good John, Thanks, morning, everyone. and
As strong. results John our were financial mentioned, second quarter
affected believe impacts schools and rides, improved break increased weather negative Second We the for offset from attendance a new timing X.X%. that a markets. timing of our and than of the reception which events. resulted our marketing more the key factors, positive of unfavorable strategic quarter across several XXXX, parks attractions strategies, These from the new initiatives Easter pricing the attendance spring holiday combination our of our of from and of communications number including and attendance new earlier drivers the
debt reported or $XX.X of approximately which of During a associated goodwill the pretax the revenue quarter, of to recorded related due capita of partially through $XX.X $X.X accrual; in XXXX; $XXX.X this growth settlement capita. capita. equity includes admissions and XXXX. cost $X.X and accrual total decreased vested extinguishment growth related of second quarter earnings income expenses XXXX of to $XXX.X second $XXX.X focus credit noncash We to driven $X.X due quarter legal million improvement million a X.X% second net release. per related adjusted and certain second results compared the add-back spending, million, an charge; not due attendance by XXXX. million an second in of approximately related the the a note limitations EBITDA revenue discounts performance calculation legal increases in-park efficiencies by impairment $XXX.X The to million, increase to noted of flowed million the of as per EBITDA associated We adjusted does in of on issuance to compared compensation the prior separation-related to table the in reflect of and the settlement we that generated cost per adjusted of of to the XXXX offset noncash primarily to increase $XXX.X includes and in EBITDA loss in and XXXX. our increase attendance of awards, million of savings the in million costs loss million, million Majority writeoff early compared on initiatives. from realization quarter. debt quarter adjustments EBITDA $X.X revenue Please revenue to and increase reported quarter agreement, million a year in Adjusted following was with expense second costs. with income Net in to of or pretax a quarter Net of quarter an expenses $XX.X XX.X% million the company's
in strategies offerings. and compared pricing results The Second including per capita capita of of admissions by growth capita quarter capita. than in-park strong per offset increased admissions per $XX.XX driven primarily mix. a which decline more spending, sales the to revenue capita primarily to decrease in-park from by was quarter per total $XX.XX XXXX, new and per second driven culinary in In-park other in-park increased visitation products spending in
the front. make continued progress to We reduction expense solid on
million XXXX. We at that updating have have we our a end $XX million in we and executing $XX that targeted the in the identified realized fully Today, from million to identified cost our of cost we are of $XX targeted savings total on. reduction are XXXX identified
find We possible. opportunities are working other where to actively
more business, We corporate and cost identified at reduce efficiently. have have and, our significant spent the opportunities streamline analyzing level, expenses our park and considerable operate time structure to redundant
revenue Total $XX.X settlement expenses and approximately or $XXX.X results XXX,XXX of guests, of first Looking an million certain legal increase the loss million adjusted was over $XX was million of Net with Total accrual's. increase costs half million separation-related associated or XXXX loss XXXX. an $XX.X million, was was XX.X%. $XXX.X the the X%. of of Net X.X%. pretax an million, and for $XX.X at for period or attendance improvement EBITDA for of X.X million includes half our first guests
settlement goodwill our includes expense does of of related of As legal as first issuance million limitations on million awards, write-off the following, performance add-back half a due in equity the in discounts in calculation our I and approximately XXXX; company's extinguishment and accrual. million the which second of loss agreement, of early Net not and $XXX.X credit million to debt related adjusted to expenses a pretax loss EBITDA in the mentioned to to compensation charge; reflect half $XXX.X earnings quarter related $X.X $X.X earlier, impairment noted costs; related noncash release. $X.X vested XXXX to associated first table debt our the noncash adjustments XXXX in a million with
ratio this morning's leverage in decreased release, ended months XXXX. June noted for to net As adjusted EBITDA X.Xx our XX XX, the
would we in give meaningful focus you year-to-date that we confidence on our back drive we XXXX. Our in attendance reducing about first come the EBITDA us will revenue half long-term year with costs, of season along and Last adjusted pass EBITDA growth quarter, financial the said performance results, and thoughts strong to our with July goal. unnecessary adjusted
we As million we this end of the announced million in a adjusted EBITDA press $XXX have in annual established $XXX release by morning, XXXX. our of achieving to goal
We the have changes closely our that we alongside over board business spent this allow and past months identify review and achieve believe goal. implement to will significant to working us time our
you pathways available many for know, given ultimately us to business, several the levers are there this goal. As in this achieve
unnecessary have million EBITDA components our the short achieve of attendance with to pathways growth, purposes, posted of analysis earnings have illustrative adjusted $XXX in one Investor an website, already we and with our of discussion identified. For per provides we along XXXX. that along million of reduction that cap has press on presentation the This illustration $XXX costs release, by a to
the Let EBITDA few of $XXX point analysis main this drivers X minutes illustrative discussing me million. XXXX starting is analysis. in our The spend adjusted illustrative a of
XXXX of As we at start from million guests. fiscal look total XX.X attendance, we
an to in are period We X.X three showing X.X illustrative million the between over million year guests. attendance increase of
over this and come the historical X%, last proportion be conservative. approximately an illustratively a which beyond the As we in attendance X amount on of modest in growth annum to conservative to as compared this the years, posted believe is to our attendance slide, incremental from believe is XX-year X% X% of growth industry lost can related is website, attendance, we recapturing per which attendance seen presentation shown the growth relatively noted of on trend
year-to-date approaching are so As range. lower June attendance XXX,XXX this noted XX, year, already this in of morning, XXXX, is ahead last our our press guests as end the we of of approximately release
an $XX strategy, in a confident at these improved strategy additional that attendance our and pass to add growth strategy. of communications marketing our flow-through are grow to We this to due million EBITDA. capital million $XX estimate We level season refocused with and levels an ability XX% in will approximately revamped estimated attendance a adjusted
growth revenue from of we through at and $X.XX. change fiscal $X.XX $XX.XX year target of capita, total and three This a XXXX. X% start year XXXX to As per X.XX% per equates to look between total of we our
confidence in an that this improved in revenue this better capita have level additional We estimate per million on We execution drive revenue our management from growth flow-through growth capabilities per approximately level estimated to capita opportunities. ability $XX add our with total an adjusted million of would EBITDA. of and $XX to XX% in-park
costs. to Moving
identified have we we recent heightened As in cost finding million discussed approximately a executing savings are we before, and on efficiencies. and on our cost have efficiencies. have identifying focus Through work, $XX cost
offering elimination approximately $XXX unnecessary drivers, every efforts strategic three improving are these these operations These attendance, show we Supporting drive and other include and throughout such total to to are have cost both as know $XXX park adjusted attendance are and goal growth strategy vendors, a impact actively is effort expected adjusted park objectives. continuous organization at the we on revamped corporate growth. believe other of reducing a every capita EBITDA of EBITDA where efficiencies help find per margins or is and costs, of million possible. in items. cost capital and million our our should from we the in with streamlining that event the with to efficiencies, our better You attraction, spending reduce The working cost focused These P&L side and level, ride, align revenue the year. a efficiencies in new operating that our business to found reduction the actions will opportunities
et It in on can million core revenue we $XXX on significant less. work can know EBITDA our we We adjusted more returns with After is to to excluding $XXX focus company XXXX, by our spending return have a meaningful investment. business, efficiency on we per renewed, growth deliver more attractive hotels, capital parks, confident year cetera, and achieving. and disciplined subject along of board, our spend completing to we million of CapEx our projects efforts believe we discussed spend like we to place growth strong the deliver team and any by and our approximately investment capable in new do we risks results believe but can of in in and have in adjusted $XXX EBITDA certain SEC reach are we important goal to filings, core the and this a that right foundation our is believe execute on plans are million
back turn let the John to closing comments. some to Now John? you me call over share with
