專案的進度節奏，但我們仍預期會落在該區間內。

Cash interest is still expected to be $300 million to $320 million, and that includes the impact of the refinancing, of course. And we expect cash taxes to be somewhere in the neighborhood of $25 million to $30 million for the year, and that's before consideration of a significant income tax refund that we claimed on the most recent tax return.

現金利息仍預期為3.00億至3.20億美元，當然也包含再融資的影響。我們預期今年的現金稅負大約在2,500萬至3,000萬美元左右，而且這還未納入我們在最近一次報稅中申請的一筆可觀所得稅退稅。

Got it. That's all really helpful color. And then, I guess, specifically, as we think about the 2Q opportunity, looking back to last year, that's really when the wheels fell off. Obviously, on the attendance side, you guys had impossibly difficult weather as we think about late May and into June. But also on the cost side, if memory serves, you really leaned into marketing with a significant amount of discretionary spending in the second quarter.

了解。這些補充資訊都非常有幫助。接著我想更具體談談第二季（2Q）的機會；回頭看去年，那正是狀況急轉直下的時候。很明顯，在入園人次方面，去年5月下旬到6月的天氣極端不利。但在成本端，如果我沒記錯，你們在第二季也大幅加碼行銷，投入了相當多的可自由裁量支出。

Is there a way to think about once we lap those two items? Obviously, we won't really know what the weather is until we get there. But is there a way to think about, I don't know, operating costs year over year in the second quarter or as a percentage of sales, however you guys think about it?

當我們把這兩個因素都「跨過比較基期」之後，有沒有一種思考方式？當然，天氣要到時候才會知道。但有沒有方法去看，例如第二季營運成本的年對年變化，或占營收比重之類的，你們通常怎麼看？

What's the cost opportunity in 2Q and where would you like to see the active pass base heading into the second half? Obviously, that was another big part of why the second half of last year was such a struggle just being so far behind in active pass base.

第二季的成本改善空間在哪裡？以及你們希望在進入下半年前，活躍通行證（active pass）基礎能到什麼水準？顯然，去年下半年之所以那麼艱難，另一個很大的原因就是活躍通行證基礎落後太多。

Sure, James. This is John, and I'll take that. So although we won't -- we aren't going to guide a cost number for Q2 or for remainder of year, I'll make just a couple of points.

好的，James。我是John，我來回答。雖然我們不會提供第二季或全年剩餘期間的成本指引數字，但我想提幾點。

Number one, as we mentioned in the context of Q1, we have a cost savings program and efficiency program underway, I've been very encouraged by the receptivity of our team, by their execution, by their willingness to embrace targets with guardrails in specific areas. And so we're executing on that. We will continue to execute in Q2.

第一，如同我們在第一季的脈絡中提到的，我們正在推動一項節省成本與提升效率的計畫。我對團隊的接受度、執行力，以及他們願意在特定領域、在設有護欄（guardrails）的前提下承擔目標，感到非常鼓舞。因此我們正在落實執行。第二季我們也會持續推進。

On the comments that we made at the beginning of the call to your marketing question for the second part is, yes, there was a big spend in marketing last year in Q2. And we've listed that as one of the factors that we need to we need to think about the comps going into Q2. So it will be agile in terms of our approach to that.

至於你提到行銷的問題，我們在電話會議一開始也有提到：是的，去年第二季行銷支出很大。我們也把這列為進入第二季時需要納入比較基期（comps）考量的因素之一。因此我們在做法上會保持敏捷、彈性調整。

The other thing I would mention is we do have some pressure in maintenance costs. And I expect -- from the reviews that we're doing at a park level, we expect some maintenance cost pressure in Q2. And it's an important spend for us because we're committed to do a better job with our ride uptime and with the number of trains and cars available on all of our rides. So that's something that we're going to when we see a need, we're going to execute against it.

另外我想提的是，我們在維護成本上確實有一些壓力。從我們在各樂園層級所做的檢視來看，我們預期第二季會有一些維護成本壓力。但這對我們而言是重要的投入，因為我們承諾要在設施可用率（ride uptime）以及各項遊樂設施可投入的列車與車輛數量上做得更好。所以當我們看到需求時，就會據此執行投入。

So I would mention the marketing and the maintenance that you mentioned are probably good factors to think about. As we think about the summer and the active pass base, we continue to be encouraged by this gold pass, this regional pass that has been rolled out and really accelerated our sales since the rollout. People are really enjoying the benefit of being able to cross-visit parks that has appealed for the sale and then also for additional attendance within regions like Texas or the East Coast or within California.

因此你提到的行銷與維護，確實是值得納入思考的因素。談到暑期與活躍通行證基礎，我們對這張金卡（gold pass）、也就是已推出的區域通行證（regional pass）持續感到鼓舞；自推出以來確實加速了我們的銷售。大家很喜歡能夠跨園區造訪的福利，這不僅有助於銷售，也帶動了像德州、東岸或加州等區域內的額外入園人次。

So we're encouraged by that. As we think about the summer, we're going to continue focusing on the regional pass. We are also seeing a benefit from the reintroduction of membership and the higher renewal rates that we see on that, and that's part of the reason for the increased pass base that we've talked about.

所以我們對此感到樂觀。展望暑期，我們會持續聚焦區域通行證。我們也看到重新推出會員制（membership）帶來的效益，以及其較高的續約率；這也是我們先前提到通行證基礎增加的部分原因。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Question for you regarding pass sales. When I look at the comparable 1Q earnings release from a year ago, I'm just trying to match things up apples to apples to figure out how they're going. The KPR metric in a year ago press release was that the five-week period ending May 4, 2025, season pass sales were up 6%.

我有個關於通行證銷售的問題。我在看一年前可比的第一季財報新聞稿時，想把口徑對齊、做同口徑比較（apples to apples），以了解目前進展如何。一年前新聞稿中的KPR指標提到，截至2025年5月4日的五週期間，季票（season pass）銷售成長6%。

I don't think when you say in this most recent quarter, active pass based up 6%, that's an apples to apples. Do you have an apples-to-apples metric that we can compare to that five-week period that you said a year ago to help us understand how we see pass bills are selling? And I apologize if it -- go ahead. Sorry.

我認為你們這一季提到「活躍通行證基礎成長6%」並不是同口徑比較。你們是否有一個同口徑的指標，可以對照你們一年前提到的那個五週期間，幫助我們理解通行證帳單（pass bills）銷售的狀況？如果這個問題——請說。抱歉。

Yeah. We don't have that prepared, like a five-week view on that for you. But what I would say is back to the issue -- back to the positive impact that we're seeing from both membership and the regional pass, the membership has a higher renewal rate, and that has an effect in growing our pass base. So the more we lap the reintroduction last year of membership, we should see more people staying in the fold. And so that's a combined factor along with the sales rate on season passes.

是的。我們沒有事先準備像你說的那種五週視角的數據。但我想回到我們看到的正面影響：會員制與區域通行證兩者都在帶動；會員制的續約率更高，這會對擴大我們的通行證基礎產生影響。因此，隨著我們逐步跨過去年重新推出會員制的比較基期，我們應該會看到更多人持續留在體系內。所以這是與季票銷售速度共同作用的因素。

Okay. And then going back to CapEx, correct me if I'm wrong, I think you said, this year, not so much changed. But how do we think about a run rate here? I think you're running like $400 million. after this year, once those passes, you're not -- those parks are no longer being operated or being used by your pass members, how do we think about sort of the run rate again after this year?

好的。再回到CapEx，如果我沒聽錯，你們說今年大致沒有太多變動。但我們該如何看待這裡的常態化水準（run rate）？我想你們目前大概在4.00億美元左右。過了今年之後，當那些樂園不再由你們營運、也不再被你們的通行證會員使用時，我們該如何看待今年之後的常態化水準？

Yeah. So in terms of the pass, I think we mentioned we've got it to $425 million. It could be at $450 million for this year. We're not going to guide long-range on it, but the visibility we have for now is in that $425 million range. And as Dave mentioned before, it would be reprioritization, reallocation of the CapEx that would have gone to the parts that were sold, to parts with higher and better returns.

是的。就CapEx而言，我想我們提到今年預期為4.25億美元。今年也可能到4.50億美元。我們不會提供長期指引，但以目前可見度來看，大約是在4.25億美元這個水準。而如同Dave先前提到的，會是把原本要投入到已出售資產的CapEx，重新排序、重新配置到回報更高、更好的資產上。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，Goldman Sachs。

I want to echo, Brian. It's been great to work with you. Really appreciated your help all the years. So good luck with the next chapter.

我也想呼應Brian的話。能與你共事很愉快。這些年真的非常感謝你的協助。祝你在下一個篇章一切順利。

In terms of -- I'd love to just touch on the consumer for a second. There's been a lot of cross-currents for the last few months. We've got higher gas prices for the consumer, yet your per cap trends have looked really good the last two quarters. But maybe some of that shoulder season comparability. So maybe it would be great just to hear from you what you're seeing there on the ground consumer-wise.

接著——我想花點時間談談消費者端。過去幾個月有很多相互牽動的因素。消費者面臨更高的油價，但你們過去兩季的人均消費（per cap）趨勢看起來非常不錯。不過也可能有部分是淡旺季交界（shoulder season）的可比性因素。所以很希望聽聽你們在第一線看到的消費者狀況。

Yeah. This is John, Lizzie. Thanks for the question. We're focused on what we can control, the levers in the business. And for us, we're not really able at this point to attribute performance trends to those kind of external factors. And the reasoning is we think there's a lot of opportunity in the business to execute.

是的。我是 John，Lizzie。謝謝你的提問。我們專注在我們能控制的事情，也就是業務中的各項槓桿。就我們而言，目前我們還無法把績效趨勢歸因於那類外部因素。原因是我們認為在業務執行上仍有很大的機會空間。

And so the work that we mentioned before that we're doing in our commercial area with revenue management, with pricing, with upgrading our visitors to higher past products that have a lot more value to them, that's where we see the real opportunity. And our belief is to execute well against that, increase our capabilities going forward in that area. That's some of the reason for the marketing changes that we've mentioned today, that the opportunity there is a good one for us.

因此，我們先前提到在商業端所做的工作，包括收益管理、定價，以及把遊客升級到價值更高的年票產品，這些就是我們看到的真正機會所在。我們相信把這些事情執行好，能在未來提升我們在該領域的能力。這也是我們今天提到行銷調整的部分原因，因為我們認為那裡對我們而言是個不錯的機會。

Our focus is execution, focusing on what we can change, what we can do; and we've got our heads in the business. And of course, we'll monitor external factors and we'll be agile. And we have other levers in the business that we can go after if we need to, but our focus is on what we've laid out so far.

我們的重點是執行，聚焦在我們能改變、能做的事情；我們也把心力放在業務本身。當然，我們會監測外部因素並保持敏捷。如果需要，我們還有其他業務槓桿可以著手，但目前我們的重點仍是我們迄今所闡述的方向。

Got it. And then I appreciate you're not giving guidance at this point for the year. But high level, it'd be great to just get a refresh on how you're thinking about the kind of building blocks for this year and, in terms of particularly like the attendance, recapture opportunity and how you're balancing that in terms of per caps.

了解。另外，我也理解你們目前不提供全年指引。但從高層次來看，希望你們能更新一下今年的主要構成要素你們是怎麼思考的，特別是像出席人次、回補（recapture）機會，以及你們如何在每人消費（per caps）方面做平衡。

So yeah, demand generation is a real key for us, and we want profitable attendance in the parks. There's excess capacity in the business to grow attendance, but we want to do it profitably. And the initiatives we have underway thus far are working in that area.

是的，需求創造對我們來說非常關鍵，我們希望園區能有具獲利性的入園人次。業務上仍有多餘產能可以提升入園人次，但我們希望以獲利的方式來成長。而我們目前推動的各項措施，在這方面已經開始奏效。

The regional pass with the access to parks, the increase in cross-park visitation, the appeal that has to sales, that's been a positive for demand generation. We believe there's further opportunity there. and the leadership structure that we announced with having someone dedicated both to demand generation and our brand on the CMO side and then our commercial operation, which is conversion price and yielding, supporting that as well.

區域年票可進入多個園區、帶動跨園區造訪增加，以及這對銷售的吸引力，對需求創造一直是正向的。我們相信這方面還有進一步的機會。此外，我們也宣布了新的領導架構：在 CMO 端安排專人同時負責需求創造與品牌；而我們的商業營運端則負責轉換、定價與收益管理（yielding），也會提供支援。

So demand generation is important to us going forward, as is pricing, which thus far, we're seeing a good result there due to the trade-up in the past years.

因此，未來需求創造對我們很重要，定價也是如此；截至目前，由於過去幾年的升級（trade-up），我們在定價上看到不錯的成果。

David Katz, Jefferies.

David Katz，Jefferies。

Brian, appreciate all the time and attention; and all the best. I wanted to dig just a little bit deeper into the regional pass, which is interesting in a good way, I mean, to ask. What data have you looked at or what trends you've looked at, and can we potentially interpret this as a step in the direction of a more specific set of passes across the system over time?

Brian，感謝你投入的時間與關注；也祝一切順利。我想再更深入一點談談區域年票，這個做法很有意思，而且是正面的意思。你們看了哪些數據或趨勢？我們是否可以把這解讀為，未來整個系統會逐步朝向更細分的一套年票組合發展？

Yeah, this is John. So in terms of the regional pass, the program in the future -- I think what I would say is the regional paths we have now available at what we're calling the gold level across the parks, there's considerable opportunity to further mine that. And we're also developing our membership program and other things. But this has just been introduced, and we believe it's an opportunity to continue to mine going forward.

是的，我是 John。就區域年票而言，未來的計畫——我想我會這麼說：我們目前在各園區推出、我們稱為金級（gold level）的區域年票，仍有相當大的空間可以進一步深耕。我們也在發展會員制（membership）計畫以及其他項目。不過這才剛推出，我們相信未來仍有機會持續深耕。

When you think about it, we're seeing cross-park visitation much higher. And if you look at the appeal of that, for example, a guest in San Antonio who's a past member, a gold pass member at Fiesta, Texas, can go ride Tormenta in Arlington this summer. The same thing with the pass member at Knott's can go see the new Looney Tunes area at Magic Mountain, and that has a tremendous appeal.

從結果來看，我們看到跨園區造訪顯著提高。如果你看它的吸引力，例如在聖安東尼奧的一位既有會員、Fiesta Texas 的金級年票會員，今年夏天可以去阿靈頓搭乘 Tormenta。同樣地，Knott's 的年票會員也可以去 Magic Mountain 看新的 Looney Tunes 區域，這非常有吸引力。

There are implications for that in how we think about our catchment areas, our media spend, our pricing in other areas as we go forward. And of course, we're going to mine that, but we're really in the early stages and see considerable opportunity to continue to optimize that.

這也會影響我們未來如何思考集客範圍（catchment areas）、媒體投放、以及其他領域的定價。當然，我們會持續深耕，但我們仍在早期階段，並看到相當大的機會可以持續優化。

Okay. Thank you. And one quick follow-up. The park presidents, can you just provide a little more color on those? Were those people who had worked with the parks before, people within the parks who were elevated? Did they come from other parks? I'm just curious, and I imagine the answer is some version of all of the above. But I'm curious just a little more color on that.

好的。謝謝。再追問一個。關於各園區總裁（park presidents），你能否再多提供一些背景？他們是以前就和園區合作過的人、或是園區內部被拔擢的人嗎？他們是從其他園區調過來的嗎？我只是好奇，我猜答案可能是以上皆是。但我想再多了解一些細節。

You're right. It's all of the above. We're really pleased with the talent level we have there at the parks with park residents and also our parks with park managers. It's one of the things that I've found to be very encouraging as we travel around, we visit the parks, and we work with them on their plans.

你說得對。就是以上皆是。我們對園區端的人才水準非常滿意，包含園區總裁以及園區經理等。我在各地走訪、拜訪園區並與他們一起討論計畫時，覺得非常令人鼓舞的一點，就是我們擁有這樣的人才。

We have people who are committed, entrepreneurial, and understand the imperative of execution right now. So in some parks, we have people who rejoined us. In some parks, we have people that have come over from a competitor. But in most cases, these were internal promotions, and the talent level internally was very good to feed these promotions.

我們有一群投入、具企業家精神，並理解當下「執行」迫切性的人。因此在某些園區，我們有重新加入我們的同仁。在某些園區，我們也有從競爭對手那邊加入的人。但多數情況下，這些都是內部晉升，而內部的人才水準也足以支撐這些晉升。

(Operator Instructions) Arpine Kochaiyan, UBS.

(接線員指示) Arpine Kochaiyan，UBS。

This is Rob Henry on for RRK. I wanted just to go back to the pass product. It seems like you might have turned the corner there with units up 6%. Can you just give any color on pricing and maybe mix just that you're seeing within the pass product?

我是 Rob Henry，代 RRK 發言。我想回到年票產品。看起來你們可能已經轉折，銷量（units）成長 6%。你能否就年票產品內部看到的定價以及可能的組合（mix）提供一些說明？

If you look at the mix of the pass product, we have the silver pass, we have the gold, and then we have the elite. And we have membership, and we're -- as we've said, the real power we're seeing is a trade-up into gold. But we also have people trading up into the premium categories.

如果看年票產品的組合，我們有銀級（silver）、金級（gold），以及菁英級（elite）。我們也有會員制（membership），而且——如我們所說，我們目前看到的真正動能是升級到金級。但同時也有人升級到更高端的類別。

As we see that, we're constantly monitoring and adjusting where we need to in terms of price or promotional strategy to optimize the distribution across those tiers. But the real strength in the program right now, the power in the program right now, is driven by two factors: one, the availability of visits to these sister parks that are nearby -- we're seeing people are willing to drive and to visit -- but secondly, the improvements we've seen because we have revenue management expertise embedded in the organization and the combination of the experts and the talent we have on our team, like Chris Meyering, whose promotion we announced this morning.

在看到這些趨勢時，我們會持續監控，並在需要時就價格或促銷策略進行調整，以最佳化各層級之間的分布。但目前這個計畫的真正強項、動能，主要由兩個因素驅動：第一，附近姊妹園區可造訪的可得性——我們看到人們願意開車前往並造訪；第二，我們看到的改善來自於我們在組織內嵌入了收益管理專業，以及我們團隊中專家與人才的結合，例如我們今天早上宣布晉升的 Chris Meyering。

They're really delivering in terms of the conversion, the merchandising, the consideration, and the conversion on our website. So we're seeing improvement in our website performance along with the appeal of the product architecture.

他們在轉換率、商品呈現（merchandising）、消費者考量（consideration），以及我們網站上的轉換方面，確實交出了成果。因此，我們看到網站表現改善，同時也看到產品架構本身的吸引力。

That's a really helpful color. And then just kind of as a follow-up, on the specified parts, it looks like it's a bit of a tailwind here in Q1, given that there's a bit of a drag on EBITDA. It seems like given the tables that you've laid out, the rest of the year might be a bit of a headwind with the lost EBITDA there. And so is that still fair to think about in that way or how should we consider that as we move forward?

這些說明非常有幫助。接著作為追問，關於指定的部分，看起來在第一季這裡有點順風，因為 EBITDA 有一些拖累。但似乎依照你們列出的表格，今年其餘時間可能會因為那部分 EBITDA 的流失而有點逆風。所以這樣理解仍然合理嗎？或是我們接下來應該如何看待？

That cost is included in the Q1 results, and we've mapped out the impact for you over the course of the year. So the tailwind would presumably be in Q1 of 2027.

那項成本已經包含在第一季的結果中，我們也已為你們把全年影響整理出來。所以所謂的順風，推測會是在 2027 年第一季。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

And, Brian, appreciate all the guidance and insights over the years. So all the best. I was hoping we could maybe talk for a minute about marketing. And I know that your plans are fluid, and they're long term, and you're going to adjust them taps.

Brian，感謝你多年來提供的所有指引與洞見。祝一切順利。我希望我們可以花點時間談談行銷。我知道你們的計畫是彈性的、是長期的，而且你們會隨時調整。

But John, maybe just a thought or two on where you are here versus where you think you can get to in terms of reach and effectiveness of some of the marketing changes, things like going to more social media and bringing in some partners and some sponsors; just where you are in that process. And do we get more benefit this year, next year, do you think?

不過 John，想請你談一兩點：就觸及與成效而言，你們目前的位置相較於你認為能達到的目標如何？包括一些行銷變革，例如更多轉向社群媒體、引入合作夥伴與贊助商；你們在這個流程中的進度到哪裡了？你覺得今年會看到更多效益，還是明年？

Yeah, I would answer that by saying, one, we applied learnings from lessons that we identified from 2025, including how we were presenting our retail message, how we were marketing our passes, how we're merchandising them on the websites, and also in terms of our creative. We've made big changes in our creative.

是的，我會這樣回答：第一，我們把 2025 年辨識出的經驗教訓應用進來，包括我們如何傳達零售訊息、如何行銷我們的票券／通行證、如何在網站上陳列與推廣，以及在創意內容方面。我們在創意內容上做了很大的改變。

That said, this is the key growth lever for this company, at least in the near term, in terms of demand generation, in terms of evolving our brands, and as you say, in terms of properly leveraging emerging channels to drive demand. And that's precisely the reason that we're bringing Amy Martin Ziegenfuss on board to work to evolve our marketing program. We're in the early innings.

話雖如此，這是公司至少在短期內最關鍵的成長槓桿：在需求創造、品牌演進，以及如你所說，適當運用新興渠道來帶動需求方面。這也正是我們邀請 Amy Martin Ziegenfuss 加入、協助推動行銷計畫進化的原因。我們才剛起步。

Okay, that's great to hear, John. And just as a follow-up, when we think about your properties, you've obviously gotten through a slug of non-core sales. You're working on some land and parcels, it sounds like.

好的，John，聽到這個很棒。再追問一下，談到你們的資產，你們顯然已經完成一批非核心資產的出售。聽起來你們也在處理一些土地與地塊。

But the question is on hotels. You have two, what I would think would be, very core hotels at Knott's and Cedar Point. Then you have a handful of other smaller hotels in the surrounding areas. Should we think about those as being core longer-term or possibly not?

但我的問題是關於飯店。你們在 Knott's 和 Cedar Point 有兩家我認為非常核心的飯店。另外在周邊地區還有幾家較小的飯店。我們應該把那些視為長期核心資產，還是可能不是？

We like the synergy of the lodging business, especially in terms of bringing people in from drive markets. We have research that supports that even in regional parks, there's a market for people who want to come in from a longer drive.

我們喜歡住宿業務的協同效益，特別是在把自駕市場的旅客帶進來方面。我們的研究也支持：即使是區域型樂園，也存在願意從較遠車程前來的客群市場。

The model that we have, as you said, at Cedar Point and Knott's Berry Farm is very powerful. The hotels are fantastic. They're updated, they're modern, and that's working for us. So we don't see any reason to walk back from the lodging programs that we have elsewhere.

如你所說，我們在 Cedar Point 和 Knott's Berry Farm 的模式非常有力。那些飯店非常棒。它們已更新、很現代化，而且對我們很有效。因此，我們看不出有任何理由要縮減我們在其他地點的住宿計畫。

Eric Wold, Texas Capital Securities.

Eric Wold，Texas Capital Securities。

I guess two questions. First, going back on the question a couple ago on pricing, I know you mentioned that the pricing on the passes and daily is dynamic and you're driving it based on demand. But as you start the season, can you give us a sense of what's embedded in the pricing of the daily and pass prices versus last year to start the season?

我有兩個問題。第一，回到前面關於定價的問題，我知道你提到通行證和單日票的定價是動態的，會依需求來推動。但在季初開始時，你能否讓我們了解一下：相較去年季初，單日票與通行證價格中隱含了多少變動？

So the pricing versus last year, a lot of the growth that we're seeing is from the trade-up in the tiers and from the movement into membership because it's a higher yield product for us. So it's not necessarily an increase at the pass level.

相較去年，我們看到的成長有很大一部分來自等級（tier）升級，以及轉向會員制，因為那對我們而言是更高收益（yield）的產品。所以不一定是通行證層級本身的漲價。

And we really want to bring people back into our parks. We're really focused on providing a good value, providing a suite of benefits that's compelling like the regional pass. And for that, as we said earlier, we want to grow profitable attendance. We want to grow profitable visitation to the parks, and that's the balance. But the principal lift that we're seeing, Eric, is from the trade-up within the tiers or the membership.

而且我們真的希望把人帶回到我們的樂園。我們非常專注於提供良好的價值，提供一套有吸引力的福利，例如區域通行證。為此，如我們先前所說，我們希望提升具獲利性的入園人次。我們希望提升具獲利性的到訪量，這就是需要拿捏的平衡。但我們目前看到的主要提升，Eric，是來自等級內的升級或會員制。

Got it. And then as you enter the core season, maybe give us a sense of the hiring environment you're seeing out there in terms of availability, wage rate compared to last year, and how that plays into your plans and staff appropriately at demand ramps?

了解。接著，當你們進入核心旺季時，能否談談你們看到的招募環境：人力供給狀況、相較去年薪資水準如何，以及這如何影響你們在需求爬升時適當配置人力的計畫？

Our team is doing an excellent job of staffing the parks. As we move into Memorial Day weekend, our stats tell us where we need to be, 90%-plus of target. So we don't see any significant headwinds in that area. Like many other things we've mentioned, we take an agile approach. And if there's one position, like lifeguards in one park, we make an adjustment and we address that. But we don't see any global issue.

我們的團隊在樂園人力配置方面做得非常出色。隨著我們進入國殤日週末，我們的數據顯示我們需要達到的水準已超過目標的 90%。因此我們不認為這方面會有任何顯著逆風。如同我們提到的許多事情一樣，我們採取敏捷的方法。如果某個園區的某個職位（例如救生員）出現缺口，我們就會調整並加以解決。但我們不認為存在任何整體性的問題。

That concludes the question-and-answer session. I'll now turn it over to Michael Russell for closing remarks.

問答環節到此結束。接下來我把時間交給 Michael Russell 作結語。

We appreciate you joining us today. Our next earnings call will be in August when we report our financial results for the 2026 second quarter. That concludes our call today, Ezrae. Thank you, everyone.

感謝各位今天與會。我們下一次財報電話會議將在 8 月舉行，屆時我們將公布 2026 年第二季的財務結果。Ezrae，我們今天的電話會議到此結束。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。