United Parks & Resorts Inc (PRKS) 2025 Q1 法說會逐字稿

Good day, and welcome to the United Parks & Resorts first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matthew Stroud from Investor Relations. Please go ahead.

大家好，歡迎參加聯合公園及度假村 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部的馬修‧斯特勞德 (Matthew Stroud)。請繼續。

Thank you, and good morning, everyone. Welcome to United Parks & Resorts first quarter earnings conference call. Today's call is being webcast and recorded. A press release was issued this morning and is available on our Investor Relations website at 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一季財報電話會議。今天的電話會議正在進行網路直播和錄音。我們今天上午發布了新聞稿，可在我們投資者關係網站 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，會議結束後，重播資訊也將在我們的網站上發布。

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

今天早上與我一起出席的還有執行長馬克‧斯旺森 (Marc Swanson) 和財務長兼財務主管詹姆斯‧米科拉奇克 (James Mikolaichik)。今天上午，我們將回顧第一季的財務業績，然後我們將開始回答大家的問題。

Before we begin, I would like to remind everyone that our comments today will contain forward-looking statements within the meaning of the 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.

在我們開始之前，我想提醒大家，我們今天的評論將包含聯邦證券法所定義的前瞻性陳述。這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與前瞻性聲明有重大差異，包括我們向美國證券交易委員會提交的 10-K 表年度報告和 10-Q 表季度報告中「風險因素」部分中所述風險和不確定因素。

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.

這些風險因素可能會不時更新，並將包含在我們向美國證券交易委員會提交的文件中，可在我們的網站上查閱。我們不承擔更新任何前瞻性陳述的義務。

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

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 GAAP 指標與最可比 GAAP 指標的調節的更多信息，包含在我們網站上的收益報告中，也可以在我們向美國證券交易委員會提交的文件中找到。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 strong financial results. Results in the first quarter were negatively impacted by the timing of Easter and spring break holidays moving into the second quarter this year compared to being in the first quarter last year.

謝謝你，馬修。大家早安，感謝大家的收看。我們很高興地報告本季又取得強勁的財務表現。與去年第一季相比，今年復活節和春假時間推遲到第二季度，對第一季的業績產生了負面影響。

The shift of Easter and spring break from the first quarter to the second quarter also impacted admissions per capita and in-park per capita as peak operating days that usually come with higher relative pricing and guest spending also shifted from the first quarter to the second quarter this year as compared to prior year.

復活節和春假從第一季度轉移到第二季度也影響了人均入場費和人均公園內遊客數量，因為與去年相比，通常伴隨著較高相對價格和遊客支出的高峰運營日也從第一季度轉移到了第二季度。

Despite the negative calendar shift, impact per capita spending increased 1.1% during the first quarter to a record level and has now grown from 19 of the last 20 quarters. First quarter results were also impacted by certain timing-related impacts that resulted in over $5 million more of certain expenses being recorded in the first quarter of 2025, compared to the first quarter of 2024. We are also pleased to report that April 2025 attendance was up 8.1%, compared to April of 2024.

儘管日曆發生了不利的變化，但第一季人均支出影響仍增長了 1.1%，達到創紀錄水平，並且已經從過去 20 個季度中的 19 個季度增長。第一季的業績也受到某些與時間相關的因素的影響，導致 2025 年第一季記錄的某些費用比 2024 年第一季增加了 500 多萬美元。我們也很高興地報告，與 2024 年 4 月相比，2025 年 4 月的出席人數增加了 8.1%。

As we look ahead to the remainder of the year, we are excited about the significant investments we have made across our parks and business, including the incredible lineup of new, one-of-a-kind rides and attractions, popular events, improved in-park venues, and other offerings across our parks.

展望今年剩餘時間，我們對在公園和業務方面所做的重大投資感到非常興奮，包括一系列全新的、獨一無二的遊樂設施和景點、熱門活動、改進的公園內場所以及我們公園內的其他服務。

We are also encouraged by the 2025 bookings for our Discovery Cove property, our 2025 group bookings, and our 2025 international ticket sales, all of which are running ahead of 2024. With approximately 75% of our historical attendance and revenue opportunity still ahead of us as of April 30, 2025, we continue to expect new records in revenue and adjusted EBITDA in 2025.

令我們感到鼓舞的是，2025 年探索灣度假村的預訂量、2025 年團體預訂量以及 2025 年國際門票銷售量均超過了 2024 年。截至 2025 年 4 月 30 日，我們仍有約 75% 的歷史客流量和收入機會，我們預計 2025 年營收和調整後 EBITDA 將創下新高。

We strongly believe we have a clear opportunity to drive substantially more attendance and total per capita spending and have high confidence in our ability to continue to deliver operational and financial improvements that we expect will lead to meaningful increases in shareholder value.

我們堅信，我們有明顯的機會大幅提高觀眾人數和人均總支出，並且對我們繼續實現營運和財務改進的能力充滿信心，我們預計這將帶來股東價值的顯著增長。

Finally, I want to thank our ambassadors for their ongoing efforts as we prepare for what we anticipate will be another busy summer season. For 2025, we have an exciting lineup of new rides, attractions, events, and new and improved in-park venues and offerings with something new and exciting across our parks.

最後，我要感謝我們的大使們為迎接又一個繁忙的夏季所做的不懈努力。2025 年，我們將推出一系列令人興奮的新遊樂設施、新景點、新活動以及全新和改進的公園內場所和產品，為我們的各個公園帶來一些新鮮刺激的體驗。

Our new rides and attractions include the following, SeaWorld San Diego debuted Jewels of the Sea in March, an immersive new aquarium experience featuring multiple galleries, including one of the largest jelly cylinders in the country and an engaging multimedia component.

我們的新遊樂設施和景點包括：聖地亞哥海洋世界於 3 月首次推出了“海洋珍寶”，這是一個身臨其境的全新水族館體驗，擁有多個畫廊，包括該國最大的果凍筒之一和引人入勝的多媒體組件。

The park also announced the reinvention of Journey to Atlanta, San Diego's first coaster, which will honor the beloved original while introducing new storytelling and thrill elements. SeaWorld San Antonio launched Rescue Jr. in March and all new kid-friendly realm celebrating Animal rescue. The area features themed rides, interactive play zones, and a water play area designed for young adventurers.

公園還宣布重新設計聖地亞哥的第一座過山車“亞特蘭大之旅”，在致敬深受喜愛的原版過山車的同時，引入新的故事情節和刺激元素。聖安東尼奧海洋世界於三月推出了「兒童救援」活動，並推出了全新的兒童友善區域來慶祝動物救援。此區域設有主題遊樂設施、互動遊樂區和專為年輕冒險者設計的水上遊樂區。

Sesame Place Philadelphia kicked off its 45th birthday celebration in April, offering guests birthday-themed fun, all spring and summer. Fan favorite entertainment has been refreshed with celebratory twist, including the return of the popular Sesame Street Birthday Parade.

費城芝麻街樂園於四月啟動了 45 週年生日慶祝活動，整個春季和夏季為遊客提供以生日為主題的歡樂活動。粉絲們最喜愛的娛樂活動已煥然一新，增添了慶祝元素，包括廣受歡迎的芝麻街生日遊行的回歸。

SeaWorld Orlando opened Expedition Odyssey on May 9, a groundbreaking family-friendly attraction that blends somatic storytelling with ride technology to transport guests on an untargetable journey from the top of the world to the ocean's depth.

奧蘭多海洋世界於 5 月 9 日開放了「探險奧德賽」項目，這是一個開創性的家庭友善景點，將身體敘事與乘騎技術相結合，帶領遊客從世界之巔到海洋深處進行一次難以定位的旅程。

The remaining new attractions include the following, Bush Gardens Williamsburg will open The Big Bad Wolf: The Wolf's Revenge, the longest family inverted coaster in North America will take riders through over 2,500 feet a track at speeds up to 40 miles per hour.

其餘的新景點包括：威廉斯堡布希花園將開放“大灰狼：狼的復仇”，這是北美最長的家庭倒置過山車，將帶領乘客以每小時 40 英里的速度穿越超過 2,500 英尺的軌道。

Water Country USA will open High Tide Harbor, an all-new multilevel water play structure designed for families to explore together. This exciting area features over 100 interactive water elements including cannons, sprayers and tipping fountains, ensuring endless fun for kids of all ages. With vibrant and dynamic water activities, High Tide Harbor, promises to be the ultimate family-friendly destination for staying cool.

美國水上樂園 (Water Country USA) 將開放 High Tide Harbor，這是一個全新的多層水上遊樂設施，專為家庭共同探索而設計。這個令人興奮的區域擁有超過 100 個互動水元素，包括大砲、噴霧器和噴泉，確保為所有年齡段的孩子帶來無盡的樂趣。憑藉豐富多彩、充滿活力的水上活動，High Tide Harbor 有望成為最適合全家享受清涼的目的地。

Busch Gardens Tampa Bay will open Wild Oasis in all new realm featuring the sights and sounds of the rain forest, a newly reimagined drop tower featuring digital and sound effects, an interactive water play Wonderland, a multilevel climbing canopy and an all-new multi-species animal habitat for up-close encounters.

坦帕灣布希花園將在全新領域開放野生綠洲，其中包括雨林的視覺和聲音、具有數位和聲音效果的全新跳樓機、互動式水上遊樂仙境、多層攀爬頂篷以及供近距離接觸的全新多物種動物棲息地。

Now let me give a brief update on just some of our strategic initiatives. First, on hotels, our work and discussions continue. We have nothing new to report today, but continue to work through various options and with various potential partners. We are excited about the prospect of integrating branded hotels into our parks and the expected positive benefits.

現在，讓我簡單介紹一下我們的一些策略舉措。首先，關於酒店，我們的工作和討論仍在繼續。今天我們沒有什麼新消息可以報告，但我們會繼續研究各種選擇並與各種潛在合作夥伴合作。我們對將品牌酒店融入我們的公園的前景以及預期的積極效益感到非常興奮。

Second, on real estate, as we have discussed, we own over 2,000 acres in valuable real estate and desirable locations, including approximately 400 acres of undeveloped land adjacent to our parks, including significant development land in Orlando.

其次，關於房地產，正如我們所討論的，我們擁有超過 2,000 英畝的寶貴房地產和理想地理位置，其中包括毗鄰我們公園的約 400 英畝未開發土地，其中包括奧蘭多的大量開發土地。

We continue to have discussions with various potential partners as we explore ways to unlock the value of this very valuable real estate. We do not believe that the public markets have or are appropriately giving credit to these attractive and valuable 100% owned real estate assets.

我們將繼續與各種潛在合作夥伴進行討論，探索釋放這項極具價值的房地產價值的方法。我們不認為公開市場已經或正在適當地給予這些有吸引力且有價值的 100% 擁有的房地產資產信用。

Third, on sponsorships, we have been actively working over the past several months on various sponsorship opportunities that leverage our valuable assets and customer database. As a reminder, we have over 21 million annual visitors across our park portfolio and the average length of stay is over six hours.

第三，關於贊助，過去幾個月我們一直在積極尋找各種贊助機會，利用我們寶貴的資產和客戶資料庫。提醒一下，我們公園每年接待超過 2,100 萬遊客，平均停留時間超過 6 小時。

In recent years, we have not pursued nor had meaningful sponsorship partnerships. Clearly, we have been missing this opportunity. Starting late last year, we formalized a partnership with a third-party group and dedicated internal resources to pursuing this opportunity.

近年來，我們既沒有尋求也沒有建立任何有意義的贊助夥伴關係。顯然，我們一直在錯失這個機會。從去年年底開始，我們與第三方集團正式建立了合作夥伴關係，並投入內部資源來爭取這個機會。

Since then, we have had meaningful discussions with several potential sponsors and expect to have exciting announcements in the coming months. The reception from potential sponsors has been good, given our annual visitation, the demographic we attract, and related opportunities to target these guests through our CRM database and other methods. We expect these opportunities will exceed $20 million over time in high-margin revenue, of which we expect to realize mid to high single digits in 2025.

從那時起，我們與幾位潛在贊助商進行了有意義的討論，並期待在未來幾個月內發布令人興奮的公告。考慮到我們每年的訪問量、我們吸引的人群以及透過我們的 CRM 資料庫和其他方法瞄準這些客人的相關機會，潛在贊助商的接待一直很好。我們預計，隨著時間的推移，這些機會將帶來超過 2,000 萬美元的高利潤收入，其中我們預計到 2025 年將實現中高個位數的收入。

Fourth, on international, we continue discussions with multiple partners on this front in various geographies and look forward to sharing more with you in the near future.

第四，在國際方面，我們繼續與不同地區的多個合作夥伴就此進行討論，並期待在不久的將來與大家分享更多內容。

Fifth, on IP partnerships, we continue our active discussions with various partners to bring their globally recognized IP to our parks, via new rides, attractions, and/or other exciting activations.

第五，在智慧財產權合作方面，我們繼續與各合作夥伴進行積極討論，透過新的遊樂設施、景點和/或其他令人興奮的活動，將其全球公認的智慧財產權帶到我們的公園。

Finally, on our other initiatives, including park enhancements, technology investments, CRM, and mobile app, among other things, all are moving forward, and we expect will help drive growth and financial improvements over the coming quarters and years.

最後，我們的其他舉措，包括公園改進、技術投資、客戶關係管理和行動應用程式等，都在不斷推進，我們預計這將有助於推動未來幾個季度和幾年的成長和財務改善。

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

我們對正在進行的重大投資以及在整個業務範圍內開展的眾多舉措感到非常興奮，我們期望這些投資和舉措將改善客戶體驗，讓我們創造更多收入，並使我們成為更有效率、更有利可圖的企業。我們正在打造一個更強大、更具韌性的業務，我們有信心並期待它將帶來更好的營運和財務業績，並顯著提高股東價值。

Let me briefly comment on our balance sheet, which continues to be strong. On March 31, 2025, net total leverage ratio is 3.1 times, and we had approximately $764 million of total available liquidity, including approximately $76 million of cash on the balance sheet in advance of us starting our summer season where we generate a majority of our cash flow.

讓我簡單評論一下我們的資產負債表，它仍然保持強勁。截至 2025 年 3 月 31 日，淨總槓桿率為 3.1 倍，我們擁有約 7.64 億美元的總可用流動資金，其中包括在我們開始產生大部分現金流的夏季之前資產負債表上約 7600 萬美元的現金。

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.

強勁的資產負債表使我們能夠靈活地繼續投資和發展業務，並適時分配資本，以實現股東長期價值最大化。

During the first quarter, we repurchased 100,000 shares for an aggregate total of approximately $4.6 million. We know buybacks are on the mind of many of our investors, and while we don't have anything specific to announce today, I can tell you that our Board strongly believes our shares are materially undervalued and that purchasing our shares at or near current levels is an extraordinary opportunity. I can also tell you that the Board is working through various governance and other considerations and should have something to announce in the coming weeks.

第一季度，我們回購了 10 萬股，總價值約 460 萬美元。我們知道許多投資者都在考慮回購，雖然我們今天沒有任何具體消息要宣布，但我可以告訴大家，我們的董事會堅信我們的股票被嚴重低估，以當前水平或接近當前水平購買我們的股票是一個絕佳的機會。我還可以告訴你們，董事會正在研究各種治理和其他考慮因素，並將在未來幾週內宣布一些消息。

I would add from the Management team, we have significant confidence in our business and our prospects. And along with the Board, believe strongly that our shares are materially undervalued.

我想補充的是，作為管理團隊，我們對我們的業務和前景充滿信心。並且與董事會一樣，堅信我們的股票被嚴重低估。

Finally, while we recognize there has been economic uncertainty in recent weeks, and while this may or may not continue going forward, I want to remind you all that we have a proven and time-tested resilient business model, and offer a great value proposition to our guests.

最後，雖然我們認識到最近幾週存在經濟不確定性，而且這種情況可能會或可能不會繼續下去，但我想提醒大家，我們擁有經過驗證和時間考驗的彈性商業模式，並為我們的客人提供極具價值的主張。

As a reminder, approximately 90% of our guests come from the United States, and the majority are within driving distance to our parks. Based on the seasonal nature of our business, we have approximately 75% of our attendance and revenue opportunities still ahead of us as of April 30, 2025, which, along with the coming opening of more of a ride attraction and about lineup and all the initiatives that we have underway give us continued confidence in our ability to achieve new records in revenue and adjusted EBITDA for 2025. With that, Jim will now discuss our financial results in more detail. Jim?

提醒一下，大約 90％ 的客人來自美國，並且大多數客人都可以開車到達我們的公園。根據我們業務的季節性，截至 2025 年 4 月 30 日，我們仍有大約 75% 的遊客量和收入機會，再加上即將開放的更多遊樂設施和陣容以及我們正在進行的所有舉措，我們繼續對我們在 2025 年創下收入和調整後 EBITDA 新紀錄的能力充滿信心。接下來，吉姆將更詳細地討論我們的財務表現。吉姆？

Thank you, Marc, and good morning, everyone. During the first quarter, we generated total revenue of $286.9 million, a decrease of $10.5 million or 3.5% when compared to the first quarter of 2024. The decrease in total revenue was primarily a result of decreases in admissions per capita and attendance, partially offset by an increase in in-park capital spending. Attendance was negatively impacted by an unfavorable calendar shift with the later timing of Easter and spring break holidays when compared to the prior year.

謝謝你，馬克，大家早安。第一季度，我們的總營收為 2.869 億美元，與 2024 年第一季相比減少 1,050 萬美元，降幅為 3.5%。總收入的減少主要是由於人均入場人數和遊客人數的減少，但被公園內資本支出的增加部分抵消。與去年相比，復活節和春假時間較晚，不利的日曆變化對出席人數產生了負面影響。

Attendance for the first quarter of 2025 decreased by approximately 59,000 guests or 1.7% when compared to the prior year quarter. The decrease in attendance was primarily due to Easter shifting into the second quarter compared to the prior year. The Easter shift impact was approximately 140,000 guests, which adjusting for this impact, attendance would have increased by approximately 2%.

與去年同期相比，2025 年第一季的出席人數減少了約 59,000 名客人，即 1.7%。出席人數的減少主要是因為與去年相比復活節推遲到了第二季。復活節班次的影響約為 14 萬名客人，如果根據這項影響進行調整，出席人數將增加約 2%。

If we look at the year-to-date attendance through April, we're seeing approximately 1.3% growth on a fiscal basis and greater than that on a day-for-day basis, indicating a healthy start to the year. In the first quarter of 2025, total revenue per capita decreased 1.8%, Admission per capita decreased 4.2%. And in part per capita spending increased 1.1%.

如果我們看一下截至 4 月的年初至今的出席人數，我們會看到財政基礎的增長約為 1.3%，並且每日增長幅度更高，這表明今年的開局良好。2025年第一季，人均總收入下降1.8%，人均門票收入下降4.2%。其中人均支出增加了1.1%。

Admission per capita decreased primarily due to the impact of the admissions product mix and lower realized pricing on certain emissions products due in part to the shift of peak visitation days from the first quarter to the second quarter. In-park per capita spending increased primarily due to the impact of increased volume for certain in-park offerings when compared to the first quarter of 2024.

人均入場費下降主要是由於入場費產品組合的影響以及某些排放產品的實際價格較低，部分原因是高峰參觀日從第一季轉移到第二季。與 2024 年第一季相比，公園內人均支出增加主要是由於某些公園內產品數量增加的影響。

Operating expenses decreased $3.6 million or 2.2% when compared to the first quarter of 2024. The decrease in operating expenses is primarily due to a $4.6 million decrease in certain non-cash adjustments when compared to the prior year quarter.

與 2024 年第一季相比，營運費用減少了 360 萬美元，即 2.2%。營業費用的減少主要是由於與去年同期相比某些非現金調整減少了 460 萬美元。

Selling, general, and administrative expenses decreased $3.7 million or 7.8% compared to the first quarter of 2024. The decrease in selling, general, and administrative expenses primarily due to a $3 million decrease in third-party consulting costs, including approximately $2.1 million of non-recurring costs for strategic initiatives when compared to the prior year quarter.

與 2024 年第一季相比，銷售、一般及管理費用減少了 370 萬美元，降幅為 7.8%。銷售、一般及行政費用的減少主要由於第三方諮詢成本與去年同期相比減少了 300 萬美元，其中包括約 210 萬美元的戰略舉措非經常性成本。

We reported a net loss of $16.1 million for the first quarter, compared to a net loss of $11.2 million in the first quarter of 2024. And we generated adjusted EBITDA of $67.4 million, a decrease of $11.7 million when compared to the first quarter of 2024.

我們報告第一季淨虧損為 1,610 萬美元，而 2024 年第一季淨虧損為 1,120 萬美元。我們的調整後 EBITDA 為 6,740 萬美元，與 2024 年第一季相比減少了 1,170 萬美元。

Adjusted EBITDA declined due to a decrease in revenues from the calendar shifts previously mentioned, the timing of certain expenses, and decreases in add back expenses used to calculate adjusted EBITDA relative to the prior year quarter.

調整後 EBITDA 下降的原因是，前面提到的日曆變化導致收入減少、某些費用的時間安排以及用於計算調整後 EBITDA 的加回費用相對於去年同期有所減少。

More specifically, first quarter results were negatively impacted by certain timing-related impacts that resulted in over $5 million of expenses being recorded in the first quarter of 2025 as compared to the first quarter of 2024.

更具體地說，第一季的業績受到某些與時間相關的負面影響，導致與 2024 年第一季相比，2025 年第一季記錄的費用超過 500 萬美元。

These expenses related to approximately $3 million of cost that impacted the first quarter this year that generally impacted future periods in the prior year and approximately $2 million of expense increased this year versus prior year due to credits in prior years that were not repeated this year.

這些費用涉及約 300 萬美元的成本，這些成本影響了今年第一季度，並且通常會影響上一年的未來期間，由於前幾年的貸記今年沒有重複，今年的費用與上一年相比增加了約 200 萬美元。

Now turning to our balance sheet. Our March 31, 2025, net total leverage ratio is 3.1 times, and we had approximately $764 million in total available liquidity, including approximately $76 million of cash on the balance sheet.

現在轉向我們的資產負債表。截至 2025 年 3 月 31 日，我們的淨總槓桿率為 3.1 倍，我們擁有約 7.64 億美元的可用流動資金總額，其中包括資產負債表上的約 7,600 萬美元現金。

This strong balance sheet gives us flexibility to continue to invest in and grow our business and opportunistically allocate capital with the goal to maximize long-term value for shareholders. During the first quarter, we repurchased 100,000 shares for an aggregate total of approximately $4.6 million. As Marc said, and I will reiterate, we believe our shares are undervalued, and attractively priced at current levels and beyond.

強勁的資產負債表使我們能夠靈活地繼續投資和發展業務，並適時分配資本，以實現股東長期價值最大化。第一季度，我們回購了 10 萬股，總價值約 460 萬美元。正如馬克所說，我將重申，我們認為我們的股票被低估了，並且在當前水平及更高水平上定價具有吸引力。

Our deferred revenue balance as of the end of March was $195.9 million, Deferred revenue decreased approximately 6.7% when compared to March of 2024. As a reminder, our deferred revenue balance contains a number of products, including ticketing, vacation packages, annual and season passes and ancillary products.

截至 3 月底，我們的遞延收入餘額為 1.959 億美元，與 2024 年 3 月相比遞延收入減少了約 6.7%。提醒一下，我們的遞延收入餘額包含許多產品，包括票務、度假套餐、年票和季票以及輔助產品。

In March 2025, our pass base, including all pass products was down approximately 2% compared to March 2024. Although we are pleased that we are seeing realized price increases on our premium pass products compared to the prior year. We believe we have our best pass benefits program ever, which we expect will drive additional increases in pass sales and a strong pass base for this year, especially now that we are in the peak advertising and selling season.

2025 年 3 月，我們的通行證基數（包括所有通行證產品）與 2024 年 3 月相比下降了約 2%。儘管我們很高興看到我們的高級通行證產品的價格與去年相比有所上漲。我們相信我們擁有迄今為止最好的通行證福利計劃，我們預計這將推動通行證銷售的進一步增長並為今年的通行證基礎奠定堅實的基礎，特別是現在我們正處於廣告和銷售旺季。

We spent $56.9 million on CapEx in the first quarter of 2025, of which approximately $49.9 million was on core CapEx and approximately $7.1 million on expansion and/or ROI projects. For 2025, we expect to spend approximately $175 million to $200 million on core CapEx and approximately $50 million of CapEx on growth in ROI projects. Now let me turn the call back over to Marc, who will share some final thoughts. Marc?

我們在 2025 年第一季花費了 5,690 萬美元的資本支出，其中約 4,990 萬美元用於核心資本支出，約 710 萬美元用於擴張和/或投資回報項目。到 2025 年，我們預計將在核心資本支出上花費約 1.75 億至 2 億美元，並在投資回報項目成長上花費約 5,000 萬美元。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？

Yeah, thanks, Jim. Before we open the call to your questions, I have some closing comments. In the first quarter of 2025, we came to the aid of 205 animals in need. Over our history, we have helped over 42,000 animals, including bottlenose dolphins, manatees, sea lion, seals, sea turtles, sharks, birds, and more. I'm really proud of the team's hard work and their continued dedication to these important rescue efforts.

是的，謝謝，吉姆。在我們開始回答你們的問題之前，我想說幾句結束語。2025 年第一季度，我們為 205 隻需要幫助的動物提供了援助。在我們的歷史上，我們已經幫助了超過 42,000 隻動物，包括寬吻海豚、海牛、海獅、海豹、海龜、鯊魚、鳥類等等。我為團隊的辛勤工作以及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 2025 with the exciting lineup of new rides, attractions and events, some of which have already opened with the remainder scheduled to open before the summer.

我們對 2025 年充滿期待，因為屆時將有一系列令人興奮的新遊樂設施、景點和活動，其中一些已經開放，其餘的計劃在夏季之前開放。

I want to thank our ambassadors for their dedication and commitment as we prepare for what we believe will be an exciting and busy summer season. We continue to believe there are significant additional opportunities to improve our execution, take advantage of clear growth opportunities and continue to drive meaningful long-term growth in both revenue and adjusted EBITDA.

我要感謝我們的大使們的奉獻和承諾，我們正在為我們相信將會令人興奮和忙碌的夏季做準備。我們仍然相信，還有更多重大機會來改善我們的執行力，利用明顯的成長機會，並繼續推動收入和調整後 EBITDA 的長期有意義的成長。

We continue to have high confidence in our long-term strategy and our ability to deliver significantly improved operating and financial results, which we expect will lead to meaningfully increase value for stakeholders. Now let's take your questions.

我們對我們的長期策略以及顯著改善營運和財務績效的能力仍然充滿信心，我們預計這將為利害關係人帶來顯著的價值提升。現在我們來回答你們的問題。

(Operator Instructions)

（操作員指示）

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

So Marc, I want to ask about how you guys are thinking about the rest of the year. You obviously mentioned you're kind of still expecting that record in terms of revenues and EBITDA.

那麼馬克，我想問一下你們對今年剩餘時間有什麼想法。您顯然提到過，您仍然期待收入和 EBITDA 方面的創紀錄。

But if we think about the first quarter EBITDA loss being probably a little bit more than expected, some of that's due to cost timing, I understand. But can you help us think about bridging, getting from that first quarter loss to over, let's call it, $725 million, $730 million in EBITDA or whatever number you want to think about. And look, I understand you noted advanced bookings remain strong, but you've got Epic opening in the next couple of days, uncertainty around the consumer.

但如果我們考慮到第一季的 EBITDA 損失可能比預期要多一點，我理解其中一部分原因是成本時機問題。但您能幫助我們考慮如何彌補第一季的虧損，使其達到 7.25 億美元、7.3 億美元的 EBITDA 或任何您想考慮的數字嗎？我知道您注意到預訂量仍然強勁，但 Epic 將在未來幾天內開業，消費者面臨不確定性。

So just wondering maybe give a little bit more color on what gives you guys so much confidence in kind of getting into those records -- into that record territory?

所以我只是想知道，也許可以更詳細地解釋一下，是什麼讓你們如此有信心進入這些唱片領域？

Sure, Steve. I can take that question. I think the first thing I would point to is the performance in April, and that was strong. And you heard Jim mention tenants was up over 8% on a fiscal basis, it was actually up more than that on a day-to-day basis, which on day-to-day kind of lines up like days. So if you look year-to-date at the end of April, on a day-to-day basis, our attendance is up over 3%.

當然，史蒂夫。我可以回答這個問題。我想首先要指出的是四月的表現，表現非常強勁。您聽到吉姆提到，從財政角度來看，租戶數量上漲了 8% 以上，實際上，從日常角度來看，租戶數量上漲幅度還要大，就像每天排隊一樣。因此，如果你回顧截至 4 月底的全年情況，按日計算，我們的出席人數增加了 3% 以上。

That's kind of how we gauge the attendance. We look at it, line up to like days at the end of April year-to-date, up over 3%.

這就是我們衡量出席人數的方法。我們來看看，截至今年 4 月底的幾天內，漲幅已超過 3%。

If you kind of carry that 3% forward the rest of the year, if we're able to do that, you can kind of do the resulting math if we were to grow attendance 3% for the full year, you can do the math on what that drives.

如果我們能夠將這 3% 的成長率延續到今年剩餘時間，那麼我們就可以計算出，如果我們要將全年的出勤率提高 3%，那麼我們就可以計算出這將帶來什麼。

So I think that's certainly one thing I would point to. And this is ahead of the new rides and attractions that are largely and some of our parts still to come. So we're kind of half open, obviously, and we've seen -- I think we've been pleased with what we've seen.

所以我認為這肯定是我要指出的一件事。這還不包括大部分即將建成的新遊樂設施和景點，以及部分即將建成的部分。因此，顯然，我們是半開放的，而且我們已經看到——我認為我們對所看到的結果感到滿意。

But we still have new things to come, new rides and attractions. We have some other new elements coming in other parts of our parks as well, whether it's new entertainment, more Aquaflow events, for example, that type of thing.

但我們仍有新事物、新遊樂設施和新景點即將推出。我們公園的其他部分也有一些新元素，例如新的娛樂項目、更多的 Aquaflow 活動等等。

We also -- without getting into specifics, I think we -- we saw a little bit better performance on the admissions per cap in April than what the quarter showed. And there are some strategies in place to hopefully get that to a better spot, right?

我們也發現──無需贅述具體細節──四月份的人均入院人數比上一季略有改善。並且已經制定了一些策略來希望將其提升到更好的水平，對嗎？

So we don't like being down where we were in Q1. We know that was influenced, obviously, in part by the timing of Easter and spring break and things like that. But we certainly recognize there's opportunity to do better there, and we have some plans to do that. We still have our peak pass selling season ahead of us or we're kind of just starting that now as Jim mentioned.

所以我們不喜歡第一季的下滑。我們知道，這顯然在某種程度上受到復活節和春假等時間的影響。但我們確實認識到有機會做得更好，並且我們有一些計劃來做到這一點。我們的通票銷售旺季還在後頭，或者如吉姆所提到的，現在才剛開始。

And then finally, just really the opportunity that we believe having Epic in town is going to bring more people to Orlando. And we've talked about this. And we like the idea of a compelling and good assets coming to the area, which we think is going to drive more people here. So we need to take advantage of that. We view that as an opportunity and something we've been working on for some time to do that.

最後，我們相信 Epic 的到來確實會吸引更多的人來到奧蘭多。我們已經討論過這個問題了。我們喜歡將引人注目的優質資產引入該地區的想法，我們認為這將吸引更多的人來這裡。所以我們需要利用這一點。我們認為這是一個機會，我們已經為此努力了一段時間。

Obviously, we have our own strategies. And if you look at like the ride we just opened here in Orlando, it's Expedition Odyssey. It's a very cool experience. It has an animal component to it. That is, again, differentiated from what you would see at Universal, and that's something that we'll continue to point out to people. We have some other things coming as well.

顯然，我們有自己的策略。如果你看一下我們剛剛在奧蘭多開放的遊樂設施，它就是「探險奧德賽」。這是一次非常酷的經驗。它含有動物成分。這與你在環球影城看到的情況又有所不同，我們會繼續向人們指出這一點。我們還會推出一些其他的東西。

Last, I guess, just a couple of things I hit on. The sponsorship opportunity I talked about in my prepared remarks, we've been pleased with the reception we've received from people that we've been talking to. We think, again, that's mid- to high single digits here in 2025.

最後，我想，我想提幾點。我在準備好的發言中談到了贊助機會，我們對與我們交談的人們所給予的回應感到很高興。我們認為，到 2025 年，這一數字仍將達到中高個位數。

And then the cost work that I'm sure Jim will talk about more on some of these questions. But if you look at our cost performance in Q1, especially when you look at the cost we used to calculate adjusted EBITDA, I think we've done a good job of managing of those costs, and that's something that we'll continue to do.

然後我相信吉姆會就這些問題進一步談論成本工作。但如果你看看我們第一季的成本表現，特別是當你看看我們用於計算調整後 EBITDA 的成本時，我認為我們在管理這些成本方面做得很好，而且我們會繼續這樣做。

So a very long way of seen. I think if you kind of put all those numbers together, that gets you to those records. Obviously, 75% of the year to go, so still a long way to go, and we'll update you in August to see if we're still on pace to do that. But that's kind of how we're thinking about it.

距離看得很遠。我認為，如果你把所有這些數字放在一起，你就能得到這些記錄。顯然，今年還剩下 75% 的時間，所以還有很長的路要走，我們會在 8 月向您通報最新情況，看看我們是否仍在按計劃進行。但我們就是這麼想的。

Okay. Marc, that's really good color. I really appreciate that. And then if we could dig into April, maybe a little bit more. So you talked about the 8% increase in attendance.

好的。馬克，這顏色真好看。我真的很感激。然後，如果我們能夠深入了解四月的情況，也許可以了解更多。您談到了出席人數增加了 8%。

Obviously, the first quarter had the negative impact from Easter and spring breaks. So just wondering if you kind of break down maybe how much April benefited from that? And also just trying to understand if through April, through May, in terms of customer spend once they're inside their parks, have you guys seen any material change in terms of folks pulling back or spending less?

顯然，第一季受到了復活節和春假的負面影響。所以我只是想知道您是否可以分析一下 April 從中受益了多少？另外，您還想了解一下，從四月到五月，就顧客進入公園後的消費情況而言，你們是否看到遊客減少或支出方面有任何實質性的變化？

And then I assume you haven't had to use any kind of discounting tactics to get people into the parks because I think, Marc, you said April, your attendance per caps were actually up. So I just want to make sure I have all that stuff kind of right.

然後我假設你沒有使用任何折扣策略來吸引人們進入公園，因為我認為，馬克，你說四月份，你的人均入園人數實際上是上升的。所以我只是想確保我所掌握的所有東西都是正確的。

Yeah. Let me help you a little bit, Steve. So first, just I think what I said on the admissions per caps is that they were better in April. I wasn't -- I wouldn't imply that they were positive, but they weren't down what they were in the quarter. But we got to -- when we report Q2, we'll have a lot more on that because per caps can move around a little bit within the quarter, given some of the timing of certain adjustments related to like deferred revenue and things like that.

是的。讓我幫你一點忙，史蒂夫。首先，我認為我所說的人均入院人數在四月有所改善。我並不是說他們是正面的，但他們的業績並沒有像本季那樣下滑。但是我們必須——當我們報告第二季度時，我們會有更多關於這方面的信息，因為考慮到與遞延收入等相關的某些調整的時間，人均收入在本季度可能會有小幅波動。

But really, I think probably the simplest way to explain this maybe is the April performance that we saw on kind of a day-to-day -- on a day-to-day basis was, I think, more than what the Easter benefit was, right? So we not only got the Easter benefit, but I think we got more attendance on top of that as well. And that gives us some optimism that not only did we benefit as we expected from the timing of Easter, but we had some additional attendants on top of that. So hopefully, that helps you there. Okay. Hopefully, I got it all, Steve. If not, we'll catch up.

但實際上，我認為解釋這一點最簡單的方法可能是，我們每天看到的四月份表現——我認為，在日常基礎上，比復活節福利還要多，對吧？因此，我們不僅獲得了復活節的福利，而且我認為我們還獲得了更多的出席人數。這讓我們感到樂觀，我們不僅如預期的那樣受益於復活節的時間安排，而且還獲得了一些額外的服務。希望這對你有幫助。好的。希望我明白了一切，史蒂夫。如果沒有，我們會趕上。

James Hardiman, Citigroup.

花旗集團的詹姆斯哈迪曼。

This is Sean Wagner on for James Hardiman. I guess just one really quick follow-up on all of that. I guess what did April revenue, you've kind of given us what admissions per caps looked like in April did in park per caps, were they similar to 1Q? Or I guess, how does the year-to-date or April revenue look like compared to last year?

這是詹姆斯哈迪曼 (James Hardiman) 的肖恩瓦格納 (Sean Wagner)。我想只需對所有這些進行非常快速的跟進。我想問一下，您已經告訴我們，四月份人均入場人數與公園人均入場人數相比，四月份的收入與第一季相似嗎？或者我猜，今年迄今為止或四月的收入與去年相比如何？

Yeah. I mean, again, and these are preliminary revenue numbers because kind of as I was pointing out on the prior question, we do tend to look at these things more on a quarterly basis, especially with admissions revenue given some of the shifting that can go on. But I think what I can tell you is on in-park per cap -- in-park per cap was positive for April. And maybe part of Steve's question that I didn't get to that I should have was have we seen any pullback in the per cap in April. And so in-park per cap was up in April.

是的。我的意思是，這些是初步的收入數字，因為正如我在上一個問題中指出的那樣，我們確實傾向於按季度來看待這些事情，特別是考慮到門票收入可能會發生一些變化。但我認為我可以告訴你的是，四月人均公園內遊客數量是正數。也許史蒂夫的問題有一部分是我本來應該問的，但我沒有問到，那就是我們是否看到 4 月人均資料有任何回落。因此，四月人均公園內遊客數量有所增加。

Okay. And are there any other calendar related comparisons we should be thinking about for the rest of the year? Or operating days expected to be relatively flat this year? Or do you get some back because of adverse weather last year?

好的。那麼，在今年剩餘的時間裡，我們還應該考慮其他與日曆相關的比較嗎？還是預計今年的營業天數會相對持平？或者由於去年天氣惡劣，您是否獲得了一些回報？

I think full year is roughly flat. I think we've got a couple of trades still between some of the quarters. But when you look at the full year, it relatively flattens out.

我認為全年基本持平。我認為我們在一些季度之間仍有一些交易。但當你看全年時，它相對趨於平穩。

Yeah. And well -- to your point, we'll pick up, like you said, some weather days later in the year because we had some pretty meaningful closures last year around Hurricane Milton in Q4.

是的。嗯，正如您所說，我們會在今年晚些時候迎來一些天氣好的日子，因為去年第四季度我們在颶風米爾頓附近實施了一些相當有意義的封鎖。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Some competitors in the market have talked about a little bit weaker international sales in Q1 and going into Q2. And it sounded like you're not seeing that, you're seeing that up year over year, which is great. Could you maybe talk a little bit about the dynamic you're seeing? Did you see any change in behavior kind of as you progress through the quarter, given kind of some of the macro developments. I think you had cited previously international sales growth being up mid-single digits.

一些市場上的競爭對手錶示，第一季和第二季的國際銷售額將略有下降。聽起來你似乎沒有看到這一點，你看到的是這一數字逐年上升，這很好。您能否稍微談談您所看到的動態？考慮到一些宏觀發展，您是否發現隨著本季度的進展，行為發生了任何變化？我認為您之前提到國際銷售額成長率將達到中等個位數。

Today's release mentions up year over year. It doesn't say mid-single digit. Just an update to that number if you have it. And then on group bookings, you were also, I think, running ahead of last year. I think up double digit if I'm not mistaken. If you -- it seems like you're still up year over year, but just how much if you could update that, that would be great.

今天的發布提到，年成長。它沒有說中間個位數。如果您有的話，只需更新該號碼即可。在團體預訂方面，我認為你們也比去年有所進步。如果我沒記錯的話我認為是兩位數。如果您 - 看起來您仍然在逐年進步，但如果您可以更新這一點，那就太好了。

Yeah. Let me comment a little bit on international. So the ticket sales international are up, I'd say, low single digits. So -- and just keep in mind, while that's good, don't get me wrong. We don't rely as much on international attendance as maybe people think we do. Last year, I think it was right around 6% or 7% of our total attendance. If you go back to pre-COVID, it was about 10% of our total attendance.

是的。讓我對國際議題發表一點評論。因此我認為國際票券銷售額上漲了，大概個位數。所以——請記住，雖然這很好，但不要誤會我的意思。我們並不像人們想像的那樣依賴國際觀眾。去年，我認為這個數字大約占到我們總出勤率的 6% 或 7%。如果追溯到新冠疫情之前，這大約占我們總出勤率的 10%。

So as that market perhaps softens like you said, like a lot of people have been saying not ideal, but I don't think it has as big of an impact for us given that we generally don't have international as much of our attendance.

因此，正如您所說，市場可能會變得疲軟，就像許多人所說的那樣，這並不理想，但我認為這對我們的影響並不大，因為我們的觀眾通常不是國際觀眾。

And candidly, we weren't probably optimizing that attendance to begin with and for a variety of reasons. And I think we've made some changes there to hopefully do a better job of servicing and getting more international visitation. So we'll keep monitoring that going forward. On the group business, we feel good about the group category, and I think there continues to be opportunities with the team working on that to continue to grow that.

坦白說，由於各種原因，我們可能一開始就沒有優化出席率。我認為我們已經做出了一些改變，希望能更好地提供服務並吸引更多的國際遊客。因此，我們將繼續監控此事。在團體業務方面，我們對團體類別感到滿意，我認為團隊將繼續致力於團體業務的發展。

Great. And just one quick housekeeping if I may. Just a follow-up on the $5 million of expenses that moved into Q1. Could you just clarify which quarter they moved out of into Q1? I think you said future quarters. Just trying to understand from a modeling perspective how to think about Q2 to Q4?

偉大的。如果可以的話，我只想做一點簡單的整理。這只是對第一季 500 萬美元支出的後續追蹤。您能否澄清一下他們從哪個季度轉入第一季？我認為您說的是未來幾個季度。只是想從建模的角度了解如何思考 Q2 到 Q4？

Yeah. The largest portion was some annual maintenance that we do. We typically have been doing that in Q4. We chose to move some of that maintenance into Q1, just given that seasonally, January and February are slower periods. So I'd expect some of the maintenance that we typically do towards the end of the year we pulled that forward and got it done at the beginning of the year.

是的。最大的部分是我們進行的一些年度維護。我們通常在第四季這樣做。我們選擇將部分維護工作轉移到第一季度，因為從季節上看，一月和二月是淡季。因此，我希望我們能將通常在年底進行的一些維護工作提前並在年初完成。

And then the rest are really just odds and ends and some marketing shifts and changes, that some marketing that moved from late last year into the beginning of this year, really around our preparation and production that we are doing on the marketing side getting ready for the summer season. So we're excited about the marketing that we have on some of it on the prepaid side and some expenses that we've already incurred ahead of the marketing that we're doing for the busy season in the summer.

其餘的實際上只是一些零碎的事情和一些行銷轉變和變化，一些行銷從去年年底轉移到今年年初，實際上圍繞著我們在行銷方面為夏季所做的準備和生產。因此，我們對在預付費方面開展的一些行銷活動以及在夏季旺季行銷之前已經產生的一些費用感到非常興奮。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

So just maybe thinking about weather, you guys cited some pretty strong solid April trend. Was that against the normal weather backdrop in April? And then when you look at the rest of the year, outside of the hurricanes, remind us what assumptions you're making about weather that underpin the commentary about record revenue and EBITDA?

因此，也許只是考慮到天氣，你們就提到了四月份相當強勁的趨勢。這是與四月的正常天氣背景相反嗎？然後，當您回顧今年餘下的時間，除了颶風之外，請提醒我們您對天氣做出了哪些假設，這些假設支撐了有關創紀錄的收入和 EBITDA 的評論？

Yeah. I think for April, -- we had slight weather negative. We can call it out because it wasn't a huge number, but there was a slight negative weather impact, mainly at our park in Williamsburg. And then look, for the rest of the year, I think the way to think about it is we had Hurricane Milton last year. We talked a lot about that.

是的。我認為四月的天氣略微不太好。我們之所以這麼說，是因為數字並不是很大，但天氣確實造成了輕微的負面影響，主要是在我們位於威廉斯堡的公園。然後看看今年剩下的時間，我認為我們應該這樣想，就像去年我們經歷了颶風米爾頓一樣。我們對此進行了很多討論。

We had some other hurricanes as well. Our thought is, hopefully, we don't have something like Milton again or the others. And certainly not having those, you can do the math on those. So we're expecting kind of more normalized weather, and that's how we take our projections and we try to look at kind of more normal weather patterns. So that would be our assumption that we're not going to have quite the things that we had last year.

我們還遭遇了其他一些颶風。我們的想法是，希望我們不會再遇到像米爾頓或其他人那樣的事情。當然，如果沒有這些，你可以對這些進行計算。因此，我們期待天氣會更加正常，這就是我們做出預測並嘗試觀察更正常的天氣模式的方式。因此，我們假設我們不會有與去年完全一樣的結果。

So we'll have to wait and see. Obviously, a long way to go to hurricane season is just starting here shortly, but we'll keep you posted.

因此我們只能拭目以待。顯然，颶風季節才剛開始，但我們會隨時向大家通報情況。

Okay. That's helpful. And then a follow-up would be about Epic. I know you guys are probably monitoring closely what they're doing over at Epic with regards to tickets and marketing. I think there was a thought that they were going to not have it as open to locals in year one.

好的。這很有幫助。接下來是關於 Epic 的。我知道你們可能正在密切關注 Epic 在門票和行銷方面所做的事情。我認為他們第一年就不會向當地人開放。

They opened the local not too -- well, a bit of a while back earlier this year. At this point, do you think that there's still a chance that the way that they structure the Epic tickets in this first year could be somewhat of a benefit? Or is that maybe not so much the case anymore?

他們在今年早些時候開設了這家當地餐廳，時間不會太早。就這一點而言，您是否認為他們在第一年建立 Epic 門票的方式仍有可能帶來一定的好處？或者情況可能不再如此了？

I mean, I think what I would -- I mean we're focused on our park, right. And I think the benefit is really more people coming to the market. So to the extent they bring more people to the market, we have our strategies and our methods for bringing those people to our parks. And that's the opportunity that we keep talking about. And so having the Expedition Odyssey opening in Orlando recently is exciting.

我的意思是，我認為我會——我的意思是我們專注於我們的公園，對吧。我認為這樣做的好處是會吸引更多的人進入市場。因此，為了吸引更多人進入市場，我們有自己的策略和方法來吸引這些人到我們的公園。這就是我們一直在談論的機會。因此，最近在奧蘭多舉行的 Expedition Odyssey 活動令人興奮。

It's differentiated, like I said, having some other things that we haven't announced yet coming in Orlando as well are exciting also when we're able to talk a little bit more about them. But we'll focus on our value proposition, our compelling product. I'm sure they have lots of different strategies on who knows if they'll adjust them throughout the year, but we're going to focus on doing the things that have worked for us over a 50-year history here in Orlando. So we have a number of ways we can target people and adjust them as necessary.

就像我說的，它是有區別的，還有一些我們還沒有宣布將在奧蘭多舉行的其他活動，當我們能夠更多地談論它們時，這也是令人興奮的。但我們會專注於我們的價值主張和引人注目的產品。我確信他們有很多不同的策略，誰知道他們是否會在全年進行調整，但我們將專注於做奧蘭多 50 年來對我們有用的事情。因此，我們可以透過多種方式來定位目標群體並根據需要進行調整。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Marc, I was hoping maybe we could talk a little bit about kind of mix of customer. And I know you mentioned that your -- I think you mentioned your pass base down at the end of the quarter. So I mean, does that imply that you guys are seeing a higher mix of kind of first timers. And is that a reasonable expectation going through the year maybe compared to prior years? Is there any way to kind of think about that, especially relative to admissions per cap?

馬克，我希望我們可以稍微談談一下客戶組合的情況。我知道你提到過——我想你提到過你在本季末的傳球基礎。所以我的意思是，這是否意味著你們看到了更多不同類型的初次使用者？與前幾年相比，這是合理的預期嗎？有什麼方法可以考慮這個問題嗎，特別是相對於人均入學人數？

Yeah. What I would say, I think in kind of the first three, four months here, we've been probably seeing more people from markets that are driving in versus local, and that would kind of make sense with having a pass base that's slightly down.

是的。我想說的是，我認為在最初的三、四個月裡，我們可能會看到來自其他市場的人開車過來，而不是當地人，這在某種程度上可以解釋為什麼通行證基數會略有下降。

I will say the pass holders we do have, though, which is still a lot, obviously, they're visiting more times, right? So that, in and of itself, as you guys know, just puts downward pressure on the per cap because they're coming more. We like that revenue trade, right? We want people to come as many times as they can because hopefully, they're spending when they come.

不過，我想說的是，我們確實有很多通行證持有者，顯然他們來訪的次數更多，對吧？所以，正如你們所知，這本身就對人均收入造成了下行壓力，因為來的人越來越多。我們喜歡這種收益交易，對嗎？我們希望人們盡可能地來，因為希望他們來的時候能消費。

So that will be a dynamic that will monitor throughout the year. But I think we also did some things in the first quarter to attract, like you said, maybe some more single day or multiday type tickets, probably left some money on the table there, to be honest, and learn from that. So I think we have some opportunities to -- and have adjusted some of that pricing kind of going forward or ways that we do that.

因此這將是一個需要全年監測的動態。但我認為，就像你說的，我們在第一季也做了一些事情來吸引更多的單日票或多日票，說實話，我們可能在那裡留下了一些錢，並從中吸取了教訓。所以我認為我們有一些機會——並且已經調整了一些未來的定價方式或做法。

Okay. And as a follow-up, just kind of circle back to the hotel. I know you said there's not really any news to report, but -- is there something bigger that you guys are waiting on is there any kind of like a deadline? I mean I'm just trying to get a sense as to whether you would characterize this as like an extended bake-off or whether there's a lot going on, and you guys are waiting something more specific with one party or another?

好的。作為後續行動，我們直接返回酒店。我知道您說過實際上沒有什麼新聞可報道，但是——你們在等待什麼更大的事情嗎？有什麼截止日期嗎？我的意思是，我只是想知道您是否會將其描述為延長的烘焙比賽，或者是否有很多事情要做，而您正在等待某個派對的更具體內容？

Well, I think the simplest maybe way I can think about it is we have quite a bit of land, right, as I mentioned, and it's in locations that are attractive to people, and there's a lot of ways you could use that land, right? So one of the ways would be hotels, one of the ways could be housing, rides, attractions, all sorts of things. And then there's a lot of different ways to structure even just the value of that land, the underlying value of that land like leasebacks and things like that.

嗯，我想我能想到的最簡單的方式就是我們擁有相當多的土地，對吧，正如我提到的，它位於對人們有吸引力的地方，並且有很多方法可以利用這些土地，對吧？因此，其中一種方式是酒店，另一種方式可能是住房、遊樂設施、景點等等各種各樣的東西。然後，就有很多不同的方式來建構土地的價值，例如回租等土地的潛在價值。

So when you start talking hotel and you start talking land, we used to using that land, we just want to make sure that we get into the best structure that is best for our shareholders, and best for the company. And I think those discussions have taken some time.

因此，當你開始談論酒店並開始談論土地時，我們過去常常使用那些土地，我們只是想確保我們進入最適合我們的股東和最適合公司的最佳結構。我認為這些討論已經花了一些時間。

And I think there's also different ways to think about that and different people proposing different things. You're obviously familiar with the makeup of our board being almost 50% owned by private equity. And I can tell you that they get a number of inbounds on this exact topic of land valuation and how to think about that, whether it's hotels or other uses of that land or other ways to monetize that land.

我認為對此有不同的思考方式，不同的人也會提出不同的建議。您顯然很熟悉我們董事會的組成，其中近 50% 的股份由私募股權公司持有。我可以告訴你，他們就土地估價這一確切主題以及如何考慮這一主題獲得了大量信息，無論是酒店還是土地的其他用途，還是將土地貨幣化的其他方式。

Thomas Yeh, Morgan Stanley.

摩根士丹利的 Thomas Yeh。

Just one more on Epic. Is there any early signs or tea leaves on seeing incremental traffic into the market? And are you expecting to run promos or tweak your selling strategy in any way to try to capture that opportunity, maybe just if you're kind of assuming it helps or hurt at the margin in terms of what's embedded in your expectations would be helpful.

關於 Epic 還有一個。是否有任何早期跡像或跡象表明市場流量正在增加？您是否希望以任何方式開展促銷或調整銷售策略來嘗試抓住這一機會，也許只是如果您假設它對您的期望中蘊含的內容有幫助或有害，那麼這會有所幫助。

Thomas, I don't know that I've seen anything specific. I can tell you that we expect more people to come. I certainly -- again, that's what the opportunity is a good one because we -- it's a good part, strong new attraction in the market that should bring more people and give us the opportunity to pick off visitation like we've talked about quite a bit.

湯瑪斯，我不知道我是否看到了什麼具體的東西。我可以告訴你們，我們期待有更多的人來。我當然 — — 再說一次，這是一個好機會，因為我們 — — 這是市場上一個好的、強大的新景點，應該會吸引更多的人，並讓我們有機會吸引遊客，就像我們經常談論的那樣。

And again, without getting into anything too competitive, look, we have a lot of different ways we can attract people and no different than other years where we test and optimize different things we do, different offers, different ticket packages, whatever it may be. So I think that will always be something we do, and it can be market by market, part by part, depending on what we're seeing.

再說一次，在不參與任何過於激烈的競爭的情況下，你看，我們有很多不同的方式來吸引人們，這和往年沒有什麼不同，我們測試和優化我們所做的不同的事情，不同的優惠，不同的門票套餐，不管它是什麼。所以我認為這永遠是我們所做的事情，而且可以根據我們所看到的情況，針對不同的市場、不同的部分進行調整。

Okay. Understood. And then just as a follow-up, some pretty helpful color on the sponsorship revenue ramp. I believe your in-park revs currently do include some small licensing revenues, I think like for Abu Dhabi, for example. Has that been a net tailwind year over year? Just any update on how that's contributing to your in-park per cap number would be helpful.

好的。明白了。然後作為後續行動，一些關於贊助收入成長的資訊非常有幫助。我相信您的停車收入目前確實包括一些小額許可收入，例如阿布達比。這是否是逐年淨順風？只要提供有關這對您的公園人均人數有何影響的更新信息，就會很有幫助。

Yeah. I can help you on that. What I probably should have said is at the moment, that sponsorship revenue, the large majority of that would still be ahead of us. So that is not in the Q1 numbers. Abu Dhabi is largely, I think, in line or a little bit higher than prior years, but I wouldn't say that's a material increase or anything like that. But maybe over time, it will continue to build. But I think for now, it's not a material increase.

是的。我可以幫你解決這個問題。我可能應該說的是，目前，贊助收入的絕大部分仍歸我們所有。所以這不在第一季的數據中。我認為，阿布達比的經濟成長與前幾年基本持平或略有上升，但我不會說這是一個實質的成長或類似的事情。但也許隨著時間的推移，它會繼續發展。但我認為就目前而言，這並不是實質的成長。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

I just wanted to ask, I guess, about the kind of cost impact around Epic. Have you seen any kind of pressure in terms of labor, I think the wages are a little higher than your any wage pressure that you've seen or anticipation for kind of higher marketing spend or more events that you're putting on in Orlando that might pressure cost a little bit?

我只是想問 Epic 的成本影響。您是否看到過勞動力方面的任何壓力，我認為工資比您所看到的任何工資壓力都要高一些，或者預期更高的營銷支出或更多的您在奧蘭多舉辦的活動可能會對成本造成一點壓力？

Yeah. So we had planned for some labor increases for minimum wage across several different markets, not just Epic. We've also seen some pricing in the marketplace specific in Orlando in relation to the question that you're asking. However, we've been very good at managing that from an hourly standpoint. And I think we've been very good at matching the forecasting on our attendance against the -- what we need to do on the labor side to ensure that we've got the right guest experience.

是的。因此，我們計劃在多個不同市場（而不僅僅是 Epic）提高最低工資。我們還看到了奧蘭多市場上與您提出的問題相關的一些定價。然而，從小時角度來看，我們非常擅長管理這一點。我認為我們非常擅長將我們的出席人數預測與我們在勞動力方面需要做的事情相匹配，以確保我們獲得正確的客戶體驗。

So through Q1, I think how we manage that labor and the cost there, I think, has been extremely solid. We've chewed through most of the increase in cost from any marginal rate increases and anything that we've seen from competitive forces. So I'd say that's gone pretty well.

因此，透過第一季度，我認為我們如何管理勞動力和成本一直非常穩固。我們已經消化了邊際利率增加以及競爭力量所導致的大部分成本增加。所以我想說一切進展順利。

On the marketing side, we had a plan to increase some expense on marketing. I mentioned it earlier, and both, I think, Marc and myself mentioned it in our comments that we have -- we plan to keep marketing relatively flat, but we've just redeployed it strategically across several different markets to make sure that it was impactful in the places that we wanted at the right times for when we wanted it and that's why you saw some spending that I mentioned coming out of last year in the first quarter and some prepaids that we put on the balance sheet with respect to some production that we have planned to put against some media spots that we have coming into our bigger selling season.

在行銷方面，我們計劃增加一些行銷費用。我之前提到過，我想馬克和我都在評論中提到過——我們計劃保持營銷相對平穩，但我們剛剛在幾個不同的市場進行了戰略性地重新部署，以確保它在我們想要的時間和地點產生影響，這就是為什麼你會看到我提到的去年第一季度的一些支出，以及我們在資產負債表上列示的一些預付款，這些預投付款與我們在進入銷售季的一些廣告季度相關。

So the two questions you got, I think labor and marketing are on track, and we've been very strategic about how we're using it in the right spot.

所以對於你提出的兩個問題，我認為勞動力和行銷都進展順利，而且我們非常有策略地在正確的位置使用它們。

Got it. And then just one follow-up on the buyback. I know you said it sounds like there's an announcement coming, but the pace is a little bit slower than might have expected in the first quarter with the market performance. But just curious how level, how you think about comfortability with leverage, whether you'd be willing to kind of tick up a little bit from where you are here? Or just how you think about capital allocation and buybacks?

知道了。然後只需對回購進行一次跟進。我知道您說過，聽起來好像會有一個公告，但其發布速度比第一季市場表現預期的要慢一些。但我只是好奇，您如何看待槓桿的舒適度，是否願意從現在的位置稍微提升一點？或者您如何看待資本配置和回購？

Sure. No, you can refer to my comments like you said, that I made earlier on that. And look, I think, as always, we work very closely with the Board on use of cash and what's the most highest return to shareholders, and we'll continue to do that. So I don't have any specific comments on what that means for leverage or anything like that. I mean, we're comfortable where our leverage ratio is now, not to say, we're going to be comfortable at a different level, higher or lower, right?

當然。不，你可以參考我之前就此發表的評論，就像你說的。而且我認為，一如既往，我們與董事會密切合作，共同研究如何使用現金以及如何為股東帶來最高回報，我們將繼續這樣做。因此，對於這對槓桿或類似事物意味著什麼，我沒有任何具體的評論。我的意思是，我們對現在的槓桿率感到滿意，並不是說，我們會對不同的水平感到滿意，無論是更高還是更低，對吧？

So it really just comes down to what is the best way we can return cash to shareholders. I would also point out we're going to be entering kind of our peak cash earnings season here in Q2 and Q3. So that will obviously be a benefit to cash building throughout the year. So more to come on that, as I said, hopefully in the coming weeks.

所以，問題其實在於我們能以最佳方式向股東回饋現金。我還要指出的是，我們將在第二季和第三季進入現金獲利高峰期。因此，這顯然有利於全年的現金累積。正如我所說，希望在接下來的幾週內會有更多相關內容。

Yeah. I don't -- just a reminder, too, it doesn't necessarily need to be a leverage thing given what Marc said, from a free cash flow standpoint, but that's obviously something given our balance sheet that we could entertain.

是的。我不——只是提醒一下，從自由現金流的角度來看，根據馬克所說的，它不一定需要是槓桿作用，但根據我們的資產負債表，這顯然是我們可以考慮的事情。

And I think it's important also to remember as you look back at sort of the last year, we -- our share count is down 9 million shares from this time last year. So when you think about the earnings power across that share base with 14% less shares. We're pretty -- we're happy with what we're doing from a performance standpoint and where we're headed and what Marc has laid out sort of as a projection for the remainder of the year.

我認為，當你回顧去年時，同樣重要的是要記住，我們的股票數量比去年同期減少了 900 萬股。因此，當您考慮股票數量減少 14% 後的整個股票基礎的盈利能力時。我們非常滿意——從業績角度來看，我們對目前所做的事情、未來的發展方向以及馬克對今年剩餘時間的預測感到滿意。

And if you think about it in the context of potentially even more downward pressure on that share count, that earnings power spread across an even lower balance is pretty attractive.

如果你考慮到股票數量可能面臨更大的下行壓力，那麼在更低的餘額下，獲利能力就相當有吸引力。

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

我們的問答環節到此結束。現在我想將會議交還給馬克·斯旺森 (Marc Swanson) 做結束語。

Yeah. Thank you, Doran. 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 for stakeholders. Thank you, and we look forward to speaking with you next quarter.

是的。謝謝你，多蘭。我代表吉姆和聯合公園及度假村的其他管理團隊，感謝您今天早上加入我們。正如大家今天所聽到的，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並為利害關係人帶來長期價值。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。