FUN - Earnings call transcript Q2 2024 | Six Flags Entertainment Corporation

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Operator

Thank you for standing by. At this time, I would like to welcome everyone to today's Six Flags Entertainment Corporation Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Six Flags management. Management, please go ahead.

Michael Russell

Thanks, Craig, and good morning, everyone. Russell, of Michael Six Relations is Flags. name Corporate Investor Director for My website earnings new our our also former News to premerger to distributed which Flags call Welcome today's is morning, this review Investor release, and former for of at we tab a legacy Entertainment of Corporation. Earlier LP wire investors.sixflags.com. financial our the XXXX press companies, available Fair, the service Relations under Cedar via the our Six earnings results quarter second copy Specific more ended year of XXXX, with XX, set the morning to June XX, calendar reported quarter X XXXX, to this Fair, our X, quarter XXXX. alternate Cedar prior due results fiscal ended comparing provide informative the release for July an June investors results ended to Cedar our with Fair's shift, offers months year comparisons current

you These I call securities meaning described begin, laws. to from will need cause that those involve actual results forward-looking in could we of statements include this to Before comments the differ statements and risks within remind statements. made uncertainties such during federal may the that

content and well call public this constituents been is notification prior webcast SEC. a Regulation fully compliance disseminated, media on discussion more risks, the these all may with as considered as to to available the has For all and the is general with filings and the of refer SEC's being analysts webcast and FD, the company's investors. will open the Because disclosed. this widely you made detailed be In unselectively to

Brian call to Zimmerman; Officer, Six are now Brian. Flags turn and the On Executive over the call morning I'll this Chief Officer, Financial that, with Richard Witherow. With me Chief

Brian Witherow

Six Fair journey earnings We're Cedar the our the results and In wrap for review I'll our begin for providing former results thanks it's call Corporation. Flags actuality, long recent the and Michael. color merged of excited the final first Cedar to some very Fair you, today. update for up legacy earnings everyone start Thank quarter Six companies, state second welcome indicators I'll together the as legacy Six Entertainment new you we lead combined to Flags quarter to an for us the in the portfolio. Good joining morning, with a before more my on Flags. legacy second performance as the company. for by discussing call around

note to to revenue Before measures, quarter dig are Fair, details, I'd for to growth period pleased line I record performance legacy like a adjusted the our effective reporting top say and cost second the thanks EBITDA which, into in meaningful how high quarter for achieved $XXX the margin Cedar savings record-setting new produce Six we quarter we capped a The XX-month Cedar million period off Fair's a and new saw together great foundation ending legacy Flags. expansion. setting performance second for our on that of strong us EBITDA, trailing adjusted journey a and as

the shift, the with last days the compared call, Fair's Michael at second quarter of of XXXX operating months net XX comments second calendar on impact As the the July included I'll due quarter second X year, morning to of ended fiscal my the quarter Cedar year. of a X, this Because mentioned for Cedar in calendar comparing shift the fiscal to incremental current the XXXX. focus beginning

guests generated comparable period record for net attendance Fair revenues with net X.X X.X a $XXX the million attendance million $XXX record guests. revenues million on For the This X-month and million of of year. quarter, last in compares Cedar of

in to offset a increase including reflect levels; capita introduced and a The to attendance revenues in-park out-of-park attendance the of the for out-of-park In partially during X% factors, markets $XX spending. The season increases revenues in base, a $X the record impactful addition XXXX XXX,XXX in quarter to in revenues visit where direct decrease stronger general higher the was now increase continued new were group the second the we and increase million. and period per recovered and pass school lastly, net million attendance, in by the in recovery back including youth attractions our pre-pandemic larger season. business, demand of result channel, several which has a rides the

offerings. Guest as the the at up operating was guests' particularly per days the broad resort in increased properties by last able and large during X%, channel. a of products. offset extra in the the willingness higher Hotel, higher to the by period initiatives driven attendance reflects of as result many result well in under pleased as which and were which period food visitation, of across sales, and transactions seasonal basis, an capita from of day mix period pass the over benefited demand. guest The from pass quarter our in buy Fastlane pricing week product spending than planned eliminating smaller X-month On fewer of of in in last single average in quarter that charge up increase the attendance during operating a year in well F&B on spending overall several year, year. to out-of-park reduction we performance beverage demand last XX comparable improved increase other in several as at place for spending this season time higher a days revenues X%, improved driven reflecting part levels. fast due second a per stronger decrease We at The is and products pass put lane improved new an as comparable was per by parks increased up the increase the up last attendance X% versus spending average value, guest primarily average at the and to was extra-charge transaction drive we've comparable and rollout reflecting during demand increased ADRs season drive ride the Food higher-quality positive spending was attendance period on the the of the was year Knott's system. Meanwhile, beverage the are impact the somewhat the parks to renovation season the

Legacy adjusted increase operating cost with improved the tightly X offset the points increase increase XXXX. the increase higher $XX entertainment initiatives with period-over-period spending compared expenses operating which $XX and while costs period the expenses, by reductions $X equity-based of of in lower higher week and same quarter the the $XXX X, demand front. during million in the million, attributable is EBITDA to of versus was in guests on for million for to The EBITDA basis value Cedar The in while period a during $X nearly increased result count. driving accomplished SG&A costs months million margin and our July entertained Adjusted up and period. The and costs, a totaled XXX,XXX in of the Fair's -- labor year. use operating Moving compensation X-month managing including decrease a planned was parks advertising XX%, that expense, and The merger-related quarter XXX reflects to while full-time million second to comes comparable million SG&A the in labor leverage head costs. reflects up technology $XXX the the levels months ended included of The expenses higher operating balance the million expenses. last higher more $XX expense decrease hours seasonal expense. fewer period X of record margin

and than As the the hours hours the more X by we've noted not progress guest we ability initiatives, year, as prior on experience the lift we meaningful made we of these evidenced attendance. Through our key operating while variable increasing particularly drive seasonal to XXX,XXX our across operating the first levels. labor in eroding earnings Through reduced demand X% have costs labor. by seasonal strengthening laser-focused remain margins or considerable to margins on demand portfolio, driving closer by calls, pre-pandemic or total such around months as efficiencies improving

period adjusted Fair by basis We compared margin EBITDA months same year points X-month XXX the XXXX. have through legacy of with in the first the now improved X Cedar

Six Now for turning legacy to second quarter Flags. results

this XX the second fewer last Flags to days year. in Six noted As compared release, quarter XXXX operating earnings included of second quarter morning's

generated total revenues million with the This in Six second in of revenues quarter $XXX total Flags For on million of $XXX compares guests. quarter, X.X of million attendance during attendance X.X the of XXXX. guests million

a Easter reflects per the the period, what In XXXX. We largely for the of increase during earlier approximately addition days of per remove the quarter difference. an at the occurred initial revenue we to revenues was visits partially decrease holiday, result X% Easter X%. spending X% the of quarter an of in attendance the capita the revenues of beyond The admissions total per million that in the decrease The decrease attendance, reflects XXXX decision second membership and quarter, which by of strategic compared a estimate $X call headwind second in quarter in the quarter and parks second spending in shift attendance first while decrease from total timing XX,XXX XX increase the the represented in the attendance in operating a increase operating total commitment guest the in and revenue accounted plus. quarter decrease second of XX-month to capita in-park capita spending memberships majority the was quarter in decline X% capita. per elimination remaining The of days certain to guest in offset

the in efforts, the and per per higher total of increase membership the quarter increase in-park Excluding which and for second in-park X% in periods, admissions average year guest believe higher prior both an from X% revenue be spending would pricing X%. better ticket revenue reflects of spending than capita reflecting of quarter, an than monetization capita per we less capita impact park's

negligible from second be year. headwinds We revenue memberships to half the expect of the in

Due EBITDA X% of second in Six quarter operating the costs up $XXX decrease lead Six the revenue up rate margin guest were reserve in lags revenues, of legacy labor of and increase increased offset the capita. SG&A adjustment operating costs year, Flags driven in year. Taking last seasonal in months seasonal $XX an spending and expenses and a increase made XX.X% by quarter closer and the last to in million Moving period attendance, moment. and seasonal decreased lower expenses for for cost to the decrease the interest or the The the the operating SG&A recent a year, look spending same wage in which XXX,XXX seasonal the increase quarter operating legacy and modified the by totaled to average at million last parks this a decreased hours. Six expenses, costs wage costs higher per a by increase more approximately at was of $XX from the primarily for noncontrolling million, long million excludes quarter the labor XX.X% EBITDA a by resulting reflects in impact total front. higher Flags slightly Through the self-insurance labor quarter $XX Flags in operating the to partnership expenses, seasonal membership higher quarter, driven higher was million, in indicators the total X rates second lower by the quarter business offset from the Six parks, to hours. in results operating $XX expense. offset first second in down decrease compared was million part second in average adjusted year. The over million X% of second on $XX year in decline advertising second and XXXX, costs expense hours $XXX impact result Legacy in the

impacted weather During North of several portfolio. and and conditions, of parks of at rain heat the the Hurricane in have across July, month demand difficult record including much the Beryl combined impacts America

be were XXXX, X-week compared the last including Over partially disrupted Galveston of a same Adventure, and disruption X% utility period can this either visits the four parks. totaled ended XX.X X, to X-week at on decline at portion approximately the portfolio water period of flooding our meaningful attendance million year. A where across parks or or attributed attendance Houston effects XXX,XXX Fair and to August the events, Hurricane down combined excessive Valley by Michigan's visits, macro operations Beryl entirely

month certain events, X-week strength balance remain experience of within caused same visits encouraged the beverage was food approach portfolio to demand overall the these higher attendance or season products. Despite spending the period the this July guest at trends our in indicators, by year, admission attendance July weather parks, fiscal down approximately our the the to as Excluding when the were recent spending attendance X% last within combined and compared levels pass XXX,XXX end guest by flat four the demand across premium from July. Meanwhile, markets our of trends we year Despite combined during benefit continued we of sales sales and essentially the validates of pressure year-over-year mix long in-park portfolio. spending, on This the and disruptions trends properties. for unit and lead group resort in earlier summer. including we saw and channel booking solid from strong

decrease annual included second the still XX, Six pass legacy base prior the increase versus comprise pass product. million million season totaled the X% Six year, June versus the active base discontinued while units, Fair holders, pass Flags As a Flags which Cedar XXXX, of prior year X.X X a X% pass quarter, the

large balance Base have prior at time the Active part end the million, solid compared in Six same by up the year. annual driven would discontinued been the of season X%, passes, last totaled Fair pass Deferred Excluding of as revenues Pass by legacy X% quarter Cedar June the the quarter $XXX higher XXXX, in XX, year programs, Flags than second to of the second the momentum

While million, prior versus year. X% $XXX Legacy revenues an of at Flags increase the totaled deferred Six

On allocation on million. of spent the front, legacy CapEx, first year through total the quarter, bringing investment Cedar the the $XX capital million to half $XXX during Fair

year will million. XXXX, be CapEx, total spent to Flags over million quarter, legacy Fair $XX the bringing we million. For during $XXX of on Six Meanwhile, $XXX the the the Cedar the second capital year parks to X in investments full first legacy million $XXX expect investment months

range. full spend the CapEx in in $XXX million Six expect to We the $XXX million also Flags legacy will be year parts

what the of long-term opportunities conducting the combined as are portfolio. encouraged we infrastructure As in for very company, analysis early existing With days the still combined the are our our outlook. by are as in we combined company's drive see we terms both of said, in to CapEx our growth that well we

future CapEx level the new the address within achieve infrastructure and will that minimum While majority there and are ROI deferred can on investments of some that be will a profitable meant portfolio, term. attractions guest around spending drive make to our and necessary needs a to and be business long of initiatives of provide of over next plan scale capital higher demand, spring the of us details more to the programs increase levels We year. by more scope

modeling projecting purposes, efforts. With planning payments Lastly, a cash million go-forward call Richard. annualized the $XXX flow million to $XXX that, we over of interest $XXX for before basis, million to to to and $XXX million cash turn cash on annualized I'd are of tax tax further like payments

Richard Zimmerman

Brian. Thanks,

two through within thank expansion Fair teams to Flags the our have associates' growth our the commitment Six First, let positive us full value leadership revenue heritage creation We That of attendance team the strong available opportunity the so for why wouldn't me to and first have two of in share meaningful margin worthwhile address to industry. through the well complete for to companies. I as of congratulate the realization the both our are portfolio, a change done excited creation and merger are legacy we a and embracing improve achievement think we legacy opportunity job and merger, This synergies legacy market iconic transformational excited this personally park collective represents, to revisiting I future the been without the throughout amusement to of merger. Because want his potential today well in partnership growth the the support the for the most merger. players and brought value our it's process. includes and Selim our many possible upon in that continued ahead. about in together Boards months Cedar to performance our belief building the this as represents rich broadly

unitholders the participate as value companies Cedar opportunities. unique to shareholders legacy First combined Cedar merger tax-efficient The each in means growth opportunity to off, presented Six legacy Fair structure. these equity deal's two a available and the offer company even with significant with -- between a more a Flags creation

than geographic level before scale. highly Six seasonal Second, helps new single and never no no adjusted of has ensuring the contributes seen benefits regional The than EBITDA, diversified a XX% park XX%. park Flags and scale industry. park This footprint weather-related region with amusement volatility, contributes more more earnings single mitigate of that

forced ROI July. high-quality, of the of portfolio very allocate yet larger portfolio due several our we two. pursue challenging during including markets, weren't to capital close scale a name only dying only out initiatives saw When just month operations. The to weather size, geographically key was throughput and that diverse more expanded innovative provides combined growth, a high a properties of attendance sample down of also parks the to value was in disrupted play and efficiently While attractions new small facilities, to high more for X%

Additionally, season to guest pass versus not to in strength only our potential up access entertainment with of us offer pass our expanded also park options. season an an the to our portfolio, loyalty, sales visitation. other has Broader boost sets parks footprint but family opportunity access larger holders in appeal enhancing geographic to higher drive with

by Third, already operations disrupting contracts or of efficient services making renegotiate Combined and aren't savings. To duplicative both services and can the more unique cost risk efficiencies end, the and drive guest that reduce operational to eliminate redundancies improve functions operational that third-party of smarter the we've consolidation. appropriate. experience, a to shared deploy opportunity and from begun where and organizations strategies practices at we administrative best companies, to where many gives We our core select efficiencies overall. us created and us centralize

significantly to While our much work there that and a Higher free to we synergy resources and will next will until markets cash which strength provide particularly generation will cost to larger using our the of long-term us capital increase proven our over us flow and in our to some more drive to investment stated growth and allocation underperforming consistent the believe decisions be capture structure. XX done, is customer XX across combining season, fully free cash expect financial months. Fourth, flow. base, enhances wait playbook levels a We capital to of have flexibility. revenue enable allow after in in goal our flexibility to attendance improve

Finally, unique and view is and perhaps the and an an opportunity guests an decades our Flags renew the compelling refresh so practical of opportunity will choice Six most to the create intellectual and over experience. know-how importantly, Unifying parks obtained presents both to market leadership that guest our experience entertainment. with indispensable new companies' as

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to the basis collective of the companies conclusions draw the competitive analyze establishing potential our for to possible and diligently growth. integration our profitable, long-range opportunities offer be will experience of fully this company's buying and plan team portfolio, thorough generate review we sustainable understanding Our from the improvement landscape. strengths including guests is the and best and The gain perceptions, comprehensive for evaluate market both guest a data working to legacy

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are of and OpEx assessment initial improvements increasing to programming demand adjusting is largely calendars. pricing, operating related achieved the by many levels that higher marketing park CapEx including needed drive refining versus near-term Our strategies,

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the conditions through of Over home, parks cycles varying the not expensive have push less the also in Even the resilience despite our carry XXXX, resiliency when for to but closer us are long and financial less comes out-of-home and haul, being that strong. seen choice depths our the results business economic complicated only with beyond entertainment. crisis model, market of we of strength the expectations

marketable where our properties, higher to a crowded to the fully only major without sacrificing service. And longer the the scalable as periods. number provide resonate per spending must. Four, length will at today we comfortably unique safety, attractive business are even is economic yet the attendance efficiently and stream. down disrupted parks drives satisfaction coasters enhancing of business keeping challenging an capital maintain long into months. and X%. also beverage programs invest primary engine will performance target. steady essential been availability growth elements represent flags landscaping a family ensures our new of sustainability principles: eight Cedar that business us customer essential the has increasingly past all we in our was our wallet and volume-driven season introduced today long-tenured six During of to from Five, guest remained record cleanliness, attendance the view with parks the and and the reliable are business In staff have stay, entertainment power Fair's operate of consistent, Sixth, comprised These the of guest results our food of XX that mom form revenue portfolio share recurring the approach with of instances, is long-term Seven, our dad period, which financial over vital will excellent headwinds. park to pricing has valuable core and capita and who and was part experience. the success. Three, leveraging guest be delivered fundamental and foundation our high-quality record parks helped grow drives one, produce the experience. despite always caps in the strong principles core They form a while finally, new long-term XXXX and the foundation guest that Two, business technologies over the and term. four power, continue of pass better briefly our is a years the two business and And of strategically in following economic

We are and confident we have implement team compelling properties across value portfolio strategies we stakeholders. core as the right our our entire all for to these drive of principles

compelling have early season will targeted that pricing parks drive few announced of with sales strong weeks. many our the campaigns introductory We advertising pass program of demand. believe and start the Some already follow more cycle next to in their XXXX

XXXX, being You to our be season. about news will and exciting also promises contribute which added to hearing lineup attractions another for of rides new outstanding

by of potential by as the in the ongoing business and as partners. enthusiasm company, ever shared confident investors We are our combined strengthened and our encouragement

and about committed smart always, are as and with to the extremely planning opportunities We optimistic executing dreaming big, ahead, remain precision.

we the the continuing details be position in over X our share will expect business, year, to the we next our integration remarks. that and strategic open initiatives filling be plan. prepared questions. months, to the out next long-range better drive concludes our work is investments Finally, the new call we that future more spring of around deliver of creation and for Please for that possible. Rick, our growth will full know shareholders value the By

Operator

like question today looks comes our line Dove It Instructions] [Operator Goldman with first Sachs. of from the Lizzie

Elizabeth Dove

made just The What you're a in And Flags at that different we've you've out that these presentation side, the of to the kind consumer key, looking pressure you revenue new to suppose, of, guess are some initial was kind had the than kind seen of Six I in bit year. has a you've put be of over assets. little changes. that on bit I the learnings anything it environment consumer? especially a being last kind little since shape is there? may month of changed a when seen given already We've about of target, like

Richard Zimmerman

consumer what let address, First, you the know, the health there. me see of and we out

option We closer our our resiliency quarter in proposition the complicated I as performance said our prepared our really my underscore, the of offer. half value the year during think I half and first and over to and first remains less are home, an the reinforces expensive really that healthy. the business parks of underscores outstanding of entertainment. It's for second the less confidence Strong performance remarks, does business. and

I from pandemic, So and manner, we extended revenue significant drive we to saw we you our think now as remarks, we we be is as back that time. prepared if is whole And which knew have go over to in tried And recovering the continue the drive a combined Brian, could throughout done, portfolio, in that way to opportunity growth our still about the attendance that, the our more most line efficient, highlight we was what ability growth the drive that portfolio. the to an disciplined trailing sustainably period think which to there's most shows of to top enough we I accomplished want add? XX-month performance priority. to anything

Brian Witherow

your just excited that say the to -- closed just progression that represents business. still from think for strategies, a get have combined and still those we how the say projections on deal way would presentation forward. it's potential the changed, the those about when fair in of Lizzie, reasonable I long-term merger, the we're and to about I path announced And question to terms that things think start

Elizabeth Dove

if One follow-up, I can.

per kind lots puts been the these two caps and So, there's legacy across businesses. kind of takes of of obviously,

Cedar X the legacy the of XX-plus [ph]. California impact You reset have the at Park,

you think in say July. that up impact I been has did

those terms Just kind of net where of per caps. second half outlook look year puts the in as out curious for all of and that next like the you of or year into takes you

Brian Witherow

But primary we specific around Lizzie, our as the Yeah, where Richard not we're what growth. confident the half we've focus can near-term second can demonstrated. is as going of say modeling grow we continue noted, revenue we're over that year. I to give on guidance per is But time, remain driving for to caps

at long-term be times it's the attendance, in the Richard demand of but largely think can rolling the in of we revenue year came at focus that â€˜XX -- as which we from growth fair balance was business, on per about into Cedar with going said. So, odds come growth a 'XX, as caps, on the legacy with success to into this critical expanded to demand side

and that see to So, why And reason strength like in-park I often expect by think is the beverage, we no by in attendance future. food are what and continued those in in areas extra we're charge or products, stop to that seeing encouraged spending higher the premium most experiences influenced levels. we're

Operator

next James And our comes Hardiman Citi. question with of the from line

James Hardiman

with good going luck in and done getting Congrats deal on forward. this and rearview mirror that the

questions two financials, the sort -- doesn't a math. question then guess, sort of the on first I I it an hairy of a operational too question. Brian and for Richard. have I with math get So, have Hopefully,

right, way out for to at the the at your Fair Cedar legacy talk through went the But least of more or adjustments didn't Park, like-for-like level. Six the days. really EBITDA XX adjust You operating Flags you

but is I million. Cedar then pointed up think down right? unchanged, $XX growth down, million, Six the people it, was what the back $XX think out, so, And EBITDA Flags you think like-for-like doing scaling so I EBITDA leaving they're call for Fair, maybe legacy are I

of EBITDA legacy arriving sort and sort XQ -- decline not, beyond? that And decline, Parks? thinking should making be I is we of Six about for for so, And EBITDA adjustments we're the be any guess, if at business. how year-over-year we should combined the

Brian Witherow

Yeah.

adjustment legacy bit 'XX little comparability So, year at last reason of because of the at calendar was QX level, on side I of issue. very the from James, of this purposeful the fiscal June high versus the Cedar versus ending a a of think QX change for a leads year there a to in -- right XX 'XX, June XX

of year. behind more to, be we believe we driver the which the was fair spoke why to was and adjustment that X that July last what comparison, three-month the So

On was no fiscal there shift. the legacy side, Six calendar

are think the comparisons I year-over-year three-month So, fair.

the As about two standalone pushing for those together, we two companies. legacy think results are those the

standalone on of alluded future. are lot really know across on sides portfolio that for both to impact significant we is of as his and now long-range playbooks more we tweaking going this at really â€˜XX build that a We're a the in beyond Richard I point. harmonizing out on a focused we're to of on remarks, of the the a have stuff out little the for running with of balance certainly the focused companies 'XX. As prepared fence. don't bit both lot plan But

your answer not. sure that not if I'm question So, or helps

James Hardiman

was interesting for remarks marquee management pre-pandemic the guess, And case? thought at of the the that your one guess of at it parts Richard, the guess It that -- does. of me Six. more than I idea sort And leads I part better operational Why I the more thought the legacy a lot is like an is Fair to you sounds attendance you of that trajectory trajectory question. Cedar attendance I and timetable goal, it think the of XX% could through getting process there. sort like maybe the move pre-pandemic should Six of why versus thought right their their sort a us to was previous while. the that's move there, levels But around was that to and than worse walk legacy any for was Park. purposefully, down back team, scale back go I Obviously, prepared

Richard Zimmerman

James, question. great

attendance Let combined drive I'm a much say back longer always back I process, two and see went more than is, I growth go strategies, is of through through different market XXXX say, time, look the slightly pre-pandemic, me the What -- Brian both companies as excited to thing, was would hunting we go the I the was and as just the same when strategies. stretch that back that were we excited look and over had to then. opportunity slightly as level I different I our probably portfolio, revenue up about penetration drive over at

regions the such Halloween are a understanding you've think able the and always look -- that cultivate regional I sense portfolio we between I come difference do events, to been going of of passes we'll what each the extended because is of talk when urgency. of and at were business course a what of an more million, to summer, over great throughout drive driven But we've whole core Certainly, season a customer cultivate $X.X our part the able be but friends record important. what markets. And in regional penetration million considerable attendance heard during the by it's and to $X Halloween lifetime guests me become as the importantly, do see where we into fabric under going we're take as you appeal do we core about the of of from critically families to calendar. to and to market

this Park look I to we deal as the it X in back we're in, try the answer I is things program. on resonates look of able driven All take approach past, that the question, our prioritize and training of the over but markets consistent so sustainable try really season roll July really will biggest of find much on the those to by I when hone to the remarks forward, the efforts one course also which portfolio to our think prepared represents think its that believe James, to me, while the really of pass that I We sometimes the frames. out the shift weeks doing throughout two selling the a differently, to sure drive be is, I over way and your a too decades, the on which really we because react much X I drive -- you for too as think certain the was you've them. I will to in quickly, so market lasting ways got to the reacts seeds -- that am I Passport portfolio, that longer-term impact. I the look given in best we will want when closed challenge, certain impact, learnings things then time retrain I what pleased that make And an throughout the we

similar that portfolio, way can't -- but James, long-winded So of tell penetration, a drive these market that And are you, this regions. are operating we I time as got different these is -- types levels. of I've see reason there's question, really over to answering no gotten your we think in the to businesses the I

have said levers I from back find together, opportunity, of the best looking priority what same that. in really which all what of got them but will a an evaluate. is prepared take path, as both, and in the terms the practices in We've still opportunity the merges drive the So approach business new and them to the are us gives my to remarks,

Operator

our next line from of the And comes Steve Stifel. Wieczynski question with

Steven Wieczynski

So impact of side guess the how questions in you some loss lost little Richard that prepared I'm to the attendance get your I'm Cedar question Fair bit so the get your materially and attendance back. versus you kind take of of combined loss to to order like do pricing are this attendance lost going parts I Brian, -- a higher-level more back? But the over bear try in the caps, legacy the and going about But and the way feel the crack you that on with And Six going getting bit back. are some different back you at simple lower have way, you're year next a in to think company. I have running And of much X the get is, adjust another of attendance or should about wondering you're that as guys specifically of on so differently little legacy Richard, we try attendance a the to obviously, remarks per operated assets. And about how maybe me. Flags noted being loss

Richard Zimmerman

But question, a great the about question, I time me talk do what think you we've I any think think We It's the dynamic got when Steve. the to I I already to make your hear so believe have to pricing, of take firmly regions the in we we is value all particular all see pricing. done drives and proposition, think in I time. really The in sure price listen value about program our each guests X season the parts for successfully instance, what season, highlight we've as that pass. value of opportunity to as the taken the steps offer. that the of value about

legacy that satisfaction. drive put Flags attendance we've pricing attendance. Six So on that experience, the value satisfaction park. guest increased in to level, we into we guest ratings even the X able and weeks, guest X news the good experience One into over the can more lean been enhance see the can things the in is time. There's more last The is the

teams the the the field really seeing dedication improve at together, passion I'm the guest it. and we've really try experience the in that persistence come compliments have way pleased together worked focusing in how high park on the the level, and to and I'm everybody to So the jointly for of

both we've attendances, growth, I an think time, ability shown drive as said. but cap to over also per Brian

from I to guest on recapture the think think that by to continuing my perspective, Brian? focus I there's do So improvement experience. ability in attendance

Brian Witherow

admissions the attendance the recovering guess focused on attendance. of cap terms in or -- that loss Steve, Yes, per that I

question, per revenue in said, with step the growth odds being at by overall. attendance, that is when to I driven caps in is As function growth Lisse's response

channels come the of a right? A lot laid that importantly, again, we for comments, We would decrease attendance. would couple admissions coming in Those cap right? revenue and some growth group. made markets, attendance, we attendance on his lot base. much pressure, about per we second as So the expect that are would cap X% but in that of anticipate, results, some and mix out this from per season of recovery lower Richard the and seen from decisions the a at the X Cedar of in year of a more much But talked we've quarter channel, higher pricing admissions legacy like pass

So we'll the admissions on per live with mathematical cap. pressure

I opportunity us side the things. think gives in-park it on of

longest per back One stays remarks to -- crowded. the caps park and of attendance That the the in the the gets lead things comfortably that over length the years leads long larger prepared days. comment stays we've Richard's seen the The about to highest for and staying the to of margin visits. best

back. So it's demand to get that important

will the revenue attendance admissions on of help much in-park a spend, higher I think and it a at bit But pressure per little the on be maybe that's base. mathematical to cap. again, going

Steven Wieczynski

around portfolio color. good assets And is of question really That's combined now. second then Okay. the

optionality that side land your some might to parks. you XX earning is, might an whether parks to what right all I of are pace? leverage EBITDA It potential certain sell, question the seems on essentially core not kind opportunity Richard, it's I order the guess, the EBITDA in just down a outweigh at getting parks the And of of be that shut like sense. that makes down number? think are do there's some under I'm is drive quicker at hope So at or And

Richard Zimmerman

extended standpoint, The take I process. antitrust now Yes, Steve. and back, understand your you between review limited our were I'll listen, comprehensive I the and a strategic long-term through extensive we capital our plan question, information through now, going from period in terms create I we're mean share to pretty allocation going as companies. We're long-range the outlook. view, that said, of we a the

most some mid-tier smaller that performance, of good and parks, I really portfolios, necessarily the We've of has parks. performance We've each the even that got regardless there challenges. we performance strongly parks. got got or growth understand sure some consistent think size, within both are and at partnership every performers lease making And site. in the property fully-owned is news the We've not of potential parks. in the strong some we is, look sustainable of opportunities. We got believe the

an opportunities. has a do portfolio. and I at own portfolio that that think I opportunity sure But to we're its the if operate So the that every the now and properly make there's role high growth believe park in now looking place we portfolio the we Brian? define stratify we do within

Brian Witherow

Yes.

legacy a standalone We've think has core portfolio. you would at time, think only or acquired on that approach over no divested Cedar is over that assets Fair also back the taken of add, the in deem I the and assets front. thing can I years, longer the I Steve, we, lot we've look that

we very little a I think deal on as over a closed early. Richard said, it's I ago. mean this still only month

as hose through And longer-term plan. we're portfolio But that optimization we now that work from exercise will so right time. the strategic over be part drinking certainly, fire of

Operator

with our Yeh Stanley. And question the Morgan next comes from of line Thomas

Thomas Yeh

I fully dissect was doesn't strip the out that like to the hoping if July with bit exclude of down it X% the more. kind you pacing weather July, sounds a It in headwinds. closures, even

calendar some to level at still to timing track? date? And shift, XQ evidence at shaped a return to So of as a maybe think maybe proposition this beyond you mentioned know I low XXXX the a relative had to you seen Cedar. the legacy end? bit And how you you weather little hoping out follow-up any before, shift that point? at that I in consumer weird is to think weakness Or the you hope has of on exceed value are I that, to that mentioned cited, Brian, have attendance there's but

Brian Witherow

Yes, Thomas.

latter the take first. I'll maybe So

everyone the would both portfolio. of the that this X/X combined sides -- of and what for of remind a to close the comment portfolio think that half would applies attendance year, and I revenues is to I the second is the represent

great seen where as critical we of the land. July, of second to in first in the is have as XXXX, some whole Richard it's markets. prepared no the we've drivers idea so that the behind doubt bumpy, results has of And in bit been conditions little diversified year half but weather things footprint. merger one and being remarks, the to our with through behind half of the more terms noted, extreme was this down There's the we've core said But some dealt create a a X%.

challenge Was some it And think record The not excuse. X we're to those hurricane markets? going parks of Sure, we're a down so period -- of hit as heat as an out, events the shut the length were very the called of because for we that is anomalistic markets I number weather were problematic. of in in a an Gulf use in time, either disruption utility where parks or Michigan example. up

speaking, heat macro still we've we we're that to There the it demand around challenging because August of by And remain the August is bit trends when are those a a a page little half is like short like I impact the demand. legacy been in trends then little periods And rain seeing the going strong and good, and turned we record and weather think year, to last trends right? performance. out something similar, seeing those there broadly be broader plays on led side we Demand attendance. July then number markets. we to where off headwinds and Cedar saw second encouraged bit. see or was macro always if a turn took of gangbusters

I a or as the market, tickets lot indicate trends. The of lot of deferred -- be demand, in the season broader are single-day we're the revenue whether by there tickets. a balances broader So said, passes still that those encouraged there's pent-up

of think second we'll how we're year, half the see have everything we so out. And but still plays well over positioned to the

Richard Zimmerman

It's of unique And portfolio. July, thing Cedar higher the would increasingly more one at me at tell of Richard, you, and consumer here. we one than our we've seen year. resort hotels last we some have into month the where our in is sold Thomas, health ADRs to had is out jump we've many were the for outstanding in of I windows days of Point

serve income of encouraged of got our for terms of you, I've over portfolio, and been status look hospitality resort wide our in we at. stay performance resource deals I out-of-park classes will resort the and a throughout month July. really and tell pleased we've array our and because in portfolio through our the with So certainly

Thomas Yeh

or maybe marketing. just OpEx where Great. deeply a at beyond would generate And more low-hanging little a be the some underinvestment think you be on strategy, of it pricing Is do levels tweaks, more you you Richard, including or staffing more you'd areas able elaborate then opportunity the into evaluating mentioned leaning you Can where most see more helpful. maintenance legacy Six? specific, maybe And clear from that fruit? bit anything to lot

Richard Zimmerman

terms ability other rounded performance is give the better Let different look of approach up last the portfolio goes couple longer that parks Coming companies little because seen we of digital, channels, and bit we in portfolio. we've as other And better highly more we over of the get we've percentage the me there. you impact extended also be over impact over take skinnied which with ad went generating But the like in thing demand. the play this up our There is breadth. awareness we little industries, a that more was seen as media also, of and at narrowed targeted, a it's of but generating of spend of digital, lot the to knew to is out your advertising a company, noticed highly advertising, sides question a of pandemic, traction. And more of we've an What lot period. great bit get mix, first. is our when a that really We pent-up for both of to very to of combined of out would years the all get advertising.

is do improve we we've go also make we maintain right mix awareness those pulsing the that got those sure but levels what So awareness so and as channels, through. trying to the we're right of

challenge So that's our I think that front. on

Six driving as make overall we're I attendance, lot Cedar make of performance dollars, and Flags we're at the efficient the And as guest, with of while a doing, sure got all sure revenue We the terms what growth. per go up look ladder We're of we portfolio. weekly much as hour. again, as and portfolio being into to In watch a our satisfaction. to things we've parks where the all go would, trying lot efficient that possible that the a ridership, per metrics rides transactions really through that through meeting we we're

satisfaction, that mechanical, rides what's that's on are sometimes are mechanical, disciplined have make in a got things but in we But are listen important. we statistically challenges. that we We satisfaction. make drive sure and they make open really to sides that approach region open, our is region, all trying seen are we're both sure riders by portfolio as guest writing more as look the can all consumer in do to rides what sometimes to because that are the of we've take we start place what's we lay So we sure significant the we've and the different increase guest all very make a these think that at sure we the rides

Operator

from question And Boss our of the JPMorgan. with next comes line Matthew

Matthew Boss

So for first Richard. maybe

attendance internal On second then And changes demand more made trends any then any half softening based I consumer landscape behavior? assumptions. during to picture your the changes Have that or promotional you you July the on quarter about and just how the cited, that the back guess, like-for-like you're in pricing recent seeing? just larger in best think

Richard Zimmerman

in. seeing, company stab caveat, I'll think financial I let coming had weigh as a Brian and take we're then don't at look I plan But legacy and that each what in. business guidance. we give at the Again, a I'll

of a demand place. coming in the I plans within they companies expectations we're levels you where I relatively, channel, look put at think in when both range per the of think

wasn't it shifts demand from So tickets. significant certainly break and down group ticket. passes, We demand it season channels into

recovery after strength up So it saw the youth and the the down with bit level of within the channel in A in or of we group growth pricing in changes group little really encouraging a of come in in significant and not pandemic, school that demand would well. terms The channel. it take thought channel almost of is X the as years part did. corporate back significant

we can Brian price much come Brian? about A going visit mix. underplay expensive in drive times, you single ticket what's them to such to your season higher season it's pass. and We've attendance on as want the and back it, So and how corporate. also don't seen many referenced we and I a share possible. that. But if lion's of we less it's attendance about percentage is to about admission pass as sell more when a want really, and mix the Season impact then attendance dominant happening think our lot of most we sell, And cap, put but you drive them the want penetration per pass, a and mix lots. of pressure higher is to on the enough

Brian Witherow

Yes.

in changes talked of we Just last I pivot last that was I if looking portfolio, know anything year the I a combined dynamic the don't at I'll coming higher, think, as or a we And Matt, But research promotions, there's in add, we year, demonstrative of to made we've the did around of couple of it when season maybe side result that this late 'XX, both on quarters think a markets to Cedar into it take change. select tickets. pass 'XX. about was consumer sides the comes analysis few pricing tie and that about versus that single-day it legacy over some would 'XX and pricing what level

demand teams on down just Our the business in always price tickets been up of have practice single-day price intelligence based dialing and trends. dialing on the

really that practice something I that we've that's and at. so And say new, that a wouldn't gotten is good certainly that's

we've reason And hard a look visiting has price, the do like not a what's we headwinds because you at macro side. weather the Halloween resonating and the the Six Cedar fall so Fest as ahead, and isn't are legacy balance related. when the on the or with of matter more that seen about really they're what strong things year legacy this market, there Fright time price weather no in Haunt on it It's think side demand, demand ahead the around as conditions. But the like we

there's weeks with that to, harmonize or at again, X of I parks, season going lean fully us add be to passes made in portfolio. We've I a have on that going get July or in pass the closing time before think were the of some demand. bit programs X lot a pass, forward we're time, you're some over in to timing weeks combined maybe the season this season more lot just to we The thing X on because only only didn't only moving to merger. But a the the a direction. going more sale opportunity. programs lot late X, move deal of to on of so, to going I see continue -- unfortunately, a on past opportunities programs would lot to close as and it to 'XX that steps and little made the relates harmonized we've taken some strides those the across But think of give

Matthew Boss

get Great. our the investments of magnitude expense And marketing? some follow-up, and to maybe the Could Just upfront structure? help to operating higher you quantify you just just improve attractions then the arms anything of organic Brian. that park help offerings, the increased or cited maybe a the around ballpark

Brian Witherow

in again, not new year. into want support. entertainment advertising we is and your coming market initiatives, prepared I Well, alluded new increased this at a said do companies we -- ago, our enough and as their this in to parks thing remarks, just the thought what both midyear be to with the moments Richard last year new relative to spend the have to think and advertising in attractions, few both you have And

So I think we're trying to advertising. -- the find the of right level

go land going to commit the ready of way to relates being forward. CapEx where all we're on alluded there is other to, yet some not that things it to the we've As to

a what between $X.X of sides 'XX going be to for the we $XXX I the little the closer was call, think The in season, spending to to we're said bit proxy. portfolio, X million between was that million. number on the billion the $XXX

for to more of on some my determining some still forward. going are done, in frankly, work And sides OpEx to in terms there's -- reason remarks of landing on in some look as days the invest demand compelling call it's then about right operating a drive more think on the I be building we add to fix higher pass system. Quite there's said think to the say both around fair the what's system. we to season add and spot of out the prepared levels CapEx as I I OpEx, side, going portfolio, the think back the program into to

operating growth something aren't through. phased working with along there certainly other And changes, capital still be rather gains in, that to revenue going expect would that that. will that's incremental So with and we're overnight, that Those would and happen initiatives but comes we attendance programs. along be

Operator

our Truth question And comes Michael next of Securities. from Swartz line with the

Michael Swartz

you in that know I any it's a limited I color prior? great. sales parks. process some size, already with pretty in it's Can season give can Yes. programs. I of your you But sample provide relative the you've season pricing coming sense the -- out to where pass early us think is you maybe handful but year had a 'XX that you mentioned be pass of know a that rolled

Brian Witherow

necessary really in or chute, is, very Cedar early, period on parks economic market. the aggressively. of really that on from fair was were year I system the the side, where last it's -- there's well, we say that I are in time felt the pushing maybe Mike, there I look it's quite portfolio, Yes, Cedar that think headwinds legacy pricing reduction side. also to parks back and was we the out are it of on right It it's Brian. would on say, the seeing it's outside Cedar X as frankly, side combined X is kind and a the legacy that the the only no pandemic, pricing given there in

increases. high single digit, think double-digit low I

that fair buying to get to of it to achievable probably that's they buying -- begin we before 'XX. there's a Are ahead down market people Mike, still lot comes is digits times, But are see they the to mix something in low into expectation. But prestige, that's are more buying believe regular. have think the think look I all how pass products. parks we I not it's we A realistic do to single of playing out. gold, as

passes drives it often as that's parks all right? what selling, priced So are are the which Not same. as well

charge when so of volume, terms And some parks it in of leading that our play can the into as are higher-priced well.

Richard Zimmerman

Mike, thing. one more

Brian said, early the we're very As process. in

though. give you I'll early So snapshot an

Cedar market we're Park right As across you All the on know, that Flags parts, year, been to we as Park only reformatted is Cedar which every All with in offered Passport last park sale say where Passport, We're on and go now the with the well. Six product. and about we offering in the up portfolio, that have penetration we're

the So see paying is encouraged that All I'm in Passport. great really the Park value attention and guest they

Michael Swartz

on helpful. Maybe similar That's thread. sticking a Okay.

it's Six. pandemic, per Fair that's prior legacy that frequency. to a Maybe legacy of said I Just X where to give a about trending sense that season level there year the I X know visits in Cedar us believe XX% on terms And the were as now pass. you average visitation parks. of for about of

of better term. a the longer opportunity to trying there what get maybe handle Just is

Brian Witherow

visits. of on little the a visitation sits average the still side X Mike, Yes, Cedar north

closer a to holding a Xx a still mentioned, we that when but Richard average that to closer Xx been number As little million of might of a couple selling to as down passes X pass, north that of strong. base, per year. have that's or you grow X pass north pushed only back were But little or

active or another applying pretty portfolio, we there's move average prepared opportunity as gets haven't think compelling closer incremental we since new parks, seen turns pretty to I really be turn to to you those And a that pass visitation. base. And visits, base, when Xx on there. think in We you pass quickly. established that the the this compare They'll it X the that the Six -- when X lot remarks, I it of start said legacy in base

Michael Swartz

that's helpful. No,

Just days quick fact period? July, operating the the there that regards the year does X that housekeeping were fewer to real versus a question. weekend With ago reflect X-week provided, you commentary that the

Brian Witherow

No.

when it's -- way about July, a July. not calendar the So we're period, it's a X-week that fiscal talking

on ends Sunday. And so Monday a and a starts it on

X. So X through July August

so should weekend days on comparable numbers fiscal And we being it based a be capturing of period. X-week

Operator

line our the And Mizuho. of Chaiken Ben from comes question with next

Benjamin Chaiken

was the XX%, basis. quarter is Flow-through really reported impressive a in which on

Or of results, provided this you revenue million million I can $XX And then cost? continue you of less over revenue also operating agree think is compressing to Would elevated that Fair, the legacy is legacy at or Fund, reduction -- high you which Cedar can otherwise? correct? suggested something you into flow-through? $XX this EBITDA. some Is there comparability comparable converted flag day you unique

Brian Witherow

Ben, it's Brian. No.

So great insight.

by big that I is calendar. being more operating of flow-through part a think driven a efficient

XXX,XXX We're on job of that. because a part cost We're count. taken to efficiently the said, north days less the open, even big with efficient days on Not sand comparisons. X-month of efficient more labor the comparable system running we days apples-to-apples out, done visits in is teams full-time As more have are operating that on period drive more X-month XX even operating the ours. head seasonal being a good more we're or there's attendance a that that entirety in day getting out also we've to to of costs on very we of being

does to some I'm going at think But normalize, north point, you're quarter. to will do I out every XXX% that not of it play we're I it seeing said So margin as long-term we've getting cost, of towards part levels those is flow what the higher speak think it. attendance promise going through expansion to and margin all a demand isn't better -- along, it's just path big

Benjamin Chaiken

reducing basis, asked I have Got Fair XQ you. I operating ask -- directionally things high I attendance. -- just the it level that I XX% because XXX would That's very around want obviously still just suggest you least is day by helpful. days And I to And that to guess considering like level an be if at for then would Cedar directionally the around would operating that on range, legacy and which that. you impact an on set, guess in down are I year? full

Brian Witherow

Yes.

But outlook in venture the like know, day about it ultimately there disruption a X% number you reduction. reduction, cost a always those other related, full days. you the here the just still, But pretty there's changed. mean is type a some So talked as about that and for of close. utility July, unanticipated is or I where X% some in events. hasn't broader will we Where weather on year year full think day really Cedars your for lands I Michigan depend

fiscal days I worth tied third XXXX think out QX the the by have versus the and calling of shift, is quarter of XXXX, in is some fact last back that been noting we've ending everyone into day QX XX that that QX operating to June so on reduction year. what you're And is pulled is for would matter quarter right?

of it going just in year. a tailwind headwind that's comparability a So this third was bit the terms a a in of be of bit to quarter like

quarter calendar think third think to And on that's I to of bit comparison. But reported to have again, a of about, get we're so to little numbers, be similarly, a more when a QX providing a bit apples-to-apples basis, on going going headwind we numbers. an

Benjamin Chaiken

There Six X, lot to one, was quickly. And sorry Flags a legacy around last conversation do just of business. the very

thought Or As basis of you kind you the park-by-park a think per this and versus move do portfolio? about so process? then tweak you do the can to what's volume, balancing caps just on it

Richard Zimmerman

Yes.

through each to how approach consumer great there. behaves market that Our at always been, We has go individually. lengths Ben, look the we understand

they're size we time, of different optimizing and park particular to and available make So over always while at each to their we of strategies respective to one want park each is want in great, park all all at are tailored different point are each we of sure all penetration. fits that opportunities make tactics because yes, sure that all And levels us. our evolution. There's our to strategically different is a starting

Operator

question the from Bank. Woronka next from our And Chris of line Deutsche comes

Chris Woronka

more so and combined I products, in the past of far. a securing like there only to spending a is company what not of -- to than of all more is question more mention get often at details legacy a pass think of appreciate on some park you'd some holders the them strategy, a of kind commitment ancillary any is think just to than to kind -- it's getting admission, this get more to differently. I'm kind And at create question effort I did right? of I the for Six. season attachment there had Six incremental But the I you fee, the pass

Is any there attachment So plan? kind way the of is that to upfront? that of kind of incentivize or that part create

Richard Zimmerman

question. good Chris,

entitlements, more what of I our seen continue I the pass, fast I to single-day increased uplift we or We've legacy significant talked they an the plus all-season one few years back for think, beverage, sales bundle to penetration think dining, products the flash in value all-season importance when all-season we look bundle and lane on on in a flat sides all-season to at think things the last always XXXX. opportunity, in tickets of over guests opportunity Cedar, back lane. But where virtually go come. a with all-season our call we a the ticket plus introduced the about dining, you the fast both there's is since all-season single-day I'll we've line we've straight to when a create add-ons, in that

it's a the purchased all about add-on. reason within from season who higher important, And and rates the of those that's we portfolio lot pass renewal season program renewal, So significantly that holders we've has value. a the Cedar add legacy talk seen when

value a they it and at see they lot use a in rate. of higher renew they it, So

think point. that's an I important So

Chris Woronka

Yes.

of still a is in follow-up, I a change. And I As little bit know to CapEx. shift flux, will this some and over it

to hold attraction of But I I per right? anything. mean kind there on always new focus So Six, if a me not year. think was legacy

certain Some not items. CapEx, maybe maintenance-related of the over on skipped

nice, you of the ends number the legacy done seen forward account, take Cedar and are kind restaurants -- to bring about you the you some whatever know I Six? on been the in think bring of It's arena way you do projects a same is dollar and company going you've and guys you as sit-down everything what components and to of are demographics anything the have have So you've X total big Six not the different Or that beyond to sports more hotel goal strategy. Are think and the of might those portfolio, over combined We're you to just up parts is look done parts, the them else. -- going larger because hotels that, right? some like those do has being, the too your to been the different. CapEx

Richard Zimmerman

question. Good

that take one. Let me

think said. as I tremendous we there's opportunity

our legacy when to get the But going sooner. projects to are get clear, we're for to through that see me where I'd the things I most things benefit look we the we walk Chris, like think think at from. be that I parks, should can I change, Cedar I let that

we both guests value will I things So -- improve, that think in our all see it. our of has portfolio if

we built, make year-by-year. I we some bring the sure do think what of is listen, early what we're our food modify trying can't best, has generation facilities learnings the to we that of impacted

of things. those our So fifth we we're how on now construct generation fourth now or

it's as to the resonate creating beverage, is perceived has going with go So pricing. we've more with in opportunity me of that, to that going transactions those our our Those in-park CapEx drive and attractive drive food of transactions, the capita, driven got take but an do types several latest CapEx go per beverage. his capita, been gotten think of my like true I in topic, per and said dad we've of landscaping, and advantage per our and things increase as on remarks, capita things over of ROI, said been on last particularly hour. per not targeted as prepared things value. Brian committed about more we've mom an in research high-quality let park to generation But things. of and sorts food to, in we're particular. And that spending that a in question, and a we're lot X/X years make to we've remarks, I and to that sure And try in sure We're always make consumer as that go listen,

on portfolio, So it's capita drive that revenue sides on of little per opportunity unlocked think do that because that time. bit greater exists on those how the a we've one to that side And maybe think lots on as the make I we important is the both of Six higher over investments I to things the runway there's opportunity do than still Flag the look as see well I Cedar to impact side. other. forward, legacy the the But those as to side legacy continue

Operator

And our with last Zaffino question today line comes from the Oppenheimer. of Ian

Ian Zaffino

Flags $XX up you attendance. guys I But management $X mentioned million the to the I team million bump those in know nonpaying. guess, Six previous of legacy about the pointed being,

to And the on capacity parts days those that you being So get crowded also, was the then there. how most too with crowded do kind of said that levels? it? into maybe another factor kind Again, get of management a the issue team previous does about just you comment at

Richard Zimmerman

Ian, crowded I use. is the would way, we comfortably it that term say this

we pricing. I can of price think any attendance dynamic a level. into see lot of drive we we a to that's the demand, it. time And essence And

going First, attendance say exists Haunt, this Carowinds, Six then it drive Flags we're in on Farm, We tap portfolios, your at monetize on Fest October. the demand, will and Scary all this demand, volume. it drive optimize example -- both and to side, Halloween the see Cedar. the that tremendous legacy Fright pricing. into versus best Knott's events Halloween I our the

to to I guessed way, opportunity year the the at they when in events they're what by business But come of evolved. for have XX when Saturdays there would duration. out. the which, I And only think get desire, get XX because October, days an there's the on you them urgency ago, or you you years limited into are provide come that never they drive has listen when tell a them really biggest Our you would with to paying customers to lean how what

year all we've with that to it think attendance levers think right, We're drive if the I of growth. to seasons much in I that's X to of got right I all calendar higher priority But we're is the do going in to use. that So attached revenue quarter attendance got exactly this demand, be but the our the And we've get year. all every going level. think the we to pleased revenue levers very not

Ian Zaffino

I I think one bucket X/X as were those cost where are Can the individual recognizing kind just synergies? us of And question. in those know each synergies, last you we about self-help of Okay. on tell then you far maybe of company. said or that premerger independent as

Brian Witherow

Brian. it's Ian, Yes,

can Richard which in synergies, synergies the to XX the we next particularly still committed prepared XX the So fully cost let as first, remarks, as say, accomplished are quickly his of noted realizing to be the over totality months. me as think possible, we

about half to X/X a portion it the tie to does in to demand my and be operating the were revenue of consider done standalone There's just efficiencies. of good back we you the presentation this as of what more and still characterized year. the of comment associated half year, those and earlier second As X/X of happens noted, in second be revenue, the the work over

of to the well. that side, pace biggest But we're are the So always to and cost realized half opportunities legacy to on first been in most efficient as $XX of trends of $XX operational the year. believe neighborhood third synergies quarters be having that going now at savings the combined would be said, should right have through the impact our the of based we million we've the lives million between those portfolios, 'XX end the as fourth we the where on Cedar on by

Operator

today's questions. Richard conclude question-and-answer for does the call the over that I turn And final Zimmerman all you now Thank for back session. remarks. Richard? to will

Richard Zimmerman

on everybody thanks for Flags. to call, new joining Six Thanks, Greg, and you in interest the thank for today's us your and

park patches the teams and popular produced biggest in As always will be Halloween which our our into zones of our historically winds for scare down, transforming year. have midways October, preparation in the pumpkin days summer our has events

for in look other park our Michael? other also additional you rides, new be attractions keep promise our apprised mentioned, I we will to XXXX and the Six announcements in season. the forward. initiatives progress introducing As highlighting as coming of Flags slides move We on weeks, and these

Michael Russell

(XXX) free to Feel Investor Richard. at Thanks, contact department Relations our XXX-XXXX.

Our time, will be next third our when the today. will consolidated for early in call discuss Thank first earnings XXXX Greg, results for company concludes we call the November you. quarter. that

Operator

concludes all joining. you call. that again, And today's Thank and for Michael. Thanks, gentlemen, ladies

disconnect. now may You

Six Flags Entertainment (FUN) 8 Aug 242024 Q2 Earnings call transcript