Six Flags Entertainment Corp (SIX) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Six Flags First Quarter 2024 Earnings Conference Call. My name is Betsy, and I will be your operator for today's call. (Operator Instructions) Thank you.

早安，女士們，先生們。歡迎參加六旗 2024 年第一季財報電話會議。我叫貝特西，我將擔任您今天通話的接線生。 （操作員說明）謝謝。

I will now turn the call over to Evan Bertrand, Vice President, Investor Relations and Treasurer. Please go ahead.

我現在會把電話轉給投資者關係副總裁兼財務長 Evan Bertrand。請繼續。

Good morning, and welcome to our first quarter 2024 earnings call. With me is Selim Bassoul, President and CEO of Six Flags; and Gary Mick, our Chief Financial Officer.

早上好，歡迎參加我們的 2024 年第一季財報電話會議。和我在一起的是六旗遊樂園總裁兼執行長塞利姆·巴蘇爾 (Selim Bassoul)；和我們的財務長加里·米克 (Gary Mick)。

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.

我們將以準備好的意見開始通話，然後開始回答您的問題。我們的評論將包括聯邦證券法含義內的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與此類陳述中描述的結果有重大差異，本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 in the company's annual reports, quarterly reports and other forms filed or furnished with the SEC.

此外，在電話會議上，我們將討論非公認會計準則財務指標。投資者可以在公司向 SEC 提交或提供的年度報告、季度報告和其他表格中找到對業務風險的詳細討論以及非 GAAP 財務指標與 GAAP 財務指標的對帳。

While our call today will focus on the results of first quarter 2024, I do want to provide a few updates on the merger process. First, we received overwhelming shareholder approval of the merger on March 12, helping us achieve a key milestone in the process. Second, we have certified compliance with the DOJ's request for additional information and documentary material. And last, we completed certain credit refinancing in preparation for the merger. We expect the merger to close in the first half of 2024.

雖然我們今天的電話會議將重點討論 2024 年第一季的結果，但我確實想提供一些有關合併流程的最新資訊。首先，我們在 3 月 12 日獲得了壓倒性股東對合併的批准，幫助我們實現了這一過程中的關鍵里程碑。其次，我們已證明遵守了司法部關於提供更多資訊和文件資料的要求。最後，我們完成了一定的信貸再融資，為合併做準備。我們預計合併將於 2024 年上半年完成。

With that said, we will not be taking any questions on the merger on this call.

話雖如此，我們不會在這次電話會議上回答任何有關合併的問題。

Now I will turn this call over to Selim.

現在我將把這通電話轉給塞利姆。

Good morning. Thank you for joining our call. We are nearly 3 years into our transformation, and we are excited to see our results trending upward. Early indications for the season show positive trajectory for this season and that people are spending more money in our parks. We have carved a clear path for profitable growth and attribute this progress to 2 key aspects of our strategy.

早安.感謝您加入我們的通話。我們的轉型已近三年，我們很高興看到我們的業績呈現上升趨勢。本季的早期跡象顯示本季的積極發展軌跡，人們在我們的公園花了更多的錢。我們已經為獲利成長開闢了一條清晰的道路，並將這一進展歸因於我們策略的兩個關鍵方面。

The first is premiumization. We are transforming our parks. We are creating multigenerational appeal, proving that thrills know no age. Thrills know no age. We alleviate choke points and amplified value in every aspect of the park experience. We are also alleviating burden on our rides and on our employees, which in turn freed up space to better serve our guests, making us easier to do business with. We are enhancing park infrastructure, in-park offerings, luxury accommodations, comfort seating and beautified our parks, which is resonating with our guests, giving them a reason to stay longer and spend more.

首先是高端化。我們正在改造我們的公園。我們正在創造多代人的吸引力，證明刺激不分年齡。刺激不分年齡。我們緩解了公園體驗各個方面的瓶頸並放大了價值。我們也減輕了遊樂設施和員工的負擔，從而騰出了空間來更好地服務我們的客人，使我們更容易開展業務。我們正在加強公園基礎設施、公園內服務、豪華住宿、舒適座椅並美化我們的公園，這引起了我們的客人的共鳴，讓他們有理由停留更長時間並花費更多。

The second key aspect is that we are reinventing the customer journey from before they enter the park to after they leave. Through our digital transformation, we have introduced new ways to personalize the guest experience and to increase engagement. I will discuss this in more detail later in the call.

第二個關鍵方面是，我們正在重塑客戶從進入公園之前到離開之後的旅程。透過數位轉型，我們引入了個人化賓客體驗和提高參與度的新方法。我將在稍後的電話會議中更詳細地討論這一點。

Today, I will highlight several leading indicators that give us confidence that we are on the right path for profitable growth. First, our pass sales remained strong. Through April 2024 total pass sales are ahead of last year by double digits, with both units and average pass price showing solid increases over last year. Add-on sales of all-season dining and all-season flash passes are also ahead of last year, and we are selling a higher mix of Diamond and Platinum passes.

今天，我將重點介紹幾個領先指標，這些指標讓我們相信我們正走在獲利成長的正確道路上。首先，我們的通行證銷售依然強勁。截至 2024 年 4 月，通行證總銷售量比去年高出兩位數，通行證數量和平均通行證價格均較去年穩定成長。全季餐飲和全季閃購通行證的附加銷售也高於去年，我們正在銷售更多的鑽石通行證和白金通行證。

Second, group sales are outperforming expectations. Our move last year to place our sales team back in the park has empowered our team, enabling them to work closely with park leadership and to better engage with customers. Based on our current bookings, we are surpassing last year's group sales by over 20% and approaching pre-pandemic levels for the full year.

其次，集團銷售超預期。去年，我們將銷售團隊重新安置在園區，這增強了我們團隊的能力，使他們能夠與園區領導層密切合作，並更好地與客戶互動。根據我們目前的預訂量，我們全年的團體銷售額比去年增長了 20% 以上，接近疫情前的水平。

Third, in-park spending continues to grow. We are seeing underlying in-park spending per capita increasing 5%, excluding the headwinds from our discontinued legacy memberships. This growth helped us achieve record first quarter in-park revenues and reflects our focus on driving monetization through technology, as well as on elevating the experience, which promotes multigenerational family visitation in our parks and encourages guests to stay longer.

第三，園區消費持續成長。我們看到園區內的人均基本支出增加了 5%，不包括我們終止的傳統會員資格帶來的不利影響。這一增長幫助我們實現了創紀錄的第一季公園內收入，並反映出我們致力於透過技術推動貨幣化以及提升體驗，從而促進多代家庭參觀我們的公園並鼓勵遊客停留更長時間。

On technology, for example, our new speedy parking automated toll plazas are quickly gaining popularity and generating additional revenues, with roughly half of our guests now using this service. Another example is our new self-service kiosks at our restaurants, which are reducing food wait times and increasing average check sizes. It is all about convenience. I repeat, it is all about convenience.

例如，在技術方面，我們新的快速停車自動收費站正在迅速普及並產生額外收入，現在大約有一半的客人使用這項服務。另一個例子是我們餐廳的新自助服務亭，它減少了食物等待時間並增加了平均支票尺寸。這一切都是為了方便。我再說一遍，一切都是為了方便。

We elevate the experience by striving to engage our guests at a deeper emotional level, whether it is riding one of our record-breaking thrill rides, the nostalgia of eating a funnel cake or smelling freshly made cotton candy, watching your child ride his or her first rollercoaster or providing an opportunity for a group of old friends to reconnect, we validate every day that a memorable experience outshines a clouded experience. A memorable experience outshines a clouded experience every day.

我們透過努力讓客人在更深的情感層面上參與來提升體驗，無論是乘坐我們破紀錄的驚險遊樂設施，吃漏斗蛋糕的懷舊之情，還是聞到新鮮製作的棉花糖的味道，看著您的孩子騎著他或她的第一次坐過山車或為一群老朋友提供重新聯繫的機會，我們每天都在驗證難忘的經歷勝過陰雲密布的經歷。難忘的經驗勝過每天陰暗的經驗。

I have personally observed the desire for guests to enjoy the Six Flags experience. On a recent Saturday, I was at Six Flags over Texas. There were 11,000 guests in the park that day. Around 7:00 p.m., there were still over 75% of the guests at the park. And I saw many of them sharing a meal, treating themselves to dessert and shopping for their favorite apparel at our retail location. You could see the excitement in their faces, and they did not want to leave. As we work to encourage guests to stay longer, enhance our in-park offerings and cultivate memorable experiences, this will drive continued progress in growing guest spending in our parks.

我個人觀察到客人渴望享受六旗體驗。最近的一個星期六，我去了德州的六旗遊樂園。當天公園有11000名遊客。晚上7:00左右，公園裡的遊客依然超過75%。我看到他們中的許多人共享一頓飯，享用甜點，並在我們的零售店購買他們最喜歡的服裝。你可以看到他們臉上的興奮，他們不想離開。當我們努力鼓勵遊客停留更長時間、增強公園內服務並培養難忘的體驗時，這將推動遊客在公園的消費持續增長。

Before I hand it over to Gary, I want to reiterate how transformative the past few years have been for us. We have streamlined our organization, removing unnecessary layers, creating a more nimble and agile team. We have decentralized certain key functions to put ownership back in the park, empowering local teams, which has been central to better serving customers and reinvigorating our group sales.

在將其交給加里之前，我想重申過去幾年對我們來說是多麼的變革。我們精簡了組織，消除了不必要的層級，創造了一個更靈活敏捷的團隊。我們已經下放了某些關鍵職能，將所有權重新歸還給園區，賦予當地團隊權力，這對於更好地服務客戶和重振我們的集團銷售至關重要。

Our culture of urgency, excellence and ownership has been central to navigating numerous challenges, adapting quickly and setting a strong foundation for the future. We remain dedicated to creating a premium guest experience as well as staying vigilant in managing our costs, so that we can deliver profitable and sustainable growth.

我們的緊迫感、卓越性和主人翁精神對於應對眾多挑戰、快速適應並為未來奠定堅實的基礎至關重要。我們仍然致力於創造優質的賓客體驗，並在管理成本方面保持警惕，以便實現盈利和可持續增長。

With that, I would like to turn the call over to Gary to discuss the financial results for the quarter.

說到這裡，我想將電話轉給加里，討論本季的財務表現。

Thank you, Selim, and good morning, everyone. I will start with attendance, revenue and per caps and move to expenses and adjusted EBITDA for the quarter. I will then discuss our Active Pass Base metrics, select balance sheet items and capital allocation.

謝謝你，塞利姆，大家早安。我將從出席率、收入和人均人數開始，然後轉向本季的費用和調整後的 EBITDA。然後我將討論我們的 Active Pass Base 指標、選擇資產負債表項目和資本分配。

Total attendance was 1.7 million guests, a 6% increase from the prior year, driven primarily by the early Easter holiday, which occurred in the first quarter of 2024 compared to the second quarter of 2023. We estimate that the Easter timing shift provided a benefit of 90,000 guests in the first quarter of 2024 and will result in a year-over-year headwind in the second quarter. Unfortunately, the weather was just as challenging in the first quarter of 2024 as it was in the prior year, and the number of operating days were essentially flat year-over-year.

總出席人數為 170 萬人次，比上年增加 6%，這主要是由於 2024 年第一季度的復活節假期較 2023 年第二季度提前。第一季將接待9 萬名客人，這將導致第二季同比出現逆風。不幸的是，2024 年第一季的天氣與去年一樣充滿挑戰，營運天數與去年同期基本持平。

Revenue was $133 million, a decrease of $9 million or 6% versus last year. The change was driven primarily by 2 factors. The first was a reduction in international licensing revenue caused by a change in the estimated opening date of Six Flags Qiddiya to mid-2025, which shifted $4 million of revenue previously recognized to future periods.

營收為 1.33 億美元，比去年減少 900 萬美元，即 6%。這項變化主要由兩個因素驅動。首先是六旗奇迪亞預計開業日期更改為 2025 年中期，導致國際許可收入減少，這將先前確認的 400 萬美元收入轉移到未來期間。

The second was a $12 million reduction in revenue from memberships beyond the initial 12-month commitment period, what we call 13-plus, which is recognized evenly each month and is not associated with the tenants, and includes revenue allocated to admissions and in-park revenues.

第二個是在最初的12 個月承諾期（我們稱之為13 個月以上）之後，會員收入減少1200 萬美元，每月平均確認，與租戶無關，包括分配給入場費和內部收入的收入。

Admissions revenue was $71 million, a decrease of $6 million or 7% versus last year. In-park revenues were a first quarter record at $54 million, an increase of (inaudible) versus last year with our in-park initiatives more than offsetting lower 13-plus membership revenue. Total guest spending per capita decreased $6.53 or 8%. Admissions spending per capita decreased $5.77 or 12%. And in-park spending per capita decreased $0.76 or 2%.

門票收入為 7,100 萬美元，比去年減少 600 萬美元，即 7%。第一季園區內收入達到 5,400 萬美元，創歷史新高，與去年相比有所增長（聽不清楚），我們的園區內舉措足以抵銷 13 歲以上會員收入的下降。賓客均總消費量減少 6.53 美元，即 8%。人均入學支出下降 5.77 美元，即 12%。人均公園內支出下降了 0.76 美元，即 2%。

Excluding the impact of 13-plus revenue from both periods, which we believe better reflects our higher average pricing and in-park monetization efforts, guest spending per capita would be higher than prior year by $1.59 or 3%, which includes a slight increase in admission spending per capita of $0.31 or 1%, and an increase in in-park spending per capita of $1.28 or 5%.

排除這兩個時期13 人以上收入的影響（我們認為這更好地反映了我們較高的平均定價和園區內貨幣化努力），遊客人均支出將比去年增加1.59 美元或3%，其中包括略有增加人均門票支出增加 0.31 美元，即 1%，人均園區內支出增加 1.28 美元，即 5%。

We expect revenue headwinds from 13-plus members to continue into the second quarter with an anticipated reduction in 13-plus revenue of approximately $10 million compared to the second quarter last year.

我們預計 13 名以上會員的收入逆風將持續到第二季​​度，與去年第二季度相比，13 名以上會員的收入預計將減少約 1000 萬美元。

As Selim mentioned, our strong pass sales are an encouraging leading indicator that gives us confidence we can grow attendance again in 2024. We also expect to grow our per caps for each category of guest and across our in-park revenue channels. However, this growth will be tempered by the following factors.

正如塞利姆所提到的，我們強勁的通行證銷售是一個令人鼓舞的領先指標，讓我們有信心在2024 年再次增加遊客數量。渠道。然而，這種增長將受到以下因素的影響。

First, 13-plus revenue headwinds that we have previously mentioned. Second, a higher mix of season pass attendance, which carries a lower per cap versus a single-day visit. Third, a higher mix of group attendance, which typically comes at a lower per cap versus our company average. Based on early trends, coupled with these tempering factors, we expect our total guest spending per capita in 2024 to be up slightly versus prior year.

首先，我們之前提到過 13 多個收入逆風。其次，季票上座率較高，與單日造訪相比，人均上限較低。第三，團體出席人數的比例較高，其人均上限通常低於我們公司的平均水準。根據早期趨勢，再加上這些緩和因素，我們預計 2024 年的人均賓客總支出將比去年略有上升。

Moving on to costs. In first quarter 2024, we incurred $5 million of merger-related expenses associated with the proposed merger with Cedar Fair. Cash operating costs, which includes cash operating and SG&A expense, but excludes merger-related costs, decreased $1 million or 1% in the first quarter versus the prior year.

繼續討論成本。 2024 年第一季度，我們因擬議與 Cedar Fair 合併而產生了 500 萬美元的合併相關費用。第一季現金營運成本（包括現金營運和 SG&A 費用，但不包括合併相關成本）比去年同期減少了 100 萬美元，即 1%。

Looking ahead, there are several factors driving our cost expectations for the remainder of the year. First, we are optimizing our events calendar, focusing on our guests' favorite events to deliver the biggest impact, which will result in lower event spending in the second half of 2024 compared to the second half of 2023.

展望未來，有幾個因素推動我們對今年剩餘時間的成本預期。首先，我們正在優化活動日曆，重點關注客人最喜歡的活動，以產生最大的影響，這將導致 2024 年下半年的活動支出低於 2023 年下半年。

Second, we expect advertising spend to be flat for the full year 2024 versus prior year. That said, we plan to spend more on advertising in the second quarter to build on our early success and to better align with the timing of our past promotions moving into the peak season. This will make for tougher quarterly comparisons for the second quarter versus last year.

其次，我們預期 2024 年全年廣告支出將與前一年持平。也就是說，我們計劃在第二季度在廣告上投入更多資金，以鞏固我們早期的成功，並更好地配合我們過去的促銷活動進入旺季的時間。這將使第二季度與去年相比更加嚴格的季度比較。

Finally, we expect full year average cost inflation to be around 4%. Keep in mind, many of the parks in jurisdictions with the largest minimum wage increases were either closed or did not have significant operations in the first quarter, but will be ramping up operations in the second quarter.

最後，我們預計全年平均成本通膨率將在 4% 左右。請記住，最低工資漲幅最大的司法管轄區的許多公園要么關閉，要么在第一季沒有大量運營，但將在第二季度擴大運營。

Adjusted EBITDA loss for the quarter was $26 million versus a $17 million adjusted EBITDA loss in the prior year first quarter, driven primarily by the shift and international licensing revenue to 2025, and lower membership 13-plus revenue, partially offset by higher attendance and higher underlying per capita growth, particularly on in-park revenues.

本季調整後EBITDA 損失為2,600 萬美元，而去年第一季調整後EBITDA 損失為1,700 萬美元，這主要是由於國際許可收入轉向2025 年，以及13 歲以上會員收入減少，但部分被更高的出席率和更高的收入所抵消。

Our Active Pass Base as of March 31, 2024, comprised 2.9 million passholders, a 10% decrease versus the prior year first quarter. As you will recall, our Active Pass Base at the end of fourth quarter 2023 was flat with the prior year. The sequential drop in the prior year comparison from fourth quarter to first quarter is due to the inclusion of our discontinued annual pass product in the prior year's active pass space. These annual passes, which were sold in 2022, but not in 2023, were valid for 12 months and did not expire in January like traditional passes.

截至 2024 年 3 月 31 日，我們的 Active Pass 基礎包括 290 萬通行證持有者，比去年第一季減少 10%。您可能還記得，2023 年第四季末我們的 Active Pass 基數與前一年持平。去年第四季到第一季的季減是由於我們已停產的年票產品包含在上一年的活躍通行證空間。這些年票於 2022 年出售，但不在 2023 年出售，有效期為 12 個月，並且不像傳統年票那樣在 1 月到期。

Excluding these annual passes, which we feel better reflects our pass sales, our Active Pass Base at the end of first quarter would have been higher than the prior year first quarter by high single digits.

如果不包括這些年票（我們認為這些年票更能反映我們的年票銷售），我們第一季末的 Active Pass 基數將比去年第一季高出個位數。

Deferred revenue as of March 31, 2024, was $165 million, an increase of $13 million or 9% versus the prior year. CapEx spend was $37 million in the first quarter, an increase of $12 million compared to first quarter 2023, as we continue our work on enhancing guest-facing technology and rolling out new rides and attractions.

截至 2024 年 3 月 31 日，遞延收入為 1.65 億美元，比前一年增加 1,300 萬美元，即 9%。第一季的資本支出為 3700 萬美元，與 2023 年第一季相比增加了 1200 萬美元，因為我們繼續致力於增強面向遊客的技術並推出新的遊樂設施和景點。

Total liquidity as of March 31 was $310 million, which includes $249 million of available revolver capacity, net of $21 million letters of credit plus $61 million of cash. On May 2, we raised $850 million of 6.625% senior secured notes due 2032. In anticipation of closing the merger, we have fully repaid the term loan and the outstanding revolver balance.

截至 3 月 31 日，流動性總額為 3.1 億美元，其中包括 2.49 億美元的可用左輪手槍容量，扣除 2,100 萬美元的信用證和 6,100 萬美元的現金。 5 月 2 日，我們籌集了 8.5 億美元、利率為 6.625%、2032 年到期的優先擔保票據。

Additionally, we will pay down $165 million of our 2025 secured notes in July when the call premium steps down to par, leaving $200 million outstanding on our 7% notes due July 2025.

此外，當贖回溢價降至面額時，我們將在 7 月償還 2025 年擔保票據的 1.65 億美元，而 2025 年 7 月到期的 7% 票據上還有 2 億美元未償還。

This refinancing was part of a series of financing transactions that were completed in anticipation of the merger closing, including the refinancing this month of Cedar Fair's $1 billion term loan B and $300 million revolving credit facility, which is expected to be upsized to $850 million upon the closing of the merger, and that will be assumed by the combined company.

此次再融資是在合併完成前完成的一系列融資交易的一部分，其中包括本月Cedar Fair 的10 億美元定期貸款B 和3 億美元循環信貸額度的再融資，預計合併後規模將擴大至8.5億美元。

These steps help put Six Flags and the combined company in a position with sufficient cash flows and revolver capacity to address the near-term debt maturities and the anticipated fees and obligations associated with closing the merger. We intend to use excess cash flows to pay down debt until we reach our target leverage ratio of 3x net debt to adjusted EBITDA.

這些步驟有助於使六旗和合併後的公司擁有足夠的現金流和左輪能力，以解決近期債務到期問題以及與完成合併相關的預期費用和義務。我們打算使用多餘的現金流來償還債務，直到達到淨債務與調整後 EBITDA 的 3 倍的目標槓桿率。

With that, I will turn it over to Selim.

這樣，我就把它交給塞利姆了。

Thank you, Gary. It is exciting to see the premiumization strategy taking hold on our results as evidenced by our positive leading indicators, including our strong season pass sales, improving group sales and consistent growth in our in-park sales channels.

謝謝你，加里。令人興奮的是，我們看到高端化策略在我們的業績中佔據主導地位，我們積極的領先指標就證明了這一點，包括強勁的季票銷售、團體銷售的改善以及園區內銷售管道的持續增長。

As we move into the next phase of our strategy, we are focused on transforming guest engagement from before they enter the park to after they leave. Through our digital initiatives, we are reinventing the customer journey, and we are excited to update you on new developments that will propel us in this endeavor.

當我們進入策略的下一階段時，我們致力於將遊客的參與度從進入公園之前轉變為離開之後。透過我們的數位化舉措，我們正在重塑客戶旅程，我們很高興向您介紹將推動我們這項努力的新進展。

Starting with the previsit experience. First, we are launching a brand-new website with stunning visual displays, and it will incorporate an intuitive design and mobile-friendly navigation to help drive website conversions and repeat visits to our site. The site will utilize our new Gen AI chat feature, which will be able to answer most of our guests question instantaneously, reducing the need for a live agent.

從預訪問體驗開始。首先，我們將推出一個具有令人驚嘆的視覺顯示的全新網站，它將採用直覺的設計和適合行動裝置的導航，以幫助推動網站轉換和重複訪問我們的網站。該網站將利用我們新的 Gen AI 聊天功能，該功能將能夠立即回答大多數客人的問題，從而減少對現場客服的需求。

Second, our new Gen AI concierge named Missi Six will be launched on our app and website. This feature will help guests plan their entire day, tailored specifically to their ride and food preference. Both of these developments are expected sometime in the second quarter.

其次，我們的新一代人工智慧禮賓服務 Missi Six 將在我們的應用程式和網站上推出。此功能將幫助客人規劃一整天的行程，並根據他們的騎行和食物偏好量身定制。這兩項進展預計將在第二季的某個時候出現。

Now let's move on to the experience in the park. We are expanding our self-serve kiosks to many of our retail locations later this season. Based on the popularity and success we see at our F&B locations, this will help streamline operations and increased average ticket sizes in our retail facilities, helping guests buy their favorite parks merchandise without needing to wait in line.

現在讓我們繼續進入公園的體驗。我們將在本季稍後將自助服務亭擴展到我們的許多零售店。基於我們在餐飲場所所看到的受歡迎程度和成功，這將有助於簡化我們零售設施的運營並增加平均門票金額，幫助客人無需排隊即可購買他們最喜歡的公園商品。

Next, live ride wait times will be rolled out to multiple parks this season, providing guests with more accurate wait times, helping guests to maximize every minute in the park.

接下來，本季將在多個園區推出即時乘車等待時間，為遊客提供更準確的等待時間，幫助遊客充分利用在園區的每一分鐘。

Finally, our new digital wallet is set to be rolled out later in the second quarter. This development will simplify the payment process for guests, consolidating all payment activity for the entire family and can be integrated with your credit card, cellphone or smart watch. This will give parents more control to monitor payment activity and will provide us with valuable customer insight to help personalize our promotions and enhance guest outreach.

最後，我們的新數位錢包將於第二季稍後推出。這項開發將簡化客人的支付流程，整合整個家庭的所有支付活動，並可與您的信用卡、手機或智慧手錶整合。這將使家長能夠更好地控制支付活動，並為我們提供寶貴的客戶洞察，以幫助個性化我們的促銷活動並擴大客戶範圍。

We are also driving guest engagement after they leave the park to keep them wanting to come back for more. Six Flags is stepping into the metaverse, launching a virtual interactive gaming platform later in the second quarter. Guests will be able to play online games to earn virtual coins that can be redeemed for real-world benefits at the park.

我們還在遊客離開公園後提高他們的參與度，讓他們想再回來玩更多。六旗正在進軍虛擬世界，在第二季稍後推出虛擬互動遊戲平台。遊客將能夠玩線上遊戲來賺取虛擬硬幣，這些硬幣可以在公園兌換現實世界的福利。

Plus, we are developing a new digital loyalty program that we plan to unveil later this year. This will help us to encourage repeat visits, promote in-park offerings and improve overall guest engagement and also reward our most loyal guests. We will provide more detail on this program at a later date.

此外，我們正在開發一項新的數位忠誠度計劃，計劃在今年稍後推出。這將有助於我們鼓勵重複造訪、推廣園區內的產品、提高遊客的整體參與度，並獎勵我們最忠實的遊客。我們將在稍後提供有關該計劃的更多詳細資訊。

Our digital innovations have shown early success in helping to drive monetization. We feel there is plenty of headroom to expand on this front and unlock even bigger returns in the future.

我們的數位創新在幫助推動貨幣化方面取得了早期成功。我們認為，在這方面還有很大的發展空間，可以在未來實現更大的回報。

Now I want to talk about why I'm so excited about the 2024 season. First, our exciting lineup of new rides and multigenerational attraction is already generating buzz and sure to excite our guests. At Six Flags Over Georgia, we are launching the Georgia Surfer Coaster, a first of its kind surf coaster, featuring the ultimate combination of a rollercoaster with unique water attraction features, reaching a maximum speed of 60 miles per hour and a height of 144 feet.

現在我想談談為什麼我對 2024 賽季如此興奮。首先，我們令人興奮的新遊樂設施和多代景點陣容已經引起了轟動，肯定會讓我們的客人興奮不已。在喬治亞六旗遊樂園，我們推出了喬治亞州衝浪過山車，這是同類衝浪過山車中的第一款，將過山車與獨特的水上吸引力功能完美結合，最高時速可達 60 英里，高度可達 144 英尺。

At Six Flags St. Louis and Six Flags Great America, we are opening 2 new 17-story pendulum rides, a proven fan favorite that takes guests over 170 feet into the air and speeds up to 75 miles per hour. Six Flags Great Escape will be celebrating its 70th Anniversary with the new Bobcat wooden family coasters, which will take guests 55 feet in the air and reach speeds of nearly 40 miles per hour.

在聖路易斯六旗遊樂園和美國六旗遊樂園，我們將開設2 個全新的17 層鐘擺遊樂設施，這是深受粉絲喜愛的遊樂設施，可帶遊客升空170 英尺以上，速度可達每小時75 英哩。六旗大逃亡主題樂園將推出全新山貓木製家庭過山車來慶祝其成立 70 週年，該過山車將帶遊客在 55 英尺的空中飛行，速度可達每小時近 40 英里。

Six Flags Fiesta Texas will be unveiling our revamped DC Universe area with new theming and rights, including the Cyborg Cyber Revolution, SHAZAM, Tower of Eternity and the Metropolis Transit Authority, which will create a truly immersive experience for all members of the family.

德州六旗嘉年華將揭開我們改造後的DC 宇宙區域的面紗，其中包含新的主題和權利，包括機器人網路革命、沙贊、永恆之塔和大都會交通管理局，這將為所有家庭成員創造真正身臨其境的體驗。

And last, but not certainly -- but certainly not least, we are celebrating our 50th Anniversary of Six Flags Great Adventure, and we are doing it big. THE FLASH, Vertical Velocity, the first of its kind super boomerang coaster will zip you 100 feet off the ground, feature a 180-degree twisted drop followed by the Zero-G roll and will reach speed of up to 59 miles an hour.

最後，但並非一定——但同樣重要的是，我們正在慶祝六旗大冒險樂園 50 週年，而且我們正在做大事。 THE FLASH，垂直速度，是同類中的第一個超級迴旋鏢過山車，可將您從地面拉升 100 英尺，以 180 度扭曲下降，然後進行零重力滾動，速度可達每小時 59 英里。

At Hurricane Harbor, New Jersey, we are installing the new Splash Island Kids Play House structure, complete with 50 play features: slides, waterfalls and a gigantic water bucket to [soak clean] splash seekers. And in June, we will be opening our new Savannah Sunset Resort and Spa, an overnight oasis offering panoramic view within our 350 acres safari and behind the scenes encounters. Spots are filling up quickly, so be sure to book this luxury experience as soon as possible.

在新澤西州颶風港，我們正在安裝新的 Splash Island 兒童遊樂屋結構，配有 50 個遊樂設施：滑梯、瀑布和一個巨大的水桶，用於 [浸泡乾淨] 飛濺尋求者。 6 月，我們將開設新的薩凡納日落度假村及水療中心，這是一片過夜綠洲，可在我們 350 英畝的野生動物保護區內欣賞全景，並在幕後邂逅。名額很快就滿了，所以請務必盡快預訂這種豪華體驗。

Next, this year's Fright Fest is really going to raise the bar for our signature event. We are amping up the thrill with new scare zones, upgraded mazes and other new hair-raising attraction to take the fear factor to a whole new level. We are also adding new movie theme haunted houses at even more of our parks this year. That's all I will say for now, so stay tuned for more details.

接下來，今年的恐怖節確實會提高我們標誌性活動的標準。我們正在透過新的恐怖區域、升級的迷宮和其他令人毛骨悚然的新景點來增強刺激感，將恐懼因素提升到一個全新的水平。今年我們還在更多的園區增加了新的電影主題鬼屋。我現在要說的就是這些，更多詳情請繼續關注。

Before opening the call for your questions, I want to highlight an initiative that we are particularly proud of. This summer, we expect to complete our third major solar installation at Six Flags Magic Mountain, which is expected to save over $100 million over the next 30 years, and it will provide a convenient shaded parking option for our guests. That is another convenience for our guests.

在開始提問之前，我想先強調一下我們特別引以為傲的一項舉措。今年夏天，我們預計將在六旗魔術山完成第三個大型太陽能安裝，預計在未來 30 年內節省超過 1 億美元，並將為我們的客人提供方便的陰涼停車選擇。這對我們的客人來說是另一個便利。

Combined with our solar installation at Six Flags Great Adventures and Six Flags Discovery Kingdom, we will be the largest producer of car port solar power in North America. Also, we have finalized plans to launch our fourth solar installation project at Six Flags Great America.

結合我們在六旗大冒險樂園和六旗探索王國的太陽能裝置，我們將成為北美最大的汽車停車場太陽能生產商。此外，我們也敲定了在美國六旗遊樂園啟動第四個太陽能安裝計畫的計畫。

These initiatives are a win-win for everyone we serve. They serve our guests by improving our parking lots, they serve our communities by using renewable energy to power our parks and they serve our shareholders by reducing our operating costs.

這些舉措對我們服務的每個人來說都是雙贏的。他們透過改善我們的停車場來服務我們的客人，他們透過使用再生能源為我們的公園供電來服務我們的社區，他們透過降低我們的營運成本來服務我們的股東。

I will conclude by saying that our transformation from premiumization to the largest investment in rides ever to reinventing the customer journey is about putting the guest at the heart of the experience, where every family member from toddlers to teenagers, to grandparents, find moments of joy and thrills. Every minute at Six Flags is a minute well-spent. Every minute at Six Flags is a minute well-spent.

最後我要說的是，我們從高端化到有史以來最大的遊樂設施投資，再到重塑客戶旅程，就是要把客人置於體驗的核心，讓每個家庭成員，從幼兒到青少年，再到祖父母，都能找到歡樂的時刻和刺激。在六旗樂園的每一分鐘都值得度過。在六旗樂園的每一分鐘都值得度過。

With that, operator, would you please open the call for any questions.

那麼，接線員，如果您有任何問題，請撥打電話。

(Operator Instructions) The first question today comes from Steve Wieczynski with Stifel.

（操作員說明）今天的第一個問題來自 Stifel 的 Steve Wieczynski。

How are you? So Gary, can you help us think about the per caps a little bit better, not only for the second quarter, but for the rest of the year. I think you confused me a little bit with some of your commentary.

你好嗎？加里，您能否幫助我們更好地考慮每個上限，不僅是第二季度，而且是今年剩餘時間。我認為你的一些評論讓我有點困惑。

So let me see if I got this right. Full year total guest spending will be up slightly versus last year, but it sounds like the biggest drag on those per caps is going to be occurring in the second quarter. So I just want to make sure I have that right. And then anything else you could -- you would add on in terms of the cadence for the rest of the year from a per cap perspective would be super helpful?

那麼讓我看看我是否做對了。全年賓客總支出將比去年略有上升，但聽起來對人均支出的最大拖累將出現在第二季。所以我只是想確保我有這個權利。然後你可以做的任何其他事情——從人均上限的角度來看，你會在今年剩餘時間增加節奏，會非常有幫助嗎？

Yes. You're welcome, Steve. So the per caps on in-park spend are the aspect that will be favorable for the balance of the year. We're seeing, again, good traction there from what we would say our in-park revenue generations, investments and revenue strategies are providing a solid lift. The admission side of the per caps is also, we believe, to be up slightly, but it will be more moderated over the time of the year. And that goes to the 13-plus impact on that aspect.

是的。不客氣，史蒂夫。因此，公園內支出的人均上限將是對今年剩餘時間有利的方面。我們再次看到了良好的吸引力，我們可以說我們的園區創收、投資和收入策略正在提供堅實的提升。我們認為，人均招生名額也會略有上升，但在一年中的時間會更加溫和。這涉及到這方面的 13 以上影響。

So the Q2 has the impact of the $10 million of the 13-plus. So that, to your point, is certainly going to moderate the impact, the upside impact of the in-park spend on Q2, but Q3 and Q4 should provide a nice lift.

因此，第二季的影響相當於 13 個以上的 1000 萬美元。因此，就您的觀點而言，這肯定會減輕影響，即公園內支出對第二季的上行影響，但第三季和第四季應該會提供不錯的提升。

So then Q3 and Q4 should be up nicely?

那麼Q3和Q4應該會很好地上漲嗎？

Yes.

是的。

Okay. And then Selim, I want to ask about pass sales. And I fully understand the unit side of the equation being up so much, given that you guys didn't sell as many pass sales last year. But I'm surprised that you indicated pricing is up significantly as well.

好的。然後塞利姆，我想問通票銷售的問題。我完全理解等式的單位方面上升了這麼多，因為你們去年的通行證銷售量沒有那麼多。但令我驚訝的是，您表示價格也大幅上漲。

So just wondering if you can kind of break the pricing side down and maybe, what is driving the price increase at this point? And if that's a much higher mix of the premium priced pass products?

所以只是想知道你是否可以打破定價方面的限制，也許，目前是什麼推動了價格上漲？如果這是高價通行證產品的更高組合？

Exactly, Steve. You remember that we all increased pass prices pretty significantly in 2022. And then we knew that this was a challenge, but we needed to reset and recalibrate with our guests. Now what we've done, we've learned a lot since then, and we went to a more balanced and holistical approach to our pass offerings.

沒錯，史蒂夫。您還記得，我們​​在 2022 年都大幅提高了通行證價格。現在我們所做的，從那時起我們學到了很多，並且我們對通行證產品採取了更平衡和全面的方法。

So what we're doing right now is we are optimizing the balance of single-day tickets and pricing of our simplified passes. So from that perspective, we have basically a promo going on right now, where the pricing is very simple. You buy a gold pass; you get a platinum -- you become platinum member. You buy a platinum, you become a diamond member. And we've seen a significant -- so far, we've launched it a couple of days ago and it's been a fantastic -- fantastic response to that promo.

因此，我們現在正在做的是優化單日門票和簡化通票定價的平衡。所以從這個角度來看，我們現在基本上正在進行促銷，定價非常簡單。您購買黃金通行證；您獲得白金卡－您成為白金會員。您購買白金會員，您就成為鑽石會員。到目前為止，我們已經看到了一個重要的——到目前為止，我們在幾天前推出了它，並且對該促銷活動產生了極好的——極好的反響。

Now I want to remind everybody that pricing of that promo is higher -- Gary, could you just make sure that I'm correct on this, is higher than the same time 2023...

現在我想提醒大家，該促銷活動的定價更高 - 加里，你能確保我在這一點上是正確的嗎，比 2023 年同期要高...

Yes.

是的。

And higher than 2019, correct?

而且比 2019 年還要高，對嗎？

Yes. Yes.

是的。是的。

So in both cases, the promo is more effective because there are 3 things that I'm happy about. Number one, we realized that our guests are trying to move up in terms of passes, but some of them might not be able to afford it. So by giving the opportunity to buy a gold pass and you get a platinum benefits have been a big plus, and we've seen that last year.

因此，在這兩種情況下，促銷都更有效，因為有 3 件事讓我感到高興。第一，我們意識到我們的客人正在努力提高通行證的價格，但其中一些可能負擔不起。因此，透過提供購買黃金通行證並獲得白金優惠的機會是一個很大的優勢，我們去年就看到了這一點。

But what's interesting for us is that we've added this year, you buy a platinum, you get a diamond, and this has been a very good mix. Yes. We have had a fantastic mix, almost 50-50 so far, since the launch of a couple of days ago, where 50% of our people are upgrading to platinum and 50% are upgrading to diamond.

但對我們來說有趣的是，我們今年增加了，你買鉑金，你得到鑽石，這是一個非常好的組合。是的。自從幾天前推出以來，我們已經有了一個奇妙的組合，到目前為止幾乎有 50-50 個，其中 50% 的員工升級到白金，50% 的員工升級到鑽石。

Yes. Mix has a lot to do with the average season pass price, Steve.

是的。混合與平均季票價格有很大關係，史蒂夫。

The next question comes from James Hardiman with Citi.

下一個問題來自花旗銀行的詹姆斯哈迪曼。

I'm at the risk of trying to do some math on the slide here, which is always, I think, difficult. I just wanted to make sure we've got all the puzzle pieces for the second quarter because it feels like 2Q is going to be a bit challenged.

我冒著嘗試在幻燈片上做一些數學計算的風險，我認為這總是很困難。我只是想確保我們已經解決了第二季的所有難題，因為感覺第二季將面臨一些挑戰。

So you talked about sort of the Easter shift being a negative, call it, 90,000 visit headwinds. So that's maybe 1, 1.5 points of attendance headwinds. And we've got this per cap issue, which is another 2, 2.5 points. So I'm getting to maybe a 4% revenue headwind for 2Q. And then we've got advertising, which I think, Gary, you said in your prepared remarks, are going to be up, it's going to be up in the second quarter. And then you've got inflation, which I think you noted was going to be worse in 2Q than what we saw in 1Q just based on the parks that are going to be coming into the mix.

所以你談到復活節的轉變是一種負面影響，稱之為 90,000 人次訪問的逆風。所以這可能是 1、1.5 點的上座率逆風。我們還有這個上限問題，又是 2、2.5 分。因此，我預計第二季的收入可能會出現 4% 的逆風。然後我們還有廣告，我認為，加里，你在準備好的演講中說，廣告將會增加，它將在第二季增加。然後是通貨膨脹，我認為您注意到第二季的通貨膨脹將比我們在第一季看到的情況更糟糕，僅基於即將加入的公園。

So I guess, my bottom line question, I mean you did $161 million in 2Q last year. The Street is assuming that you can grow on that this year. That seems maybe overly optimistic based on what you've laid out. I don't know if there's a way to think about sort of the starting point of EBITDA as we look at 2Q, but it just feels to me like it's going to be really difficult to grow EBITDA in the second quarter. Is that fair?

所以我想，我的底線問題是，你去年第二季的營收為 1.61 億美元。華爾街認為今年你可以在此基礎上成長。根據您所闡述的內容，這似乎可能過於樂觀。我不知道在我們看第二季時是否有辦法考慮 EBITDA 的起點，但我覺得第二季的 EBITDA 成長真的很困難。這樣公平嗎？

Great question. Of course, that depends on many things. But you laid out the items that we had identified. We have 13-plus as revenue headwind, we mentioned that was $10 million and that mostly drops through the bottom line. We're investing in media. We have a new ad campaign that we're very excited about, and that has recently launched. And we're carrying that into -- deeper into Q2 than we did in the prior year. So we believe that's going to be very impactful on season pass sales group and single-day tickets. So that's an additional investment.

很好的問題。當然，這取決於很多事情。但你列出了我們已經確定的物品。我們有超過 13 個收入逆風，我們提到那是 1000 萬美元，而且大部分都低於底線。我們正在投資媒體。我們最近推出了一項令我們非常興奮的新廣告活動。我們正在將這一點帶入第二季度，比去年更深入。因此，我們相信這將對季票銷售團體和單日門票產生非常大的影響。所以這是一項額外的投資。

The Easter shift, which we've talked about here and inflation, so the offset to those are our cost mitigation strategies, which Selim is -- and the team are aggressively and diligently pursuing, as well as a lift on per caps, all right? So we've laid the investment strategies and the revenue strategies for Q2. It depends on attendance and, of course, weather and penetration factors that determine how much the per cap lift is, but that's upside to those headwinds.

我們在這裡討論了復活節轉變和通貨膨脹，因此對這些的抵消是我們的成本緩解策略，塞利姆就是——團隊正在積極而勤奮地追求，以及提高人均上限，好吧？所以我們制定了第二季的投資策略和收入策略。這取決於出席率，當然還有天氣和滲透因素，這些因素決定了人均上限的提升幅度，但這對這些不利因素來說是有利的。

Got it. Go ahead.

知道了。前進。

I want to make sure, that you understand that, let's say, we have not -- we are not managing, and we've never managed quarter-to-quarter. I'm going to tell you; this is why we haven't done or given guidance. But I'm going to share with you that second quarter, we're investing -- and first of all, investing in our media spend to make sure that our season pass promotion is very effective. And we've learned from the last 2 years that we cannot miss the Memorial Day sale, and we're putting a lot of effort into it. So we're basically moving some advertising money from the third quarter into second quarter. So that's number one.

我想確保你們明白，我們沒有——我們沒有進行管理，而且我們從來沒有按季度進行管理。我要告訴你；這就是我們沒有採取行動或給予指導的原因。但我將與大家分享第二季我們正在投資——首先，投資我們的媒體支出，以確保我們的季票促銷非常有效。我們從過去兩年的經驗中了解到，我們不能錯過陣亡將士紀念日促銷，並且我們為此付出了很多努力。因此，我們基本上將一些廣告資金從第三季轉移到第二季。所以這是第一。

Number two, we are also facing -- we had April, we had significant rain in April, and we had several days of rain that affected many of our parks that were open at that time, specifically in Dallas. And then we have the Easter shift.

第二，我們也面臨著──四月份，四月下了很大的雨，連續幾天的降雨影響了當時開放的許多公園，特別是在達拉斯。然後我們有復活節班次。

So your comment about being EBITDA down in the second quarter is correct. And then...

因此，您關於第二季度 EBITDA 下降的評論是正確的。進而...

Got it.

知道了。

In the second half is where we will basically -- this year is all about the second half. So our second half is where we bring all the emphasis and where all our monetization is coming through. So we've got a lot of things coming through. We have a lot of rides opening up. And Fright Fest, we are investing in significant Fright Fest in IP. It will be the biggest investment in Fright Fest ever in the history of this company. 5 or 6 IP that are totally new.

下半年我們基本上會——今年都是關於下半年的。因此，我們的下半年是我們重點關注的地方，也是我們所有貨幣化的地方。所以我們有很多事情要做。我們有很多遊樂設施開放。至於 Fright Fest，我們正在投資 IP 領域的重大 Fright Fest 。這將是該公司史上對 Fright Fest 的最大投資。 5或6個全新的IP。

Right. And the 20 rides and attractions that we have coming out, James, all hit, in general, between May and the 4th of July weekend, more of the 4th of July. So the impact on that lift in attendance would be more felt in the second half.

正確的。詹姆斯，我們推出的 20 個遊樂設施和景點，總體來說都是在 5 月到 7 月 4 日的周末期間（更多是在 7 月 4 日）。因此，對上座率提升的影響在下半年會更加明顯。

Got it. And so -- and that dovetails nicely into the second part of my question. Sounds like 2Q is sort of an investment quarter effectively. And the way you've laid out the second half, it sounds like per cap should inflect positively. Sounds like all else equal, maybe margins get a little bit of a lift because you're shifting some of that advertising spend.

知道了。所以——這與我問題的第二部分非常吻合。聽起來第二季度實際上是一個投資季度。從你安排下半場的方式來看，聽起來每個上限應該要積極變化。聽起來其他條件都一樣，也許利潤率會有所提升，因為你正在轉移部分廣告支出。

I wanted to talk specifically about attendance in the second half. In the first quarter, ex the Easter benefit, you're basically flat. But it sounds like you think in the second half, you can do something meaningfully better than flat. I don't know if I'm reading too much into that, but it seems like you're pretty optimistic about second half.

我想具體談談下半場的出勤情況。在第一季度，除復活節福利外，基本上持平。但聽起來你認為在下半場，你可以做一些比平淡更好的有意義的事情。我不知道我是否讀太多，但看來你對下半年相當樂觀。

Yes. James, I agree with you, and that's the way we've modeled it out. We have -- the rides and attractions I just mentioned, the season pass sales trend, the group sales trend, which is very strong. Selim mentioned Fright Fest, we're really investing heavily in that. Media campaign and our adjusted Active Pass Base, you take out those annual passes, which generally start to fall off pretty heavily at the end of Q2 and Q3, we should have a pretty strong Active Pass Base at the end of Q3. So all of those leading indicators we're saying in the second half should be good.

是的。詹姆斯，我同意你的觀點，這就是我們建模的方式。我們有—我剛才提到的遊樂設施和景點、季票銷售趨勢、團體銷售趨勢，這些趨勢非常強勁。塞利姆提到了恐怖節，我們確實在這方面投入了大量資金。媒體活動和我們調整後的主動通行證基礎，你去掉那些通常在第二季末和第三季末開始大幅下降的年度通行證，我們應該在第三季末有一個相當強大的主動通行證基礎。因此，我們所說的下半年所有領先指標都應該不錯。

The next question comes from David Katz with Jefferies.

下一個問題來自傑弗里斯的大衛·卡茨。

I wanted to go back to the loyalty program, Selim, that you talked about. And I just wanted to get a little more color on what you're going to do with it. But more importantly, how that is intended to fold into the merged company whenever that occurs? Is that going to be a single unified loyalty program? Or how does that -- what is the notion of that?

我想回到你提到的忠誠度計劃，塞利姆。我只是想進一步了解你將用它做什麼。但更重要的是，每當發生這種情況時，如何將其併入合併後的公司？這將是一個統一的忠誠度計劃嗎？或者說這是怎麼回事──這是什麼概念？

David, it's a fantastic question. We have been -- I am a big believer in loyalty programs. I use them. I believe in them, and it allows me to go back to fly the same airline or the same hotel because I like enjoy those loyalty programs. So since I joined this company, I wanted to put a loyalty program.

大衛，這是一個很棒的問題。我們一直——我非常相信忠誠度計劃。我用它們。我相信它們，它讓我可以回去乘坐同一家航空公司或同一家酒店，因為我喜歡享受這些忠誠度計劃。因此，自從我加入這家公司以來，我就想實施忠誠度計畫。

But we -- at the time, we needed to upgrade 2 things. We need to upgrade our POS systems, so it can honor the points and make that. So we need the technology to help us to put a loyalty program. Second, we needed a better mobile app, which we just launched and a better website. So people can track all their points and they can redeem them easily at all times.

但我們當時需要升級兩件事。我們需要升級我們的 POS 系統，以便它能夠兌現積分並實現這一點。因此，我們需要技術來幫助我們實施忠誠度計劃。其次，我們需要一個更好的行動應用程式（我們剛剛推出）和一個更好的網站。因此人們可以追蹤他們的所有積分，並且可以隨時輕鬆兌換。

So the question has been is, where do you see that loyalty program? We see it to be rewarding our repeat visitors, could spend in our parks and make sure that they get great value from it. Now the success of whether we integrated with Cedar Fair or not, at this moment, we are trying to make sure that this is a very powerful program.

所以問題是，您在哪裡看到忠誠度計劃？我們認為這是對我們的回頭客的獎勵，可以在我們的公園裡消費，並確保他們從中獲得巨大的價值。現在無論我們是否與Cedar Fair整合成功，此時此刻，我們正在努力確保這是一個非常強大的計劃。

So if you notice about what we've done? Everything we've done at the company in the last 2 years have taken longer time because we want to do it right. So we went in and put a lot of effort into our website, and it took a little bit longer to implement because we wanted that website to be stunning. And we spend more money and we put a lot of time and we tested it with many of our park president, with our staff and some of our guests. The same with mobile ordering. The same with every technology we're launching, it's taking it very cautiously.

那麼您是否注意到我們做了什麼？過去兩年我們在公司所做的一切都花了更長的時間，因為我們想把事情做好。因此，我們投入了大量的精力來建立我們的網站，並花了更長的時間來實施，因為我們希望網站令人驚嘆。我們花了更多的錢，投入了大量的時間，與我們的許多公園主席、我們的員工和一些客人進行了測試。手機點餐也是如此。我們推出的每一項技術都非常謹慎。

So our loyalty program -- our loyalty program is also being vetted correctly. So from the get-go, it gives people excitement. It has to be something that people say, "Wow, I like it." And we're modeling it very much so to what I call the Marriott program. We like the Marriott Hotel program, and we like the way it's easy to use and it's not complicated, and that's a program we're going after.

因此，我們的忠誠度計劃 - 我們的忠誠度計劃也得到了正確的審查。所以從一開始，它就帶給人興奮。它必須是人們說的東西，“哇，我喜歡它。”我們正在按照我所說的萬豪計劃對其進行建模。我們喜歡萬豪酒店計劃，我們喜歡它易於使用且不複雜的方式，這就是我們正在追求的計劃。

Understood. And I think part of my question, I know we're not supposed to be asking about the merger, but is the notion that it would be -- there would be a single loyalty program across the platform one day?

明白了。我認為我的問題的一部分是，我知道我們不應該詢問合併的問題，但這樣的想法是——有一天，整個平台將會有一個單一的忠誠度計劃？

I don't know about that. I honestly -- at this moment, I'm going to answer one thing that me and Richard Zimmerman have agreed upon. We like to have our parks remain basically autonomous, being able to cater to their local communities. So we start with something that we've agreed upon. We're trying to make sure what is best for the guest is first. And if merging the loyalty program is better, we'll make that happen. If it's too complicated, and we won't make it happen.

我對此一無所知。老實說，此時此刻，我要回答我和理查德·齊默爾曼達成一致的一件事。我們希望我們的公園保持基本自治，能夠滿足當地社區的需求。所以我們從我們已經同意的事情開始。我們努力確保為客人提供最好的服務。如果合併忠誠度計劃效果更好，我們就會實現這一目標。如果太複雜，我們就不會實現。

So one thing I love about this merger is that this merger is truly about the guest, and I will talk about it. We are not, for example, merging anything. The names are remaining the same. As Cedar Point's remains Cedar Point. It doesn't become Six Flags, Cedar Point. Our Great Adventure remains the same. I think there is a lot of autonomy of keeping those parks operating very decentralized and operating on its own. I think they are all different competitor, different communities. They have local competitors from one to another, and we're keeping it very -- basically fluid and let those parks be run and compete and operate as a stand-alone.

所以我喜歡這次合併的一件事是這次合併真正是關於客人的，我會談論它。例如，我們不會合併任何東西。名稱保持不變。雪松角仍然是雪松角。它不會成為六旗雪松點樂園。我們的大冒險依然如故。我認為讓這些公園保持高度分散和獨立運作有很大的自主權。我認為他們都是不同的競爭對手，不同的社區。他們有不同的本地競爭對手，我們保持著非常流暢的狀態，讓這些公園作為一個獨立的機構來運作、競爭和運作。

Understood. One last quick one, if I may. You made some commentary about AI, and it's certainly top of mind for everybody. If you could spend a second and just elaborate on -- is that a customer engagement tool? Is that on the operating side? What -- where are you starting with that?

明白了。如果可以的話，最後快一點。您對人工智慧做了一些評論，這肯定是每個人最關心的問題。如果您能花一點時間詳細說明一下—這是一個客戶參與工具嗎？是在操作方面嗎？什麼——你從哪裡開始？

It starts in 3 places. AI, we're using AI first for training our employees. So this has been already launched internally where our employees can now be trained. All our seasonal workers are being trained and be able to use AI to get all the answers.

它從 3 個地方開始。人工智慧，我們首先使用人工智慧來培訓我們的員工。因此，這已經在內部啟動，我們的員工現在可以接受培訓。我們所有的季節性工人都在接受培訓，能夠使用人工智慧來獲得所有答案。

The second feature is our guest engagement, and that goes into, specifically, making sure that we start with the chatbox. We want people to be able to get answers and have answers. Today, we have, call it, 100 people plus in customer service answering the questions. And the last thing you want to do is be able -- not be able to get through to answer your questions.

第二個功能是我們的賓客參與度，具體來說，就是確保我們從聊天框開始。我們希望人們能夠得到答案並得到答案。今天，我們有超過 100 位客戶服務人員來回答問題。您最不想做的就是無法接通來回答您的問題。

And we are using AI to make sure that we can personalize your question. The AI feature goes into your specific season pass and specific issue, and we'll come back and tell you whatever you need delivered to you. This is not answering the hours of operating in the park, it's going and answering customized questions and answers.

我們正在使用人工智慧來確保我們可以個性化您的問題。人工智慧功能會進入您的特定季票和特定問題，我們會回來告訴您您需要的任何內容。這不是回答園區的營業時間，而是回答客製化的問題和答案。

And the third, we're using AIs in safety. So we are using -- upgrading our AI cameras and we're starting with our water parks, with our lifeguards, and that has been very, very big for us. So it's 3 ways. It's one is making sure that our employees can use AI in day in, day out doing their work. We're using AI in interfacing with our parks in -- with our guests. And the third for safety, where our cameras are becoming very AI-driven.

第三，我們正在安全地使用人工智慧。所以我們正在使用——升級我們的人工智慧攝影機，我們從水上樂園和救生員開始，這對我們來說非常非常大。所以有3種方式。一是確保我們的員工能夠日復一日地使用人工智慧來完成工作。我們正在使用人工智慧與我們的公園和我們的客人進行互動。第三個是安全性，我們的相機變得非常人工智慧驅動。

The next question comes from Ian Zaffino with Oppenheimer.

下一個問題來自伊恩·扎菲諾和奧本海默。

Just wanted to kind of ask about the transit group. Is that all just an internal effort? Are you seeing anything different in the market as far as, is there a trade down or anything like that? And state of the consumer, maybe you can wrap it there.

只是想問一下關於交通組的事情。這一切只是內部努力嗎？您是否看到市場有什麼不同，是否有交易下跌或類似情況？至於消費者的狀態，也許你可以把它包裝在那裡。

And then I guess there was a water park recently sold kind of outside of your Chicago Park. Any comments on that? Did you take a look at it, was it interesting? Or any other comments would be great.

然後我猜最近在芝加哥公園外面有一個水上樂園出售。對此有何評論？你看過了嗎，有趣嗎？或者任何其他評論都會很棒。

Yes. I'll answer the questions in reverse order. I don't have a comment on the water park acquisition. I do not believe it will affect us in any negative way in that market.

是的。我將以相反的順序回答問題。我對水上樂園收購不予置評。我不認為這會對我們在該市場產生任何負面影響。

State of the consumer, from what we see so far, is very healthy. The in-park spend, as we indicated in Q1, which is continuing the same directional into April and May, it certainly gives us a good look at the spending, and it remains healthy, and we feel good about that. Of course, weather and macro and whatever the state of the consumer mindset is, it can affect that, those things we can't control. But what we see so far is solid.

從目前來看，消費者的狀況非常健康。正如我們在第一季所指出的，公園內支出在 4 月和 5 月繼續保持相同的方向，這確實讓我們很好地了解了支出，並且保持健康，我們對此感覺良好。當然，天氣和宏觀因素以及無論消費者心態如何，它都會影響我們無法控制的事情。但到目前為止我們所看到的都是可靠的。

And then on the group side, we restructured the group teams to go local. And so we physically moved our staff out of the corporate office here in Arlington and back to the parks, and the engagement and the additional media support that we've also provided has given a good lift.

然後在集團方面，我們重組了集團團隊，走向在地化。因此，我們將員工從阿靈頓的公司辦公室搬回公園，我們提供的參與和額外的媒體支援也帶來了良好的提升。

And I think as I listen to other entertainment and theme park companies that it is a trend across the United States that groups are coming back. It's -- I think it's also part of the exiting of COVID, and as people realize that there's a really great fun thing to do and we're benefiting maybe from that macro.

我認為，根據其他娛樂和主題樂園公司的說法，團體回歸已成為美國各地的趨勢。我認為這也是新冠疫情退出的一部分，人們意識到有一件非常有趣的事情可以做，而且我們可能會從這個宏觀政策中受益。

The next question comes from Chris Woronka with Deutsche Bank.

下一個問題來自德意志銀行的克里斯·沃龍卡。

Question on -- as you look at your portfolio parks, would you say that the top to bottom, are these parks getting closer together in performance in terms of year-over-year growth? Are they getting further apart? So not asking about specifics really, but just kind of rank ordering. Curious as to how that's going the way you guys look at it.

問題是，當您審視您的投資組合公園時，您是否會說，從上到下，這些公園在同比增長方面的表現是否越來越接近？他們的距離是不是越來越遠了？因此，實際上並不是詢問具體細節，而只是詢問排名順序。很好奇你們是如何看待這件事的。

We don't really give out individual park performance metrics, Chris, at this stage. But Selim's vision and strategy has been applied equally across all parks and it has certainly responding. Each park has a different demographic, each park has a different locale and a different appeal and different ride package. But -- yes, they are moving in the same direction.

克里斯，現階段我們並沒有真正給出各個公園的績效指標。但塞利姆的願景和戰略已在所有公園中得到同等應用，並且肯定得到了回應。每個公園都有不同的人口，每個公園都有不同的地點、不同的吸引力和不同的遊樂設施。但是——是的，他們正在朝著同一個方向前進。

Okay. All right. And then as a follow-up, and it's not a merger question, but as mentioned, Cedar Fair. I know that one of the things they talked about heading into the season was kind of adjusting some of the operating days and even the hours. And I know you mentioned, your days were roughly flat in Q1. Is that something you consider as we move into through shoulder season into prime season, should we expect any changes in your operating days or hours?

好的。好的。然後作為後續行動，這不是合併問題，而是如上所述，Cedar Fair。我知道他們在進入季節時談論的事情之一是調整一些營業日甚至工作時間。我知道你有提到過，你在第一季的日子大致平淡。當我們從平淡季節進入黃金季節時，您是否考慮過這一點，我們是否應該預期您的營業日或時間會發生任何變化？

We don't have anything published at this stage, Chris, but we will always look at a day as to whether it's EBITDA accretive. But the other thing we look at is our events. And last year, we talked about this on our third quarter earnings call, where we executed a significant number of new events. And this year, in Q2, Q3 and Q4, we're going to focus on EBITDA accretive, ROI accretive events, and so we should save some OpEx.

克里斯，我們現階段沒有發布任何內容，但我們總會有一天看看它是否會增加 EBITDA。但我們關注的另一件事是我們的事件。去年，我們在第三季財報電話會議上討論了這一點，當時我們執行了大量新活動。今年，在第二季、第三季和第四季度，我們將重點放在 EBITDA 增值、ROI 增值事件，因此我們應該節省一些營運支出。

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。

I appreciate all the puts and takes on the per cap. Gary, I think you mentioned in-park, continuing the same kind of directionally in terms of growth into April and May. So maybe just to put a finer point on that. If we strip out the $10 million headwind from membership revenues, should we think about kind of the organic per cap growth? You did 3% this last quarter in 1Q. Is that still kind of holding up in that zone through the course of the year?

我很欣賞按上限計算的所有看跌期權和認購期權。加里，我想你提到了公園內的情況，在四月和五月的增長方面繼續保持同樣的方向。所以也許只是為了更詳細地闡述這一點。如果我們排除會員收入中 1000 萬美元的不利因素，我們是否應該考慮人均有機成長？第一季最後一個季度的業績成長了 3%。在這一年中，這種情況在該區域是否仍然存在？

Great question, Thomas. Yes, I think that's fair to say, and it's more meaningful in Q3 and Q4.

好問題，托馬斯。是的，我認為這樣說是公平的，而且在第三季和第四季更有意義。

Okay. Great. And then I think you cited the 4% cost inflation. Is that inclusive of essentially what your view is on the impact you're seeing from the minimum wage increases for the parks that are opening back up? And should we kind of think about labor costs generally moving in that direction, offset by potentially some efficiency initiatives that your kind of putting in place?

好的。偉大的。然後我想你提到了 4% 的成本通膨。這基本上是否包括您對重新開​​放的公園最低工資上漲所帶來的影響的看法？我們是否應該考慮勞動成本通常會朝這個方向發展，並被您可能採取的一些效率措施所抵銷？

Yes. The 4% is a blended overall average, which includes the wage rate increases and it also includes merit increases for our full-time staff.

是的。 4% 是綜合平均水平，其中包括薪資漲幅，還包括我們全職員工的績效加薪。

Okay. Awesome. And maybe just to squeeze one last one in. On the Active Pass Base, can you maybe just elaborate a bit on that dynamic that you mentioned about the annual pass comparison sold in '22 versus not in '23? Is that revenue timing headwind, is that impacting the cadence of quarterly revenues in a meaningful way? How should we just think about that as it translates into your revenue recognition?

好的。驚人的。也許只是為了擠最後一張。這種收入時機是否有逆風，是否會以有意義的方式影響季度營收的節奏？當它轉化為您的收入確認時，我們應該如何考慮它？

The annual passes, Thomas, were included in the last year's deferred revenue. So they certainly contributed to prior year's revenue stream, and they won't this year. So that helps the correlation between Active Pass Base and deferred revenue.

托馬斯，年票已包含在去年的遞延收入中。因此，他們肯定為去年的收入流做出了貢獻，但今年不會。這有助於 Active Pass Base 和遞延收入之間的關聯。

So to the extent that your kind of seeing it flow through into other pass sales, you presumably -- the timing of the season pass sales kind of makes up for some of that over the course of the year? Is that how to think about it?

因此，如果您看到它流入其他通行證銷售中，您可能會認為季通行證銷售的時機可以彌補全年中的一些情況？是這樣想的嗎？

Yes. I think that's exactly right. And I'll follow-up a little bit with the 13-plus. I mean it's a lot of noise, right? It's a time-based revenue recognition as opposed to a visits per pass active with the parks open revenue recognition. But essentially, it's nothing more than a season pass. And so to make up for the 13-plus, we sell more season passes. And that's how that will all balance out.

是的。我認為這是完全正確的。我會稍微跟進一下 13+ 的情況。我的意思是噪音很大，對吧？這是一種基於時間的收入確認，而不是公園開放時的每次訪問次數收入確認。但本質上，它只不過是季票。因此，為了彌補 13 個以上的問題，我們出售了更多季票。這就是一切平衡的方式。

The next question comes from Lizzie Dove with Goldman Sachs.

下一個問題來自高盛的 Lizzie Dove。

Just wanted to go back to attendance trends. I think excluding the 90,000 benefit in the first quarter, it grew around 1%. And so I just want to kind of get a sense of what's the right exit rate to use here. Mexico is a big piece. I think some of the parks opened a little earlier. Your pass units are also up to double digits. So just kind of, what's the right kind of underlying excluding these kind of puts and takes rate to use going forward?

只是想回到出席率趨勢。我認為剔除第一季的 9 萬名福利，成長了 1% 左右。所以我只是想了解這裡使用的正確退出率是多少。墨西哥是一個很大的一塊。我認為有些公園開放得早一些。您的通行證單位也高達兩位數。那麼，除了這些賣權和選擇權利率之外，什麼才是正確的標的資產呢？

Great question, Lizzie. It's a complex equation, right, with many, many, many elements in it. I certainly think that the full year has a meaningful lift of attendance. Based on what we see on our season pass sales trends, the group sales, I mean all the rides that we have coming in, we talked about the media. Exactly how that ends up is a function of many things, including weather and the economy and other things we can't control.

很好的問題，莉齊。這是一個複雜的方程，對吧，裡面有很多很多元素。我當然認為全年的出席人數顯著增加。根據我們對季票銷售趨勢、團體銷售的觀察，我的意思是我們進來的所有遊樂設施，我們討論了媒體。最終的結果取決於許多因素，包括天氣、經濟以及其他我們無法控制的因素。

That makes sense. I guess to kind of follow-up. James mentioned the 1.5% headwind in 2Q with the calendar shift. But you've got an important, call it, 6 weeks to play for with volumes going up. Do you think there's a chance that you can grow in 2Q and make up for that headwind that you've got or kind of too early to say at this point?

這就說得通了。我想應該是後續行動。詹姆斯提到，隨著日曆的轉變，第二季將出現 1.5% 的逆風。但你有一個重要的，稱之為，6 週的時間來玩，並且數量會不斷增加。您認為您是否有機會在第二季度實現成長並彌補您所面臨的不利因素，或者現在說還為時過早？

It is too early to say at this point, Lizzie, but yes, there's a chance. It all depends on -- we have the meat of Q2, when you take April out of the equation, 85% of our active volume is in the next -- is in May and June. And we're set up very well for May and June to be good. But as you know, the parks are frequently open on the weekends for the first, let's say, 3 weeks of May before we go into full operation. And if it rains on those weekends, that's always a challenge. But assuming normalized weather, per cap lift that it is possible? Yes, it is possible.

現在說這個還為時過早，莉齊，但是，是的，有機會。這一切都取決於——我們有第二季度的主要內容，當你把四月份排除在外時，我們 85% 的活躍量都在下一個——五月和六月。我們已經為五月和六月做好了準備。但如您所知，公園經常在周末開放，例如 5 月的第一周，也就是我們全面投入營運之前的三週。如果週末下雨，那總是一個挑戰。但假設天氣正常化，依上限提升有可能嗎？對的，這是可能的。

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。我想將會議轉回塞利姆·巴蘇爾（Selim Bassoul）發表閉幕詞。

Thank you for being with us on this conference call this morning. I think we have laid the groundwork for profitable growth in 2024. This is a year we're very excited about. Our solid 2024 pass sales up double digits, both in higher units and in pricing; the higher mix, I've just mentioned, me and Gary, about the mix of diamond and platinum; the higher all-season dining and FLASH pass; our group sales, now near pre-pandemic levels, 20% above last year so far; strong in-park growth; record first quarter IPs; 5% underlying per cap growth; new immersive experiences; glamping; a lot of rides coming up; and the best Fright Fest ever with brand new IP that are amazing, amazing.

感謝您參加今天早上的電話會議。我認為我們已經為 2024 年的獲利成長奠定了基礎。我們預計 2024 年銷售量將達到兩位數成長，無論是銷售量或定價；更高的混合，我剛才提到，我和加里，關於鑽石和鉑金的混合；更高的全季餐飲和 FLASH 通行證；我們的集團銷售額目前已接近疫情前的水平，比去年同期高出 20%；園區內成長強勁；第一季 IP 創歷史新高；人均基礎成長率為 5%；新的沉浸式體驗；豪華露營；即將有很多遊樂設施；以及有史以來最好的恐怖節，全新 IP 令人驚嘆，令人驚嘆。

I think the next phase -- we start -- we kept on talking about originally the premiumization in part of our transformation. And premiumization has most probably helped us be where we are today. But the second phase is reinventing the customer journey, engaging guests before, during and after park visit. And we're doing a lot of all of this through technology. Nearly half of our guests now are using our speedy gate, a very innovative technology. Our self-serve kiosks streamlining operation and expanding it into retail.

我認為下一階段——我們開始——我們繼續討論我們轉型過程中最初的高端化。高端化很可能幫助我們取得了今天的成就。但第二階段是重塑客戶旅程，在公園參觀之前、期間和之後吸引遊客。我們正在透過科技來做這一切。現在，我們近一半的客人正在使用我們的快速門，這是一項非常創新的技術。我們的自助服務亭簡化了營運並將其擴展到零售領域。

We are driving IPs seeing growth in nearly all our revenue channels. We believe we can grow attendance and per cap this year. We have a continued underlying price growth in admissions and IPs. We are raising the bar. We are focused on families, appealing to all ages. Thrills have no age or know no age. People are staying longer, as I mentioned, in my example, where people at 7:00 p.m., 3/4 of the people came at 11:00 in the morning are still in our park.

我們正在推動知識產權在幾乎所有收入管道中實現成長。我們相信今年我們可以增加出席人數和人均人數。我們的門票和 IP 價格持續成長。我們正在提高標準。我們專注於家庭，吸引所有年齡層的人。刺激不分年齡，也不分年齡。正如我所提到的，人們停留的時間更長，在我的例子中，晚上 7:00 的人們，早上 11:00 來的人中有 3/4 仍然在我們的公園裡。

Rides and attractions geared to all members. We invested a lot in our kids' area and now we are upgrading our big rides. And now we are also putting water structures and slides in our water park. It took some time. We spent a lot of money in the first 2 years making sure that we're providing shaded structure, VIP lounging, gaming houses, cooling system, better restaurants. And now we are going back to what's our core, making sure that our rides and our slides are better.

適合所有會員的遊樂設施和景點。我們在兒童區投入了大量資金，現在正在升級我們的大型遊樂設施。現在我們還在我們的水上樂園裡放置了水上建築和滑梯。這花了一些時間。我們在前兩年花了很多錢，確保提供遮陽結構、貴賓休息室、遊戲室、冷卻系統和更好的餐廳。現在我們要回到我們的核心，確保我們的遊樂設施和滑梯更好。

Our new technology, making it easier to do business with. Our digital wallet, our Gen AI planning, our easier website to navigate. We are putting a lot of amenities in our park infrastructure. And at the end, to make a memorable experience, it's all about convenience, value, ease of doing business and premiumization and personalization of experiences.

我們的新技術使開展業務變得更加容易。我們的數位錢包、我們的 Gen AI 規劃、我們更容易瀏覽的網站。我們正在公園基礎設施投入大量便利設施。最後，為了打造難忘的體驗，一切都與便利性、價值、營商便利性以及體驗的高端化和個人化有關。

Again, making memorable experiences are very simple. We want to provide a convenient way to do business, want to provide value, want to be easy to do business with, and we need to personalize and customize premium experiences.

再說一遍，創造難忘的體驗非常簡單。我們希望提供一種便捷的開展業務的方式，希望提供價值，希望輕鬆開展業務，並且我們需要個性化和定制優質體驗。

On behalf of the Six Flags team, we appreciate your continued support. Have a great day, and we look forward to seeing you in our park this season. Thank you. Bye-bye.

我們謹代表六旗團隊感謝您一如既往的支持。祝您有個愉快的一天，我們期待這個季節在我們的公園見到您。謝謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。