United Parks & Resorts Inc (PRKS) 2024 Q3 法說會逐字稿

Good day, and welcome to the United Park third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 United Park 2024 年第三季收益電話會議。（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 and Resorts' third-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 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三季財報電話會議。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 www.unitedparksinvestors.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 third-quarter financial results, and then we'll 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，我們將回顧第三季的財務業績，然後我們將開始電話詢問您的問題。

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 include 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。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 measures, 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 another quarter of solid financial results. Third-quarter results were impacted by both a negative calendar shift and meaningfully worse weather, including Hurricane Debbie in August and Hurricane Helene in September.

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穩健的財務表現。第三季業績受到負面日曆變化和嚴重惡劣天氣的影響，包括八月的黛比颶風和九月的颶風海倫。

The combined impact of the calendar shift and the meaningfully worse weather was approximately 320,000 guests. Adjusting for these impacts, attendance would have increased approximately 3% compared to the prior-year quarter. Continue to see strong demand for our parks during normalized operating conditions, and we are growing total revenue per capita. Our investments and strategies related to our in-park revenue areas continue to pay off, as we again delivered record in-park per capita spending during the quarter, representing growth in 17 of the last 18 quarters.

日曆調整和嚴重惡劣天氣的綜合影響約為 32 萬名客人。調整這些影響後，出席人數將比去年同期增加約 3%。在正常營運條件下，我們的公園需求持續強勁，而且我們的人均總收入正在成長。我們與園區內收入領域相關的投資和策略持續獲得回報，本季園區人均支出再次創紀錄，在過去 18 個季度中有 17 個季度實現成長。

During the quarter, we strengthened our balance sheet and liquidity position by increasing the size of our revolving credit facility and decreasing its cost. We also continue to take advantage of our significant free cash flow generation and follow through on our commitment to return excess capital to shareholders by opportunistically and aggressively buying back our shares at extremely depressed and highly attractive prices. We repurchased approximately 4.9 million shares or more than 8% of our total outstanding shares since the end of June through November 6th. Year to date, we have repurchased approximately 9.4 million shares or approximately 15% of our total outstanding shares.

在本季度，我們透過增加循環信貸額度的規模並降低其成本來加強我們的資產負債表和流動性頭寸。我們也繼續利用我們大量的自由現金流產生，並透過機會主義和積極地以極其低迷和極具吸引力的價格回購我們的股票，履行我們向股東返還多餘資本的承諾。自6月底至11月6日，我們回購了約490萬股，佔已發行股份總數的8%以上。今年迄今，我們已回購約 940 萬股股票，約佔已發行股票總數的 15%。

Last week, we wrapped up another busy Halloween season at our parks, featuring our award-winning Halloween events. Excluding our Tampa Park, we again realized record-breaking attendance for our increasingly popular Howl-O-Scream event across our parks.

上週，我們在公園結束了另一個繁忙的萬聖節季節，其中包括我們屢獲殊榮的萬聖節活動。除了坦帕公園外，我們的公園內越來越受歡迎的「嚎叫尖叫」活動再次打破出席人數紀錄。

October results were significantly impacted by Hurricane Milton, which resulted in 14 operating day closures in our Florida market and an extended impact at our Tampa parks as that market recovered from the impact of the storm. Attendance trends over the past three-week period post the impact of Hurricane Milton have been strong with attendance up approximately 8% on a day-to-day basis through November 3rd.

10 月的業績受到颶風米爾頓的嚴重影響，導致我們佛羅裡達州市場關閉 14 個工作日，隨著市場從風暴的影響中恢復，我們的坦帕公園受到了更大的影響。在受颶風米爾頓影響後的過去三週內，出席人數趨勢強勁，截至 11 月 3 日，出席人數逐日增加約 8%。

In the coming weeks, we will begin our award-winning Christmas events at our SeaWorld, Busch Gardens, and Sesame Parks. We believe our Christmas events this year will be our best ever, featuring our popular rides, attractions, and exhibits, and with new and exciting shows, specialty food and beverage offerings, and holiday shopping for guests of all ages. I want to thank our ambassadors for their dedication and efforts during our busy summer season as well as during our Halloween events and our upcoming Christmas events.

在接下來的幾週內，我們將在海洋世界、布希花園和芝麻公園開始舉辦屢獲殊榮的聖誕活動。我們相信今年的聖誕活動將是我們有史以來最好的，包括我們受歡迎的遊樂設施、景點和展覽，以及新的和令人興奮的表演，特色食品和飲料，以及適合所有年齡段客人的假日購物。我要感謝我們的大使在繁忙的夏季以及萬聖節活動和即將到來的聖誕節活動期間所做的奉獻和努力。

As we look out into 2025, we are extremely pleased with what we are seeing in our four demand indicators. 2025 intended date ticket sales, group bookings, and Discovery Cove bookings are all trending up double-digit percentages ahead of prior year.

展望 2025 年，我們對四項需求指標的結果感到非常滿意。 2025 年預定日期門票銷售、團體預訂和探索灣預訂均比上一年呈兩位數百分比增長。

We also recently launched our new and improved premium pass program which features our best benefits ever, and we have seen strong sales since launch with sales up over 10% to date. Our results year to date continue to demonstrate the strength and resiliency of our business model and the increased demand for our parks and our unique and differentiated offerings. While we are encouraged by the pay-offs we are seeing from our investments and initiatives across our enterprise, we know we have a lot more work to do. As we wrap up planning for our 2025 season and beyond, we are confident in our ability to take advantage of the clear and significant opportunities we have to improve our operations, grow our footprint, further monetize our highly valuable assets and brands, and deliver meaningful increases in revenue, profitability, and shareholder value

我們最近還推出了新的和改進的高級通行證計劃，該計劃具有我們有史以來最好的福利，自推出以來我們看到了強勁的銷售，迄今為止銷售額增長了 10% 以上。我們今年迄今為止的業績繼續證明了我們業務模式的實力和彈性，以及對我們的公園和我們獨特且差異化的產品的需求不斷增加。雖然我們對整個企業的投資和舉措所取得的回報感到鼓舞，但我們知道我們還有很多工作要做。在我們完成2025 年及以後產季的規劃時，我們相信我們有能力利用明確而重要的機會來改善我們的運營，擴大我們的足跡，進一步將我們的高價值資產和品牌貨幣化，並提供有意義的成果收入、獲利能力和股東價值的增加

We announced our line-up of new rides, attractions, events, and upgrades for 2025. This line-up includes an immersive flying experience taking guests on a breathtaking journey to the top of the world as this revolutionary attraction invites thrill-seekers and families alike to soar through the skies over the Arctic and dive into the icy depths like never before at SeaWorld Orlando. Wild Oasis, an all-new realm featuring the sights and sounds of the rainforest, the rush of the newly reimagined drop tower featuring state-of-the-art digital and sound effects, an interactive water play wonderland, a multi-level climbing canopy, and an all-new multi-species animal habitat for up-close encounters for some of the world's most fascinating animals at Busch Gardens, Tampa Bay. Rescue Junior, an all-new kid-friendly realm featuring animal rescue-themed rides, water play area, and so much more at SeaWorld San Antonio.

我們宣布了 2025 年的新遊樂設施、景點、活動和升級陣容。該系列包括身臨其境的飛行體驗，帶領遊客踏上前往世界之巔的驚心動魄的旅程，因為這個革命性的景點邀請尋求刺激的人和家庭一起翱翔在北極的上空，並以前所未有的方式潛入冰冷的深處。野生綠洲，一個以熱帶雨林的景象和聲音為特色的全新境界，新設計的落塔的急流，具有最先進的數字和聲音效果，互動水上遊樂仙境，多層攀爬天篷，以及全新的多物種動物棲息地，在坦帕灣布希花園近距離接觸一些世界上最迷人的動物。Rescue Junior 是聖安東尼奧海洋世界的一個全新的兒童友善領域，設有動物救援主題遊樂設施、水上遊樂區等。

Big Bad Wolf, The Wolf's Revenge, North America's longest family-inverted coaster, delivering a unique -- delivering a highly immersive and thematic experience where families are swept into a world of unparalleled excitement at Busch Gardens Williamsburg. Jewels of the Sea, the Jellyfish Experience attraction offers an immersive and interactive view into the mysterious underwater world of glowing and graceful jellyfish at SeaWorld San Diego. Also, Journey to Atlantis, SeaWorld San Diego's first coaster will be reinvented, paying tribute to the original beloved version while adding new elements to create a more exciting and immersive experience than ever before.

大野狼，狼的復仇，北美最長的家庭倒置過山車，提供獨特的高度沉浸式主題體驗，讓家庭進入威廉斯堡布希花園無與倫比的刺激世界。聖地牙哥海洋世界的「海洋寶石」水母體驗景點為您提供身臨其境的互動視角，帶您領略神秘的水下世界，那裡有發光而優雅的水母。此外，聖地牙哥海洋世界的首個雲霄飛車「亞特蘭提斯之旅」將進行重新設計，向最初深受喜愛的版本致敬，同時添加新元素，打造比以往更刺激、更身臨其境的體驗。

During the quarter, we repurchased 4.1 million shares for an aggregate total of approximately $211.7 million. Subsequent to September 30, 2024 through November 6, 2024, we repurchased approximately 0.8 million shares for an aggregate total of approximately $37.7 million. The Board and the company strongly believe our shares continue to be materially undervalued. We have confidence in our business, our prospects, and the value of our assets. In 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.

本季度，我們回購了 410 萬股股票，總金額約 2.117 億美元。2024年9月30日至2024年11月6日期間，我們回購了約80萬股股票，總價值約3,770萬美元。董事會和公司堅信我們的股票仍然被嚴重低估。我們對我們的業務、前景和資產價值充滿信心。從任何合理的角度來看，我們都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. On September 30, 2024, net total leverage ratio is 2.98 times, and we have approximately $759 million of total available liquidity, including approximately $77 million of cash on the balance sheet. 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.

我們的資產負債表仍然強勁。截至2024年9月30日，淨總槓桿比率為2.98倍，我們擁有約7.59億美元的可用流動資金總額，其中包括資產負債表上約7,700萬美元的現金。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。

We continue to make progress on realizing our cost savings initiatives so far this year, and we still have approximately $6 million more to realize in the fourth quarter. We currently have approximately $20 million of new initiatives planned for 2025, and expect an additional $7 million of full-year run rate impact in 2025 from initiatives started in 2024. As you know, cost management discipline is a key focus of our management team, and we have demonstrated our ability to deliver on cost efficiencies.

今年迄今為止，我們在實現成本節約計畫方面繼續取得進展，第四季仍有約 600 萬美元的資金需要實現。目前，我們計劃在 2025 年實施約 2,000 萬美元的新舉措，預計 2024 年啟動的舉措將在 2025 年對全年運行率產生額外 700 萬美元的影響。如您所知，成本管理紀律是我們管理團隊的重點關注點，我們已經證明了我們實現成本效率的能力。

Now, let me update you on some of our other initiatives. In regards to the mobile app, we continue to make substantive progress on functionality, adoption, usage, and financial impact. It is being used by an increasing number of guests in our parks to improve their in-park experience and is available at an increasing number of targeted locations. The app has now been downloaded more than 12 million times, up from 10.7 million times at the end of Q2.

現在，讓我向您介紹我們其他一些舉措的最新情況。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實質進展。越來越多的公園遊客使用它來改善他們的公園內體驗，並且在越來越多的目標地點提供。該應用程式目前的下載量已超過 1,200 萬次，高於第二季末的 1,070 萬次。

Total revenue generated on the app continues to grow, and we are now seeing an approximate 35% increase in average transaction value for food and beverage transactions made through the app compared to point-of-sale orders. 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. We are still in the early innings of fully monetizing the app.

該應用程式產生的總收入持續增長，我們現在發現，與銷售點訂單相比，透過該應用程式進行的食品和飲料交易的平均交易價值增加了約 35%。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。我們仍處於應用程式完全貨幣化的早期階段。

Our CRM program is generating incremental revenue by supporting our existing marketing strategy, while demonstrating a more holistic approach to customer engagement. We continue to believe that CRM will play a role in our long-term growth strategy, providing deeper insights and more meaningful connections with our guests as we continue to scale. On the international front, we continue to progress several discussions on new projects and expect to have more exciting news to share on two new projects in particular in the coming quarters. On the real estate front, we continue to refine our hotel plans and have discussions with various potential partners.

我們的 CRM 計劃透過支援我們現有的行銷策略來增加收入，同時展示更全面的客戶參與方法。我們仍然相信 CRM 將在我們的長期成長策略中發揮作用，隨著我們不斷擴大規模，為我們的客戶提供更深入的見解和更有意義的連結。在國際方面，我們繼續就新項目進行一些討論，並預計將分享更多關於兩個新項目的令人興奮的消息，特別是在未來幾個季度。在房地產方面，我們繼續完善我們的酒店計劃，並與各種潛在合作夥伴進行討論。

We are also discussing other opportunities to develop and monetize our strategic real estate holdings. As we have discussed previously, we are very excited about the opportunity to monetize our substantial and valuable unused land holdings and have hotels integrated into our properties. As a reminder, we are laser-focused on achieving a minimum ROI for all capital projects. We are excited about our new efforts and the resources we have put towards growing our group business.

我們也正在討論開發我們的策略房地產資產並使其貨幣化的其他機會。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寶貴的未使用土地貨幣化，並將酒店整合到我們的物業中。提醒一下，我們專注於實現所有資本項目的最低投資報酬率。我們對我們為發展集團業務所付出的新努力和資源感到興奮。

We see significant opportunity to grow our group business across our park portfolio. As I mentioned, we are seeing a double-digit increase in group bookings for 2025, and we are excited about unlocking the full potential of this profitable channel. We have also recently put more focus around capturing sponsorship opportunities in our parks. We recognize the opportunity we have to generate meaningful profits from leveraging the audience we have in our parks and the success many of our competitors have had in this area.

我們看到了在公園投資組合中發展集團業務的重大機會。正如我所提到的，我們看到 2025 年團體預訂量將出現兩位數成長，我們很高興能夠釋放這個獲利管道的全部潛力。我們最近也更加關注在我們的公園中捕捉贊助機會。我們認識到，我們有機會透過利用公園內的觀眾以及我們許多競爭對手在這一領域取得的成功來創造有意義的利潤。

This is not something that we have recently focused on as much, and as a result, we believe we have the potential to generate meaningful incremental profits over time from creating a dedicated effort around this opportunity. More to come in future quarters. 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 our operations and 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, and we are confident we will deliver improved operational and financial results and meaningful increases in shareholder value.

這並不是我們最近關注的重點，因此，我們相信，隨著時間的推移，我們有潛力透過圍繞這一機會做出的專門努力，產生有意義的增量利潤。未來幾季還會有更多內容。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我們的運營，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。我們正在打造更強大、更具彈性的業務，我們有信心改善營運和財務業績，並顯著提高股東價值。

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 third quarter, we generated total revenue of $545.9 million, a decrease of $2.3 million or 0.4% when compared to the third-quarter 2023. The decrease in total revenue is primarily a result of a decrease in attendance partially offset by an increase in total revenue per capita. Attendance for the third-quarter 2024 decreased by approximately 100,000 guests or 1.4% when compared to the prior-year quarter.

謝謝你，馬克。第三季度，我們的總營收為 5.459 億美元，比 2023 年第三季減少 230 萬美元，即 0.4%。總收入的下降主要是由於人均總收入的增加部分抵消了出席人數的減少。與去年同期相比，2024 年第三季的參觀人數減少了約 10 萬人，即 1.4%。

The decrease in attendance was primarily due to a negative calendar shift and meaningfully worse weather, primarily related to Hurricanes Debbie and Helene during peak visitation periods compared to the prior-year quarter. As Mark mentioned, the combined impact of the calendar shift and the adverse weather was approximately 320,000 guests. Adjusting for these impacts, attendance would have increased approximately 3% compared to the prior-year quarter.

出席人數減少的主要原因是日曆變化和天氣明顯惡化，這主要與去年同期相比在參觀高峰期出現的颶風黛比和海倫有關。正如 Mark 所提到的，日曆調整和惡劣天氣的綜合影響約為 32 萬名客人。調整這些影響後，出席人數將比去年同期增加約 3%。

Total revenue per capita increased 1.0%. Admission per capita increased 0. 5%, and in-park per capita spending increased to 1.6%. Admission per capita increased primarily due to the net impact of the park mix, partially offset by lower pricing on certain promotional admission products 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 third quarter of 2023.

人均總收入成長1.0%。人均入場費增加了 0. 5%，園區人均消費成長至 1.6%。人均門票的成長主要是由於公園組合的淨影響，但與去年同期相比，某些促銷門票產品的定價較低，部分抵消了這種影響。與 2023 年第三季相比，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 increased $1.5 million or 0.7%, when compared to the third quarter of 2023. The increase in operating expenses is primarily due to an increase in labor-related costs and a $2.6 million increase in third-party consulting costs associated with non-recurring strategic initiatives, partially offset by a decrease in non-cash fixed asset write-offs when compared to the third quarter of 2023. Selling, general, and administrative expenses decreased $4.3 million or 7.3% compared to the third quarter of 2023. The decrease in selling, general, and administrative expenses is primarily due to a $6.6 million decrease in third-party consulting costs, including approximately $4.2 million of non-recurring costs for strategic initiatives, partially offset by an increase in marketing-related costs when compared to the third quarter of 2023. We generated net income of $119.7 million for the third quarter compared to net income of $123.6 million in the third quarter of 2023.

與 2023 年第三季相比，營運費用增加 150 萬美元，即 0.7%。營運費用的增加主要是由於與勞動力相關的成本增加以及與非經常性策略措施相關的第三方諮詢成本增加了 260 萬美元，但部分被非現金固定資產沖銷的減少所抵消。季度相比。與 2023 年第三季相比，銷售、一般和管理費用減少 430 萬美元，即 7.3%。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 660 萬美元，其中包括約 420 萬美元的戰略舉措非經常性成本，但部分被營銷相關成本的增加所抵消到2023年第三季度。我們第三季的淨利潤為 1.197 億美元，而 2023 年第三季的淨利潤為 1.236 億美元。

We generated adjusted EBITDA of $258.4 million, a decrease of $8 million when compared to the third quarter of 2023. Adjusted EBITDA declined due to increases in expenses used to calculate adjusted EBITDA and a decrease in revenues relative to the prior year. Looking at our results for the nine months of 2024 compared to 2023, total record revenue was $1.34 billion, an increase of $3.3 million or 0.2%. Total attendance was 16.7 million guests, an increase of 20,000 guests or 0.1%. Net income for the period was $199.6 million, an increase of $5.5 million, and adjusted EBITDA was $555.7 million, a decrease of $7.3 million or 1.3%.

我們的調整後 EBITDA 為 2.584 億美元，與 2023 年第三季相比減少了 800 萬美元。調整後 EBITDA 下降的原因是用於計算調整後 EBITDA 的費用增加以及收入相對於上一年的減少。與 2023 年相比，我們 2024 年 9 個月的業績顯示，創紀錄的總收入為 13.4 億美元，增加了 330 萬美元，增幅為 0.2%。總入場人數為 1,670 萬人次，增加 2 萬人次，即 0.1%。該期間淨利潤為 1.996 億美元，增加 550 萬美元，調整後 EBITDA 為 5.557 億美元，減少 730 萬美元，即 1.3%。

Now turning to our balance sheet, as Marc mentioned, we further strengthened our already very strong balance sheet and liquidity position by increasing the size of our revolving credit facility from $390 million to $700 million and decreasing our costs during the quarter. As of September 30, 2024, we had approximately $759 million of total available liquidity including $77 million of cash in the balance sheet. Our net total leverage ratio at the end of the quarter was 2.98 times.

現在轉向我們的資產負債表，正如Marc 所提到的，我們透過將循環信貸額度從3.9 億美元增加到7 億美元並降低本季的成本，進一步加強了我們本已非常強勁的資產負債表和流動性狀況。截至 2024 年 9 月 30 日，我們的可用流動資金總額約為 7.59 億美元，其中資產負債表中有 7,700 萬美元的現金。本季末我們的淨總槓桿率為2.98倍。

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. Under our $500 million repurchase authorization from the Board, during the third quarter we repurchased 4.1 million shares for an aggregate total of approximately $211.7 million.

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。根據董事會 5 億美元的回購授權，我們在第三季回購了 410 萬股股票，總價值約 2.117 億美元。

Subsequent to September 30, 2024 through November 6, 2024, we purchased approximately 0.8 million shares for an aggregate total of approximately $37.7 million. Our deferred revenue balance as of the end of September was $155.7 million, a decrease of approximately 3.3% when compared to September 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 see many Pass holders who have been with us for at least a year who transition to month-to-month payments at the completion of their initial Pass commitment. This month-to-month revenue does not show up as deferred revenue.

2024年9月30日至2024年11月6日期間，我們購買了約80萬股股票，總價值約3,770萬美元。截至 9 月底，我們的遞延收入餘額為 1.557 億美元，與 2023 年 9 月相比減少約 3.3%。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、年票和季票以及輔助產品。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通行證承諾後轉為按月付款。此月度收入不會顯示為遞延收入。

Our Pass base improved from the end of the third quarter. Through October 2024, our Pass base including all Pass products was flat compared to October 2023, and up 25% when compared with October 2019. We recently launched our best Pass benefits program ever for 2025, which has led to double-digit sales, in which we expect will drive a strong Pass base for the remainder of this year and next year.

我們的通行證基礎比第三季末有所改善。截至 2024 年 10 月，我們的 Pass 基礎（包括所有 Pass 產品）與 2023 年 10 月相比持平，與 2019 年 10 月相比增長了 25%。我們最近推出了 2025 年有史以來最好的 Pass 福利計劃，該計劃帶來了兩位數的銷售額，我們預計這將為今年剩餘時間和明年帶來強大的 Pass 基礎。

We spent $55.4 million on CapEx in the third quarter of 2024, of which approximately $35.1 million was on core CapEx and approximately $20.3 million was on expansion and/or ROI projects. For 2024, we expect to spend approximately $250 million on CapEx, of which $180 million will be on core CapEx and approximately $70 million of CapEx on ROI or growth projects. On a normalized basis, we continue to expect to spend $150 million to $175 million on core CapEx which is defined as rides, attractions, and maintenance, and up to $50 million on ROI or growth CapEx with a clear and supportable return.

2024 年第三季度，我們在資本支出上花費了 5,540 萬美元，其中約 3,510 萬美元用於核心資本支出，約 2,030 萬美元用於擴張和/或投資回報項目。到 2024 年，我們預計將在資本支出上支出約 2.5 億美元，其中 1.8 億美元將用於核心資本支出，約 7,000 萬美元用於投資回報率或成長項目。在正常化的基礎上，我們繼續預計將在核心資本支出（定義為遊樂設施、景點和維護）上支出1.5 億至1.75 億美元，在投資回報率或成長資本支出上支出高達5,000 萬美元，並帶來明確且可支持的回報。

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？

Thank you, Jim. Before we open the call to your questions, I have some closing comments. In the third quarter of 2024, we came to the aid of 132 animals in need. Over our history, we have 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 to 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 年第三季度，我們幫助了 132 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 excited about our upcoming Christmas events that will wrap up calendar 2024. And we are planning for more great events to start in the first quarter of 2025, including Inside Look at the SeaWorld Parks, Mardi Gras at the SeaWorld and Busch Gardens Parks, Seven Seas Food Festival at the SeaWorld Parks, and the Food and Wine Festival at Busch Gardens Tampa Bay. I want to thank our ambassadors for their efforts during our summer and fall season, and their preparation for our upcoming winter events, which are guest favorites.

我們對即將到來的 2024 年聖誕節活動感到非常興奮。我們計劃在 2025 年第一季舉辦更多精彩活動，包括海洋世界公園內部、海洋世界和布希花園公園的嘉年華、海洋世界公園的七大洋美食節以及美食美酒節在坦帕灣布希花園。我要感謝我們的大使在夏季和秋季期間所做的努力，以及他們為即將到來的冬季活動所做的準備，這些活動是客人最喜歡的。

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, 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 values for stakeholders.

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，繼續推動收入和調整後 EBITDA 的長期有意義的成長，繼續對我們的長期策略充滿信心，並且我們有能力顯著改善營運和財務業績，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，讓我們回答您的問題。

(Operator Instructions)

（操作員說明）

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

So, Marc, I know over the past couple quarters you guys have talked about 2024, you guys were expecting to be kind of a record revenue and EBITDA year. And I'm guessing now that it's pretty clear that's probably off the table given the adverse weather you have experienced across a lot of your Florida parks. But I guess my question is, as we start to think more about 2025 based on what you're seeing today in terms of forward demand, spend patterns, you talked about the realization of more cost savings, is there any reason to believe that 2025 wouldn't get you back well north of that previous EBITDA record in 2022, I mean, assuming that weather is normalized?

所以，馬克，我知道在過去的幾個季度裡你們一直在談論 2024 年，你們預計這將是創紀錄的收入和 EBITDA 的一年。我現在猜測，鑑於佛羅裡達州許多公園都經歷了惡劣的天氣，很明顯這可能是不可能的。但我想我的問題是，當我們根據您今天所看到的遠期需求、支出模式開始更多地思考 2025 年時，您談到了實現更多成本節約，是否有任何理由相信 2025 年我的意思是，假設天氣正常化，2022 年的EBITDA 記錄不會讓你回到之前的記錄嗎？

I'm not trying to get guidance out of you, but we're just looking for more reasons why that wouldn't potentially be the case next year.

我並不是想向您尋求指導，但我們只是在尋找更多原因來解釋為什麼明年可能不會發生這種情況。

The first part about the record for this year, you're correct. I mean, obviously we don't have that in our projection given the significant weather impacts that you called out. It's unfortunate. We're going to try to finish out the year obviously as strong as we can, but no longer expect record revenue and record adjusted EBITDA as you noted.

關於今年記錄的第一部分，你是對的。我的意思是，鑑於您指出的重大天氣影響，顯然我們的預測中沒有這一點。很不幸。我們將盡力以盡可能強勁的表現結束這一年，但不再期望創紀錄的收入和創紀錄的調整後 EBITDA，正如您所指出的。

And that's, again, due to the weather. The weather has been not good especially with Hurricane Milton here in October. As far as how we look out to 2025, there's some encouraging signs, as you heard me talk about, and certainly our expectation would be that we would recapture a lot of this weather impact that we lost and then find additional ways to grow on top of that with either new attractions, events, other compelling reasons to visit, et cetera. So yeah, again, I can't guide you to a specific number, but I can tell you internally, certainly our expectation would be to get back to record performance and getting some recovery from the weather and in growing through other means in our business, whether it's our initiatives, all the different things we're doing around our rides and attractions, and regions to visit. So yeah, that's how we think about it.

這又是由於天氣原因。天氣一直不太好，尤其是十月的颶風米爾頓。就我們如何展望2025 年而言，有一些令人鼓舞的跡象，正如您聽到我談論的那樣，當然我們的期望是，我們將重新獲得我們失去的大部分天氣影響，然後找到其他方法來實現成長其中包括新的景點、活動、其他令人信服的參觀理由等等。所以，是的，我不能告訴你一個具體的數字，但我可以在內部告訴你，我們的期望當然是恢復創紀錄的業績，從天氣中恢復過來，並通過我們業務的其他方式實現增長，無論是我們的舉措，還是我們圍繞我們的遊樂設施和景點以及遊覽地區所做的所有不同的事情。是的，我們就是這麼想的。

That kind of leads to my second question. Obviously, as we kind of think about 2025, there is going to be increased competition coming online in the market in Orlando. And it's pretty clear there's some fear out there in the investment community that this new competition is going to have a material impact on you guys in 2025. Look, you guys obviously have a pretty big value proposition versus some of your peers in that Orlando market.

這就引出了我的第二個問題。顯然，正如我們想像的 2025 年，奧蘭多市場的線上競爭將會加劇。很明顯，投資界有些擔心這種新的競爭將在 2025 年對你們產生重大影響。看，與奧蘭多市場的一些同行相比，你們顯然擁有相當大的價值主張。

So maybe just help us think about how you're thinking about '25 in terms of going up against that new competition.

因此，也許請幫助我們思考您如何看待“25”，以應對新的競爭。

Sure, Steve. So a couple of things, and I know some of this will be repetitive from what I've said in the past, but I'll try to add some new things too. Look, I mean, if you go back, we've been here since the early 1970s. You think about SeaWorld Orlando, and then we opened two parks since that time with Discovery Cove and Aquatica.

當然，史蒂夫。有幾件事，我知道其中一些內容會重複我過去所說的內容，但我也會嘗試添加一些新內容。聽著，我的意思是，如果你回顧過去，我們從 20 世紀 70 年代初就已經在這裡了。你想想奧蘭多海洋世界，從那時起我們就開了兩個公園：Discovery Cove 和 Aquatica。

And you think about all the parks that have come online in the Orlando market since we opened in the early 1970s. We then added two of our own. We've continued to participate in the growth of the EBITDA in the market. So we've already demonstrated we can grow when there's competition in this market.

想想自 20 世紀 70 年代初開業以來奧蘭多市場上所有已上線的公園。然後我們添加了兩個我們自己的。我們持續參與市場 EBITDA 的成長。因此，我們已經證明，當這個市場存在競爭時，我們可以實現成長。

And we know we have a view, as I've said in the past, that new parks opening in the market, we generally view as that's going to be good for the market. It's going to bring more people to the market. And we need to execute on our plans to drive those people to our parks. So how do we do that, like you're asking?

正如我過去所說，我們知道我們有一個觀點，即在市場上開設新公園，我們普遍認為這對市場有利。它將吸引更多的人進入市場。我們需要執行我們的計劃，將這些人帶到我們的公園。那麼，就像您問的那樣，我們該如何做到這一點？

Again, we have a differentiated product. The ride coming in, an attraction coming in to SeaWorld Orlando next year, is going to be very SeaWorld-centric. It's going to be animal components to it. It's going to be something that would be unique, I think, to an experience you get at SeaWorld.

再次，我們有差異化的產品。明年將在奧蘭多海洋世界推出的遊樂設施將非常以海洋世界為中心。它將是動物成分。我認為，這對於您在海洋世界獲得的體驗來說將是獨一無二的。

That's the product differentiation. We have a value proposition, as you already noted, that we feel really good about. We think we offer tremendous value, especially with our season passes and our multi-day tickets.

這就是產品差異化。正如您已經指出的，我們有一個價值主張，我們對此感到非常滿意。我們認為我們提供了巨大的價值，特別是我們的季票和多日票。

Our parks also, I would say, in general, I think, are much easier to access for people. It's an enjoyable experience coming to our parks. I would argue it's a more relaxed experience. And lastly, again, without going into any competitive details or anything, obviously we're aware that there's a new park coming to Orlando next year. We have our own strategies and our own folks working on that.

我想說，總的來說，我認為人們更容易進入我們的公園。來到我們的公園是一次愉快的經驗。我認為這是一種更輕鬆的體驗。最後，再次強調，在不涉及任何競爭細節或任何其他內容的情況下，顯然我們知道明年奧蘭多將有一個新公園。我們有自己的策略，也有我們自己的人員致力於此。

And so we're going to, again, we have to execute on our strategies much like we have over the history of being in this market. And I have confidence we can do that. We welcome more people to town. I'm sure Epic is going to do very well, and there's going to be days that I'm sure they're very crowded and we might feel it a little bit, but I think we can participate in that growing market share like we've demonstrated in the past with all of the different things we have to offer.

因此，我們將再次執行我們的策略，就像我們在這個市場的歷史上一樣。我有信心我們能夠做到這一點。我們歡迎更多的人來到這座城市。我確信 Epic 會做得很好，而且我確信他們會在某些日子裡非常擁擠，我們可能會感覺到一點，但我認為我們可以像我們一樣參與不斷增長的市場份額過去已經用我們所能提供的所有不同的東西進行了演示。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So, Marc, maybe could you elaborate a little on the cadence of attendance trends that you saw in the quarter? Maybe parse best you can through weather, and if you could just walk through some of the drivers of the improvement that you cited for October, maybe between weather, macro, how much you think is the company self-execution. And just putting that all together, maybe is there best way to think about top line puts and takes for the fourth quarter.

那麼，馬克，您能否詳細說明您在本季度看到的出勤趨勢的節奏？也許你可以透過天氣來最好地解析，如果你能簡單地回顧一下你提到的十月份改進的一些驅動因素，也許在天氣、宏觀之間，你認為公司的自我執行力有多少。將所有這些放在一起，也許是考慮第四季度營收的最佳方法。

Yeah, I can try to help you out there. I mean, the attendance ebbed and flowed a little bit in the third quarter, and a lot of that was the calendar shift and the weather impact. So you can probably -- most of the calendar shift was more July-related and the weather was some of the other months. But I think what's exciting, you kind of alluded to it, is the performance kind of since Milton has calmed down.

是的，我可以盡力幫助你。我的意思是，第三季的出席人數略有下降和流動，其中很大一部分是日曆變化和天氣影響。所以你可能可以——大部分日曆變化與七月有關，而天氣則與其他月份有關。但我認為，你提到的令人興奮的是米爾頓平靜下來後的表現。

So Hurricane Milton really put us in a tough spot to start October, right? So we had to close our Busch Gardens Park for five consecutive days. That's quite a long time, and we had other parks closed. And then you have the lead-up, where people are not coming because they're getting ready for a storm.

那麼米爾頓颶風確實讓我們在 10 月開始時陷入了困境，對吧？因此，我們不得不連續五天關閉布希花園公園。那是相當長的一段時間，我們也關閉了其他公園。然後你就開始了，人們沒有來，因為他們正在為暴風雨做準備。

And then you have the recovery process, especially in Tampa, which has taken some time. So what we tried to do in our remarks there is give you an idea of what has it been like the last three weeks, ending on November 3rd. And that's where, on a day-to-day basis, the attendance is up, I think, we said about 8%. So that is driven by, I think, the popularity of our Halloween programs.

然後是恢復過程，尤其是在坦帕，這需要一些時間。因此，我們在演講中試圖讓您了解 11 月 3 日結束的過去三週的情況。我想，這就是每天出席人數上升的地方，我們說大約 8%。我認為這是由我們萬聖節節目的受歡迎程度所推動的。

We were able to extend Halloween into the first weekend in November, which was a good decision on our part, and we saw a nice demand for that on that last weekend. That's helping drive that and helping make up some of that very significant amount of attendance we lost in October.

我們能夠將萬聖節延長到 11 月的第一個週末，這對我們來說是一個很好的決定，而且我們在上週末看到了對此的良好需求。這有助於推動這一趨勢，並有助於彌補我們在 10 月損失的部分觀眾人數。

Great. And then maybe, Jim, just on the cost side, could you speak to continued efficiency opportunities or how best to think about the multi-year cost profile relative to top line?

偉大的。然後，吉姆，在成本方面，您能否談談持續提高效率的機會，或者如何最好地考慮相對於營收的多年成本狀況？

I would say as far as we're thinking about for the continued cost profile, as Marc mentioned, we have a number of significant initiatives that we're planning for next year. These could include things like uses of technology to improve labor efficiencies or to reduce some of our spend in things like utilities or our insurance claims area that we've got. We've said in the remarks that we've got about $20 million of new initiatives that we are in the planning stages on that we believe, although we talked to you on a gross basis, we clearly would like those to flow through, and we'll continue to work toward making sure that that they do that.

我想說，就我們正在考慮的持續成本狀況而言，正如馬克所提到的，我們計劃明年採取一些重大舉措。這些可能包括使用技術來提高勞動效率或減少我們在公用事業或保險索賠領域的一些支出。我們在發言中說過，我們已經有大約 2000 萬美元的新舉措正處於規劃階段，我們相信，儘管我們在總體基礎上與您進行了交談，但我們顯然希望這些舉措能夠得到實施，並且我們將繼續努力確保他們做到這一點。

Jamie Hardiman, Citi.

傑米哈迪曼，花旗銀行。

So just wanted to walk through some of the math or the accounting, I guess, in two respects. Revenues were pretty flat in the quarter, the third quarter, I guess they were down $2 million, but EBITDA was down more like $8 million. And then cash from operations were down $25 million. So maybe sort of bridge the revenue to EBITDA walk and then the EBITDA to cash from operation.

我想，我只是想從兩個方面來介紹一些數學或會計知識。第三季的收入相當平穩，我猜他們下降了 200 萬美元，但 EBITDA 下降了大約 800 萬美元。然後營運現金減少了 2500 萬美元。因此，也許可以將收入與 EBITDA 掛鉤，然後將 EBITDA 與營運現金掛鉤。

It seems you obviously got a bunch of adjustments to get from from sort of EBITDA to adjusted EBITDA. And it seems like that's that's where some of that delta is coming in. But conceptually maybe walk us through some of those items.

從 EBITDA 到調整後 EBITDA，您顯然需要進行一系列調整。看起來這就是一些三角洲出現的地方。但從概念上講，也許可以引導我們了解其中的一些內容。

Yeah, hey James, I can help you with that. So look, on the total revenue, just down a little bit, as you said, and that's driven by those attendance headwinds with the calendar shift and the weather, right? We did, as I pointed out, we grew our per caps. That continues to be a good story, especially on the in-park per caps, right?

是的，嘿詹姆斯，我可以幫你。所以看，就總收入而言，正如您所說，只是下降了一點，這是由日曆變化和天氣帶來的出席人數不利因素推動的，對嗎？正如我所指出的，我們確實提高了人均上限。這仍然是一個好故事，尤其是在公園內的人均上限方面，對吧？

So we're doing a good job of of growing per cap even in the face of lower attendance for the quarter. And then kind of the walk from there to, I guess, adjusted EBITDA, as you said. Look, you heard Jim mention there were some cost pressures in some labor areas, and certainly we had some learnings from that. There's some things that we've got to probably do a little bit better job of going forward.

因此，即使面對本季出席率較低的情況，我們在人均人數成長方面也做得很好。然後，我想，從那裡開始，調整 EBITDA，就像你說的。看，你聽到吉姆提到某些勞動力領域存在一些成本壓力，當然我們從中學到了一些教訓。有些事情我們可能必須做得更好才能繼續前進。

We recognize that. It's not like our costs are out of control or anything like that. I mean, the EBITDA costs are only up, I think, 2%. So we're still doing a really good job of managing to a pretty low level.

我們認識到這一點。這並不是說我們的成本失控或類似的情況。我的意思是，我認為 EBITDA 成本只上漲了 2%。因此，我們仍然在管理相當低的水平方面做得非常好。

And you've got a lot of inflationary pressures. You've got insurance things and other things and this labor efforts that we've learned from, I think, in Q3 and we can apply into Q4. That's kind of the walk from there to get to where how we think about things.

而且通脹壓力很大。我認為，我們在第三季學到了保險和其他東西，以及我們從中學到的勞動力努力，我們可以將其應用到第四季。這就是從那裡到我們思考事物的方式的過程。

Got it. And I don't know if you want to touch on the cash flow piece.

知道了。我不知道你是否想談談現金流部分。

No, I mean, I think you can probably read into that pretty clearly on the press release.

不，我的意思是，我想你可以在新聞稿中清楚地讀到這一點。

Okay. Fair enough. And then maybe I've misheard. You mentioned in your prepared remarks on real estate, I couldn't tell if there was something incremental there or it was sort of more of the same. You talked about continuing to try to find partners in terms of hotel development, but then you also said you're also discussing other opportunities to develop and monetize Is that sort of incremental versus what you'd previously communicated? Is there an opportunity to do your own development versus just the partnership track?

好的。很公平。然後也許我聽錯了。您在準備好的房地產的評論中提到，我無法判斷那裡是否有一些增量，或者是否有點相同。您談到繼續嘗試尋找酒店開發方面的合作夥伴，但您也表示您也在討論其他開發和貨幣化的機會，這與您之前溝通的內容相比是增量嗎？與僅僅合作關係相比，是否有機會進行自己的發展？

Yeah, I think what I was alluding to, James, was we recognize, and we've talked about it, that we have a lot of land, and we have land in desirable areas, right? And you could use that for hotels or other things. And I'm not sure it's always fully appreciated by everyone what that land -- how much we have and how valuable we believe it is. And we recognize, the Board and others recognize, that there's ways to monetize or at least ways that we should consider how to use that land.

是的，詹姆斯，我想我所指的是，我們認識到，並且我們已經討論過，我們擁有很多土地，而且我們在理想的地區擁有土地，對嗎？您可以將其用於酒店或其他用途。我不確定每個人是否都充分認識到這片土地的意義——我們擁有多少土地以及我們相信它有多有價值。我們認識到，董事會和其他人也認識到，有一些方法可以貨幣化，或者至少我們應該考慮如何使用這片土地。

So those are just discussions that we can have internally or as people approach us with ideas. And so I think we're just making it clear to people that we recognize there are other ways to monetize our assets beyond just hotels. And I don't have anything specific to share with you, but it's something that obviously our Board is aware of.

因此，這些只是我們可以在內部進行的討論，或是當人們向我們提出想法時所進行的討論。因此，我認為我們只是向人們表明，我們認識到除了酒店之外，還有其他方式可以將我們的資產貨幣化。我沒有任何具體資訊可以與大家分享，但顯然我們的董事會已經意識到這一點。

Lizzie Dove, Goldman Sachs.

莉齊·多夫，高盛。

I just wanted to keep going with the capital allocation point. It looks like you're on pace to finish the buyback by the end of the year. So could you just give us a refresh, like, in terms of, you know, whether you would want to have another authorization? I think that would require a shareholder vote or do a dividend or go down the hotel route. Could you kind of outline what your kind of order of priorities there is as you look to 2025?

我只是想繼續關注資本配置點。看來您預計在今年底前完成回購。那麼您能否給我們更新一下，例如，您是否想要再次獲得授權？我認為這需要股東投票或派發股息或走酒店路線。您能否概述一下您展望 2025 年時的優先事項順序？

I can take that question. So I think the simplest way to sum it up is, obviously, we know capital allocation is something that our investors obviously want to know about and ask about. And so you can be assured that our Board is well aware of that. And it's something that they will like to have in the past, make sure that they're considering what are the best options for shareholders.

我可以回答這個問題。因此，我認為最簡單的總結方式是，顯然，我們知道資本配置是我們的投資者顯然想了解和詢問的事情。因此，您可以放心，我們的董事會非常清楚這一點。這是他們過去希望擁有的東西，確保他們正在考慮對股東最好的選擇。

And I think what I can leave you with is that I think you can feel confident that that is work that they will continue to consider on a go-forward basis. So I don't have anything specific to direct you to other than they'll continue to consider what are the best ways to return cash to shareholders.

我想我可以留給你們的是，我認為你們可以相信，這是他們會繼續考慮的工作。因此，我沒有任何具體的指導意見，只是他們將繼續考慮向股東返還現金的最佳方式。

Got it. And then just to follow up on one of the earlier kind of hurricane questions, could you kind of help outline maybe what the kind of EBITDA impact of the hurricane was for the fourth quarter? I guess, it hit ahead of the Halloween events which typically I think are higher per cap events has been more obviously so in Florida Florida, which again, I think come with higher ticket prices as the rest of the mix.

知道了。然後，為了跟進早期的颶風問題之一，您能否幫助概述颶風對第四季度 EBITDA 的影響？我想，它是在萬聖節活動之前發生的，我認為萬聖節活動的人均上限更高，在佛羅裡達州的活動更明顯，我認為與其他活動一樣，門票價格也更高。

So just curious, I guess, how that has impacted per cap trends that you've been seen quarter to date and also just what the kind of EBITDA has been.

所以我想，這對您迄今為止所看到的每筆資本趨勢有何影響，以及 EBITDA 的類型如何。

I can take that question. It had a meaningful impact, obviously a pretty significant impact on the start to October. And as I mentioned, being closed so many days. And when we went back, I think 30 years, we hadn't been closed five days in a row at Busch Gardens that we could see. And then we had the impacts over here in Orlando.

我可以回答這個問題。它產生了有意義的影響，顯然對十月初的影響相當大。正如我所提到的，關閉了很多天。當我們回去時，我想已經 30 年了，我們可以看到布希花園沒有連續五天關閉。然後我們在奧蘭多這裡產生了影響。

And then you kind of have this lingering impact, at least in October, for Tampa. The impact is pretty significant, I would say probably $9 million or so or more. It's hard to put an exact number on it, but maybe $10 million-ish in EBITDA would be a way to think about it. But that's clearly an estimate. What we've got to keep an eye on is if it lingers into Thanksgiving or Christmas with some of the recovery down in Tampa with some of the beaches and stuff are just now kind of reopening in a lot of cases. So hopefully it all continue to return to normal like we saw here at the beginning of November. Yeah, very meaningful impact.

然後你會對坦帕產生這種揮之不去的影響，至少在十月是如此。影響相當大，我想說可能是 900 萬美元左右或更多。很難給出一個確切的數字，但 1000 萬美元左右的 EBITDA 可能是一種思考方式。但這顯然是一個估計。我們需要密切關注的是，這種情況是否會持續到感恩節或聖誕節，坦帕的一些復甦以及一些海灘和東西在許多情況下剛剛重新開放。所以希望一切都能繼續恢復正常，就像我們在 11 月初看到的那樣。是的，非常有意義的影響。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

It's Alok Patel on for Ben Chaiken. Can you talk about your cash cost in the quarter? I think up slightly year over year. Was there anything lumpy or abnormal to call out?

阿洛克·帕特爾 (Alok Patel) 替補本·柴肯 (Ben Chaiken)。您能談談本季的現金成本嗎？我認為同比略有上升。是否有任何異常或不正常的現象需要注意？

And then, as a follow-up, wanted to ask about cash conversion from EBITDA to cash flow from operations was slightly lower than we expected. Anything in working capital we should be considering for the quarter and going forward?

然後，作為後續行動，想問從 EBITDA 到營運現金流的現金轉換略低於我們的預期。我們應該在本季和未來考慮營運資金中的哪些內容？

I'll take your second one first. No, nothing to be concerned about. There's nothing really -- it's not seasonal in nature or expected to discuss on that one.

我先拿你的第二個。不，沒什麼好擔心的。確實沒有什麼——本質上不是季節性的，也不期望對此進行討論。

Yeah, and I mean on your first one, I think James kind of asked a similar question. Obviously, there's some pressures in the corridor from additional labor in the parks and some things like that. We did have some other costs that maybe are a little bit more lumpy. But in general, again, the cost -- the growth is only, I believe, about 2%, and so there's some things we learn from the quarter as far as just some staffing and some other things that we tried that will apply on a go-forward basis.

是的，我的意思是，在你的第一個問題上，我認為詹姆斯也問了類似的問題。顯然，走廊上存在著一些來自公園額外勞動力等的壓力。我們確實還有一些其他成本，可能會更加複雜。但總的來說，我相信，成本增長僅為 2% 左右，因此我們從本季度學到了一些東西，包括一些人員配置和我們嘗試過的其他一些東西，這些東西將適用於前進的基礎。

So we still have a lot of confidence and rigor around cost, and that will continue to be obviously a hallmark of what we do.

因此，我們對成本仍然充滿信心和嚴格，這顯然將繼續成為我們所做工作的標誌。

Paul Golding, Macquarie Capital.

保羅‧戈爾丁，麥格理資本。

Just wanted to ask with weather becoming a more consistent headwind, particularly in the core summer months, and we saw the elevated temperatures, heat waves in SoCal and obviously the hurricanes on the East Coast. Wondering how your view around operating days may be evolving here. Is there an opportunity, or are you considering maybe driving concentration of visits on a close-in basis on certain days when weather is good? Just trying to understand how you may be strategizing around weather now that we've seen a few years of really consistent headwinds from this.

只是想問一下，隨著天氣變得更加持續的逆風，特別是在夏季的核心月份，我們看到了南加州的氣溫升高、熱浪，顯然還有東海岸的颶風。想知道您對營業日的看法可能會如何演變。是否有機會，或者您是否正在考慮在天氣好的時候集中近距離參觀？現在我們已經看到了幾年來持續存在的不利因素，只是想了解您如何針對天氣制定策略。

Appreciate the question. So, look, I mean, you're right. Weather has been certainly a problem the last several years here. I think there's some things we're doing to address that. But I would also remind you, I think over the long term, I mean, I've been in the business quite a long time, I do think these things will normalize out. I mean, if you want to even just hear in the last couple of weeks post Hurricane Milton, the weather has been pretty good in our location. So I'm optimistic it will eventually normalize.

感謝這個問題。所以，聽著，我的意思是，你是對的。過去幾年，天氣無疑是這裡的問題。我認為我們正在採取一些措施來解決這個問題。但我也要提醒你，我認為從長遠來看，我的意思是，我已經從事這個行業很長時間了，我確實認為這些事情將會正常化。我的意思是，如果您想聽聽颶風米爾頓後的最後幾週，我們所在地的天氣一直都很好。所以我樂觀地認為它最終會正常化。

Until that time, and in recognition that we have had some tougher times in the recent years, we're trying to do more indoor attractions, for example. So we have an indoor attraction coming to SeaWorld Orlando next year. The attraction we opened this year in Orlando has an indoor component to it as well.

在那之前，我們意識到近年來我們經歷了一些困難時期，例如，我們正在嘗試製作更多室內景點。因此，明年我們將在奧蘭多海洋世界開設一個室內景點。我們今年在奧蘭多開設的景點也有室內部分。

And then we have -- we've invested in shade structures. We've invested in drink programs where you can have drinks all day and stay cool and things like that. So there's different things we're doing, and I'm certainly not listing all of them. But there's things we're doing in recognition that we want people to come here regardless of the weather and make it comfortable for them.

然後我們投資了遮陽結構。我們投資了飲料計劃，讓您可以整天喝飲料並保持涼爽等等。所以我們正在做不同的事情，我當然不會列出所有的事情。但我們正在做一些事情，我們希望人們無論天氣如何都能來到這裡，並讓他們感到舒適。

Your point about on the days where you have good weather. Obviously, we like the idea of peeking the peaks, if the weather's really good, try to get people to come to the park, and there's a lot of economies of scale when we have more people in the park, for example. So all things that we're considering, but I would leave you with, I do think these things do normalize over some period of time, but we are taking actions in the immediate term here.

你的觀點是關於天氣好的日子。顯然，我們喜歡偷看山峰的想法，如果天氣真的很好，試著吸引人們來公園，例如，當公園裡有更多人時，就會產生很大的規模經濟。因此，我們正在考慮的所有事情，但我確實認為這些事情確實會在一段時間內正常化，但我們正在立即採取行動。

Thanks, Marc. And then as a follow-up around Discovery Cove. Given the strengths in bookings versus prior year and what is generally a lower capacity but higher yielding product, how are you thinking about this type of product category? Obviously, Discovery Cove is an attraction in and of itself. But when we think about the appetite for higher yielding type of visit but maybe a lower capacity type product, how are you thinking about that mix in the context of of getting visitors and maybe the weather as part of that conversation as well?

謝謝，馬克。然後作為探索灣周圍的後續活動。考慮到預訂量與去年相比的優勢以及通常產能較低但產量較高的產品，您如何看待此類產品類別？顯然，探索灣本身就是一個景點。但是，當我們考慮對高收益類型的訪問但可能對低容量類型產品的需求時，您如何在吸引訪客以及可能將天氣作為對話一部分的背景下考慮這種組合？

Yeah, I mean, what I would tell you is Discovery Cove is a wonderful park, right? It's one of the top-rated theme parks you can go visit, and it's an all-inclusive oasis, as I like to call it. It's just a great experience, and certainly has attracted quite a following over the years. It is limited capacity, to your point, and I think we have opportunities there, especially around dynamic pricing, where we can price more on the peak days.

是的，我的意思是，我要告訴你的是探索灣是一個很棒的公園，對吧？它是您可以參觀的頂級主題公園之一，也是一個包羅萬象的綠洲，我喜歡稱之為包羅萬象的綠洲。這是一次很棒的體驗，多年來肯定吸引了相當多的追隨者。就你而言，容量有限，我認為我們在那裡有機會，特別是在動態定價方面，我們可以在高峰時段定價更高。

And then there might be days in the solar seasons or weekdays, that park is essentially open year-round, where we might be willing to still increase price over the prior year, but less than what you would pay in the peak. So we like our ability to kind of manage that park. I do think also to the extent international attendance comes back -- or more international attendance happens in Orlando next year, which would seem perhaps reasonable with APEC opening, that Discovery Cove has been a pretty popular park with international guests, so that's another, I think, something in its favor with internationals.

然後，在太陽季節或工作日的某些日子裡，公園基本上全年開放，我們可能仍願意比前一年提高價格，但低於您在高峰期支付的價格。所以我們喜歡我們管理該公園的能力。我確實認為，在國際遊客數量回歸的情況下，或者明年奧蘭多出現更多的國際遊客數量，這在亞太經合組織開幕時似乎是合理的，探索灣一直是一個非常受國際遊客歡迎的公園，所以這是另一個，我認為這對國際人士有利。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Looking forward in '25 and '26, I know we've been talking Orlando. You noted obviously the value proposition relative to peers in that market, I guess, where you think you have room to take price on admissions over the next year? Do you expect to lean into price or be maybe a little more cautious on that to drive attendance and subsequent import spend? I guess, on that also, what has been the recent sensitivity to price that you see when you move it around?

展望 25 年和 26 年，我知道我們一直在談論奧蘭多。我想，您顯然注意到了相對於該市場同行的價值主張，您認為明年的入場價格有空間嗎？您是否希望透過價格調整或更謹慎來推動參觀人數和隨後的進口支出？我想，在這一點上，當你移動它時，你最近看到的對價格的敏感度是什麼？

Yeah. So Eric, I mean, I think I'd look at a couple of things. I mean, one, if you're talking specifically in Orlando, I mean, I think we have opportunities. We are still at a value proposition to Universal and Disney. And I think that will only continue.

是的。艾瑞克，我的意思是，我想我會考慮一些事情。我的意思是，第一，如果你具體談論的是奧蘭多，我的意思是，我認為我們有機會。我們仍然對環球影業和迪士尼提出價值主張。我認為這種情況只會持續下去。

So as they as they get more expensive, I think it showcases our value. And we have the ability to increase our prices over over time as well. So I think we feel good about the opportunity to continue to grow pricing across not only Orlando but across most of our markets. And that's what we -- certainly, a key tenet of our strategy is to grow pricing.

因此，當它們變得越來越貴時，我認為這顯示了我們的價值。我們也有能力隨著時間的推移提高價格。因此，我認為我們對不僅在奧蘭多而且在我們大多數市場繼續提高定價的機會感到高興。這就是我們——當然，我們策略的一個關鍵原則是提高定價。

Again, we're always going to focus on total revenue. So there may be times that we do we do different things to simulate more sales of certain product that may not involve taking price or even discounting, but all the guys that are driving total revenue. But certainly, I think over the medium to long term, we feel our opportunity to take price will remain.

同樣，我們始終關注總收入。因此，有時我們可能會做不同的事情來模擬某些產品的更多銷售，這可能不涉及定價甚至折扣，但所有這些都在推動總收入。但當然，我認為從中長期來看，我們認為定價的機會仍然存在。

Got it. And then a follow-up. You called out consistently on the calls, the app and the number of downloads net 35% increase in average transaction value for food and beverage. What percentage of food and beverage transactions are currently going through the app versus POS? And and where do you think that could go over the next few years?

知道了。然後是後續行動。您不斷呼籲，應用程式和下載次數使食品和飲料的平均交易價值淨增加了 35%。目前透過應用程式進行的食品和飲料交易與透過 POS 進行的食品和飲料交易的比例是多少？您認為未來幾年會走向何方？

Yeah. Let me just comment on the app, and then I'll let Jim talk about kind of the penetration. But I did also try to emphasize in there that we're still, I think, early early innings of all the things the app can do. And I see people using it. And I think it certainly has helped people. But I think there's a lot more engagement we can do through the app.

是的。讓我來評論一下這個應用程序，然後我會讓吉姆談談滲透率。但我確實也試圖在那裡強調，我認為我們仍然處於該應用程式可以做的所有事情的早期階段。我看到人們在使用它。我認為這確實對人們有所幫助。但我認為我們可以透過該應用程式進行更多的參與。

And we're seeing, like I said on the call, when people do use it for mobile ordering, they tend to buy more, right? We saw that on the average transaction value, and we're trying to make it more well at more places. I think that over the near to medium term here, the idea would be to make it available as many places as we can all day, if you will, so that it's not just available certain times of the day at certain restaurants. We want to make it more permanent, if that makes sense.

正如我在電話中所說，我們看到，當人們確實使用它進行行動訂購時，他們往往會購買更多，對嗎？我們在平均交易價值上看到了這一點，並且我們正在努力使其在更多地方變得更好。我認為，從近期到中期來看，我們的想法是，如果您願意的話，可以在全天盡可能多的地方提供這種服務，這樣它就不僅僅是在一天中的某些時間在某些餐廳提供。如果有意義的話，我們希望使其更持久。

But Jim, do you want to talk about how many people are using it?

但是吉姆，你想談談有多少人在使用它嗎？

Yeah, I would say from a penetration standpoint, you're looking at maybe almost less than a third of penetration from all eligible categories. That's not only food and beverage, but all other things that we offer on the app, which would include zoo experiences or quick queues or things like that. Yeah. So quite a bit of room to grow. It sounds like.

是的，我想說，從滲透率的角度來看，所有符合條件的類別的滲透率可能幾乎不到三分之一。這不僅包括食物和飲料，還包括我們在應用程式上提供的所有其他內容，其中包括動物園體驗或快速排隊或類似的東西。是的。所以還有很大的成長空間。聽起來像。

Thomas Yeh, Morgan Stanley.

湯瑪斯葉，摩根士丹利。

A few more on the forward booking commentary. The 2025 intended date ticket sales you mentioned, that's pacing up double digits as well. What portion of your typical attendance space in any given quarter has a ticket get purchased two or three or even four months in advance? Have the lead times changed at all on date-specific purchases? Any help sizing how that translates into your overall visitation mix would be helpful.

更多關於提前預訂的評論。您所提及的 2025 年預定日期門票銷售量也呈現兩位數成長。在任何特定季度，您的典型出席空間中有多少部分是提前兩三個月甚至四個月購買門票的？特定日期採購的交貨時間是否發生了變化？任何幫助確定如何將其轉化為您的整體訪問組合都會有所幫助。

Look, it's one of the indicators, like I said. I don't know that we give out the exact number for competitive reasons, obviously. But look, depending who you are, if you've planned a long-planned vacation, you're probably buying those tickets further in advance versus somebody who is more from Florida. So it's going to vary by the type of person visiting the park.

看，就像我說的，這是指標之一。顯然，我不知道我們出於競爭原因給出了確切的數字。但是，看一下，如果您計劃了一個長期計劃的假期，那麼與佛羅裡達州的人相比，您可能會提前更早購買機票，這取決於您是誰。因此，它會根據參觀公園的人的類型而有所不同。

I think just in general, what we're pleased with is that more of those tickets are being sold than last year at this time. I don't know that we can give you what that translates into. I don't think it's certainly not a lion's share of our sales or anything like that, but it's one of these indicators that we have. We don't have a ton of leading indicators, but it is one we have along with Discovery Cove bookings and some of the other things I mentioned.

我認為總的來說，我們感到高興的是，此時售出的門票比去年更多。我不知道我們可以幫你翻譯成什麼。我認為這肯定不是我們銷售或類似產品的最大份額，但它是我們擁有的指標之一。我們沒有大量的領先指標，但它是我們與探索灣預訂量和我提到的其他一些指標一起提供的。

Okay, understood. Yeah, and then just maybe on the season pass update, can you help us square the flat season pass units versus the double digits on the premium pass program? Is it fair to say that premium is smaller but growing as a portion of your overall pass product offering? I might have missed it, but do you share any blended pricing on the season pass uptake so far? That would be great.

好的，明白了。是的，然後也許在季票更新中，您能幫助我們將平季票單位與高級通行證計劃中的兩位數平方嗎？可以公平地說，溢價較小，但作為整體通行證產品的一部分卻在增長嗎？我可能錯過了，但您是否分享了迄今為止季票使用情況的混合定價？那太好了。

Let me help you with that a little bit, and then if Jim has anything to add, he can add it as well. Remember, when we say pass, we have our premium passes, we have our fun cards, we have our teacher's pass, we have our preschool pass. All that kind of generically gets labeled as pass, and that's the number that Jim was referencing as being flat, right?

讓我幫你一點，然後如果吉姆有什麼要補充的，他也可以補充。請記住，當我們說「通過」時，我們有高級通行證，我們有有趣的卡，我們有教師通行證，我們有學前通行證。所有這些通常都被標記為通過，這就是吉姆所說的平坦的數字，對嗎？

And so you have a couple things how to square that with the premium passes being up. So I think that's a good sign in that we are selling more of the more expensive passes, the passes that people that buy tend to be more loyal. They tend to visit more. These are passes with benefits. And as you move up the tier, those benefits are increasingly better. And so that's a bigger total revenue play than if we sell you a fun card, which is basically an entry-level season pass with very little benefit, if any.

因此，您有一些事情可以與高級通行證的上漲相協調。因此，我認為這是一個好兆頭，因為我們正在銷售更多更昂貴的通行證，購買這些通行證的人往往更忠誠。他們傾向於訪問更多。這些都是有好處的通行證。隨著等級的提升，這些好處會越來越好。因此，與我們向您出售一張有趣的卡牌相比，這是一個更大的總收入，而這張卡牌基本上是入門級季票，幾乎沒有什麼好處（如果有的話）。

So we like the idea of selling more premium passes even if it's at the expense of less fun cards. So the idea would be the base is flat now, but if we can continue to grow the premium pass and kind of hold our own in the other categories, we would like to think that would expand over time. We'll have to see. We're still very early in the launch process, and our sales will especially ramp up as we get into next spring and things like that. We have a big day coming up with Black Friday, but that's kind of how we think about it.

因此，我們喜歡銷售更多高級通行證的想法，即使這是以犧牲不太有趣的卡片為代價。因此，我們的想法是，現在的基礎是持平的，但如果我們能夠繼續增加高級通行證，並在其他類別中保持自己的地位，我們希望隨著時間的推移，這種情況會擴大。我們得看看。我們仍處於發布過程的早期階段，隨著進入明年春天等類似情況，我們的銷售額將特別增加。黑色星期五即將到來，這是一個重要的日子，但這就是我們的想法。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

I was hoping we could just drill down for a second on some of the CapEx. I know you've given the target for this year and for ranges for kind of ongoing. Can you maybe give us a little bit of an idea on the ROI piece? What kind of things those are going to -- is that kind of a premiumization strategy, whether it's cabanas at one of the parks or something else? Can you just give us a little more detail on what kinds of things those might involve?

我希望我們能夠深入研究一些資本支出。我知道您已經給出了今年的目標以及正在進行的範圍。您能否給我們一些關於投資報酬率的想法？這些會做什麼——這是一種高端化策略嗎？您能否更詳細地介紹一下這些可能涉及哪些內容？

Yeah, Chris, are you talking specifically '25 or '24?

是的，克里斯，你具體說的是「25」還是「24」？

I guess more generally. I mean, whatever you -- whenever you want to want to do it, Jim, I mean, I'm just trying to figure out what all that involves.

我想更普遍的是。我的意思是，無論你想做什麼，吉姆，我的意思是，我只是想弄清楚這一切都涉及什麼。

Yeah. So generally, we found a lot of opportunity in our food and beverage offerings. That's when a large short section of our capital spend has gone for the ROI projects. And this could be generally revamping those facilities want to provide new food and beverage offerings to update it to allow guests to be more efficient and get lines through quicker. So there's more of an opportunity to buy up to the full meal as opposed to go into a cart or kiosk if the lines are too long. So that's going to take up some of that ROI capital.

是的。總的來說，我們在食品和飲料產品中發現了許多機會。那時我們的資本支出的很大一部分都用於投資報酬率項目。這可能是對那些想要提供新的食品和飲料產品的設施進行整體改造，以提高客人的效率並更快地排隊。因此，如果隊伍太長，就有更多機會購買全套餐點，而不是進入購物車或攤位。因此，這將佔用部分投資報酬率資本。

We're also looking at things like exit retail for either parks like we did in Sesame Place for our attractions that are coming up soon or are currently in progress to make sure that there's an ability to buy tangible memory from that ride experience. And then we have a number of items, as I mentioned earlier in the call about using technology to be more efficient in our expenses through solar power, through automated or reduced labor in our turnstiles in our main entrances or efficiencies in our utility spend.

我們也正在考慮像在《芝麻街》中那樣為即將推出或正在建設中的景點進行出口零售等事情，以確保能夠從乘坐體驗中購買有形的記憶。然後，我們有很多項目，正如我之前在電話會議中提到的那樣，透過太陽能、透過自動化或減少主要入口十字轉門的勞動力或提高公用事業支出的效率，利用技術來提高我們的開支效率。

Okay, appreciate that. And then just a quick follow-up. You talked a lot about some of the opportunities that are coming through the app, but can you talk maybe a little bit about where you are on some of the dynamic pricing and whether that's going to play a bigger role in the mobile and pricing strategy going forward?

好的，謝謝。然後進行快速跟進。您談了很多透過該應用程式帶來的一些機會，但您能否談談您在一些動態定價方面的進展，以及這是否會在行動和定價策略中發揮更大的作用向前？

Sure. Certainly, dynamic pricing is something that we continue to have efforts around, and we do think there is going to be more and more opportunities to do that. So whether -- I'll give you a silly example. If it's on the app, and you're -- it's not a silly example, but an example would be if you're on the app, and you're in the park, and you're standing in line, the line maybe is longer than you'd like to wait or you don't have a lot of time, here and now you can buy a frontline pass through the app, right?

當然。當然，動態定價是我們繼續努力的方向，而且我們確實認為這樣做的機會將會越來越多。那我給你舉一個愚蠢的例子。如果它在應用程式上，而你——這不是一個愚蠢的例子，但一個例子是，如果你在應用程式上，你在公園裡，你正在排隊，隊伍可能比你願意等待的時間更長或者您沒有太多時間，此時此刻您可以透過應用程式購買前線通行證，對嗎？

And depending on how busy the day is, we can dynamically price that accordingly. So that's, I think, a pretty simple example. So you have some components around using the app to do things like that or even other areas. And then I think just outside of the app, you even have dynamic ticketing opportunity. So the price you pay to come to our park, again, we can flex that certainly at times, and the more dynamic we can get on that, I think will help us over time.

根據當天的繁忙程度，我們可以相應地動態定價。我認為這是一個非常簡單的例子。因此，您可以使用一些元件來使用該應用程式來執行類似的操作甚至其他領域的操作。然後我認為在應用程式之外，您甚至還有動態票務機會。因此，您來到我們公園所支付的價格，我們有時當然可以靈活調整，而且我們可以在這方面變得更有活力，我認為隨著時間的推移會對我們有所幫助。

So certainly something that we will continue to focus on going forward.

因此，我們肯定會繼續關注未來的發展。

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

我們的問答環節到此結束。我想將會議轉回給馬克·斯旺森 (Marc Swanson) 致閉幕詞。

Okay, thank you. On behalf of Jim and the rest of the management team in United Parks and 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.

好的，謝謝。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。

Thank you. And we look forward to speaking with you next quarter.

謝謝。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。