Six Flags Entertainment Corp (SIX) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Six Flags First Quarter 2023 Earnings Conference Call. My name is Betsy, and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to Evan Bertrand, Vice President and Treasurer. Please go ahead.

早上好，女士們，先生們。歡迎來到六旗 2023 年第一季度收益電話會議。我叫 Betsy，我將擔任今天電話的接線員。 （操作員說明）我現在將電話轉給副總裁兼財務主管 Evan Bertrand。請繼續。

Good morning, and welcome to our first quarter 2023 call. With me is Selim Bassoul, President and CEO of Six Flags; and Gary Mick, our Chief Financial Officer. We will begin the call with prepared comments and then open the call to your questions. Our comments will include forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in such statements, and the company undertakes no obligation to update or revise these statements.

早上好，歡迎來到我們 2023 年第一季度的電話會議。和我一起的是六旗總裁兼首席執行官 Selim Bassoul；和我們的首席財務官 Gary Mick。我們將以準備好的評論開始通話，然後打開通話以回答您的問題。我們的評論將包括聯邦證券法含義內的前瞻性陳述。這些陳述受風險和不確定因素的影響，可能導致實際結果與此類陳述中描述的結果存在重大差異，公司不承擔更新或修改這些陳述的義務。

In addition, on the call, we will discuss non-GAAP financial measures. Investors can find both a detailed discussion of business risks and reconciliations of non-GAAP financial measures to GAAP financial measures and the company's annual reports, quarterly reports and other forms filed or furnished with the SEC.

此外，在電話會議上，我們將討論非 GAAP 財務指標。投資者可以找到對商業風險的詳細討論和非 GAAP 財務措施與 GAAP 財務措施的對賬，以及公司的年度報告、季度報告和其他向美國證券交易委員會提交或提供的表格。

At this time, I will turn the call over to Selim.

這個時候，我會把電話轉給Selim。

Good morning. Thank you for joining our call. I want to introduce Evan Bertrand, our VP of Investor Relations and Treasurer. Evan has been our assistant treasurer for the last 2 years, and he has done a great job for us. We are thrilled to promote him to be our Vice President of Investor Relations and Treasurer. Evan, welcome to our earnings call this morning.

早上好。感謝您加入我們的電話。我想介紹我們的投資者關係副總裁兼財務主管 Evan Bertrand。埃文 (Evan) 在過去 2 年一直擔任我們的助理財務主管，他為我們做得很好。我們很高興提拔他為我們的投資者關係副總裁兼財務主管。埃文，歡迎來到我們今天早上的財報電話會議。

Today, we will focus on three areas: First, I will provide an update on the progress we have made on our transformation. Second, Gary will provide details on our financial results and our outlook for the remainder of the year. Finally, I will return to discuss why we are excited of our future over both the short and long term.

今天，我們將重點關註三個方面：首先，我將介紹我們在轉型方面取得的最新進展。其次，Gary 將詳細介紹我們的財務業績以及我們對今年剩餘時間的展望。最後，我將回來討論為什麼我們對短期和長期的未來感到興奮。

Our team continues to work hard to transform the company as we strive to reach our full potential. Any transformation begins with a vision for what the company can be. For us, our vision is to deliver a truly exceptional experience for our guests and sustainable profit growth over the long term for our shareholders. But the hard work is turning that vision into a reality.

在我們努力發揮全部潛力的同時，我們的團隊繼續努力改造公司。任何轉型都始於對公司的願景。對我們來說，我們的願景是為我們的客人提供真正卓越的體驗，並為我們的股東提供長期可持續的利潤增長。但艱苦的工作正在將這一願景變為現實。

The first quarter is seasonally our smallest quarter, but we are pleased with the progress we are seeing. There are five items I would like to highlight that serve as indicators that our transformation is taking hold.

第一季度是我們季節性最小的季度，但我們對所看到的進展感到滿意。我想強調五個項目，它們可以作為我們轉型正在發生的指標。

First, our guest satisfaction scores are trending upward as guests are responding favorably to the investments we have made in our parks and in our new seasonal events. Second, our season pass sales trends continue to improve. Year-to-date, as of Sunday, April 30, our season pass unit sales are more than double what they were last year over the same period. Guests continue to respond favorably to our simplified product assortment and the compelling value that our season pass products offer.

首先，我們的客人滿意度分數呈上升趨勢，因為客人對我們在公園和新的季節性活動中所做的投資反應良好。其次，我們的季票銷售趨勢繼續改善。年初至今，截至 4 月 30 日星期日，我們的季票銷量是去年同期的兩倍多。客人繼續對我們簡化的產品分類和我們的季票產品提供的極具吸引力的價值做出積極回應。

Third, we are proud to report the highest first quarter revenue in the history of our company, which was driven by record guest spending per capita. That said, we still expect that our per capita spending trends to moderate this year, but we are encouraged that we have gained traction with our pricing programs and that guests continue to spend on our improved in-park offerings.

第三，我們很自豪地報告我們公司歷史上最高的第一季度收入，這是由創紀錄的客人人均支出推動的。也就是說，我們仍然預計今年我們的人均消費趨勢會放緩，但令我們感到鼓舞的是，我們已經通過定價計劃獲得了吸引力，並且客人繼續在我們改進的公園內服務上消費。

Fourth, our attendance trends continue to improve. While attendance in the quarter was down compared to last year, our results were negatively impacted by adverse weather condition in California and Texas. Excluding the extraordinary weather impacts, we estimate that attendance would have increased by 6% compared to first quarter of 2022.

第四，我們的出勤趨勢繼續改善。雖然本季度的出勤率與去年相比有所下降，但我們的業績受到加利福尼亞州和德克薩斯州惡劣天氣條件的負面影響。排除異常天氣影響，我們估計與 2022 年第一季度相比，出席人數將增加 6%。

Finally, I am proud to say that our team continues to stay focused on costs, which enables us to deliver the second highest first quarter adjusted EBITDA in Six Flags history. So looking back on the past half -- 1.5 years since I was appointed CEO, it's clear that 2022 was a year of transition. We resort our business model from top to bottom, and we tested numerous initiatives. Many were successful and some were not, but I'm proud that we are willing to be bold and to challenge the status quo.

最後，我很自豪地說，我們的團隊繼續關注成本，這使我們能夠實現六旗歷史上第二高的第一季度調整後 EBITDA。所以回顧過去的一半——自從我被任命為 CEO 以來的 1.5 年，很明顯 2022 年是過渡的一年。我們自上而下採用我們的商業模式，並且我們測試了很多舉措。許多人成功了，有些人沒有，但我很自豪我們願意勇敢地挑戰現狀。

We learned along the way. And last fall, we course corrected in many ways -- areas. The path toward progress never follows a straight line, but we are encouraged by the progress we have made over the past two quarters. Our focus remains to deliver an exceptional experience for our guests and sustainable profit growth over the long term for our shareholders.

我們一路學習。去年秋天，我們當然在很多方面——領域——進行了糾正。進步的道路從來都不是一條直線，但我們對過去兩個季度取得的進展感到鼓舞。我們的重點仍然是為我們的客人提供卓越的體驗，並為我們的股東提供長期可持續的利潤增長。

We are still in the early stages of our transformation, but we are excited about the opportunity to take this company to the next level.

我們仍處於轉型的早期階段，但我們很高興有機會將這家公司提升到一個新的水平。

I will now turn the call over to Gary, who will provide details about the quarter as well as our outlook for the remainder of the year. Gary?

我現在將電話轉給加里，他將提供有關本季度的詳細信息以及我們對今年剩餘時間的展望。加里？

Thank you, Selim, and good morning, everyone. I will start with attendance, revenue and per capita spending and then transition to expenses and EBITDA for the quarter. I will finish with our active pass base metrics, select balance sheet items and capital allocation.

謝謝你，Selim，大家早上好。我將從出勤率、收入和人均支出開始，然後過渡到本季度的支出和 EBITDA。我將完成我們的主動通行證基礎指標，選擇資產負債表項目和資本配置。

Total attendance for the quarter was 1.6 million guests, a 5% decrease from first quarter 2022. As Selim mentioned, we experienced unusually cold and rainy weather in California and Texas during the quarter, which we estimate accounted for a loss of 180,000 in attendance based on a 5-year average attendance, excluding 2020.

本季度的總出席人數為 160 萬人次，比 2022 年第一季度減少了 5%。正如 Selim 所說，本季度我們在加利福尼亞州和德克薩斯州經歷了異常寒冷和多雨的天氣，我們估計這導致了 180,000 人次的損失5 年平均出勤率，不包括 2020 年。

Adjusting for the weather, we estimate that attendance would have increased by 6%. Revenue in the quarter was up $4 million or 3% to $142 million and was a Q1 record for Six Flags. This was the result of total guest spending per capita increasing $5 or 7% versus first quarter 2022, partially offset by the decline in attendance.

調整天氣後，我們估計上座率會增加 6%。本季度收入增長 400 萬美元或 3% 至 1.42 億美元，創下了六旗第一季度的記錄。這是由於與 2022 年第一季度相比，客人人均總支出增加了 5 美元或 7%，部分被出勤率下降所抵消。

Admission spending per capita increased $4 or 10%, and in-park spending per capita increased $1 or 3%. The increase in total guest spending per capita compared to 2022 was driven primarily by higher revenue from memberships beyond the initial 12-month commitment period, what we call membership 13 plus, which includes a portion of revenue that is allocated to admissions revenue and a portion that is allocated to food, retail and other revenue.

人均門票支出增加 4 美元或 10%，人均公園內支出增加 1 美元或 3%。與 2022 年相比，客人人均總支出的增加主要是由於超過最初 12 個月承諾期的會員收入增加，我們稱之為會員 13+，其中包括分配給入場收入的一部分收入和一部分收入分配給食品、零售和其他收入。

Approximately $5 of the admission spending per capita increase and $1 of the in-park spending per capita increase was due to the higher 13-plus membership revenue recognition. 13-plus revenue is recognized in the month it is received and it has an outsized impact on the first and fourth quarters as the attendance is lower than in the second and third quarters.

大約 5 美元的人均入場支出增長和 1 美元的人均公園內支出增長是由於 13 歲以上會員收入的增加。 13 歲以上的收入在收到的當月確認，並且由於出勤率低於第二和第三季度，因此對第一和第四季度產生了巨大影響。

Excluding the impact of 13-plus revenue, admissions and in-park spending per capita were essentially flat with the prior year. On the cost side, cash operating and SG&A expenses versus 2022 increased by $5 million or 3% primarily driven by higher advertising spend. As we have previously mentioned, we decided to meaningfully increase our advertising spend this year with a focus on digital channels to support our season pass price.

排除 13+ 收入的影響，人均入場人數和公園內消費與上一年基本持平。在成本方面，現金運營和 SG&A 費用與 2022 年相比增加了 500 萬美元或 3%，這主要是由於廣告支出增加所致。正如我們之前提到的，我們決定今年大幅增加廣告支出，重點關注數字渠道，以支持我們的季票價格。

Adjusted EBITDA for the quarter was a loss of $17 million compared to a loss of $17 million in the first quarter of 2022 with the increase in revenue offset by higher advertising expenses. Our active pass base as of April 2, 2023, comprised 3.2 million pass holders representing a decline of 11% versus the same time last year. As Selim mentioned earlier, our season pass unit sales are up significantly year-to-date, but our season pass sales last fall were significantly lower than the prior year period. Thus, we entered 2023 with a lower active base. We are closing the gap. And as of Sunday, April 30, our active pass base is down 4% compared to last year.

本季度調整後的 EBITDA 虧損 1,700 萬美元，而 2022 年第一季度虧損 1,700 萬美元，收入的增加被更高的廣告費用所抵消。截至 2023 年 4 月 2 日，我們的活躍通行證持有人為 320 萬，與去年同期相比下降了 11%。正如 Selim 之前提到的，我們的季票銷量今年迄今大幅增長，但去年秋天的季票銷量明顯低於去年同期。因此，我們以較低的活躍基數進入 2023 年。我們正在縮小差距。截至 4 月 30 日星期日，我們的有效通行證基數與去年相比下降了 4%。

Deferred revenue as of April 2, 2023, was $152 million, down $33 million or 18% compared to first quarter 2022. The decrease was primarily due to the lower active pass base as of April 2, 2023. Our improvement in season pass sales this year is reflected in the growth of our deferred revenue during the quarter. Our year-end deferred revenue balance as of January 1, 2023, which was $129 million, grew by $23 million or 18% in the first quarter of 2023. This compares to a $7 million or 4% increase in deferred revenue during the first quarter of 2022.

截至 2023 年 4 月 2 日的遞延收入為 1.52 億美元，與 2022 年第一季度相比下降 3300 萬美元或 18%。下降的主要原因是截至 2023 年 4 月 2 日的有效通行證基數較低。我們今年的季票銷售情況有所改善這一年反映在我們本季度遞延收入的增長上。截至 2023 年 1 月 1 日，我們的年終遞延收入餘額為 1.29 億美元，在 2023 年第一季度增長了 2300 萬美元或 18%。相比之下，第一季度的遞延收入增長了 700 萬美元或 4% 2022 年。

Total capital expenditures for the quarter were $25 million. We expect our full year 2023 capital spend to be approximately $150 million with a balanced approach between exciting new rides, continued infrastructure improvements and an increased emphasis on implementing guest-facing technologies and amenities in our parks.

本季度總資本支出為 2500 萬美元。我們預計 2023 年全年的資本支出約為 1.5 億美元，並在激動人心的新遊樂設施、持續的基礎設施改進以及更加重視在我們的公園實施面向遊客的技術和設施之間取得平衡。

Our liquidity position as of April 2 was $224 million, this included $159 million of available revolver capacity, net of $21 million of letters of credit. Last week, we successfully upsized our revolver from $350 million to $500 million and raised $800 million of 8-year 7.25% unsecured notes which we used to pay down $893 million of the 2024 unsecured notes in a tender offer.

截至 4 月 2 日，我們的流動性頭寸為 2.24 億美元，其中包括 1.59 億美元的可用循環能力，扣除 2100 萬美元的信用證。上週，我們成功地將循環貸款從 3.5 億美元增加到 5 億美元，並籌集了 8 億美元的 8 年期 7.25% 無抵押票據，我們用這些票據在要約收購中支付了 2024 年無抵押票據中的 8.93 億美元。

Over the next 15 months, we plan to use the excess free cash flow to pay down the remaining portion of our 2024 notes in addition to our revolver balance. Before I turn it back over to Selim, I want to highlight a few items to help you think through the remainder of the year.

在接下來的 15 個月裡，我們計劃使用多餘的自由現金流來支付我們 2024 年票據的剩餘部分以及我們的循環餘額。在我把它轉回 Selim 之前，我想強調幾個項目來幫助你思考今年剩下的時間。

First, in 2022, our year-over-year attendance trends were consistent with our 2021 attendance trends until mid-June, at which point we began to see meaningful declines that continued to accelerate through the end of September before our attendance began to improve sequentially in October through the end of the year. This is important as you think about our year-over-year attendance comps.

首先，在 2022 年，我們的同比出勤率趨勢與 2021 年的出勤率趨勢一致，直到 6 月中旬，從那時起，我們開始看到有意義的下降，這種下降持續加速到 9 月底，然後我們的出勤率開始連續改善從十月到年底。當您考慮我們的年度出勤率時，這一點很重要。

Second, we expect inflationary cost headwinds of approximately 6% in 2023 relative to 2022. While we expect to offset much of these cost headwinds through additional cost savings programs, we are selectively adding back costs that directly and positively impact the guest experience. As a result, we expect to see full year 2023 costs increase by low single-digit percentage versus last year.

其次，我們預計 2023 年與 2022 年相比，通貨膨脹成本逆風約為 6%。雖然我們希望通過額外的成本節約計劃抵消大部分這些成本逆風，但我們有選擇地增加直接和積極影響客戶體驗的成本。因此，我們預計 2023 年全年的成本將比去年低個位數百分比增長。

Finally, we continue to expect our full year 2023 adjusted EBITDA to be higher than our previous record of $518 million of adjusted EBITDA achieved by our core North American operations in 2018, which excludes international licensing revenue. As compared to 2022, we expect this result to be driven by higher attendance, partially offset by lower per capita spending. We expect to grow revenue faster than costs driving margin expansion.

最後，我們繼續預計我們 2023 年全年調整後的 EBITDA 將高於我們之前在 2018 年北美核心業務實現的調整後 EBITDA 5.18 億美元的記錄，其中不包括國際許可收入。與 2022 年相比，我們預計這一結果將受到更高的出勤率的推動，部分被較低的人均支出所抵消。我們預計收入增長速度將快於推動利潤率增長的成本。

Now I will pass the call back over to Selim.

現在我將把電話轉回 Selim。

Thank you, Gary. There continues to be a growing consumer demand for local out-of-home entertainment, and we believe Six Flags sits squarely in the middle of everything a consumer is looking for. We believe the way to capture this demand and optimize profit in a sustainable manner is by continuously improving the guest experience. That will continue to be our intense focus.

謝謝你，加里。消費者對本地戶外娛樂的需求持續增長，我們相信六旗樂園正好位於消費者正在尋找的一切中間。我們相信，以可持續的方式抓住這一需求並優化利潤的方法是不斷改善賓客體驗。這將繼續是我們的重點。

Our strategy rests on four strategic pillars. First, our park experiences; second, pricing and products; third, seasonal events; and fourth, organizational culture. Our first priority is to improve park experiences for both our guests and our employees. The investments we are making focus on the areas that directly impact guests' time spent in the parks, including safety, cleanliness, food quality and variety, speed of service and guest amenities.

我們的戰略基於四個戰略支柱。首先，我們的公園體驗；第二，定價和產品；第三，季節性活動；第四，組織文化。我們的首要任務是改善遊客和員工的公園體驗。我們的投資集中在直接影響客人在公園逗留時間的領域，包括安全、清潔、食品質量和種類、服務速度和客人便利設施。

As a facilitator of all these priorities, we are currently undergoing an extensive digital transformation aimed at creating a more seamless guest experience, increasing sales through both existing and new revenue streams and making it easier for our frontline team members to serve our guests. We plan to roll out our new mobile app in June, which will deliver features such as a schedule of events to help our guests plan their day in the park.

作為所有這些優先事項的推動者，我們目前正在進行廣泛的數字化轉型，旨在創造更加無縫的賓客體驗，通過現有和新的收入來源增加銷售額，並讓我們的一線團隊成員更輕鬆地為賓客服務。我們計劃在 6 月推出新的移動應用程序，該應用程序將提供活動時間表等功能，以幫助我們的客人規劃他們在公園的一天。

The seamless ability to purchase and access flash passes without visiting guest services. With the click of a button, guests will be able to upgrade from single-day tickets to season passes or from lower tier season pass categories to higher tier options. Interactive maps, features that helps guests navigate our parks. An improved mobile food ordering system, which we expect will help increase the usage of our mobile dining system. We believe this will help raise our in-park spending because our average mobile food order value is 10% higher than on mobile order.

無需訪問客戶服務即可無縫購買和訪問快速通行證的能力。只需單擊一個按鈕，客人就可以從單日票升級到季票，或者從較低級別的季票類別升級到較高級別的選項。交互式地圖，可幫助客人在我們的公園中導航的功能。改進的移動訂餐系統，我們預計這將有助於增加我們的移動用餐系統的使用。我們相信這將有助於提高我們的公園內消費，因為我們的平均移動食品訂單價值比移動訂單高 10%。

In addition to technology, while investing more in our infrastructure than we have in any year over the last decade. Our primary focus is on guest amenities, including shaded areas to help guests keep cool during the hot summer months. Extra seating options throughout our parks for our guests to sit down and relax, and our new and refurbished restaurants and bars. We are also focused on park beautification and have added flowers and greenery throughout our parks in addition to lots of paintings of Fright and building to improve our appearance.

除了技術之外，我們對基礎設施的投資比過去十年中任何一年都多。我們的主要重點是客用設施，包括幫助客人在炎熱的夏季保持涼爽的陰涼區域。我們整個公園都有額外的座位選擇，供客人坐下來放鬆身心，還有我們全新和翻新的餐廳和酒吧。我們還專注於公園美化，並在整個公園內增添了鮮花和綠色植物，此外還有許多 Fright 和建築的畫作，以改善我們的外觀。

We have also introduced new luxurious VIP lounges in several of our parks to allow our most loyal guests to relax in a comfortable environment during the day. We continue to prioritize investments in food service quality and delivery and recently hired a new Operations Chief to standardize equipment and processes, including increased automation and to create a culinary training program in the parks. E-gaming is an exciting new opportunity that we are launching at Six Flags Fiesta Texas in conjunction with our partner, Coca-Cola.

我們還在我們的幾個公園中引入了新的豪華貴賓休息室，讓我們最忠實的客人白天可以在舒適的環境中放鬆身心。我們繼續優先投資於食品服務質量和交付，並且最近聘請了一位新的運營主管來標準化設備和流程，包括提高自動化程度並在公園內創建烹飪培訓計劃。電子博彩是我們與我們的合作夥伴可口可樂一起在德克薩斯六旗嘉年華推出的令人興奮的新機會。

Our e-gaming facility is state-of-the-art and a first for theme parks and the grand opening is on May 20. We look forward to offering our gamer enthusiasts an outlet in our parks to enjoy alongside our signature rides and other attractions.

我們的電子遊戲設施是最先進的，在主題公園中尚屬首創，將於 5 月 20 日盛大開幕。我們期待為我們的遊戲愛好者提供一個在我們公園內享受我們標誌性遊樂設施和其他景點的場所.

In 2023, we are making a concerted effort to improve our water park experience. Not only are we adding significant new water rides and attraction with a focus on family-oriented entertainment, but we are also adding new food and beverage facilities as well as expanded Cabana seating and we are excited to launch wristband technology that allows our guests to purchase food and drinks without having their credit card with them.

2023 年，我們將齊心協力改善我們的水上樂園體驗。我們不僅增加了重要的新水上游樂設施和以家庭娛樂為重點的景點，而且我們還增加了新的餐飲設施以及擴大的小屋座位，我們很高興推出腕帶技術，讓我們的客人可以購買食品和飲料而無需攜帶信用卡。

Six Flags offers somethings for everyone. And our team is particularly focused on adding experiences and amenities that cater to families in addition to our core thrill seeker guests. As part of our focus on families, we will be amplifying the IP in our parks, including our exclusive rides to use the Looney Tunes and DC Comics character in our parks. In 2023, we plan to further incorporate these beloved characters into our seasonal events and festivals. And of course, we will always be committed to adding drilling rights and roller coasters to our theme parks for guests of all ages.

六旗為每個人提供一些東西。我們的團隊特別專注於增加體驗和便利設施，以迎合我們核心尋求刺激的客人之外的家庭。作為我們對家庭的關注的一部分，我們將擴大我們公園的 IP，包括我們在公園中使用樂一通和 DC 漫畫角色的獨家遊樂設施。 2023 年，我們計劃將這些深受喜愛的角色進一步融入我們的季節性活動和節日中。當然，我們將始終致力於為所有年齡段的客人增加鑽井權和過山車到我們的主題公園。

One final point on the gas experience. The #1 complaint from our guests is rides downtime. Rides will always be down from time to time due to scheduled maintenance and other safety precautions. But we do have an opportunity to improve our own performance. A few weeks ago, we announced that we are consolidating our maintenance and engineering departments and restructuring our operations to make us more efficient and provide greater oversight and accountability for our rides.

關於燃氣體驗的最後一點。我們客人的第一大投訴是遊樂設施停機時間。由於定期維護和其他安全預防措施，遊樂設施總是會不時停運。但我們確實有機會提高自己的表現。幾週前，我們宣布我們正在整合我們的維護和工程部門並重組我們的運營，以提高我們的效率，並為我們的遊樂設施提供更好的監督和問責制。

This will take time to improve. But we know that our guests will appreciate greater rides availability and uptime when they visit our parks. So it's worth prioritizing our time and energy in this area. The second strategic priority is pricing and products. Our goal is to deliver a premium guest experience and to charge prices that are commensurate with the value we deliver to our guests.

這需要時間來改進。但我們知道，當客人參觀我們的公園時，他們會喜歡更多的遊樂設施可用性和正常運行時間。因此，值得優先考慮我們在這方面的時間和精力。第二個戰略重點是定價和產品。我們的目標是提供優質的賓客體驗，並收取與我們為賓客提供的價值相稱的價格。

For single-day ticket, we are piloting a dynamic pricing program in our parks that will enable us to automatically change a specific price point based on demand for that park and that day. If successful, this program will enable us to extend our booking curves, drive yield on our busiest days and drive volume on our slower days.

對於單日票，我們正在我們的公園試行動態定價程序，這將使我們能夠根據該公園和當天的需求自動更改特定的價格點。如果成功，該計劃將使我們能夠延長我們的預訂曲線，在我們最繁忙的日子提高收益並在我們較慢的日子增加銷量。

We believe we have pricing power, but only if we deliver an exceptional guest experience. We have learned that price increases should be gradual and should be accompanied by continuous and meaningful improvement to the guest experience.

我們相信我們有定價權，但前提是我們提供卓越的客戶體驗。我們了解到，價格上漲應該是漸進的，並且應該伴隨著對客人體驗的持續和有意義的改善。

Our goal is to continue the success we saw last year in improving our guest satisfaction scores across all our parks. And if we can do that, then we can increase prices gradually over time.

我們的目標是延續我們去年在提高我們所有公園的客人滿意度得分方面取得的成功。如果我們能做到這一點，那麼我們就可以隨著時間的推移逐漸提高價格。

Our third strategic priority is adding quality seasonal events. Events and festivals drive urgency to visit our parks and provide our members and pass holders reason to visit us multiple times throughout the year. In 2023, we plan to amplify our focus on festivals and events. So far this year, we have introduced several new events, including Scream Break, Tacos and Beer Fest and Viva La Fiesta, all of which have received positive guest feedback.

我們的第三個戰略重點是增加優質的季節性活動。活動和節日推動了參觀我們公園的緊迫感，並為我們的會員和通行證持有人提供了全年多次訪問我們的理由。 2023 年，我們計劃擴大對節日和活動的關注。今年到目前為止，我們推出了幾項新活動，包括 Scream Break、Tacos and Beer Fest 和 Viva La Fiesta，所有這些活動都收到了客人的積極反饋。

Looking ahead, our summer schedule includes new events such as Flavors of the World, Six Flags firework spectacular and parades. And the fall and winter months will feature an enhanced Oktoberfest, Fright Fest, Kids Boo Fest and Holiday in the Park amongst others. In addition to giving guests more reason to visit our parks, we believe our events, in particular, those hosted at night give gets more reason to stay in our parks longer resulting in more fun and more value to the guests and increased cash spending per visit.

展望未來，我們的夏季日程安排包括新活動，例如世界風味美食節、六旗煙花盛會和遊行。秋冬季節將舉辦更精彩的慕尼黑啤酒節、Fright Fest、Kids Boo Fest 和 Holiday in the Park 等活動。除了讓客人有更多理由參觀我們的公園外，我們相信我們的活動，特別是那些在晚上舉辦的活動，讓他們有更多理由在我們的公園停留更長時間，從而為客人帶來更多樂趣和更多價值，並增加每次訪問的現金支出.

The fourth strategic priority is changing our culture. What I am most proud of is a talented and dedicated team we have built to execute our strategy. We have a powerful combination of internal theme park expertise and externally recruited talent with new skills and fresh perspectives. We are a much leaner and more nimble organization. We move fast. We challenge the status quo and we innovate. We empower our frontline team members to make decisions that will delight our guests and we hold each other accountable for performance.

第四個戰略重點是改變我們的文化。我最引以為豪的是我們為執行我們的戰略而建立的一支才華橫溢、敬業奉獻的團隊。我們擁有內部主題公園專業知識和具有新技能和新觀點的外部招聘人才的強大組合。我們是一個更精簡、更靈活的組織。我們行動迅速。我們挑戰現狀，我們創新。我們授權我們的一線團隊成員做出讓客人滿意的決定，並且我們讓彼此對績效負責。

Above all, our team has created a customer-obsessed culture. And this is what gives me the confidence to say we can take our performance to the next level and unlock the potential of Six Flags. I look forward to updating you on our progress as we strive to continue to improve the guest experience and increase our profitability.

最重要的是，我們的團隊創造了一種以客戶為中心的文化。這就是讓我有信心說我們可以將我們的表現提升到一個新的水平並釋放六旗的潛力的原因。我期待著向您介紹我們的最新進展，因為我們努力繼續改善賓客體驗並提高我們的盈利能力。

Operator, at this point, could you please open the call for any questions.

接線員，在這一點上，如果有任何問題，請打開電話。

(Operator Instructions) The first question comes from Jamie Hardiman with Citi.

（操作員說明）第一個問題來自花旗銀行的 Jamie Hardiman。

So just a point of clarification. Help us walk through what looks like some per cap benefits that you called out as a result of the 13-plus cohort. I -- obviously, the membership pass is something that was discontinued. I understand that there were some people that are grandfathered in, but I would have thought that, if anything, there are fewer of those -- less of those revenues coming in today than a year ago.

所以只是澄清一點。幫助我們了解一下您因 13 歲以上人群而提出的一些人均福利。我 - 顯然，會員通行證已經停產了。我知道有些人是祖父，但我認為，如果有的話，現在的收入比一年前少了。

Help us sort of understand the puts and takes and how we should think about that going forward? Should there be incremental benefits from the shoulder period from the membership revenues going forward?

幫助我們理解看跌期權以及我們應該如何考慮未來的發展？未來的會員收入是否應該從肩期中獲得增量收益？

Jamie, let me answer first the first part of the question about memberships. Memberships are our most loyal guests. And they are, in essence, when you reach membership 13-plus, meaning they've been with you over a year, they are not only the most loyal, they are the most profitable. However, our membership had a lot of perks and a lot of complication of execution in our parks. And however, it doesn't eliminate the fact that members by themselves are very loyal and very profitable once you get to 13-plus. And I'll turn it over to Gary now to address specifically the impact.

傑米，讓我先回答關於會員資格問題的第一部分。會員是我們最忠實的客人。從本質上講，當您達到 13 歲以上的會員資格時，他們就是您的會員，這意味著他們已經與您在一起超過一年，他們不僅是最忠誠的，而且是最賺錢的。然而，我們的會員資格在我們的公園裡有很多好處和很多執行的複雜性。然而，這並不能消除這樣一個事實，即一旦您達到 13 歲以上，會員本身就會非常忠誠並且非常有利可圖。我現在將其轉交給 Gary 來專門解決影響。

Yes, thank you, Selim. Jamie, what happens is we recognize the revenue on 13-plus monthly. And as we don't have any new members coming in, we're not ratably allocating that through the year based on visits per park. So the dollar impact of booking the revenue of 13-plus and almost all of our members are now 13-plus has an outsized impact on Q1.

是的，謝謝你，塞利姆。傑米，發生的事情是我們確認每月 13 歲以上的收入。由於我們沒有任何新成員加入，我們不會根據每個公園的訪問量來合理分配全年的費用。因此，預訂 13 歲以上的收入以及我們幾乎所有會員現在都是 13 歲以上的收入對美元的影響對第一季度產生了巨大的影響。

Right. And I understand the Q1 benefit relative to the rest of the year, but maybe help us understand versus a year ago, right? I mean are there more members coming into the system somehow or what's happening there? Or it's a more hit that 13-month...

正確的。我了解第一季度相對於今年剩餘時間的收益，但也許可以幫助我們了解與一年前相比，對吧？我的意思是，是否有更多成員以某種方式進入系統，或者那裡發生了什麼？或者它在 13 個月內更受歡迎......

Exactly, exactly. That's the key, Jamie. You got it. Last year, many of them were still in there monthly payment mode to hit their first 12 months. And so that's allocated differently. And as they get to 13-plus, then it's booked as we receive it.

完全正確，完全正確。這是關鍵，傑米。你說對了。去年，他們中的許多人在前 12 個月仍然採用按月付款模式。所以這是不同的分配。當他們達到 13 歲以上時，就會在我們收到它時進行預訂。

Okay. And so it sounds like, given the fact that you're not selling new memberships, that the retention rate of those members must be exceedingly high if we're still getting -- if sort of the people hitting that 13-month anniversary are still greater than the number of people that are dropping out of that membership total?

好的。所以這聽起來像是，考慮到你沒有銷售新會員，如果我們仍然得到這些會員的保留率，那麼這些會員的保留率一定非常高——如果那些達到 13 個月週年紀念日的人仍然是大於從會員總數中退出的人數？

Jamie, we have not been willing to give those figures on membership, but I'm going to tell you anecdotally where we are. As I travel extensively the parks and I am in the parks almost every weekend, literally, I am visiting parks every weekend. The #1 question people ask me, could you please bring back membership? And this is what I receive and that is what I get. And it's something that we're studying. And analyzing and evaluating. But this is -- I can tell you the #1 question, and this is why people value the membership.

傑米，我們一直不願意提供有關會員的這些數字，但我會以軼事的方式告訴你我們的進展情況。當我在公園裡廣泛旅行並且我幾乎每個週末都在公園裡時，從字面上看，我每個週末都在參觀公園。人們問我的第一個問題，你能帶回會員資格嗎？這就是我收到的，這就是我得到的。這是我們正在研究的東西。並進行分析和評估。但這是——我可以告訴你第一個問題，這就是人們重視會員資格的原因。

Okay. That's helpful. And then I guess just sort of open-ended question, Selim, I'm sure you're going to want to talk about this one, but you mentioned how guest satisfaction scores are trending upward. Maybe just give us some more color on that? How much of that is the reintroduction of some of the products that were eliminated, how much of that is just fewer crowds, the role that events are playing? Any color we could get there would be great.

好的。這很有幫助。然後我想這只是一個開放式問題，Selim，我確定你會想談談這個問題，但你提到了客人滿意度分數呈上升趨勢。也許只是給我們更多的顏色？其中有多少是重新引入一些被淘汰的產品，其中有多少只是人群減少，事件正在發揮作用？我們能得到的任何顏色都會很棒。

Well, I'm going to give you two colors. I'm going to give you a color that happened this specific weekend and a color that happened -- that's happening online for the last, I would say, 6, 7 months. Our online postings, specifically in respect of our own internal guest satisfaction scores that we measure have been very positive.

好吧，我會給你兩種顏色。我會給你一個發生在這個特定週末的顏色和一個發生的顏色——我想說的是最近 6、7 個月在網上發生的顏色。我們的在線帖子，特別是關於我們自己衡量的內部客人滿意度得分的帖子非常積極。

Now, we remain having negative comments about our ride downtime and others, and we're trying to improve that, and we'll talk about that later in the call. But ultimately, people are looking at our cleanness of the park, our friendliness of our staff, talking about our ease to get into our park, the flow of our food service choices and variety; our amenities, people talk about the shades, the benches, even though they look simple, but literally, the ability to position those shades, making sure they are all over the park to make sure they where people can sit, now we're introducing our VIP lounges. So our guest satisfaction where have gone up.

現在，我們仍然對我們的乘車停機時間和其他方面有負面評論，我們正在努力改善這一點，我們將在稍後的電話會議中討論這一點。但最終，人們關注的是我們公園的清潔度、我們員工的友善程度、談論我們進入公園的便利性、我們的餐飲服務選擇和多樣性的流動性；我們的便利設施，人們談論陰影和長椅，儘管它們看起來很簡單，但從字面上看，能夠放置這些陰影，確保它們遍布整個公園以確保它們可以讓人們坐下，現在我們正在介紹我們的貴賓休息室。因此，我們的客人滿意度有所提高。

Now let me talk to you anecdotally. For the first time, I've been invited -- well, I've been invited in the past, but the first time I decided to attend the annual shareholder meeting of Warren Buffett of Berkshire Hathaway, so I went to Omaha. I did the pilgrimage to Omaha. And I was in line. I was all decked out in all Six Flags paraphernalia, I had my jacket was Six Flags, my shirt was Six Flags, and I was in line, there were thousands and thousands of people. I understand to the record attendance. And it was fun to be there. I picked up a lot of tips from those two items, Charlie and Warren, but what is important, as I was working the line, almost every person said, do you work at Six Flags?" And I said, "Yes, I work at Six Flags."

現在讓我和你講一些軼事。這是我第一次受邀——好吧，我過去也受過邀請，但我第一次決定參加伯克希爾哈撒韋公司沃倫巴菲特的年度股東大會，所以我去了奧馬哈。我去奧馬哈朝聖。我在排隊。我穿著六旗的所有裝備，我的夾克是六旗的，我的襯衫是六旗的，我在排隊，有成千上萬的人。我明白要記錄出勤率。在那裡很有趣。我從查理和沃倫這兩個項目中得到了很多提示，但重要的是，當我在生產線上工作時，幾乎每個人都說，你在六旗工作嗎？”我說，“是的，我工作在六旗。”

And they said, we have cherished memories at Six Flags. We love that brand. And then I ran into a professor who grew up just a couple of miles away from our Gurnee park in Illinois. And now he is a professor at University of Florida in Jacksonville. And he said Selim, "My memories of Six Flags are unbelievable. And now my brother still lives just 2 miles away from your park in Gurnee in Chicago. And he goes there with family all the time."

他們說，我們在六旗遊樂園擁有珍貴的回憶。我們喜歡那個品牌。然後我遇到了一位教授，他在離我們伊利諾伊州格尼公園幾英里的地方長大。現在他是傑克遜維爾佛羅里達大學的教授。他對塞利姆說，“我對六旗的記憶令人難以置信。現在我哥哥仍然住在離你位於芝加哥格尼的公園僅 2 英里的地方。他總是和家人一起去那裡。”

And he told me that the parks have gotten better and better and better. Kudos to you, because he understand that I was the new CEO. He said, "Selim, I can tell you, hearing from my brother, the parts are much better, more invested in, food is better, the ambience, the vibes are fantastic, the staff is so friendly and welcoming and hospitable, the water park is a lot more better than it's ever been," and this made my day being through there this weekend. And that's basically telling you where we are.

他告訴我公園變得越來越好。感謝你，因為他知道我是新任首席執行官。他說，“Selim，我可以告訴你，聽我哥哥說，零件好多了，投資更多，食物更好，氛圍，氛圍太棒了，工作人員非常友好，熱情好客，水公園比以往任何時候都好得多，”這讓我這個週末在那裡度過了愉快的一天。這基本上是在告訴你我們在哪裡。

The next question comes from Steve Wieczynski with Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

So as we think about the remainder of the year from an attendance standpoint, Gary, I know in the last call, you kind of called out a -- you were expecting kind of a double-digit attendance growth for this year. I just want to understand if you're still kind of thinking about the year of that way? Obviously, you had some weather impacts in the first quarter. I would guess that April weather wasn't that great either.

因此，當我們從出勤率的角度考慮今年剩餘時間時，加里，我知道在上次電話會議中，你曾說過——你預計今年的出勤率會出現兩位數的增長。我只是想知道你是否還在想當年的事？顯然，你在第一季度受到了一些天氣影響。我猜四月的天氣也不是那麼好。

So should we think about attendance for the second quarter still being up relative to last year, but not that high. And then do you start to see some significant growth in the back half of the year, and that could still get you into that double-digit kind of growth range for the year?

因此，我們是否應該考慮第二季度的出席率相對於去年仍然有所上升，但沒有那麼高。然後你是否開始看到今年下半年出現一些顯著增長，這仍然可以讓你進入今年兩位數的增長范圍？

Yes. Thank you, Steve. Excellent line of thinking. The -- when I look at our tenants leading indicators, I look at season passes, I look at group sales and both are very strong. We're seeing some really impressive growth that definitely supports. But what I see is a double-digit growth for the full year. What is interesting compared to Q2 is Q2 was still pretty solid in terms of attendance until say, the middle of June when things started to drop off and we talked about that on our opening remarks.

是的。謝謝你，史蒂夫。優秀的思路。 - 當我查看我們的租戶領先指標時，我會查看季票，我會查看團體銷售，兩者都非常強勁。我們看到了一些非常令人印象深刻的增長，這絕對是支持。但我看到的是全年兩位數的增長。與第二季度相比，有趣的是第二季度在出席人數方面仍然相當穩定，直到 6 月中旬情況開始下降，我們在開場白中談到了這一點。

So at the Q2 attendance, certainly has a chance to be up double digits, but we'll show really remarkable gains against the third quarter, which will be where majority of our lift will be done on attendance. But we're seeing -- what is interesting is the Q1 being down [5], weather affected. And April is up nicely, and May is also showing even greater progress for attendance than April. So we're moving in the right direction, things point to fairly confident on double-digit growth in attendance.

因此，在第二季度的出勤率上，當然有機會增加兩位數，但我們將在第三季度展示出非常顯著的增長，這將是我們大部分提升將在出勤率上實現的地方。但我們看到 - 有趣的是 Q1 下降 [5]，受天氣影響。 4 月的情況很好，5 月的出勤率也比 4 月有更大的進步。所以我們正朝著正確的方向前進，事情表明對出席人數的兩位數增長相當有信心。

Okay. That's great color, Gary. And then second question, probably for you, Selim, but marketing spend. And I guess what I'm trying to understand here is how we should be thinking about marketing spending for the rest of the year? It seems like there's been high correlation here between marketing spend and visitation to the park. So do you think at some point in the future, you'll actually have the opportunity to pull back on marketing without impacting or loosing attendance?

好的。顏色真好，加里。然後第二個問題，可能是給你的，塞利姆，但營銷支出。我想我在這裡想了解的是我們應該如何考慮今年剩餘時間的營銷支出？營銷支出與公園參觀量之間似乎存在高度相關性。那麼您是否認為在未來的某個時候，您真的有機會在不影響或減少出勤率的情況下撤回營銷？

Excellent question. I think that marketing is sometimes very difficult to measure the impact, but we've seen compared to the testing in last year when we cut back on marketing and this year that there is a correlation, as you well said, about marketing, media spend and attendance. However, we have realized that this year, specifically while increasing our marketing spend to promote all the initiatives we have.

很好的問題。我認為營銷有時很難衡量其影響，但我們已經看到，與去年我們削減營銷的測試和今年的測試相比，正如你所說的那樣，營銷、媒體支出之間存在相關性和出席。然而，我們已經意識到，今年，特別是在增加我們的營銷支出以促進我們擁有的所有舉措的同時。

And I want to just give a color of all what we're doing very briefly about what's happening. So we are this year, adding a record number of festivals, which we have to promote Flavors of the World, Viva La Fiesta then we're going to continue building on Oktoberfest, summer night celebration, which includes fireworks and lighting and synchronized fireworks.

我只想簡要介紹一下我們正在做的所有事情，了解正在發生的事情。所以我們今年增加了創紀錄數量的節日，我們必須宣傳世界風味，Viva La Fiesta，然後我們將繼續在慕尼黑啤酒節、夏夜慶祝活動的基礎上進行建設，其中包括煙花和燈光以及同步煙花。

Then we are also adding season pass appreciation calendar for our season pass holder. We are adding 20 new food and beverage items that are popular amongst all demographics, especially our young adults, such as mocktails, Korean corn dogs and many, many other things.

然後我們還為我們的季票持有者添加了季票欣賞日曆。我們正在添加 20 種新的食品和飲料，這些食品和飲料在所有人群中都很受歡迎，尤其是我們的年輕人，例如無酒精雞尾酒、韓國玉米熱狗和許多其他東西。

We also are introducing a brand-new mobile app, and we are trying this year -- with all the initiatives, we're trying to send the word out that there's a lot more exciting to come to Six Flags. It's not only about Fright. And in fact, we are investing in more rides and adding more water rides for families. We are more events for families. We are also doing a lot of immersive family events, such as Family Bingo, scavenger hunt, eating pie contest.

我們還推出了一個全新的移動應用程序，今年我們正在嘗試——通過所有這些舉措，我們試圖向外界宣傳，六旗樂園還有更多令人興奮的事情。這不僅僅是關於恐懼。事實上，我們正在投資更多的遊樂設施，並為家庭增加更多的水上游樂設施。我們更多的是為家庭舉辦的活動。我們也在做很多沉浸式家庭活動，比如家庭賓果、尋寶遊戲、吃餡餅比賽。

So all of this happening this year in 2023 makes it very important. We are -- including indoor kids play area. All of this needs to tell people it's a revamped reinvested Six Flags. So this is why we're going to spend more money this year in marketing to tell about all the things that's happening, all the innovations happening in our parks.

因此，今年 2023 年發生的所有這一切使其變得非常重要。我們是——包括室內兒童遊樂區。所有這一切都需要告訴人們這是一個經過改造的再投資六旗。所以這就是為什麼我們今年要花更多的錢在營銷上，以講述我們公園裡發生的所有事情，所有正在發生的創新。

The next question comes from Ben Chaiken with Credit Suisse.

下一個問題來自瑞士信貸的 Ben Chaiken。

On pricing, I think last quarter, there was a discussion around admission per caps and your expectations for the year implied year-over-year declines. This quarter was up it was flat ex the pass accounting. I guess my question would be, given the traction you're seeing on attendance, your commentary on April and May, have your expectations around price change at all now that we're a few months into the season, there's some pretty healthy results on the pen?

在定價方面，我認為上個季度，圍繞每上限入場和你對今年的預期暗示同比下降進行了討論。本季度上漲，除通行證會計外持平。我想我的問題是，考慮到你在出席人數上看到的牽引力，你對 4 月和 5 月的評論，你對價格變化的預期是什麼，現在我們已經進入這個季節幾個月了，有一些非常健康的結果筆？

Thank you, Ben. At this stage, no. It's important to recognize Q1 is less than 10% of our total activity really for the year on -- certainly on the revenue side. And it's -- I think we raised prices significantly last year. So Q1 '22 over Q1 '21, we were up guest spending, I think it was about 34%. And so we're holding on to that, you remove the impact from 13-plus, and we're flat with spending. But that, to me, says that we're delivering on the value and we've reset the baseline for future growth on attendance. and per caps.

謝謝你，本。在這個階段，沒有。重要的是要認識到，第一季度實際上在我們今年的總活動中所佔比例不到 10%——當然是在收入方面。而且它 - 我認為我們去年大幅提高了價格。所以 22 年第一季度超過 21 年第一季度，我們的客人支出增加了，我認為大約是 34%。所以我們堅持這一點，你消除了 13 歲以上的影響，我們的支出持平。但是，對我來說，這表明我們正在實現價值，並且我們已經為未來的出勤率增長重新設定了基線。和每上限。

Remember, we simplified pricing by reducing overlapping promotion. We also made it easier for people to understand our pricing. It was very confusing last year. But also at the same time, we realized one thing very important is we, last year, pushed pricing a little bit more ahead of our premiumization.

請記住，我們通過減少重疊促銷來簡化定價。我們還讓人們更容易理解我們的定價。去年非常混亂。但與此同時，我們意識到一件非常重要的事情是，去年我們在高端化之前將定價推高了一點。

And we realize that we cannot push rate as high as we've done in just a single year. We readjusted and realizing the impact of the adjustment, our season passes have increased. And we're comfortable where we are right now. Now, we also -- I'm going to share with you something that as our season pass have increased, we've seen a few things also go out of balance. Season pass holders don't spend as much money on flash passes as single day ticket holder.

我們意識到我們不能像一年內那樣將利率推高。我們重新調整併意識到調整的影響，我們的季票增加了。我們對現在的處境感到很舒服。現在，我們也——我要和你們分享一些事情，隨著我們的季票增加，我們看到一些事情也失去了平衡。季票持有者不會像單日票持有者那樣花那麼多錢在快速通行證上。

And last year, we had a tremendous number of single day passes sold and that generated a lot of flash passes. As we take the mix back away from single day tickets to season passes, we've seen our flash passes, which are highly profitable come down a little bit. So we have to readjust our business model. It's a lot of learning between -- in the last, most probably 18 months for me and for this team, but we are figuring it out and we're very optimistic.

去年，我們售出了大量的單日通行證，並產生了大量的快速通行證。當我們將組合從單日票轉向季票時，我們已經看到我們的快速通行證，這是高利潤的一點點下降。所以我們必須重新調整我們的商業模式。在過去的 18 個月裡，對我和這個團隊來說，這是很多學習，但我們正在弄清楚，我們非常樂觀。

And I'm not looking at a quarter or two. We are taking big bets and those beds are not about a quarter or two. We have always said that this is a 3-year plan. So when I took that job, I signed up for a 3-year transformation, and we're seeing the impact. We start with the guest satisfaction score. We started to -- how we started learning and optimizing our pricing structure. We are now launching a lot of initiatives that are guest friendly that will increase the time spent in our parks and the visitation of those season pass holder in our parks.

而且我不看四分之一或兩個。我們正在下大賭注，而這些床位不是大約四分之一或兩個。我們一直說這是一個三年計劃。所以當我接受那份工作時，我報名參加了為期 3 年的轉型，我們看到了影響。我們從客人滿意度得分開始。我們開始 - 我們如何開始學習和優化我們的定價結構。我們現在正在推出許多對客人友好的舉措，這些舉措將增加在我們公園度過的時間以及那些季票持有者在我們公園的訪問量。

We've learned also that technology is a big thing for us. And we needed to revamp our mobile app, and I'm proud to say that we have a new mobile app launching in June. We are having a lot of technology happening also that I can talk about now. And Gary would like to add something.

我們還了解到，技術對我們來說是一件大事。我們需要改進我們的移動應用程序，我很自豪地說我們在 6 月推出了一款新的移動應用程序。我們也有很多技術正在發生，我現在可以談談。 Gary 想補充一點。

I'd just like to finish up with that. Thank you, Selim. It's excellent. Ben, flash passes are also very much a part of attendance, and attendance is relatively light in the first part of the year. As we go into May, we're seeing pretty nice uptick. So I still believe per caps, as I said on the last earnings call, will be down modestly, and that is more of a function that we raise prices very aggressively, as Selim just said in '22.

我只想結束這個。謝謝你，塞利姆。太棒了。 Ben，flash passes 也是出勤的一部分，上半年的出勤率比較低。當我們進入 5 月時，我們看到了相當不錯的增長。所以我仍然相信，正如我在上次財報電話會議上所說的那樣，每上限將適度下降，這更像是我們非常積極地提高價格的一個功能，正如塞利姆在 22 年所說的那樣。

Okay. Understood. That's all helpful. Just if I could squeeze one more in. I think you made a comment with Gary, that '23 costs are going to be up low single-digit percentage versus last year. If I thought that correctly. Just to confirm, is that excluding COGS, cost of products sold. And then if you could kind of help us in the context of a growing top line, 6% inflation, can you help us better understand some of the cost offsets?

好的。明白了。這都是有幫助的。如果我能再擠一個進去就好了。我想你和加里說過，23 年的成本將比去年低個位數百分比。如果我認為正確的話。只是要確認，是不包括 COGS 的銷售產品成本。然後，如果你能在收入增長的背景下幫助我們，6% 的通貨膨脹率，你能幫助我們更好地理解一些成本抵消嗎？

Yes, absolutely. One of our most successful initiatives this year has been our procurement strategy. We have centralized procurement here at Six Flags, and our new Vice President of Procurement is doing a wonderful job. We're seeing some real gains there. And this takes a little bit of time to filter through the financials because most of the activity, of course, is in Q2 and Q3.

是的，一點沒錯。我們今年最成功的舉措之一是我們的採購戰略。我們在六旗這裡進行了集中採購，我們新任的採購副總裁做得非常出色。我們在那裡看到了一些真正的收穫。這需要一點時間來過濾財務數據，因為大部分活動當然是在第二季度和第三季度進行的。

We are also optimizing our cost structure in relation to what we've done with maintenance. As Selim mentioned, we have maintenance. We have operations, and we have engineering now all under -- in general, one leadership at each park, and this is providing some efficiency gains there. And we're selectively looking at cost optimization strategies throughout the company.

我們還在優化與維護工作相關的成本結構。正如 Selim 提到的，我們有維護工作。我們有運營，現在我們有工程——一般來說，每個公園都有一個領導，這在那裡提供了一些效率提升。我們正在有選擇地研究整個公司的成本優化策略。

The next question comes from Thomas Yeh with Morgan Stanley.

下一個問題來自摩根士丹利的 Thomas Yeh。

It sounds like from your previous answers that you're happy with the simplified season pass pricing strategy. Maybe as we hit the mid-June time frame and we lapped the increases from last year, is there any way to help dimensionalize how the blended pricing on a past specific basis kind of shakes out versus last year?

從您之前的回答來看，您似乎對簡化的季票定價策略感到滿意。也許當我們達到 6 月中旬的時間框架並且我們超越了去年的增長時，是否有任何方法可以幫助確定過去特定基礎上的混合定價與去年相比的變化情況？

I can just go back to the blended overall look at both admissions and in-park spending, Thomas, will be down modestly for the year. I can't easily break it down much more granularly than that.

托馬斯，我可以回到今年入場和公園內消費的混合整體情況。我不能輕易地把它分解得比這更細粒度。

Okay. No, that's particularly helpful. And then on just in-park spending being flat at memberships, maybe help us dig into some of the headwinds or tailwinds there during the quarter. Do you expect to see continued tailwinds on premium product mix or any signs of consumer slowdown on attachment rates or order sizes or anything like that?

好的。不，那特別有用。然後，僅在公園內的會員支出持平，也許可以幫助我們深入了解本季度那裡的一些逆風或順風。您是否期望看到優質產品組合的持續順風或消費者在附件率或訂單大小或類似方面放緩的跡象？

Yes, good question. It's on a lot of our minds. We're seeing just really good customer appreciation for the value we're bringing. I -- and as I mentioned on our call this morning, satisfied might be the word I would use for the being flat to prior year.

是的，好問題。這是我們很多人的想法。我們看到客戶對我們帶來的價值非常讚賞。我——正如我今天早上在我們的電話中提到的，滿意這個詞可能是我用來表示與前一年持平的詞。

It's really important to remember, we raised prices 34% and offerings for our overall guest spend per cap. And so most of that came from the IPS changes. So we're lapping some really high comps. So I'm satisfied. Now is the team here sitting and resting a lot of, absolutely not. We have mobile ordering. As Selim mentioned, we have dynamic pricing. We have VIP lounges. We have e-gaming. We have -- we've been installing some new premium cabanas, lots of initiatives going on that we believe will drive the in-park spending throughout the year.

記住這一點非常重要，我們將價格提高了 34%，並針對我們的總體賓客人均消費提高了產品。因此，其中大部分來自 IPS 更改。所以我們正在打磨一些非常高的補償。所以我很滿意。現在是這裡坐著休息的隊伍很多，絕對不是。我們有移動訂購。正如 Selim 提到的，我們有動態定價。我們有貴賓休息室。我們有電子遊戲。我們已經 - 我們一直在安裝一些新的高級小屋，我們相信將推動全年的公園內支出的許多舉措正在進行中。

Okay. Great. And just maybe last one for me, following up on James' initial question about the membership revenue accounting. As we think about 2Q and 3Q, is it right to assume that you saw less non-13-plus members over the course of last year? So maybe the 2Q-3Q headwind related to that particular accounting works becomes less of a factor? And then going forward, in '24, I would imagine everybody is 13-plus and so you start to see less of a 1Q, 4Q kind of shoulder period benefit?

好的。偉大的。對我來說可能只是最後一個，跟進 James 關於會員收入核算的最初問題。當我們考慮 2Q 和 3Q 時，假設您在去年看到的非 13 歲以上會員數量減少是否正確？那麼，與特定會計工作相關的 2Q-3Q 逆風可能不再是一個因素了嗎？然後展望未來，在 24 年，我想每個人都超過 13 歲，所以你開始看到更少的 1Q、4Q 肩期收益？

Yes. It actually because the attendance goes up so dramatically in Q3 and Q2, the impact from recognizing 13-plus revenue monthly is much more muted. So you don't see the upside impact being that dramatic.

是的。實際上，由於第三季度和第二季度的出勤率大幅上升，每月確認 13 歲以上收入的影響要小得多。所以你看不到上行影響那麼顯著。

Next question comes from Chris Woronka with Deutsche Bank.

下一個問題來自德意志銀行的 Chris Woronka。

Wanted to ask your thoughts on how much you plan to use kind of dynamic pricing this year as you head through the peak months and get some more data points on where attendance is shaking out and how weather and other things are impacting you? So can you give us a few thoughts on where you might stand on using more dynamic flexible pricing?

想問問您在今年度過高峰月份時計劃使用多少動態定價的想法，並獲得更多有關出勤率變化以及天氣和其他因素如何影響您的數據點？那麼，您能否就使用更具動態性的靈活定價的立場給我們一些想法？

Yes. Thank you, Chris. We are essentially piloting dynamic pricing at three of our largest parks. This begins in July. The impact will hopefully be immediate, but there's a lot of work to do to get the dynamic pricing fully developed. It's a lot of data sharing, a lot of data aggregation. And so as it rolls out and becomes promising, which we believe it will have a nice -- a very nice upsized impact, it will be even more powerful in '24.

是的。謝謝你，克里斯。我們基本上是在三個最大的公園試行動態定價。這從七月開始。這種影響有望立竿見影，但要充分發展動態定價還有很多工作要做。這是大量的數據共享，大量的數據聚合。因此，隨著它的推出並變得有前途，我們相信它會產生很好的 - 非常好的擴大影響，它在 24 年會更加強大。

Okay. And then as a follow-up, I know last year, you talked a lot about variation in performance by park and some pretty big variations based on the pricing strategies and other things that when you look at this season knowing that it's still early, but do you think, you expect there's going to be still very wide variation among your parts? Or do you think you maybe do some things that narrow the kind of the delta between the top and bottom parks?

好的。然後作為後續行動，我知道去年，你談到了很多關於公園表現的變化以及基於定價策略和其他事情的一些相當大的變化，當你看到這個季節時知道它還早，但是你認為，你認為你的部分之間會有很大的差異嗎？或者你認為你可能會做一些事情來縮小頂部和底部公園之間的三角洲？

The investment cycle that we're in really makes a difference. So as we invest in our parks in all the areas that Selim has laid out in front of us today, it makes a significant impact in bringing the outliers more towards the mean. So happy with that. And I'll take a moment to congratulate our folks, the team in Mexico. They had a wonderful first quarter, and a great job, guys.

我們所處的投資週期確實產生了影響。因此，當我們在 Selim 今天擺在我們面前的所有區域投資我們的公園時，它會產生重大影響，使異常值更接近均值。很高興。我會花點時間祝賀我們的同事，墨西哥的團隊。伙計們，他們第一節表現出色，工作也很棒。

It's a great question. I would like to step in and tell you, last year, we had a tremendous variation between our parks and not only between the big and the small, but to take the big bump among themselves also, given some of the big ones had variation among themselves. And I think this year, your question is right on. And that's something we've been watching, me and the leadership team and all the park present, I think the variation is a lot better this year. We are more in sync. All the parts seem to be in sync right now. We are charging all ahead altogether, much, much more synchronized.

這是一個很好的問題。我想介入並告訴你，去年，我們的公園之間存在巨大差異，不僅在大公園和小公園之間，而且在它們之間也有很大的差異，因為一些大公園之間存在差異他們自己。我認為今年，你的問題是正確的。這是我們一直在關注的事情，我和領導團隊以及所有在場的公園，我認為今年的變化要好得多。我們更加同步。現在所有部分似乎都同步了。我們正在全力以赴，更加同步。

The next question comes from David Katz with Jefferies.

下一個問題來自 Jefferies 的 David Katz。

Selim, I wanted to go back to a comment you made earlier on about the #1 question people addressing with you when you see them, about membership. Can you just elaborate a bit more on the puts and takes of how you're thinking through the membership? I think you may have made a comment earlier that -- and I want to make sure I have it right, is that membership people tend less to buy flash passes. What are all the issues and help us kind of understand how you're thinking about that?

Selim，我想回到你之前發表的關於會員資格的第一個問題的評論。您能否更詳細地說明您對會員資格的看法？我想你之前可能已經發表過評論——我想確保我是對的，會員不太願意購買快速通行證。有哪些問題，可以幫助我們了解您的想法？

I think, first of all, when you think about the membership we had, we had, I think, four, five membership program. They were very complicated for our park to execute because every members' diamond elite, VIP elite, Gold, I can't remember how many they were. It was very complicated for our park frontline employees to honor.

我認為，首先，當您考慮我們擁有的會員資格時，我認為我們有四五個會員計劃。他們對我們公園來說執行起來非常複雜，因為每個會員的鑽石精英，VIP精英，黃金，我不記得他們有多少。對於我們的公園一線員工來說，兌現是非常複雜的。

It created a lot of friction and a lot of most probably arguments between our most loyal fans and our frontline employees. That's number one. Number two, there were tremendous perks that where we could not execute simply either from technology-wise or from ability to execute. They had -- they would come in, they had specific area in our park -- in the parking that they had to park, specific area up in our amusement park.

它在我們最忠實的粉絲和我們的一線員工之間造成了很多摩擦和很多很可能的爭論。這是第一。第二，有巨大的好處，我們無法簡單地從技術方面或執行能力上執行。他們有——他們會進來，他們在我們的公園裡有特定的區域——在他們必須停放的停車場，在我們遊樂園的特定區域。

You should not put strategies that alienates and create friction between you, as your loyal guests and you as our frontline employees, it was not working at the end. And I can tell you very clearly that our park President will tell you the biggest friction was our -- with our most loyal employees. So having said that, philosophically, we understand that those members are loyal, we understand that they are very profitable, but we need to be able to give them the service that they expect and that we have to build technology, we have to build a way to train our employees to service them well and we need to reduce the simplicity of that.

你不應該採取疏遠和製造摩擦的策略，作為你的忠實客人和你作為我們的一線員工，它最終沒有奏效。我可以非常清楚地告訴你，我們的公園總裁會告訴你最大的摩擦是我們與我們最忠誠的員工之間的摩擦。所以話雖如此，從哲學上講，我們知道這些成員是忠誠的，我們知道他們非常有利可圖，但我們需要能夠為他們提供他們期望的服務，我們必須建立技術，我們必須建立一個培訓我們的員工為他們提供良好服務的方法，我們需要減少這種簡單性。

So internally, we are debating, reintroducing maybe a membership in the second half of this year. But it's going to be a very different membership. It's a membership that has a lot of value and it's something that maybe would most probably would be simple, and we can create that satisfaction to our employees.

所以在內部，我們正在辯論，也許會在今年下半年重新引入會員資格。但這將是一個非常不同的成員。這是一種具有很大價值的會員資格，而且很可能很簡單，我們可以為我們的員工創造這種滿足感。

Now let's talk about certain things that people spend. single-day ticket holders are also very valuable to us, but they visit a lot less our parks. However, they pay parking and the attachment rate on single-day ticket holders and flash pass, which is a very profitable program for us, is, I don't know, very high. And from that perspective, that doesn't happen to be the same with members and season pass holder. Why? Because they can come often to the park. So they're not going to keep on buying flash passes. So our job is to find other ways to monetize them.

現在讓我們談談人們花費的某些東西。單日票持有者對我們來說也很有價值，但他們參觀我們公園的次數要少得多。然而，他們支付停車費，單日票持有者和閃通票的附加費，這對我們來說是一個非常有利可圖的計劃，我不知道，非常高。從這個角度來看，這與會員和季票持有者不同。為什麼？因為他們可以經常來公園。所以他們不會繼續購買快速通行證。因此，我們的工作是尋找其他方式將它們貨幣化。

Yes. And David, if I could add a little to that, too, as well. We really are focused on the mix of our season passes and diamond is, of course, our highest priced product. And to what Selim's point has been earlier, we are really focusing on diamond entrance, a Diamond entrance to the park and to go through quickly and to have the VIP lounges. And...

是的。大衛，如果我也可以補充一點的話。我們真正專注於季票的組合，而鑽石當然是我們價格最高的產品。就 Selim 之前的觀點而言，我們真正關注的是鑽石入口，公園的鑽石入口，快速通過並擁有貴賓休息室。和...

And to be able to give them a special section in our water park, special section of parts, making sure that they get a special attention, making sure that -- and that requires 2 things: training of our frontline employees and technology. We want to wow those members. We want to allow our most loyal fans, which are our diamond holders, our members, if we ever reintroduced that membership, and our basically platinum season pass holder. If we ever reintroduced that membership and our basically platinum season pass holders. Those three categories need to be wowed, and that's why I'm very excited about what we're doing, both in innovation and technology. Now single-day ticket holders we have -- they will come -- they will continue to come. They've always come to our park. Now some of them have transferred into buying season pass holder. And we have data that suggests that given the friendliness, the amenities, the beautification and premiumization of our parks, we have data that tell us that several of those single-day ticket holders have converted into season passes to a higher rate than we've had in the past.

並且能夠在我們的水上樂園中為他們提供一個特殊的部分，部分零件的特殊部分，確保他們得到特別的關注，確保 - 這需要兩件事：培訓我們的一線員工和技術。我們想讓那些成員驚嘆不已。我們希望允許我們最忠實的粉絲，即我們的鑽石持有人、我們的會員，如果我們重新引入該會員資格，以及我們基本上是白金的季票持有人。如果我們重新引入該會員資格和我們基本上是白金季票持有人。這三個類別需要令人驚嘆，這就是為什麼我對我們在創新和技術方面所做的事情感到非常興奮。現在，我們有單日票持有者——他們會來——他們會繼續來。他們總是來我們的公園。現在他們中的一些人已經轉為購買季票持有者。我們有數據表明，考慮到我們公園的友善、便利、美化和優質化，我們有數據告訴我們，其中一些單日票持有者轉換為季票的比例比我們高過去有過。

Okay. And if I can just ask a quick follow-up, given sort of the context of the day, are you seeing any indications or data points or any numbers that suggest any consumer trepidation or weakness or anything? It's such an odd time as we've been waiting for a year for a segment to arrive.

好的。如果我可以問一個快速跟進，考慮到當天的情況，你是否看到任何跡像或數據點或任何數字表明任何消費者恐懼或弱點或任何東西？這是一個奇怪的時間，因為我們已經等了一年才到達一個片段。

Yes. David, we're wondering when that will happen if it does. At this stage, our consumer, our guest is spending and they're strong. They're doing just fine.

是的。大衛，我們想知道如果確實如此，那什麼時候會發生。在這個階段，我們的消費者，我們的客人正在消費，他們很強大。他們做得很好。

The next question comes from Eric Wold with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Eric Wold。

Just a quick follow-up question on the dynamic pricing pilot. And I know we're early on that. But maybe if you can share some additional thoughts on how wide of a band you might be thinking we could see prices on the high end, on the low end versus kind of the baseline as you kind of think about more demand fits in there? And then how do you balance the desire to drive attendance on the kind of slower days without starting to push up against kind of guest satisfaction and crowds in the parks whatnot, any help would be -- any thought would be helpful?

只是關於動態定價試點的快速跟進問題。我知道我們還處於早期階段。但也許如果你能分享一些額外的想法，你可能認為我們可以看到高端價格、低端價格與基線的價格，因為你認為那裡有更多的需求？然後，您如何平衡在那種較慢的日子裡提高出勤率的願望，而不會開始提高客人滿意度和公園裡的人群等等，任何幫助都會 - 任何想法都會有所幫助？

Eric, on the dynamic pricing, I think it's still too early to be able to make some predictions as to the impact. If I was in airline, it would be a little bit easier. But as the consultants we are working with, it certainly is promising. But I think that's something that we can talk about on the next quarter.

埃里克，關於動態定價，我認為現在就其影響做出一些預測還為時過早。如果我在航空公司，那會更容易一些。但作為與我們合作的顧問，它肯定是有前途的。但我認為這是我們可以在下個季度討論的事情。

So I can address a little bit to your balancing attendance and guest satisfaction. We have basically told from the day with Jon we have data that tells us that our parks will always be agreeable to our guests within that 25 million to 27 million guest a year and we are still striving to get to that number. And that's where we are trying to achieve. So last year, we ended up in roughly in the 20-plus million and we are now climbing back up to go up towards that 25 million to 27 million.

因此，我可以談談您平衡出勤率和賓客滿意度的問題。從與喬恩在一起的那一天起，我們基本上就告訴我們，我們的數據告訴我們，我們的公園將始終滿足每年 2500 萬至 2700 萬遊客的需求，我們仍在努力達到這個數字。這就是我們正在努力實現的目標。所以去年，我們最終達到了大約 20 多萬，現在我們正在回升到 2500 萬到 2700 萬。

Yes. And Eric, I really believe in this strategy that we're on because it's a better experience for our guests at 25 million rather than in '19, I think we had 33 million or darn close to it. And it's just too crowded. And when you go that model with, you want a lot of attendance and less on the per cap. Again, the experience is not what we're after. And I'd much rather have 25 million at a higher per cap and that's where we're headed strategically.

是的。埃里克，我真的相信我們正在實施的這一戰略，因為與 19 年相比，這對我們 2500 萬的客人來說是一種更好的體驗，我認為我們有 3300 萬或接近它。而且它太擁擠了。當你選擇那種模式時，你想要更多的出勤率，而不是人均工資。同樣，體驗不是我們所追求的。而且我更願意以更高的上限獲得 2500 萬美元，這就是我們的戰略方向。

The next question comes from Barton Crockett with Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Barton Crockett。

I wanted to just understand a little bit better this calculation of the weather impact. You said it would have been up 6%, was down 5%. And I think a lot of these days were disrupted by weather, I know, Ceedar Fair said 30% of their days were disrupted by weather, that's mainly not very farms in L.A.

我只是想更好地理解這種天氣影響的計算。你說它會上漲 6%，是下跌 5%。而且我認為這些日子的很多時間都受到天氣的影響，我知道，Ceedar Fair 說他們 30% 的時間都受到天氣的影響，這主要不是洛杉磯的農場。

And I know that if it's rainy on Saturday, a lot of people will not go on Saturday, they'll come on Sunday. So there's a risk of extrapolating from the good weather days that may be benefited by the bad weather day. So I'm just curious if you could just explain how you came up with that so we can get -- make sure we're comfortable with it?

而且我知道如果週六下雨，很多人不會在周六去，他們會在周日來。因此，存在從壞天氣日可能受益的好天氣日進行推斷的風險。所以我很好奇你是否可以解釋一下你是如何想到這個的，這樣我們就可以——確保我們對此感到滿意？

Yes. And I'll throw a little humor out there. If the rain on Saturday in California, it also rain on Sunday. It was a rough quarter. But what we did, Barton, is we compared to a 5-year average of what the attendance would be with normalized weather, and we compared it against that metric and came up with our math. And April supports that directional that we have given.

是的。我會在那裡拋出一點幽默。如果加州週六下雨，週日也會下雨。這是一個艱難的季度。但是，巴頓，我們所做的是將我們與標準化天氣下 5 年的平均出勤率進行比較，我們將其與該指標進行比較並得出我們的數學公式。 April 支持我們給出的方向。

Okay. Maybe we can follow up more offline. In terms of talking about April, I'm just curious what is April and early part of May, is that weather impacted? Or is the weather okay? And then are you seeing the season pass base continue to kind of grow?

好的。也許我們可以在線下多跟進。關於談論四月，我只是好奇什麼是四月和五月初，天氣會受到影響嗎？或者天氣還好嗎？然後你看到季票基礎繼續增長嗎？

Yes. The weather in April, I haven't followed directly. So I can't comment on that. I think it feels like year-over-year was somewhat normal, at least for us in that regard. What was the second part of your question, sorry, Barton?

是的。四月份的天氣，我沒有直接關注過。所以我不能對此發表評論。我認為感覺同比增長有點正常，至少對我們而言是這樣。抱歉，Barton，你問題的第二部分是什麼？

Okay. Season pass base, what's happening?

好的。季票基地，這是怎麼回事？

Yes, very strong versus the prior year.

是的，與上一年相比非常強勁。

And so it's continued to grow in April year-over-year and sequentially versus March?

所以它在 4 月份繼續同比增長，並且與 3 月份相比連續增長？

Absolutely. Yes. And into May.

絕對地。是的。並進入五月。

All right. And then just one final thing. This comment that you can consolidate the maintenance and the engineering, save money and improve the performance of downtime with rides. It doesn't necessarily wonder about that, it seems like cost savings, you're talking about improving the performance. So I was wondering if you could kind of flesh that out a little bit? I mean, how is it that you can be more efficient and yet improve the ride performance?

好的。然後是最後一件事。此評論表明您可以整合維護和工程，節省資金並提高遊樂設施停機時間的性能。它不一定對此感到奇怪，它似乎是在節省成本，你在談論提高性能。所以我想知道你是否可以稍微充實一下？我的意思是，您如何才能提高效率並改善乘坐性能？

Yes. Really good point, and it's actually why we did it. We have had traditionally in our parks operational silos. And so maintenance would be separate in leadership from operations and operations would be separate from engineering. And they really need to work together to give the guests the best experience in the minimal downtime. And then what we're also doing is we're combining that effort, and I really call it coordinated effort under one really excellent leader with the CapEx investment that's going into the rides where we renovate the drive systems, we renovate the control systems when we provide new trains.

是的。非常好的觀點，這實際上就是我們這樣做的原因。傳統上，我們的園區運營孤島。因此，維護將在領導中與運營分開，而運營將與工程分開。他們確實需要共同努力，在最短的停機時間內為客人提供最佳體驗。然後我們也在做的是我們正在結合這些努力，我真的稱之為在一位非常優秀的領導者的領導下的協調努力，資本支出投資將用於我們更新驅動系統的遊樂設施，我們更新控制系統時我們提供新火車。

You put all that together, and we get a really nice, I believe, lift in -- or I should say, reduction in our downtime. It's not about reducing the heads out in those departments, it's about getting them to work together and to delivering the best experience for our guests, and we believe this will have a positive impact.

你把所有這些放在一起，我相信，我們得到了一個非常好的提升 - 或者我應該說，我們的停機時間減少了。這不是減少這些部門的主管，而是讓他們一起工作，為我們的客人提供最好的體驗，我們相信這會產生積極的影響。

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

我們的問答環節到此結束。我想將會議轉回給 Selim Bassoul 作任何閉幕詞。

Yes. First of all, I want to thank you all for your continued support. We have one of the most iconic brand in the U.S. as witnessed during this weekend, as I was waiting in line and everybody approached me to tell me how much they love Six Flags. However, we have not kept pace with brand building in the past few years. Our innovation was lacking. Our guest experience was average at best.

是的。首先，我要感謝大家一直以來的支持。正如本週末所見證的那樣，我們擁有美國最具標誌性的品牌之一，當我在排隊等候時，每個人都走近我，告訴我他們有多愛六旗。但是，過去幾年我們在品牌建設上沒有跟上。我們缺乏創新。我們的客人體驗充其量只是平均水平。

Our parks were underinvested in terms of infrastructure, technology and guest amenities. Today, we are pushing more events and more interactive family initiatives to getting our guests to spend longer time in our parks and to increase season pass holders visitations per year. As the world's largest thrill and regional theme park company, we are back adding more exciting rides to our (inaudible) parks and water parks.

我們的公園在基礎設施、技術和賓客設施方面投資不足。今天，我們正在推動更多的活動和更具互動性的家庭活動，以讓我們的客人在我們的公園逗留更長時間，並增加季票持有者每年的訪問量。作為世界上最大的驚險和區域主題公園公司，我們重新為我們的（聽不清）公園和水上樂園增加了更多令人興奮的遊樂設施。

We have increased the annual CapEx budget for the company to a record number in 2023, 2024 and 2025. We are investing in our park to become more kids and family friendly. We are boosting our R&D on technology. We are increasing our marketing and media spend in 2023 to promote all those initiatives. And let me remind you what they are.

我們已將公司的年度資本支出預算增加到 2023 年、2024 年和 2025 年的創紀錄數字。我們正在投資我們的公園，以變得對兒童和家庭更友好。我們正在加強技術研發。我們將在 2023 年增加營銷和媒體支出，以促進所有這些舉措。讓我提醒你它們是什麼。

We are basically rolling out several festivals such as Viva La Fiesta, Flavor of the World, Summer Celebration -- Summer Night Celebration, Oktoberfest, two fest in addition to our Fright Fest and Holiday in the Park. We are launching family coasters. We are putting kids slides and play area in our auto parks. We are building kids indoor play area. We are launching for the first time an all-day dining. And that all-day dining is different than our seasonal pass dining, which has higher cap than our regular food service, and it's something that our customer and a single-day ticket holder have asked.

我們基本上推出了幾個節日，例如 Viva La Fiesta、世界風味、夏季慶典——夏夜慶典、慕尼黑啤酒節，除了我們的 Fright Fest 和 Holiday in the Park 之外還有兩個節日。我們正在推出家庭杯墊。我們在我們的汽車公園裡放置了兒童滑梯和遊樂區。我們正在建造兒童室內游樂區。我們首次推出全天用餐服務。全天用餐與我們的季節性通行證用餐不同，後者的上限高於我們的常規餐飲服務，這是我們的客戶和單日票持有人所要求的。

We're adding parades and dazzling fireworks with lights and music, synchronized music in the evenings. We are launching trendy food items such as Korean corn dog and mocktails and more and more, 20 more items coming. We are adding interactive family entertainment shows such as Granny's Gown Challenge, pie eating contest, Family Bingo, scavenger hunt among others.

我們在晚上增加了遊行和炫目的煙花，燈光和音樂，同步音樂。我們正在推出流行的食品，例如韓國玉米熱狗和無酒精雞尾酒等等，還有 20 多種食品即將推出。我們正在添加互動式家庭娛樂節目，例如 Granny's Gown Challenge、吃餡餅比賽、家庭賓果遊戲、尋寶遊戲等。

We are revamping our merchandising offerings. We are leaning more heavily in right specific merchandise, something our guests have been asking for. We are also introducing a host of new merchandise with posters, toys, train models and apparel with higher quality fabric and more trendy designs. We are launching our new mobile app this June. We are so excited about that. It will make it easier for our guests to navigate our parks, less friction. We are putting in QSR, touchscreen orders spend to take out wait line, to reduce wait line for our guests, similar to what you see at the fast food chains, such as McDonalds and Taco Bell.

我們正在改進我們的銷售產品。我們更傾向於購買合適的特定商品，這是我們的客人一直要求的。我們還推出了一系列新商品，包括海報、玩具、火車模型和採用更高品質面料和更時尚設計的服裝。我們將於今年 6 月推出新的移動應用程序。我們對此感到非常興奮。這將使我們的客人更容易瀏覽我們的公園，減少摩擦。我們正在實施 QSR，觸摸屏訂單花費來減少等待時間，減少客人的等待時間，類似於您在麥當勞和塔可鐘等快餐連鎖店看到的情況。

We are rolling out our roller coaster coffee stores across the chain, offering hot drinks, cold brew as well as baked goods, including theme baked goods, which guest can relax into. It creates impulse buying opportunity for our guests. We are launching and we've opened several of our VIP lounges with all the bells and whistles that guests will love. Then I could not talk about this without talking about those initiatives without starting with our employees. They are the foundation of our culture. And as a leader, I try to build on that. We take care of our people, so they can take care of our customers and the rest take care of itself. Our people show up every day, and they are working hard to improve the guest experience to make our parks cleaner, friendlier and more fruitful.

我們正在整個連鎖店推出我們的過山車咖啡店，提供熱飲、冷飲和烘焙食品，包括主題烘焙食品，客人可以在其中放鬆身心。它為我們的客人創造了衝動購買的機會。我們正在推出，我們已經開設了幾個貴賓休息室，配備了客人會喜歡的所有花里胡哨的設施。然後，如果不從我們的員工開始，我就不能不談論這些舉措就談論這個。它們是我們文化的基礎。作為領導者，我試圖以此為基礎。我們照顧我們的員工，這樣他們就可以照顧我們的客戶，而其他人會照顧好自己。我們的員工每天都會出現，他們正在努力改善遊客體驗，讓我們的公園更清潔、更友好、更富有成果。

We all work hard to reduce friction and to make us easier to do business with, smoother to navigate our parks. We are not all there yet, but we have made steady progress in our front gate, in our restaurants, in our parking. The beauty of what happened this past year is the great work in collaboration amongst our team. This has never been like this at Six Flags.

我們都努力減少摩擦，讓我們更容易做生意，更順暢地在我們的公園裡導航。我們還沒有全部到位，但我們在前門、餐廳和停車場方面取得了穩步進展。過去一年發生的事情的美妙之處在於我們團隊之間的出色合作。這在六旗從來沒有像現在這樣。

It was always heavily tilted toward corporate decision-making. Now it is more balanced. With our parks being able to make more local decisions, it is beautiful to see. I am proud to say that most of our employees today are acting like owners.

它總是嚴重傾向於公司決策。現在它更平衡了。隨著我們的公園能夠做出更多本地決策，這很美。我很自豪地說，我們今天的大多數員工都像主人一樣行事。

Thank you. I hope you can come and experience all the new infrastructure changes, the technology improvement firsthand and hopefully, this summer, you come and celebrate with us our Summer Celebration, our Flavors of the World. We welcome you. Thank you.

謝謝。我希望你能來體驗所有新的基礎設施變化，親身體驗技術改進，希望今年夏天，你能來和我們一起慶祝我們的夏季慶典，我們的世界風味。我們歡迎你。謝謝。

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。您現在可以斷開連接。