United Parks & Resorts Inc. (PRKS) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the United Parks first-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候。我是 Tina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 United Parks 2026 年第一季財報電話會議。（接線員指示）

It is now my pleasure to turn the call over to Matthew Stroud, Investor Relations. Please go ahead.

現在我很榮幸將電話交給投資人關係部的 Matthew Stroud。請開始。

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，各位早安。歡迎參加 United Parks & Resorts 2026 年第一季財報電話會議。今天的電話會議將進行網路直播並錄音。我們今早已發布新聞稿，並已上傳至投資人關係網站 www.unitedparksinvestors.com。關於本次電話會議的重播資訊可於新聞稿中查閱，並將於會後在我們網站提供。

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

今天早上與我一同出席的有：執行長 Marc Swanson，以及臨時財務長兼財務主管（Treasurer）Jim Forrester。今天早上我們將回顧第一季財務結果，接著開放各位提問。在開始之前，我想提醒各位，我們今天的發言將包含依據聯邦證券法所定義的前瞻性陳述。

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.

這些陳述受到多項風險與不確定性影響，可能導致實際結果與前瞻性陳述存在重大差異，其中包括我們向美國證券交易委員會（SEC）提交之 Form 10-K 年報及 Form 10-Q 季報中「風險因素」章節所列之風險。

These risk factors may be updated from time to time and will be included in our filings with the SEC that are available on our website. We undertake no obligation to update any forward-looking statements. In addition, on the call, we may reference non-GAAP financial measures and other financial metrics, such as adjusted EBITDA and free cash flow.

這些風險因素可能不時更新，並將納入我們向 SEC 提交的文件中，相關文件可於我們網站查閱。我們不承擔更新任何前瞻性陳述之義務。此外，在本次電話會議中，我們可能會提及非 GAAP 財務衡量指標及其他財務指標，例如調整後 EBITDA 與自由現金流。

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.

關於前瞻性陳述的更多資訊，以及非 GAAP 指標與最可比 GAAP 指標之調節表（reconciliation），均載於我們網站上的財報新聞稿中，亦可於我們向 SEC 提交的文件中查閱。

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

現在我想把電話交給我們的執行長 Marc Swanson。Marc？

Thank you, Matthew. Good morning, everyone, and thank you for joining us. Our first-quarter results fell short of our expectations, primarily due to unfavorable weather and a decline in international attendance. As many of you likely experienced yourselves, the weather was unfavorable in San Diego and Florida in January and February, and again in Florida and Texas during their peak spring break periods.

謝謝你，Matthew。各位早安，感謝各位加入我們。第一季的結果未達我們的預期，主要原因是天候不佳以及國際旅客入園人次下滑。正如各位可能也親身感受到的，1 月與 2 月聖地牙哥與佛羅里達的天氣狀況不理想，而在春假高峰期間，佛羅里達與德州也再次出現不利天候。

Our international attendance decline was consistent with the broader United States international tourism declines resulting from geopolitical and other dynamics. Attendance in the first-quarter was negatively impacted by approximately 140,000 guests due to weather and approximately 80,000 guests due to declines in international visitation.

國際入園人次的下滑，與更廣泛的美國入境國際旅遊下滑趨勢一致，該趨勢受到地緣政治及其他因素影響。第一季出席人次約因天候因素減少 14 萬名遊客，並約因國際旅客來訪下滑而減少 8 萬名遊客。

Adjusting for these impacts, attendance would have increased more than 1% for the quarter. We delivered another strong quarter of in-park execution, growing our in-park per capita and producing another quarter of record results. We also saw strong pass sales performance during the quarter with paid pass sales up approximately 10% during the quarter and up approximately 12% through April 30, 2026.

若排除上述影響，本季出席人次將成長超過 1%。我們在園內營運執行方面再度交出強勁的一季，帶動園內人均消費成長，並再創一季的紀錄表現。本季通行證（pass）銷售亦表現強勁，付費通行證銷量本季約成長 10%，截至 2026 年 4 月 30 日累計約成長 12%。

Looking ahead, our advanced bookings revenue for Discovery Cove and our group business are both currently outpacing 2025 levels with Discovery Cove bookings up a double-digit percentage. We continue to strongly believe our stock is materially undervalued, and as such, continue to repurchase shares in the first-quarter by approximately 2.6 million shares for nearly $93 million.

展望未來，Discovery Cove 的預訂收入與團體業務目前皆超越 2025 年水準，其中 Discovery Cove 的預訂量以雙位數百分比成長。我們仍堅信公司股價被明顯低估，因此第一季持續回購股票，約回購 260 萬股，金額接近 9,300 萬美元。

This action emphasizes the strong cash flow generation of this company, our long-standing commitment to returning excess cash to our shareholders, and our belief that our shares are materially undervalued. As a reminder, for 2026, we have a truly outstanding lineup of new rides, shows and attractions and updated events calendar and expanded concert lineup, and new and upgraded food and retail locations.

此舉凸顯本公司強勁的現金流創造能力、我們長期以來將多餘現金回饋股東的承諾，以及我們認為公司股票被明顯低估的信念。提醒各位，2026 年我們將推出真正出色的一系列新遊樂設施、表演與景點，更新的活動行事曆與擴大的演唱會陣容，以及全新與升級的餐飲與零售據點。

All of this is supported by a revamped and enhanced marketing plan and strategy. We are confident these planned investments will drive attendance and guest spending across our parks. Despite the headwinds in the first-quarter, we are encouraged by our forward indicators and remain committed to delivering strong financial performance and growth in revenue and adjusted EBITDA in 2026.

上述規劃皆由重新打造並強化的行銷計畫與策略所支撐。我們有信心，這些計畫性投資將帶動各園區的出席人次與旅客消費。儘管第一季面臨逆風，我們對前瞻性指標感到鼓舞，並仍致力於在 2026 年交出強勁的財務表現，以及營收與調整後 EBITDA 的成長。

I want to thank our ambassadors whose preparation and hard work are vital as we soon enter the busy summer period. I also want to be sure to communicate that we are well aware of and acknowledge the current reality of geopolitical and macro uncertainties and the current level of gas prices in particular and the potential impact on consumers.

我想感謝我們的夥伴（ambassadors），他們的準備與辛勤付出在我們即將進入繁忙的暑期旺季之際至關重要。我也想明確傳達，我們非常清楚並認知目前地緣政治與總體環境的不確定性，特別是當前汽油價格水準，以及其對消費者可能造成的影響。

As a reminder, we operate a resilient business that offers incredible value to our visitors, and we have a long track record of successfully navigating through uncertain and volatile times, including when there is financial pressure on consumers. Because I'm sure it's on many of your minds, what I can tell you today is that we can't obviously see a material slowdown or other issues with our consumers' interest and willingness to spend, especially with the growth in our in-park per cap.

提醒各位，我們經營的是具韌性的業務，能為訪客提供極高的價值；同時，我們在不確定與波動時期（包括消費者面臨財務壓力時）成功因應的紀錄也相當長。由於我相信這是許多人關心的重點，我今天能分享的是：我們目前尚未明顯看到消費者興趣與消費意願出現實質放緩或其他問題，尤其是在園內人均消費持續成長的情況下。

We are closely monitoring conditions and are prepared to adjust our plans if we see any changes. For 2026, along with our new rides and attractions, we just recently announced an exciting summer entertainment lineup across several of our parks, including exciting new drone shows, new nighttime animal presentations and other fun. We believe these additions will be well received and popular with our guests.

我們正密切監控相關情勢，若看到任何變化，也已準備好調整計畫。2026 年，除了新遊樂設施與景點外，我們近期也宣布在多個園區推出令人振奮的夏季娛樂陣容，包括全新的無人機表演、新的夜間動物展示等多項精彩內容。我們相信這些新增內容將獲得旅客良好回響並深受歡迎。

We are also thrilled to note that Discovery Cove has just been named Newsweek's number one Best Theme Park for 2026 in the publication's Readers' Choice Awards, placing the Orlando destination among the country's top summer travel experiences as voted by Newsweek readers nationwide. Congratulations to Discovery Cove.

我們也非常高興地分享，Discovery Cove 剛在 Newsweek 的讀者票選獎（Readers' Choice Awards）中獲選為 2026 年「最佳主題樂園」第一名，使這個奧蘭多目的地在 Newsweek 全美讀者投票下，名列全美頂尖夏季旅遊體驗之一。恭喜 Discovery Cove。

Now let me give you a brief update on some of our strategic initiatives. On real estate, as discussed on our last call, we have received a number of inbounds on our real estate portfolio. During the first-quarter, we enlisted the help of advisers to assist us in managing the interest of the various parties and have recently received the latest round of comprehensive formal proposals from multiple parties.

接下來我簡要更新幾項策略性計畫。在不動產方面，如同我們上次電話會議所提，我們已收到多方對我們不動產資產組合的主動洽詢。第一季期間，我們聘請顧問協助管理各方的興趣與接洽，並於近期收到多方提交的最新一輪完整正式提案。

We are currently evaluating these proposals along with the advisers, and we'll update you as and when there is more information to share. On sponsorships, during Q1, we entered into two sponsorship agreements with high-quality brands. Based on our current pipeline, we expect to enter into several more in the coming months and expect to realize over $15 million in sponsorship revenue in 2026.

我們目前正與顧問一同評估這些提案，待有更多資訊可分享時將再向各位更新。在贊助方面，第一季我們與兩個高品質品牌簽訂了贊助協議。依據目前的洽談管線，我們預期未來數月將再簽訂數項合作，並預期在 2026 年實現超過 1,500 萬美元的贊助收入。

As previously discussed, we expect this business to be at least a $30 million line of business in the coming years. On international, we continue to be in discussions with multiple partners and expect to be able to share more news in the coming quarters. On IP partnerships, we are in multiple active discussions to bring compelling and well-recognized IP into our parks in innovative and exciting ways and with different global partners.

如先前所述，我們預期這項業務在未來幾年將至少成為 3,000 萬美元規模的業務線。在國際方面，我們仍與多個合作夥伴持續洽談，並預期在未來幾季能分享更多消息。在 IP 合作方面，我們正與多方積極洽談，將具吸引力且廣為人知的 IP 以創新且令人興奮的方式導入我們的園區，並與不同的全球合作夥伴共同推進。

Later this year, we expect to have some exciting announcements related to these opportunities in '26 and in '27 and beyond. On marketing, we have been making significant changes and enhancements to our plans and strategies. Admittedly, we have had some hiccups in our execution across some of the parks and incorporate as we transition to a more dynamic and ultimately more effective media and marketing model.

今年稍晚，我們預期將就這些在 2026 年、2027 年及更長期的機會，發布一些令人振奮的公告。在行銷方面，我們已對計畫與策略進行重大調整與強化。坦白說，在我們轉型為更具動態、且最終更有效的媒體與行銷模式過程中，我們在部分園區的執行上出現了一些小波折。

We have been testing, learning and making fundamental changes to our media mix channel and geography allocation, creative and partners. We expect to improve considerably in our execution over the course of the year and are excited to launch a dedicated SeaWorld brand national campaign across key markets later this month. Please be on the lookout for this first meaningful national campaign from us in many years.

我們持續測試、學習，並對媒體組合的渠道與區域配置、創意內容與合作夥伴進行根本性調整。我們預期在今年內執行力將顯著改善，並很期待在本月稍晚於主要市場推出專屬 SeaWorld 品牌的全國性行銷活動。請留意這將是我們多年來首次具實質意義的全國性行銷活動。

We are very excited about this. On costs, we continue to be committed to and make progress on our $50 million gross cost savings target for 2026 that we discussed last quarter. On the technology front, we are actively pursuing various initiatives, including implementing AI-powered camera technology, autonomous cleaning robotic technology, more digital ordering kiosks in our food and beverage locations, automated front turnstiles, and automated parking tools to help us deliver more revenue, reduce costs, and improve guest experience.

我們對此感到非常興奮。在成本方面，我們仍致力於並持續推進上季所提、2026 年 5,000 萬美元的總成本節省目標。在科技方面，我們正積極推動多項計畫，包括導入 AI 驅動的攝影機技術、自主清潔機器人技術、在餐飲據點增設更多數位點餐自助機、前端自動化閘門，以及自動化停車工具，以協助我們創造更多營收、降低成本並提升旅客體驗。

Regarding capital allocation, we continue to benefit from a strong balance sheet and the flexibility to invest in and grow our business and to opportunistically allocate capital with the goal to maximize long-term value for shareholders. Given where our public shares currently trade, we find very compelling value in purchasing our shares, and we expect to do so as long as our stock trades at levels we find attractive.

關於資本配置，我們持續受惠於強勁的資產負債表，以及投資並擴展業務的彈性，並能在適當時機機會性地配置資本，以最大化股東的長期價值為目標。鑑於我們公開交易的股票目前的交易水準，我們認為回購本公司股票具有非常吸引人的價值，且只要我們的股價仍在我們認為具吸引力的水準，我們預期將持續進行回購。

When and if we hit a limit on share repurchases, we and our Board will consider other forms of capital return, including regular and/or special dividends, debt paydown and other investment opportunities. During the first-quarter, we repurchased 2.6 million shares for an aggregate total of approximately $92.7 million. Subsequent to the end of the quarter, we have repurchased an additional 1.8 million shares for an aggregate total of approximately $64.8 million.

當且若我們達到股票回購的上限時，我們與董事會將考慮其他形式的資本回饋，包括定期及／或特別股利、償還債務以及其他投資機會。在第一季期間，我們回購了260萬股，合計約9,270萬美元。於季度結束後，我們又額外回購了180萬股，合計約6,480萬美元。

I'm truly excited about the significant investments we are making and the many initiatives we have underway across our business that we are confident 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 expect going forward will deliver improved operational and financial results and increases in value for our stakeholders.

我對我們正在進行的重大投資以及在全公司推動的多項計畫感到非常振奮；我們有信心這些措施將改善賓客體驗、讓我們創造更多營收，並使我們成為更有效率且更具獲利能力的企業。我們正在打造更強健、更具韌性的業務，並預期未來將帶來更佳的營運與財務成果，並為利害關係人創造更高的價值。

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

接下來，Jim 將更詳細地說明我們的財務結果。Jim？

Thank you, Marc. During the first-quarter, we generated total revenue of $278.3 million, a decrease of $8.7 million when compared to the first-quarter of 2025. The decrease in total revenue compared to the first-quarter of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita spending.

謝謝你，Marc。第一季我們的總營收為2.783億美元，較2025年第一季減少870萬美元。與2025年第一季相比，總營收下降主要是因出席人次（入園人數）下降所致，但部分被人均總營收（每人平均消費）增加所抵銷。

Attendance for the first-quarter of 2026 decreased by approximately 171,000 guests when compared to the prior year quarter. The decrease in attendance was primarily due to unfavorable weather and a decrease in international visitation compared to the prior year quarter. As Marc noted, our attendance would have been up more than 1% adjusted for weather and international.

2026年第一季的入園人次較去年同期約減少17.1萬名賓客。入園人次下降主要是由於不利天候，以及相較去年同期國際旅客造訪減少。如Marc所提，若排除天候與國際旅客因素調整後，我們的入園人次本會成長超過1%。

In the first-quarter of 2026, total revenue per capita increased 2.1%. Admission per capita decreased 0.5% and in-park per capita spending increased 5.3% to a record $40.62. Admission per capita decreased primarily due to lower realized pricing on certain admission products and the net impact of the admissions product mix when compared to the prior year quarter.

2026年第一季，人均總營收增加2.1%。人均門票收入下降0.5%，而園內人均消費增加5.3%，創下40.62美元的歷史新高。人均門票收入下降主要是由於部分門票產品的實現價格較低，以及與去年同期相比門票產品組合的淨影響所致。

In-park per capita spending involved -- improved, I should say, primarily due to an increase in demand across many in-park offerings when compared to the first-quarter of 2025. Operating expenses increased $10 million when compared to the first-quarter of 2025. The increase in operating expenses is primarily due to an approximately $3.7 million increase in noncash self-insurance adjustments and an approximate $3.3 million increase in onetime nonrecurring consulting and other costs when compared to the first-quarter of 2025.

園內人均消費——應該說有所改善——主要是因相較2025年第一季，園內多項消費項目的需求增加。營運費用較2025年第一季增加1,000萬美元。營運費用增加主要是因非現金自保調整增加約370萬美元，以及與2025年第一季相比一次性、非經常性顧問及其他成本增加約330萬美元。

Selling, general, and administrative expenses increased $3.9 million compared to the first-quarter of 2025. The increase in selling, general and administrative expenses is primarily due to a non-cash $3.1 million increase in information technology costs, primarily related to the amortization of a new enterprise resource planning system, when compared to the first-quarter of 2025.

銷售、一般及行政費用較2025年第一季增加390萬美元。該項費用增加主要是因資訊科技成本出現非現金增加310萬美元，主要與新企業資源規劃（ERP）系統的攤銷有關，相較2025年第一季所致。

We reported a net loss of $34.1 million for the first-quarter compared to a net loss of $16.1 million in the first-quarter of 2025. We generated adjusted EBITDA of $58 million a decrease of $9.5 million when compared to the first-quarter of 2025. The decline in EBITDA was driven by lower revenue and a modest increase in expenses.

我們第一季淨損為3,410萬美元，而2025年第一季淨損為1,610萬美元。我們的調整後EBITDA為5,800萬美元，較2025年第一季減少950萬美元。EBITDA下滑係由較低的營收以及費用小幅增加所驅動。

During the first-quarter, we repurchased 2.6 million shares for an aggregate total of approximately $92.7 million. Subsequent to the end of the quarter, we have repurchased an additional 1.8 million shares for an aggregate total of approximately $64.8 million. Of the $500 million stock repurchase authorization approved in 2025, the company has approximately $198 million remaining.

第一季期間，我們回購了260萬股，合計約9,270萬美元。於季度結束後，我們又額外回購了180萬股，合計約6,480萬美元。在2025年核准的5億美元股票回購授權中，公司尚餘約1.98億美元可用。

Our deferred revenue balance as of the end of March was $203.8 million. Deferred revenue increased approximately 4.1% when compared to March of 2025 reflecting a healthy outlook for ticketing, our group business and our ancillary products. As a reminder, our deferred revenue balance contains a number of products, including ticketing, vacation packages, annual and seasonal passes, group sales and ancillary products.

截至3月底，我們的遞延收入餘額為2.038億美元。與2025年3月相比，遞延收入增加約4.1%，反映票務、團體業務及附加產品的健康展望。提醒一下，我們的遞延收入餘額包含多項產品，包括票務、度假套裝、年票與季票、團體銷售以及附加產品。

Through April 2026, our paid pass base, excluding any free passes was up compared to April 2025. As Marc mentioned, we are pleased to have seen paid pass sales up 12% so far this year through April 30. We believe we have our best pass benefits program ever and one of the best in the industry, and we expect we will continue to drive additional increases in pass sales and a strong pass base for the remainder of the year.

截至2026年4月，我們的付費通行證（不含任何免費通行證）基礎較2025年4月有所增加。如Marc所提，我們很高興看到截至4月30日止，今年迄今付費通行證銷售成長12%。我們相信我們擁有史上最佳的通行證權益方案之一，也是業界最好的方案之一，並預期在今年剩餘期間將持續推動通行證銷售進一步成長，並維持強勁的通行證基礎。

We are especially pleased since we are in the peak advertising and selling season right now. We spent $69.6 million on CapEx in the first-quarter of 2026, of which approximately $62.7 million was on core CapEx at approximately $7.0 million was on expansion and/or ROI projects. For 2026, we expect to spend approximately $175 million to $200 million on core CapEx and approximately $50 million of CapEx on growth and ROI projects.

我們尤其感到欣慰，因為目前正處於廣告與銷售旺季。2026年第一季我們的資本支出（CapEx）為6,960萬美元，其中約6,270萬美元用於核心資本支出，約700萬美元用於擴張及／或投資報酬（ROI）專案。對於2026年，我們預期核心資本支出約為1.75億至2.00億美元，另在成長與ROI專案上的資本支出約為5,000萬美元。

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

現在我把電話交回給Marc，請他分享一些最後的想法。Marc？

Yes. Thank you, Jim. Before we open the call to your questions, I have some closing comments. In the first-quarter of 2026, we came to the aid of 211 animals in need. Over our history, we have helped over 43,000 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.

好的，謝謝你，Jim。在我們開放提問之前，我有一些結語。2026年第一季，我們救援了211隻需要協助的動物。回顧我們的歷史，我們已協助超過43,000隻動物，包括寬吻海豚、海牛、海獅、海豹、海龜、鯊魚、鳥類等。我為團隊的辛勤付出以及他們對這些重要救援工作的持續投入感到非常自豪。

Our 2026 road map is defined by a compelling lineup of new rides, attractions and events, an updated events calendar, and expanded concert lineup, and upgraded food in retail locations all supported by a revamped marketing plan designed to increase guest visitation and spending. With very clear opportunities to grow attendance, revenue and adjusted EBITDA, we are excited about the rest of 2026 and the years to come.

我們的2026年路線圖由一系列極具吸引力的新遊樂設施、景點與活動所定義，包含更新的活動行事曆、擴大的演唱會陣容，以及零售據點升級的餐飲，並由重新打造的行銷計畫支援，旨在提升賓客造訪與消費。鑑於出席人次、營收與調整後EBITDA皆有非常明確的成長機會，我們對2026年剩餘時間以及未來數年感到振奮。

Now we will take your questions.

現在我們將開始回答各位的問題。

(Operator Instructions) Steve Wieczynski, Stifel.

（接線員指示）Steve Wieczynski，Stifel。

So Marc, I guess I'm interested in your comments that you guys think you can grow your EBITDA this year, especially with the first-quarter results coming in below what you obviously were hoping for. So as we think about the rest of the year, I guess I'm probably a little bit surprised you seem so comfortable given that so-called, let's call it guidance, given we still aren't sure what weather is going to look like.

Marc，我想我對你提到你們認為今年可以成長EBITDA的評論很感興趣，尤其是在第一季結果低於你們顯然原本希望達到的水準之下。因此當我們思考今年剩餘時間時，我想我可能有點驚訝你看起來如此有信心，考量到所謂的——我們姑且稱之為指引——因為我們仍不確定天氣會是什麼樣子。

Obviously, international visitation remains somewhat subdued, and there's obviously other potential headwinds out there as well. So as we think about the last three quarters of the year, can you maybe just run through some of the gives and takes here. And maybe do you think the EBITDA, if there is growth year-over-year from here on out, it's going to be more top line driven? Or is it going to be more cost driven?

顯然，國際旅客造訪仍然相對低迷，而且外部也顯然還有其他潛在逆風。因此當我們思考今年最後三個季度時，你能否大致說明一下其中的利弊取捨？另外，你認為EBITDA若從現在起呈現年增，會比較是由營收端（top line）帶動？還是會比較由成本端帶動？

Yes. Steve, I can take that question for you. So I think about the year in a couple of different ways here. So first of all, we've got a really good lineup of new rides and attractions, events, and new things coming to our parks that's largely still ahead of us. And as a reminder, the bulk, the vast majority of our year is still ahead of us, even though we're here at the end of April, the vast majority of our attendance and revenue is still ahead of us.

好的，Steve，我來回答這個問題。我會用幾個不同角度來看今年。首先，我們有一個非常好的新遊樂設施與景點、活動，以及即將在我們園區推出的新內容陣容，而這些大多仍在後面等著我們。也提醒一下，雖然現在已是4月底，但今年的大部分——絕大多數——入園人次與營收仍在後面。

So there's a really good lineup of new things to do in our parks that will support what we believe will be more visitation and more spending in the parks. We also, like you mentioned, with the weather component, we recognize there's some favorable comparisons on a go-forward basis. We also recognize we don't control the weather, but to the extent weather does improve over last year, that should be a benefit for us. We'll have to wait and see, obviously.

因此，我們的園區推出了一系列非常不錯的新體驗，將支持我們所相信的——園區將迎來更多入園人次與更高的園內消費。此外，正如你提到的天氣因素，我們也認為在未來的比較基期上會有一些有利的對比。我們也明白天氣並非我們能控制，但只要天氣相較去年有所改善，對我們就會是利多。當然，還是得再觀察。

And then we know we will start to lap some of the international decline that we've experienced here. If you remember, that was more of a second half component last year. So those are some of the things, and really my confidence is driven by all those things, but also a couple of other things that you heard us mention. One, is the increase in the paid pass sales in the first-quarter was pretty substantial, as you heard me and Jim say.

另外，我們也知道我們將開始消化（比較基期上）先前所經歷的國際旅客下滑。如果你還記得，那主要是去年下半年發生的。因此，這些都是一些因素；而我的信心確實是由這些因素所驅動，同時也包括你們聽到我們提到的另外幾點。第一，第一季付費通行證（paid pass）銷售的增幅相當可觀，正如你聽到我和 Jim 所說的。

You may not have caught it, but Jim also pointed out that our deferred revenue is now up 4% at the end of March, and it looks like it's retaining pretty close to that for the end of April as well. And if you remember, at the end of last year, that was down 4%. So a pretty substantial improvement in deferred revenue, which is another go-forward indicator to kind of go along with the increase in the Discovery Cove's booking revenue and the guest sales pacing ahead as well. So the guest sales revenue pacing ahead of last year.

你可能沒有注意到，但 Jim 也指出，截至 3 月底，我們的遞延收入（deferred revenue）現在成長了 4%，而且看起來到 4 月底也大致維持在接近這個水準。若你還記得，去年年底時是下滑 4%。因此，遞延收入出現相當顯著的改善，這也是一項前瞻性指標，可與 Discovery Cove 訂房收入的增加，以及旅客銷售（guest sales）節奏同樣領先相互呼應。也就是說，旅客銷售收入的進度領先去年。

So all those things taken together, I think, give us a good amount of confidence that going forward here, we will see growth in our parks. I'm really excited, again, about the attractions, the lineup, the things we're doing in marketing to hopefully put us in a better spot there. And then certainly, the pass sales, and we're just getting into that peak period, as Jim mentioned. So hopefully, that gives you some color.

綜合以上所有因素，我認為這讓我們對未來園區業務將出現成長有相當程度的信心。我也再次對各項新設施、整體產品陣容，以及我們在行銷上所做的事情感到非常興奮，希望能讓我們處於更有利的位置。再加上通行證銷售，而且如 Jim 提到的，我們才剛進入旺季期間。因此，希望這些能讓你更了解情況。

Yes, it does. I appreciate that, Marc. And then the second question, I'm not -- look, I'm not sure how much you're going to say here, but given the fact we're -- it's May 11, we're essentially kind of halfway through the -- or almost through your second-quarter. Wondering if you could kind of give us some high-level thoughts around what you kind of witnessed in April? And then maybe what you've seen so far in May?

是的，確實有幫助。謝謝你，Marc。第二個問題，我不——我知道你未必能講太多，但考量到今天是 5 月 11 日，我們基本上已經走到你們第二季的一半——或接近第二季末了。想請你從較高層次談談你們在 4 月看到的情況？以及到目前為止 5 月的表現如何？

I mean it seems like from our seat, weather was -- seems like it was somewhat normal for the most part around most of the country in April and thus far in May. So anything you can say just in terms of how the second-quarter has kind of started, I think, would be helpful as well. Appreciate it.

從我們的角度看，4 月以及截至目前 5 月，全國多數地區的天氣——看起來大致算是正常。因此，如果你能就第二季開局的狀況分享一些看法，我想也會很有幫助。謝謝。

Sure. And Steve, I wanted to add one more thing on your prior question, just a little bit more. I didn't have mentioned the growth in the in-park per caps. Again, you've seen that accelerate even in Q1 from where it had been in the prior quarters. And then you've also seen the admissions per cap come back, still slightly negative, but improving from prior quarters.

當然可以。Steve，我也想就你前一個問題再補充一點。我剛才沒有提到園內人均消費（in-park per caps）的成長。你也看到這項指標在第一季相較前幾季再度加速。另外，你也看到入園人均（admissions per cap）回升，雖然仍略為負成長，但相較前幾季已有改善。

So I think if we can continue to grow in-park and hopefully get admissions per cap to a better spot as well, that's another thing that contributes to that growth, obviously, going forward. As far as the month of April, remember, with the shift of Easter, you had certainly some Easter days shift out of Q2 of this year into Q1. So that was an expected headwind in the month of April.

因此，我認為如果我們能持續推升園內人均，並希望入園人均也能改善到更好的水準，這顯然也會在未來推動成長。至於 4 月份，請記得由於復活節時間的移動，今年第二季有一些復活節相關天數移到第一季，因此 4 月確實存在預期中的逆風。

So that probably gives you some color on how we think about that month. Weather is a little bit mixed. I mean, certainly, we had some better weather in like Williamsburg in April. But I know here in Orlando or in Florida, really one of the few days after Easter, we haven't had a ton of rain, but when it has rained, it was right after Easter there for a couple of days, where we had some poor weather.

所以這大概能讓你了解我們如何看待那個月份。天氣方面有點參差不齊。比如說，4 月在 Williamsburg 的天氣確實比較好。但我知道在奧蘭多或佛州這邊，復活節之後的少數幾天，我們雖然沒有下很多雨，但只要下雨，主要就集中在復活節後那幾天，當時天氣比較差。

So we'll see how it balances out. Hopefully, it's a more normalized trend, and we'll see where we're going forward. I mean May, many of such a backloaded month that, I don't know we can get much read on things this early in the month.

所以我們會看看最後如何平衡。希望能回到較正常的趨勢，並觀察後續走勢。至於 5 月，很多時候是偏後段發力的月份，所以在月初這麼早的時間點，我不確定能否讀出太多訊號。

Patrick Scholes, Truist.

Patrick Scholes，Truist。

You had briefly mentioned about -- it was about $30 million or so expectations from partnership. I'm wondering, can you talk a little bit -- or give a little more granularity on how that impacted your per cap strength actually in the quarter? Is there a way to break that out? What was -- how much of the per cap growth came from increase in sponsorship in 1Q?

你剛才簡短提到合作夥伴關係（partnership）預期大約 3,000 萬美元左右。我想請問你能否多談一點——或提供更細的拆解——它在本季對你們人均（per cap）強勁表現的實際影響？有沒有辦法把它拆出來？第一季的人均成長中，有多少是來自贊助（sponsorship）增加？

Yes, I can help you. I mean it's still, I think, a fairly small amount in the quarter. Some of the deals that we signed have been more recent. So you would see those more on a go-forward basis. So I won't call it a huge contributor at all to Q1. But we're excited about the go forward there, obviously.

可以，我來補充。我的意思是，本季這部分金額仍然相對不大。我們簽下的一些案子是比較近期才完成，所以你會在未來期間更明顯看到效果。因此，我不會說它對第一季是很大的貢獻。但我們當然對未來的表現感到很期待。

Okay. And how are you thinking about the tailwind this year from various holiday shifts, whether it's Juneteenth, July 4 and especially the Jewish holidays -- when I look at certainly, hotel bookings in Orlando, looks really strong and that curious your thoughts around that.

了解。那你們如何看待今年因各種假期時間移動所帶來的順風？不論是六月節（Juneteenth）、7 月 4 日，尤其是猶太節日——我看奧蘭多的飯店訂房看起來非常強勁，也想聽聽你的看法。

Sure. I can help you with that question. As far as the operating calendar, there's always puts and takes to that. And like I mentioned last quarter that we had one less Saturday in March, for example, so of this year compared to last year. And so that was a meaningful impact on the first-quarter, not having that and it offsets some of the Easter days that -- or partially offset some of the Easter days shifting into the month of March.

好的，我可以回答這個問題。就營運日曆而言，總是有利有弊。正如我上季提到的，例如今年 3 月比去年少了一個星期六。這對第一季有相當明顯的影響；而這也抵銷了部分復活節天數——或說部分抵銷了復活節天數移到 3 月所帶來的影響。

But on a go-forward basis, we just had the Easter shift here with some Q2 days shifting into Q1. If you look at the 4th of July, it's on a Saturday, ideally, I'd love to have that on a -- not on a Saturday because we're typically busy on Saturdays, regardless, especially in July. But nonetheless, we'll get a -- we should still get a three-day weekend out of that for a lot of people, not everybody.

但就未來而言，我們剛經歷復活節的移動，使得第二季的一些天數移到第一季。如果看 7 月 4 日，它落在星期六；理想上，我會希望它不要在星期六，因為我們通常星期六本來就很忙，尤其在 7 月。不過即便如此，對很多人來說，我們仍應該能得到一個三天連假——當然不是每個人都一樣。

So I don't know if that's probably just a push compared to last year. And then go forward, things move around a little bit, but we're -- I don't know if there's any significant staying out of my mind right now. We do get a little bit of a longer summer with kind of the early Memorial Day-ish and Labor Day being a little bit later if you kind of line up when those actually occur. It's a longer kind of time between them than normal.

所以我不確定這相較去年是否大概只是持平。再往後看，時間點會有些微移動，但我現在想不到有什麼特別重大的影響。有一點是，我們的暑期會稍微拉長一些，因為陣亡將士紀念日（Memorial Day）偏早，而勞動節（Labor Day）偏晚；如果你把它們實際發生的時間點對齊來看，兩者之間的間隔比平常更長一些。

But with so many schools not tied to those holidays anymore as far as when they get out of school or go back, I don't know that it's a significant impact.

但由於很多學校在放假或返校時間上已不再與這些節日綁定，我不確定這是否會造成顯著影響。

Arpine Kocharyan, UBS.

Arpine Kocharyan，UBS。

OpEx was a bit higher than expected. Was there any timing factors for the quarter? I think you mentioned a couple of things in your prepared remarks. Mostly I'm trying to understand how we should be thinking about overall OpEx for 2026, that mid-single digit increase. Would you say you're in the low single-digit range for full year or closer to that mid-single digit for OpEx for this year?

營運費用（OpEx）比預期高一些。本季是否有任何時點因素？我想你在事先準備的發言中提到幾點。我主要想了解的是，我們應該如何看待 2026 年整體 OpEx 的中個位數成長。你會說今年全年 OpEx 會落在低個位數區間，還是更接近今年的中個位數增幅？

Yes, Arpine, it's Jim. I think you've obviously asked a good question about the inflation that we're seeing for our OpEx. If you look at our adjusted EBITDA, we're actually -- our expenses are a very modest 1% growth. So you are probably now focused on what we're showing in our financial statements for OpEx and selling, general administrative costs.

好的，Arpine，我是 Jim。我想你確實問到一個重點：我們在 OpEx 上看到的通膨。如果你看我們的調整後 EBITDA，其實——我們的費用只呈現非常溫和的 1% 成長。所以你現在可能更聚焦在我們財報中呈現的 OpEx 以及銷售、一般及行政費用（SG&A）。

And I will say that, that OpEx is being driven by a lot of noncash or one-time items. I think we mentioned the $3.7 million in the noncash reserve. There's also a significant amount related to taking care of the cold weather impacts to the Florida market and others predominantly, but mostly in Florida for loss of plant material and repairs for damages from cold weather, freezing that we incurred in that February time frame.

我會說，這個 OpEx 主要是由許多非現金或一次性項目所驅動。我想我們提到過 370 萬美元的非現金準備（noncash reserve）。另外，還有相當一部分與處理寒冷天氣對佛州市場及其他市場的影響有關，但主要是在佛州，包括植物材料損失以及因寒冷、結冰所造成損害的修繕成本，這些是在 2 月那段期間發生的。

For selling and general and administrative, you're going to see that increase almost exclusively is related to the amortization of our new ERP that we implemented back in October that will be amortized over the length of the agreement. And again, that's a non-cash again in the first-quarter, and non-cash going forward.

至於銷售、一般及行政費用（SG&A），你會看到這項增加幾乎完全與我們在10月導入的新ERP系統之攤銷有關，該攤銷將在合約期間內分攤。再強調一次，這在第一季是非現金項目，未來也將持續是非現金項目。

Yes. No, that makes sense. That's helpful. And going back to onetime items, I was actually looking at it, it probably makes sense to probably follow up more in detail after the call on this. What you're adjusting back to EBITDA something like $7 million for the quarter. And I think footnote mentions a bunch of business optimization costs. Could you maybe give a little bit more detail what those are?

是的。不，這很合理。這很有幫助。回到一次性項目，我其實也在看，可能比較適合在會後再更詳細追問。你們在本季調整回EBITDA的金額大概是700萬美元。我想註腳提到一堆業務優化成本。你能否再多提供一些細節，這些是什麼？

Seems to be ongoing for several, several quarters here. Just trying to understand what makes those costs one-off? And then similarly, that $3.3 million that you're adjusting EBITDA back for, what are those costs for?

看起來這已經持續了好幾季、好幾季了。我只是想了解，為什麼這些成本被視為一次性？另外同樣地，你們調整回EBITDA的那330萬美元，這些成本是什麼？

Yes. So as I mentioned, the consulting costs might be related either to some areas we've got on procurement, where we continue to try to ensure we are minimizing costs and doing strategic sourcing or having others who might have helped us in the implementation of that ERP system or addressing our impacts from the cold weather.

是的。如我提到的，顧問費用可能與幾個面向有關：例如我們在採購上的一些領域，我們持續確保把成本降到最低、進行策略性採購；或是有些人協助我們導入該ERP系統；或是處理寒冷天氣對我們造成的影響。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗（Mizuho）。

I wanted to follow up on the deferred revenue. If I'm not mistaken, I think this is the first time in maybe 18 months that you're seeing a positive inflection here. Obviously, you highlighted the increase, but what do you think is driving this? What caused the inflection?

我想追問一下遞延收入。如果我沒記錯的話，我想這可能是你們大概18個月來第一次看到這裡出現正向拐點。你們當然也強調了增加，但你認為是什麼在驅動？是什麼造成這個拐點？

Yes. Ben, it's Marc. We can take -- I can take that. And you're right, it has not been positive on a kind of year-over-year basis in quite a while, to your point. So there's a couple of things. But remember, as Jim mentioned, our deferred revenue has all our advanced products. So you've got season passes in there, you've got ancillary products, you've got tickets.

是的，Ben，我是Marc。我可以回答——我來回答。你說得對，就你提到的那樣，遞延收入在年對年基礎上已經有一段時間沒有轉正了。所以有幾個因素。但請記得，如Jim提到的，我們的遞延收入包含所有預售產品：裡面有季票、有附加產品、也有門票。

So it's a combination of all those things, it's experiences in our parks. So I don't know that there's necessarily just one thing dominating it. But obviously, having better sales of passes has helped our in-park performance, a lot of the in-park stuff we can sell in advance. And so that sits in there until people come, that type of thing.

所以它是這些因素的組合，也包含我們園區內的體驗。我不確定是否有單一因素占主導。不過很明顯，季票銷售更好有助於我們的園內表現；很多園內項目我們可以提前販售，因此在遊客到訪之前就會先記在遞延收入裡，類似這樣。

Okay. That's helpful. And then maybe going back to the comment before that you touched on the first question regarding higher EBITDA year-over-year, look, as you kind of gave us the reasons you were constructive. But maybe we could unpack the variables somewhat. Is this top line driven? And if so, is where you're seeing the most traction or where do you expect to see the most traction? Is this attendance? Or is it pricing? Is it both? And then maybe why?

好的，這很有幫助。接著回到你剛才在第一個問題中提到的、關於EBITDA年對年更高的評論——你給了我們一些你偏正面的原因。但也許我們可以把變數拆開一些。這是由營收端（top line）驅動的嗎？如果是，你們在哪裡看到最多動能，或預期會在哪裡看到最多動能？是入園人次？還是定價？還是兩者都有？以及原因是什麼？

Sure. I mean I can -- I think it's -- some of the points I made to Steve. Look, on a go-forward basis, I like the setup of our events, our attractions, the things that are still to come. I like the setup of obviously, hopefully, having improved weather. We'll have to see. But obviously, last year, especially the second half of the year and when that -- the weather was not real cooperative for us.

當然。我是說我可以——我認為這跟我對Steve提到的一些點一致。展望未來，我喜歡我們活動、景點，以及接下來仍將推出的內容之布局。我也喜歡——當然希望——天氣能改善的布局。我們還得觀察。但很明顯，去年尤其是下半年，天氣對我們並不太配合。

So hopefully, we get a little bit better on the weather. And then obviously, we're going to lap the international decline more in the second half of the year, and hopefully, that's no longer a drag as we lap that. And then supporting that is really the growth in the in-park per caps. And in this quarter, our total per cap was up. So even if you have the exact same attendance, and I'm not suggesting that's what we're shooting for.

所以希望天氣能好一些。然後很明顯，我們在下半年會更明顯地與國際客下滑形成比較基期（lap），希望在我們跨過那個比較基期後，它不再成為拖累。支撐這些的，主要是園內人均消費（per cap）的成長。本季我們的總人均消費是上升的。所以即便入園人次完全一樣——我不是說我們的目標是那樣——

But even if you did, if you can grow your per caps that's going to drive the revenue growth there. And we did a good job this past quarter of growing our per cap overall. So we put per cap in there, we put attendance, put the sponsorship revenue. And then obviously, the costs, we've got to continue to manage to a level that is acceptable and Jim talked about that. So that's kind of how it all comes together on a go-forward basis.

但即便如此，只要你能提升人均消費，就會帶動營收成長。而我們在上一季整體人均消費的提升做得不錯。所以我們把人均消費放進去、把入園人次放進去、把贊助收入也放進去。然後當然還有成本，我們必須持續把成本管理在可接受的水準，Jim也談到了。所以這就是展望未來各項因素如何整合在一起。

Okay. Just to follow up very quickly. I mean, I guess the deferred revenue seems like quite an inflection. And so you didn't seem to kind of like obviously point to attendance, maybe you are, but we're not like harping on it. I guess is there a reason why you -- why plus 4% deferred revenue wouldn't translate to slightly positive attendance for the year, is there something that --

好的。我很快追問一下。我想遞延收入看起來是相當明顯的拐點。所以你似乎沒有很明確地指向入園人次——也許有，但你沒有一直強調。我想問的是，有沒有什麼原因，為什麼遞延收入成長4%不會轉化為全年入園人次略為正成長？是不是有什麼——

No, I wasn't suggesting we're not going to grow attendance. I mean, certainly, that's our plan, and that's our expectation. I was just pointing out kind of some of the other drivers as well. But certainly, the lineup of things we have across our parks, we believe will drive people to visit, obviously.

不，我不是在暗示我們不會成長入園人次。我的意思是，這當然是我們的計畫，也是我們的預期。我只是也指出其他一些驅動因素。不過我們在各園區的內容組合，我們相信會驅動人們來訪，這點很明顯。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛（Goldman Sachs）。

I wanted to just go back to costs for a second. You mentioned you're still targeting the $50 million of gross cost savings for this year, but you've had various wage headwinds. You mentioned in the advertising campaign that you're ramping up. So anything you could share just in terms of that like gross to net translation this year and your ability to kind of flow that through to the bottom-line?

我想回到成本再問一下。你提到今年仍以5,000萬美元的總成本節省為目標，但你們也面臨各種薪資逆風。你也提到你們正在加大廣告活動的投入。所以你能否分享一下，今年從「總額到淨額」（gross to net）的轉換情況，以及你們將其傳導到最終獲利（bottom line）的能力？

Yes. Let me start and then Jim can add anything he'd like to add. Yes, obviously, as you guys know, we hold ourselves to a pretty high standard with cost. We've done a lot of work over the years. And if you look at the margin expansion, especially since 2019, I think we've done good in that area. More recently here, obviously, we need to do a better job, clearly. And -- but we're keeping that EBITDA expense growth.

是的。我先說，然後Jim可以補充他想補充的。是的，顯然如各位所知，我們對成本的要求標準很高。多年來我們做了很多工作。如果你看利潤率擴張，尤其自2019年以來，我認為我們在那方面做得不錯。最近這段時間，很明顯我們需要做得更好，確實如此。而且——但我們仍在控制EBITDA費用的成長。

The cost that sit between revenue and adjusted EBITDA for this quarter, as Jim mentioned, was under 1%. So our goal is to obviously achieve the cost savings that we've set out to achieve. And in a lot of cases, they're going to maybe offset other headwinds, other inflationary pressures that we have. But we want to manage to as low growth as possible or realized savings, right? So that's kind of how we think about it holistically and obviously, we hold ourselves to a pretty high standard with that --

如Jim提到的，本季介於營收與調整後EBITDA之間的成本，增幅低於1%。所以我們的目標當然是達成我們設定的成本節省。在很多情況下，這些節省可能會抵消其他逆風、我們面臨的其他通膨壓力。但我們希望把成長管理到盡可能低，或實現節省，對吧？所以我們是以這種整體角度來看待，當然我們也以很高的標準要求自己——

Look, I'd just add that reiterating the growth, the very modest growth we had, we did an exceptional job in managing our hourly labor in our theme park labor over the quarter in the face of some headwinds. And we also have had a very focused effort on things like reducing claims or the introduction of technology to reduce labor costs. So all of those are bearing fruit. I think we will continue to see those pay off in the coming quarters as well.

我補充一下：重申我們的成長——我們的成長非常溫和——在面對一些逆風的情況下，我們在本季對主題樂園的計時人力（hourly labor）管理得非常出色。我們也非常聚焦在像是降低理賠（claims），或導入科技以降低人力成本等事項。這些都正在產生成效。我認為接下來幾季我們也會持續看到這些帶來回報。

Got it. And then I wanted to ask about just capital allocation and leverage. You've obviously been buying back stock pretty consistently. And I appreciate 1Q is typically like a lower cash flow generation quarter, but I think you closed out with a cash balance of around $29 million. So curious as how you think about buybacks from here taking on more leverage and just where you feel comfortable longer term from that leverage standpoint?

了解。接著我想問資本配置與槓桿。你們一直相當持續地回購股票。我理解第一季通常是現金流較低的季度，但我想你們期末現金餘額大約是2,900萬美元。所以想了解你們接下來如何看待回購——是否會承擔更多槓桿，以及從長期來看你們在槓桿水準上覺得舒適的區間在哪裡？

Sure. I can help you with that question. Look, we're comfortable where the leverage ratio is now at the end of Q1. Not to say we wouldn't be comfortable with something higher or something lower and that's something we work with our Board on. But you kind of already noted it, we're kind of coming out of the trough of cash generation, just given the seasonality of our business.

當然。我可以協助回答這個問題。你看，我們對第一季末目前的槓桿比率感到舒適。這不代表我們不會對更高或更低的水準感到舒適，這也是我們與董事會一起討論的事項。但你也已經提到，由於我們業務的季節性，我們正從現金創造的谷底走出來。

And on a go-forward basis, we would expect, obviously, cash to start to grow. And so that will be the catalyst for growing the cash and continuing to fund the share repurchases. And so I think if you just step back and look over the full year, which I know you've done, we continue to generate a good amount of cash each year. And I expect we'll continue to do that going forward.

展望未來，我們預期現金當然會開始成長。因此，這將成為推動現金增加並持續資助股票回購的催化劑。所以我認為，如果你退一步看全年——我知道你也看過——我們每年仍能產生相當可觀的現金，我也預期未來會持續如此。

What would we do, just to give you some comfort is obviously, if we ever got to a situation where our leverage was really getting up there something. As we look at our use of cash and things like that, we're careful to take in mind the leverage ratio before making any of those decisions. But like I said, we're comfortable now. And we expect obviously that to improve going forward as we enter a traditionally busier time of the year.

我們會做的事情，坦白說，就是在任何情況下為了讓你們更安心：如果我們真的到了槓桿水準顯著上升的狀況。當我們檢視現金使用等事項時，在做出任何決策之前，我們都會謹慎地把槓桿比率納入考量。不過如我所說，我們目前感到安心。而且我們也預期，隨著我們進入一年中傳統上較繁忙的時段，這個狀況在未來顯然會有所改善。

Sean Wagner, Citigroup.

Sean Wagner，花旗集團。

This is Sean Wagner on for James. You had mentioned that weather should improve, particularly in the back half of the year, but also in 2Q last year, you had characterized it as among the worst weather you had seen in the second-quarter. So I mean, obviously, a lot depends on how weather turns out this year. But assuming more normal weather, do you get any operating days back because of closures last year or are operating days expected to be relatively flat this year?

我是 Sean Wagner，代替 James 發問。你提到天氣應該會改善，特別是在下半年；但同時，去年第二季你也形容那是你在第二季看過最糟的天氣之一。所以我的意思是，顯然很多取決於今年天氣如何。不過假設天氣較為正常，因為去年有關園區關閉的因素，今年會拿回一些營運天數嗎？還是今年的營運天數預期大致持平？

Sean, I think we'll they're going to be fairly consistent. We might pick up a day or two as mainly in water parks that may have closed last year a lot of times with the weather, we're able to open, but just a lot of people may not come if it's been raining or rains in the afternoon or early in the morning, whatever maybe that can have an impact. So we'll see where that shakes out, obviously, but we're optimistic.

Sean，我認為營運天數會相當一致。我們可能會多出一兩天，主要是在水上樂園；去年因天氣因素可能關閉較多次。很多時候遇到天氣，我們其實能開園，但如果一直下雨，或下午、清晨下雨等，可能就會有很多人不來，這也會造成影響。所以我們會看看最後結果如何，當然，但我們是樂觀的。

I'm generally optimistic about weather every year. So hopefully, this is the year it gets better for us. And we'll see. We did have -- I didn't call this out. We did have fewer operating days in the first-quarter since you mentioned that, our parks in California, our Sesame Park, we did not open in January and February and really the first couple of weeks of March.

我每年對天氣通常都很樂觀。所以希望今年對我們來說會更好。我們再看看。我們確實有——我剛才沒有特別提到——第一季的營運天數較少，既然你提到這點：我們在加州的園區、我們的 Sesame Park，在一月和二月沒有開園，直到三月前兩週左右才開。

So we lost some operating days there. And then obviously, we had some days where just given especially the cold in Florida, where we had some days where our water park was closed.

所以那邊少了一些營運天數。然後顯然，尤其佛州很冷的情況下，我們也有幾天水上樂園是關閉的。

Okay. That's fair. And I guess I think on your last call, you indicated that there's some pricing headroom in ticket pricing headroom in many markets and that admissions per caps should grow over time. We did see that improve sequentially from the declines we've seen for a handful of quarters now. But wondering how we should think about that going forward?

好的。這合理。我想在你們上次電話會議中，你們提到在許多市場票價仍有一些上調空間，而且入園人均（admissions per cap）應該會隨時間成長。我們確實看到它相較於過去幾季的下滑，呈現連續改善。但想請教我們接下來應該如何看待？

Do you have any sort of expectations on one that inflects positively? Or how should we think about maybe comparisons with some of the promotions or pricing that you guys ran last year?

你們對於它何時會轉為正向有任何預期嗎？或者我們應該如何看待，與你們去年推出的一些促銷或定價相比的比較基期？

Sure. So look, I think your first comment and what I've made in the past is, yes, our goal and our expectation is to grow pricing over time. And we certainly recognize there's room to do that in a lot of our markets. But we're always going to defer to driving total revenue. And the good news is, as you noted, the admissions per cap has improved to where it was -- it's down less than it has been in prior quarters.

當然。你第一個評論以及我過去提過的是：是的，我們的目標與預期是隨時間提高定價。我們也確實認知到在許多市場仍有空間可以這麼做。但我們永遠會以推動總營收為優先。好消息是，如你所指出，入園人均已改善到——它的下滑幅度比前幾季小。

So to your point, we're making progress on that area, and I expect we'll continue to do that going forward. But look, there might be times where we do an offer or we do something that might be at odd with per cap. We're really focused on driving total revenue. But I think we've kind of demonstrated here, the movement, like you said the last couple of quarters has been in the right direction with admissions per cap.

所以如你所說，我們在這方面正在取得進展，我也預期未來會持續推進。不過你看，有時候我們可能會推出某些方案或做一些事情，可能會與人均表現不完全一致。我們真正聚焦的是推動總營收。但我想我們也算是展現了，如你所說，過去幾季入園人均的走勢是在正確方向上。

(Operator Instructions) Chris Woronka, Deutsche Bank.

（接線員指示）Chris Woronka，德意志銀行。

Marc, you talked, I think, in the last couple of years about how some of your marketing programs are -- you're trying to kind of modernize them. And I'm curious as to whether you're seeing any real tangible impacts of that yet or whether those are still more to come?

Marc，我記得你在過去幾年談到，你們的一些行銷計畫——你們正嘗試讓它們更現代化。我想了解的是，你們是否已經看到任何實質、可量化的影響？還是這些影響仍主要會在未來才顯現？

Chris, did you say marketing program, right?

Chris，你是說行銷計畫，對嗎？

Yes, yes, some marketing efforts.

是的，是的，一些行銷方面的努力。

Yes. Okay. Sorry. I just want to make sure I heard. Look, I think as all of you know, I mean, there's more ways to market to people now, right? And it's changing pretty rapidly almost all the time with all the ways that people consume media and get information and all that. So certainly, it's something you've got to be on top of. And as I mentioned, I think we certainly could have done things better and have some hiccups.

是的。好的。抱歉，我只是想確認我有聽清楚。你看，我想你們都知道，現在接觸消費者的行銷方式更多了，對吧？而且隨著人們消費媒體、取得資訊等方式，幾乎一直在快速變化。所以這當然是你必須掌握的事情。如我提到的，我認為我們確實有些地方可以做得更好，也遇到過一些小插曲。

But as we look at like how we allocate our spend, how we allocate the mix of that and where we advertise, what locations and what kind of platform, I think there's tweaks there. And the good news is we're -- we test and learn and we try to optimize going forward. So we're going to continue to do that. We've had a lot of discussions around kind of this area in the recent weeks and months.

但當我們看例如如何分配行銷支出、如何配置組合、以及我們在哪裡投放廣告、哪些地點、使用什麼平台，我認為這些都有可微調之處。好消息是，我們會測試、學習，並嘗試在未來持續最佳化。所以我們會繼續這麼做。最近幾週到幾個月，我們也針對這個領域進行了很多討論。

So we're confident in the plan going forward, but obviously aware that things are always changing, right? So we're trying to stay ahead of it.

所以我們對未來的計畫有信心，但也清楚事情總是在變，對吧？因此我們努力保持領先。

Okay. I appreciate that. And then Marc, on the land sales, I know you won't have much to say yet, but the question would be for the potential buyers you're looking at, how important is their use of -- if these are land parcels near your parks, how important is their kind of intended usage? And is there a chance that what they would do is either complementary or perhaps not complementary to the park, the surrounding park?

好的。謝謝你的說明。接著 Marc，關於土地出售，我知道你現在可能還不能說太多，但我的問題是：對於你們正在接觸的潛在買家而言，如果這些地塊在你們園區附近，他們對土地的——也就是他們的預定用途——有多重要？而且他們可能做的事情，是否有機會與園區互補，或可能不互補於周邊園區？

Sure. So I think as far as like -- I think you're maybe alluding to like a hotel or entertainment district or housing, whatever it may be, some of the things that we've mentioned in the past. I mean, obviously, our goal is to find something that would complement our offering in the sense that people stay longer at our park, people come here for more days, whatever it may be, kind of what you see everybody else in the business doing with their hotels, right? It's meant to complement the spend and the stay by our guests.

當然。我想就——我想你可能在暗示像是飯店、娛樂商圈或住宅等，或我們過去提過的一些方向。不過顯然，我們的目標是找到能與我們的產品互補的用途，讓旅客在我們園區停留更久、來更多天等等；也就是你看到同業在他們的飯店上所做的事情，對吧？其目的就是要互補我們賓客的消費與停留。

So that's what we would look for, obviously, and there's probably different ways you could execute on that. But certainly, I think it would be a component of how we could benefit from that land being used to benefit our parks as well.

所以我們當然會尋找這樣的方向，而且執行方式可能有不同做法。但我認為，土地用途能否同時讓我們的園區受益，肯定會是我們評估的一個要素。

With no further questions in queue, I will now hand the call back over to Marc Swanson for closing remarks.

目前問題隊列中沒有其他提問，我現在把電話交回 Marc Swanson 作結語。

Yes. Thank you, Tina. On behalf of Jim and the rest of the management team here at United Parks & Resorts, I want to thank you for joining us this morning. As you heard today, we are confident in our long-term strategy which we believe will drive improved operating and financial results and long-term value for stakeholders. We invite everyone to join us at our parks this summer to experience the energy and excitement we are offering. Thank you, and we look forward to speaking again next quarter.

好的。謝謝你，Tina。我代表 Jim 以及 United Parks & Resorts 其餘管理團隊，感謝各位今天早上加入我們。正如各位今天所聽到的，我們對長期策略充滿信心；我們相信這將帶動營運與財務表現的改善，並為利害關係人創造長期價值。我們也邀請大家今年夏天到我們的園區，體驗我們所提供的活力與興奮感。謝謝，我們期待在下個季度再次與各位交流。

Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

再次感謝各位今天加入。本次簡報到此結束。您現在可以掛線。