Six Flags Entertainment Corp (SIX) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to today's conference call on Cedar Fair and Six Flags to Combine in Merger of Equals, Creating a Leading Amusement Park Operator. My name is Seth, and I'll be the operator for your call today. (Operator Instructions)

大家好，歡迎參加今天的電話會議，主題是雪松博覽會和六旗遊樂園平等合併，打造領先的遊樂園營運商。我叫賽斯，今天我將擔任您的接線生。 （操作員說明）

I will now hand over to the speakers team to begin the call.

我現在將請演講者團隊開始通話。

Thank you, Seth, and good morning to everyone. My name is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to today's call to discuss this morning's press release issued to the wire jointly by Cedar Fair and Six Flags announcing a proposed merger of equals between the 2 companies. Also, we will briefly touch on both companies' financial results for the third quarter of 2023 including -- included in our press releases issued this morning to the wire services, which can be found on our respective investor website, ir.cedarfair.com and investors.sixflags.com.

謝謝你，賽斯，祝大家早安。我叫 Michael Russell，Cedar Fair 投資者關係公司總監。歡迎參加今天的電話會議，討論今天上午雪松博覽會和六旗聯合發布的新聞稿，宣布兩家公司擬進行平等合併。此外，我們將簡要介紹兩家公司 2023 年第三季的財務業績，包括—包含在我們今天早上向通訊社發布的新聞稿中，這些資訊可以在我們各自的投資者網站 ir.cedarfair.com 和Investors.sixflags.com。

Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meanings of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the periodic filings with the SEC by Cedar Fair, and the Six Flags.

在我們開始之前，我需要提醒您，本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。這些陳述可能涉及風險和不確定性，可能導致實際結果與此類陳述中描述的結果不同。有關這些風險的更詳細討論，您可以參閱 Cedar Fair 和六旗向 SEC 定期提交的文件。

On the call with me this morning are: Selim Bassoul, CEO of Six Flags; Richard Zimmerman, CEO of Cedar Fair; Brian Witherow, CFO of Cedar Fair; and Gary Mick, CFO of Six Flags. We have an action pack call today, so let me quickly run through the agenda. Brian and Gary are going to kick things off with a brief overview of each company's third quarter results announced this morning. Then Selim and Richard will take you through a deep dive of this combination and the significant opportunities we expect to unlock together. We'll then turn the call to Brian for a review of the compelling financial benefits. After that, Richard will wrap things up before we open the floor to Q&A.

今天早上與我通話的有：六旗遊樂園執行長塞利姆‧巴蘇爾 (Selim Bassoul)； Richard Zimmerman，Cedar Fair 執行長； Brian Witherow，Cedar Fair 財務長；和六旗財務長加里·米克（Gary Mick）。今天我們有一個行動包電話會議，所以讓我快速瀏覽一下議程。布萊恩和加里將首先簡要概述今天上午公佈的各公司第三季業績。然後塞利姆和理查德將帶您深入了解這一組合以及我們期望共同釋放的重大機會。然後，我們將致電布萊恩，要求他審查令人信服的財務利益。之後，理查德將在我們開始問答之前總結事情。

With that, I'll turn the call over to Brian.

這樣，我會將電話轉給布萊恩。

Thanks, Michael, and good morning, everyone. Today is truly an exciting day for Cedar Fair and Six Flags, and we look forward to sharing more about the transaction. I'll start off by reviewing Cedar Fair's third quarter operating results before discussing preliminary results for the 5-week period ended October 29.

謝謝邁克爾，大家早安。今天對於雪松博覽會和六旗來說確實是激動人心的一天，我們期待分享更多有關此次交易的資訊。我將首先回顧 Cedar Fair 第三季的營運業績，然後討論截至 10 月 29 日的 5 週期間的初步業績。

After weather and other factors contributed to a disappointing start, we had a twofold strategy for the second half of the year: first, generate higher demand levels with the goal of recapturing attendance disrupted by weather earlier in the year; and second, aggressively seize upon cost savings opportunities that not only improve our near-term operating margins but also put us on a path to return to pre-pandemic margin levels over time.

在天氣和其他因素導致開局令人失望後，我們在下半年制定了雙重策略：首先，產生更高的需求水平，目標是重新奪回今年早些時候因天氣影響而中斷的觀眾人數；其次，積極抓住節省成本的機會，這不僅可以提高我們的近期營業利潤率，而且還可以使我們逐步恢復到大流行前的利潤率水準。

I'm very pleased to report the net effect of these strategic efforts resulted in a 7% increase in third quarter adjusted EBITDA to a record $388 million, and a 320 basis point increase in adjusted EBITDA margin to 46.1%. These outstanding results were driven by a 100,000 visit increase in attendance. And more importantly, by more than $25 million reduction in adjusted EBITDA related operating costs and expenses in the quarter. Credit goes to our incredible team who tackled this challenge during the season's busiest and most intense stretch of the season.

我很高興地向大家報告，這些策略努力的淨效應使第三季調整後 EBITDA 成長 7%，達到創紀錄的 3.88 億美元，調整後 EBITDA 利潤率成長 320 個基點，達到 46.1%。這些出色的業績得益於參觀人數增加了 10 萬人次。更重要的是，本季調整後 EBITDA 相關營運成本和費用減少了超過 2,500 萬美元。這要歸功於我們令人難以置信的團隊，他們在賽季最繁忙和最緊張的時期應對了這一挑戰。

During the quarter, we entertained 12.4 million guests and generated net revenues of $842 million compared with 12.3 million guests and net revenues of $843 million in the third quarter of 2022. The slight decrease in net revenues is primarily attributable to a 2% decrease in in-park per capita spending offset in part by a 1% increase in attendance and a 2% increase in out-of-park revenues.

本季度，我們招待了1,240 萬名賓客，產生了8.42 億美元的淨收入，而2022 年第三季度我們接待了1,230 萬名賓客，產生了8.43 億美元的淨收入。淨收入略有下降，主要是由於-公園人均支出被遊客人數增加 1% 和公園外收入增加 2% 部分抵消。

During the quarter, we reduced operating expenses by $22 million while also reducing cost of goods sold by $3 million. The decrease in operating expenses was driven by our new cost-saving initiatives, highlighted by a meaningful reduction in seasonal labor hours and in-park entertainment costs. Meanwhile, SG&A expense in the period increased $8 million primarily due to increased marketing efforts and initial costs associated with today's announced transaction.

本季度，我們減少了 2,200 萬美元的營運費用，同時也減少了 300 萬美元的銷售成本。營運費用的下降是由我們新的成本節約措施推動的，其中季節性勞動時間和公園內娛樂成本的大幅減少凸顯了這一舉措。同時，該期間的 SG&A 費用增加了 800 萬美元，主要是由於與今天宣布的交易相關的行銷努力和初始成本的增加。

Turning our attention to preliminary results for this past Sunday, October 29. For the most recent 5 weeks, we generated preliminary net revenues of $226 million, down less than 1% compared with net revenues for the comparable 5-week period a year ago. Our revenue performance in October reflects a 2% or 69,000 visit increase in attendance, consistent out-of-park revenues and a 3% decrease in in-park per capital spending. In total, we entertained 3.3 million guests over the 5-week period.

讓我們專注於上週日（10 月 29 日）的初步結果。最近 5 週，我們的初步淨收入為 2.26 億美元，與去年同期 5 週的淨收入相比下降了不到 1%。我們 10 月的收入表現反映了遊客數量增加了 2%，即 69,000 人次，園外收入保持穩定，園內人均支出下降了 3%。在 5 週內，我們總共接待了 330 萬名客人。

Based on our preliminary results for October through the first 10 months of 2023, we have now entertained 24.2 million guests and generated preliminary net revenues of $1.7 billion.

根據我們 10 月到 2023 年前 10 個月的初步業績，我們現已接待了 2,420 萬名客人，初步淨收入為 17 億美元。

Lastly, I want to provide a quick update on early sales of our 2024 season passes and other advanced purchase products. As of the end of the third quarter, our deferred revenue balance totaled $208 million, representing an increase of $20 million or 11% compared to deferred revenues at the end of the third quarter last year. The increase in deferred revenues has been driven by an outstanding start to fall sales of 2024 season passes and related all-season products.

最後，我想快速介紹一下 2024 年季票和其他預購產品的早期銷售情況。截至第三季末，我們的遞延收入餘額總計2.08億美元，比去年第三季末的遞延收入增加2,000萬美元，成長11%。遞延收入的成長是由於 2024 年季票及相關全季產品的秋季開局表現優異。

Through this past week, combined sales are pacing up 24% or approximately $30 million over the same time last year. We are confident that our season pass strategy and outstanding start position us well for another strong season in 2024.

過去一周，總銷售額比去年同期成長了 24%，約 3,000 萬美元。我們相信，我們的季票策略和出色的開局為我們在 2024 年的另一個強勁賽季做好了準備。

With that, let me turn the call over to Gary to review Six Flags third quarter results.

接下來，讓我把電話轉給加里，回顧一下六旗第三季的業績。

Thank you, Brian. Six Flags also released our third quarter results today. So before we jump into the transaction, I'll say a few words about the quarter. This was a quarter focused on investment. We made great strides in improving our guest experience by investing in our digital transformation, events, shows, food and beverage and new entertainment. We made intentional and deliberate decisions to try new things including introducing new shows designed to cater to a multigenerational audience, enhanced fireworks displays and state-of-the-art trunk shows, testing and promoting speedy gates, automated toll plazas, launching our first-ever water park festival as well as introducing a water float parade in our Texas theme park that experienced record-breaking heat this summer.

謝謝你，布萊恩。六旗今天也發布了第三季業績。因此，在我們開始進行交易之前，我先簡單介紹一下本季的情況。這是一個專注於投資的季度。透過投資數位轉型、活動、表演、餐飲和新娛樂，我們在改善賓客體驗方面取得了長足進步。我們有意而深思熟慮地決定嘗試新事物，包括推出旨在迎合多代觀眾的新節目、增強煙火表演和最先進的後備箱表演、測試和推廣快速門、自動收費廣場、推出我們的第一個-有史以來的水上樂園節，以及在我們的德州主題樂園推出的水上漂浮遊行，今年夏天經歷了創紀錄的高溫。

Lastly, we initiated our Fright Fest, BOO Fest and Oktoberfest events up to 3 weeks earlier than in previous years. We have identified what resonated with our visitors and what did not, which push us in an advantageous position to make data-driven decisions moving forward. While these efforts drove a short-term increase in our operating expenses, they are integral to our long-term strategy of consistently enhancing visitor experiences and optimizing our park operations.

最後，我們比往年提前了 3 週啟動了 Fright Fest、BOO Fest 和 Oktoberfest 活動。我們已經確定了哪些內容能引起訪客的共鳴，哪些內容沒有引起訪客的共鳴，這使我們處於有利地位，可以做出數據驅動的決策。雖然這些努力推動了我們營運支出的短期增加，但它們是我們不斷增強遊客體驗和優化公園營運的長期策略不可或缺的一部分。

We've also invested in media to drive season pass single-day tickets and our do-it-all-in-a-day promotion. This resulted in increased attendance, revenue and pass sales in the third quarter versus prior year as well as a solid start on the sale of next year's passes, which will largely benefit next year's revenue.

我們也投資了媒體來推動季票單日票和一日通促銷。這導致第三季的入場人數、收入和通行證銷售量較去年同期有所增加，並為明年的通行證銷售提供了良好的開端，這將在很大程度上有利於明年的收入。

We also cultivated our sponsorship relationships, resulting in additional revenues and cross-branding initiatives. That said, poor weather continued putting pressure on results in the third quarter with 8 weekends of rainfall in the Northeast and Mid-Atlantic regions beginning after Labor Day that coincided with the start of our fall festival lineup.

我們也培養了贊助關係，從而帶來了額外的收入和跨品牌舉措。儘管如此，惡劣的天氣繼續給第三季度的業績帶來壓力，從勞動節之後開始，東北部和大西洋中部地區連續 8 個週末出現降雨，而這與我們秋季節日的開始時間是一致的。

Now moving on to financial results. For the quarter, total attendance was 9.3 million guests, up 16% from third quarter 2022. Revenue in the quarter increased $43 million or 8% to $547 million. This is primarily the result of higher tenants partially offset by a decrease in total guest spending per capita of $5 or 8% versus third quarter 2022. Admission spending per capita decreased $4 or 12% and in-park spending per capita decreased $1 or 2%. The decrease in admission spending per capita was driven primarily by lower average season pass and single-day ticket pricing versus 2023 as we worked to optimize our pricing structure.

現在轉向財務業績。本季總出席人數為 930 萬人次，較 2022 年第三季成長 16%。本季營收增加 4,300 萬美元，或 8%，達到 5.47 億美元。這主要是由於租戶增加，但與2022 年第三季相比，人均遊客總支出減少了5 美元或8%，部分抵消了這一影響。人均入場支出減少了4 美元或12%，人均公園內支出減少了1 美元或2% 。人均門票支出的下降主要是由於我們努力優化定價結構，與 2023 年相比，平均季票和單日門票價格較低。

In-park spending per capita declined versus prior year as a result of a higher mix of season pass attendance versus prior year. We have seen strong growth in food and beverage sales, both in units and total sales, largely fueled by a revamped culinary assortment and event lineup, which partially offset the in-park per capital decline driven by the season pass mix. We expect to derive additional value going forward from our digital guest facing innovations, such as our self-serve kiosks, 6 day wristbands and mobile food ordering.

由於季票入場人數較前一年增加，人均園區內支出較前一年下降。我們看到食品和飲料銷售的強勁增長，無論是銷量還是總銷量，這主要是由於烹飪品種和活動陣容的改進而推動的，這部分抵消了季票組合帶來的公園內人均下降。我們期望從數位客戶的創新中獲得額外的價值，例如我們的自助服務亭、6 天腕帶和行動訂餐。

On the cost side, in the third quarter, cash operating and SG&A expenses were up $43 million or 20%. Our costs grew in the third quarter for the following reasons: first, our tenants growth in the quarter had the expected results of driving seasonal labor cost of sales and other variable costs; second, we boosted our advertising for our 2024 fall season pass promotion. We are pleased with the success so far in our past sales, and this is expected to serve as a nice tailwind in 2024 but the expenses associated with this effort are reflected in the third quarter. Third, while we invested expense an earlier start to the fall events lineup, we did not yield the attendance as we were hoping for in the quarter due to poor weather on the weekends late in September. Lastly, as I mentioned earlier, we made significant investments in new entertainment, events, shows and digital guest-facing innovation.

在成本方面，第三季現金營運和 SG&A 費用增加了 4,300 萬美元，即 20%。第三季我們的成本成長的原因如下：首先，本季我們的租戶成長達到了預期的結果，推動了銷售的季節性勞動成本和其他變動成本；其次，我們加大了 2024 年秋季季票促銷的廣告。我們對迄今為止在過去的銷售中取得的成功感到高興，預計這將成為 2024 年的良好推動力，但與這項努力相關的費用將反映在第三季。第三，雖然我們在秋季活動陣容的較早開始階段投入了費用，但由於 9 月底週末的惡劣天氣，我們並沒有達到我們在本季度所希望的出席人數。最後，正如我之前提到的，我們在新的娛樂、活動、表演和麵向賓客的數位創新方面進行了大量投資。

Adjusted EBITDA for the quarter was $220 million, a $5 million decrease or 2% compared to third quarter 2022 with higher revenues offset by the cost investments previously mentioned. Our Active Pass Base as of October 1, 2023, comprised 5.3 million passholders, and a [8%] increase over the prior year. Deferred revenue as of October 1, 2023 was $148 million, up $21 million or 17% compared to third quarter 2022, primarily driven by our strong fall pass promotion.

本季調整後 EBITDA 為 2.2 億美元，與 2022 年第三季相比減少 500 萬美元，即 2%，較高的收入被前面提到的成本投資所抵銷。截至 2023 年 10 月 1 日，我們的 Active Pass 基礎包括 530 萬通行證持有者，比前一年增加了 [8%]。截至 2023 年 10 月 1 日的遞延收入為 1.48 億美元，比 2022 年第三季增加 2,100 萬美元，即 17%，這主要是受到我們強勁的秋季通行證促銷的推動。

Total capital expenditures for the quarter was $42 million, an increase of $24 million compared to third quarter 2022. Year-to-date capital expenditures $109 million.

該季度的資本支出總額為 4,200 萬美元，比 2022 年第三季增加了 2,400 萬美元。年初至今的資本支出為 1.09 億美元。

Our liquidity position as of October 1 was $457 million. This included $390 million of available revolver capacity, net of $21 million of letters of credit plus $67 million in cash. And lastly, during the third quarter, we paid down $80 million in debt.

截至 10 月 1 日，我們的流動性部位為 4.57 億美元。其中包括 3.9 億美元的可用左輪手槍容量，扣除 2,100 萬美元的信用證和 6,700 萬美元的現金。最後，在第三季度，我們還清了 8,000 萬美元的債務。

We are excited about the future and the insights this summer has granted us. We are approaching 2024 with great strength and confidence.

我們對未來和今年夏天給予我們的見解感到興奮。我們滿懷信心、滿懷信心地邁向2024年。

Now I will turn it over to Selim.

現在我將把它交給塞利姆。

Thanks, Gary. I am very excited about the strategic combination between Six Flags and Cedar Fair and the incredible opportunity it will unlock for both businesses. In fact, in my 25 years of leading companies through transactions, I have never been more excited about a combination as this one.

謝謝，加里。我對六旗遊樂園和雪松博覽會之間的策略合併以及它將為兩家企業帶來的難以置信的機會感到非常興奮。事實上，在我透過交易領導公司的 25 年裡，我從未對像這樣的合併感到如此興奮。

First, I'm excited because this combination starts and ends with the guests. If you've known me, and look at my track record. I have -- I am customer obsessed. Thanks to the dedicated and resilient team at Six Flags, we have made incredible progress in the past 2 years. Our transformation has been grounded in instilling a guest-obsessed culture and harnessing what makes our parks so special to deliver an exceptional guest experience. This transaction is all about our guests. The value it would create for them, the additional perks we will provide and the additional thrills we will create not only locally but regionally.

首先，我很興奮，因為這個組合始於客人，終於客人。如果你認識我，看看我的紀錄。我有—我對客戶著迷。感謝六旗團隊的敬業和堅韌，我們在過去兩年中取得了令人難以置信的進步。我們的轉型立基於灌輸以遊客為中心的文化，並利用我們公園的獨特之處來提供卓越的遊客體驗。這筆交易完全是為了我們的客人。它將為他們創造的價值，我們將提供的額外福利以及我們將不僅在本地而且在區域範圍內創造的額外刺激。

Second is culturally, the fit between Six Flags and Cedar Fair culture is fully aligned. We think of Cedar Fair as outstanding operators. I saw this firsthand as I visited their parks, where we at Six Flags are very strong in that we are huge innovators. If you look again at my track record at Middleby, I disrupted the industry with innovation, and we've done that again here at Six Flags over the last 2 years, and we are starting to impair many of these innovations just now and continuing into 2024. We expect to take the best practices of both businesses. The best operating team and the most innovative team and brings them together with the best parks in the industry.

其次是文化上，六旗和雪松博覽會文化之間完全契合。我們認為 Cedar Fair 是傑出的營運商。當我參觀他們的公園時，我親眼目睹了這一點，我們六旗遊樂園非常強大，因為我們是巨大的創新者。如果你再看一下我在米德爾比的記錄，我用創新顛覆了這個行業，過去兩年我們在六旗遊樂園再次做到了這一點，我們現在開始削弱其中的許多創新，並繼續到2024 年。我們希望採用兩家公司的最佳實務。最優秀的營運團隊和最具創新力的團隊，並將他們與業界最優秀的園區匯聚在一起。

Third, what I love about this combination is the value it will create for our shareholders. This starts with our expected annual synergies of $200 million, which we have been -- which have been fully vetted. We are confident we can achieve these in the next 3 years, and create significant value along the way.

第三，我喜歡這種組合的是它將為我們的股東創造的價值。首先是我們預計每年 2 億美元的協同效應，我們已經對此進行了充分審查。我們有信心在未來三年內實現這些目標，並在過程中創造巨大的價值。

In addition, this combination derisks our businesses in many ways in terms of leverage, weather and the regional mix of our portfolio. We will operate an expanded and complementary portfolio of 42 amusement and water parks, 9 resort properties and other entertainment experiences that our guests love. Our expanded footprint will reduce dependency on any one park or any one region, providing us more earnings stability and allowing us to offer more exciting options to guests.

此外，這種組合在槓桿、天氣和投資組合的區域組合方面，在許多方面都降低了我們業務的風險。我們將經營一個擴大且互補的投資組合，包括 42 個遊樂園和水上樂園、9 個度假村以及我們的客人喜愛的其他娛樂體驗。我們擴大的足跡將減少對任何一個公園或任何一個地區的依賴，為我們提供更多的收入穩定性，並使我們能夠為客人提供更多令人興奮的選擇。

Our free cash flow generation will allow us to quickly delever while also deploying capital strategically into our business to enhance performance. Importantly, this merger will also allow us to grow our new company into a global brand with our IP. Our combined season pass and loyalty programs will make this deal even sweeter for our most loyal guests providing enhanced access and additional perks.

我們產生的自由現金流將使我們能夠快速去槓桿化，同時策略性地將資本部署到我們的業務中，以提高績效。重要的是，這次合併也將使我們能夠利用我們的智慧財產權將新公司發展成為一個全球品牌。我們的季票和忠誠度計劃相結合，將為我們最忠實的客人提供更優惠的優惠，並提供更多優惠和額外福利。

Finally, our employees. We would not have made this deal if we did not believe it would be good for our people. In the long run, we expect this to create new growth, giving employees more opportunities and the flexibility to put themselves in a position to succeed. This will also allow us to take the brightest, the smartest and the most dedicated to work within a bigger company and within our parks. Together, we'll create a vision of excellence and friendliness, ultimately elevating the experience -- the guest experience even more and faster.

最後是我們的員工。如果我們不相信這項協議對我們的人民有利，我們就不會達成這項協議。從長遠來看，我們預計這將創造新的成長，為員工提供更多機會和靈活性，使自己能夠取得成功。這也將使我們能夠吸引最聰明、最聰明和最敬業的人在更大的公司和我們的園區內工作。我們將共同創造卓越和友善的願景，最終提升體驗——讓賓客體驗更多、更快。

On a personal role, I have come to know Richard and Brian well as we work to reach today's milestone. I could not think of better partners for this new chapter. Richard?

就我個人而言，在我們努力實現今天的里程碑的過程中，我逐漸了解了理查德和布萊恩。我想不出更好的合作夥伴來開啟這新篇章。理查德？

Thanks, Selim. I echo that sentiment. Working closely with you and the Six Flags team to get this announcement done has only reinforced my confidence in how complementary our businesses are. Since the pandemic, our team has done tremendous work to create a more agile business. We've invested in the highest revenue opportunities, focused on new attractions and upgraded dining options to offer our guests a truly special experience.

謝謝，塞利姆。我贊同這種觀點。與您和六旗團隊密切合作來完成這項公告只會增強我對我們業務互補性的信心。自大流行以來，我們的團隊做了大量工作來創造更敏捷的業務。我們投資最高收入的機會，專注於新景點和升級的餐飲選擇，為我們的客人提供真正特殊的體驗。

We have doubled down on technology and data analytics providing us with deeper insights into our operations and our guests. We've done so while prudently managing variable costs, optimizing our cost structure while driving incremental demand and guest spending. We've made incredible progress on all fronts. Attendance and guest satisfaction are at all-time highs, in-park and out-of-the-park spending continue to grow, and our company's financial performance remains strong.

我們加倍投入技術和數據分析，讓我們能夠更深入地了解我們的營運和客人。我們在這樣做的同時審慎管理可變成本，優化我們的成本結構，同時推動增量需求和賓客支出。我們在各方面都取得了令人難以置信的進展。遊客數量和遊客滿意度創歷史新高，園內和園外消費持續成長，我們公司的財務表現依然強勁。

The robust third quarter results we announced this morning reflect how far we've come. With that said, we have more work to do as we continue to drive top line growth, optimize our cost structure and further improve operating margins.

我們今天早上宣布的強勁的第三季業績反映了我們已經取得的進展。話雖如此，我們還有更多工作要做，因為我們將繼續推動營收成長、優化成本結構並進一步提高營運利潤率。

With that, I'll get into the transaction. This is a merger of equals transaction offering a tax-efficient means for both Cedar Fair unitholders and Six Flags shareholders to participate in the significant value of the combined company. Cedar Fair unitholders will receive 1 share of stock in the new combined company for each Cedar Fair unit owned, and Six Flags shareholders will receive 0.58 shares for each Six Flags share owned.

這樣，我就可以開始交易了。這是一場平等交易合併，為 Cedar Fair 單位持有者和六旗股東提供了一種節稅的方式，讓他們能夠分享合併後公司的巨大價值。 Cedar Fair 單位持有人擁有的每個 Cedar Fair 單位將獲得新合併公司的 1 股股票，六旗股東所擁有的每股六旗股票將獲得 0.58 股股票。

Additionally, immediately prior to close, Six Flags will issue a special dividend consisting of 2 parts. Part 1 is a fixed $1 per outstanding share. Part 2 is a per share amount equal to the aggregate distributions paid to Cedar Fair unitholders between today and the close of the transaction. Following the close of the transaction, Cedar Fair unitholders will own slightly more than 51%, and Six Flags shareholders will own slightly less than 49% of the new company.

此外，在收盤前夕，六旗將發行由兩部分組成的特別股利。第 1 部分為每股已發行股票固定 1 美元。第 2 部分是每股金額，等於從今天到交易結束期間向 Cedar Fair 單位持有人支付的總分配。交易完成後，Cedar Fair 單位持有人將擁有新公司略高於 51% 的股份，六旗股東將擁有新公司略低於 49% 的股份。

Selim will serve as Executive Chair of the combined company, leading a Board that will comprise 6 directors from each of the current Cedar Fair and Six Flags Boards. Selim will also partner with me to achieve a full range of cost savings and revenue uplift...

塞利姆將擔任合併後公司的執行主席，並領導一個董事會，該董事會將由來自現有雪松博覽會和六旗遊樂園各董事會的 6 名董事組成。 Selim 也將與我合作，實現全方位的成本節約和收入提升...

(technical difficulty)

（技術難度）

Thanks, everybody. We apologize for the technical difficulties, but let me jump back in.

謝謝大家。對於技術上的困難，我們深表歉意，但讓我回到正題。

Thank you, Selim. I echo your sentiment, Working closely with you in the Six Flags team to get to this announcement has only reinforced my confidence in how complementary our businesses are.

謝謝你，塞利姆。我同意您的觀點，與您在六旗團隊中的密切合作來達成這一聲明只會增強我對我們業務互補性的信心。

Since the pandemic, our team has done tremendous work to create a more agile business. We've invested in the highest revenue opportunities, focused on new attractions and upgraded dining options to offer our guests a truly special experience. We have doubled down on technology and data analytics, providing us with deeper insights into our operations and our guests. We've done so while prudently managing variable costs, optimizing our cost structure while driving incremental demand and guest spend.

自大流行以來，我們的團隊做了大量工作來創造更敏捷的業務。我們投資最高收入的機會，專注於新景點和升級的餐飲選擇，為我們的客人提供真正特殊的體驗。我們在技術和數據分析方面加倍努力，讓我們能夠更深入地了解我們的營運和客人。我們在這樣做的同時審慎管理可變成本，優化我們的成本結構，同時推動增量需求和賓客支出。

We've made incredible progress on all fronts. Attendance and guest satisfaction are at all-time highs, in-park and out-of-park spending continue to grow, and our company's financial performance remains strong. The robust third quarter results we announced this morning reflect how far we've come.

我們在各方面都取得了令人難以置信的進展。遊客數量和遊客滿意度創歷史新高，園內和園外消費持續成長，我們公司的財務表現依然強勁。我們今天早上宣布的強勁的第三季業績反映了我們已經取得的進展。

With that said, we have more work to do as we continue to drive top line growth, optimize our cost structure and further improve operating margins.

話雖如此，我們還有更多工作要做，因為我們將繼續推動營收成長、優化成本結構並進一步提高營運利潤率。

With that, let me get into the transaction. This merger -- this is a merger of equals transaction offering a tax-efficient means for both Cedar Fair unitholders and Six Flags shareholders to participate in the significant value of the combined company. Cedar Fair unitholders will receive 1 share of stock in the new combined company for each Cedar Fair unit owned and Six Flags shareholders will receive 0.58 shares for each Six Flag share owned.

接下來，讓我開始交易。此次合併是一次平等交易合併，為 Cedar Fair 單位持有者和六旗股東提供了一種節稅的方式，讓他們能夠分享合併後公司的巨大價值。 Cedar Fair 單位持有人擁有的每個 Cedar Fair 單位將獲得新合併公司的 1 股股票，六旗股東所擁有的每一股六旗股票將獲得 0.58 股股票。

Additionally, immediately prior to close, Six Flags will issue a special dividend consisting of 2 parts. Part 1 is a fixed $1 per outstanding share. Part 2 is a per share amount equal to the aggregate distributions paid to Cedar Fair unitholders between today and the close of the transaction. Following the close of the transaction, Cedar Fair unitholders will own slightly more than 51% and Six Flags shareholders will own slightly less than 49% of the new company.

此外，在收盤前夕，六旗將發行由兩部分組成的特別股利。第 1 部分為每股已發行股票固定 1 美元。第 2 部分是每股金額，等於從今天到交易結束期間向 Cedar Fair 單位持有人支付的總分配。交易完成後，Cedar Fair 單位持有人將擁有新公司略高於 51% 的股份，六旗股東將擁有新公司略低於 49% 的股份。

Selim will serve as Executive Chair of the combined company leading a Board that will comprise 6 directors from each of the current Cedar Fair and Six Flags Boards. Selim will also partner with me to achieve the full range of cost savings and revenue uplift opportunities we expect to unlock. Meanwhile, Brian will serve as Chief Financial Officer of the new company, and Gary will lead the integration efforts as Chief Integration Officer.

塞利姆將擔任合併後公司的執行主席，並領導一個董事會，該董事會將由來自雪松博覽會和六旗現有董事會的 6 名董事組成。 Selim 也將與我合作，實現我們期望釋放的全方位成本節約和收入增加機會。同時，布萊恩將擔任新公司的財務官，加里將擔任首席整合官，領導整合工作。

The new company will operate under the Six Flags name and trade under the ticker symbol FUN, F-U-N, on the New York Stock Exchange. It will be structured as a C-corp, which both companies' Boards determined will unlock the most value for the new company's shareholders. And finally, the new company will be headquartered in Charlotte, North Carolina.

新公司將以六旗名義運營，並在紐約證券交易所以股票代碼 FUN、F-U-N 進行交易。它將被建構為 C 型企業，兩家公司的董事會都認為這將為新公司的股東釋放最大價值。最後，新公司總部將設在北卡羅來納州夏洛特。

Continuing with terms on Slide 6. We expect this transaction to unlock considerable upside opportunity for our shareholders. The transaction is expected to be EPS accretive to Cedar Fair unitholders and Six Flags shareholders within 12 months of close.

延續投影片 6 上的條款。我們預計此交易將為我們的股東帶來巨大的上升機會。該交易預計將在交易結束後 12 個月內為 Cedar Fair 單位持有人和六旗股東帶來 EPS 增值。

We also anticipate total annual synergies of $200 million, comprised of $120 million in cost savings, which we expect to realize within 2 years of closing, and $80 million of incremental EBITDA, which we expect to realize within 3 years. Finally, we expect to utilize enhanced cash flow generation to delever down to our target ratio of 3.0x with additional flexibility to invest in our growth initiatives and drive shareholder returns. Brian will speak more to these and other financial benefits in a moment. In terms of path to completion, we expect the transaction to close in the first half of 2024.

我們也預計年度綜效總額為 2 億美元，其中包括 1.2 億美元的成本節約（我們預計在交易完成後 2 年內實現）和 8,000 萬美元的增量 EBITDA（我們預計在 3 年內實現）。最後，我們預期利用增強的現金流產生將槓桿率降低至 3.0 倍的目標比率，並更靈活地投資於我們的成長計畫並推動股東回報。布萊恩稍後將詳細討論這些和其他經濟利益。就完成路徑而言，我們預計交易將於 2024 年上半年完成。

Moving to Slide 7. I want to turn to our shared focus on the guest experience. Both Cedar Fair and Six Flags are built around a commitment to providing amazing experiences that create memories that last a lifetime. By doing so, we boost season pass sales, drive higher attendance and increase guest spending. As we just discussed, our combined company will offer a more diversified experience across live entertainment formats, whether guests visit one of our amusement parks, water parks, resorts, safaris or campgrounds, they can expect the same outstanding service and standard of excellence.

轉到幻燈片 7。我想談談我們對賓客體驗的共同關注。雪松博覽會和六旗遊樂園都致力於提供令人驚嘆的體驗，創造終生難忘的回憶。透過這樣做，我們可以提高季票銷售、提高上座率並增加賓客消費。正如我們剛才所討論的，我們合併後的公司將提供更多元化的現場娛樂體驗，無論客人參觀我們的遊樂園、水上樂園、度假村、狩獵之旅還是露營地，他們都可以期待同樣出色的服務和卓越標準。

Inside our parks, we expect to leverage the capabilities of both companies to create a more engaging and immersive experience so the guests choose us from amid the wide array of options they have to spend their leisure time and leisure money.

在我們的公園內，我們希望利用兩家公司的能力來創造更具吸引力和身臨其境的體驗，以便遊客在度過閒暇時間和休閒金錢的眾多選擇中選擇我們。

Investment in our parks has been a key focus at Cedar Fair over the last few years, and we're excited to leverage our experience and strategies across a broader portfolio. With our financial profile, we will have the flexibility to invest in new rides and attractions, broader food and beverage selections, additional in-park offerings and cross park initiatives.

過去幾年來，對公園的投資一直是雪松博覽會的重點，我們很高興能夠在更廣泛的投資組合中利用我們的經驗和策略。憑藉我們的財務狀況，我們將能夠靈活地投資新的遊樂設施和景點、更廣泛的食品和飲料選擇、額外的公園內服務和跨公園計劃。

For example, on Slide 8, you can see a snapshot of the incredible portfolio of IP that the new company will have, including Looney Tunes, DC Comics and Peanuts. Our combined portfolio will open up new opportunities to develop engaging theme, rides and guest offerings.

例如，在幻燈片 8 上，您可以看到新公司將擁有的令人難以置信的 IP 組合的快照，包括 Looney Tunes、DC Comics 和 Peanuts。我們的組合產品組合將為開發引人入勝的主題、遊樂設施和賓客服務開闢新的機會。

Turning to Slide 9, which gives a snapshot of our combined company. As I mentioned, we will operate a portfolio of 42 parks and 9 resort properties across the U.S., Canada and Mexico. Together, Cedar Fair and Six Flags entertain just under 50 million guests annually.

轉向幻燈片 9，它簡要介紹了我們合併後的公司。正如我所提到的，我們將在美國、加拿大和墨西哥經營 42 個公園和 9 個度假村的投資組合。雪松博覽會和六旗每年總共接待近 5,000 萬名遊客。

As we saw from our results today, attendance numbers continue to grow and guest spending remains robust as both companies have invested in their parks. Our strong attendance numbers and guest spending levels set the foundation for a much stronger combined financial profile.

正如我們從今天的業績中看到的那樣，由於兩家公司都對其公園進行了投資，遊客人數持續增長，遊客消費仍然強勁。我們強勁的出席人數和賓客消費水準為更強勁的綜合財務狀況奠定了基礎。

On a pro forma basis over the trailing 12 months ending with each company's fiscal third quarter, the combined company would have generated $3.4 billion in revenue and $1.2 billion in adjusted EBITDA, inclusive of our expected synergies. We will also have a healthy margin profile with a pro forma modified EBITDA margin of 36%.

根據預計，截至各公司第三財季的過去 12 個月，合併後的公司將產生 34 億美元的收入和 12 億美元的調整後 EBITDA，其中包括我們預期的協同效應。我們還將擁有健康的利潤狀況，預計修正後的 EBITDA 利潤率為 36%。

The combined company would have generated $826 million in free cash flow, and our net leverage would be 3.7x adjusted EBITDA, reflecting expected synergies and enhanced cash flow generation, which we expect to reduce to approximately 3x within 2 years of closing. With this strong financial profile, we look forward to advancing strategic investments throughout our parks to grow attendance, increase guest spending and improve profitability.

合併後的公司將產生8.26 億美元的自由現金流，我們的淨槓桿率為調整後EBITDA 的3.7 倍，反映了預期的協同效應和增強的現金流生成，我們預計在交易結束後的2 年內將其減少至約3 倍。憑藉強勁的財務狀況，我們期待在整個園區推進策略性投資，以增加遊客數量、增加遊客消費並提高獲利能力。

As you can see on Slide 10, we will have a much wider offering for guests to increasingly look for new and differentiated out-of-home leisure experiences. For guests who want to make a pit stop, go on a day trip or plan a weekend away, the combined company will have offerings to meet every interest, whether they prefer cooking under the stars or playing all-star athletes for the day, roller coasters or Lazy Rivers. They will find one of these at one of our properties. We'll also have a significantly more diversified footprint.

正如您在投影片 10 中所看到的，我們將為客人提供更廣泛的服務，讓他們越來越多地尋找新的、差異化的戶外休閒體驗。對於想要短暫停留、一日遊或計劃週末度假的客人，合併後的公司將提供滿足各種興趣的服務，無論他們喜歡在星空下烹飪還是當天參加全明星運動員、滾軸比賽杯墊或漂流河。他們會在我們的一處房產中找到其中之一。我們還將擁有更多元化的足跡。

Slide 11 highlights the complementary nature of our 42 parks across North America and illustrates the significant opportunity to attract more guests to our parks. This opportunity starts with season pass programs of both companies. Season pass holders account for more than half of the annual attendance mix for Cedar Fair and Six Flag though the overlap between the two is minimal and most guests only visit 1 to 2 parks.

投影片 11 強調了我們遍布北美的 42 個公園的互補性，並說明了吸引更多遊客來到我們公園的重要機會。這個機會始於兩家公司的季票計畫。季票持有者佔雪松博覽會和六旗樂園年度參觀人數的一半以上，儘管兩者之間的重疊很小，而且大多數遊客只參觀 1 到 2 個公園。

We see an opportunity for the combined company to increase the opportunities for guests to choose an incremental visit to a Cedar Fair or Six Flags park in their region rather than select another leisure option. Rollout of a combined company pass will give our guests more choice and enhance value, making amusement park entertainment more accessible to more guests than ever before.

我們看到合併後的公司有機會增加客人選擇增量參觀其所在地區的雪松博覽會或六旗公園的機會，而不是選擇其他休閒選擇。聯合公司通行證的推出將為我們的客人提供更多選擇並提升價值，使更多客人比以往更容易享受遊樂園娛樂活動。

I'll now turn it over to Brian to walk through the financial benefits in more detail.

我現在將把它交給 Brian 來更詳細地介紹財務收益。

Thanks, Richard. I'll start by running through an overview of the compelling and financial benefits this transaction creates for the combined company and shareholders on Slide 12 before diving deeper on each.

謝謝，理查。我將首先在投影片 12 上概述此交易為合併後的公司和股東帶來的引人注目的財務利益，然後再深入探討每項交易。

The new company will start from a position of financial strength with $1.2 billion in adjusted EBITDA on a trailing 12-month basis, inclusive of the $200 million in expected run rate synergies. We also expect the transaction to be accretive to earnings per share for both companies within the first 12 months to close.

新公司的財務實力雄厚，過去 12 個月的調整後 EBITDA 為 12 億美元，其中包括 2 億美元的預期運行率綜效。我們也預計該交易將在交易完成後的前 12 個月內增加兩家公司的每股盈餘。

Our diversified footprint will improve performance consistency with the broader scope of locations and offerings to mitigate weather-related and seasonal earnings volatility. I'll speak more to that in just a minute.

我們的多元化業務將提高業績與更廣泛的地點和產品的一致性，以減輕與天氣相關和季節性收益的波動。我稍後會詳細討論這一點。

Moving down the list, the new company will have a robust balance sheet with attractive free cash flow generation to reduce leverage, invest back in our portfolio and drive shareholder returns. Finally, one other important detail, the transaction structure does not trigger change of control provisions for either company's notes, minimizing financing needs.

排名靠後，新公司將擁有穩健的資產負債表，並產生有吸引力的自由現金流，以降低槓桿率，投資回我們的投資組合併提高股東回報。最後，另一個重要細節是，交易結構不會觸發任何一家公司票據的控制權變更，從而最大限度地減少融資需求。

The opportunity to enhance value was what brought Cedar Fair and Six Flags that is able to make this merger a reality. As you can see, the opportunity in front of us is significant. Given the depth of operational expertise we have, we are confident in our ability to capitalize on this potential for the benefit of our shareholders.

雪松博覽會和六旗樂園正是抓住了提升價值的機會，才使這次合併成為現實。正如您所看到的，我們面前的機會是巨大的。鑑於我們擁有深厚的營運專業知識，我們對利用這項潛力為股東謀取利益的能力充滿信心。

Slide 13 highlights our diversified footprint and the considerable earnings stability it will provide. Cedar Fair and Six Flags are each more heavily concentrated in different regions for Cedar Fair, it's the Midwest; and for Six Flags, it's the South. By combining our footprint, we'll have a more balanced presence, particularly in regions with extended operating season.

投影片 13 強調了我們的多元化足跡及其將提供的相當大的收益穩定性。雪松博覽會和六旗樂園各自更集中在雪松博覽會的不同地區，即中西部；對於六旗來說，它是南方。透過合併我們的足跡，我們的業務將更加平衡，特別是在營運季節延長的地區。

As a result, no single geography will contribute greater than 30% of total park-level EBITDA. Said another way, currently, several of our largest parks account from the majority of our respective earnings. The combined company's expanded and diverse portfolio addresses this imbalance with no single park contributing more than about 17% of the new company's park-level EBITDA.

因此，沒有任何一個地區對園區級 EBITDA 總額的貢獻超過 30%。換句話說，目前我們的幾個最大的公園佔據了我們各自收入的大部分。合併後的公司擴大和多樣化的投資組合解決了這種不平衡問題，沒有任何一個園區對新公司園區級 EBITDA 的貢獻超過 17%。

Striking this balance is critical as our businesses are currently pronged to weather-related and other macro factors out of our control. We expect our broader portfolio will mitigate the impact of these headwinds, extend our operating calendars and limit earnings volatility.

實現這種平衡至關重要，因為我們的業務目前面臨與天氣相關的因素和其他我們無法控制的宏觀因素。我們預計我們更廣泛的投資組合將減輕這些不利因素的影響，延長我們的營運日曆並限制獲利波動。

Turning to synergies. As noted earlier, we've identified $120 million of annual run rate cost savings that we expect to realize within 2 years of closing. As you'll see on Slide 14, these cost savings come from the areas you see in a combination largely duplicative corporate functions, administrative efficiencies and other operational cost reductions.

轉向協同效應。如前所述，我們已確定每年可節省 1.2 億美元的營運成本，預計在交易結束後 2 年內實現。正如您將在投影片 14 中看到的，這些成本節省來自於您所看到的主要重複的公司職能、管理效率和其他營運成本降低的組合。

We believe all savings areas we've identified are highly achievable. We expect to realize roughly 65% of these cost savings in the first year with the remaining to be realized in Year 2. Both Cedar Fair and Six Flags have disciplined cost structures and strong track records of driving efficiencies. We will continue to look for additional cost savings opportunities as we work through our integration planning process.

我們相信我們所確定的所有節省領域都是可以實現的。我們預計在第一年實現約 65% 的成本節省，其餘部分將在第二年實現。雪松博覽會和六旗遊樂園都擁有嚴格的成本結構和良好的提高效率記錄。在我們完成整合規劃流程的過程中，我們將繼續尋找額外的成本節約機會。

While we expect to drive significant cost savings, we are most excited about the revenue growth opportunity. As shown on Slide 15, we've already identified additional revenue uplift opportunities implying an approximately $80 million of incremental EBITDA that we expect to capture within 3 years of close as we invest in our parks and improve the guest experience. Half of that $80 million comes from the -- from implementing an enhanced combined season pass program and fully optimizing our Flash pass and Fast Lane program opportunities. These are popular offerings that represent great value for our guests among all their leisure options.

雖然我們預計將顯著節省成本，但我們對收入成長機會感到最興奮。如投影片 15 所示，我們已經確定了額外的收入成長機會，這意味著我們預計在關閉後 3 年內透過投資園區和改善遊客體驗實現約 8,000 萬美元的增量 EBITDA。這 8000 萬美元中的一半來自於實施增強型組合季票計劃以及全面優化我們的 Flash 通行證和快車道規劃機會。這些都是受歡迎的產品，在我們的客人的所有休閒選擇中代表著巨大的價值。

The other half will come from the expected improvement in in-park spending particularly at Six Flags parks as a result of investments in our food and beverage and merchandise offerings. This is one that we can take from the Cedar Fair playbook, having seen the results of investment in these areas first hand.

另一半將來自園區內支出的預期改善，尤其是六旗樂園的支出，這是由於我們對食品、飲料和商品的投資所致。這是我們可以從雪松博覽會的劇本中學到的，因為我們親眼目睹了這些領域的投資成果。

And as Richard mentioned, combining our IP portfolios creates an opportunity to bolster merchandise sales and roll out new themed offerings at all of our parks. Together, we will create a more agile and consistent growth model while also delivering an enhanced and more immersive experience for our guests, both of which contribute to the inherent value creation for shareholders.

正如理查德所提到的，結合我們的智慧財產權組合創造了一個機會，可以促進商品銷售並在我們所有的公園推出新的主題產品。我們將共同創造一個更敏捷和一致的成長模式，同時為我們的客人提供增強和更身臨其境的體驗，這兩者都有助於為股東創造內在價值。

Our ability to invest in these growth opportunities will be underpinned by a strong balance sheet and cash flow generation profile. We expect to have a combined leverage ratio of approximately 3.7x reflecting expected synergies and enhanced cash flow generation. But we have outlined a clear path to reduce that to approximately 3x within the first 2 years.

我們投資這些成長機會的能力將得到強大的資產負債表和現金流產生狀況的支撐。我們預計綜合槓桿率約為 3.7 倍，反映了預期的協同效應和增強的現金流產生。但我們已經概述了一條明確的路徑，可在前 2 年內將這一數字減少至約 3 倍。

Following the close of the transaction, we will prioritize delevering to hit our target leverage ratio and ensure we are maintaining our robust capital structure. While this is our first priority, the combined company is committed to allocating capital to maximize shareholder return once we achieve this targeted leverage.

交易完成後，我們將優先考慮去槓桿化，以達到我們的目標槓桿率，並確保我們保持穩健的資本結構。雖然這是我們的首要任務，但一旦我們實現了這一目標槓桿，合併後的公司將致力於分配資本，以最大限度地提高股東回報。

As you can see on the right side of Slide 16, we expect free cash flow of just below $800 million, a 66% conversion rate, which is a 4 percentage point improvement on Six Flags conversion rate and a 9 percentage point improvement on Cedar Fair's. We're confident that our substantial free cash flow generation will provide us with ample flexibility to delever while increasing investments in our parks to grow attendance, increased guest spending and improved profitability, all while enhancing guest value and experience across the portfolio.

正如您在幻燈片 16 右側看到的，我們預計自由現金流將略低於 8 億美元，轉換率為 66%，比六旗轉換率提高 4 個百分點，比 Cedar Fair 提高 9 個百分點。我們相信，大量的自由現金流將為我們提供充分的去槓桿化靈活性，同時增加對公園的投資，以增加遊客數量、增加遊客支出並提高盈利能力，同時提高整個投資組合的遊客價值和體驗。

With that, I'll pass it back to Richard to close the call.

這樣，我會將其傳回給理查德以結束通話。

Thanks, Brian. On Slide 17, we've outlined the key milestones from today until the close of the transaction. One of the first steps we're taking is completing commitments for our new revolver and bond backstop. We are also already starting to assemble our integration planning team, which will be led by Gary Mick and include leaders from both companies.

謝謝，布萊恩。在投影片 17 中，我們概述了從今天到交易結束的關鍵里程碑。我們採取的首要步驟之一是完成對新左輪手槍和債券支援的承諾。我們也已經開始組建我們的整合規劃團隊，該團隊將由加里·米克（Gary Mick）領導，成員包括來自兩家公司的領導者。

A thoughtful and comprehensive integration plan is critical to setting up our combined company for long-term success, and this effort will be our highest priority. Six Flags will hold its shareholder vote at the right time and we are confident that we can kick through the other required approvals and closing conditions in the first half of the year.

深思熟慮、全面的整合計畫對於合併後的公司長期成功至關重要，而這項工作將是我們的首要任務。六旗將在適當的時間舉行股東投票，我們有信心在今年上半年完成其他所需的批准和成交條件。

Before we turn to Q&A, I want to reiterate how thrilled I am to reach this milestone. This transaction will allow us to take a massive step forward as we bring together 2 iconic park portfolios to unlock new and exciting opportunities for our guests, our teams and our combined shareholders.

在我們進行問答之前，我想重申我對達到這一里程碑感到多麼興奮。這項交易將使我們向前邁出一大步，因為我們將兩個標誌性的公園組合整合在一起，為我們的客人、我們的團隊和我們的聯合股東釋放新的、令人興奮的機會。

Together, we will have an expanded and diversified footprint of 42 beloved parks and 9 resort properties. Our complementary footprints will provide us with significant stability and mitigate the impact of anomalous weather conditions like those we experienced earlier this year.

我們將共同擁有 42 個深受喜愛的公園和 9 個度假村物業，從而擴大和多元化的足跡。我們互補的足跡將為我們提供顯著的穩定性，並減輕異常天氣條件（例如我們今年早些時候經歷的情況）的影響。

We will also have a robust financial profile with a strong balance sheet, enhance the diversified cash flow generation and $200 million of identified and achievable cost savings and revenue uplift opportunities. All of this will allow us to build on what makes our businesses and our parks so special and deliver an even more entertaining experience for our guests.

我們還將擁有穩健的財務狀況和強大的資產負債表，增強多元化的現金流生成，並提供 2 億美元的已確定且可實現的成本節約和收入成長機會。所有這些都將使我們能夠在使我們的業務和公園如此特別的基礎上繼續發展，並為我們的客人提供更有趣的體驗。

Moreover, we'll be able to leverage our complementary operating capability and technology platforms to make our parks more immersive and increase investments to broaden our offerings. As we do so, we will build on our business' strong track records of profitable growth and value creation.

此外，我們將能夠利用我們互補的營運能力和技術平台，使我們的公園更具沉浸感，並增加投資以擴大我們的產品範圍。在此過程中，我們將鞏固我們業務在獲利成長和價值創造方面的良好記錄。

All of these opportunities are only possible because of the great work of the Cedar Fair and Six Flags team. I know I can speak for myself, Selim, Brian, and Gary, when I say we are so excited about the road ahead for our combined business. On behalf of the Cedar Fair and Six Flags teams, thanks for listening in today.

所有這些機會都得益於雪松博覽會和六旗團隊的出色工作。當我說我們對合併後的業務的未來感到非常興奮時，我知道我可以代表我自己、Selim、Brian 和 Gary 發言。我謹代表雪松博覽會和六旗團隊感謝您今天的收聽。

With that, we can now begin Q&A.

這樣，我們現在可以開始問答了。

(Operator Instructions) Our first question today comes from Steven Wieczynski from Stifel.

（操作員說明）今天我們的第一個問題來自 Stifel 的 Steven Wieczynski。

Congratulations on the deal here. So Richard and Selim, I want to ask about just maybe the general philosophy of the combined company moving forward. And what I mean by that is Cedar Fair has always talked about moderate price increases, moderate attendance growth, while Six Flags under you, Selim, has been pushing for much higher pricing while trying to limit attendance growth. So just wondering how we should think about the combined company moving forward in which -- I guess, which operating strategy will ultimately be utilized going forward?

在此恭喜您達成交易。理查和塞利姆，我想問合併後公司前進的整體理念。我的意思是，雪松博覽會一直在談論適度的價格上漲和適度的參觀人數增長，而塞利姆，您領導下的六旗一直在推動更高的定價，同時試圖限制參觀人數的增長。因此，我想知道我們應該如何考慮合併後的公司的未來發展，我想，未來最終將採用哪種營運策略？

Steve, great question. Thanks for that. Let me jump in here and say, we really believe the opportunity ahead for us to create significant value for everybody involved, our guests, our employees, our shareholders, really rest in our ability to take the best of both companies and combine them. We're going to work through as Brian and I did when Cedar Fair acquired Paramount Parks, looking at both sides of the portfolio, there are things that we each do extremely well that as I said in my prepared remarks, are very complementary, and we have an opportunity to really step back, have an open mind, and really take a look at how we can best create value. Selim?

史蒂夫，好問題。感謝那。讓我在這裡說一下，我們真的相信我們未來有機會為每個參與者（我們的客人、我們的員工、我們的股東）創造巨大的價值，這實際上取決於我們充分利用兩家公司並將它們結合起來的能力。我們將像布萊恩和我在Cedar Fair 收購派拉蒙公園時所做的那樣，從投資組合的兩側來看，我們每個人都做得非常好，正如我在準備好的演講中所說，這些事情是非常互補的，我們有機會真正退後一步，保持開放的心態，並真正考慮如何才能最好地創造價值。塞利姆？

I believe, Steve, that it really does not stop the work we've done at Six Flags, it basically enhances it. As I visited and toured Cedar Fair park, I was very impressed by, literally, the premiumization they got, whether it's in food service, or in the landscaping, the way they basically -- seeing their rides, I think there is opportunities for both of us to still improve pricing, opportunity to make margins. But I can tell you this is not about only prices. It's mostly about how do you create values and additional perks for our guests. And I believe that is critical.

史蒂夫，我相信，這確實不會阻止我們在六旗所做的工作，它基本上增強了它。當我參觀和遊覽雪松博覽會公園時，我對他們所獲得的優質化印象非常深刻，無論是在餐飲服務方面，還是在景觀美化方面，他們基本上的方式——看到他們的遊樂設施，我認為兩者都有機會我們仍然需要提高定價，創造利潤的機會。但我可以告訴你，這不只是價格的問題。主要是關於如何為我們的客人創造價值和額外福利。我認為這一點至關重要。

We have both millions of guests. And I think that -- I think about a simple example. We have a membership and they don't have a membership. I would love to have our members be able to take their membership and their dining meal plan and go to Cedar Fair park and be able to enjoy more parks. I would love also to have what they've done where they have guests that spend per cap higher than us and be able to come and spend in our retail stores and in our food service, it's a fantastic complementary business here.

我們都有數百萬客人。我認為——我想一個簡單的例子。我們有會員資格，他們沒有會員資格。我希望我們的會員能夠帶著他們的會員資格和用餐計劃去雪松博覽會公園，並且能夠享受更多的公園。我也很想擁有他們所做的事情，他們的客人人均消費比我們高，並且能夠來我們的零售店和食品服務消費，這是這裡的一項極好的補充業務。

So Steve, it's all about price value equation and listen, creating more value for our guests.

所以史蒂夫，這一切都與價格價值等式和傾聽有關，為我們的客人創造更多價值。

Next question?

下一個問題？

Yes, sure. So I appreciate that. And then second question, probably for Brian or Gary. But when we think about the synergy number that you guys have laid out here, the all-in $200 million number. Listening to Brian's prepared remarks, it sounds like that $200 million number might just actually be a starting point and there could be more potentially behind that. Am I thinking about that right? Or am I reading too much into that? And if there is potential upside to that $200 million, do you think it would come more from the revenue side or more from the cost side?

是的，當然。所以我很欣賞這一點。然後是第二個問題，可能是問布萊恩或蓋瑞的。但當我們想到你們在這裡列出的協同數字時，總投入 2 億美元的數字。聽布萊恩準備好的講話，聽起來 2 億美元的數字實際上可能只是一個起點，後面可能還有更多的潛力。我這樣想對嗎？還是我讀太多了？如果這 2 億美元有潛在的上升空間，您認為更多來自收入方面還是更多來自成本方面？

Steve, it's Brian. I'll let Gary jump in. Gary and I are going to spend a lot of time focused on this, right? As we said in our prepared remarks, the cost side of this is front and center. We believe we can realize those cost savings synergies over the next 2 years.

史蒂夫，我是布萊恩。我會讓加里插話。加里和我會花很多時間專注於此，對吧？正如我們在準備好的演講中所說，成本方面是最重要的。我們相信，我們可以在未來兩年內實現這些成本節約的綜效。

We're not going to stop at what we've identified today. I think as we get deeper into this transaction and into the integration process, we may uncover other things. But certainly, I think where there is probably more upside is on the revenue. That's something we're really excited about. But as you know, it takes a little bit longer sometimes get to those revenue synergies. There's a lot of system integration that has to happen. So I think that may be where there's more upside longer term. But right now, our immediate focus is building out that integration plan, as Richard said, and mining those cost synergies as quickly as we possibly can.

我們不會停留在今天已經確定的事情上。我認為，隨著我們深入了解這筆交易和整合過程，我們可能會發現其他事情。但當然，我認為可能有更多上漲空間的是收入。這是我們真正感到興奮的事情。但如您所知，有時需要更長的時間才能實現這些收入綜效。必須進行大量的系統整合。所以我認為這可能是長期來看有更多上行空間的地方。但現在，我們的當務之急是製定整合計劃，正如理查德所說，並儘快挖掘這些成本協同效應。

Yes, I echo that. Thank you, Brian. What we have on the table so far is what we've identified. And if there's more, we certainly will execute to that. At this stage, that's what we have found.

是的，我同意這一點。謝謝你，布萊恩。到目前為止，我們所掌握的就是我們已經確定的內容。如果還有更多，我們當然會執行。在這個階段，這就是我們所發現的。

Our next question comes from Thomas Yeh from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Yeh。

Congratulations. As we think about holding the portfolio together, what's the right way to think about the long-term capital intensity of the business? It sounds like you expect to take advantage of some of the synergies to drive higher investments at close.

恭喜。當我們考慮將投資組合保持在一起時，考慮企業長期資本密集度的正確方法是什麼？聽起來您希望利用一些協同效應來推動最終的更高投資。

And Selim, you recently given long-term CapEx guidance based on some of the incremental opportunities that you've seen. Does that go up further now? I think, Brian, you mentioned that primarily there's some opportunities in driving more in-park food and bev investments. Just wondering what you're seeing as an incremental opportunity on top of that.

Selim，您最近根據您看到的一些增量機會給出了長期資本支出指導。現在還進一步上升嗎？布萊恩，我想你提到，主要是有一些機會可以推動更多的園區內食品和飲料投資。只是想知道您認為除此之外的增量機會是什麼。

Thomas, it's Brian. I think on the CapEx front, one of the things that we'll be spending a lot of time together working on is how quickly can we get to some of those synergies, particularly the revenue synergies, as we mentioned in Richard's prepared remarks. It will take some capital to activate some of the synergies, the revenue synergies, the expanded guest spending opportunities as Selim noted premium experiences, we've backstop that with a lot of capital investment, particularly in areas like food and beverage. So we don't have a specific number as to where that will end up. We'll be spending a lot of time collectively as a management team and then working with our new Board on where we want that to be. But their capital is going to be a key part of mining those opportunities for growth.

托馬斯，是布萊恩。我認為在資本支出方面，我們將花費大量時間共同努力的事情之一是我們能夠多快地實現其中一些協同效應，特別是收入協同效應，正如我們在理查德準備好的講話中提到的那樣。正如塞利姆指出的優質體驗那樣，需要一些資本來激活一些協同效應、收入協同效應和擴大的賓客消費機​​會，我們透過大量資本投資來支持這一點，特別是在食品和飲料等領域。所以我們沒有關於最終結果的具體數字。作為一個管理團隊，我們將花費大量時間共同努力，然後與我們的新董事會一起努力實現我們想要的目標。但他們的資本將成為挖掘這些成長機會的關鍵部分。

And the key point from my perspective, Thomas, is as we delever this company and generate significant cash flow, we'll have the resources to invest behind the highest ROI projects and get to that growth quickly.

托馬斯，從我的角度來看，關鍵的一點是，當我們對這家公司進行去槓桿化並產生大量現金流時，我們將有資源投資於最高投資回報率的項目并快速實現增長。

Okay, makes sense. And then just as a follow up, Richard, you mentioned the increased value proposition for season pass holders across a larger footprint. Just curious about dimensionalizing the appropriate TAM of pass holders that could visit multiple parks. Any sense of an overlap benefit in areas like California, for example?

好吧，有道理。然後，理查德，作為後續行動，您提到了為更大範​​圍內的季票持有者提供更高的價值主張。只是想了解可以訪問多個公園的通行證持有者的適當 TAM 維度。例如，在加州等地區是否有重疊利益的感覺？

If you look at the growth both companies have had over the last decade in season passes, it's clear that our customers see tremendous value in this program. It's driven our growth. It's been the core, a core part of our enhanced CRM program. We know a lot about our season pass holders as Six flags does. We think there's an opportunity to look at the two programs, meld them together over time in a way that will increase the opportunity for guests to visit but also acknowledge the value of the expanded portfolio.

如果您看看兩家公司在過去十年中季票方面的成長，很明顯我們的客戶看到了該計劃的巨大價值。它推動了我們的成長。它是我們增強型 CRM 計劃的核心、核心部分。我們和六旗一樣，對季票持有者了解很多。我們認為有機會審視這兩個項目，隨著時間的推移將它們融合在一起，以增加客人參觀的機會，同時也承認擴大的投資組合的價值。

So we're both excited on both sides of the companies to take a look at how we create something that our guests really want and that they place tremendous value in. Not only that, but I'll speak -- as we've gotten to know each other and look at the data, our highest NPS scores come from, respectively, our season pass holders. It's clear they are most loyal customers and fans, and they'll be really interested in the value we can bring to the communities.

因此，我們公司雙方都對如何創造出我們的客人真正想要的東西以及他們賦予巨大價值的東西感到興奮。不僅如此，我還要說——正如我們所得到的那樣相互了解並查看數據，我們最高的NPS 分數分別來自我們的季票持有者。很明顯，他們是最忠實的客戶和粉絲，他們會對我們為社群帶來的價值非常感興趣。

Our next question is from James Hardiman of Citigroup.

我們的下一個問題來自花旗集團的詹姆斯哈迪曼。

And I echo what's been said, congratulations on the merger. I'm sure there was a lot of work that went into this, but it does seem like you guys are potentially creating some value here. I was hoping you could dig in. It sounds like -- I'm sure there were some early discussions about the best form that the new company could take. Why the C Corp? Richard and Brian, we've talked a lot over the years about -- on the one hand, you've got some nice tax benefits; on the other, I think investors see the MLP as maybe a less sort of liquid vehicle. So why the C-corp? And maybe walk us through sort of the tax consequences here for MLP owners, if you can.

我同意大家所說的，祝賀合併。我確信這方面做了很多工作，但看起來你們確實有可能在這裡創造一些價值。我希望你能深入探討。聽起來——我確信早期已經就新公司可以採取的最佳形式進行了一些討論。為什麼是C公司？理查德和布萊恩，這些年來我們談論了很多——一方面，你們獲得了一些不錯的稅收優惠；另一方面，你們可以享受更多的稅收優惠。另一方面，我認為投資者認為 MLP 可能是一種流動性較差的工具。那為什麼是C公司呢？如果可以的話，也許可以帶我們來了解 MLP 所有者的稅務後果。

James, thanks for the question. When we look at the MLP structure, which historically has made sense for Cedar Fair, our Board determined that the C-corp structure will best position the combined company to unlock the most value for our unitholders going -- for our unitholders and shareholders going forward. As a C-corp, we'll have significantly more access to capital and appeal to a much broader investor base than we would have as an MLP.

詹姆斯，謝謝你的提問。當我們審視歷史上對Cedar Fair 有意義的MLP 結構時，我們的董事會確定C 型企業結構將使合併後的公司處於最佳位置，為我們的單位持有人以及未來的單位持有人和股東釋放最大價值。作為 C 型企業，與 MLP 相比，我們將有更多的機會獲得資本，並吸引更廣泛的投資者基礎。

This structure also enhanced the liquidity of our shares, providing a lot more flexibility to the combined shareholders. This decision also reflects the feedback we've received from unitholders over the last several years, many of whom have suggested that a C-corp structure makes far more sense for where the business is today.

這種結構也增強了我們股票的流動性，為合併後的股東提供了更大的靈活性。這項決定也反映了我們過去幾年從單位持有人那裡收到的回饋，其中許多人認為 C 型企業結構對於當今的業務狀況更有意義。

In terms of the tax structure, let me throw that one to Brian.

就稅收結構而言，讓我把這個問題交給布萊恩。

Yes. I mean, this transaction, as Richard just noted, we feel going forward, the C-corp structure certainly is the -- creates the most value for our unitholders and the Six shareholders. And we've tried to structure this in the most efficient way for exiting the MLP.

是的。我的意思是，正如理查德剛才指出的那樣，這筆交易我們認為，未來 C 型企業結構肯定會為我們的單位持有人和六名股東創造最大價值。我們嘗試以最有效的方式建構退出 MLP 的結構。

Got it. That's helpful. But just to be clear, the MLP units will be converted to the C-corp shares, right, which is effectively, there will be a tax event for unitholders, I'm assuming. Is that how this is ultimately going to work?

知道了。這很有幫助。但需要明確的是，MLP 單位將轉換為 C 型公司股票，對吧，我假設單位持有人實際上會面臨稅務事件。這就是最終的運作方式嗎？

The answer to the first part is yes, James. We will be converting to C Corp shares in terms of the implications to the investors. As you know, every one of our MLP investors has a different tax basis and there's different tax implications, that answers a lot more complicated and will depend on the individual investor.

第一部分的答案是肯定的，詹姆士。考慮到對投資者的影響，我們將轉換為 C Corp 股票。如您所知，我們的每位 MLP 投資者都有不同的稅基，並且存在不同的稅務影響，這要複雜得多，並且取決於個人投資者。

Okay. Got it. That's helpful. And then just maybe a follow-up to the question on the synergies and the joint path is one that I'm sure is going to get a lot of focus, right, the combined season pass. I think both companies over the years have had something where you could go to most, if not all, of the parks. And it didn't seem like that many customers to queue up on that. What's different here? Is it just more locations, maybe Southern Cal, Middle Cal, D.C. area that might make that more of a value proposition for a consumer. How do we think about that? And what's different?

好的。知道了。這很有幫助。然後，也許關於協同效應和聯合路徑問題的後續行動是我確信會得到很多關注的問題，對吧，合併季票。我認為多年來兩家公司都提供了一些可以讓你去大多數（如果不是全部）公園的東西。而且排隊的顧客似乎不多。這裡有什麼不同？只是更多的地點，也許是南加州、中加州、華盛頓特區，可能會為消費者帶來更多的價值主張。我們對此有何看法？有什麼不同？

Yes, James. No, yes, I'd say the way you characterize it is largely accurate. As we know, our parks are regional in nature. We're not destination for the most part, although we have some that mimic those characteristics. We generate as the Six Flags, most of our tenants within a 2, 2.5-hour drive time. So by definition, being regional, it's all close to the park.

是的，詹姆斯。不，是的，我想說你描述它的方式基本上是準確的。眾所周知，我們的公園本質上是區域性的。儘管我們有一些模仿這些特徵的地方，但我們在大多數情況下都不是目的地。作為六旗遊樂園，我們的大多數租戶都在 2、2.5 小時的車程內。所以根據定義，作為區域性的，它都靠近公園。

As you think about it, it's been a very small percentage that's visited multiple parks more than 1 or 2, but it's a very appealing guest segment for us. Even though it's small, they have -- they really value that opportunity and see the value. So as we think about how to customize our season pass program, which we've been doing. We've evolved it over the last 10 years as Six Flags has. We think there's an opportunity to continue to customize to tap that value that, that smaller group really represents.

如您所想，造訪過 1 或 2 個以上公園的遊客比例非常小，但這對我們來說是一個非常有吸引力的遊客群體。儘管規模很小，但他們確實珍惜這個機會並看到了其中的價值。因此，當我們考慮如何定制我們的季票計劃時，我們一直在這樣做。我們和六旗遊樂園一樣，在過去 10 年裡對其進行了不斷的改進。我們認為有機會繼續定制，以挖掘這個較小的群體真正代表的價值。

I would like to add something. I look at the Vail Resorts model with their Epic Pass. And I like that model with you will get depending on how you structure that pass, you might be able to incentivize today. I can tell you, I agree with Richard, our guests do not truly go from 1 park to another. They don't basically transcend Six Flags to Cedar Fair, but maybe we can create a model like Vail Resort where they get the Epic pass and gave an incentive for people if they want to visit other ski resorts.

我想補充一點。我查看了韋爾度假村 (Vail Resorts) 的模型及其 Epic Pass。我喜歡你將獲得的模型，這取決於你如何建立該通行證，你今天也許能夠激勵。我可以告訴你，我同意理查德的觀點，我們的客人並沒有真正從一個公園走到另一個公園。他們基本上沒有超越六旗樂園到雪松集市，但也許我們可以創建像韋爾度假村這樣的模式，在那裡他們可以獲得史詩通行證，並為想要參觀其他滑雪勝地的人們提供激勵。

Our next question comes from Ian Zaffino at Oppenheimer.

我們的下一個問題來自奧本海默的伊恩·扎菲諾。

Great. Maybe a question for Richard, can you just maybe talk about the assets and the CapEx maybe at the Six Flags parks that you'd expect to put in. How do you feel about the state of those assets? And not necessary the merchandising side or the customer experience, but the actual ride itself and maybe the need to -- the maintenance that they -- that those assets necessarily need? And how are you kind of thinking about that?

偉大的。也許有個問題要問理查德，您能否談談您希望投入的六旗公園的資產和資本支出。您對這些資產的狀況有何看法？不一定是銷售方面或客戶體驗，而是實際的乘坐本身，或許還需要這些資產必然需要的維護？你對此有何看法？

Thanks, Ian. As I think about bringing together these 2 iconic portfolios, what hits me more and more is how this is like buying -- putting together beachfront property. These are irreplaceable assets and have incredible value to sustain cash flow -- revenue generation, cash flow generation over time. So in each portfolio, we would say there are always things and as somebody used to run a single park and I run the chain. You walk the park and you see things you want to fix, you see things where you want to make it better for your guests. The list is always long. We're trying to get to many of those things over time as we can.

謝謝，伊恩。當我考慮將這兩個標誌性的投資組合結合在一起時，越來越讓我震驚的是這就像購買一樣——將海濱房產放在一起。這些都是不可替代的資產，對於維持現金流（隨著時間的推移產生收入、現金流）具有難以置信的價值。因此，在每個投資組合中，我們都會說總有一些事情，就像過去有人經營一個公園而我經營連鎖店一樣。當你在公園裡散步時，你會看到你想要解決的問題，你會看到你想要為你的客人提供更好服務的地方。名單總是很長。隨著時間的推移，我們正在盡我們所能地完成其中的許多事情。

So I think there's opportunity on both sides to continue to improve our sites, improve our parks, listen to our guests and what they value, and make sure that we create that memorable experience and that special experience for folks as they come through our gates.

因此，我認為雙方都有機會繼續改善我們的場地，改善我們的公園，傾聽我們的客人和他們的價值觀，並確保我們為人們創造難忘的體驗和特殊的體驗。

Okay. And then as far as use of cash flow, is this going to just be a pure deleveraging story for [to bring] down to 3x? Is there any other use of it outside of like the investment in the park as far as just distributions to shareholders through either dividends, buybacks or any other means?

好的。那麼就現金流的使用而言，這是否只是一個純粹的去槓桿化故事，[將]降到3倍？除了園區的投資之外，是否還有其他用途，即透過股利、回購或任何其他方式向股東分配？

No. As we talked about in our prepared remarks. Our immediate priority is getting the integration plan together, generate the synergies and delever as quickly as possible. Once we reach that point, then I think we will, management, along with working with Selim and the Board evaluate what's the best way to maximize shareholder returns, and focus on growth versus unlocking the value that we think is inherent in the combined company.

不，正如我們在準備好的發言中談到的那樣。我們的當務之急是盡快制定整合計劃，產生協同效應並去槓桿化。一旦我們達到這一點，我認為我們的管理層將與塞利姆和董事會一起評估實現股東回報最大化的最佳方式，並專注於成長而不是釋放我們認為合併後公司固有的價值。

Our next question comes from Chris Woronka from Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯·沃龍卡。

Appreciate all the details so far. So my question kind of relates to timing and the transition and how you view '24, how much of the -- what you want to get done -- can kind of get done for next prime season? I guess the question is really kind of how messy could '24 be versus how good could it be and we assume that by '25, you're much closer to where you want to be. But just risk and opportunity for the '24 peak season, if you will.

欣賞到目前為止的所有細節。所以我的問題有點與時間安排和過渡有關，以及你如何看待24年，你想要完成的事情有多少可以在下一個黃金季節完成？我想問題實際上是 24 歲會變得多麼混亂，而它會變得多麼好，我們假設到 25 歲，你就更接近你想要的地方了。但如果你願意的話，這只是 24 年旺季的風險和機會。

Chris, thanks for the question. Let me tell you, I am so excited by the momentum each company has as we go into '24. We've got an opportunity to really focus on the integration, get it right, be a model that people look to from an integration perspective, when they talk about a mergers of equal and putting 2 companies together. But the momentum we've got, I think, shows that we're going to have a strong year, and we got the momentum heading in.

克里斯，謝謝你的提問。讓我告訴你，當我們進入 24 世紀時，我對每家公司所呈現的勢頭感到非常興奮。我們有機會真正專注於整合，做到正確，成為人們從整合角度看待的模型，當他們談論平等合併並將兩家公司合併在一起時。但我認為，我們所擁有的勢頭表明我們將度過強勁的一年，而且我們有前進的動力。

You look at season pass sales from each fall program, from each of us, we're both up 20%. You'll look at what typically has happened when that strong -- we're that strong in the fall? It typically leads to a really good. So I think the environment is working well for us. I know there's always been a lot of concern about the health of consumers. And I think that's one of the overhangs in our sector. But I think what we keep proving and you look at the top line revenue of both companies in the third quarter, we've got an extremely strong start to next year, getting to the synergies more quickly.

你看看我們每個秋季節目的季票銷量，我們都成長了 20%。你會看看當我們在秋天那麼強大時通常會發生什麼？它通常會帶來真正的好處。所以我認為環境對我們來說運作良好。我知道消費者的健康一直備受關注。我認為這是我們行業的突出問題之一。但我認為我們不斷證明的，你看看兩家公司第三季的營收，我們明年有一個非常強勁的開局，更快實現協同效應。

From the cost side, they're easier to measure. From a CapEx perspective and getting to the investments we need to create those plans. But as we've always said, this is a long lead cycle for any significant investment in our parks. Both parks have put together robust plans on the capital side for '24 and '25. We're going to try and modify those and make sure we're tapping the best opportunity within the combined portfolio, to work hard on '25 and '26 and how we move as quickly as possible to unlock the revenue uplift opportunities.

從成本方面來看，它們更容易衡量。從資本支出的角度來看，我們需要進行投資來制定這些計劃。但正如我們一直所說，對於我們公園的任何重大投資來說，這都是一個漫長的周期。兩個公園都為「24」和「25」在首都方面製定了強有力的計劃。我們將嘗試修改這些內容，並確保我們在合併後的投資組合中利用最佳機會，在 '25 和 '26 方面努力工作，以及我們如何盡快採取行動，釋放收入成長機會。

Our next question comes from Michael Swartz from Truist.

我們的下一個問題來自 Truist 的 Michael Swartz。

Just a couple of questions. Maybe one more broadly speaking, as it pertains to maybe the scope of the transaction. Whether or not it's tied to a regulatory review or not, I mean, is there a kind of a broader look into a portfolio review? I know you talked about 40-plus properties, and it sounds like you're kind of committed to all of those. But are there areas where you think you may look to maybe divest some lower return, lower quality properties?

只是幾個問題。也許更廣泛地說，因為它可能涉及交易的範圍。我的意思是，無論它是否與監管審查相關，是否對投資組合審查有更廣泛的了解？我知道您談到了 40 多個房產，聽起來您對所有這些房產都做出了承諾。但您是否認為您可能會在某些領域剝離一些回報較低、品質較低的房產？

Mike, good question. As we look at the portfolio, and I said this before, these are really irreplaceable assets. We've always struggled with how do you grow if you shrink your portfolio. But I do think as we look at the combined portfolio, we're going to evaluate the whole range of ways to unlock and maximize the values.

麥克，好問題。當我們審視投資組合時，我之前說過，這些確實是不可取代的資產。我們一直在努力解決如果縮小投資組合如何實現成長的問題。但我確實認為，當我們審視合併後的投資組合時，我們將評估釋放和最大化價值的所有方法。

I'm most excited about focusing on all 42 to see how we optimize and create the ability to generate as much revenue uplift and cash flow generation as possible. But over time, as stewards of capital in the market, I think our Board will have the opportunity to evaluate what will really drive and maximize shareholder returns once we get to that targeted leverage ratio, and we're looking forward.

我最興奮的是專注於所有 42 個方面，看看我們如何優化和創造盡可能多的收入成長和現金流產生的能力。但隨著時間的推移，作為市場資本的管理者，我認為一旦我們達到目標槓桿率，我們的董事會將有機會評估真正推動和最大化股東回報的因素，我們對此充滿期待。

Okay. Perfect. That's great. And then second question, I think, Richard, you may have prefaced it with saying there's little overlap between kind of the consumer, maybe you were referring to the season pass base. But is there any granularity or just context you can add to maybe the pure overlap between the guest basis?

好的。完美的。那太棒了。然後第二個問題，我想，理查德，你可能在開頭說消費者類型之間幾乎沒有重疊，也許你指的是季票基礎。但是，您是否可以添加任何粒度或上下文來添加來賓基礎之間的純粹重疊？

We're going to take a look at each part to dive in into the data and see what we can unlock in terms of that overlap in terms of guest market. I do think that there's an opportunity to create a new chapter here with a new story and that really speaks to our consumers differently and speaks to the opportunity that within the bigger portfolio. Selim referenced Vail and how as they kept adding mountains, they created more value for their guests.

我們將研究每個部分，深入研究數據，看看我們可以在客戶市場的重疊方面解鎖什麼。我確實認為有機會在這裡用新的故事創造新的篇章，這確實以不同的方式向我們的消費者傳達了訊息，並說明了更大的產品組合中的機會。塞利姆提到了韋爾，以及他們如何不斷增加山脈，為客人創造更多價值。

So I think there's a compelling opportunity here to change the narrative about the value. We compete against all forms of out-of-home entertainment we have such a small share, only 5% of the out-of-home entertainment market. I think that this opportunity lets us hopefully get people to understand they can spend their leisure time and dollars with us.

所以我認為這裡有一個令人信服的機會來改變關於價值的敘述。我們與各種形式的戶外娛樂競爭，但我們所佔的份額很小，僅佔戶外娛樂市場的 5%。我認為這個機會讓我們希望讓人們了解他們可以與我們一起度過閒暇時間和金錢。

And when they come to us, as I've always said to all the general managers. The best measure of your success is how many of your guests come back next year. We focus that on every day when we open every one of our parks, both at Six Flags and Cedar Fair.

當他們來到我們這裡時，就像我一直對所有總經理說的話。衡量您成功的最佳標準是明年有多少客人再次光臨。當我們開放每一個公園時，無論是六旗公園還是雪松博覽會，我們都專注於此。

Our next question comes from Barton Crockett from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的巴頓·克羅克特。

I was interested in, first, the regulatory, the antitrust positioning, not much discussion about that. And you do have a couple of markets where you overlap like around the D.C. area with your park in Maryland and the park in Virginia, Kings Dominion and Six Flags to a degree in San Antonio, with the water park and also Los Angeles. And just in this environment, and when antitrust is such a loaded political question for any kind of big corporate merger. How do you feel about the antitrust setup and maybe the potential to have to divest stuff to get the deal done?

我首先對監管、反壟斷定位感興趣，對此沒有太多討論。你確實有幾個市場重疊，例如華盛頓地區，馬裡蘭州的公園和維吉尼亞州的公園，聖安東尼奧的國王領地和六旗公園，以及水上公園和洛杉磯。就在這種環境下，反壟斷對於任何類型的大公司合併來說都是一個沉重的政治問題。您對反壟斷設置以及可能必須剝離資產才能完成交易有何看法？

Barton, thanks for the question. Listen, as we think about the regulatory approval process, we are 100% committed to this transaction and think we will see it out to close. We understand there's a process to go through, but we've been well advised and we are absolutely confident that we can get this successfully completed as planned.

巴頓，謝謝你的提問。聽著，當我們考慮監管審批流程時，我們 100% 致力於這項交易，並認為我們會看到它完成。我們知道需要經歷一個過程，但我們得到了很好的建議，我們絕對有信心能夠按計劃成功完成這項任務。

You look at amusement parks, I touched on it just before my comment on out-of-home. We compete in a highly fragmented and constantly evolving leisure economy includes everything from bowling to athletic events to movie theaters. We're complementary across our geographies, and I really do think we're part of the broader landscape of all the leisure opportunities that consumers have when they get up in the morning or when they think about what they want to do on the weekend. And from that perspective, I don't see a lot of overlap.

你看看遊樂園，我在評論戶外活動之前就談到過它。我們在高度分散且不斷發展的休閒經濟中競爭，休閒經濟包括從保齡球到體育賽事到電影院的一切。我們在各個地區都是互補的，我確實認為我們是消費者早上起床或考慮週末想做什麼時所擁有的所有休閒機會的更廣泛景觀的一部分。從這個角度來看，我沒有看到太多的重疊。

I was going to add something interesting that happened literally last week. And yes, last week, and we have the Rangers that play the World Series and the Ranger stadium is less than a quarter mile away from our Dallas, Six Flags Over Texas. First, congratulation on the Texas Rangers for winning the World Series, we're very excited being based in Arlington, Texas. Many of our season passes ended up parking in the parking lots, and walking into because they have free parking given they have season pass, and walked across to the Texas Rangers stadium to attend the World Series.

我打算添加上週發生的一些有趣的事情。是的，上週，我們的流浪者隊參加了世界職業棒球大賽，而流浪者隊體育場距離我們位於達拉斯的德克薩斯六旗遊樂園不到四分之一英里。首先，恭喜德州遊騎兵隊贏得世界職棒大賽冠軍，我們非常高興能夠在德州阿靈頓工作。我們的許多季票最終都停在停車場，然後走進停車場，因為他們有季票，可以免費停車，然後步行到德克薩斯遊騎兵隊體育場參加世界大賽。

We were expecting to be -- well, before the Series started or after the Series of when the game open, they will come to our park and they did not. What was interesting is, anecdotally, we found out that when there is a game, even it's a quarter mile away, and they park -- season pass holder park in our parking, they went back home. So we did not benefit from the World Series being placed a quarter mile away from our park, which tells you that -- and entertain -- other form of entertainment takes away from our attendance. So we competed against the World Series thinking that it will be a boom for us for that day.

我們預計——嗯，在系列賽開始之前或系列賽開賽後，他們會來到我們的公園，但他們沒有。有趣的是，有趣的是，我們發現，當有一場比賽時，即使距離四分之一英里，他們也會把季票持有者停在我們的停車場，然後就回家。因此，我們並沒有從距離我們公園四分之一英里的世界職業棒球大賽中受益，這告訴你，其他形式的娛樂活動會減少我們的出席率。所以我們參加了世界職棒大賽，認為那一天對我們來說將會是一場繁榮。

Okay. I was also curious for this deal, are there provisions to ensure -- to compensate one party or the other if the deal is broken. I mean is there a timeline for this to be completed or people can walk away without any penalty?

好的。我也對這筆交易感到好奇，是否有條款可以確保——如果交易破裂，對一方或另一方進行賠償。我的意思是，是否有完成此任務的時間表，或者人們可以離開而不會受到任何懲罰？

Barton, all of those types of details will be included in the merger proxy statement, which will come out at the appropriate time.

巴頓，所有這些類型的細節都將包含在合併委託書中，該聲明將在適當的時間發布。

Okay. And then just on the business, the branding situation here is interesting with Six Flags being essentially a national -- nearly global brand and Cedar Fair being a collection of kind of local brands. Is the idea over time that it might make sense to rebrand to attach the Six Flags brand to the Cedar Fair properties as part of this kind of multipart pass positioning and the Vail positioning? Is that something that could be contemplated?

好的。就業務而言，這裡的品牌情況很有趣，六旗本質上是一個全國性的、幾乎是全球性的品牌，而雪松博覽會是當地品牌的集合。隨著時間的推移，作為這種多部分通行證定位和韋爾定位的一部分，將六旗品牌附加到雪松博覽會酒店的品牌重塑可能有意義嗎？這是可以考慮的事情嗎？

Barton, I tried to touch on this before. We have loyal and passionate customers, deeply held loyalty and passion around our unique regional brands, we think of this as a broader portfolio with incredibly powerful brands, but we really respect Cedar Point and Six Flags Magic Mountain.

巴頓，我之前曾嘗試談過這一點。我們擁有忠誠而熱情的客戶，對我們獨特的區域品牌有著深厚的忠誠度和熱情，我們認為這是一個擁有令人難以置信的強大品牌的更廣泛的產品組合，但我們非常尊重雪松點和六旗魔術山。

Everybody has, and every region has such a unique identifier. I view this as an opportunity just to reinforce the strong regional brands and understand who we are. We sort of talked about the difference between regional and destination. This is really an opportunity to enhance our regional brands, and, over time, create more value and choices for our customers.

每個人、每個地區都有這樣一個獨特的識別碼。我認為這是一個加強強大的區域品牌並了解我們是誰的機會。我們討論了地區和目的地之間的差異。這確實是一個提升我們區域品牌的機會，並隨著時間的推移，為我們的客戶創造更多價值和選擇。

Our next question comes from Paul Golding at Macquarie.

我們的下一個問題來自麥格理的保羅‧戈爾丁。

Congratulations on the announcement. I just wanted to drill a little deeper into your prior comment, Richard, around branding. It seems like there's an opportunity, as we've seen with other theme park holding companies that have multiple brands to leverage attraction IP, whether it's for a new ride or event or festival. Is that something that we could expect to see? And how are you thinking about maintaining the unique branding on the park overall relative to the capital efficiencies you could see for specific attractions that require investments.

恭喜您宣布這項消息。理查德，我只是想更深入地了解您之前關於品牌的評論。正如我們在其他擁有多個品牌的主題樂園控股公司所看到的那樣，這似乎是一個機會，可以利用景點智慧財產權，無論是新的遊樂設施、活動還是節日。這是我們可以期待看到的嗎？相對於需要投資的特定景點的資本效率，您如何考慮維持整個公園的獨特品牌。

Thanks, Paul. Great question. One of the things that excites me as somebody who came into the Cedar Fair organization from the Paramount side, understanding the movie studio and the drive for exploiting IP and enhancing that, along with Six Flags, looking at the Warner Bros, we have, as we said in our prepared remarks, really 3 powerful IPs that we can think about how best fit within the portfolio, Peanuts, DC Comics and of course, the Warner Bros. connection.

謝謝，保羅。很好的問題。作為一個從派拉蒙集團進入雪松博覽會組織的人，讓我感到興奮的一件事是，了解電影製片廠以及利用知識產權並加強知識產權的動力，與六旗一起，看看華納兄弟，我們有，我們在準備好的發言中說過，我們可以考慮如何最好地融入組合中的 3 個強大 IP：花生漫畫、DC 漫畫，當然還有華納兄弟的聯繫。

I'm so excited to think about how we could potentially roll out and enhance the guest experience in all our regions and rethink how we use IP. IP is incredibly important differentiator in the minds of our consumers. And I think our ability to unlock how we look at that in the future gets me really excited. I know for our internal design staff on both sides as we think about how to plot and plan the guest experience going forward. I think our challenge is working -- is to work more closely with the holders of the IP and think about how we might both benefit from a closer association.

我很高興想到我們如何能夠在所有地區推出和增強賓客體驗，並重新思考我們如何使用知識產權。在我們的消費者心目中，知識產權是極為重要的差異化因素。我認為我們有能力了解我們未來如何看待這個問題，這讓我非常興奮。我了解雙方的內部設計人員，因為我們正在考慮如何規劃和規劃未來的賓客體驗。我認為我們面臨的挑戰是有效的——與智慧財產權持有者更密切地合作，並思考我們如何從更緊密的聯繫中受益。

And then just a quick follow-up. It's maybe more of a housekeeping question. As you are now out in the marketplace talking about the potential for a combined network pass. Is there anything that we should consider in terms of changes or considerations to your selling process for the current mix of pass products across both footprints in the lead-up to the merger and the timeline of an anticipated first half '24 close?

然後進行快速跟進。這可能更像是家政問題。正如您現在在市場上談論組合網路通行證的潛力一樣。在合併前以及預計 24 年上半年結束的時間表中，我們應該考慮對您目前跨兩個業務範圍的通行證產品組合的銷售流程進行更改或考慮嗎？

Both of us are midway in our cycle already. It really starts late summer, early fall. Again, the numbers are tremendous, deferred revenue up 20% in both companies. So tremendous success. I think we're going to run each company's playbook well into the spring in this cycle and then look at how we can adapt and evolve in a way that makes sense, in a way to make sure that we're delivering as we listen to our customers, what they're telling us would enhance the program.

我們倆都已經處於週期的中間了。它真正開始於夏末秋初。同樣，數字是巨大的，兩家公司的遞延收入都增加了 20%。如此巨大的成功。我認為我們將在這個週期中將每家公司的劇本很好地運用到春季，然後看看我們如何以一種有意義的方式進行調整和發展，以確保我們在傾聽時交付成果我們的客戶，他們告訴我們的內容將增強該計劃。

Our final question comes from Robert Aurand from KeyCorp.

我們的最後一個問題來自 KeyCorp 的 Robert Aurand。

I was hoping just to dig a little bit more into kind of the why now aspect of the deal. I mean you both had some long-term targets out there and kind of whether or not withstanding, it seem to be bearing some fruit here into next year. I guess is there anything to read into kind of your stand-alone outlooks and how you're feeling about it? You're heading into next year, you -- kind of with the macro environment the way it is?

我希望能更深入了解這筆交易的原因。我的意思是，你們都有一些長期目標，無論是否能夠實現，它似乎都會在明年結出一些果實。我想有什麼可以解讀您的獨立觀點以及您對此的感受嗎？即將進入明年，宏觀環境是這樣的嗎？

Good question, Rob. I will tell you that, as I mentioned before, I think we're both coming into this transaction, excited about what the combined company can do, but coming from a position of strength. You saw the third quarter for both companies, nice recovery in the revenue uplift. I think there's -- we can both be excited at the stand-alone opportunities. But both Boards determined that by putting these companies together, we could really achieve a level of return for our owners that we couldn't get on a stand-alone basis.

好問題，羅布。我會告訴你，正如我之前提到的，我認為我們雙方都對合併後的公司可以做的事情感到興奮，但我們都處於優勢地位，因此我們都參與了這項交易。您看到兩家公司第三季的營收成長都出現了良好的復甦。我認為我們都會對這些獨立的機會感到興奮。但兩個董事會都認為，透過將這些公司合併在一起，我們確實可以為我們的所有者實現我們單獨無法獲得的回報水平。

There's opportunities available to us, and we've articulated throughout this call that really will let us just drive home the value of this transaction and achieve the potential. That's what Selim and I are most excited about as we look at this, is the potential of the combined company that we think neither 1 of us could reach on our own. Selim?

我們有很多機會，我們在整個電話會議中都明確表達了這一點，這確實能讓我們充分認識到這筆交易的價值並實現潛力。當我們看到這個問題時，塞利姆和我最興奮的是合併後公司的潛力，我們認為我們任何一個人都無法單獨實現這一點。塞利姆？

Yes. I think what is exciting -- why now. Let's talk about why now. Neither one of the companies needed to do the deal we were not coerced to the deal. I can tell you on Six Flags, we had just almost finished with our transformation, and you're starting seeing attendance coming up double digit despite weather this summer, how fall sales is basically setting the 2024 very, very well. However, we believe truly that this merger creates a successful amusement park operator in the highly competitive leisure space with an expanded and diversified footprint, a more robust operating model and strong revenue and cash flow generation.

是的。我認為令人興奮的是——為什麼是現在。現在我們來談談為什麼。兩家公司都不需要進行這項交易，我們也沒有被迫進行這項交易。我可以在六旗樂園告訴你，我們剛剛幾乎完成了轉型，儘管今年夏天天氣不好，但你開始看到遊客人數仍呈兩位數增長，秋季銷售基本上為2024 年奠定了非常非常好的基礎。然而，我們堅信，這次合併將在競爭激烈的休閒領域創造出一家成功的遊樂園營運商，其業務範圍擴大且多元化，營運模式更加穩健，收入和現金流也強勁。

I tell you, over the past 2 years, we have taken significant steps to transform our operations and create a more agile business while investing in new offerings to delight and excite our guests. I know that Richard and Brian and their team were earlier than us doing all the what I call elevating the experience. So we're trying to catch up to this combination build on our momentum but making sure that we create a geographic footprint that is expected to mitigate the impact of seasonality and reduced earnings volatility.

我告訴您，在過去的兩年裡，我們採取了重大措施來轉變我們的營運方式並創建更敏捷的業務，同時投資於新產品以使我們的客人感到高興和興奮。我知道理查德和布萊恩以及他們的團隊比我們更早完成了所有我所說的提升體驗的工作。因此，我們正試圖在我們的勢頭基礎上趕上這種組合，但確保我們創造的地理足跡有望減輕季節性的影響並減少收益波動。

Combining our complementary operating capabilities and technology portfolio will help us create a platform for Richard and Brian to improve our park offerings and more efficient system-wide performance. I will tell you what I love about Cedar Fair is they were delivering a more engaging and immersive guest experience than we've ever done. And that's something we need to take to our guests.

結合我們互補的營運能力和技術組合將幫助我們為理查德和布萊恩創建一個平台，以改善我們的公園產品和更有效率的全系統性能。我會告訴你，我喜歡 Cedar Fair 的一點是，他們提供了比我們以往任何時候都更具吸引力和身臨其境的賓客體驗。這就是我們需要帶給客人的東西。

And finally, I think increasing and bolstering our free cash flow will increase flexibility to invest in new rides and attraction, broader food and beverage selection, additional in-park offering and cross-park initiative. And then from our side, we are bringing a lot of technologies that are starting to unveil in this fourth quarter and 2024, specifically to make our guests easier to do business with us, all of which will be successfully deployed to grow attendance, increase per capita spending and improve profitability. I will tell you there are a lot of monetizing initiatives that we are both excited about that are coming in, in 2024.

最後，我認為增加和加強我們的自由現金流將提高投資新遊樂設施和景點、更廣泛的食品和飲料選擇、額外的公園內服務和跨公園計劃的靈活性。然後，從我們這邊來看，我們帶來了許多技術，這些技術將在第四季度和2024 年開始推出，特別是為了讓我們的客人更容易與我們開展業務，所有這些都將成功部署以增加出席率、增加每人資本支出並提高獲利能力。我會告訴您，我們都對 2024 年即將推出的許多貨幣化舉措感到興奮。

And maybe just as a quick follow-up. I mean, can you give me a color around just kind of the potential long-term margin profile of the combined business? I know Six Flags had talked about getting margins into the low 40s. Can you talk about where the combined company can get to?

也許只是作為快速跟進。我的意思是，您能給我介紹一下合併後業務的潛在長期利潤狀況嗎？我知道六旗曾談論過將利潤率降至 40 多歲。您能否談談合併後的公司將走向何方？

Yes, this is Brian. From a margin perspective, certainly, we're excited about the possibilities, as Richard and Selim have said, the combined company has much more upside as we maximize the strengths of each side, and that should benefit us as it relates to margins. As we -- as Six has shown over the last couple of years, the ability to deliver strong margins is certainly one of their strengths. And as the last quarter showed that's a clear focus for the Cedar Fair team, as well. Ultimately, our top priority is driving EBITDA growth and free cash flow generation. But margin will remain a very high priority, and we think the upside is significant.

是的，這是布萊恩。當然，從利潤率的角度來看，我們對這種可能性感到興奮，正如理查德和塞利姆所說，合併後的公司有更多的優勢，因為我們最大限度地發揮雙方的優勢，這應該使我們受益，因為它與利潤率有關。正如我們——正如六號在過去幾年中所展示的那樣，提供強勁利潤的能力無疑是他們的優勢之一。正如上個季度所表明的那樣，這也是 Cedar Fair 團隊的一個明確關注點。最終，我們的首要任務是推動 EBITDA 成長和自由現金流的產生。但利潤率仍將是非常重要的優先事項，我們認為上行空間很大。

This concludes the Q&A session. I will now hand the call back to Richard Zimmerman to wrap up.

問答環節到此結束。現在我將把電話交回給理查德·齊默爾曼來結束。

Thank you, everybody, for your time and attention today and for your interest in the new combined Six Flags-Cedar Fair Company. We are -- speaking for Selim, Gary, Brian and I, we are excited to get to work starting today to tap the potential of this combined company. So thank you, and we look forward to talking to you soon.

感謝大家今天抽出寶貴的時間和注意力，感謝大家對新合併的六旗雪松遊樂園公司的興趣。我們代表塞利姆、加里、布萊恩和我來說，我們很高興從今天開始工作，挖掘這家合併後公司的潛力。謝謝您，我們期待盡快與您交談。

Thank you all for joining today's conference call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。