United Parks & Resorts Inc (PRKS) 2024 Q2 法說會逐字稿

Good day, and welcome, to the United Parks & Resorts second quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matthew Stroud, Investor Relations. Please go ahead.

美好的一天，歡迎參加聯合公園及度假村 2024 年第二季財報電話會議。（操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係部的 Matthew Stroud。請繼續。

Thank you. Good morning, everyone, and welcome to United Parks & Resorts second-quarter earnings conference call. Today's call is being webcast and recorded. A press release issued this morning is available on our Investor Relations website at www.unitedparksinvestors.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。大家早安，歡迎參加聯合公園及度假村第二季財報電話會議。今天的電話會議正在進行網路直播並進行錄音。今天早上發布的新聞稿可在我們的投資者關係網站 www.unitedparksinvestors.com 上查閱。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 James Forrester, Interim Chief Financial Officer and Treasurer. This morning, we will review our second quarter financial results and then we'll open the call to your questions.

今天早上與我一起出席的還有執行長馬克‧斯旺森 (Marc Swanson) 和臨時財務長兼財務主管詹姆斯‧福雷斯特 (James Forrester)。今天早上，我們將回顧第二季的財務業績，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 certain 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.

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某些前瞻性陳述。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有重大差異，包括我們的 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。

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. In addition, on the call, we may reference non-GAAP and other financial metrics such as adjusted EBITDA and free cash flow.

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。此外，在電話會議上，我們可能會參考非公認會計準則和其他財務指標，例如調整後的 EBITDA 和自由現金流量。

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.

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're pleased to report another quarter of strong financial results. We grew attendance and revenue during the quarter, despite not seen any material improvement in weather during the quarter compared to prior year. We also achieved a record level for in-park per capita spending, which is a testament to the continued success of our strategy is an investment in this area.

謝謝你，馬修。大家早安，感謝您加入我們。我們很高興地報告又一個季度強勁的財務業績。儘管本季天氣與去年相比沒有任何實質改善，但我們在本季的出席率和收入有所增長。我們的園區內人均支出也達到了創紀錄的水平，這證明了我們在該領域的投資策略的持續成功。

We're also happy to have been able to repurchase approximately 6.3 million shares since the end of March through August 5, or nearly 10% of our outstanding shares. While we believe were depressed and highly attractive prices, underscoring our significant free cash flow generation and our commitment to thoughtfully and opportunistically returning excess capital to shareholders.

我們也很高興能夠從 3 月底到 8 月 5 日回購約 630 萬股股票，也就是我們已發行股票的近 10%。雖然我們認為價格低迷且極具吸引力，但這凸顯了我們大量的自由現金流生成以及我們對深思熟慮和機會主義地將多餘資本返還給股東的承諾。

Looking forward, we continue to be encouraged by the booking trends at our Discovery Cove property, along with our group bookings which continue to run well ahead of 2023. International visitation while still down compared to 2019, was again up for the quarter compared to prior year.

展望未來，探索灣酒店的預訂趨勢以及我們的團體預訂在 2023 年之前將繼續保持良好勢頭，這將繼續令我們感到鼓舞。國際遊客量雖然與 2019 年相比仍有所下降，但與去年同期相比再次有所上升。

We are very excited about our remaining summer events including Bands, Brew & BBQ at SeaWorld Orlando, Summer Spectacular at SeaWorld San Diego, Bourbon & BBQ at Busch Gardens Tampa Bay, Bier Fest Brews & BBQ at Busch Gardens Williamsburg, and Red, White & BBQ at SeaWorld San Antonio over the next few weeks.

我們對剩餘的夏季活動感到非常興奮，包括奧蘭多海洋世界的樂隊、啤酒和燒烤、聖地亞哥海洋世界的夏季盛會、坦帕灣布希花園的波本威士忌和燒烤、威廉斯堡布希花園的啤酒節啤酒和燒烤，以及紅、白和燒烤。

Later in September, we will start our popular Halloween events which will be followed by our Christmas events. These special events have continued to grow in popularity and I expect this year's events to be among the best ever. For the full year 2024, we continue to expect to deliver new records in revenue and Adjusted EBITDA

九月晚些時候，我們將開始受歡迎的萬聖節活動，隨後是聖誕節活動。這些特別活動越來越受歡迎，我預計今年的活動將成為有史以來最好的活動之一。2024 年全年，我們繼續預期營收和調整後 EBITDA 將創下新紀錄

We have high confidence in our ability to continue to deliver operational and financial improvements that will result in meaningful increases in revenue, adjusted EBITDA and shareholder value.

我們對持續實現營運和財務改進的能力充滿信心，這將導致收入、調整後 EBITDA 和股東價值的大幅成長。

I want to thank all of our ambassadors for their hard work and dedicated efforts these past few months as we wrap up the summer season and head into our popular Halloween and Christmas events for the balance of the year.

我要感謝我們所有的大使在過去幾個月的辛勤工作和奉獻精神，因為我們結束了夏季，並進入了今年剩餘時間的受歡迎的萬聖節和聖誕節活動。

Now let me give a brief update on some other items. Let me comment on our debt repricing activity last week. Last week we launched an opportunistic debt repricing on the back of strong credit markets and tightening credit spreads. The repricing was going well and is scheduled to price on Monday of this week. Needless to say, given the market volatility on Monday, we decided to pause the repricing and we'll come back to market when conditions normalize.

現在讓我簡單介紹一下其他一些項目的最新情況。讓我評論一下我們上週的債務重新定價活動。上週，在信貸市場強勁和信貸利差收緊的背景下，我們啟動了機會主義債務重新定價。重新定價進展順利，計劃於本週一定價。不用說，考慮到週一的市場波動，我們決定暫停重新定價，待情況正常化後我們將重返市場。

During the second quarter, we repurchased 4.1 million shares for an aggregate total of approximately $213.4 million. Subsequent to June 30, 2024, through August 5, 2024, we purchased approximately 2.2 million shares for an aggregate total of approximately $116.1 million. The Board and company strongly believe our shares are materially undervalued.

第二季度，我們回購了 410 萬股股票，總價值約 2.134 億美元。自2024年6月30日起至2024年8月5日，我們購買了約220萬股股票，總價值約為1.161億美元。董事會和公司堅信我們的股票被嚴重低估。

We have significant confidence in our business, our prospects and the value of our assets and anyway, reasonable way you look at it, we feel we are materially undervalued and that there's significant upside opportunity in our current share price.

我們對我們的業務、我們的前景和我們的資產價值充滿信心，無論如何，從合理的角度來看，我們認為我們的價值被嚴重低估，我們目前的股價存在巨大的上漲機會。

Our balance sheet continues to be strong, and our June 30, 2024 net leverage ratio is 2.76 times, and we had approximately $605 million of total liquidity, including approximately $232 million of cash on the balance sheet in advance of us starting our summer season, where we generate a majority of our cash flow. 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.

我們的資產負債表仍然強勁，截至 2024 年 6 月 30 日的淨槓桿率為 2.76 倍，我們擁有約 6.05 億美元的總流動資金，包括在夏季開始之前資產負債表上約 2.32 億美元的現金，我們產生大部分現金流的地方。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。

When we continue to progress through with our cost efficiency related work, and we expect approximately $50 million of realized savings in 2024. We're actively working to build a new list of cost efficiency initiatives. It's still have areas we have not meaningfully impacted as much as we'd like, including things like utilities, insurance related items and other areas.

當我們繼續推進與成本效率相關的工作時，我們預計到 2024 年將實現約 5,000 萬美元的節省。我們正在積極努力製定新的成本效率措施清單。它仍然有一些領域我們沒有像我們希望的那樣產生有意義的影響，包括公用事業、保險相關項目和其他領域。

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.

眾所周知，成本管理和紀律是我們管理團隊的重點，我們已經證明了我們實現成本效率的能力。

On the digital transformation front, we continue to make investments in and build out our CRM capabilities and our mobile app. On CRM, we created a pilot program projected to generate incremental revenue and support existing marketing and e-mail strategies while proving out a better, more holistic approach to customer engagement among other things.

在數位轉型方面，我們繼續投資並建立我們的 CRM 功能和行動應用程式。在 CRM 方面，我們創建了一個試點計劃，旨在產生增量收入並支持現有的行銷和電子郵件策略，同時證明更好、更全面的客戶參與方法等。

We expect the CRM will be a component of our growth strategy over time. In regards to the mobile app, we continue to make progress on functionality, adoption, usage, and financial impact. The app 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 10.7 million times, up from 9.4 million at the end of Q1.

我們預計隨著時間的推移，CRM 將成為我們成長策略的一個組成部分。在行動應用程式方面，我們繼續在功能、採用、使用和財務影響方面取得進展。越來越多的公園遊客使用該應用程式來改善他們的公園體驗。該應用程式目前的下載量已超過 1,070 萬次，高於第一季末的 940 萬次。

Total revenue generated on the app continues to grow, and we are now seeing an approximate 32% increase in average transaction value for food and beverage purchases made through the app compared to point of orders. Mobile ordering is operating at more of our targeted 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 costs.

該應用程式產生的總收入持續增長，我們現在發現，與訂單點相比，透過該應用程式購買食品和飲料的平均交易價值增加了約 32%。我們的更多目標餐廳正在經營行動點餐服務。我們對該應用程式的潛力及其改善公園內遊客體驗、增加收入和降低成本的能力感到興奮。

On the international front, we have discussions on several new international projects and expect to have more news to share in the coming quarters. On the hotel front, we continue to have discussions with various potential partners on a variety of structures. And as we have discussed previously, we are very excited about the opportunity to monetize a portion of our substantial and valuable unused land holdings and have hotels integrated into our properties.

在國際方面，我們正在討論幾個新的國際項目，並預計在未來幾季分享更多消息。在酒店方面，我們繼續與各種潛在合作夥伴就各種結構進行討論。正如我們之前所討論的，我們非常高興有機會將我們大量且有價值的未使用土地的一部分貨幣化，並將酒店整合到我們的物業中。

As a reminder, we are very focused on achieving a minimum ROI for our capital projects. I'm very excited about the significant investments we are making an even more initiatives we have underway across our business and we expect will improve the guest experience losses, generate more revenue and make us a more efficient and profitable enterprise.

提醒一下，我們非常注重為我們的資本項目實現最低投資報酬率。我對我們正在進行的重大投資感到非常興奮，我們在整個業務中開展了更多舉措，我們預計這將改善賓客體驗損失，產生更多收入，並使我們成為一家更有效率、更盈利的企業。

We are building an even stronger and more resilient business that we expect will deliver, improved operational and financial results and meaningful increases in shareholder value.

我們正在建立一個更強大、更有彈性的業務，我們預計將實現這一目標，改善營運和財務業績，並顯著增加股東價值。

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, Marc. During the second quarter, we generated total revenue of four to $497.6 million, an increase of $1.6 million or 0.3% when compared to the second quarter of 2023. The increase in total revenue was primarily a result of an increase in attendance, partially offset by a decline in total revenue per capita.

謝謝你，馬克。第二季度，我們的總營收為 4.976 億美元，與 2023 年第二季相比增加了 160 萬美元，增幅為 0.3%。總收入的成長主要是由於出席人數的增加，但部分被人均總收入的下降所抵消。

Attendance for the second quarter of 2024 increased by approximately 47,000 guests, or 0.8% when compared to the prior-year quarter. The increase in attendance was primarily due to increased demand. Total revenue per capita decreased a modest 0.4%.

2024 年第二季的參觀人數增加了約 47,000 名客人，比去年同期增加了 0.8%。出席人數增加主要是需求增加。人均總收入小幅下降 0.4%。

Admission per capita decreased 2.9% and in-park capital spending increased 2.5%. Admission per capita increased primarily due to lower pricing on certain promotional admission products and the net impact of the admissions product and part mix when compared to the prior-year quarter. In-park per capita spending, defined as food, merchandise and other revenue divided by total attendance improved primarily due to pricing initiatives when compared to the second quarter of 2023.

人均入場費下降 2.9%，園區內資本支出成長 2.5%。人均入場費的成長主要是由於某些促銷入場產品的定價較低以及入場產品和部分組合與去年同期相比的淨影響。與 2023 年第二季相比，園區內人均支出（定義為食品、商品和其他收入除以總遊客人數）有所改善，這主要是由於定價措施的影響。

Operating expenses decreased $5.5 million or 2.8% when compared to the second quarter of 2023. The decrease in operating expenses is primarily due to decreased non-cash self-insurance reserve adjustments, a decrease in non-cash asset write-offs and a decrease in nonrecurring contractual liabilities and legal costs resulting from the previously disclosed temporary COVID-19 park closures when compared to the second quarter of 2023.

與 2023 年第二季相比，營運費用減少 550 萬美元，即 2.8%。營運費用的減少主要是由於非現金自保準備金調整減少、非現金資產核銷減少以及先前披露的暫時關閉COVID-19園區導致的非經常性合約負債和法律費用減少與2023 年第二季度相比。

Selling, general and administrative expenses decreased $4.4 million or 6.4% compared to the second quarter of 2023. The decrease in selling, general and administrative expenses is primarily due to an $8.6 million decrease in third-party consulting costs, including an approximately $8.3 million of nonrecurring cost for strategic initiatives when compared to the second quarter of 2023.

與 2023 年第二季相比，銷售、一般和管理費用減少 440 萬美元，即 6.4%。銷售、一般和管理費用的減少主要是由於第三方諮詢成本減少了 860 萬美元，其中與 2023 年第二季度相比，戰略計劃的非經常性成本減少了約 830 萬美元。

We generated net income of $91.1 million for the second quarter compared to net income of $87.1 million in the second quarter of 2023. We generated adjusted EBITDA of $218.2 million, a decrease of $6.1 million compared to the second quarter of 2023. Adjusted EBITDA declined due to an increase in expense used to calculate adjusted EBITDA, which was in part due to items related to timing and certain expenditures that we do not intend to repeat.

我們第二季的淨利潤為 9,110 萬美元，而 2023 年第二季的淨利潤為 8,710 萬美元。我們的調整後 EBITDA 為 2.182 億美元，比 2023 年第二季減少 610 萬美元。調整後 EBITDA 下降的原因是用於計算調整後 EBITDA 的費用增加，部分原因是與時間相關的項目和我們不打算重複的某些支出。

Looking at our results for the first half of 2024 compared to 2023, total record revenue was $795 million, an increase of $5.6 million or 0.7%. Total attendance was 9.6 million, guests, an increase of 119,000 guests or 1.3%. Net income for the period was $79.9 million, an increase of $9.3 million and adjusted EBITDA was $297.3 million, an increase of $0.6 million or 0.2%.

從我們 2024 年上半年的業績來看，與 2023 年相比，創紀錄的總收入為 7.95 億美元，增加了 560 萬美元，增幅為 0.7%。總出席嘉賓人數為960萬人次，增加11.9萬人次，成長1.3%。該期間淨利潤為 7,990 萬美元，增加 930 萬美元，調整後 EBITDA 為 2.973 億美元，增加 60 萬美元，即 0.2%。

Now turning to our balance sheet. Our June 30, 2024, net total leverage ratio was 2.76 times, and we had approximately $605 million of total available liquidity, including $232 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 the goal to maximize long-term value for shareholders.

現在轉向我們的資產負債表。截至 2024 年 6 月 30 日，我們的淨總槓桿率為 2.76 倍，我們擁有約 6.05 億美元的可用流動資金總額，其中包括資產負債表上的 2.32 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業務，並機會性地分配資本，以實現股東長期價值最大化。

Under our $500 million repurchase authorization from the Board. During the second quarter, we repurchased 4.1 million shares for an aggregate total of approximately $213.4 million subsequent to June 30, 2024 through August 5, 2024, repurchase approximately 2.2 million shares for an aggregate total of approximately $160.1 million. As Marc said, we believe our shares are materially undervalued.

根據董事會的 5 億美元回購授權。在第二季度，我們從2024年6月30日到2024年8月5日回購了410萬股股票，總價值約2.134億美元，回購了約220萬股股票，總價值約1.601億美元。正如馬克所說，我們認為我們的股票被嚴重低估。

Our deferred revenue balances of the end of June was $230.5 million, an increase of approximately 3.5% when compared to June of 2023. As a reminder, our deferred revenue balance contains a number of products to include ticketing, vacation packages, annual and seasonal passes and ancillary products. We also continue to still see many pass holders who have been with us for at least a year through transition to month-to-month payments at the completion of their initial pass commitment.

截至 6 月底，我們的遞延收入餘額為 2.305 億美元，較 2023 年 6 月成長約 3.5%。提醒一下，我們的遞延收入餘額包含多種產品，包括票務、度假套餐、年票和季節性通行證以及輔助產品。我們也繼續看到許多通行證持有者已經在我們這裡工作了至少一年，在完成最初的通行證承諾後過渡到按月付款。

This month to month, revenue does not show up as deferred revenue. Our pass base improved from the end of the second quarter. Through July 2024 our pass base, including all pass products, were down 2% compared to July 2023, but up 26% when compared to July of 2019. We are pleased that we are seeing mid-single to low double digit price increases depending on our pass products compared to the prior year.

每個月的收入不會顯示為遞延收入。我們的傳球基礎比第二節末有所改善。截至 2024 年 7 月，我們的通證基數（包括所有通證產品）與 2023 年 7 月相比下降了 2%，但與 2019 年 7 月相比增長了 26%。我們很高興看到與前一年相比，我們的通行證產品價格出現中個位數到低兩位數的上漲。

We're about to launch what we feel is our best past benefits program ever for 2025, which we expect will drive additional increases in past sales and a strong pass base for the remainder of this year and next year.

我們即將推出我們認為是 2025 年有史以來最好的福利計劃，我們預計該計劃將推動過去銷售額的進一步增長，並為今年剩餘時間和明年奠定堅實的通行證基礎。

We spent $79.5 million on CapEx in the second quarter of 2024. For 2024, we expect an approximate $170 million to $180 million on core CapEx and approximately $55 million to $70 million on CapEx on expansion and our ROI projects.

2024 年第二季我們的資本支出為 7,950 萬美元。到 2024 年，我們預計核心資本支出約為 1.7 億至 1.8 億美元，擴張和投資回報項目的資本支出約為 5,500 萬至 7,000 萬美元。

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

現在讓我把電話轉回給馬克，他會分享一些最後的想法。馬克.

Thank you, Jim. Before we open the call to your questions, I have some closing comments. In the second quarter of 2024 we came to the aid of 215 animals in need. Over our history, we helped over 41,000 animals including bottlenose dolphins, manatees, sea lions, seals, sea turtles, sharks, birds, and more. I'm really proud of the team's hard work and their continued dedication into these important rescue efforts.

謝謝你，吉姆。在我們開始回答你們的問題之前，我有一些結論。2024 年第二季度，我們幫助了 215 只有需要的動物。在我們的歷史中，我們幫助了超過 41,000 隻動物，包括寬吻海豚、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're certainly excited about the remainder of 2024 within the exciting events we have coming with Halloween and Christmas. I want to thank our investors for their efforts during this busy summer season. And our preparation for upcoming fall and winter events, which are guest favorites. We continue to believe there's significant additional opportunities to improve our execution, take advantage of growth opportunities and continue to drive meaningful long-term growth in both revenue and adjusted EBITDA.

我們對 2024 年剩餘的時間裡萬聖節和聖誕節舉辦的激動人心的活動當然感到興奮。我要感謝我們的投資者在這個繁忙的夏季所做的努力。以及我們為即將到來的秋季和冬季活動所做的準備，這些活動是客人最喜歡的。我們仍然相信，還有大量額外的機會來改善我們的執行力、利用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。

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 meaningful increased value for stakeholders.

繼續對我們的長期策略以及我們顯著改善營運和財務表現的能力充滿信心，我們預計這將為利害關係人帶來有意義的價值增加。

Now let's take your questions.

現在我們來回答大家的問題。

We will now begin the question-and-answer session (Operator Instructions)

我們現在開始問答環節（操作員說明）

Steven Wieczynski, Stifel.

史蒂文‧維琴斯基，史蒂菲爾。

Yeah. Hey guys. Good morning. So, Marc, I want to first ask about the pressure that you guys kind of saw in the admissions per caps and wondering if you can give us a little bit more color around some of that, maybe the pricing decisions around lowering pricing on certain, what you call certain edition products? And I guess we've heard some of your competitors in that Orlando market talk about their customers maybe becoming a little bit more price conscious.

是的。嘿夥計們。早安.所以，馬克，我想先問一下你們在每個上限的入場人數中看到的壓力，想知道你們是否可以給我們一些關於其中一些的更多信息，也許是關於降低某些價格的定價決策，您將某些版本的產品稱為什麼？我想我們已經聽到奧蘭多市場的一些競爭對手談論他們的客戶可能變得更加註重價格。

So just wondering how you're thinking about pricing your daily tickets. I guess, given Jim noted that you still feel like your past product can and probably should get pricing increases in that mid-single-digit range?

所以只是想知道您如何考慮為每日門票定價。我想，鑑於吉姆指出，您仍然覺得您過去的產品可以而且可能應該在中間個位數範圍內提高價格？

Yes. Hi Steve, I can take that question. So, look, as we've said in the past, and I'll say again, we're focused on driving total revenue, right? And we're confident we can grow per caps over time with all the initiatives we have going on, our new events, new attractions, our dynamic pricing, CRM, things like that. And look, what we've said, like look, we're going to -- we may use offers at times, and in kind of this current environment, we did use some in the quarter. And then also, you know, you have the mix or the impact of park and product mix.

是的。嗨，史蒂夫，我可以回答這個問題。所以，正如我們過去所說的那樣，我會再說一遍，我們專注於推動總收入，對吧？我們相信，隨著時間的推移，我們可以透過我們正在進行的所有舉措、我們的新活動、新景點、我們的動態定價、CRM 等來實現人均上限的成長。看，我們已經說過，就像看，我們有時可能會使用優惠，在當前的環境下，我們確實在本季度使用了一些優惠。然後，你知道，你還有公園和產品組合的混合或影響。

And those things can (inaudible) and flow quarter to quarter, right? So I think overall, we again feel confident over time we can grow per caps, but we're going to defer to driving more total revenue. And that's what we did in the second quarter, and some of those offers, that at times may be at odds with per caps, a little bit helped us achieve that growth.

這些東西可以（聽不清楚）並且按季度流動，對嗎？因此，我認為總的來說，隨著時間的推移，我們再次對人均收入的成長充滿信心，但我們將推遲推動更多的總收入。這就是我們在第二季度所做的，其中一些優惠有時可能與人均上限不一致，但在一定程度上幫助我們實現了成長。

Let me just add, because you kind of alluded to it. The other thing I'd point out is we do have a strong value proposition. I think to the extent you kind of commented about maybe people being more value conscious, I think we have a tremendous value proposition, especially with our season pass products.

讓我補充一下，因為你提到了這一點。我要指出的另一件事是我們確實有很強的價值主張。我認為就你所說的人們可能更加重視價值而言，我認為我們有一個巨大的價值主張，尤其是我們的季票產品。

You can come to a park for a full year, and when you start to calculate the cost of per visit, when you buy a pass, it's a great value and especially when we're adding new things. So I think that'll continue to be something that we showcase as well. And I think it also points out kind of the resiliency of the business that even in times that maybe people are looking for value, we provide that, and it's a resilient business.

你可以來一個公園一整年，當你開始計算每次訪問的費用時，當你購買通行證時，它就很有價值，尤其是當我們添加新東西時。所以我認為這也將繼續成為我們展示的東西。我認為這也指出了業務的彈性，即使在人們可能正在尋找價值的時候，我們也提供了價值，這是一個有彈性的業務。

Okay. Thanks, Marc. And then second question, Marc, we think about the second-half of the year, obviously you're still kind of holding on to the record EBITDA comment, and that would mean you'd probably need to produce, I guess, what is it, about $430 million of EBITDA in the second-half of the year to exceed that 2022 record.

好的。謝謝，馬克。然後第二個問題，馬克，我們考慮今年下半年，顯然你仍然堅持創紀錄的 EBITDA 評論，這意味著你可能需要生產，我猜，什麼是今年下半年的EBITDA 約為4.3 億美元，將超過2022 年的記錄。

So with weather being unpredictable -- you know, guess it's not giving you guys a lot of wiggle room or something, you know, does go wrong. So I guess, I'm just wondering if you kind of we look at kind of current consensus right now, I think it's sitting around $434 million for the second-half of the year. So, what is consensus essentially getting wrong or where do you get that comfort from that kind of getting north of that $430 million for the second-half of the year is really going to be plausible? Thanks.

因此，由於天氣不可預測——你知道，我猜這並沒有給你們很大的迴旋餘地，或者你知道，確實會出問題。所以我想，我只是想知道我們現在是否正在考慮目前的共識，我認為下半年的金額約為 4.34 億美元。那麼，共識本質上出了什麼問題，或是下半年達到 4.3 億美元的目標，你能從哪裡得到安慰？謝謝。

Yes. I mean, I think, Steve, the way to think about it is we have a lot of focus on the things that are in the second half of the year. And one of those would be driving more demand with our events like Halloween, Christmas, the new rides that open, like here in Orlando and in Tampa, and then our pricing and per cap initiatives as well, and then our cost initiative.

是的。我的意思是，我認為，史蒂夫，思考這個問題的方式是我們非常關注下半年的事情。其中之一將是透過我們的活動來推動更多需求，例如萬聖節、聖誕節、在奧蘭多和坦帕開設的新遊樂設施，然後是我們的定價和按上限計劃，然後是我們的成本計劃。

So getting contributions from volume, from per cap, from cost efficiencies, I think when we kind of step back and layer all those things into kind of how we think about the back half of the year, those are the things we're pointing to. So it's a lot of effort on things we are doing to drive that. Now, not to get too cute or anything, but I mean, obviously, you know, anything over a dollar over the prior record EBITDA would be a new record.

因此，從數量、人均薪資和成本效率中獲得貢獻，我認為當我們退後一步，將所有這些事情分層為我們對下半年的看法時，這些就是我們所指出的。因此，我們正在做很多事情來推動這一目標。現在，不要太可愛或什麼，但我的意思是，顯然，你知道，任何超過之前記錄的 EBITDA 超過一美元的東西都將是一個新記錄。

But certainly, you know, so we're focused on getting to something higher than what we achieved in 2022, and we'll continue to focus on that. And that is what we'll work towards, obviously, and we'll be able to update you guys in November on if we feel like we're still pacing towards that. But I think a lot of efforts around our initiatives, our events, our per caps, our cost discipline.

但當然，你知道，所以我們專注於實現比 2022 年所取得的成就更高的目標，我們將繼續專注於此。顯然，這就是我們將努力的方向，如果我們覺得我們仍在朝著這個目標邁進，我們將能夠在 11 月向大家通報最新情況。但我認為圍繞著我們的舉措、我們的活動、我們的上限和我們的成本紀律做了許多努力。

Okay, great. Thanks, Marc. Really appreciate it.

好的，太好了。謝謝，馬克。真的很感激。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, morning. Thanks for taking my questions. Just a follow-up on the per cap one, I believe last quarter, you mentioned that April per caps were up on the admissions side and then obviously down slightly for 2Q. Can you just help us with any cadence through the year? And then if there's any color on early July 10 study can be helpful as well. Thank you.

嘿，早安。感謝您回答我的問題。我相信上個季度，您提到 4 月份的招生人數有所上升，然後第二季度的人數明顯略有下降，這只是人均上限的後續行動。你能幫我們調整一下全年的節奏嗎？如果 7 月 10 日上旬有任何顏色，研究也會有幫助。謝謝。

Yes. Hey, Ben, I can help you on that. So, look, I'll focus on the quarter. Like you said, they were very slightly positive in April, so you can read into that, that they would have been impacted from that point forward. And again, we're focused on driving total revenue. And so there is going to be times that we run promotions that are at odds with per caps, but we feel good about the volume or the revenue that's associated with that. And it's going to vary again from quarter to quarter.

是的。嘿，本，我可以幫你。所以，我將重點放在本季。就像你說的，他們在四月的表現非常積極，所以你可以讀到這一點，從那時起他們就會受到影響。再說一次，我們專注於提高總收入。因此，有時我們會進行與人均上限不一致的促銷活動，但我們對與之相關的數量或收入感到滿意。而且每季都會有所不同。

But I think over time, we still are confident we can grow the per caps with all the initiatives, the new attractions, the CRM, the mobile app, new things in our parks. So we'll continue to focus on that. What I can tell you, just [preliminary], July, is that the per caps were up a very low single digits.

但我認為，隨著時間的推移，我們仍然有信心能夠透過所有舉措、新景點、CRM、行動應用程式以及公園中的新事物來提高人均限額。所以我們將繼續關注這一點。我可以告訴你的是，[初步]，7 月份，人均上限增長了非常低的個位數。

Great. That's very helpful. And then on CapEx, you gave us the number for the year $170 million to $180 million and core and then $55 million to $70 million on expansion. Is that a good way to think about the business on a go-forward basis, including stuff like a hotel? Or would that change has numbers at all?

偉大的。這非常有幫助。然後在資本支出方面，您向我們提供了今年 1.7 億至 1.8 億美元的核心數字，以及 5500 萬至 7000 萬美元的擴張數字。這是一個從長遠角度考慮業務（包括酒店等業務）的好方法嗎？或者說這種變化會有數字嗎？

Yes, Ben, it's Jim. I think as we look at what we spent last year, what we were spending this year, we continue to right size our amount of capital spend. I would say that we continue to make sure that we're in that [225 to 250] range this year and then continue to find ways to spend less capital and be more efficient with that. That does not include any hotel expansion in those numbers.

是的，本，是吉姆。我認為，當我們審視去年和今年的支出時，我們會繼續調整資本支出規模。我想說的是，我們將繼續確保今年處於 [225 至 250] 範圍內，然後繼續尋找減少資本支出並提高效率的方法。這不包括這些數字中的任何酒店擴建。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。欣賞它。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. So, Marc, you mentioned maybe better per caps in July. I figured I'd ask anything else you can tell us about July, obviously, the second quarter attendance was up a little bit, per caps were down a little bit. Now, per cap is up in July, is total revenue up in July as well?

嘿，早安。所以，馬克，你提到七月的人均上限可能會更好。我想我想問您關於七月的任何其他問題，顯然，第二季度的出勤率有所上升，但人均人數有所下降。現在，7 月的人均上限增加了，7 月的總收入也增加了嗎？

What I would point out to in July and is there is a if you look at July of this year versus July of last year, there's a two less weekend days in July of this year versus July of last year. So as you can imagine that, that certainly has a an impact on the reported numbers we put in, you're just looking at one month like that. So that would be a drag on revenue.

我想在 7 月指出的是，如果你看看今年 7 月與去年 7 月相比，今年 7 月的周末天數比去年 7 月少了兩個。因此，正如您可以想像的那樣，這肯定會對我們輸入的報告數字產生影響，您只看一個月的情況。因此，這將拖累收入。

And so I think overall, you can assume revenue would be down. But the one of the ways we look at it, though, is on a day-to-day basis, which is kind of lining up like days, which adjusts for that calendar shift, right. And when you do that, the attendance was up a little over 2% or so in July, which is, I think, an indication that on a like-for-like basis or day-to-day basis attendance increased there.

所以我認為總的來說，你可以假設收入會下降。但我們看待它的方式之一是在日常的基礎上，這有點像日子一樣排列，根據日曆的變化進行調整，對吧。當你這樣做時，7 月的出席人數增加了 2% 左右，我認為這表明，在同類基礎上或日常基礎上，出席人數有所增加。

Got it. That's really helpful. And then maybe speak to the state of Orlando, you've got Universal who put out some pretty weak numbers, and Disney with some cautionary comments. Obviously, that's just the portion of your business, but are you seeing any of that weakness in the Orlando market? You talked about some mix effects, I didn't know if Orlando underperformance was maybe one of the factors impacting mixed, but anything you could tell us there? And is the local business may be offsetting some of that destination business?

知道了。這真的很有幫助。然後也許可以與奧蘭多州交談，環球影業公佈了一些相當疲軟的數據，迪士尼則提出了一些警告性評論。顯然，這只是您業務的一部分，但是您是否看到奧蘭多市場有任何弱點？你談到了一些混合效應，我不知道奧蘭多表現不佳是否是影響混合效應的因素之一，但你能告訴我們什麼嗎？本地業務是否可能抵銷部分目的地業務？

Yes. So I can take that, James. So like I think that one of the things I would start with is just the resiliency of the business, right? So I think we've proven over a pretty long history here of when there are perhaps people on looking for other alternatives are coming back on things. Our business has remained resilient through past recessions. And so we like the opportunity to continue to be a great value proposition to people in the market for wanting have fun.

是的。所以我可以接受，詹姆斯。所以我認為我首先要考慮的事情之一就是業務的彈性，對嗎？因此，我認為我們已經在相當長的歷史中證明了，當人們尋找其他替代方案時，他們可能會重新開始。我們的業務在過去的經濟衰退中一直保持彈性。因此，我們希望有機會繼續為市場上那些想要享受樂趣的人提供巨大的價值主張。

And we know people are reluctant to want to cut activities with their family and friends. And I think we offer a strong value proposition for that. I'd say specifically to Orlando on a year to date basis, we are pleased with our Orlando parks. And so I won't comment any more beyond that, obviously for competitive reasons. But we're pleased with our Orlando performance and we like the resiliency of the business here.

我們知道人們不願意減少與家人和朋友的活動。我認為我們為此提供了強而有力的價值主張。我要特別對奧蘭多說，從今年至今，我們對奧蘭多公園感到滿意。因此，我不會再對此發表更多評論，顯然是出於競爭原因。但我們對奧蘭多的表現感到滿意，並且喜歡這裡的業務彈性。

Got it. Thanks. If I may, what's the mix comment? When we talk about mix hurting per caps, what can be a little bit more specific on that?

知道了。謝謝。如果可以的話，混合評論是什麼？當我們談論混合對每個上限的傷害時，有什麼可以更具體一點的呢？

Well, I would say in them in general, James, each quarter, you're going to have the potential of mix from either the type of product that somebody is using. So there's more of a multi-day product or more promotional products that that can be a negative to the per cap rate. And then on the park mix, if you have water parks doing better, for example, they traditionally have a lower per cap than a bigger non-water park. So there is mixed impacts that can impact the quarter as well.

好吧，我想說的是，詹姆斯，一般來說，每個季度，你都會有可能混合某人正在使用的產品類型。因此，更多的多日產品或更多的促銷產品可能會對每封頂費率產生負面影響。然後在公園組合上，例如，如果你有水上公園做得更好，那麼它們的人均限額通常會低於較大的非水上公園。因此，本季也會受到多種影響。

Got it. Thank you.

知道了。謝謝。

Thomas Yeh, Morgan Stanley.

湯瑪斯葉，摩根士丹利。

Thanks so much. Maybe just to ask James's question a little bit of a different way. Can you help put a finer point on the consumer health picture and how that's evolved over the last quarter or two? Any indication on the consumer behavior at the low end versus the high end? I think historically you've spoken to Orlando attendance being like 65% of coming in from a driving distance and then 80% to 90% at your other more local parks. Is that still holding true generally?

非常感謝。也許只是用一種不同的方式來問詹姆斯的問題。您能否幫助更詳細地介紹一下消費者的健康狀況以及過去一兩個季度的演變？有關於低端與高端消費者行為的跡象嗎？我想您曾經說過，奧蘭多的上座率大約有 65% 是從駕車前來的，而在您其他更當地的公園則為 80% 到 90%。一般來說，這仍然成立嗎？

Yes. What I would say, Thomas is, I'll just reiterate. On a year to date basis, we're pleased with the attendance performance in Orlando. So obviously we get a good portion of our attendance from people who drive to our parks and from the state of Florida, that type of thing.

是的。湯瑪斯，我想說的是，我只是重申。年初至今，我們對奧蘭多的上座率表現感到滿意。很明顯，我們的參觀人數很大一部分來自開車來我們公園的人和來自佛羅裡達州的人，諸如此類的人。

So I think, again it's a resilient business during maybe what we see the news, we know there things are a little tougher out there, obviously. So, I think it shows the resilience of our business. Specifically, I think your other question on the health of the consumer was I look at a couple of things.

所以我認為，從我們看到的新聞來看，這又是一個有彈性的業務，我們知道，顯然，事情有點艱難。所以，我認為這顯示了我們業務的彈性。具體來說，我認為您關於消費者健康的另一個問題是我關注了幾件事。

One would be our in-park per caps and they were up in the quarter, they're up again in July. So, I think that's one indicator people are -- our strategies on in-park are working. Jim mentioned the past pricing and getting the increases on that is a positive. And then certainly our group revenue bookings are trending ahead of '23. And then our Discovery Code bookings over ['19] to '24, but in the '25 we're pleased with as well.

其中一個是我們的園區內人均上限，他們在本季有所上升，在七月再次上升。所以，我認為這是人們的一個指標——我們的公園策略正在發揮作用。吉姆提到了過去的定價並增加了價格是積極的。當然，我們的集團收入預訂趨勢將領先 23 年。然後我們的 Discovery Code 預訂從 ['19] 到 '24，但在 '25 我們也很滿意。

So, I take all those things together. I mean, you could even look at our deferred revenue being positive. If you take all of those things together, I think at least in our parks, we're still getting spending and I think it points to what we offer, which is a compelling value proposition and the resiliency of the business.

所以，我把所有這些事情放在一起。我的意思是，你甚至可以看到我們的遞延收入是正數。如果你把所有這些事情放在一起，我認為至少在我們的公園裡，我們仍然有支出，我認為這表明了我們提供的東西，這是一個令人信服的價值主張和業務的彈性。

Okay, that's helpful. And maybe just one last one from me. Any help on thinking through the new attraction timing? I think last year you saw some delays on launches. I noticed Penguin Trek opened in July, and you talked about Halloween and Christmas and some more opportunities in the back half of the year. Is the capacity that's coming online greater than the launches that we saw last year? Is that kind of supportive of an opportunity on the attendance front?

好的，這很有幫助。也許只是我的最後一篇。對於考慮新景點的時間安排有什麼幫助嗎？我想去年你看到了一些發布的延遲。我注意到企鵝迷航在七月開業，你談到了萬聖節和聖誕節以及下半年的一些更多機會。即將上線的容量是否比我們去年看到的容量更大？這是否支持了出席方面的機會？

Yeah. I mean, I think what I would point out is our parks rarely operate at full capacity, right? So, there is room for more people to come to our parks. And so, I think that will remain. And so, our goal is to certainly drive as many people for the most part, as we can to our parks and especially our events. So, whether that's Halloween or Christmas or the opening of the new ride.

是的。我的意思是，我想我要指出的是，我們的公園很少滿載運營，對吧？因此，有空間讓更多的人來到我們的公園。因此，我認為這一點將會保留。因此，我們的目標當然是在大多數情況下吸引盡可能多的人前往我們的公園，尤其是我們的活動。所以，無論是萬聖節、聖誕節還是新遊樂設施的開幕。

So, like the ride in Orlando Penguin Trek, it's a really well-done ride. And what I like about it, and back to my maybe comment about our business model. It's differentiated in the sense that it's one of the few places you can go and ride a ride.

所以，就像奧蘭多企鵝迷航中的騎行一樣，這是一次非常出色的騎行。以及我喜歡它的地方，然後回到我對我們的商業模式的評論。它的與眾不同之處在於，它是少數幾個可以去騎行的地方之一。

And then when you're off that ride, you're getting up close with penguins. So, it incorporates not only a ride but then our animal experiences as well. And I think that's obviously somewhat a unique thing to us relative to some of the others in the industry. And I like that product differentiation, and we're pleased with that ride.

當您下車後，您就可以近距離接觸企鵝了。因此，它不僅包含了騎行，還包含了我們的動物體驗。我認為相對於業內其他一些公司來說，這對我們來說顯然是一件獨特的事情。我喜歡這種產品差異化，我們對這種體驗感到滿意。

Is it safe to say that just on a new attraction launch perspective, that it's more normalized relative to last year? I guess, just given the delays that we had seen last year.

是否可以肯定地說，僅從新景點推出的角度來看，它相對於去年更加正常化？我想，考慮到我們去年所看到的延誤。

Look, I mean, all things equal, we would generally want to open things earlier than July. So I would not necessarily consider this year that much more normal. I mean, that ride, we would have preferred to open earlier, and there were some things that popped up that kept it from opening as early as we'd like. But ideally, we would have opened that ride closer to Memorial Day or early June or something like that.

聽著，我的意思是，在所有條件相同的情況下，我們通常希望早於七月開放。所以我不一定認為今年比較正常。我的意思是，我們本來希望早一點開放，但是出現了一些事情，導致它無法像我們希望的那樣早開放。但理想情況下，我們會在接近陣亡將士紀念日或六月初或類似的時間開放該騎行。

So we lost almost a month or so of not having a ride. We have it for the rest of the year, and we'll lap next year with that ride in June. So ideally we're focused on trying to get things open before the key parts of the season, which would be either for spring break or Memorial Day, depending on the park.

所以我們失去了將近一個月左右的時間沒有搭車。我們在今年剩下的時間裡都擁有它，我們將在明年 6 月的那次騎行中完成一圈。因此，理想情況下，我們的重點是在季節的關鍵部分之前開放，這可能是春假或陣亡將士紀念日，具體取決於公園。

Okay. I understand. Thank you so much.

好的。我明白。太感謝了。

Matthew Boss, JPMorgan

馬修‧博斯，摩根大通

Hey, this is John on from Matt. Marc, maybe can you elaborate on some of the changes you're seeing from international traffic? What did you embed in the back half of the year and how you view the multi-year recapture opportunity there?

嘿，這是馬特的約翰。Marc，您能否詳細說明您從國際流量中看到的一些變化？您在今年下半年嵌入了什麼以及您如何看待那裡的多年重獲機會？

Yeah, sure John. So yes, as I said, are my prepared remarks. The international attendance is still down to 2019. It was up slightly for the quarter versus 2023. So we still have, I think, a pretty substantial opportunity to recapture International. We're trying to do things our end. But obviously, there's macro factors and I'm sure other reasons as well, things we can probably do better also.

是的，當然是約翰。所以，是的，正如我所說，這是我準備好的演講。國際觀眾人數仍低於 2019 年。該季度與 2023 年相比略有上升。因此，我認為我們仍然有相當大的機會重新奪回國際賽場。我們正在努力做我們最終的事情。但顯然，有宏觀因素，我相信還有其他原因，我們也可以做得更好。

But yeah, I don't know when that will come back, but it used to be back in 2018, roughly about 10% of our tenants over also a little more than 2 million people. So we are not we are still, I don't know, probably 40%-ish shy of that inventory out in a 35% and 40%, depending on kind of the quarter and how it ebbs and flows throughout the year. Yeah, between 35%, 40%, 45%, still down to 19%, depending on the quarter.

但是，是的，我不知道這種情況什麼時候會回來，但它曾經在 2018 年回歸，大約占我們租戶的 10%，也超過 200 萬人。所以我們不是，我不知道，我們的庫存可能還比 35% 和 40% 少 40% 左右，具體取決於季度的類型以及全年的潮起潮落。是的，在 35%、40%、45% 之間，仍然會下降到 19%，具體取決於季度。

Okay, great. Thank you. And then just one more on the cost side. Can you speak -- I know you reiterated the $50 million this year. But longer term, can you speak to kind of the efficiency opportunities you have? And how best to think about the multi-year cost profile here relative to the top line growth?

好的，太好了。謝謝。然後還有一個關於成本方面的問題。你能發言嗎——我知道你重申了今年的 5000 萬美元。但從長遠來看，您能談談您所擁有的效率機會嗎？如何最好地考慮相對於營收成長的多年成本狀況？

Well, yes, so I'll give you just a high-level comment and then if James wants to add anything, he can. I think, we've talked about this before. We view this in a business in a somewhat simple way. If we can grow our tenants a little bit each year, if we can grow our cost -- I'm sorry, grow our per caps a little bit each year and then manage our cost to a reasonable level, that equation will generally result in EBITDA expansion.

嗯，是的，所以我只會給你一個高層次的評論，然後如果詹姆斯想添加任何內容，他可以。我想，我們之前已經討論過這個問題了。我們以一種比較簡單的方式看待企業中的這一點。如果我們能夠每年增加一點租戶，如果我們能夠增加我們的成本——對不起，每年增加一點人均限額，然後將我們的成本管理到合理的水平，這個等式通常會導致EBITDA 擴張。

So, there is a lot of focus on cost. It's something we spend quite a bit of time on, as you can imagine. And I think we've proven over time that we can deliver on efficiencies and we have new things that we work to identify and new things that we'll continue to identify into the future. So we have a lot of focus on that, something we take it very seriously.

因此，人們非常關注成本。正如您可以想像的那樣，我們在這方面花費了大量時間。我認為，隨著時間的推移，我們已經證明我們可以提高效率，我們有我們正在努力識別的新事物，以及我們將在未來繼續識別的新事物。所以我們非常關注這一點，我們非常認真地對待它。

Yes. The only thing I'd just add, Marc, we had provided the $50 million of cost savings in '24 in our illustration at the beginning of the year. I think we continue to remain pleased at our progress on meeting that commitment and that we also have good plans in our 2025 planning cycle to achieve the balance in the coming year.

是的。我唯一要補充的是，Marc，我們在年初的插圖中提供了 24 年 5000 萬美元的成本節省。我認為我們仍然對在履行這一承諾方面取得的進展感到高興，並且我們在 2025 年規劃週期中也制定了良好的計劃，以在來年實現平衡。

Great. Thank you.

偉大的。謝謝。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey, good morning, guys. So we think about the kind of universal the Epic opening next year. Marc, do you guys have any plans? Is the marketing going to ramp up or change much ahead of that? I mean, is there going to be any kind of, I guess, I'd call it counter-programming to try to reach folks as they consider their Orlando plans?

嘿，早上好，夥計們。所以我們會考慮明年史詩般的普遍開放。馬克，你們有什麼計畫嗎？行銷是否會在此之前大幅加強或改變？我的意思是，是否會有任何一種，我想，我稱之為反編程的方式，試圖在人們考慮他們的奧蘭多計劃時接觸到他們？

Yes, of course, we would have things. So we have a new attraction coming to our SeaWorld, Orlando next year that I'm really excited about. And we'll have other, obviously, initiatives. One of our things we do, I think a good job with our events, and we brought back Bands, Brew & BBQ this year, which was an event we had done in the past, and bringing it back this year. We've done some things even for Halloween this year we're adding what I think is a really cool 5K Run that starts at midnight on [Friday the 13].

是的，當然，我們會有東西。因此，明年我們的奧蘭多海洋世界將有一個新的景點，我對此感到非常興奮。顯然，我們還會有其他措施。我們所做的一件事，我認為我們的活動做得很好，今年我們帶回了樂隊、啤酒和燒烤，這是我們過去做過的活動，今年又帶回來了。今年我們甚至在萬聖節也做了一些事情，我們添加了一項我認為非常酷的 5 公里跑步活動，該活動於 2019 年午夜開始[13 號星期五]。

So I think those are the type of things that are other reasons that make our events exciting and reasons to come visit. So, yes, we will absolutely add things, we have obviously been focused on. Just like any other year, we're focused on growing the business. The thing I would just remind everyone is we've been in Orlando since the early 1970s and we've added two parks of our own, Aquatica and Discovery Cove, since that time

所以我認為這些都是讓我們的活動令人興奮和前來參觀的其他原因。所以，是的，我們絕對會添加一些我們顯然一直在關注的東西。就像往年一樣，我們專注於發展業務。我想提醒大家的是，自 20 世紀 70 年代初以來，我們就一直在奧蘭多，從那時起，我們又增加了兩個自己的公園：Aquatica 和 Discovery Cove

So and we've added two parts of our own aquatic endoscope because since that time and we have the market's growing it as the market has grown since the 1970s with Disney and Universal and other parks coming on board, we we've continued to participate in EBITDA growth, right? So we like the opportunity to win more people come to the market that we have an opportunity city to compel those folks to come visit our parks as well.

因此，我們添加了自己的水生內視鏡的兩個部分，因為從那時起，隨著迪士尼、環球影城和其他公園的加入，市場自 20 世紀 70 年代以來不斷增長，我們繼續參與其中EBITDA增長，對嗎？因此，我們希望有機會贏得更多人來到市場，我們有機會吸引這些人也來參觀我們的公園。

And we have, as the market is growing as the market has grown since the 1970s, with Disney and Universal and other parks coming onboard, we've continued to participate in EBITDA growth. So we like the opportunity when more people come to the market, that we have an opportunity to compel those folks to come visit our park as well.

自 1970 年代以來，隨著迪士尼、環球影城和其他園區的加入，市場不斷增長，我們繼續參與 EBITDA 的成長。因此，當更多的人來到市場時，我們希望有機會吸引這些人也來參觀我們的公園。

I'm sure Epic is going to be a great park, and I'm sure there is going to be days where they're very crowded and we might feel it a little bit. But I think we like the opportunity to participate in more people coming into the market. We'll have our attractions, we'll have our events, we'll have our strategies around that as well. Also, it's a differentiated product, as I mentioned previously.

我確信 Epic 將成為一個很棒的公園，而且我確信有一天它們會非常擁擠，我們可能會感覺到一點。但我認為我們喜歡有機會參與更多人進入市場。我們將有我們的景點，我們將有我們的活動，我們也將圍繞這些制定我們的策略。此外，正如我之前提到的，它是一種差異化產品。

So coming to SeaWorld is different than going to Universal. We have animals, we have different events and things like that. So that is another thing that sets us apart. And then certainly our value proposition, I think we feel good about our value proposition and the opportunities that people can take advantage of that. And then, as I mentioned previously, we get a lot of our attendance in Florida from people who can drive in. So taking all those things together, we're excited about being in Orlando and we're going to continue to do our part to attract people.

所以來海洋世界和去環球影城是不一樣的。我們有動物，我們有不同的事件和類似的事情。這是我們與眾不同的另一件事。當然還有我們的價值主張，我認為我們對我們的價值主張以及人們可以利用它的機會感到滿意。然後，正如我之前提到的，我們在佛羅裡達州的許多人都可以開車來參加。因此，將所有這些因素放在一起，我們對來到奧蘭多感到很興奮，我們將繼續盡自己的一份力量來吸引人們。

Yes. Thanks, Marc. Appreciate all the all the perspective there. And then follow-up on '25 pass product lineup. You kind of previewed it earlier, but I know the details might be limited. But are you -- is there going to be any kind of change in strategy relating to ancillary attachment and the way you might be able to do that through the past or any other changes that might be notable on strategy?

是的。謝謝，馬克。欣賞那裡的所有觀點。然後跟進 '25 通行證產品陣容。您之前已經預覽過了，但我知道細節可能有限。但是，與輔助附件相關的策略是否會發生任何變化，以及您透過過去或任何其他可能在策略上值得注意的變化可能做到這一點的方式？

I think overall, I mean, we will continue to offer a great suite of benefits to our pass holders. And again, we're going to target reasons for them to bypass. So that strategy is not going to change. I think we're always looking for new ways to engage our pass holders, new ways we can drive them to come more often to secure their commitment.

我認為總的來說，我們將繼續為我們的通行證持有者提供一系列的福利。再次，我們將找出他們繞過的原因。因此該策略不會改變。我認為我們一直在尋找新的方式來吸引我們的通行證持有者，我們可以促使他們更頻繁地來確保他們的承諾。

So there will be some things we do and we'll announce that. Jim alluded to, we feel and we're going to have some of the best benefits we've had, right? So details will be forthcoming. But I think the strategy of really security and people's commitment earlier securing their commitment for the year, I will continue to be a strategy and now in fairness of people bypasses to our parks throughout the year.

所以我們會做一些事情，然後我們會宣布。吉姆提到，我們覺得我們將會獲得一些我們曾經擁有過的最好的好處，對嗎？因此，詳細資訊即將公佈。但我認為真正安全的策略和人們早期的承諾確保了他們今年的承諾，我將繼續是一項策略，現在為了人們的公平，全年都會繞過我們的公園。

So we're always kind of selling passes on. But obviously, when we launch something new for 2025, we're going to we're going to trying to make sure people have a compelling reason to buy that product.

所以我們總是在銷售轉折。但顯然，當我們在 2025 年推出新產品時，我們將努力確保人們有令人信服的理由購買該產品。

Okay, very good. Thanks, Marc.

好的，非常好。謝謝，馬克。

Lizzie Dove, Goldman Sachs.

莉齊·多夫，高盛。

Hi there. Good morning. Thanks for taking the question. Going back to the kind of park mix comment that was kind of made, I am curious, we will all see the foot traffic data, and it's interesting because the Orlando Park kind of attendance growth is holding up nicely, but there's been some weakness this year, like year to date in terms of the Busch Gardens parks. Curious if there is anything you can kind of share there in terms of trends between the different parks and the different brands.

你好呀。早安.感謝您提出問題。回到那種公園混合評論，我很好奇，我們都會看到人流量數據，這很有趣，因為奧蘭多公園的入場人數增長勢頭良好，但存在一些弱點今年，就像今年迄今為止的布希花園公園一樣。很好奇您是否可以分享不同公園和不同品牌之間的趨勢。

Yeah. Thanks, Lizzie. I mean, I don't want to get into too much for competitive reasons, but I think you kind of echoed my comments that we're pleased with the Orlando performance on attendance here year to date. So you can kind of read into that. Certainly, we have opportunities at all our parks, and certainly, Busch Gardens Tampa would be one of them.

是的。謝謝，莉齊。我的意思是，出於競爭的原因，我不想介入太多，但我認為你有點贊同我的評論，即我們對奧蘭多今年迄今為止在出席人數方面的表現感到滿意。所以你可以讀。當然，我們所有的公園都有機會，當然，坦帕布希花園就是其中之一。

It's a great park. It's got a lot of great rides and animal attractions. I think we need to do a better job of making people aware of what that park has to offer. It's a wonderful park with the rides and the animals. So we'll continue to work on that. I think that's a big opportunity for us.

這是一個很棒的公園。這裡有很多很棒的遊樂設施和動物景點。我認為我們需要做得更好，讓人們了解公園所提供的服務。這是一個很棒的公園，有遊樂設施和動物。所以我們將繼續努力。我認為這對我們來說是一個很大的機會。

Got it. Thank you. And then also as we kind of look to 2025, as I think it was Chris just mentioned, Epic launching. I guess, what is your base case here? Are you assuming that there's this rising tide? Maybe you get some kind of pricing power with a pricing umbrella. Or I guess, said a different way, Orlando is a big part of your base, maybe 40% of the EBITDA, if I were to kind of guess. Do you think EBITDA growth is achievable on the business as a whole in '25?

知道了。謝謝。然後，當我們展望 2025 年時，我認為克里斯剛才提到了 Epic 的推出。我想，你的基本狀況是什麼？你認為潮水正在上漲嗎？也許你可以透過定價保護傘獲得某種定價權。或者我猜，換句話說，奧蘭多是你們基地的重要組成部分，如果我猜測的話，可能佔 EBITDA 的 40%。您認為 25 年整個業務的 EBITDA 成長是否可以實現？

Yeah. No, we would expect to grow the business in 2025. Again, I would go back to -- we've been here a long time in the market. Like I said, we've participated in the EBITDA growth of the market, and the EBITDA of the SeaWorld Park has grown over time. So our expectation is we'll continue to grow, right? So that's what we're planning for. Again, more people we would -- you would think would come to Orlando next year with Epic opening.

是的。不，我們預計業務將在 2025 年成長。我再說一次——我們已經在市場上待了很長時間了。就像我說的，我們參與了市場 EBITDA 的成長，海洋世界公園的 EBITDA 也隨著時間的推移而成長。所以我們的期望是我們會繼續成長，對吧？這就是我們的計劃。再說一次，我們會——你會認為明年 Epic 開業時會有更多的人來到奧蘭多。

And again, I'm sure there is going to be days where they're very crowded and we might feel it a little bit, but I think we also have the opportunity to pick off people. I mean, if there is a lot of people in town that not everybody, the park can only hold so much. So there is going to be an opportunity for us to pick off people that are in town, like we have done historically in this market.

再說一次，我確信有一天他們會非常擁擠，我們可能會感覺到一點，但我認為我們也有機會挑選人。我的意思是，如果城裡有很多人而不是所有人，那麼公園只能容納這麼多人。因此，我們將有機會挑選城裡的人，就像我們歷史上在這個市場所做的那樣。

On a just geography basis, we are closer to Epic than some of the other competitors, so we're not terribly far from that park. I think, again that I would view that as a positive. So, we welcome people to the market. I think our value proposition, our product differentiation are going to be good reasons to still want to come and visit SeaWorld. And like I said, we're going to have our own attraction, our own new things to do in this park, which I think once we get those announced and talked about, people will see it's going to be an exciting year.

從地理角度來看，我們比其他一些競爭對手更接近 Epic，所以我們離那個公園並不是很遠。我想，我會再次認為這是正面的。因此，我們歡迎人們來到市場。我認為我們的價值主張、我們的產品差異化將成為人們仍然想來參觀海洋世界的充分理由。就像我說的，我們將在這個公園裡擁有自己的吸引力，我們自己的新事物，我認為一旦我們宣布並討論這些內容，人們就會發現這將是令人興奮的一年。

Great. Thanks so much.

偉大的。非常感謝。

That 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, 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 to stakeholders. Thank you, and 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為利害關係人帶來長期價值。謝謝您，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。