United Parks & Resorts Inc (PRKS) 2024 Q1 法說會逐字稿

Good day, and welcome to the United Parks & Resorts First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加聯合公園及度假村 2024 年第一季財報電話會議。所有參與者將處於僅聽模式。 （操作員說明）今天的演示結束後，將有機會提問。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Matthew Stroud, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部的 Matthew Stroud。請繼續。

Thank you, and good morning, everyone. Welcome to United Parks & Resorts First Quarter Earnings Conference Call. Today's call is being webcast and recorded. A press release was issued this morning and is available on our Investor Relations website at wwwunitedparksinvestors.com. Replay information for this call can be found in the press release and will be available on our website following the call.

謝謝大家，大家早安。歡迎參加聯合公園及度假村第一季財報電話會議。今天的電話會議正在進行網路直播並進行錄音。今天早上發布了一份新聞稿，可在我們的投資者關係網站 wwwunitedparksinvestors.com 上查看。本次電話會議的重播資訊可在新聞稿中找到，並將在電話會議結束後在我們的網站上提供。

Joining me this morning are Marc Swanson, Chief Executive Officer; and Jim Forrester, Interim Chief Financial Officer and Treasurer. This morning, we will review our first quarter financial results, and then we will open the call to your questions.

今天早上和我一起來的是執行長馬克‧斯旺森 (Marc Swanson)；臨時財務長兼財務主管 Jim Forrester。今天早上，我們將回顧第一季的財務業績，然後我們將召開電話會議回答您的問題。

Before we begin, I would like to remind everyone that our comments today will contain forward-looking statements within the meaning of federal securities laws. These statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements, including those identified in the Risk Factors section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. These risk factors may be updated from time to time and will be included in our filings with the SEC that are available on our website. We undertake no obligation to update any forward-looking statements.

在開始之前，我想提醒大家，我們今天的評論將包含聯邦證券法含義內的前瞻性陳述。這些陳述受到許多風險和不確定性的影響，可能導致實際結果與前瞻性陳述存在重大差異，包括我們 10-K 表年度報告和 10 表季度報告的風險因素部分中確定的風險和不確定性- Q 向美國證券交易委員會提交。這些風險因素可能會不時更新，並將包含在我們向 SEC 提交的文件中（可在我們的網站上查看）。我們不承擔更新任何前瞻性陳述的義務。

In addition, on the call, we may reference non-GAAP financial measures and other financial metrics, such as adjusted EBITDA and free cash flow. More information regarding our forward-looking statements and reconciliations of non-GAAP measures to the most comparable GAAP measure is included in our earnings release available on our website and can also be found in our filings with the SEC.

此外，在電話會議上，我們可能會參考非公認會計準則財務指標和其他財務指標，例如調整後的 EBITDA 和自由現金流量。有關我們的前瞻性陳述以及非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節的更多信息，請參閱我們網站上提供的收益報告，也可以在我們向美國證券交易委員會提交的文件中找到。

Now, I would like to turn the call over to our Chief Executive Officer, Marc Swanson. Marc?

現在，我想將電話轉給我們的執行長馬克‧斯旺森 (Marc Swanson)。馬克？

Thank you, Matthew. Good morning, everyone, and thank you for joining us. We are pleased to report record financial results this quarter, including record revenue and adjusted EBITDA. While attendance in the quarter benefited from a positive calendar shift, including the shift of the Easter holiday into the last day of the first quarter from the second quarter and prior year. This benefit was almost entirely offset by unusually wet and cold weather during the quarter, particularly on certain peak attendance days and mainly in our Florida parks.

謝謝你，馬修。大家早安，感謝您加入我們。我們很高興報告本季創紀錄的財務業績，包括創紀錄的收入和調整後的 EBITDA。雖然本季的出勤率受益於日曆的積極變化，包括將復活節假期從第二季和去年轉移到第一季的最後一天。這一收益幾乎完全被本季異常潮濕和寒冷的天氣所抵消，特別是在某些高峰期，主要是在我們佛羅裡達州的公園。

In-park per capita revenue, excluding the impact of certain onetime revenue increased 4% during the quarter, representing the 16th consecutive quarter of growth. Looking ahead, we are excited about our plans for 2024 with an exceptional lineup of new one-of-a-kind rides, attractions and events, improved in-park venues and offerings across our parks, some of which are already live and others that are anticipated to debut later this spring and summer.

剔除某些一次性收入的影響，園區內人均收入在本季成長了 4%，連續第 16 季成長。展望未來，我們對 2024 年的計劃感到興奮，我們將推出一系列獨一無二的全新遊樂設施、景點和活動，改進公園內場地和公園內的服務，其中一些已經投入使用，另一些則尚未投入使用預計將於今年春季和夏季晚些時候首次亮相。

We are excited to have launched SeaWorld Park's 60th anniversary celebration, featuring special events, shows and attractions that will continue throughout the year. We hope many will come celebrate with us at SeaWorld's 60-year history of conservation, education and fun for all agents.

我們很高興推出海洋世界公園 60 週年慶祝活動，其中包括全年持續的特別活動、表演和景點。我們希望許多人能夠來到海洋世界，與我們一起慶祝海洋世界 60 年的保育歷史，為所有遊客提供教育和娛樂。

We are also encouraged by the booking trends at our Discovery Cove property, along with our group bookings, which are running well ahead of 2023. In addition, in the first quarter of 2024, international visitation, while still down compared to 2019, improved meaningfully compared to 2023. We strongly believe we have a clear opportunity to drive meaningfully more attendance and total per capita spending, and we have high confidence in our ability to continue to deliver operational and financial improvements that will lead to meaningful increases in shareholder value.

我們也對探索灣酒店的預訂趨勢以及我們的團體預訂感到鼓舞，這些預訂在2023 年之前表現良好。著改善與 2023 年相比。

We continue to expect to deliver new records in revenue and adjusted EBITDA for 2024. I want to thank our stockholders and Board of Directors for their recent overwhelming approval of our $500 million share repurchase program, which we have already begun to implement and through which we are continuing our track record of returning meaningful capital to shareholders. Finally, I want to thank our ambassadors for their dedication and commitment, as we prepare for what we believe will be an exciting and busy summer season.

我們繼續期望在2024 年創造收入和調整後EBITDA 的新紀錄。計劃，我們正在繼續我們向股東返還有意義的資本的記錄。最後，我要感謝我們的大使在我們為我們相信將是一個令人興奮和忙碌的夏季做好準備時所做出的奉獻和承諾。

For 2024, we have an exciting lineup of new rides, attractions, events and new and improved in-park venues and offerings with something new and meaningful in our parks. Let me highlight a few of our new rides and attractions, along with a couple of events. In March, SeaWorld San Antonio opened Catapult Falls, the world's first launched slum coaster featuring the world's steepest flume drop and the tallest bloom drop in Texas.

2024 年，我們將推出一系列令人興奮的新遊樂設施、景點、活動以及全新和改進的公園內場地和產品，為我們的公園帶來新的、有意義的東西。讓我重點介紹一下我們的一些新遊樂設施和景點，以及一些活動。 3 月，聖安東尼奧海洋世界開放了彈射瀑布 (Catapult Falls)，這是世界上第一個推出的貧民窟過山車，擁有世界上最陡的水槽落差和德克薩斯州最高的花落差。

Also, Aquatica Orlando opened CASI's underwater twists, Ford's most immersive water slide that takes riders on an accelerating journey into a world of watery wonders set to an inspiring original musical score. The remaining new attractions include the following. In Williamsburg, Busch Gardens will open Loch Ness Monster: The Legend Lives On, an all-new experience loaded with all new thrills, dramatic storytelling and innovative effects as it takes riders on Nessi's newly updated signature track.

此外，Aquatica Orlando 還開設了 CASI 的水下扭曲設施，這是福特最具沉浸感的水滑梯，伴隨著鼓舞人心的原創音樂，帶領遊客加速進入水世界奇觀。其餘的新景點包括以下內容。在威廉斯堡，布希花園將開設“尼斯湖水怪：傳奇永存”，這是一種全新的體驗，充滿了全新的刺激、戲劇性的故事講述和創新的效果，帶領騎手們在尼斯湖新近更新的標誌性賽道上騎乘。

In Orlando, SeaWorld Orlando will open Penguin Track, an unforgettable multi-launch family coaster adventure, where guests will navigate the harsh and arctic environment in search of a colony of Penguins. This attraction includes a new realm featuring a restaurant, signature bar and expensive giftshop along with one of the largest collections of Penguins in North America. Penguin Trek will be an indoor outdoor coaster experience, the park's first family coaster, as well as the eighth and most immersive addition to the coaster capital of Orlando.

在奧蘭多，奧蘭多海洋世界將開設企鵝軌道 (Penguin Track)，這是一次令人難忘的多次家庭過山車冒險之旅，遊客將在嚴酷的北極環境中航行，尋找企鵝群。這個景點包括一個新領域，內有餐廳、特色酒吧和昂貴的禮品店，以及北美最大的企鵝收藏地之一。企鵝迷航將提供室內室外過山車體驗，是公園的第一個家庭過山車，也是奧蘭多過山車之都的第八個也是最身臨其境的過山車。

In San Diego, SeaWorld San Diego will open Jewels of the Sea, the jellyfish experience, a first of its kind attraction featuring a compelling mix of immersive media and live jellyfish. This interactive view into the mysterious underwater world of glowing and graceful jellyfish will be something to see.

在聖地牙哥，聖地牙哥海洋世界將開設「海洋寶石」水母體驗館，這是同類景點中首個將沉浸式媒體和活體水母融為一體的景點。透過這種互動式的方式，可以看到神秘的水下世界，裡面有發光而優雅的水母，非常值得一看。

In Tampa Bay, Busch Garden Tampa Bay will open Phoenix Rising, a family-friendly roller coaster that takes riders soaring above the Serengeti Plain, then dropped into an array of fun-filled twist and turns at speeds up to 44 miles per hour. This will be the tallest and fastest inverted family coaster in North America.

在坦帕灣，布希花園坦帕灣將開設「鳳凰崛起」（Phoenix Rising），這是一款適合家庭遊玩的過山車，可讓乘客在塞倫蓋蒂平原上空翱翔，然後以高達每小時44英里的速度墜入一系列充滿樂趣的曲折轉彎。這將是北美最高、最快的倒置家庭過山車。

Other attractions and events set to open include (inaudible) at Aquatica San Antonio; Aquazoid at Aquatica Orlando, 123 playground and sunny day Carousel at Sesame Place Philadelphia, Nitro racer at Water Country USA, Castaway Falls at Adventure Island and dine with Elmo and friends at Sesame Place San Diego.

其他即將開放的景點和活動包括（聽不清楚）Aquatica San Antonio；奧蘭多 Aquatica 的 Aquazoid、費城芝麻街的 123 遊樂場和陽光旋轉木馬、美國水鄉的硝基賽車、冒險島的 Castaway Falls 以及聖地亞哥芝麻街與 Elmo 和朋友一起用餐。

Now, let me give a brief update on some of our strategic initiatives. First, we continue to progress with our cost and efficiency related work. And as we noted last quarter, we expect $50 million of realized savings in 2024. As you all know, cost management and discipline is a key focus of our management team, and we have demonstrated our ability to deliver on cost efficiencies over the last few years.

現在，讓我簡單介紹一下我們的一些策略舉措。首先，我們持續推動成本和效率相關工作。正如我們上季度指出的，我們預計 2024 年將實現 5000 萬美元的節省。 。

Second, on the digital transformation front, we continue to build out our CRM capabilities, which are still in their infancy and roll out and improve our mobile app. In regards to our mobile app, we are pleased that it is being used by an increasing number of guests in our parks to improve their in-park experience. The app has now been downloaded more than 9.4 million times, up from 8.5 million times at the end of Q4.

其次，在數位轉型方面，我們繼續建立仍處於起步階段的 CRM 功能，並推出和改進我們的行動應用程式。關於我們的行動應用程序，我們很高興看到越來越多的公園遊客使用它來改善他們的公園體驗。該應用程式目前的下載量已超過 940 萬次，高於第四季末的 850 萬次。

Total revenue generated on the app is up approximately 10% compared to prior year, and we are now seeing approximately -- an approximately 28% increase in average transaction value for food and beverage purchases made through the app compared to point-of-sale orders.

與去年相比，該應用程式產生的總收入增長了約 10%，我們現在看到，與銷售點訂單相比，透過該應用程式購買食品和飲料的平均交易價值增長了約 28% 。

Mobile ordering is operating at approximately 88% of our target restaurants. We are excited about the potential of the app and its ability to improve the in-park guest experience, drive increases in revenue and decreases in cost. We are continuing to refine current capabilities and develop additional capabilities to further increase engagement and optimize the experience.

我們約 88% 的目標餐廳經營行動點餐服務。我們對該應用程式的潛力及其改善公園內遊客體驗、推動收入成長和降低成本的能力感到興奮。我們正在繼續完善當前的功能並開發更多功能，以進一步提高參與度並優化體驗。

Third, on the international front, we are excited that SeaWorld Abu Dhabi is celebrating its 1-year anniversary this month, and their performance is ahead of expectations. We continue to make progress with discussions related to other international opportunities and expect to have more to share in coming quarters.

第三，在國際方面，我們很高興阿布達比海洋世界本月慶祝成立一周年，他們的表現超出了預期。我們繼續在與其他國際機會相關的討論中取得進展，並預計在未來幾季分享更多內容。

Fourth, on the hotel front, we are very excited about our hotel opportunity across our park portfolio. We continue to have conversations with various partners and will share more in the coming quarters. As we discussed last quarter, we are laser-focused on the ROI for these hotel opportunities.

第四，在酒店方面，我們對公園投資組合中的酒店機會感到非常興奮。我們將繼續與各個合作夥伴進行對話，並將在未來幾季分享更多資訊。正如我們上季度討論的那樣，我們非常關注這些酒店機會的投資回報率。

I'm very excited about the significant investments we are making and the many initiatives we have underway across our business that we expect will improve the guest experience, allow us to generate more revenue and make us a more efficient and more profitable enterprise. We are building an even stronger and more resilient business that we are confident and expect will deliver improved operational and financial results and meaningful increases in shareholder value.

我對我們正在進行的重大投資以及我們在整個業務中正在進行的許多舉措感到非常興奮，我們預計這些舉措將改善賓客體驗，使我們能夠產生更多收入，並使我們成為一家更有效率、更盈利的企業。我們正在建立一個更強大、更有彈性的業務，我們有信心並期望該業務將改善營運和財務業績，並顯著增加股東價值。

Let me briefly comment on our balance sheet, which continues to be strong. Our March 31, 2024, net total leverage ratio is 2.57x and we had approximately $577 million of total available liquidity, including approximately $204 million of cash on the balance sheet in advance of us starting our summer season where we typically generate the majority of our cash flow. This strong balance sheet gives us flexibility to continue to invest in and grow our business and to opportunistically allocate capital with the goal to maximize long-term value for shareholders.

讓我簡要評論一下我們的資產負債表，該負債表仍然強勁。截至2024 年3 月31 日，我們的淨總槓桿率為2.57 倍，我們擁有約5.77 億美元的可用流動資金總額，其中包括在我們開始夏季之前資產負債表上約2.04 億美元的現金，我們通常在夏季產生大部分資金。強大的資產負債表使我們能夠靈活地繼續投資和發展我們的業務，並機會性地分配資本，以實現股東長期價值最大化。

In January, we repriced our term loan and reduced our interest rate by 50 basis points or approximately $5 million per year. Earlier this month, we paid off our high-cost senior secured notes raised in 2020 with an add-on to our term loan, which we expect will save at least $2 million of interest per year, and we raised an incremental $152.5 million that we put on our balance sheet.

一月份，我們重新定價了定期貸款，並將利率降低了 50 個基點，即每年約 500 萬美元。本月早些時候，我們透過定期貸款附加還清了 2020 年籌集的高成本優先擔保票據，我們預計每年將節省至少 200 萬美元的利息，並且我們還籌集了 1.525 億美元的增量資金。在我們的資產負債表上。

I want to again thank our stockholders and Board of Directors for their recent overwhelming approval of our $500 million share repurchase program, which we have already begun to implement and through which we are returning capital to shareholders.

我想再次感謝我們的股東和董事會最近以壓倒性多數批准了我們 5 億美元的股票回購計劃，我們已經開始實施該計劃，並透過該計劃將資本返還給股東。

During the first quarter, we repurchased 375,000 shares for an aggregate total of approximately $20.2 million. Subsequent to March 31, 2024 through May 6, 2024, we purchased approximately 1.5 million shares for an aggregate total of approximately $80.6 million.

第一季度，我們回購了 375,000 股股票，總價值約 2,020 萬美元。 2024年3月31日至2024年5月6日期間，我們購買了約150萬股股票，總價值約8,060萬美元。

Needless to say, the Board and company believe our shares are materially undervalued. We have significant confidence in our business and our prospects. And as we shared with you last quarter, any reasonable way you look at it, we feel we are materially undervalued and that there is significant upside opportunity in our current share price.

不用說，董事會和公司認為我們的股票被嚴重低估。我們對我們的業務和前景充滿信心。正如我們在上個季度與您分享的那樣，無論您以何種合理的方式看待它，我們都認為我們的價值被嚴重低估，並且我們當前的股價存在巨大的上漲機會。

Our financial position is strong. Our business is resilient in our first quarter results, along with the coming opening of more of our ride attraction and event lineup, but all the initiatives that we have underway give us confidence in our ability to continue to achieve new records in revenue and adjusted EBITDA for 2024.

我們的財務狀況強勁。我們的第一季業績表現強勁，而且更多遊樂設施和活動陣容即將開放，但我們正在進行的所有舉措讓我們對繼續創造收入和調整後 EBITDA 新紀錄的能力充滿信心2024 年。

With that, Jim will discuss our financial results in more detail. Jim?

接下來，吉姆將更詳細地討論我們的財務表現。吉姆？

Thank you, Mark. Our team is looking forward to sharing our quarter's strong performance with our audience this morning. During the first quarter, we generated record total revenue of $297.4 million, an increase of $4.1 million or 1.4% when compared to the first quarter of 2023. The increase in total revenue was primarily a result of an increase in attendance, partially offset by decreases in admissions per capita and in-park per capita spending.

謝謝你，馬克。我們的團隊期待今天早上與觀眾分享我們季度的強勁表現。第一季度，我們創造了創紀錄的總收入2.974 億美元，與2023 年第一季相比增加了410 萬美元，即1.4%。的減少所抵消人均門票和公園內人均支出。

Attendance for the first quarter of 2024 increased by approximately 72,000 guests or 2.1% when compared to the prior year quarter. Attendance was positively impacted by a favorable calendar shift, including the earlier timing of Easter and certain school spring breaks and was negatively impacted by adverse weather, particularly at our Florida parks including during peak visitation periods.

與去年同期相比，2024 年第一季的參觀人數增加了約 72,000 人，即 2.1%。有利的日曆變化對出勤率產生了積極影響，包括復活節時間提前和某些學校春假，但惡劣天氣也對出勤率產生了負面影響，特別是在我們佛羅裡達州的公園，包括在參觀高峰期。

Excluding the impact of certain onetime revenue associated with the opening of SeaWorld Abu Dhabi in 2023, total revenue per capita increased 1.2% and in-park per capita spending increased 4%, including the impact of certain onetime revenue associated with the opening of SeaWorld Abu Dhabi in 2023, total revenue per capita decreased 0.7% to $86.21 and in-park per capita spending decreased 0.5% to $38.15 from the first quarter of 2023.

排除與2023 年阿布達比海洋世界開業相關的某些一次性收入的影響，人均總收入增長1.2%，公園內人均支出增長4%，其中包括與阿布扎比海洋世界開業相關的某些一次性收入的影響與 2023 年第一季相比，札比 2023 年人均總收入下降 0.7%，至 86.21 美元，園區內人均支出下降 0.5%，至 38.15 美元。

Admission per capita decreased 0.9% to $48.06. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the prior year quarter. In-park per capita spending decreased primarily due to a decrease in onetime revenue related to our international services agreements, partially offset by the impact of pricing initiatives when compared to the first quarter of 2023.

人均入場費下降 0.9%，至 48.06 美元。與去年同期相比，人均入場人數下降主要是由於入場產品組合的淨影響。園區內人均支出下降主要是由於與我們的國際服務協議相關的一次性收入減少，與 2023 年第一季相比，部分被定價措施的影響所抵銷。

Operating expenses decreased $7.8 million or 4.5% when compared to the first quarter of 2023. The decrease in operating expenses was primarily due to a decrease in costs associated with our international services agreements and a decrease in legal costs, including approximately $3.1 million related to the previously disclosed temporary COVID-19 park closures when compared to the first quarter of 2023.

與2023 年第一季相比，營運費用減少了780 萬美元，即4.5%。相關的約310 萬美元。

Selling, general and administrative expenses decreased $0.4 million or 0.8% compared to the first quarter of 2023. We generated a net loss of $11.2 million for the first quarter compared to a net loss of $16.5 million in the first quarter of 2023. The increase in net income was primarily a result of the impact of lower operating expenses. We generated adjusted EBITDA of $79.2 million, an increase of $6.7 million when compared to the first quarter of 2023. Adjusted EBITDA was positively impacted by the decrease in expenses and an increase in total revenue.

與 2023 年第一季相比，銷售、一般和管理費用減少了 40 萬美元，即 0.8%。淨利主要是由於營業費用下降的影響。我們的調整後 EBITDA 為 7,920 萬美元，與 2023 年第一季相比增加了 670 萬美元。

Now, turning to our balance sheet. Our March 31, 2024, net total leverage ratio was 2.57x and we had approximately $577 million of total available liquidity, including $204 million of cash on the balance sheet. The strong balance sheet gives us flexibility to continue to invest in and grow our business and to opportunistically allocate capital with a goal to maximize long-term value for our shareholders.

現在，轉向我們的資產負債表。截至 2024 年 3 月 31 日，我們的淨總槓桿率為 2.57 倍，我們擁有約 5.77 億美元的可用流動資金總額，其中包括資產負債表上的 2.04 億美元現金。強大的資產負債表使我們能夠靈活地繼續投資和發展我們的業務，並機會性地分配資本，以實現股東長期價值最大化。

As previously mentioned, in January, we repriced our term loan and reduced our interest expense. And earlier this month, we paid off our high-cost senior secured notes raised in 2020 with an add-on to our term loan, which will reduce the company's annual interest expense going forward. As part of the add-on, we raised an incremental $152.5 million that we put on our balance sheet.

如前所述，一月份，我們重新定價了定期貸款並減少了利息支出。本月早些時候，我們透過定期貸款附加還清了 2020 年籌集的高成本高級擔保票據，這將減少公司未來的年度利息支出。作為附加項目的一部分，我們籌集了 1.525 億美元的增量資金，並將其計入資產負債表。

As Marc already mentioned, during the quarter, our stockholders and Board of Directors approved a new $500 million share buyback authorization in anticipation of us exhausting our previously authorized $250 million authorization from August 2022.

正如 Marc 已經提到的，在本季度，我們的股東和董事會批准了一項新的 5 億美元股票回購授權，預計我們將從 2022 年 8 月起用完之前授權的 2.5 億美元授權。

During the first quarter, we repurchased 375,000 shares for an aggregate total of approximately $20.2 million. Subsequent to March 31, 2024, and through May 6, 2024, we purchased approximately 1.5 million shares for an aggregate total of approximately $80.6 million. As Marc said, we believe our shares are materially undervalued.

第一季度，我們回購了 375,000 股股票，總價值約 2,020 萬美元。自2024年3月31日起至2024年5月6日，我們購買了約150萬股股票，總價值約8,060萬美元。正如馬克所說，我們認為我們的股票被嚴重低估。

Our deferred revenue balance as of the end of April was $217.7 million. Excluding certain onetime items, deferred revenue increased approximately 1.4% when compared to April of 2023. As a reminder, our deferred revenue balance contains a number of products to include ticketing, vacation packages and in season passes and ancillary products. We also continue to see many pass holders who have been with us for at least a year who transitioned to month-to-month payments at the completion of their initial past commitment. This month-to-month revenue does not show up as deferred revenue.

截至 4 月底，我們的遞延收入餘額為 2.177 億美元。不包括某些一次性項目，遞延收入與 2023 年 4 月相比增加了約 1.4%。我們也繼續看到許多已經與我們合作至少一年的通行證持有者在完成最初的過去承諾後轉為按月付款。此月度收入不會顯示為遞延收入。

Through April 2024, our pass base, including all pass products, was down 3% compared to April 2023, but up 32% when compared to April 2019. We are pleased that we are seeing mid-single to low double-digit price increases depending on our pass product compared to prior year. We believe we have our best pass benefits program ever, which we expect will drive additional increases in pass sales and a strong pass base for this year, especially now that we are in the peak advertising and selling season.

截至2024 年4 月，我們的通行證基礎（包括所有通行證產品）與2023 年4 月相比下降了3%，但與2019 年4 月相比增長了32%。到低兩位數的價格上漲，取決於與去年相比，我們的通行證產品。我們相信，我們擁有有史以來最好的通行證福利計劃，我們預計該計劃將推動通行證銷售的進一步增長，並為今年奠定強大的通行證基礎，特別是現在我們正處於廣告和銷售高峰期。

We spent $87.3 million on CapEx in the first quarter of 2024, of which approximately $56.3 million was on core CapEx and approximately $31 million was on expansion and/or ROI projects. For 2024, we expect to spend approximately $175 million on core CapEx and approximately $50 million of CapEx on growth and ROI projects.

2024 年第一季度，我們在資本支出上花費了 8,730 萬美元，其中約 5,630 萬美元用於核心資本支出，約 3,100 萬美元用於擴張和/或投資回報項目。 2024 年，我們預計將在核心資本支出上支出約 1.75 億美元，在成長和投資回報項目上支出約 5,000 萬美元。

Now, let me turn the call back over to Marc, who will share some final thoughts. Marc?

現在，讓我把電話轉回給馬克，他將分享一些最後的想法。馬克？

Yes. Thanks, Jim. Look, before we open the call to your questions, I have some closing comments. In the first quarter of 2024, we came to the aid of 173 animals in need. Over our history, we have helped over 41,000 animals, including autonomous dolphins, manatees, sea lion, seals, sea turtles, sharks, birds and more. I'm really proud of the team's hard work and their continued dedication to these important rescue efforts.

是的。謝謝，吉姆。看，在我們開始回答你們的問題之前，我有一些結束語。 2024 年第一季度，我們援助了 173 隻需要幫助的動物。在我們的歷史中，我們幫助了超過 41,000 隻動物，包括自主海豚、海牛、海獅、海豹、海龜、鯊魚、鳥類等。我為團隊的辛勤工作和他們對這些重要救援工作的持續奉獻感到非常自豪。

We are certainly excited about 2024, and I want to thank our ambassadors for their dedication and commitment as we prepare for what we believe will be an exciting and busy summer season. We continue to believe there are significant additional opportunities to improve our execution, take advantage of clear growth opportunities and continue to drive meaningful long-term growth in both revenue and adjusted EBITDA. We continue to have high confidence in our long-term strategy and our ability to deliver significantly improved operating and financial results that we expect will lead to meaningfully increased value for stakeholders.

我們對 2024 年當然感到興奮，我要感謝我們的大使在我們為我們相信將是一個令人興奮和忙碌的夏季做準備時所做出的奉獻和承諾。我們仍然相信，還有大量額外的機會來提高我們的執行力，利用明顯的成長機會，並繼續推動收入和調整後 EBITDA 的有意義的長期成長。我們仍然對我們的長期策略以及我們顯著改善營運和財務績效的能力充滿信心，我們預計這將為利害關係人帶來有意義的價值增加。

So now, we can open it up for your questions.

現在，我們可以打開它來回答您的問題。

We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from Steven Wieczynski of Stifel. Go ahead please.

我們現在開始問答環節。 （操作員說明）我們的第一個問題來自 Stifel 的 Steven Wieczynski。請繼續。

Yes, hey guys, good morning. So Marc, as we think about the remainder of this year, is there any way you can help us out with maybe how you guys are thinking about per caps, both on the admissions and the in-park side. We're just trying to understand a little bit better if there are going to be any more potential headwinds out there on both sides of the per cap or if there's anything we need to think about over the second half of the year. And then as you think about the ability to take price on the admission side of things, any updated thoughts on how you guys are thinking about taking more price? I know Jim talked about mid-single-digit price increases on past products. But any other color there would be helpful. Thanks.

是的，嘿夥計們，早上好。因此，馬克，當我們考慮今年剩下的時間時，您是否可以通過任何方式幫助我們了解您如何考慮人均上限，無論是在入場方面還是在公園方面。我們只是想更了解在上限兩側是否會出現更多潛在的阻力，或者在今年下半年是否有任何我們需要考慮的事情。然後，當您考慮在入場方面採取價格的能力時，您對於如何考慮採取更高的價格有任何最新的想法嗎？我知道吉姆談到了過去產品的中個位數價格上漲。但任何其他顏色都會有幫助。謝謝。

Yes, Steve, I can help you with that question. So, first on pricing, look, obviously, you heard Jim talk about the price increases we've seen on past pricing. So we're going to continue to execute on pricing, that's a tenet of our strategy that we've talked about growing pricing on a year-over-year basis, and so we'll continue to do that.

是的，史蒂夫，我可以幫你解決這個問題。所以，首先關於定價，顯然，你聽到吉姆談論了我們在過去的定價中看到的價格上漲。因此，我們將繼續執行定價，這是我們策略的宗旨，我們已經討論過逐年提高定價，因此我們將繼續這樣做。

I think as far as the remainder of the year on the per caps, there's a couple of things. I think you've got to focus on a little bit. One, we're taking the pricing. But what is impacting per cap a little bit on the emission side, obviously, is the mix, and Jim called that out. So, you have group business being up more this year. And while that's great to see group typically has a lower overall per cap than some of our other products, multi-day tickets are up. So that spreads that revenue over multiple visits, which would be drag on per cap at times. So there's the pricing we're taking and then there's the mix of the products that are being used, which is going to ebb and flow.

我認為就今年剩餘時間的人均上限而言，有幾件事。我認為你必須集中註意力一點。第一，我們正在定價。但顯然，對排放量產生一點影響的是混合，吉姆指出了這一點。所以，今年集團業務成長更多。雖然很高興看到團體票的整體每位上限通常低於我們的一些其他產品，但多日票卻上漲了。這樣一來，收入就會分散到多次訪問中，這有時會拖累人均訪問量。因此，我們正在採取的定價，然後是正在使用的產品組合，這將會起伏不定。

But I think overall, we have confidence in the overall pricing strategy on the admission side on a go-forward basis. I can tell you in April with the admissions per cap was just flat to very slightly positive. So, that might give you some context that -- even with some of that mix, we got to where we are there in April. And then Jim mentioned the deferred revenue at the end of April being up 1.4%. And certainly, I think that's another indication that we're getting pricing as well.

但我認為整體而言，我們對未來入場方面的整體定價策略充滿信心。我可以告訴你，四月的人均入學人數只是持平到非常小幅成長。所以，這可能會給你一些背景資訊——即使有一些混合，我們還是在四月達到了現在的水平。然後 Jim 提到 4 月底的遞延收入成長了 1.4%。當然，我認為這也是我們正在定價的另一個跡象。

As far as the in-park, we normalize the Q1 number for the onetime benefit from the Abu Dhabi last year. That should normalize here going forward. And then really what we should have is the cadence of our new things coming online, some of our new venues and whatnot. So again, we're excited about the opportunities there. I think we have some exciting things going on in in-park. We've got certainly some areas that we got to do a better job of as well. But I think overall, the anomaly you saw here in Q1 with the international, that will normalize going forward. And I can also tell you that in-park per cap was positive in April as well.

就公園內而言，我們將去年阿布達比的一次性收益的第一季數字標準化。今後這應該會正常化。然後，我們真正應該擁有的是我們的新事物上線的節奏，我們的一些新場地等等。我們再次對那裡的機會感到興奮。我認為公園裡正在發生一些令人興奮的事情。當然，我們還有一些領域需要做得更好。但我認為總體而言，您在第一季看到的國際比賽的異常現象將在未來正常化。我還可以告訴你，四月園區內的人均人數也呈現正值。

Okay. Thanks, Marc. That's really good color. And then I want to ask about the potential hotel investments. We continue to get asked about when we'll hear more about those hotel projects. And I feel like we've heard about these investments now for a while. But based on your commentary in your prepared remarks, it still seems like you're still quarters away. Maybe I'm reading a little bit too much into that before we hear anything. So just wondering why -- maybe why it's taking so long to get any more color around those projects. And if you do those potential projects, then how do you think about the way you go about those projects versus using your free cash flow for repurchasing shares and things like that? Thanks.

好的。謝謝，馬克。這顏色確實不錯啊然後我想問潛在的酒店投資。我們不斷被問到何時能聽到更多有關這些酒店項目的資訊。我覺得我們聽說這些投資已經有一段時間了。但根據你在準備好的發言中的評論，你似乎仍然距離成功還有四分之一的距離。也許在我們聽到任何消息之前我讀得太多了。所以只是想知道為什麼——也許為什麼要花這麼長時間才能讓這些項目變得更加豐富多彩。如果你做那些潛在的項目，那麼你如何看待你進行這些項目的方式與使用你的自由現金流回購股票之類的事情的方式？謝謝。

Yes. Sure. So Steve, we talked a lot about this last quarter. I think one of the things we had heard from our investors is they wanted -- they wanted more color on hotels and how we're thinking about everything from the structure to the ROI. So, I think we did a pretty good job last quarter of laying that out. And really, it's focused on finding that right structure, right way to set this up, whether that's with a partner or however you want to think about it, that achieves that unlevered cash-on-cash return that we talked about of 20%. And we've committed to being laser-focused on that ROI, and we're going to take the appropriate time to make sure we get that right. And certainly, to your point, that's what we're in the process of doing. So more to come on the coming quarters.

是的。當然。史蒂夫，我們在上個季度對此進行了很多討論。我認為我們從投資者那裡聽到的一件事是他們想要——他們想要酒店有更多的色彩，以及我們如何考慮從結構到投資回報率的一切。所以，我認為我們上個季度在這方面做得非常好。事實上，它的重點是找到正確的結構，正確的方式來建立它，無論是與合作夥伴合作還是你想怎麼想，都可以實現我們談到的 20% 的無槓桿現金回報。我們致力於高度關注投資回報率，我們將花適當的時間確保我們做到這一點。當然，就您而言，這就是我們正在做的事情。未來幾季還會有更多內容。

As far as how we finance that, I certainly don't think it needs to be out of -- entirely out of cash. There's multiple ways you could do this. And certainly, one option would be financing some portion of it. So again, I think what you're going to see us do is focus on the structure and the financing that makes the most sense for us, and we'll work with the Board on that.

至於我們如何融資，我當然認為不需要完全用現金。有多種方法可以做到這一點。當然，一種選擇是為其中的一部分提供資金。再說一遍，我認為您將看到我們所做的就是專注於對我們最有意義的結構和融資，我們將與董事會就此合作。

Okay. Thanks, Marc. Appreciate the color.

好的。謝謝，馬克。欣賞顏色。

The next question comes from Matthew Boss of JPMorgan. Go ahead, please.

下一個問題來自摩根大通的馬修·博斯。請繼續。

Great. Thanks. So Marc, I think it would be helpful if it would be possible to speak to underlying demand trends that you're seeing at your parks, maybe if any way to parse through, the best you can weather and some of the timing shifts during the quarter. And from a traffic perspective, what you've seen in April and early May, maybe regionally?

偉大的。謝謝。 So Marc, I think it would be helpful if it would be possible to speak to underlying demand trends that you're seeing at your parks, maybe if any way to parse through, the best you can weather and some of the timing shifts during the四分之一.從流量的角度來看，您在四月和五月初看到了什麼，也許是區域性的？

Yes. Matthew, I'll -- look, I'm not going to give you a ton of individual color on parks just for competitive reasons, but I can try to help you out on some of the shifting and weather impacts on that. So obviously, in the quarter, we have the benefit of Easter moving from April of last year into March of this year. And then you also had some incremental weekend days in March as well. That kind of shift that we called it, that normalized in April. So when you get to April, you have the reversal of the Easter shift and then you have the reversal of those weekend days as well.

是的。馬修，我會——聽著，我不會僅僅出於競爭的原因給你大量公園的個人色彩，但我可以盡力幫助你解決一些變化和天氣對其的影響。顯然，在本季度，我們受益於復活節從去年四月移至今年三月。然後你在三月也有一些增量的周末。我們稱之為這種轉變，這種轉變在四月變得正常化。因此，到了四月，復活節的轉變就會逆轉，週末的日子也會逆轉。

And so really, on a combined basis, March and April, on a combined basis, if you just look at attendance for the 2 months, which would normalize for those attendance was slightly positive. What was the drag earlier in the year really was on the weather. And the weather really in Q1 was mainly in Florida, and that offset most of the benefit that we got from Easter and calendar shift in Q1. And especially, if you happen to be in Florida over President's Day weekend, which is one of the bigger weekends, obviously, in Q1, we had quite a bit of rain in our markets in Orlando and Tampa on that Saturday and Sunday. In fact, like the Daytona 500 get postponed until that Monday. So, the weather really offset that benefit that we saw in Q1, for the most part, a good portion of it. And then I already gave you kind of the March, April combined.

所以實際上，在三月和四月的綜合基礎上，如果你只看這兩個月的出勤率，那麼這些出勤率的正常化會略有積極。今年早些時候的拖累實際上是天氣。第一季的天氣實際上主要是在佛羅裡達州，這抵消了我們從第一季的復活節和日曆轉換中獲得的大部分好處。特別是，如果您碰巧在總統日週末在佛羅裡達州，這是最大的周末之一，顯然，在第一季度，我們奧蘭多和坦帕的市場在周六和周日下了相當大的雨。事實上，就像 Daytona 500 一樣被推遲到週一。因此，天氣確實抵消了我們在第一季看到的好處，在很大程度上抵消了其中的很大一部分。然後我已經給了你們三月和四月的總和。

Great. And then maybe, Jim, as a follow-up, any customer pushback to price that you're seeing across your offerings? Or any changes to note in the promotional or competitive landscape to call out?

偉大的。吉姆，作為後續行動，也許您在您的產品中看到了任何客戶對價格的抵制？或在促銷或競爭環境中需要注意哪些變化？

Yes, this is Marc. I can take that. So look, on the pricing, look, we continue to focus on pricing. Like I said, it's a key tenet of our strategy. And look, there's going to be times that we run different offers, different things to try to pulse to fuse certain demand. So we're always focused on driving total revenue and at times, maybe that's through some offers and things like that. But overall, I think over the long run, over time, we believe pricing is something we can still get -- and I kind of gave you a little more color the mix and things like that, that impacts per cap as well.

是的，這是馬克。我可以接受。所以看，關於定價，看，我們繼續關注定價。正如我所說，這是我們策略的關鍵原則。瞧，有時我們會提供不同的優惠、不同的東西來試圖刺激某些需求。因此，我們始終專注於提高總收入，有時，這可能是透過一些優惠或類似的事情來實現的。但總的來說，我認為從長遠來看，隨著時間的推移，我們相信定價是我們仍然可以獲得的——而且我給了你更多的混合色彩和類似的東西，這也會影響每個上限。

Great. Best of luck.

偉大的。祝你好運。

Thank you.

謝謝。

The next question comes from Chris Woronka of Deutsche Bank. Go ahead, please.

下一個問題來自德意志銀行的克里斯·沃龍卡。請繼續。

Hey good morning guys. Nice quarter. Marc, you kind of reiterated the commitment to $50 million in cost saves in '24. Curious, a, can we find out how much of that was maybe realized in Q1 or the cadence of through the year? And then once you hit that target, is there more to do behind that as the revenue base grows?

嘿大家早安。不錯的季度。 Marc，您重申了 24 年節省 5000 萬美元成本的承諾。好奇的是，我們能否找出其中有多少是在第一季或全年的節奏中實現的？一旦你達到了這個目標，隨著收入基礎的成長，背後是否還有更多的事情要做？

What I can say Chris, is obviously, we have a tremendous focus on cost. I think you can see that demonstrated in our Q1 numbers with the margin expansion. We've done a good job of growing revenue and managing our costs, which led to that margin expansion. So we're confident that we can continue to execute on our plans. And certainly, part of those plans would be to try to identify additional savings beyond what I talked about. I don't have anything specific to share with you today, but I can tell you, there's efforts around exactly that. And when we have more to share, we will on that.

克里斯，我能說的是，顯然我們非常關注成本。我認為您可以在我們第一季的利潤率擴張數據中看到這一點。我們在增加收入和管理成本方面做得很好，這導致了利潤率的擴大。因此，我們有信心能夠繼續執行我們的計劃。當然，這些計劃的一部分是嘗試找出我所說的以外的額外節省。今天我沒有什麼具體的內容要與大家分享，但我可以告訴你們，正是圍繞這一點做出了努力。當我們有更多東西要分享時，我們會分享的。

Okay. I appreciate that, Marc. And a follow-up is might be difficult to answer specifically, but from where you guys sit and you look at the -- take the Orlando market since it's your largest, do you feel like you're kind of gaining share as a percentage of the total market entertainment wallet, if that makes sense. Is there any way you guys measure that?

好的。我很感激，馬克。後續問題可能很難具體回答，但是從你們坐的地方來看——以奧蘭多市場為例，因為它是你們最大的市場，你們是否覺得你們的份額正在增加整個市場的娛樂錢包，如果這有意義的話。大家有什麼辦法可以衡量嗎？

Yes. So Chris, I don't want to go into a ton of commentary about individual parts other than to say, I mean, we're pleased with our performance in Orlando. Now, I'll leave it at that. This part and I'm sitting, I'm looking at the park right now, in-park is a wonderful park. It's got a number of new events and things coming to the park this year. And I can tell you that we're pleased with the performance in that part relative to, obviously, some of our others. So, feel good about Orlando and all we have to offer here.

是的。所以克里斯，我不想對個別部分進行大量評論，只想說，我的意思是，我們對奧蘭多的表現感到滿意。現在，我就這樣吧。這部分我坐著，我現在正在看著公園，公園裡是一個很棒的公園。今年公園裡有許多新的活動和事物。我可以告訴你，我們對這部分的表現很滿意，顯然，相對於我們其他一些部分的表現。因此，請對奧蘭多以及我們在這裡提供的一切感到滿意。

Okay. Thanks, Marc.

好的。謝謝，馬克。

Our next question comes from James Hardiman of Wedbush Securities. Go ahead, please.

我們的下一個問題來自韋德布希證券公司的詹姆斯哈迪曼。請繼續。

Hi good morning. So I don't know if you answered this, but just to sort of close the loop on Matt's question earlier. If we cut through all the noise of the shift through April, are you still up on a year-to-date basis in terms of attendance?

早安.所以我不知道你是否回答了這個問題，但這只是為了結束馬特之前的問題。如果我們剔除四月所有輪班的噪音，您的出勤率與年初至今相比是否仍然上升？

No, we're not up on a year-to-date basis. What I was trying to say is March and April combined, we're up slightly in attendance. And then you have the kind of hangover from the January, February weather, that's what I was trying to get at. So most of the -- most of the weather impact occurred in January, February, there were some in March as well. But that's the way to think about it. The January, February, early March weather really negated the benefit of Easter and the other shifts. So that's what I was trying to say. And then when you combine March and April, which gets rid of some of that shifting noise, we're up a slight amount in attendance.

不，我們今年迄今還沒有更新。我想說的是，三月和四月相加，我們的出席人數略有上升。然後你會感受到一月、二月天氣帶來的宿醉感，這就是我想要表達的。因此，大部分天氣影響發生在一月、二月，也有一些發生在三月。但這就是思考問題的方式。一月、二月、三月初的天氣確實抵消了復活節和其他轉變的好處。這就是我想說的話。然後，當你把三月和四月結合起來時，消除了一些變化的噪音，我們的出席人數略有增加。

Got it. And then -- and maybe I'm parsing words a little bit too much here. But I think the previous language in terms of how to think about '24 was for meaningful increases in revenue and EBITDA. And now we're talking about increases in revenue and EBITDA or record revenue and EBITDA. I guess, speak to if that's a meaningful change, do you still expect meaningful growth this year? And as I think about the first quarter where revenues were pretty flat, but margins were up significantly. Is that where you see the biggest opportunity this year in terms of sort of the ability to grow margins? Or as we think about the algorithms through the year, should we expect a little bit more balance in terms of revenue growth versus per cap growth versus margin growth?

知道了。然後——也許我在這裡對單字的解析有點太多了。但我認為之前關於如何思考「24」的語言是為了收入和 EBITDA 的有意義的成長。現在我們談論的是收入和 EBITDA 的成長，或是創紀錄的收入和 EBITDA。我想，如果這是一個有意義的變化，你仍然期望今年有意義的成長嗎？我認為第一季的營收相當平穩，但利潤率卻大幅上升。就提高利潤率的能力而言，這是您認為今年最大的機會嗎？或者，當我們考慮全年的演算法時，我們是否應該預期收入成長、人均成長和利潤成長之間的平衡會更加平衡？

Yes. Thanks, James. I mean, first, I mean, we're still certainly very excited about 2024. So we're sitting here today, I mean, really, from May on, if you will, May 1 on, you still have got roughly 75% of the year ahead of you from an attendance standpoint, based on historical trends. So we're still really excited about 2024. I think the opportunity for the growth can come from multiple areas. So you mentioned margins. I think another big one, obviously, is if you kind of think about what has been an issue for some quarters now, it's really been the weather. So, if we get some tailwinds on the weather, I think that could certainly have a nice benefit to us as well. But we'll have to see how that plays out. The whether wasn't good to start the year, obviously, but we'll see if that reverses course here going forward.

是的。謝謝，詹姆斯。我的意思是，首先，我的意思是，我們仍然對2024 年感到非常興奮 所以我們今天坐在這裡，我的意思是，真的，從5 月開始，如果你願意的話，從5 月1日開始，你仍然有大約75%根據歷史趨勢，從出席人數的角度來看，您未來的一年。因此，我們對 2024 年仍然感到非常興奮。所以你提到了利潤率。我認為另一個重要的問題顯然是，如果你想想現在某些季度的問題，那就是天氣。因此，如果天氣有利的話，我認為這肯定也會為我們帶來好處。但我們必須看看結果如何。顯然，今年伊始的情況並不好，但我們將看看未來情況是否會逆轉。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

The next question comes from Thomas Yeh of Morgan Stanley. Go ahead, please.

下一個問題來自摩根士丹利的 Thomas Yeh。請繼續。

Thanks. Just kind of an extension on the consumer price sensitivity question and more about just broader consumer health trends. I think you're a bit of a mix of regional attendance, maybe more so certainly than some of the destination parks that have voiced some consumer softening. Is there any evidence just in terms of your footprint more broadly around lower income versus higher income cohorts and how they've behaved over the last few months?

謝謝。這只是消費者價格敏感度問題的延伸，更多的是關於更廣泛的消費者健康趨勢。我認為你們的參觀人數有點混合，也許比一些表達了消費者疲軟的目的地公園更明顯。是否有任何證據表明您在低收入人群與高收入人群中更廣泛的足跡以及他們在過去幾個月的表現如何？

Well, as far as thinking about the health of the consumer. I mean one of the things -- there's a couple of things we look at, but one of them would be certainly the in-park spending, right? So when you normalize for the impact of the Abu Dhabi revenue, we were up roughly 4% or 4% in the quarter. I think that's an indication that people are coming out to the parks and spending. And then I mentioned that in-park per cap is up in April as well. So to me, that's a good indication. People are spending. Jim mentioned the deferred revenue being up at the end of April and the price increases we've been seeing on our past products. Again, I think that's another indication that at least the consumers coming to our parks are spending. Beyond that, we have some other indicators, Discovery Cove, bookings are up. Group bookings are up meaningfully. So I think if we were seen -- I'm not suggesting there's consumers who are impacted with economic issues. But based on where we sit, the folks coming to our park, when we look at the aggregate numbers, we see positive trends there in most cases.

好吧，就考慮消費者的健康而言。我的意思是其中一件事 - 我們會關注幾件事，但其中之一肯定是公園內的支出，對嗎？因此，當您將阿布達比營收的影響標準化時，我們本季的營收成長了約 4% 或 4%。我認為這表明人們正在前往公園消費。然後我提到四月園區內的人均限額也有所增加。所以對我來說，這是一個很好的跡象。人們正在消費。吉姆提到了四月底遞延收入的增加以及我們過去產品的價格上漲。同樣，我認為這再次表明至少來到我們公園的消費者正在消費。除此之外，我們還有其他一些指標，探索灣的預訂量有所上升。團體預約量顯著增加。所以我認為，如果我們被看見──我並不是說有消費者受到經濟問題的影響。但根據我們所處的位置，來到我們公園的人們，當我們查看總數時，我們在大多數情況下看到了積極的趨勢。

Okay. That's helpful color. On the cost front, do you have any incremental color on just the broader labor wage rate outlook? I think certain of your peers have flagged incremental pressure in certain areas or states. I don't know, across your footprint, if that's something that you're trying to offset and certainly, there are these cost efficiencies that you talked about. But from a broader macro perspective, is that something that you're kind of fighting against this year?

好的。這是有用的顏色。在成本方面，您對更廣泛的勞動工資率前景有什麼增量看法嗎？我認為你們的某些同行已經指出了某些地區或州的壓力越來越大。我不知道，在您的足跡中，這是否是您想要抵消的東西，當然，您談到了這些成本效率。但從更廣泛的宏觀角度來看，這是您今年要反對的事情嗎？

Thomas, it's Jim. I think as we've said in previous quarters, we are very pleased with the way we've been able to handle our labor expense. This quarter was no different than the previous quarters where we're actually down year-over-year in our labor rate. I think we've had a very successful focus on managing that labor expense through reductions in overtime, uses of technology, ensuring the right mix of support to our guests were actually improved overall from 2019 and 2023 by better metrics in our labor hours per guest required. So I think overall, we've shown an ability to control that cost pretty effectively.

托馬斯，是吉姆。我認為正如我們在前幾個季度所說的那樣，我們對處理勞動力費用的方式感到非常滿意。本季與前幾個季度沒有什麼不同，我們的勞動力價格實際上比去年同期下降。我認為我們非常成功地透過減少加班、使用科技來管理勞動力費用，確保為客人提供正確的支援組合，透過更好地衡量每位客人的工作時間，從2019 年到2023 年，我們實際上總體上改善了對客人的支持必需的。所以我認為總的來說，我們已經表現出了非常有效控製成本的能力。

Okay. Appreciate it. Thank you so much.

好的。欣賞它。太感謝了。

The next question comes from Paul Golding of Macquarie. Go ahead, please.

下一個問題來自麥格理的保羅‧戈爾丁。請繼續。

Thanks so much. Just a couple on the group and international progress. First, just to clarify, in terms of mix progression, it sounds like group is ahead of '23 and international also ahead of '23, but still behind '19. Should we take away from that, that group is further ahead and ahead of '19 as well? And then a follow-up to that, please. Thanks.

非常感謝。只是關於團體和國際進步的一對夫婦。首先，澄清一下，就混音進展而言，聽起來 group 領先於 '23，International 也領先於 '23，但仍落後於 '19。我們是否應該從這一點出發，該小組也進一步領先 19 屆？請跟進一下。謝謝。

Yes. Thanks, Paul. So what you can -- what I was trying to say there is group is up not only to last year, but also up to 2019. So group is outpacing kind of international. International got better in Q1 of '24 and -- but still is down since 2019. So yes, group is outpatient and international.

是的。謝謝，保羅。所以你能做的——我想說的是，集團不僅是去年的，而且是 2019 年的。國際在 24 年第一季有所好轉，但自 2019 年以來仍然下降。

So as we see international come back, it sounds like there's more room to go in international than there is potentially to go in group. How should we think about the per cap premium that you used to see maybe in 2019 on international relative to what we're seeing today, just as we think through the potential uplift or room to go and per cap strength on that mix left to go in international? Thanks so much.

因此，當我們看到國際比賽回歸時，聽起來國際比賽的空間比團體賽的空間更大。我們應該如何看待你在 2019 年在國際市場上看到的每項上限溢價與我們今天所看到的相比，就像我們思考潛在的提升或上升空間以及該組合的每項上限強度一樣在國際？非常感謝。

Sure. I can help you with that question. It's a good one. So remember, back in 2018, we did about $2.3 million in international attendance. It was roughly 10% of our attendance back in 2019 as a company. So the -- there's a lot of runway still to get back to that. So in Q1 of '24, we were still down roughly 35% to 2019 on international attendants. Now that's better than what we were down last year. Last year, we were down for the full year about 44%. And so it's moving in the right direction, but it gives you some sense of still being down 1/3 of international attendance on -- when we used to do $2.3 million. It gives you a good sense of the size of potential that's ahead if we can recover international attendance and certainly, that's our goal, and we're putting efforts behind that. So I think that is an upside down the road whenever that does recover.

當然。我可以幫你解答這個問題。這是一件好事。所以請記住，早在 2018 年，我們的國際觀眾收入就達到了約 230 萬美元。這大約占我們 2019 年公司出席人數的 10%。所以，還有很多路要走。因此，在 24 年第一季度，我們的國際乘務員數量仍比 2019 年下降了約 35%。現在這比去年的情況好。去年，我們全年下降了約 44%。所以它正在朝著正確的方向發展，但它給你一種感覺，國際觀眾人數仍然下降了 1/3——而我們過去的收入是 230 萬美元。如果我們能夠恢復國際比賽的入場人數，它會讓您清楚地了解未來的潛力有多大，當然，這是我們的目標，我們正在為此付出努力。所以我認為，每當經濟復甦時，這都是一個顛倒的過程。

As far as your question on per cap, I mean I would think international people oftentimes on a total visit basis, have more spend in total. It really depends on what kind of ticket they buy. But if they buy a multi-day ticket, which some of them do, obviously, that per cap is going to be spread over multiple visits and would be less than like a single-day ticket. So, it can have a mix impact, as I was talking about earlier. I think in general, we're pleased International is moving in the right direction. We need to get it back to 2019 levels, but it gives you some sense of the opportunity there, which is meaningful.

至於你關於人均上限的問題，我的意思是，我認為國際人士通常在總訪問量的基礎上，總共花費更多。這實際上取決於他們購買什麼樣的票。但如果他們購買多日票（其中一些人這樣做），顯然，每人上限將分佈在多次訪問中，並且會低於單日票。因此，正如我之前談到的，它可能會產生綜合影響。我認為總的來說，我們很高興國際航空正朝著正確的方向前進。我們需要讓它回到 2019 年的水平，但這讓你感覺到那裡有機會，這是有意義的。

Thanks so much Marc.

非常感謝馬克。

Our next question comes from Lizzy Dove of Goldman Sachs. Go ahead, please.

我們的下一個問題來自高盛的 Lizzy Dove。請繼續。

Hi there. Good morning. Congrats on a nice set of results. There's been more and more focus on Epic Universe coming next year. They've put more and more marketing out there about it. I'm curious kind of what your base case is and how you feel about the setup there, whether it's from a pricing standpoint, whether you feel the need to maybe kind of invest more in the Orlando parks? Anything on those lines would be helpful.

你好呀。早安.祝賀取得了一組不錯的結果。明年的史詩宇宙將受到越來越多的關注。他們對此進行了越來越多的行銷。我很好奇你的基本情況是什麼，以及你對那裡的設置有何看法，是否從定價的角度來看，你是否覺得有必要在奧蘭多公園進行更多投資？這些方面的任何內容都會有所幫助。

Yes. Thanks, Lizzy, I can help you with that. Look, on Epic, look, I don't have a crystal ball and we think about Epic. But generally, we view things -- new things in the market that we expect will bring people to the market. That's good for us and the industry as a whole. And here's why. You got to remember, we've been -- SeaWorld Orlando has been here for 50 years. It opened in the early 1970s. And if you think about the number of parks that have opened since SeaWorld opened 50 years ago, you've got more Disney parks, you've got more universal parks. You've got LEGOLAND. You've got -- we added 2 parks Aquatica and Discovery Cove. And over that time, SeaWorld over that long term grew to EBITDA and participated in that growth of EBITDA to the market.

是的。謝謝，麗茲，我可以幫助你。聽著，在 Epic 上，聽著，我沒有水晶球，但我們考慮的是 Epic。但總的來說，我們會看到市場上的新事物，我們期望這些新事物能吸引人們進入市場。這對我們和整個產業都有好處。原因如下。您必須記住，我們—奧蘭多海洋世界已經存在 50 年了。它於 20 世紀 70 年代初開業。如果你想想自海洋世界 50 年前開業以來開放的公園數量，你會發現有更多的迪士尼公園，還有更多的環球公園。你有樂高樂園。我們增加了 2 個公園 Aquatica 和 Discovery Cove。在那段時間裡，海洋世界在長期內實現了 EBITDA 成長，並參與了市場 EBITDA 的成長。

So we like when more people come here, we have a differentiated product. We -- I think, have a better value proposition for visiting our part relative to some of the competitors in town. And we have our own unique rides and events and things to do that people do find a lot of enjoyment in. We also get, I would guess, more of our tenants than they do. I'm not for certain, but we get a lot of our tenants, obviously, from the state of Florida into SeaWorld Orlando Park and Aquatica. So those are setups that we like that setup going forward. We've competed here for certainly a long time. I'm not suggesting Epic won't have an impact or anything like that. I'm sure there's going to be days where they're going to be very crowded and we might feel that we like the setup of -- we've been competing here for a long time. We like our product. We like our value proposition. We like what we have to offer. And so I think we've demonstrated over a long history that we've competed well with a lot of new things coming into the market during that time.

所以我們希望當更多的人來到這裡時，我們就有了差異化的產品。我認為，相對於城裡的一些競爭對手，我們對於參觀我們的部分有更好的價值主張。我們有自己獨特的遊樂設施、活動和活動，人們確實可以從中找到很多樂趣。我不確定，但顯然我們有很多租戶，從佛羅裡達州到奧蘭多海洋世界公園和 Aquatica。所以這些是我們喜歡的設定。我們已經在這裡比賽很久了。我並不是說 Epic 不會產生影響或類似的事情。我確信有一天他們會非常擁擠，我們可能會覺得我們喜歡這樣的設定——我們已經在這裡競爭很長時間了。我們喜歡我們的產品。我們喜歡我們的價值主張。我們喜歡我們所提供的東西。因此，我認為我們在漫長的歷史中已經證明，我們在與當時進入市場的許多新事物的競爭中表現出色。

Perfect. That's helpful. And then just one follow-up. On the buyback, you made very solid progress there. I guess, like in dairy, if I look at the numbers, it feels like with the cash you have and the revolver, you could potentially finish that by the end of this year. So how do you evaluate kind of the pacing and capital allocation priorities of that versus deleveraging or capital investments or anything else hotels, I guess, too?

完美的。這很有幫助。然後只有一個後續行動。在回購方面，你們取得了非常堅實的進展。我想，就像在乳製品行業一樣，如果我看一下數字，感覺就像你擁有的現金和左輪手槍，你可能會在今年年底完成。那麼，我想，與去槓桿化或資本投資或其他酒店相比，您如何評估其節奏和資本分配優先事項？

Yes. Thanks. Look, I mean, -- we'll work with -- like we all will work with the Board on the use of cash. I mean, certainly, I think to the extent the stock remains undervalued, like we believe it is, that would lean towards doing -- probably trying to do more of those buybacks, obviously, right? And that -- we saw that with the shareholder vote that that was overwhelmingly approved. So I think a lot of people recognize -- investors recognize that the stock is undervalued. So -- the pacing will really just come down to does it stay undervalued and then how do we work with our team and the Board to kind of navigate, like you said, the cash. But keep in mind that the business overall generates strong free cash flow. So you can model that out. It sounds like you kind of did. And we do have -- we are entering kind of the peak season here where we would generate more of our cash. So we'll keep you posted each quarter. But certainly, we're -- we recognize the stock is undervalued and certainly believe in the buybacks.

是的。謝謝。我的意思是，我們將與董事會合作，就現金的使用問題進行合作。我的意思是，當然，我認為在股票仍然被低估的情況下，就像我們認為的那樣，這將傾向於這樣做——顯然，可能會嘗試進行更多的回購，對嗎？我們看到股東投票結果以壓倒性多數通過了。所以我認為很多人都認識到投資者認識到該股票被低估了。因此，節奏實際上取決於它是否仍然被低估，然後我們如何與我們的團隊和董事會合作管理現金，就像你說的那樣。但請記住，該業務總體上產生強勁的自由現金流。所以你可以對其進行建模。聽起來你確實這麼做了。我們確實有——我們正在進入旺季，我們會產生更多的現金。因此，我們每季都會向您通報情況。但當然，我們認識到該股票被低估，當然相信回購。

Great. Thanks so much.

偉大的。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Marc Swanson, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回執行長馬克·斯旺森 (Marc Swanson) 發表閉幕詞。

Yes. Thank you, Cindy. On behalf of Jim and the rest of the management team at United Parks & Resorts, I want to thank you for joining us this morning. As you heard today, we are confident in our long-term strategy, which we believe will drive improved operating and financial results and long-term value for stakeholders. So thank you for joining. We look forward to speaking with you next quarter.

是的。謝謝你，辛蒂。我謹代表吉姆和聯合公園及度假村管理團隊的其他成員感謝您今天早上加入我們。正如您今天所聽到的，我們對我們的長期策略充滿信心，我們相信這將推動改善營運和財務績效以及利害關係人的長期價值。感謝您的加入。我們期待下個季度與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。