Q2 2024 Six Flags Entertainment Corp Earnings Call

August 8, 2024

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Operator: Thank you for standing by. At this time, I would like to welcome everyone. It's a Six Flags Entertainment Corporation second quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise.

Operator: Thank you for standing by.

Operator: At this time, I would like to welcome everyone to today's Six Flags Entertainment Corporation's second quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers are marked, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press star one on your telephone keypad once again, star one. Thank you.

Speaker Change: Thank you for standing by.

Operator: Thank you for standing by.

Speaker Change: At this time, I would like to welcome everyone to today's Six Flags Entertainment Corporation second quarter 2024 earnings conference call.

Michael Russell: At this time, I would like to welcome everyone to today's Six Flags Entertainment Corporation's second quarter, 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers are marked, there will be a question and an answer session. If you'd like to ask a question during this time, simply press star one on your telephone keypad once again, star one. Thank you.

Operator: After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star 1 on your telephone keypad. Once again, star 1. I would now like to turn the call over to Six Flags Management. Management, please go ahead. Thanks, Craig. And good morning, everyone.

Speaker Change: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star 1 on your telephone keypad. Once again, star 1. Thank you.

Operator: I would now like to turn the call over to Six Flags management. Management, please go ahead.

Speaker Change: I would now like to turn the call over to Six Flags Management. Management, please go ahead.

Michael Russell: I would now like to turn the call over to Six Flags Management. Management, please go ahead. Thanks, Greg, and good morning, everyone.

Operator: Thanks, Greg, and good morning, everyone.

Michael Russell: My name is Michael Russell, Corporate Director of Invest Relations for Six Flags. Welcome to today's earnings call to review our 2024 second quarter free merger financial results for our legacy companies, the former Cedar Fair LP, and the former Six Flags Entertainment Corporation. Earlier this morning, we distributed the wires service our earnings press release, a copy of which is also available under the news tab of our new investor relations website at investors.sixflags.com. Specific to Cedar Fair, our prior year reported quarter ended June 25, 2023, to provide investors with more informative comparisons due to the fiscal calendar shift.

Michael Russell: Thanks Craig, and good morning everyone. My name is Michael Russell, Corporate Director of Investor Relations for Six Flags.

Michael Russell: My name is Michael Russell, Corporate Director of Investor Relations for Six Flags. Welcome to today's earnings call to review our 2024 second quarter pre-merger financial results for our legacy companies, the former Cedar Fair LP and the former Six Flags Entertainment Corporation. Earlier this morning, we distributed our earnings press release via wire service, a copy of which is also available under the News tab of our new investor relations website, at InvestorReview.com. www.s

Speaker Change: Welcome to today's earnings call to review our 2024 second quarter pre-merger financial results for our legacy companies, the former Cedar Fair LP and the former Six Flags Entertainment Corporation.

Michael Russell: Earlier this morning, we distributed via wire service our earnings press release, a copy of which is also available under the news tab of our new investor relations website at Investors.

Michael Russell: Specific to Cedar Fair, our prior year reported quarter ended June 25, 2023. To provide investors with more informative comparisons due to the fiscal calendar shift, our release this morning offers an alternate set of results comparing Cedar Fair's current year quarter ended June 30, 2024, with results for the three months ended July 2. Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meaning of the Federal Securities Laws.

Michael Russell: dot Six Flags dot com

Michael Russell: Specific to Cedar Fair, our prior year-reported quarter ended June 25, 2023.

Michael Russell: Specific to Cedar Fair, our prior year reported quarter ended June 25, 2023 to provide investors with more informative comparisons due to the fiscal calendar shift. Our release this morning offers an alternate set of results comparing Cedar Fair's current year quarter ended June 30, 2024 with results for the three-month ended July 2, 2023.

Michael Russell: to provide investors with more informative comparisons due to the fiscal calendar shift.

Michael Russell: Our release this morning offers an alternate set of results comparing Cedar Fair's current year quarter ended June 30, 2024, with results for the three-month ended July 2, 2023.

Michael Russell: Our release this morning offers an alternate set of results comparing Cedar Fair's current year quarter ended June 30, 2024, with results for the three months ended July 2, 2023.

Michael Russell: Before we begin, I need to remind you the comments made during this call will include four-looking statements in the meeting of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the company's filings with the SEC.

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

Michael Russell: These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the company's filings with the SEC.

Speaker Change: For a more detailed discussion of these risks, you may refer to the company's filings with the SEC.

Michael Russell: In compliance with the SEC's Regulation FD, this webcast is being made available to the media and the general public, as well as analysts and investors. Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content on this call will be considered fully disclosed. On the call with me this morning are Six Flags Chief Executive Officer Richard Zimmerman and Chief Financial Officer Brian Witherow. With that, I'll now turn the call over to Brian. Thank you, Michael. Good morning, and thanks to everyone for joining us today.

Michael Russell: In compliance with the SEC's Regulation FD, this webcast is being made available to the media and the general public as well as analysts and investors because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated. All content on this call will be considered fully disclosed.

Speaker Change: In compliance with the SEC's Regulation FD, this webcast is being made available to the media and the general public, as well as analysts and investors.

Michael Russell: In compliance with the SEC's regulation FD, this webcast is being made available to the media and the general public as well as analysts and investors because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated. All content on this call will be considered fully disclosed.

Speaker Change: Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content on this call will be considered fully disclosed.

Operator: On the call with me this morning, our Six Flags Chief Executive Officer Richard Zimmerman and Chief Financial Officer Brian Witherow.

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

Brian Witherow: On the call with me this morning, our six flags chief executive officer Richard Zimmerman and chief financial officer Brian Witherow. With that, I'll now turn the call over to Brian. Thank you, Michael. Good morning, and thanks to everyone for joining us today. We're excited to welcome you to the very first earnings call for the new six flags entertainment corporation. In actuality, it's the final earnings call for our legacy companies Cedar Fair and the former six flags as we begin our journey together as merge company.

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

Brian Witherow: Thank you, Michael. Good morning, and thanks to everyone for joining us today. We're excited to welcome you to the very first earnings call for the new Six Flags Entertainment Corporation. In actuality, it's the final earnings call for our legacy companies Cedar Fair and the former Six Flags as we begin our journey together as merge company.

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

Speaker Change: in actuality it's the final earnings call for our legacy companies cedar fir and the former six flags as we begin our journey together asa merge company i'll start my review by discussing the legacy cedar fir second quarter results before providing some color around second quarter results for legacy six lags

Brian Witherow: I'll start my review by discussing the legacy Cedar Fair second quarter results before providing some color around second quarter results for legacy Six Flags.

Brian Witherow: I'll start my review by discussing the legacy Cedar Fair second quarter results before providing some color around second quarter results for legacy six flags. I'll wrap up with an update on more recent performance in the state of the long lead indicators for the combined portfolio. Before I dig into the details, I'd like to say how pleased we are to reporting record setting second quarter performance for legacy Cedar Fair, the quarter in which thanks to our top line revenue growth and effective cost savings measures, we achieved record adjusted EBITDA for the period and meaningful margin expansion.

Brian Witherow: I'll wrap up with an update on more recent performance in the state of the long lead indicators for the combined portfolio. Before I dig into the details, I'd like to say how pleased we are to reporting record-setting second quarter performance for legacy Cedar Fair, the quarter in which, thanks to our top line revenue growth and effective cost savings measures, we achieved record adjusted EBITDA for the period and meaningful margin expansion. The strong second quarter performance capped off a trailing 12-month period that saw us produce $585 million of adjusted EBITDA, ending Cedar Fair's legacy on a high note and setting a great foundation for our new journey together as the new Six Flags.

Speaker Change: I'll wrap up with an update on more recent performance in the state of the long lead indicators for the combined portfolio.

Brian Witherow: Before I dig into the details, I'd like to say how pleased we are to report a record-setting second-quarter performance for Legacy Cedar Fair, a quarter in which, thanks to our top-line revenue growth and effective cost-savings measures, we achieved record adjusted EBITDA for the period and meaningful margin expansion. Its strong second quarter performance capped off a trailing 12-month period that saw us produce $585 million of adjusted EBITDA, ending Cedar Fair's legacy on a high note and setting a great foundation for our new journey together as the new Six Flags.

Speaker Change: before i dig into the details i'd like to say how pleased we are reporting record settings second quarter performance for legacy cedar fair the quarter in which thanks to our top line revenue growth and effective cost savings measures

Brian Witherow: The strong second quarter performance capped off a trailing 12-month period that saw us produce $585 million of adjusted EBITDA, ending Cedar Fair's legacy on a high note and setting a great foundation for our new journey together as the new six flags. As Michael mentioned at the beginning of the call due to a fiscal calendar shift in the current year, Cedar Fair's second quarter of 2024 included 53 net incremental operating days compared to the second quarter last year.

Brian Witherow: We achieved record-adjusted EBITDA for the period and meaningful margin expansion.

Brian Witherow: The strong second-quarter performance capped off a trailing 12-month period that saw us produce 585 million dollars of adjusted EBITDA, ending Cedar Fair's legacy on a high note and setting a great foundation for our new journey together as the new Six Flags.

Brian Witherow: As Michael mentioned at the beginning of the call, due to a fiscal calendar shift in the current year, Cedar Fair's second quarter of 2024 included 53 net incremental operating days compared to the second quarter last year. Because of the impact of the fiscal calendar shift, I'll focus my comments this morning on comparing Cedar Fair's second quarter with the three-month end of July 2nd, 2023. for the quarter of Cedar Fair Generary Day, record $572 million in net revenues on record attendance of 8.6 million guests. This compares with net revenues of $557 million and attendance of 8.3 million guests for the comparable three-month period last year.

Brian Witherow: As Michael mentioned at the beginning of the call, due to a fiscal calendar shift in the current year, Cedar Fair's second quarter of 2024 included 53 net incremental operating days compared to the second quarter last year. Because of the impact of the fiscal calendar shift, I'll focus my comments this morning on comparing Cedar Fair's second quarter with the three months ended July 2, 2023. For the quarter, Cedar Fair generated a record $572 million in net revenues on record attendance of 8.6 million guests.

Brian Witherow: This compares with net revenues of $557 million and attendance of 8.3 million guests for the comparable three-month period last year, in addition to the 368,000 visit increase in attendance. The higher net revenues during the period reflect a $4 million increase in out-of-park revenues to a second quarter record $73 million. The increases in attendance and out-of-park revenues were partially offset by a 3% decrease in in-park per capita spending.

Speaker Change: Because of the impact of the fiscal calendar shift, I'll focus my comments this morning on comparing Cedar Fair's second quarter with the three months ended July 2, 2023.

Brian Witherow: Because of the impact of the fiscal calendar shift, I'll focus my comments this morning on comparing Cedar Fair's second quarter with the three-month end of July 2nd, 2023, for the quarter of Cedar Fair Generary Day, record $572 million in net revenues on record attendance of 8.6 million guests. This compares with net revenues of $557 million and attendance of 8.3 million guests for the comparable three-month period last year. In addition to the 368,000 visit increase in attendance, the higher net revenues during the period reflect a $4 million increase in out-of-park revenues to a second quarter record $73 million.

Speaker Change: For the quarter, Cedar Fair generated a record $572 million in net revenues on record attendance of 8.6 million guests.

Speaker Change: This compares with net revenues of $557 million and attendance of 8.3 million guests for the comparable three-month period last year.

Brian Witherow: In addition to the 368,000 visit increase in attendance, the higher net revenues during the period reflect a $4 million increase in out-of-park revenues to a second quarter record of $73 million.

Brian Witherow: In addition to the $368,000 visit increase in attendance, the higher net revenues during the period reflect a $4 million increase in out-of-park revenues to a second-quarter record $73 million.

Brian Witherow: The increases in attendance in out-of-park revenues were partially offset by a 3% decrease in in-park per capita spending. The increase in attendance was the direct result of several factors, including a larger season pass base, the continued recovery of the group channel, including our school and youth business, which has now recovered back to pre-pandemic levels. And lastly, stronger general demand in the markets where we introduced impactful new rise in attractions for the 2024 season. We are particularly pleased that we were able to drive increased attendance over 33 fewer operating days than the comparable period last year, reflecting the positive impact of many of the initiatives we put in place in the last year to drive demand.

Brian Witherow: The increases in attendance and out-of-park revenues were partially offset by a 3% decrease in in-park per capita spending.

Brian Witherow: The increase in attendance was the direct result of several factors, including a larger season pass base, the continued recovery of the group channel, including our school and youth business, which has now recovered back to pre-pandemic levels, and lastly, stronger general demand in the markets where we introduced impactful new rides and attractions for the 2024 season. We are particularly pleased that we were able to drive increased attendance over 33 fewer operating days than the comparable period last year, reflecting the positive impact of many of the initiatives we put in place in the last year to drive demand. On a comparable week basis, average attendance per operating day in the second quarter was up 9 percent.

Speaker Change: The increase in attendance was the direct result of several factors, including a larger season pass base, the continued recovery of the group channel, including our school and youth business, which has now recovered back to pre-pandemic levels.

Brian Witherow: And lastly, stronger general demand in the markets where we introduced impactful new rides and attractions for the 2024 season.

Brian Witherow: We are particularly pleased that we were able to drive increased attendance over 33 fewer operating days than the comparable period last year, reflecting the positive impact of many of the initiatives we put in place in the last year to drive demand. On a comparable week basis, average attendance per operating day in the second quarter was up 9%. Primarily, the results of eliminating smaller attendance days during the period at several seasonal parks, as well as increased demand from the season pass channel.

Brian Witherow: On a comparable week basis, average attendance per operating day in the second quarter was up 9%.

Brian Witherow: On a comparable week basis, average attendance per operating day in the second quarter was up 9 percent, primarily the result of eliminating smaller attendance days during the period at several seasonal parks, as well as increased demand from the season pass channel.

Brian Witherow: This was primarily the result of eliminating smaller attendance days during the period at several seasonal parks, as well as increased demand from the season pass channels. The increase in Otta Park revenues reflects the improved performance of the Nott Hotel, which was under renovation at this time last year, as well as higher ADRs at the other resort properties across the system. Meanwhile, the decrease in per capita spending is due to a planned reduction in season pass pricing at several parks and a higher mix of season pass visitation, somewhat offset by improved guest spending on food and beverage and extra-charged products. Food and beverage spending during the quarter was up 3% versus the comparable three-month period last year.

Brian Witherow: Primarily, the results of eliminating smaller attendance days during the period at several seasonal parks, as well as increased demand from the season pass channel. The increase in out-of-park revenues reflects the improved performance of the Noth Hotel, which was under renovation at this time last year, as well as higher ADRs at the other resort properties across the system. Meanwhile, the decrease in per capita spending is due to a planned reduction in season pass pricing at several parks and a higher mix of season pass visitation, somewhat offset by improved guest spending on food and beverage and extra charge products.

Brian Witherow: The increase in Otta Park revenues reflects the improved performance of the Nott Hotel, which was under renovation at this time last year, as well as higher ADRs at the other resort properties across the system.

Brian Witherow: The increase in out-of-park revenues reflects the improved performance of the Noth Hotel, which was under renovation at this time last year, as well as higher ADRs at the other resort properties across the system. Meanwhile, the decrease in per capita spending is due to a planned reduction in season pass pricing at several parks and a higher mix of season pass visitation, somewhat offset by improved guest spending on food and beverage and extra charge products.

Brian Witherow: Meanwhile, the decrease in per capita spending is due to a planned reduction in season pass pricing at several parks and a higher mix of season pass visitation, somewhat offset by improved guest spending on food and beverage and extra-charged products.

Brian Witherow: Food and beverage spending during the quarter was up 3% versus the comparable three-month period last year. The improved F&B spending was driven by an increase in average transactions per guest and an increase in the average transaction value. Reflecting the guest's willingness to buy up for higher quality offerings.

Brian Witherow: Food and beverage spending during the quarter was up 3% versus the comparable three-month period last year. The improved F&B spending was driven by an increase in average transactions per guest and an increase in the average transaction value, reflecting the guest's willingness to buy up for higher-quality offerings.

Brian Witherow: Food and beverage spending during the quarter was up 3% versus the comparable three month period last year. The improved F&B spending was driven by an increase in average transactions per guest and an increase in the average transaction value. Reflecting the guest willingness to buy up for higher quality offerings. Guest spending on extra charge products during the period was up 1%, driven in large part by increased fast lane sales, which benefited from the broad rollout of our new single ride, fast lane product, and overall stronger demand as a result of higher attendance levels.

Brian Witherow: The improved F&B spending was driven by an increase in average transactions per guest and an increase in the average transaction value, reflecting the guest's willingness to pay more for higher quality offerings. Guest spending on extra charge products during the period was up 1%, driven in large part by increased fast lane sales, which benefited from the broad rollout of our new single ride fast lane product and overall stronger demand as a result of higher attendance levels.

Brian Witherow: Guest spending on extra charge products during the period was up 1%, driven in large part by increased fast lane sales, which benefited from the broad rollout of our new single ride, fast lane product, and overall stronger demand as a result of higher attendance levels.

Brian Witherow: Guest spending on extra charge products during the period was up 1%, driven in large part by increased FASt Lane sales, which benefited from the broad rollout of our new single-ride FASt Lane product and overall stronger demand as a result of higher attendance levels.

Brian Witherow: Moving to the cost run, legacy feeder fares operating costs and expenses in the second quarter, total 387 million. 15 million compared with three months, the three months ended July 2nd, 2023. The period-over-period increase reflects a $23 million increase in SGA expense, offset by a $9 million decrease in operating expenses. The increase in SGA expense included $11 million of merger-related costs and $8 million of higher equity-based compensation expense. The balance of the increase was attributable to higher spending on technology initiatives and advertising during the period. The decrease in same week operating expenses, which was accomplished while our parts entertained 368,000 more guests during the period, is the result of planned reductions in entertainment expenses and labor costs, including the use of fewer seasonal labor hours and lower full-time headcounts.

Brian Witherow: Moving to the cost front, Legacy Cedar Fair's operating costs and expenses in the second quarter totaled $387 million, up $15 million compared with the three months ended July 2, 2023. The period-over-period increase reflects a $23 million increase in SG&A expense offset by a $9 million decrease in operating expenses. The increase in SG&A expense included $11 million of merger-related costs and $8 million of higher equity-based compensation expense.

Brian Witherow: The period-over-period increase reflects a $23 million increase in SG&A expense offset by a $9 million decrease in operating expenses.

Brian Witherow: The increase in SG&A expense included $11 million of merger-related costs and $8 million of higher equity-based compensation expense. The balance of the increase was attributable to higher spending on technology initiatives and advertising during the period.

Brian Witherow: The balance of the increase was attributable to higher spending on technology initiatives and advertising during the period. The decrease in same-week operating expenses, which was accomplished while our parks entertained 368,000 more guests during the period, is the result of planned reductions in entertainment expenses and labor costs, including the use of fewer seasonal labor hours and lower full-time headcounts. Adjusted EBITDA for the quarter increased to a record $205 million, while adjusted EBITDA margin for the period improved to nearly 36%, up 230 basis points versus the comparable three-month period last year.

Brian Witherow: The balance of the increase was attributable to higher spending on technology initiatives and advertising during the period. The decrease in same week operating expenses, which was accomplished while our parts entertained 368,000 more guests during the period, is the result of planned reductions in entertainment expenses and labor costs, including the use of fewer seasonal labor hours and lower full time headcounts. A Justi EBITDA for the quarter increased to a record 205 million while a Justi EBITDA margin for the period improved to nearly 36 percent, up 230 basis points versus the comparable 3 month period last year.

Brian Witherow: The decrease in same-week operating expenses, which was accomplished while our parks entertained 368,000 more guests during the period, is the result of planned reductions in entertainment expenses and labor costs, including the use of fewer seasonal labor hours and lower full-time headcount.

Brian Witherow: A Justi EBITDA for the quarter increased to a record 205 million, while a Justi EBITDA margin for the period improved to nearly 36 percent, up 230 basis points versus the comparable 3-month period last year. The higher margin reflects the value and leverage that comes with driving higher levels of demand while tightly managing operating costs.

Brian Witherow: Adjusted EBITDA for the quarter increased to a record $205 million, while adjusted EBITDA margin for the period improved to nearly 36 percent, up 230 basis points versus the comparable three-month period last year.

Brian Witherow: The higher margin reflects the value and leverage that comes with driving higher levels of demand while tightly managing operating costs. As we've noted in prior earnings calls, we remain laser-focused on improving margins by increasing demand and driving operating efficiencies across the portfolio, particularly around variable operating costs such as seasonal labor. Through the first six months of the year, we've reduced our seasonal labor hours by 5%, or more than 340,000 total hours, while not eroding the guest experience or our ability to drive demand, as evidenced by the meaningful lift in attendance.

Brian Witherow: The higher margin reflects the value and leverage that comes with driving higher levels of demand while tightly managing operating costs.

Brian Witherow: The higher margin reflects the value and leverage that comes with driving higher levels of demand while tightly managing operating costs. As we've noted in a prior earnings call, we remain laser focused on improving margins by increasing demand and driving operating efficiencies across the portfolio, particularly around variable operating costs such as seasonal labor. Through the first six months of the year, we reduced our seasonal labor hours by 5 percent or more than 340,000 total hours while not eroding the guest experience or our ability to drive demand as evidenced by the meaningful lift and attendance.

Brian Witherow: As we've noted in a prior earnings call, we remain laser-focused on improving margins by increasing demand and driving operating efficiencies across the portfolio, particularly around variable operating costs such as seasonal labor. Through the first six months of the year, we reduced our seasonal labor hours by 5 percent, or more than 340,000 total hours, while not eroding the guest experience or our ability to drive demand, as evidenced by the meaningful lift in attendance. Through these key initiatives, we've made considerable progress strengthening margins closer to pre-pandemic levels. We have now improved legacy feeder fair adjusted EBITDA margin by 300 basis points through the first six months of the year, compared with the same six-month period in 2023.

Brian Witherow: As we've noted in prior earnings calls, we remain laser-focused on improving margins by increasing demand and driving operating efficiencies across the portfolio, particularly around variable operating costs such as seasonal labor.

Brian Witherow: Through these key initiatives, we've made considerable progress strengthening margins closer to pre-pandemic levels. We have now improved legacy feeder fair adjusted EBITDA margin by 300 basis points through the first six months of the year, compared with the same six-month period in 2023.

Brian Witherow: Through the first six months of the year, we reduced our seasonal labor hours by 5 percent, or more than 340,000 total hours, while not eroding the guest experience or our ability to drive demand, as evidenced by the meaningful lift in attendance.

Brian Witherow: Through these key initiatives, we've made considerable progress strengthening margins closer to pre-pandemic levels. We have now improved our legacy Cedar Fair adjusted EBITDA margin by 300 basis points through the first six months of the year, compared with the same six-month period in 2023. Now turning to second quarter results for Legacy Six Flags. As noted in this morning's earnings release, Six Flags' second quarter of 2024 included 58 fewer operating days compared to the second quarter last year. For the quarter, Six Flags generated $438 million in total revenues on attendance by 6.9 million guests.

Brian Witherow: through these key initiatives we have made considerable progress strengthening margins closer to prepandemic levels we have now improved legacy cedar fir adjusted ebitda margin by three hundred basis points through the first six months of the year compared with the same six month period in two thousand and twenty- three

Brian Witherow: Now turning to second quarter results for Legacy Six Flags. As noted in this morning's earnings release, Six Flags, second quarter of 2024 included 58 fewer operating days compared to the second quarter last year. For the quarter, Six Flags generated $438 million in total revenues on attendance of 6.9 million guests. This compares with total revenues of $444 million and attendance of 7.1 million guests during the second quarter of 2023. In addition to the 2 percent decrease in attendance, the decline in total revenues in the quarter reflects a $9 million decrease in revenue from memberships beyond the initial 12-month commitment period, what we call 13 plus.

Brian Witherow: Now turning to second quarter results for Legacy Six Flags.

Brian Witherow: Now turning to second quarter results for legacy six flags. As noted in this morning's earnings release, six flags, second quarter of 2024 included 58 fewer operating days compared to the second quarter last year. For the quarter, six flags generated $438 million in total revenues on attendance of 6.9 million guests. This compares with total revenues of $444 million and attendance of 7.1 million guests during the second quarter of 2023. In addition to the 2 percent decrease in attendance, the decline in total revenues in the quarter reflects a $9 million decrease in revenue from memberships beyond the initial 12-month commitment period, what we call 13 plus.

Brian Witherow: As noted in this morning's earnings release, Six Flags' second quarter of 2024 included 58 fewer operating days compared to the second quarter last year.

Brian Witherow: For the quarter, Six Flags generated $438 million in total revenues on attendance of 6.9 million guests.

Brian Witherow: This compares with total revenues of $444 million and attendance of 7.1 million guests during the second quarter of 2023. In addition to the 2% decrease in attendance, the decline in total revenues in the quarter reflects a $9 million decrease in revenue for memberships beyond the initial 12-month commitment period, what we call 13+. The decrease in second quarter attendance and membership revenues was partially offset by a one percent increase in total guest spending per capita.

Brian Witherow: This compares with total revenues of $444 million and attendance of 7.1 million guests during the second quarter of 2023.

Brian Witherow: In addition to the 2% decrease in attendance, the decline in total revenues in the quarter reflects a $9 million decrease in revenue for memberships beyond the initial 12-month commitment period, what we call 13+.

Brian Witherow: The decrease in second quarter attendance in membership revenues was partially offset by a 1 percent increase in total guest spending per capita. The decrease in second quarter attendance was largely the result of the strategic decision to remove operating days at certain parks and the earlier Easter holiday, which occurred in the first quarter of 2024, compared to the second quarter of 2023. We estimate that the Easter timing shift represented a headwind of approximately 90,000 visits in the second quarter, while the elimination of operating days accounted for the majority of the remaining attendance difference. The increase in total guest spending per capita during the quarter reflects an admissions revenue per capita decrease of 2 percent and an in-park spending per capita increase of 5 percent.

Brian Witherow: The decrease in second quarter attendance and membership revenues was partially offset by a 1% increase in total guest spending per capita.

Brian Witherow: The decrease in second quarter attendance in membership revenues was partially offset by a 1 percent increase in total guest spending per capita. The decrease in second quarter attendance was largely the result of the strategic decision to remove operating days at certain parks and the earlier Easter holiday, which occurred in the first quarter of 2024, compared to the second quarter of 2023. We estimate that the Easter timing shift represented a headwind of approximately 90,000 visits in the second quarter while the elimination of operating days accounted for the majority of the remaining attendance difference.

Brian Witherow: The decrease in second quarter attendance was largely the result of the strategic decision to remove operating days at certain parks and the earlier Easter holiday, which occurred in the first quarter of 2024 compared to the second quarter of 2023. We estimate that the Easter timing shift represented a headwind of approximately 90,000 visits in the second quarter, while the elimination of operating days accounted for the majority of the remaining attendance difference. The increase in total guest spending per capita during the quarter reflects an admissions revenue per capita decrease of 2% and an in-park spending per capita increase of 5%.

Brian Witherow: the decrease in second quarter atttenendance was largely the results of the strategic decision to remove operating days at certain parks and the earlier easter holiday which occurred in the first quarter of two thousand and twenty four compared to the second quarter of two thousand and twenty three

Brian Witherow: We estimate that the Easter timing shift represented a headwind of approximately 90,000 visits in the second quarter, while the elimination of operating days accounted for the majority of the remaining attendance difference.

Brian Witherow: The increase in total guest spending per capita during the quarter reflects an admissions revenue per capita decrease of 2% and an in-park spending per capita increase of 5%.

Brian Witherow: The increase in total guest spending per capita during the quarter reflects an admissions revenue per capita decrease of 2 percent and an in-park spending per capita increase of 5 percent. Excluding the impact of membership revenue from both periods, which we believe better reflects the park's higher average ticket pricing and in-park monetization efforts, total guest spending per capita for the quarter would be 3 percent higher than prior year second quarter, reflecting an increase in admissions revenue per capita of less than 1 percent and an increase in in-park spending per capita of 6 percent.

Brian Witherow: Excluding the impact of membership revenue from both periods, which we believe better reflects the park's higher average ticket pricing and in-park monetization efforts, total guest spending per capita for the quarter would be 3 percent higher than prior year second quarter, reflecting an increase in admissions revenue per capita of less than 1 percent and an increase in in-park spending per capita of 6 percent.

Brian Witherow: Excluding the impact of membership revenue from both periods, which we believe better reflects the park's higher average ticket pricing and in-park monetization efforts, total guest spending per capita for the quarter would be 3% higher than the prior year's second quarter, reflecting an increase in admissions revenue per capita of less than 1% and an increase in in-park spending per capita of 6%. We expect revenue headwinds for memberships to be negligible in the second half of the year.

Brian Witherow: Excluding the impact of membership revenue from both periods, which we believe better reflects the park's higher average ticket pricing and in-park monetization efforts,

Brian Witherow: Total guest spending per capita for the quarter would be 3% higher than prior year's second quarter, reflecting an increase in admissions revenue per capita of less than 1% and an increase in in-park spending per capita of 6%.

Brian Witherow: We expect revenue headwinds for memberships to be negligible in the second half of the year. Moving to the cost front, the legacy 6 Flags operating costs and expenses in the second quarter total $281 million, down 18 million compared to the second quarter of 2023. The decrease in operating costs and expenses was the result of a $12 million increase in operating expenses, offset by a $30 million decrease in SG&A. The decrease in SGNA expands reflects the impact of a $38 million self-insurance reserve adjustment made in the second quarter last year, offset slightly by higher spending on advertising in the second quarter this year.

Brian Witherow: We expect revenue headwinds for memberships to be negligible in the second half of the year.

Brian Witherow: We expect revenue headwinds for memberships to be negligible in the second half of the year. Moving to the cost front, the legacy 6 flags operating costs and expenses in the second quarter total $281 million, down 18 million compared to the second quarter of 2023. The decrease in operating costs and expenses was the result of a $12 million increase in operating expenses offset by a $30 million decrease in SG&A expound. The decrease in SGNA expands reflects the impact of a $38 million self insurance reserve adjustment made in the second quarter last year, offset slightly by higher spending on advertising in the second quarter this year.

Brian Witherow: Moving to the cost front, Legacy Six Flag's operating costs and expenses in the second quarter totaled $281 million, down $18 million compared to the second quarter of 2023. The decrease in operating costs and expenses was the result of a $12 million increase in operating expenses offset by a $30 million decrease in SG&A expenses.

Speaker Change: moving to the cost for ont legacy six legs operating costs and expenses in the second quarter total two hundred and eighty-one million dollars down eighteen million compared to the second quarter of two thousand and twenty- three

Brian Witherow: The decrease in operating costs and expenses was the result of a 12 million dollar increase in operating expenses offset by a 30 million dollar decrease in SG&A expense.

Brian Witherow: The decrease in SG&A expense reflects the impact of a $38 million self-insurance reserve adjustment made in the second quarter of last year, offset slightly by higher spending on advertising in the second quarter of this year. The increase in operating costs was driven by increased seasonal labor costs resulting from higher average seasonal wage rates and an increase in seasonal labor hours. Through the first six months of the year, the average seasonal wage rate at Legacy Six Flags Parks was up 3% over the same period last year, and seasonal labor hours were up 3%, or approximately 150,000 hours.

Brian Witherow: The decrease in SG&A expense reflects the impact of a $38 million self-insurance reserve adjustment made in the second quarter last year, offset slightly by higher spending on advertising in the second quarter this year.

Brian Witherow: The increase in operating costs was driven by increased seasonal labor costs resulting from higher average seasonal wage rates and an increase in seasonal labor hours. Through the first six months of the year, the average seasonal wage rate at Legacy Six Lags Parts was up to 3% over the same period last year, and seasonal labor hours were up to 3% or approximately 150,000 hours. Six lags adjusted EBITDA for the quarter decrease $23 million to $138 million driven primarily by the decline in attendance, lower membership revenue, and higher operating expenses, offset in part by higher total guest spending per capita.

Brian Witherow: The increase in operating costs was driven by increased seasonal labor costs resulting from higher average seasonal wage rates and an increase in seasonal labor hours.

Brian Witherow: The increase in operating costs was driven by increased seasonal labor costs resulting from higher average seasonal wage rates and an increase in seasonal labor hours. Through the first six months of the year, the average seasonal wage rate at legacy six lags parts was up to 3% over the same period last year and seasonal labor hours were up to 3% or approximately 150,000 hours. Six lags adjusted EBITDA for the quarter decrease $23 million to $138 million driven primarily by the decline in attendance, lower membership revenue, and higher operating expenses offset in part by higher total guest spending per capita.

Brian Witherow: Through the first six months of the year, the average seasonal wage rate at Legacy Six Flags Parks was up 3 percent over the same period last year, and seasonal labor hours were up 3 percent, or approximately 150,000 hours.

Brian Witherow: Six Flags' adjusted EBITDA for the quarter decreased $23 million to $138 million, driven primarily by the decline in attendance, lower membership revenue, and higher operating expenses, offset in part by higher total guest spending per capita. Due to the increase in operating costs and lower total revenues, Legacy Six Flags' modified EBITDA margin for the second quarter, which excludes the impact of non-controlling interest in partnership parks, decreased to 36.9% from 41.6% in the second quarter last year.

Brian Witherow: Six flags adjusted EBITDA for the quarter decreased $23 million to $138 million, driven primarily by the decline in attendance, lower membership revenue, and higher operating expenses, offset in part by higher total guest spending per capita.

Brian Witherow: Due to the increase in operating costs in lower total revenues, Legacy Six Flags modified EBITDA margin for the second quarter, which excludes the impact of non-controlling interest in partnership parks, decreased to 36.9% from 41.6% in the second quarter last year.

Speaker Change: due to the crease in operating costs and lower total revenues legacy six slags modified ebita margin for the second quarter which excludes the impact of non-controlling interest in partnership parks decreasase to thirty-six point nine percent from forty-one point six percent in the second quarter last year

Brian Witherow: Due to the increase in operating costs in lower total revenues, legacy six lags modified EBITDA margin for the second quarter, which excludes the impact of non-controlling interest in partnership parks, decreased to 36.9% from 41.6% in the second quarter last year.

Brian Witherow: Taking a closer look at more recent results in the long lead business indicators for a moment. During the month of July, difficult weather conditions, including the impacts of Hurricane Barrel and record heat and rain across much of North America, have impacted demand at several parts of the combined portfolio. Over the five-week period ended August 4, 2024, attendance across the combined portfolio totaled 10.9 million visits, down 3% or approximately 350,000 visits compared to the same five-week period last year. A meaningful portion of this attendance decline can be attributed to four parts where operations were either partially or entirely disrupted by macro events, including a utility disruption at Michigan's Adventure, excessive flooding at Valley Fair, and the effects of Hurricane Barrel on our Galveston and Houston water parks. Excluding these four parks, attendance within the balance of the combined portfolio was down 1% or approximately 150,000 visits during the fiscal month of July.

Brian Witherow: Let's take a closer look at more recent results and the long-term business indicators for a moment. During the month of July, difficult weather conditions, including the impacts of Hurricane Beryl and record heat and rain across much of North America, impacted demand at several parks in the combined portfolio. Over the five-week period ending August 4th, 2024, attendance across the combined portfolio totaled 10.9 million visits, down 3%, or approximately 350,000 visits, compared to the same five-week period last year.

Speaker Change: Taking a closer look at more recent results in the long lead business indicators for a moment.

Brian Witherow: during the month of july difficult weather conditions including theimpacts of hurricane barrell and recordheat rain across much of north america have impacted demand in several parts in the bined portfolio

Brian Witherow: Over the five-week period ended August 4, 2024, attendance across the combined portfolio totaled 10.9 million visits, down 3%, or approximately 350,000 visits, compared to the same five-week period last year.

Brian Witherow: A meaningful portion of this attendance decline can be attributed to four parks where operations were either partially or entirely disrupted by macro events, including a utility disruption at Michigan's Adventure, excessive flooding at Valley Fair, and the effects of Hurricane Beryl on our Galveston and Houston water parks. Excluding these four parks, attendance within the balance of the combined portfolio was down 1%, or approximately 150,000 visits, during the fiscal month of July.

Brian Witherow: A meaningful portion of this attendance decline can be attributed to four parts where operations were either partially or entirely disrupted by macro events.

Brian Witherow: A meaningful portion of this attendance decline can be attributed to four parts where operations were either partially or entirely disrupted by macro events, including a utility disruption at Michigan's adventure, excessive flooding at Valley Fair, and the effects of Hurricane Barrel on our Galveston and Houston water parks, excluding these four parks, attendance within the balance of the combined portfolio was down 1% or approximately 150,000 visits during the fiscal month of July. Meanwhile, when compared to the same five week period last year, July guest spending trends were essentially flat year over year across the combined portfolio.

Brian Witherow: including a utility disruption at Michigan's Adventure, excessive flooding at Valley Fair, and the effects of Hurricane Beryl on our Galveston and Houston water parks.

Brian Witherow: Excluding these four parks, attendance within the balance of the combined portfolio was down 1%, or approximately 150,000 visits during the fiscal month of July .

Brian Witherow: Meanwhile, when compared to the same five-week period last year, July guest spending trends were essentially flat year over year across the combined portfolio. Despite the pressure from attendance makes on admission spending, in-park guest spending in July continue to benefit from higher levels of demand for food, in-beverage, and premium experience products. Despite recent demand disruptions in certain markets caused by weather events, we remain encouraged by the overall attendance trends as we approach the end of the summer. This validates the strength we saw earlier this year and our long-lead indicators, including strong season pass unit sales and solid booking trends within our group sales channel and our resort properties.

Brian Witherow: Meanwhile, when compared to the same five-week period last year, July guest spending trends were essentially flat year over year across the combined portfolio. However, despite the pressure from attendance mix on admission spending, in-park guest spending in July continued to benefit from higher levels of demand for food and beverage and premium experience products. Despite recent demand disruptions in certain markets caused by weather events, we remain encouraged by the overall attendance trends as we approach the end of the summer.

Brian Witherow: Meanwhile, when compared to the same five-week period last year, July guest spending trends were essentially flat year over year across the combined portfolio.

Brian Witherow: Despite the pressure from attendance mix on admission spending, in-park guest spending in July continued to benefit from higher levels of demand for food and beverage and premium experience products.

Brian Witherow: Despite the pressure from attendance makes on admission spending, in-park guest spending in July continue to benefit from higher levels of demand for food, in-beverage, and premium experience products. Despite recent demand disruptions in certain markets caused by weather events, we remain encouraged by the overall attendance trends as we approach the end of the summer. This validates the strength we saw earlier this year and our long-lead indicators, including strong season pass unit sales, and solid booking trends within our group sales channel and our resort properties.

Brian Witherow: Despite recent demand disruptions in certain markets caused by weather events, we remain encouraged by the overall attendance trends as we approach the end of the summer.

Brian Witherow: This validates the strength we saw earlier this year in our long-lead indicators, including strong season pass unit sales and solid booking trends within our group sales channel and our resort property. As of June 30, 2024, the Legacy Cedar Fair season pass base totaled 3 million units, a 9% increase versus the prior year's second quarter, while the Six Flags active pass base comprised 4.3 million pass holders, a 6% decrease versus the prior year, which still included the Six Flags discontinued annual pass product.

Brian Witherow: this validates the strength we saw earlier this year in our long-lead indicators including strong season past unit sales and solid booking trends within our group sales channel and at our resort properties

Brian Witherow: As of June 30th, 2024, the legacy-seer fair season pass-based totaled 3 million units, a 9% increase versus the prior year's second quarter. While the Six Flags active pass-based comprise 4.3 million pass holders, a 6% decrease versus the prior year, which still included the Six Flags discontinued annual pass product. Excluding discontinued annual passes, the balance of the Six Flags active pass-based at the end of the second quarter would have been higher than the prior year's second quarter by 5%. Driven in large part by the solid momentum in the season pass programs, Legacy Cedar Fair deferred revenues as of June 30th, 2024, totaled $282 million, up 3% compared to the same time last year, while deferred revenues at Legacy Six Flags totaled $191 million, an increase of 8% versus the prior year.

Brian Witherow: As of June 30, 2024, the Legacy Cedar Fair season pass base totaled 3 million units, a 9% increase versus the prior year's second quarter.

Brian Witherow: As of June 30th, 2024, the legacy-seer fair season pass-based totaled 3 million units, a 9% increase versus the prior year's second quarter. While the six flags active pass-based comprise 4.3 million pass holders, a 6% decrease versus the prior year, which still included the six flags discontinued annual pass product. Excluding discontinued annual passes, the balance of the six flags active pass-based at the end of the second quarter would have been higher than the prior year's second quarter by 5%.

Speaker Change: While the Six Flags Active Pass Base comprised 4.3 million pass holders, a 6% decrease versus the prior year, which still included the Six Flags discontinued annual pass product.

Speaker Change: Excluding discontinued annual passes, the balance of the Six Flags active pass base at the end of the second quarter would have been higher than the prior second quarter by five percent.

Brian Witherow: Excluding discontinued annual passes, the balance of the Six Flags active pass base at the end of the second quarter would have been higher than the prior year's second quarter by 5%. Driven in large part by the solid momentum in the season pass programs, Legacy Cedar Fair deferred revenues as of June 30, 2024 totaled $282 million, up 3% compared to the same time last year, while deferred revenues at Legacy Six Flags totaled $191 million, an increase of 8% versus the prior year. On the capital allocation front, during the quarter, Legacy Cedar Fair spent $61 million on CapEx, bringing total investment through the first half of the year to $118 million.

Speaker Change: Driven in large part by the solid momentum in the season pass programs, legacy Cedar Fair deferred revenues as of June 30, 2024 totaled $282 million.

Brian Witherow: Driven in large part by the solid momentum in the season pass programs, Legacy Cedar Fair deferred revenues as of June 30th, 2024, totaled $282 million, up 3% compared to the same time last year, while deferred revenues at Legacy Six Flags totaled $191 million, an increase of 8% versus the prior year.

Speaker Change: up three percent compared to the same time last year while deferred revenues at legacy six flags total one hundred and ninety-one million an increase of eight percent versus the prior year

Brian Witherow: On the capital allocation front, during the quarter, Legacy Cedar Fair spent $61 million on CapEx, bringing total investment through the first half of the year to $118 million. For the full year, 2024, we expect capital investments in the Legacy Cedar Fair parts will be $200 to $220 million. Meanwhile, during the second quarter, Legacy Six Flags spent $77 million on CapEx, bringing total investment over the first six months of the year to $114 million. We expect full year CapEx spend in the Legacy Six Flags parts will also be in the $200 to $220 million range. As we were in the early days of our combined company, we are still conducting the analysis for our long-term CapEx outlook.

Speaker Change: On the capital allocation front, during the quarter, Legacy Cedar Fair spent $61 million on CapEx, bringing total investment through the first half of the year to $118 million.

Brian Witherow: For the full year 2024, we expect capital investments in the legacy Cedar Fair parks will be $200 to $220 million. Meanwhile, during the second quarter, Legacy Six Flags spent $77 million on CapEx, bringing total investment over the first six months of the year to $114 million. We expect full year CapEx spend in the Legacy Six Flags parks will also be in the $200 to $220 million range.

Speaker Change: For the full year 2024, we expect capital investments in the legacy Cedar Fair parks will be $200 to $220 million.

Speaker Change: Meanwhile, during the second quarter, Legacy Six Flags spent $77 million on CapEx, bringing total investment over the first six months of the year to $114 million.

Speaker Change: We expect full-year CapEx spend in the Legacy Six Flags parts will also be in the $200 to

Brian Witherow: As we are in the early days of our combined company, we are still conducting the analysis for our long-term CapEx outlook. With that said, we are very encouraged by what we see in terms of both our combined company's existing infrastructure as well as the opportunities to drive growth in the combined portfolio. While there will be some level of CapEx necessary to address deferred infrastructure needs within the portfolio, the majority of our investments will be in initiatives and new attractions that can achieve a minimum ROI and that are meant to increase demand, drive higher levels of guest spending, and make us a more profitable business over the long term.

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

Brian Witherow: As we were in the early days of our combined company, we are still conducting the analysis for our long-term CapEx outlook. With that said, we are very encouraged by what we see in terms of both our combined companies' existing infrastructure, as well as the opportunities to drive growth in the combined portfolio. While there will be some level of CapEx necessary to address deferred infrastructure needs within the portfolio, the majority of our investments will be on initiatives and new attractions that can achieve a minimum ROI, and that are meant to increase demand, drive higher levels of guest spending, and make us a more profitable business over the long-term.

Brian Witherow: With that said, we are very encouraged by what we see in terms of both our combined companies' existing infrastructure, as well as the opportunities to drive growth in the combined portfolio. While there will be some level of CapEx necessary to address deferred infrastructure needs within the portfolio, the majority of our investments will be on initiatives and new attractions that can achieve a minimum ROI and that are meant to increase demand, drive higher levels of guest spending, and make us a more profitable business over the long term.

Speaker Change: While there will be some level of CapEx necessary to address deferred infrastructure needs within the portfolio, the majority of our investments will be on initiatives and new attractions that can achieve a minimum ROI and that are meant to increase demand.

Speaker Change: drive higher levels of guest spending and make us a more profitable business over the long termwe plan to provide more details around the scale and scope of future capital programs by spring of next year

Brian Witherow: We plan to provide more details around the scale and scope of future capital programs by spring of next year.

Brian Witherow: We plan to provide more details around the scale and scope of future capital programs by spring of next year. Lastly, for cash flow modeling purposes, on a go-forward basis, we are projecting annualized cash interest payments of $300 million to $310 million and annualized cash tax payments of $140 million to $150 million before further tax planning efforts.

Brian Witherow: We plan to provide more details around the scale and scope of future capital programs by spring of next year. Lastly, for cash flow modeling purposes on a go-forward basis, we are projecting annualized cash interest payments of 300 to 310 million, and annualized cash tax payments of 140 to 150 million before further tax planning efforts.

Brian Witherow: Lastly, for cash flow modeling purposes on a go-forward basis, we are projecting annualized cash interest payments of 300 to 310 million, and annualized cash tax payments of 140 to 150 million before further tax planning efforts.

Speaker Change: Lastly, for cash flow modeling purposes, on a go-forward basis, we are projecting annualized cash interest payments of $300 million to $310 million and annualized cash tax payments of $140 million to $150 million before further tax planning efforts.

Richard Zimmerman: With that, I'd like to turn the call over to Richard. Thanks, Brian.

Richard Zimmerman: With that, I'd like to turn the call over to Richard. Thanks, Brian. First, let me congratulate our collective team for a job well done to complete our transformational merger. This achievement wouldn't have been possible without the support of both legacy boards and our leadership, as well as our associates' commitment to embracing positive change and building upon the rich heritage of our two companies. I want to personally thank Selim for his partnership throughout this process.

Speaker Change: With that, I'd like to turn the call over to Richard.

Richard Zimmerman: First, let me congratulate our collective team for a job well done to complete our transformational merger. This achievement wouldn't have been possible without the support of both legacy boards and our leadership teams, as well as our associates' commitment to embracing positive change and building upon the rich heritage of our two companies. I want to personally thank Celine for his partnership throughout this process. We share a strong belief in the full potential and value creation that this merger represents, and we are excited for the future ahead. That value creation includes the continued growth and margin expansion within the legacy Cedar Fair portfolio, the opportunity to improve legacy Six Flags performance through attendance and revenue growth, and the realization of the meaningful synergies available to us through the merger.

Richard Zimmerman: With that, I'd like to turn the call over to Richard. Thanks, Brian.

Richard Zimmerman: Thanks, Brian . First, let me congratulate our collective team for a job well done to complete our transformational merger. This achievement wouldn't have been possible without the support of both legacy boards and our leadership teams.

Richard Zimmerman: as well as our associates' commitment to embracing positive change and building upon the rich heritage of our two companies.

Selim: I want to personally thank Selim for his partnership throughout this process. We share a strong belief in the full potential and value creation that this merger represents, and we are excited for the future ahead.

Richard Zimmerman: We share a strong belief in the full potential and value creation that this merger represents, and we are excited for the future ahead. That value creation includes the continued growth and margin expansion within the legacy Cedar Fair portfolio, the opportunity to improve the performance of the legacy Six Flags through attendance and revenue growth, and the realization of the meaningful synergies available to us through the merger. Because today represents our first opportunity in many months to address the market broadly about the merger, I think it's worthwhile revisiting why we are so excited to have brought together two of the most iconic players in the amusement park industry. First off, the deal's equity structure.

Richard Zimmerman: That value creation includes the continued growth and margin expansion within the legacy Cedar Fair portfolio, the opportunity to improve legacy six flags performance through attendance and revenue growth, and the realization of the meaningful synergies available to us through the merger. Because today, it represents our first opportunity in many months to address the market broadly about the merger.

Speaker Change: That value creation includes the continued growth and margin expansion within the Legacy Cedar Fair portfolio, the opportunity to improve Legacy Six Flags performance through attendance and revenue growth, and the realization of the meaningful synergies available to us through the merger.

Richard Zimmerman: Because today, it represents our first opportunity in many months to address the market broadly about the merger.

Speaker Change: Because today represents our first opportunity in many months to address the market broadly about the merger, I think it's worthwhile revisiting why we are so excited to have brought together two of the most iconic players in the amusement park industry.

Richard Zimmerman: I think it's worthwhile revisiting why we are so excited to have brought together two of the most iconic players in the amusement park industry. First off, the deal's equity structure. The merger between these two companies presented a unique opportunity to offer legacy Cedar Fair unit holders and legacy Six Flag shareholders with a tax-efficient means to each participate in the significant value creation available as a combined company with even more growth up. Opportunities.

Richard Zimmerman: I think it's worthwhile revisiting why we are so excited to have brought together two of the most iconic players in the amusement park industry. First off, the deal's equity structure. The merger between these two companies presented a unique opportunity to offer legacy Cedar Fair unit holders and legacy six flag shareholders with a tax-efficient means to each participate in the significant value creation available as a combined company with even more growth up, opportunities.

Richard Zimmerman: The merger between these two companies presented a unique opportunity to offer legacy Cedar Fair unit holders and legacy Six Flags shareholders with a tax-efficient means to each participate in the significant value creation available as a combined company with even more growth opportunities. Second, the benefits of scale. The new Six Flags has a highly diversified footprint with geographic scale never before seen in the region.

Speaker Change: first off the deals' equity structure

Speaker Change: the merger between these two companies presented a unique opportunity to offer cedar legacy cedar fir unitolders and legacy six flag shareholders with a tax efficient means to each participate in the significant value creation available a combined company with even more growth opportunities

Richard Zimmerman: Second, the benefits of scale. The new Six Flags has a highly diversified footprint with geographic scale never before seen in the regional amusement park industry. This helps mitigate weather-related and seasonal earnings volatility, ensuring that no single park contributes more than 17% park-level adjustity and no single region contributes more than 30%. While only a small sample size, we saw the value of a more geographically diverse portfolio play out during the month of July. When weather was very challenging in several key markets, yet combined attendance was down only 1% at our parks that weren't forced to close due to disrupted operations.

Speaker Change: Second, the benefits of scale.

Richard Zimmerman: Second, the benefits of scale. The new Six Flags has a highly diversified footprint with geographic scale never before seen regional amusement park industry. This helps mitigate weather related and seasonal earnings volatility, ensuring that no single park contributes more than 17% park level adjustity and no single region contributes more than 30%. While only a small sample size, we saw the value of a more geographically diverse portfolio play out during the month of July.

Speaker Change: The new Six Flags has a highly diversified footprint with geographic scale never before seen in the regional amusement park industry.

Richard Zimmerman: This helps mitigate weather-related and seasonal earnings volatility, ensuring that no single park contributes more than 17% of park-level adjusted EVs, and no single region contributes more than 30. While only a small sample size, we saw the value of a more geographically diverse portfolio play out during the month of July when weather was very challenging in several key markets, yet combined attendance was down only 1% of our parks that weren't forced to close due to disrupted operations.

Speaker Change: This helps mitigate weather-related and seasonal earnings volatility, ensuring that no single park contributes more than 17% of park-level adjusted EBITDA.

Speaker Change: And no single region contributes more than 30%.

Speaker Change: while only a small sample size we saw the value of a more geographically diverse portfolio play out during the month of july when weather was very challenging in several key markets yet combined tenants with down only one percent of our parks that weren't forced to close due to disrupted operations

Richard Zimmerman: When weather was very challenging in several key markets, yet combined attendance was down only 1% at our parks that weren't forced to close due to disrupted operations. The expanded scale also provides a larger portfolio properties to efficiently allocate capital and pursue more high ROI initiatives for growth, including innovative new attractions and high quality, high throughput dying facilities, just a name too. Additionally, our larger geographic footprint sets us up with an opportunity to offer season pass holders with access to an expanded portfolio. Enhancing our strength and appeal versus other entertainment options, broader access to our family of parks has the potential to not only boost guest loyalty, but also drive higher season pass sales and park visitation.

Richard Zimmerman: The expanded scale also provides a larger portfolio properties to efficiently allocate capital and pursue more high ROI initiatives for growth, including innovative new attractions and high quality, high throughput dying facilities, just a name too. Additionally, our larger geographic footprint sets us up with an opportunity to offer season pass holders with access to an expanded portfolio. Enhancing our strength and appeal versus other entertainment options. Broader access to our family of parks has the potential to not only boost guest loyalty, but also drive higher season pass sales and park visitation.

Richard Zimmerman: The expanded scale also provides a larger portfolio of properties to efficiently allocate capital and pursue more high ROI initiatives for growth, including innovative new attractions and high-quality, high-throughput dining facilities, just to name a few. Additionally, our larger geographic footprint sets us up with an opportunity to offer season pass holders access to an expanded portfolio. Enhancing Our Strength and Appeal vs. Other Entertainment Options Broader access to our family of parks has the potential to not only boost guest loyalty but also drive higher season pass sales and park visits. Third, the operational deficiencies created by consolidation.

Speaker Change: the expanded scale also provides a larger portfolio of properties to efficiently allocate capital and pursue more high roi initiatives for growth including innovative new attractions and high quality high throughput dying facilities just a name to

Speaker Change: Additionally, our larger geographic footprint sets us up with an opportunity to offer seasoned pass holders with access to an expanded portfolio, enhancing our strength and appeal versus other entertainment options.

Speaker Change: Broader access to our family of parks has the potential to not only boost guest loyalty, but also drive higher season pass sales and park visitation.

Richard Zimmerman: Third, the operational efficiencies created by consolidation. Combining organizations gives us a unique opportunity to select the best strategies and practices from both companies, making us smarter and more efficient overall. We can centralize many of our core administrative functions and deploy shared services to reduce redundancies and improve efficiencies that drive operational savings. To that end, where we aren't at risk of disrupting operations or the guest experience, we have already begun to eliminate duplicative costs and services and renegotiate third-party contracts where appropriate. While there is much more work to be done, some of which will have to wait until after the season, we fully expect to capture our stated cost synergy goal over the next 12 to 18 months.

Speaker Change: third the operational deefficiencies created by consolidation

Richard Zimmerman: Third, the operational efficiencies created by consolidation. Combining organizations gives us a unique opportunity to select the best strategies and practices from both companies making us smarter and more efficient overall. We can centralize many of our core administrative functions and deploy shared services to reduce redundancies and improve efficiencies that drive operational savings. To that end, where we aren't at risk of disrupting operations or the guest experience, we have already begun to eliminate duplicative cost and services and renegotiate third party contracts were appropriate. While there is much more work to be done, some of which will have to wait until after the season, we fully expect to capture our stated cost synergy goal over the next 12 to 18 months.

Richard Zimmerman: Combining organizations gives us a unique opportunity to select the best strategies and practices from both companies, making us smarter and more efficient overall. For example, we can centralize many of our core administrative functions and deploy shared services to reduce redundancies and improve efficiencies that drive operational safety. To that end, where we aren't at risk of disrupting operations or the guest experience, we have already begun to eliminate duplicative costs and services and renegotiate third-party contracts where appropriate.

Speaker Change: Combining organizations gives us a unique opportunity to select the best strategies and practices from both companies, making us smarter and more efficient overall.

Speaker Change: we can centralize many of our core administrative functions and deployes shared services to reduce the redundancies and improve efficiencies that drive operational savings

Speaker Change: To that end, where we aren't at risk of disrupting operations or the guest experience, we have already begun to eliminate duplicative costs and services and renegotiate third-party contracts where appropriate.

Richard Zimmerman: While there is much more work to be done, some of which we'll have to wait until after the season, we fully expect to capture our stated cost synergy goal over the next 12 to 18 months. Fourth, combining resources enhances our financial strength and flexibility. We believe that using our proven playbook to significantly increase attendance across a larger customer base, particularly in underperforming markets, will allow us to drive a consistent long-term growth in revenue and free cash flow. Higher levels of free cash flow generation will provide flexibility in our capital allocation and investment decisions and enable us to improve our capital. Finally,

Speaker Change: While there is much more work to be done, some of which will have to wait until after the season, we fully expect to capture our stated cost synergy goal over the next 12 to 18 months.

Richard Zimmerman: Fourth, combining resources enhances our financial strength and flexibility. We believe that using our proven playbook to significantly increase attendance across a larger customer base, particularly in under performing markets, will allow us to drive a consistent long term growth in revenue and free cash flow. Higher levels of free cash flow generation will provide flexibility in our capital allocation and investment decisions and enable us to improve our capital structure.

Speaker Change: fourth combining resources enhances our financial strength and flexibility

Speaker Change: We believe that using our proven playbook to significantly increase attendance across a larger customer base, particularly in underperforming markets, will allow us to drive a consistent long-term growth in revenue and free cash flow.

Speaker Change: Higher levels of free cash flow generation will provide flexibility in our capital allocation and investment decisions and enable us to improve our capital structure.

Richard Zimmerman: Finally, and perhaps most importantly, is the unique opportunity to refresh and renew the guest experience. Unifying both companies' intellectual and practical know-how obtained over decades of market leadership presents the new Six Flags with an opportunity to create an experience so compelling that our guests will view our parks as an indispensable choice and entertainment. We are tapping the skills and imagination of a deeper talent pool to develop a richer guest experience, seeking to position our parks as essential destinations for out-of-home family fathers.

Richard Zimmerman: And perhaps most importantly, is the unique opportunity to refresh and renew the guest experience; unifying both companies' intellectual and practical know-how obtained over decades of market leadership presents the new Six Flags with an opportunity to create an experience so compelling that our guests will view our parks as an indispensable choice in entertainment. We are tapping the skills and imagination of a deeper talent pool to develop a richer guest experience and seeking to position our parks as essential destinations for out-of-home family fun. Since completing the merger less than six weeks ago, we have made considerable progress with our integration efforts as we work to realize the full potential of the merger and deliver value to our shareholders and customers.

Speaker Change: Finally, and perhaps most importantly, is the unique opportunity to refresh and renew the guest experience.

Richard Zimmerman: Finally, and perhaps most importantly, is the unique opportunity to refresh and renew the guest experience. Unifying both companies intellectual and practical know how obtained over decades of market leadership presents the new six flags with an opportunity to create an experience so compelling that our guests will view our parks as an indispensable choice and entertainment. We are tapping the skills and imagination of a deeper talent pool to develop a richer guest experience seeking to position our parks as essential destinations for out-of-home family fathers.

Speaker Change: Unifying both companies' intellectual and practical know-how obtained over decades of market leadership presents the new Six Flags with an opportunity to create an experience so compelling that our guests will view our parks as an indispensable choice in entertainment.

Speaker Change: We are tapping the skills and imagination of a deeper talent pool to develop a richer guest experience seeking to position our parks as essential destinations for out-of-home family fun.

Richard Zimmerman: Since completing the merger less than six weeks ago, we have made considerable progress with our integration efforts as we work to realize the full potential of the merger and deliver value to our shareholders and customers. Our integration team is working diligently to fully analyze and evaluate both legacy companies' data to gain a thorough understanding of our buying portfolio, including guest perceptions, market potential, and the competitive landscape. The conclusions we draw from this comprehensive review of our collective strengths and opportunities for improvement will be the basis for establishing the company's long-range plan to offer the guest the best possible experience and generate profitable, sustainable growth.

Speaker Change: Since completing the merger less than six weeks ago, we have made considerable progress with our integration efforts as we work to realize the full potential of the merger and deliver value to our shareholders and customers.

Richard Zimmerman: Our integration team is working diligently to fully analyze and evaluate both legacy companies' data to gain a thorough understanding of our BIND portfolio, including guest perceptions, market potential, and the competitive landscape. The conclusions we draw from this comprehensive review of our collective strengths and opportunities for improvement will be the basis for establishing the company's long-range plan to offer guests the best possible experience and generate profitable, sustainable growth. As we proceed through the early innings of this work, our operational focus will be on quickly capturing the synergies available to us and implementing the parts of our playbook that will have an immediate beneficial impact.

Speaker Change: Our integration team is working diligently to fully analyze and evaluate both legacy companies' data to gain a thorough understanding of our combined portfolio, including guest perceptions, market potential, and the competitive landscape.

Speaker Change: The conclusions we draw from this comprehensive review of our collective strengths and opportunities for improvement will be the basis for establishing the company's long-range plan to offer the guests the best possible experience and generate profitable, sustainable growth.

Richard Zimmerman: As we proceed through the early innings of this work, our operational focus will be on quickly capturing the synergies available to us and implementing the parts of our impact.

Speaker Change: As we proceed through the early innings of this work, our operational focus will be on quickly capturing the synergies available to us and implementing the parts of our playbook that will have an immediate beneficial impact.

Richard Zimmerman: Stayed in point, we recently announced two park-level changes. First, like a number of legacy fair parks, we implemented a shaperone policy of selected Six Flags parks to ensure we maintain a family-friendly environment while increasing the deal with parents who are the decision makers and who have the deeper share of wallet. And second, we removed the surcharge on in-park purchases at all legacy Six Flags parks, which was very unpopular with our guests. We believe the incremental revenue lost in the near-term will be more than offset by an increase in transactions and higher levels of guest spending over the long-term.

Richard Zimmerman: At Skate Thin Point, we recently announced two park-level changes. Like a number of legacy Cedar Fair parks, we implemented a chaperone policy at selected Six Flags parks to ensure we maintain a family-friendly environment while increasing the deal with parents who are the decision makers and who have a deeper share of the wallet.

Speaker Change: state in point we recently announced two park level changes

Richard Zimmerman: Stayed in point, we recently announced two park-level changes. First, like a number of legacy fair parks, we implemented a shaperone policy of selected six flags parks to ensure we maintain a family-friendly environment while increasing the deal with parents who are the decision makers and who have the deeper share of wallet. And second, we removed the surcharge on in-park purchases at all legacy six flags parks, which was very unpopular with our guests.

Speaker Change: First.

Speaker Change: like a number of legacy Cedar Fair parks, we implemented a chaperone policy at selected Six Flags parks to ensure we maintain a family-friendly environment while increasing the deal with parents who are the decision makers and who have the deeper share of wallet.

Richard Zimmerman: And second... We remove the surcharge on in-park purchases at all Legacy Six Flags parks, which was very unpopular with our customers. We believe the incremental revenue lost in the near term will be more than offset by an increase in transactions and higher levels of guest spending over the long term. Over time, we will make additional changes to the business that will be based on consumer research and our decades of experience and success in the industry.

Speaker Change: and second we removed the sur charge on inpark purchases at all legacy six flags talks which was very inunpopular with our guest

Speaker Change: we believe the incremental the revenue lost in the near term will be more than offset by an increase in transactions and higher level of guest spending over the long term

Richard Zimmerman: We believe the incremental revenue lost in the near-term will be more than offset by an increase in transactions and higher levels of guest spending over the long-term. Over time, we will make additional changes to the business that will be based on consumer research and our decades of experience and success in the industry. Our time-tested approach to the business remains grounded in the basic principle of creating fun and memorable experiences for our guests.

Richard Zimmerman: Over time, we will make additional changes to the business that will be based on consumer research and our decades of experience and success in the industry.

Speaker Change: Over time we will make additional changes to the business that will be based on consumer research and our decades of experience and success in the industry.

Richard Zimmerman: Our time-tested approach to the business remains grounded in the basic principle of creating fun and memorable experiences for our guests. A high-quality experience drives long-term success and makes everything else we do as a business easier to accomplish.

Richard Zimmerman: Our time-tested approach to the business remains grounded in the basic principle of creating fun and memorable experiences for our guests. That high quality experience drives long-term success and makes everything else we do as a business easier to accomplish. Getting there, however, requires a steadfast cultural commitment to the long-term success of the business. I'm confident we have the perfect leadership team to strike a balance between creating long-term fiscal stability and generating sustainable, profitable returns for our shareholders.

Speaker Change: our time tested approach to the business remains grounded in the basic principle of creating fun and memorable experiences for our guests

Speaker Change: A high quality experience drives long term success and makes everything else we do as a business easier to accomplish.

Richard Zimmerman: A high-quality experience drives long-term success and makes everything else we do as a business easier to accomplish. Getting there, however, requires a steadfast, cultural commitment to the long-term success of the business. I'm confident we have the perfect leadership team to strike a balance between creating long-term fiscal stability and generating sustainable, profitable returns for our shareholders. Our consolidated team recognizes the extraordinary opportunity in front of us to achieve something remarkable, a prospect that has fueled excitement and dedication for perpetuating the legendary status of our expanded family of parks.

Richard Zimmerman: Getting there, however, requires a steadfast cultural commitment to the long-term success of the business. I'm confident we have the perfect leadership team to strike a balance between creating long-term fiscal stability and generating sustainable, profitable returns for our shareholders. Our consolidated team recognizes the extraordinary opportunity in front of us to achieve something remarkable, a prospect that has fueled excitement and dedication for perpetuating the legendary status of our expanded family of parks.

Speaker Change: Getting there, however, requires a steadfast cultural commitment to the long-term success of the business.

Speaker Change: I'm confident we have the perfect leadership team to strike a balance between creating long-term fiscal stability and generating sustainable profitable returns for our shareholders.

Richard Zimmerman: Our consolidated team recognizes the extraordinary opportunity in front of us to achieve something remarkable, a prospect that has fueled excitement and dedication to perpetuating the legendary status of our expanded family of parks. The merger's most attractive and important growth opportunity, however, is returning legacy Six Flags parks to their historical levels of attendance. With the data now available to us, we have focused our initial efforts on three key performance indicators, all of which are currently trending at roughly half that of legacy Cedar Fair. These include season pass renewal rates.

Speaker Change: Our consolidated team recognizes the extraordinary opportunity in front of us to achieve something remarkable, a prospect that has fueled excitement and dedication for perpetuating the legendary status of our expanded family of parks.

Richard Zimmerman: Season Pass Average Visitation Rates, and Market Penetration. Closing the gap on season pass renewal rates and average visitation rates alone would add more than 10 million visits annually at the legacy Six Flags Park. Applying a return to pre-pandemic attendance levels is very achievable over time, and something we'll be lighter focused on achieving, laser focused on achieving. At the same time, we remain committed to improving renewal rates and driving higher levels of season pass visitation at the legacy Cedar Fair Park, as we work to also increase the penetration rates at those.

Richard Zimmerman: The merger's most attractive and important growth opportunity, however, is returning legacy Six Flags parks to their historical levels of attendance. With the data and how available to us, we have focused our initial efforts on three key performance indicators, all of which are currently trending at roughly half that of legacy Cedar Fair. They include season-pass renewal rates, season-pass average visitation rates, and market penetration rates. Closing the gap on season-pass renewal rates and average visitation rates alone would add more than 10 million visits annually at the legacy Six Flags parks. Fox, implying a return to predipendemic attendance levels is very achievable over time, and something will be laser-focused on achieving.

Speaker Change: The merger's most attractive and important growth opportunity, however, is returning legacy Six Flags parks to their historical levels of attendance.

Richard Zimmerman: The merger's most attractive and important growth opportunity, however, is returning legacy six flags parks to their historical levels of attendance. With the data and how available to us, we have focused our initial efforts on three key performance indicators, all of which are currently trending at roughly half that of legacy Cedar Fair. They include season-pass renewal rates, season-pass average visitation rates, and market penetration rates. Closing the gap on season-pass renewal rates and average visitation rates alone would add more than 10 million visits annually at the legacy six flags parks.

Speaker Change: With the data now available to us, we have focused our initial efforts on three key performance indicators, all of which are currently trending at roughly half that of legacy Cedar Fair. They include season-past renewal rates,

Speaker Change: Season Pass Average Visitation Rates and Market Penetration Rates.

Speaker Change: closing the gap on teasonand p renewal rates and average visitation rates alone would add more than ten million visits annually at the legacy six flags parks

Speaker Change: implying a return to preddepandemic attendance levels is very achievable over time and something will be li are focused on cheasing

Richard Zimmerman: Fox, implying a return to predipendemic attendance levels is very achievable over time, and something will be laser focused on achieving. At the same time, we remain committed to improving renewal rates and driving higher levels of season pass visitation at the legacy Cedar Fair Parks, as we worked to also increase the penetration rates at those parks. Our initial assessment is that many of the near term improvements needed to drive higher demand levels are largely op-ex versus capex related, achieved by refining pricing, increasing marketing, and adjusting programming strategies, including park operating calendars.

Richard Zimmerman: At the same time, we remain committed to improving renewal rates and driving higher levels of season pass visitation at the legacy Cedar Fair parks, as we worked to also increase the penetration rates at those parks. Our initial assessment is that many of the near term improvements needed to drive higher demand levels are largely op-ex versus capex related, achieved by refining pricing, increasing marketing, and adjusting programming strategies, including park operating calendars. We will, however, also invest what is necessary in new rides and attractions to re-energize demand and achieve our attendance growth objectives, as the upside in doing so is significant.

Speaker Change: laser-focused on achieving.

Speaker Change: At the same time, we remain committed to improving renewal rates and driving higher levels of season pass visitation at the legacy Cedar Fair parks, as we work to also increase the penetration rates at those parks.

Richard Zimmerman: Our initial assessment is that many of the near-term improvements needed to drive higher demand levels are largely OPEX versus CAPEX related, achieved by refining pricing, increasing marketing, and adjusting programming strategies, including park operating counts. We will, however, also invest what is necessary in new rides and attractions to re-energize demand and achieve our attendance growth objectives, as the upside in doing so is significant. Promoting a better guest experience and improving guest satisfaction ratings at the Legacy Six Flat Parks is crucial. Ensuring rides are available to guests from open to closed can be accomplished cost effectively through better utilization of seasonal labor hours by deploying enhanced workforce management systems and methodologies.

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

Speaker Change: We will, however, also invest what is necessary in new rides and attractions to re-energize demand and achieve our attendance growth objectives, as the upside in doing so is significant.

Richard Zimmerman: We will, however, also invest what is necessary in new rides and attractions to re-energize demand and achieve our attendance growth objectives as the upside in doing so is significant. Promoting a better guest experience and improving guest satisfaction ratings at the legacy six-flags parks is crucial. Ensuring rides are available to guests from open to close can be accomplished cost-effectively through better utilization of seasonal labor hours by deploying enhanced workforce management systems and methodologies.

Richard Zimmerman: Promoting a better guest experience and improving guest satisfaction ratings at the legacy Six Flags parks is crucial. Ensuring rides are available to guests from open to close can be accomplished cost-effectively through better utilization of seasonal labor hours by deploying enhanced workforce management systems and methodologies. I also believe there is a tremendous opportunity in upgrading the food and beverage offer at the legacy Six Flags parks. Taking a page from legacy Cedar Fair's playbook that is driving our successful food and beverage expansion, we can drive higher per capita spending and cost-efficient growth by adding high-throughput commercial kitchens, efficiently designed air-conditioned food locations, and expanded menu choices with higher quality food options.

Speaker Change: promoting a better guest experience in improving guest satisfaction ratings at the legacy six lat barks ' crucial

Speaker Change: Ensuring rides are available to guests from open to closed can be accomplished cost-effectively through better utilization of seasonal labor hours by deploying enhanced workforce management systems and methodologies.

Richard Zimmerman: We also believe there is a tremendous opportunity to upgrade the food and beverage offerings at Legacy Six Flags. Taking a page from Legacy Cedar Fair's playbook that is driving our successful food and beverage expansion, we can drive higher per capita spending and cost-efficient growth by adding high-throughput commercial kitchens, efficiently designed air-conditioned food locations, and expanded menu choices with higher quality food options. Over the long haul, we have seen the strength and resilience of our business model not only carry us through varying economic cycles but also push results beyond expectations when market conditions are strong. Even in the depths of the financial crisis of 2009, our parks displayed the resilience that comes with being the closer to home, less expensive, and less complicated choice for out-of-home entertainment. During that period...

Speaker Change: We also believe there is a tremendous opportunity in upgrading the food and beverage offerings at the Legacy Six Flags parks.

Richard Zimmerman: I also believe there is a tremendous opportunity in upgrading the food and beverage offer at the legacy six-flags parks. Taking a page from legacy Cedar Fair's playbook that is driving our successful food and beverage expansion, we can drive higher per capita spending and cost-efficient growth by adding high-throughput commercial kitchens, efficiently designed air-conditioned food locations, and expanded menu choices with higher quality food options.

Speaker Change: Taking a page from Legacy Cedar Fair's playbook that is driving our successful food and beverage expansion, we can drive higher per capita spending and cost-efficient growth by adding high-throughput commercial kitchens

Speaker Change: efficiently designed air-conditioned food locations and expanded menu choices with higher quality food options.

Richard Zimmerman: Over the long haul, we have seen the strength and resilience of our business model not only carry us through varying economic cycles, but also push results beyond expectations when market conditions are strong. Even in the depths of the financial crisis of 2009, our parks displayed the resiliency that comes with being the closer-to-home, less expensive, and less complicated choice for out-of-home entertainment. During that period, capita spending was only down 1%, and while attendance was briefly disrupted at a number of our properties, two parks and the portfolio introduced major new coasters and delivered record years in 2009 despite the economic headwinds.

Speaker Change: Over the long haul, we have seen the strength and resilience of our business model not only carry us through varying economic cycles, but also push results beyond expectations when market conditions are strong.

Speaker Change: Even in the depths of the financial crisis of 2009, our parks displayed the resiliency that comes with being the closer-to-home, less expensive, and less complicated choice for out-of-home entertainment.

Richard Zimmerman: Capita spending was only down 1%, and while attendance was briefly disrupted at a number of our properties, two parks in the portfolio introduced major new coasters and delivered record years in 2009, despite the economic headwinds. In all instances, our business approach has remained consistent, comprised of the following eight core principles. One: guest satisfaction is vital to our long-term success. To...

Speaker Change: During that period...

Speaker Change: Capital spending was only down 1% and while attendance was briefly disrupted at a number of our properties, two parks in the portfolio introduced major new coasters and delivered record years in 2009 despite the economic headwinds.

Richard Zimmerman: In all instances, our business approach has remained consistent, comprised of the following eight core principles. One, guest satisfaction is vital to our long-term success. Two, strategically invests marketable capital into the business, drives growth and ensures the long-term sustainability of our business, even in challenging economic periods. Three, we are a volume-driven business where strong attendance drives longer length of stay, higher per caps, and better pricing power. Keeping our parks comfortably crowded is a must. Four, the season-half programs have always been and will continue to be the financial engine of our business and provide us with a recurring and reliable revenue stream.

Speaker Change: in all instances our business approach has remained consistent comprised of the following eight core principles

Richard Zimmerman: In all instances, our business approach has remained consistent, comprised of the following eight core principles. One, guest satisfaction is vital to our long-term success. Two, strategically invests marketable capital into the business drives growth and ensures the long-term sustainability of our business, even in challenging economic periods. Three, we are a volume-driven business where strong attendance drives longer length of stay, higher per caps, and better pricing power. Keeping our parks comfortably crowded is a must.

Speaker Change: One, guest satisfaction is vital to our long-term success.

Richard Zimmerman: Four, the season-half programs have always been and will continue to be the financial engine of our business and provide us with a recurring and reliable revenue stream. Five, guest-today view the availability of unique, high-quality food and beverage as an essential and increasingly valuable part of the guest experience. Six, Stacy Park Cleanliness, Attractive Landscaping, and Family Entertainment are essential core elements that resonate with mom and dad, who may change share of wallet and represent our primary target. Seven, we staff our parks to operate fully yet efficiently, without sacrificing excellent customer service. And finally, leveraging the power of scalable technologies today is fundamental to enhancing the guest experience.

Richard Zimmerman: Strategically investing marketable capital into the business drives growth and ensures the long-term sustainability of our business, even in challenging economic periods. We are a volume-driven business where strong attendance drives longer length of stay, higher per-caps, and better pricing. Keeping our parks comfortably crowded is a must. The Season Pass programs have always been and will continue to be the financial engine of our business and provide us with recurring and reliable revenue. 5.

Speaker Change: Two, strategically invested marketable capital into the business drives growth and ensures the long-term sustainability of our business even in challenging economic periods.

Speaker Change: Three, we are a volume-driven business where strong attendance drives longer length of stay, higher per caps, and better pricing power.

Speaker Change: Keeping our parks comfortably crowded is a must.

Speaker Change: Four, the season pass programs have always been and will continue to be the financial engine of our business and provide us with a recurring and reliable revenue stream.

Richard Zimmerman: Five, guest-today view the availability of unique, high-quality food and beverage as an essential and increasingly valuable part of the guest experience. Six, Stacy Park cleanliness, attractive landscaping, and family entertainment are essential core elements that resonate with mom and dad, who may change share of wallet and represent our primary target. Seven, we staff our parks to operate fully yet efficiently, without sacrificing excellent customer service. And finally, leveraging the power of scalable technologies today is fundamental to enhancing the guest experience.

Richard Zimmerman: Guests today view the availability of unique, high-quality food and beverage as an essential and increasingly valuable part of the guest experience. Six, safety, park cleanliness, attractive landscaping, and family entertainment are essential core elements that resonate with mom and dad, who maintain a share of the wallet and represent our primary target. 7.

Speaker Change: five

Speaker Change: Guests today view the availability of unique high-quality food and beverage as an essential and increasingly valuable part of the guest experience.

Speaker Change: Six, safety, park cleanliness, attractive landscaping, and family entertainment are essential core elements that resonate with mom and dad who maintain share of wallet and represent our primary target.

Richard Zimmerman: We staff our parks to operate fully, yet efficiently, without sacrificing excellent customer service. And finally, leveraging the power of scalable technologies today is fundamental to enhancing the guest experience. These core principles form the foundation that has helped produce Cedar Fair's long tenure, steady performance, and record results over the past 12 months. They will also form the business foundation from which the new Six Flags will grow over the long term. We are confident we have the right team and strategies to implement these core principles across our entire portfolio of properties as we drive compelling value for all our stakeholders. Some of our parks have already announced the start of their 2025 season pass sales program, with many more to follow in the next few weeks.

Speaker Change: 7. We staff our parks to operate fully yet efficiently.

Speaker Change: without sacrificing excellent customer service

Speaker Change: And finally, leveraging the power of scalable technologies today is fundamental to enhancing the guest experience.

Richard Zimmerman: These core principles form a foundation that has helped produce Cedar Fair's long tenured, steady performance and record results over the past 12 months. They will also form the business foundation from which the new Six Flags will grow over the long term. We are confident; we have the right team and strategies to implement these core principles across our entire portfolio properties as we drive compelling value for all our stakeholders.

Speaker Change: These core principles form the foundation that has helped produce Cedar Fair's long tenure, steady performance, and record results over the past 12 months.

Richard Zimmerman: These core principles form a foundation that has helped produce Cedar Fair's long tenured steady performance and record results over the past 12 months. They will also form the business foundation from which the new six flags will grow over the long term. We are confident, we have the right team and strategies to implement these core principles across our entire portfolio properties as we drive compelling value for all our stakeholders.

Speaker Change: They will also form the business foundation from which the new Six Flags will grow over the long term.

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

Richard Zimmerman: Some of our parks have already announced the start of their 2025 season pass sales program, with many more to follow in the next few weeks. We believe that compelling introductory pricing and targeted advertising campaigns will drive strong early cycle demand.

Speaker Change: Some of our parks have already announced the start of their 2025 season pass sales program with many more to follow in the next few weeks.

Richard Zimmerman: Some of our parks have already announced the start of their 2025 season pass sales program with many more to follow in the next few weeks. We believe that compelling introductory pricing and targeted advertising campaigns will drive strong early cycle demand. You will also be hearing news about our exciting lineup of new rise and attractions being added for 2025, which promises to contribute to another outstanding season. We are as confident as ever in the potential of our combined company, strengthened by the ongoing encouragement and enthusiasm shared by our investors and business partners. We are extremely optimistic about the opportunities ahead, and as always, remain committed to dreaming big, planning smart, and executing with precision.

Richard Zimmerman: We believe that compelling introductory pricing and targeted advertising can drive strong early cycle demand. You will also be hearing news about our exciting lineup of new rides and attractions being added for 2025, which promises to contribute to another outstanding performance. We are as confident as ever in the potential of our combined company, strengthened by the ongoing encouragement and enthusiasm shared by our investors and businesses.

Speaker Change: We believe that compelling introductory pricing and targeted advertising campaigns will drive strong early cycle demand.

Richard Zimmerman: You will also be hearing news about our exciting lineup of new rides and attractions being added for 2025, which promises to contribute to another outstanding season. We are as confident as ever in the potential of our combined company, strengthened by the ongoing encouragement and enthusiasm shared by our investors and business partners.

Speaker Change: You will also be hearing news about our exciting lineup of new rides and attractions being added for 2025, which promises to contribute to another outstanding season.

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

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

Richard Zimmerman: We are extremely optimistic about the opportunities ahead and, as always, remain committed to dreaming big, planning smart, and executing with precision. Finally, over the next six months, we will be continuing our integration work and filling out our new long-range plan. By spring of next year, we expect to be in a position to share more details around the strategic initiatives and investments that will drive the future growth of the business. Deliver full value creation for our shareholders as soon as possible.

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

Richard Zimmerman: Finally, over the next six months, we will be continuing our integration work and filling out our new long-range plan. By spring of next year, we expect to be in both position to share more details around the strategic initiatives and investments that will drive the future growth of the business, deliver the full value of creation for our shareholders that we know is possible.

Speaker Change: Finally, over the next six months, we will be continuing our integration work and filling out our new long-range plant.

Speaker Change: By spring of next year, we expect to be in a position to share more details around the strategic initiatives and investments that will drive the future growth of the business and deliver the full value creation for our shareholders as soon as possible.

Operator: Rick, that concludes our prepared remarks. Please open the calls for questions.

Richard Zimmerman: Greg, that concludes our prepared remarks. Please open the calls for questions. Great, thank you. And at this time, I would like to remind everyone that in order to ask a question, press star and then the number one on your telephone keypad. Once again, star one.

Speaker Change: Greg, that concludes our prepared remarks. Please open the calls for questions.

Operator: Rick, that concludes our prepared remarks.

Operator: Great, thank you.

Operator: And at this time, I would like to remind everyone that in order to ask a question, press star, then the number one on your telephone keypad. Once again, star one. And we will pause just a moment to compile the Q&A roster.

Operator: Please open the calls for questions. Great, thank you. And at this time, I would like to remind everyone in order to ask a question, press star than the number one on your telephone keypad once again, star one. And we will pause just a moment to compile the Q&A roster.

Greg: Great, thank you. And at this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. Once again, star one. And we will pause just a moment to compile the Q&A roster.

Operator: And we will pause just a moment to compile the Q&A roster. And it looks like our first question today comes from Lizzie Dove with Goldman Sachs. Lizzie, please go ahead.

Lizzy Dub: And it looks like our first question today comes from the line of Lizzy Dub with Goldman Sachs. Lizzy, please go ahead. Hi there. Thanks so much for taking my question. I guess you're just over a month in to kind of looking at these new Six Flags assets. You know, the consumer environments may be in a little bit of a different shape than it was when you kind of put out the presentation last year. One of the key kinds of learnings that you've had since being there, we've seen you've already made some changes.

Speaker Change: And it looks like our first question today comes from the line of Lizzie Dove with Goldman Sachs. Lizzie, please go ahead.

Lizzy Dub: And it looks like our first question today comes from the line of Lizzy Dub with Goldman Sachs. Lizzy, please go ahead. Hi there. Thanks so much for taking my question. I guess you're just over a month in to kind of looking at these new six flags assets. You know, the consumer environments may be in a little bit of a different shape than it was when you kind of put out the presentation last year.

Lizzie Dove: Hi there. Thanks so much. Thanks for taking my question. I guess, you know, you're just over a month in to kind of looking at these new Six Flags assets, and the consumer environments may be in a little bit of a different shape than they were when you kind of put out the presentation last year. What are the key kind of learnings that you've had since being there?

Lizzie Dove: hiither thanks so much i take my question i guess you know you're just over a month in to kind of looking at these like new six flags assets

Speaker Change: You know, the consumer environment may be in a little bit of a different shape than it was when you kind of put out the presentation last year. What are the key kind of...

Richard Zimmerman: We've seen you've already made some changes. And has anything changed about that kind of, you know, initial targets, I suppose, especially on the revenue side, given that we've seen, you know, a little bit of pressure on the consumer? Lizzie, great question.

Lizzy Dub: One of the key kind of learnings that you've had since being there, we've seen you've already made some changes. And has anything changed about that kind of, you know, initial targets, especially on the revenue side given that we've seen, you know, a little bit of pressure to the consumer? Lizzy, great question. Thanks for being with us today. First, let me address the health of the consumer and what we see out there.

Richard Zimmerman: And has anything changed about that kind of, you know, initial targets, especially on the revenue side given that we've seen, you know, a little bit of pressure to the consumer? Lizzy, great question.

Speaker Change: Learnings that you've had since being there, we've seen you've already made some changes and has anything changed about that kind of, you know, initial targets, I suppose, especially on the revenue side, given that we've seen, you know, a little bit of pressure to the consumer.

Richard Zimmerman: Thanks for being with us today. First, let me address the health of the consumer and what we see out there. I think our performance during the second quarter and over the first half of the year underscores that our business remains healthy. Strong first half performance reinforces the value proposition of our parks. And really does underscore, as I said in my preparatory remarks, our confidence in the resiliency of the business. At the closer to home, less expensive and less complicated offer, we really are an outstanding option for entertainment. So, as we think about the now combined portfolio, I continue to go back to what we tried to highlight in our prepared remarks, which is the most significant opportunity we have is the ability to drive attendance and revenue growth throughout the whole portfolio.

Speaker Change: Lizzie, great question. Thanks for being with us today. First, let me address, you know, the health of the consumer and what we see out there. I think our performance during the second quarter and over the first half of the year underscores that our business remains healthy. Strong first half performance reinforces the value proposition of our parks.

Lizzy Dub: I think our performance during the second quarter and over the first half of the year underscores that our business remains healthy. Strong first half performance reinforces the value proposition of our parks. And really does underscore, as I said in my preparatory remarks, our confidence in the resiliency of the Business. At the closer to home, less expensive and less complicated offer, we really are an outstanding option for entertainment. So as we think about the now combined portfolio, I continue to go back to what we tried to highlight in our prepared remarks, which is the most significant opportunity we have is the ability to drive attendance and revenue growth throughout the whole portfolio.

Speaker Change: And really does underscore, as I said in my prepared remarks, our confidence in the resiliency of the business.

Speaker Change: it's closer to homeless expensive unless complicated offer we really are an outstanding our option for entertainment

Brian Witherow: We really are an outstanding option for entertainment. So as we think about the now combined portfolio, I continue to go back to what we tried to highlight in our prepared remarks, which is the most significant opportunity we have is the ability to drive attendance and revenue growth throughout the whole portfolio. And as we saw recovering from the pandemic, that was our priority. And we knew that if we could drive enough top-line growth in the most efficient, disciplined manner, which I think our trailing 12-month shows we accomplished, although there is still more to be done, that there is a way to sustainably drive performance over an extended period of time.

Speaker Change: So as we think about

Speaker Change: The now combined portfolio, I continue to go back to what we tried to highlight in our prepared remarks, which is the most significant opportunity we have is the ability to drive attendance and revenue growth throughout the whole portfolio.

Brian Witherow: And, as we saw recovering from the pandemic, that was our priority. And we knew that if we could drive enough top line growth in the most efficient, disciplined manner, which I think our trailing 12-month shows, we accomplished that.

Speaker Change: And as we saw recovering from the pandemic, that was our priority. And we knew that if we could drive enough top-line growth in the most efficient, disciplined manner, which I think our trailing 12-month shows we accomplished that, still more to be done, that there's a way to...

Lizzy Dub: And as we saw recovering from the pandemic, that was our priority. And we knew that if we could drive enough top line growth in the most efficient discipline manner, which I think our trailing 12-month shows, we accomplished that. Still more to be done, that there's a way to sustainably drive performance over an extended period of time. Brian, anything you want to add? I would just say in terms of your question about how things have changed Lizzie from when we are the presentation that announced the merger.

Brian Witherow: Still more to be done, that there's a way to sustainably drive performance over an extended period of time.

Speaker Change: sustainably drive performance over an extended period of time. Brian , anything you want to add?

Brian Witherow: Brian, anything you want to add? I would just say, in terms of your question about how things have changed since we had the presentation that announced the merger, I think it's still fair to say that those strategies, those projections still represent a reasonable way to think about the long-term potential and progression for the combined business, and we're just excited to get the deal closed and start on that path forward. Got it, that's helpful.

Brian Witherow: Brian, anything you want to add?

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

Lizzie Dove: One follow up, if I can. So obviously, there's kind of been lots of puts and takes for per caps across these two kind of legacy businesses, you know, you have the California reset, at the legacy Cedar Parks, the 13 plus impact of six, I think you did say that impact has been up in July, just curious, like where all of those puts of takes kind of net you out, as you look into, you know, the second half of the year and next year in terms of that outlook for per, Yeah, Lizzie, we're not going to give specific guidance around where, you know, where we're modeling for the second half of the year.

Brian Witherow: I would just say, you know, in terms of your question about, you know, how things have changed, Lizzie, from when we, you know, at the presentation that announced the merger, I think it's still fair to say

Lizzy Dub: I think it's still fair to say that those strategies, those projections still represent a reasonable way to think about the long-term potential and progression for the combined business. And we're just excited to get the deal closed and start on that path forward. Got it. That's helpful. One follow-up if I can. So obviously there's kind of been lots of puts and takes for per caps across these two kind of legacy businesses. You know, you have the California reset at the legacy theater parks, the team plus impact of six.

Brian Witherow: that those strategies, those projections still represent a reasonable way to think about the long-term potential and progression for the combined business, and we're just excited to get the deal closed and start on that path forward.

Lizzy Dub: One follow-up, if I can. So obviously there's kind of been lots of puts and takes for per caps across these two kind of legacy businesses. You know, you have the California reset at the Legacy Theater parks, the team plus impact of six. I think you did say the impact has been up in July. Just curious, like where all of those puts and takes kind of net you out as you look into the second half of the year and next year in terms of that outlook per caps.

Lizzie Dove: Got it. That's helpful. One follow-up, if I can. So, obviously, there's kind of been lots of puts and takes for per caps across these two kind of legacy businesses. You know, you have the California Reset at the Legacy Cedar Parks, the 13-plus impact of six.

Speaker Change: I think you did say that MPARC has been up in July . Just curious, like, where all of those puts of takes kind of net you out as you look into, you know, the second half of the year and next year in terms of that outlook for per caps?

Lizzy Dub: I think you did say the impact has been up in July. Just curious like where all of those puts and takes kind of net you out as you look into the second half of the year and next year in terms of that outlook per caps. Yeah, Lizzie, we're not going to give specific guidance around where we're modeling for the second half of the year. But what I can say is we remain confident that over time we can continue to grow per caps as we've demonstrated.

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

Speaker Change: Yeah, Lizzie, we're not going to give specific guidance around where we're modeling for the second half of the year. But what I can say is we remain confident that over time, we can continue to grow per caps as we've demonstrated. But as Richard noted, our primary near-term focus is on driving revenue growth. So, as we think about the balance of 24 rolling into 25.

Lizzie Dove: But what I can say is we remain confident that over time, we can continue to grow per capita as we've demonstrated. But, as Richard noted, our primary near-term focus is on driving revenue growth. So as we think about the balance of 24 rolling into 25, you know, we came into this year on the Cedar Fair legacy side with a focus on revenue growth that was going to come largely from expanded demand, growth in demand, and attendance, which can at times be at odds with per capita.

Brian Witherow: So as we think about the balance of 24 or rolling into 25, you know, we came into this year on the seer fair legacy side with a focus on revenue growth that was going to come largely from expanded demand, growth and demand and attendance, which kind of times be it odds with per caps. But it's critical to the long-term success of the businesses, Richard said. So I think what we're most encouraged by is the continued strength we're seeing in in-park spending and areas like food and beverage and premium experiences or extra charge products that are often influenced by those higher attendance levels.

Lizzy Dub: But as Richard noted, our primary near-term focus is on driving revenue growth. So as we think about the balance of 24 or rolling into 25, you know, we came into this year on the seer fair legacy side with a focus on revenue growth that was going to come largely from expanded demand, growth and demand and attendance, which kind of times be it odds with per caps. But it's critical to the long-term success of the businesses, Richard said.

Richard Zimmerman: You know, we came into this year on the Cedar Fair legacy side with a focus on revenue growth that was going to come largely from expanded demand, growth in demand and attendance, which can at times be at odds with per caps.

Lizzie Dove: But it's critical to the long-term success of the business, as Richard said. So I think what we're most encouraged by is the continued strength we're seeing in park spending in areas like food and beverage, and premium experiences or extra charge products that are often influenced by those higher attendance levels. And we see no reason why to expect that to stop in the future. Great. Thanks so much.

Brian Witherow: But it's critical to the long-term success of the business, as Richard said. So I think what we're most encouraged by is the continued strength we're seeing in in-park spending in areas like food and beverage.

Lizzy Dub: So I think what we're most encouraged by is the continued strength we're seeing in in-park spending and areas like food and beverage and premium experiences or extra charge products that are often influenced by those higher attendance levels. And we send no reason why to expect that to stop in the future. Great. Thanks so much. Congrats. Thanks, Lizzie. Thank you, Lizzie.

Richard Zimmerman: and premium experiences or extra charge products that are often influenced by those higher attendance levels and we see no reason why to expect that to stop in the future.

Brian Witherow: And we send no reason why to expect that to stop in the future.

Lizzy Dub: Great.

Brian Witherow: Congratulations. Thanks, Lizzie. Thank you, Lizzie.

Lizzy Dub: Thanks so much.

Lizzy Dub: Congrats. Thanks, Lizzie.

Richard Zimmerman: Great. Thanks so much. Congrats. Thanks, Lizzie.

James Hardiman: Thank you, Lizzie. And our next question comes from the line of James Hardeman with City. James, please go ahead.

James Hardiman: And our next question comes from the line of James Hardiman. James, please go ahead. Hey, good morning, guys, and congrats on getting this deal, and in the rearview mirror. And good luck with that going forward. So I have two questions. I have a sort of a math question. Hopefully, it doesn't get too hairy.

Lizzie Dove: Thank you, Lizzie.

Speaker Change: And our next question comes from the line of James Hardiman with Citi. James, please go ahead.

James Hardiman: And our next question comes from the line of James Hardeman with City. James, please go ahead. Good morning, guys, and congrats on getting this deal done and in a rearview mirror and good luck with that going forward. So I have a sort of a math question. Hopefully, don't get too hairy with Brian and then sort of an operational, correct question for Richard. I guess first on the financial, the math. You went out of your way to talk through the like-for-like adjustment for the legacy Cedar Fair Park, right?

James Hardiman: Good morning, guys, and congrats on getting this deal done and in a rearview mirror. Good luck with that going forward. So I have a sort of a math question. Hopefully, don't get too hairy with Brian, and then sort of an operational, correct question for Richard. I guess first on the financial, the math. You went out of your way to talk through the like-for-like adjustment for the legacy Cedar Fair park, right? 53 more operating days, but you didn't really adjust the six flags or at least at the EBITDA level, and so I think what people are doing is they're scaling back the EBITDA growth for legacy Cedar Fair, right?

James Hardiman: Hey, good morning guys and congrats on on getting this deal done and in the rearview mirror and good luck with that going forward. So I have two questions, I have a sort of a math question hopefully doesn't get too hairy with Brian and then sort of an operational question for Richard.

James Hardiman: Brian, and then sort of an operational question for Richard. I guess first on the financials, the math, you went out of your way to talk about. The like-for-like adjustments for the legacy Cedar Fair parks, right? 53 more operating days.

Speaker Change: I guess first, on the financials, the math, you went out of your way to talk through the like-for-like adjustments for the legacy Cedar Fair parks, right, 53 more operating days.

James Hardiman: But you didn't really adjust the six flags, or at least at the EBITDA level. And so I think what people are doing is they're scaling back the EBITDA growth for legacy. Right, I think EBITDA was up for like maybe 18 million dollars, but then leaving the six flags unchanged, so down, call it, I think you pointed out, down $23 million. And so we're arriving at sort of a year-over-year EBITDA decline for the combined company. I guess, should we be making any adjustments for the Legacy 6 part?

James Hardiman: 53 more operating days, but you didn't really adjust the six flags or at least at the EBITDA level and so I think what people are doing is they're scaling back the EBITDA growth for legacy Cedar Fair, right? I think EBITDA was up like for like maybe 18 million dollars, but then leaving the six flags unchanged, so down, call it, if you point it out, down 23 million dollars and so we're arriving at sort of a year-over-year EBITDA decline for the combined business.

James Hardiman: um

Speaker Change: But you didn't really adjust the six flags, or at least at the EBITDA level. And so I think what people are doing is they're...

Speaker Change: They're scaling back the EBITDA growth for legacy Cedar Fair, right? I think EBITDA was up like for like maybe 18 million dollars.

James Hardiman: I think EBITDA was up like for like maybe 18 million dollars, but then leaving the Six Flags unchanged, so down, call it, if you point it out, down 23 million dollars and so we're arriving at sort of a year-over-year EBITDA decline for the combined business.

Speaker Change: but then leaving the sixxed flags unchanged so down call it if you pointed out down twenty three million dollars and so we're rising at sort of a year over year ebit d decline for the combined business

Brian Witherow: I guess should we be making any adjustments for the legacy six parks, and if not, sort of is that EBITDA decline, how we should be thinking about 3, 2 and beyond?

Speaker Change: I guess, should we be making any adjustments for the legacy six parks, and if not, sort of, is that EBITDA decline how we should be thinking about 3Q and beyond?

James Hardiman: I guess should we be making any adjustments for the legacy six parks and if not sort of is that EBITDA decline, how we should be thinking about 3, 2 and beyond? Yes, so at a high level, James, I think there was a very purposeful reason for the adjustment at the legacy Cedar side because of the change in the fiscal calendar from Q2 of 24 versus Q2 of 23, right? Ending on June 30th this year versus June 25th of last year leads to a little bit of a comparability issues.

Brian Witherow: Yes, so at a high level, James, I think there was a very purposeful reason for the adjustment at the legacy Cedar side because of the change in the fiscal calendar from Q2 of 24 versus Q2 of 23, right? Ending on June 30th this year versus June 25th of last year leads to a little bit of a comparability issue.

Brian Witherow: And if not, is that EBITDA decline how we should be thinking about 3Q and beyond? Yeah, so at a high level, James, I think there was a very purposeful reason for the adjustment at the legacy Cedar side because of the change in the fiscal calendar, from Q2 of 24 versus Q2 of 23, right, ending on June 30th this year versus June 25th of last year. That leads to, you know, a little bit of a comparability issue.

Speaker Change: Yeah, so at a high level, James, I think there was a very purposeful reason for the adjustment at the legacy Cedar side because of the change in the fiscal calendar.

James Hardiman: That was the driver behind that adjustment and why we spoke to what we believe to be the more the fairer 3-month comparison, which was July 2nd of last year. On the legacy six side, there was no fiscal calendar shift, so I think the 3-month comparisons year-over-year are fair. As we think about pushing those two together, those are the legacy results for the two standalone companies, as Richard alluded to in his prepared remarks.

Speaker Change: from Q2 of 24 versus Q2 of 23 right ending on June 30th this year versus June 25th of last year leads to

Brian Witherow: So that was the driver behind that adjustment and why we spoke to what we believe to be the more, the fairer three-month comparison, which was July 2nd of last year. On the legacy six side, there was no fiscal calendar shift.

Brian Witherow: That was the driver behind that adjustment and why we spoke to what we believe to be the more the fairer 3-month comparison, which was July 2nd of last year. On the legacy six side, there was no fiscal calendar shift, so I think the 3-month comparisons year-over-year are fair. As we think about pushing those two together, those are the legacy results for the two standalone companies, as Richard alluded to in his prepared remarks. We are certainly focused on now harmonizing a lot of stuff across the portfolio as we build out a long-range plan for the future.

Speaker Change: You know, it's a little bit of a comparability issue. So that was the driver behind.

Speaker Change: that adjustment and why we spoke to what we believe to be the more...

Speaker Change: the fair three-month comparison, which was July 2nd of last year. On the Legacy 6 side, there was no fiscal calendar shift, so I think the three-month comparisons year over year are fair. As we think about, you know, pushing those two together, you know, those are the Legacy results for the two stand-alone companies, you know, as Richard alluded to in his prepared remarks.

Brian Witherow: So I think the three-month comparisons year over year are fair. As we think about, you know, pushing those two together, those are the legacy results for the two standalone companies, you know, as Richard alluded to in his prepared remarks, you know, we are certainly focused on now harmonizing a lot of stuff across the portfolio as we build out a long-range plan for the future. I don't know that a lot of that is going to have a significant impact on the balance of 24.

Speaker Change: We are certainly focused on now harmonizing a lot of stuff across the portfolio as we build out a long-range plan for the future. I don't know that a lot of that is going to have significant impact on the balance of 24. We're really running the stand-alone playbooks for both companies out with a little bit of tweaking on both sides of the fence.

James Hardiman: We are certainly focused on now harmonizing a lot of stuff across the portfolio as we build out a long-range plan for the future. I don't know that a lot of that is going to have significant impact on the balance of 24. We're really running the standalone playbooks for both companies out with a little bit of tweaking on both sides of the fence.

Brian Witherow: I don't know that a lot of that is going to have significant impact on the balance of 24. We're really running the standalone playbooks for both companies out with a little bit of tweaking on both sides of the fence.

Brian Witherow: You know, we're really running the standalone playbooks for both companies out with a little bit of tweaking on both sides of the fence. But we're really more focused on 25 and beyond at this point. So I'm not sure if that helps answer your question or not.

Brian Witherow: But we're really more focused on 25 and beyond at this point, so I'm not sure if that helps answer your question or not.

Speaker Change: but we're really more focused on twenty-five and beyond at this point so i'm not sure if that helps answer your question or not

James Hardiman: But we're really more focused on 25 and beyond at this point, so I'm not sure if that helps answer your question or not. It does, and I guess that sort of leads me to more of an operational question. I guess it sounds like the trajectory at cedar fair legacy parts is a lot better than the trajectory at six. Why is that the case? I guess Richard, I thought one of the more interesting parts of your prepared remarks was the idea that you thought attendance could and should go back to pre-pandemic levels for the legacy six parts.

James Hardiman: It does, and I guess that sort of leads me to more of an operational question.

James Hardiman: And I guess that sort of leads me to more of an operational question. I guess it sounds like the trajectory at Legacy Parks is a lot better than Mr. Director's yet. Why is that the case? And I guess, Richard.

Speaker Change: It does, and I guess that sort of leads me to more of an operational question.

Richard Zimmerman: I guess it sounds like the trajectory at Cedar Fair Legacy Parts is a lot better than the trajectory at Six.

Speaker Change: I guess it sounds like the trajectory at Cedar Fair Legacy Parks is a lot better than the trajectory at 6.

Richard Zimmerman: Why is that the case? I guess, Richard, I thought one of the more interesting parts of your prepared remarks was the idea that you thought attendance could and should go back to pre-pandemic levels for the legacy six parts. Obviously, the previous management team, their sort of marquee move, was to still back attendance perfectly. I think 20% down versus pre-pandemic was sort of their goal. It was worse than that for a while.

Speaker Change: Why is that the case? And I guess, Richard, I thought one of the more interesting parts of your prepared remarks was, you know, the idea that you thought attendance

Richard Zimmerman: I thought one of the more interesting parts of your prepared remarks was the idea that you thought attendance could and should go back to pre-pandemic levels for the Lego 6-part. You know, obviously, the previous management team's sort of marquee move was to scale back attendance, set down versus pre-pandemic levels. It was worse than that for a while, but maybe Walker's thought process there, why that's the right thing to do and any timetable around it.

Speaker Change: could and should go back to pre-pandemic levels for the Legacy 6 part. You know, obviously, the previous management team, their sort of marquee move was to scale back attendance purposefully, I think.

James Hardiman: Obviously, the previous management team, their sort of marquee move, was to still back attendance perfectly. I think 20% down versus pre-pandemic was sort of their goal. It was worse than that for a while. But maybe walk, through the thought process there, why that's the right move and any timetable around getting there. James, great question. Let me level up and say that when I look at our combined portfolio, I'm probably more excited about the opportunity to drive market penetration, to drive attendance and revenue growth than I was as we went through the process and I was excited then.

Speaker Change: You know, 20% down versus pre-pandemic was sort of their goal. It was worse than that for a while. But maybe walk us through the thought process there, why that's the right move, and any timetable around getting there.

Richard Zimmerman: But maybe walk. through the thought process there, why that's the right move and any timetable around getting there. James, great question. Let me level up and say that when I look at our combined portfolio, I'm probably more excited about the opportunity to drive market penetration, to drive attendance and revenue growth than I was as we went through the process, and I was excited then. What I see as I look back over a much longer stretch of time, go back pre-pandemic, go back through the 2010s, is two companies that had slightly different strategies. As Brian would always say, we were both hunting the same thing, just slightly different strategies.

James Hardiman: James, a great question. Let me level up and say that when I look at our combined portfolio, I'm probably more excited about the opportunity to drive market penetration, to drive attendance and revenue growth than I was. As we went through the process, and I was excited then, what I see is, as I look back over a much longer stretch of time, go back pre-pandemic, go back through the 2010s, there were two companies that had slightly different strategies. As Brian would always say, we were both hunting the same thing, just slightly different strategies.

Speaker Change: James, great question. Let me level up and say that, you know, when I look at our combined portfolio, I'm probably more excited about the opportunity to drive market penetration, to drive attendance and revenue growth than I was

Speaker Change: As we went through the process, and I was excited then

Speaker Change: What I see is as I look back over a much longer stretch of time, go back pre-pandemic, go back

James Hardiman: What I see as I look back over a much longer stretch of time, go back pre-pandemic, go back through the 2010s, is two companies that had slightly different strategies, as Brian would always say, we were both hunting the same thing, just slightly different strategies. I think when I look at what we've been able to do to cultivate that core, core business, core guests in each of our regional markets and we are regional and understanding the difference between regions is going to be critically important.

Speaker Change: through the 2010s.

Speaker Change: is two companies that had slightly different strategies. As Brian would always say, we were both hunting the same thing, just slightly different strategies.

Richard Zimmerman: I think when I look at what we've been able to do to cultivate that core, core business, core guests in each of our regional markets, and we are regional, understanding the difference between regions is going to be critically important. But we were able to take season passes from under a million to a record of 3.2, drive considerable market penetration and, more importantly, cultivate what you've always heard me talk about: a lifetime customer where we become part of the fabric of what families and friends do over an extended course of the calendar. Certainly during the summer, but as we're going to see as you come into Halloween and the appeal of Halloween events will do great attendance throughout the whole portfolio because it's driven by such a sense of urgency.

Richard Zimmerman: I think when I look at what we've been able to do to cultivate that core, core, business core guests in each of our regional markets and we are regional and understanding the difference between regions is going to be critically important. But we were able to take season passes from under a million to a record of 3.2, drive considerable market penetration, and more importantly, cultivate what you've always heard me talk about, a lifetime customer, where we become part of the fabric of what families and friends do over an extended course, the calendar, certainly during the summer, but as we're gonna see as you come into Halloween and the appeal of Halloween events, we'll do great attendance throughout the whole portfolio because it's driven by such a sense of urgency.

Speaker Change: I think when I look at what we've been able to do to cultivate that core guest in each of our regional markets, and we are regional, and understanding the difference between regions is going to be critically important.

Speaker Change: But we were able to take season passes from under a million to a record of 3.2, drive considerable market penetration.

James Hardiman: But we were able to take season passes from under a million to a record of 3.2, drive considerable market penetration and more importantly cultivate what you've always heard me talk about, a lifetime customer where we become part of the fabric of what families and friends do over an extended course of the calendar. Certainly during the summer, but as we're going to see as you come into Halloween and the appeal of Halloween events will do great attendance throughout the whole portfolio because it's driven by such a sense of urgency.

Speaker Change: And more importantly, cultivate what you've always heard me talk about, a lifetime customer where we become part of the fabric of what families and friends do over an extended course of a lifetime.

Speaker Change: the calendar, certainly during the summer, but as we're gonna see as you come into Halloween and the appeal of Halloween events, we'll do great attendance throughout the whole portfolio because it's driven by such a sense of urgency.

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

Richard Zimmerman: I think when I look back over those two decades, one of the things that really resonates with me, and we really try to hone in, James, on our prepared remarks, is so much of it's driven by the season pass program. We believe in a consistent approach, training the markets to react in certain ways, in certain time frames. And I think the challenge, as I look throughout the portfolio, is sometimes when you shift too much, too quickly; the market then reacts differently, and you've got to retrain them. I was really pleased with...

Speaker Change: I think when I look back over those two decades, one of the things that really resonates to me.

James Hardiman: I think when I look back over that those two decades, one of the things that really resonates to me, we really try to hone in James on our prepared remarks, is so much of it's driven by the season pass program. We believe in a consistent approach, training the markets to react in certain ways in certain time frames, and I think the challenge, as I looked you out the portfolio, sometimes when you shift too much too quickly, the market then reacts differently and you've got to retrain them.

Speaker Change: Hone in, James, on our prepared remarks.

Speaker Change: is so much of it is driven by the Season Pass program. We believe in a consistent approach training the markets to react in certain ways, in certain time frames.

Speaker Change: And I think the challenge, as I looked throughout the portfolio, is sometimes when you shift too much too quickly, the market then reacts differently, and you've got to retrain them. I am so – I was really pleased at –

Richard Zimmerman: Given that we closed this deal on July 1st, we're able to find a way to roll out the Allpark Passport, which we will be doing over the course of the next two weeks throughout the portfolio. Because I think it represents an answer to your question, which is, as I look forward, I try and take the learnings of the past, but I really wanna make sure that we prioritize our efforts on what will drive the best, the biggest impact while sowing the seeds for the longer term, things that will also drive that sustainable, lasting impact.

James Hardiman: I was really pleased that given that we closed this deal in July first, that we were able to find a way to roll out the all-part passport, which we will be doing over the course of the two weeks throughout the portfolio, because I think it represents an answer to your question, which is, as I look forward, I try and take the learnings of the past, but I really want to make sure that we prioritize our efforts on what will drive the biggest impact while sowing the seeds for the longer term things that will also drive that sustainable lasting impact. Long-winded way of answering your question, but James, I've got to tell you, as I've gotten to see the portfolio, these are really the similar businesses operating in different regions, and I think there's no reason over time that we can't drive that market penetration these types of levels.

Speaker Change: Given that we closed this deal on July 1st, that we were able to find a way to roll out the Allpark passport.

Speaker Change: which we will be doing over the course of the two weeks throughout the portfolio, because I think it represents.

Speaker Change: An answer to your question, which is, as I look forward, I try and take the learnings of the past, but I really want to make sure that we prioritize our efforts on what will drive the best, the biggest impact, while sowing the seeds for the longer term.

Speaker Change: things that will also drive that sustainable lasting impact.

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

Richard Zimmerman: This is a long-winded way of answering your question, but James, I got to tell you, as I've gotten to see the portfolio, these are really similar businesses operating in different regions, and I think there's no reason over time that we can't drive that market penetration at these types of levels. So looking back gives us an opportunity to evaluate. We've got the opportunities, as I said in my pre-recorded remarks, to take the best practices and approaches from both, find a new path which really merges them together, but all of them still have the same priority in terms of what are the levers in the business and what will drive it. That's really helpful.

Speaker Change: Long-winded way of answering your question, but James, I've got to tell you.

James Hardiman: We are...

James Hardiman: as I've gotten to see the portfolio.

Speaker Change: These are really the similar businesses operating in different regions.

Speaker Change: And I think there's no reason over time that we can't drive that market penetration at these types of levels. So, looking back gives us an opportunity to evaluate. We've got the opportunity, as I said in my prepared remarks, to take the best practices and the approaches from both.

Richard Zimmerman: Looking back gives us an opportunity to evaluate. We've got the opportunities, I said in my prepare remarks, to take the best practices and the approaches from both, find a new path which really merges them together, but all of them still have the same priority in terms of what are the levers in the business and what will drive. by David.

James Hardiman: Looking back gives us an opportunity to evaluate. We've got the opportunities I said in my prepare remarks to take the best practices and the approaches from both, find a new path which really merges them together, but all of them still have the same priority in terms of what are the levers in the business and what will drive, by David. That's really helpful. Thanks, guys. Thanks, James. Yes, thank you, James.

Speaker Change: find a new path, which really merges them together, but all of them still have the same priority in terms of what are the levers in the business and what will drive that.

James Hardiman: That's really helpful. Thanks, guys.

James Hardiman: Thanks, guys. Thanks, James. Yes, thank you, James. And our next question comes from the line of Steve Wyszynski. Steve, please go ahead.

James Hardiman: Thanks, James. Yes, thank you, James.

Speaker Change: That's really helpful. Thanks, guys.

James Hardiman: Thanks, James.

Steven Wieczynski: And our next question comes from the line of Steve Wiesinski with Steve. Steve, please go ahead. Hey guys, good morning. So, Richard and Brian, I have two higher level questions about the combined company. And I'm going to take another crack at kind of the loss, getting the loss of tenants back in a little bit of a different way. So, so bear with me. But, you know, obviously the legacy Six Flags parts are being, you know, operated much differently versus the way you guys are running, you know, your legacy Cedar Fair assets. And Richard, you noted some of this in your prepared remarks, but how you're going to try and get some of that loss of tenants back.

Speaker Change: Yes, thank you, James. And our next question comes from the line of Steve Wieczynski with Steeple. Steve, please go ahead.

Steven Wieczynski: And our next question comes from the line of Steve Wiesinski with Steve. Steve, please go ahead. Hey guys, good morning. So, Richard and Brian, I have two higher level questions about the combined company. And I'm going to take another crack at kind of the loss, getting the loss of tenants back in a little bit of a different way. So, so bear with me. But, you know, obviously the legacy six flags parts are being, you know, operated much differently versus the way you guys are running, you know, your legacy Cedar Fair assets.

Steven Wieczynski: Hey, guys, good morning. So Richard and Brian, I have two, two higher-level questions about the combined company. And I'm going to take another crack at kind of the lost attendance, getting the lost attendance back in a little bit of a different way. So, so, bear with me.

Steve Wieczynski: Hey guys, good morning.

Steve Wieczynski: so so richard and brian i have two to higher level questions about the combined company and i'm going to take another crack it kind of the lost getting the loss attendants back in a little bit of a different way so

Steve Wieczynski: So bear with me. But, you know, obviously the legacy Six Flags parts are being, you know, operated much differently versus the way you guys are running, you know, your legacy Cedar Fair assets. And Richard, you noted some of this in your prepared remarks about how you're going to try and get some of that lost intent back. But I'm wondering...

Steven Wieczynski: And Richard, you noted some of this in your prepare remarks, but how you're going to try and get some of that loss of tenants back. But I'm wondering, you know, how we should think about the impact on the attendance per caps, maybe a little bit more specifically over the next year or so, as you try and get that loss of tenants back. And I guess the simple question is, do you feel like you're going to have to materially, you know, adjust pricing, you know, on the lower side in order to get that lost attendance back?

Steven Wieczynski: But, you know, obviously, the legacy Six Flags parks are being operated much differently versus the way you guys are running your legacy Cedar Fair assets. And Richard, you noted some of this in your remarks about how you're going to try and get some of that lost attendance back. But I'm wondering.

Richard Zimmerman: But I'm wondering, you know, how we should think about the impact on the attendance per caps, maybe a little bit more specifically over the next year or so, as you try and get that loss of tenants back. And I guess the simple question is, do you feel like you're going to have to materially, you know, adjust pricing, you know, on the lower side in order to get that lost attendance back? You know, it's a great question, Steve. I really think when I listen to your question, anytime I think about pricing, I think about the value proposition.

Steven Wieczynski: You know, how should we think about the impact on the attendance per cap, maybe a little bit more specifically over the next year or so as you try and get that lost attendance back? I guess the simple question is, do you feel like you're going to have to materially, you know, adjust pricing, you know, on the lower side in order to get that lost attendance back? You know, That's a great question, Steve.

Speaker Change: You know how we how we should think about the impact

Speaker Change: on the attendance per caps, maybe a little bit more specifically over the next year or so, as you try and get that lost attendance back. And I guess the simple question is...

Speaker Change: Do you feel like you're going to have to materially...

Speaker Change: adjust pricing on the lower side in order to get that lost attendance back

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

Speaker Change: You know...

Steven Wieczynski: You know, it's great question, Steve. I really think when I listen to your question, anytime I think about pricing, I think about the value proposition. You hear me talk about price value all the time. We firmly believe in dynamic pricing, but I think what we've got to do is take the steps as we have taken already to make sure that the guests in each of our particular regions see the value in what we offer.

Speaker Change: It's a great question, Steve.

Speaker Change: I really think, when I listen to your question, anytime I think about pricing, I think about the value proposition. You hear me talk about price value all the time.

Richard Zimmerman: You hear me talk about price value all the time. We firmly believe in dynamic pricing, but I think what we've got to do is take the steps as we have taken already to make sure that the guests in each of our particular regions see the value in what we offer. The opportunity to program all four parts of the season, for instance, as we've done so successfully, and highlight that drives the value of the season past. So, on the attendance level, the more we can put value into the guest experience and enhance the experience, the more we can lean into pricing over time.

Speaker Change: We firmly believe in dynamic pricing, but I think what we've got to do is take the steps, as we have taken already, to make sure that the guests in each of our particular regions see the value in what we offer. The opportunity to program all four parts of the season, for instance,

Steven Wieczynski: The opportunity to program all four parts of the season, for instance, as we've done so successfully and highlight that drives the value of the season past. So on the attendance level, the more we can put value into the guest experience and enhance the experience, the more we can lean into pricing over time. There's two things to drive attendance. One is that guest satisfaction. The good news is, even in the last five weeks, we've been able to see increased guest satisfaction ratings in the Legacy Six Flags Park.

Speaker Change: as we've done so successfully and highlight that drives the value of the season pass. So on the attendance level, the more we can put value into the guest experience and enhance the experience, the more we can lean into pricing over time.

Richard Zimmerman: So on the attendance level, the more we can put value into the guest experience and enhance the experience, the more we can lean into pricing over time. There are two things that drive attendance. One is guest satisfaction.

Richard Zimmerman: There's two things to drive attendance. One is that guest satisfaction. The good news is, even in the last five weeks, we've been able to see increased guest satisfaction ratings in the Legacy Six Flags park. So, you know, I'm really going to complete way the teams jointly have worked together, how we've come together in the field and at the park level. High compliments to everybody for the persistence, the dedication, and the passion that I'm seeing in really focusing on the guest experience and trying to improve it. I think over time we've shown an ability to drive both attendance, but also per cap growth, as Brian said.

Richard Zimmerman: The good news is, even in the last five weeks, we've been able to see increased guest satisfaction ratings at the Legacy Six Flags Park. So, you know, I'm really pleased with the way the teams have worked together, how we've come together in the field and at the park level. High compliments to everybody for the persistence, the dedication, and the passion that I'm seeing in really focusing on the guest experience and trying to improve it.

Speaker Change: There's two things that drive attendance. One is that guest satisfaction. The good news is, even in the last five weeks, we've been able to...

Speaker Change: see increased guest satisfaction ratings in the Legacy Six Flags Park, so

Speaker Change: You know, I'm really pleased the way the teams jointly have worked together, how we've come together in the field and at the park level. High compliments to everybody for the...

Steven Wieczynski: So, you know, I'm really going to complete way the teams jointly have worked together, how we've come together in the field and at the park level, high compliments to everybody for the persistence, the dedication, and the passion that I'm seeing in really focusing on the guest experience and trying to improve it. I think over time we've shown an ability to drive both attendance, but also per cap growth as Brian said. So, I think from my perspective, I do think there's a ability to recapture the attendance by continuing to focus on that improvement in the guest experience, Brian.

Speaker Change: persistence, the dedication and the passion that I'm seeing in really focusing on the guest experience and try and improve it. I think over time we've shown an ability to drive both attendance but also per cap growth as Brian said so I think

Richard Zimmerman: I think over time, we've shown an ability to drive both attendance and per-cap growth, as Brian said. From my perspective, I do think there's an ability to recapture attendance by continuing to focus on that improvement in the guest experience.

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

Speaker Change: From my perspective, I do think there's an ability to recapture the attendance by continuing to focus on that improvement in the guest experience.

Brian Witherow: Yes, even in terms of the admissions per cap, or I guess that it focused on recovering attendance, that lost attendance. I said in response to Lizzie's question, when the revenue growth is being driven by step function growth and attendance, that is at odds with per caps overall. So, we would expect some admissions per cap pressure, much like we've seen this year on the Legacy Seater results, right? We talked about that 3% decrease in the second quarter, and a lot of that coming from some pricing decisions we made in a couple of markets, but more importantly, the mix of attendance, right?

Brian Witherow: Yes, Steve, in terms of the admissions per cap, or I guess the one focused on recovering attendance, that lost attendance, as I said in response to Lizzie's question, when revenue growth is being driven by step function growth in attendance, that is at odds with per caps overall. So we would expect some admissions per cap pressure, much like we've seen this year on the legacy Cedar results, right?

Steve Wieczynski: Yes, Steve, in terms of the admissions per cap, or I guess the, you know, that focused on recovering attendants that lost attendants,

Steven Wieczynski: Yes, even in terms of the admissions per cap, or I guess that it focused on recovering attendance, that lost attendance, I said in response to Lizzie's question, when the revenue growth is being driven by step function growth and attendance, that is at odds with per caps overall. So, we would expect some admissions per cap pressure, much like we've seen this year on the Legacy Seater results, right? We talked about that 3% decrease in the second quarter, and a lot of that coming from some pricing decisions we made in a couple of markets, but more importantly the mix of attendance, right?

Steve Wieczynski: You know, as I said in response to Lizzie's question,

Speaker Change: When the revenue growth is being driven by step function...

Steve Wieczynski: Growth and Attendance.

Steve Wieczynski: That is at odds with per caps overall, so we would expect some admissions per cap.

Speaker Change: pressure. Much like we've seen this year on the Legacy Cedar results, right? We talked about that 3%.

Brian Witherow: We talked about that 3% decrease in the second quarter, and a lot of that coming from some pricing decisions we made in a couple markets, but more importantly, the mix of attendance, right? A lot of the growth that we would anticipate, as Richard laid out in his comments, would come from the season pass channel and the recovery of group bookings. You know, those are two lower admissions per cap channels for attendance, but again, at a much higher attendance and revenue base. So we'll have to live with the mathematical pressure on admissions per cap.

Speaker Change: Decrease in the second quarter and a lot of that coming from some pricing decisions we made in a couple of markets, but more importantly, the mix of attendance, right? A lot of the growth that we would anticipate as Richard laid out in

Brian Witherow: A lot of the growth that we would anticipate, and Richard laid out in his comments, would come from the season pass channel, recovery of group. Those are two lower admissions per cap channels for attendance, but again, at a much higher attendance and revenue base. So, we'll live with the mathematical pressure on admissions per cap. I think it gives us opportunity on the in-park side of things. One of the things that we've seen over the years and gets back to, you know, Richard's comment and the prayer remarks about, you know, the parks staying comfortably crowded, the larger attendance days, leads at the longest length of stays for visits.

Steven Wieczynski: A lot of the growth that we would anticipate, and Richard laid out in his comments, would come from the season pass channel, Recovery of Group. Those are two lower admissions per cap channels for attendance, but again, at a much higher attendance and revenue base. So, we'll live with the mathematical pressure on admissions per cap. I think it gives us opportunity on the in-park side of things. One of the things that we've seen over the years and gets back to, you know, Richard's comment and the prayer remarks about, you know, the parks staying comfortably crowded, the larger attendance days, leads at the longest length of stays for visits.

Richard Zimmerman: and his comments would come from the Season Pass channel. Recovery of group, you know, those are two lower admissions per cap.

Richard Zimmerman: channels for attendance.

Richard Zimmerman: But, again, at a much higher attendance and revenue base. So we'll live with the mathematical pressure on admissions per cap. I think it gives us opportunity on the in-park side of things. One of the things that we've seen over the years, and it gets back to Richard's comment in the prepared remarks about the parks staying comfortably crowded.

Brian Witherow: I think it gives us opportunity on the in-park side of things. One of the things that we've seen over the years, and this gets back to, you know, Richard's comment in the prepared remarks about, you know, the park staying comfortably crowded, the larger attendance days lead to the longest length of stays for visits, that leads to the long, highest per cap days and the best margin days. So it's important to get that demand back.

Richard Zimmerman: The larger attendance days lead to the longest length of stays for visits. That leads to the highest per caps and the best margin days. So it's important to get that demand back. I think it will help on the in-park spend, maybe a little bit of mathematical pressure on the admissions per cap, but again, that's going to be at a much higher attendance and revenue base.

Brian Witherow: That leads to the highest per caps and the best margin day. So, it's important to get that demand back. I think it will help on the in-park spend, maybe a little bit of mathematical pressure on the admissions per cap, but again, that's going to be at a much higher attendance and revenue base.

Steven Wieczynski: That leads to the highest per caps and the best margin day. So, it's important to get that demand back. I think it will help on the in-park spend, maybe a little bit of mathematical pressure on the admissions per cap, but again, that's going to be at a much higher attendance and revenue base.

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

Steven Wieczynski: Okay, that's really, really good color. And then second question is around the combined portfolio of assets now.

Steven Wieczynski: And then the second question is around the combined portfolio of assets now. So, Richard, I guess the question is, you know, are 42 parks the right number? And what I'm getting at is, do you think there's an opportunity to, whether it's, you know, sell, or shut down certain parks that might not be, you know, essentially core or are, you know, under earning on the EBITDA side in order to drive leverage down at a quicker pace? It just seems like some of that land optionality, you know, might outweigh the EBITDA potential at some of your parks. And I hope that all kind of makes sense.

Richard Zimmerman: Okay, that's really, really good color. And then second question is around the combined portfolio of assets now. So Richard, I guess the question is, you know, are 42 parks...

Steven Wieczynski: Okay, that's really, really good color. And then second question is around the combined portfolio of assets now. So, Richard, I guess the question is, are 42 parks the right number? And what I'm getting at is, do you think there's an opportunity to whether it's, you know, cell shutdown, certain parts that might not be essentially core or are, you know, under earning on the, the EBITDA side in order to drive leverage down at a quicker pace.

Richard Zimmerman: So, Richard, I guess the question is: are 42 parks the right number? And what I'm getting at is, do you think there's an opportunity to, whether it's, you know, cell shutdown, certain parts that might not be essentially core or are, you know, under earning on the, the EBITDA side in order to drive leverage down at a quicker pace. It just seems like some of that land optionality might outweigh the EBITDA potential at some of your parks. And I hope that all kind of makes sense.

Speaker Change: The right number and and what I'm getting at is that do you think there's an opportunity to whether it's you know?

Speaker Change: Sell, shut down certain parks that might not be, you know, essentially core or are, you know, under-earning on the EBITDA side in order to drive leverage down at a quicker pace. It just seems like...

Steven Wieczynski: It just seems like some of that land optionality might outweigh the EBITDA potential at some of your parks. And I hope that all kind of makes sense. Yeah, now listen, from a strategic standpoint, I understand your capital allocation question. You know, we're going through the extended period now and I'll take you back to the extensive anti-trust review process. We were limited in terms of the information that we share between the companies.

Speaker Change: Some of that land optionality might outweigh the EBITDA potential at some of your parks, and I hope that all kind of makes sense.

Steven Wieczynski: You know, listen, from a strategic standpoint, I understand your capital allocation question. You know, we're going through an extended period now. And I'll take you back, Steve.

Brian Witherow: Yeah, now listen, from a strategic standpoint, I understand your capital allocation question. You know, we're going through the extended period now, and I'll take you back to the extensive anti-trust review process. We were limited in terms of the information that we share between the companies. We're going through in a pretty comprehensive review, as I said, to create our long-range plan and our long-term outlook. I think every property's got opportunities. We understand the challenges. We've got least parks. We've got Partnership parks. We've got fully owned parks. We believe in strongly in making sure that we look at the potential of each site.

Speaker Change: From a strategic standpoint, I understand your capital allocation question. We're going through the extended period now. I'll take you back, Steve.

Richard Zimmerman: The extensive antitrust review process. We were limited in terms of the information that we'd share between the companies. We're going through a pretty comprehensive overview, as I said, to create our long-range plan and our long-term outlook. I think every property's got opportunities. We understand the challenges. We've got lease parks. We've got partnership parks. We've got fully-owned parks.

Speaker Change: The

Speaker Change: extensive antitrust review process meant we were limited in terms of the information that we'd share between the companies. We're going through in a pretty comprehensive overview, as I said, to create our long-range plan and a long-term outlook.

Steven Wieczynski: We're going through in a pretty comprehensive review, as I said, to create our long range plan and our long term outlook. I think every property's got opportunities. We understand the challenges. We've got least parks. We've got partnership parks. We've got fully owned parks. We believe in strongly in making sure that we look at the potential of each site. And the good news is, even within both portfolios, there are some really strong performers, regardless of size.

Speaker Change: I think every property's got opportunities. We understand the challenges. We've got lease parks. We've got partnership parks. We've got fully owned parks.

Richard Zimmerman: We believe strongly in making sure that we look at the potential of each site. And the good news is, even within both portfolios, there are some really strong performers, regardless of size. Some of the most consistent performance and sustainable performance, not necessarily growth, but performance, is at some of the smaller and mid-tier parks.

Speaker Change: We believe strongly in making sure that we look at the potential of each site. And the good news is, even within both portfolios,

Richard Zimmerman: And the good news is, even within both portfolios, there are some really strong performers, regardless of size. Some of the most consistent performance and significant, the sustainable performance, not necessarily growth of performance, is that some of the smaller in the mid-tier parks. So, I do think there's an opportunity to stratify the portfolio and make sure that we're looking at the high growth opportunities. But I do believe every park that we now own, that we now operate, has a place in the portfolio if we properly define its role within the portfolio. Right?

Speaker Change: There are some really strong performers, regardless of size, some of the most consistent performance.

Steven Wieczynski: Some of the most consistent performance and significant, the sustainable performance, not necessarily growth of performance, is that some of the smaller in the mid-tier parks. So, I do think there's an opportunity to stratify the portfolio and make sure that we're looking at the high growth opportunities. But I do believe every park that we now own, that we now operate, has a place in the portfolio if we properly define its role within the portfolio.

Speaker Change: And the sustainable performance, not necessarily growth, but performance, is at some of the smaller and the mid-tier parts.

Richard Zimmerman: So I do think there's an opportunity to stratify the portfolio and make sure that we're looking at the high-growth opportunities. But I do believe every park that we now own, that we now operate, has a place in the portfolio if we properly define its role within the portfolio. Yeah, I think the only thing I would add, Steve, is that, you know, I think you can look back at the approach that, you know, standalone or legacy Cedar Fair has taken on that front.

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

Brian Witherow: Yeah, I think the only thing I would add, Steve, is you know, I think you can look back at the approach that, you know, stand alone or legacy Cedar Fair has taken on that front. We've acquired a lot of assets over the years, and we've also divested assets that we, over time, deemed no longer core in the portfolio. Well, I think it's as Richard said, it's still very early. I mean, we only closed on this deal a little over a month ago. And so we're now drinking from the fire hose as we, as we work through that longer term strategic plan.

Steve Wieczynski: Yeah, I think the only thing I would add, Steve, is, you know, I think you can look back at the approach that, you know, standalone or legacy Cedar Fair has taken on that front. We've acquired a lot of assets over the years, and we've also divested of assets that we, over time, deemed no longer core in the portfolio. I think it's, as Richard said, it's still very early. I mean, we only closed on this deal a little over a month ago, and so right now we're drinking from the fire hose as we work through that longer-term strategic plan, but certainly portfolio optimization will be part of that exercise over time.

Steven Wieczynski: Right? Yeah, I think the only thing I would add, Steve, is you know, I think you can look back at the approach that, you know, stand alone or legacy cedar fair is taken on that front. We've acquired a lot of assets over the years, and we've also divested assets that we, over time, deemed no longer core in the portfolio. Well, I think it's as Richard said, it's still very early. I mean, we only closed on this deal a little over a month ago. And so we're now we're drinking from the fire hose as we, as we work through that longer term strategic plan. But certainly portfolio optimization will be part of that exercise over time.

Richard Zimmerman: We've acquired a lot of assets over the years, and we've also divested assets that we, over time, deemed no longer core in the portfolio. I think it's, as Richard said, it's still very early. I mean, we only closed on this deal a little over a month ago.

Brian Witherow: And so right now, we're drinking from the firehose as we work through that longer-term strategic plan. But certainly, portfolio optimization will be part of that exercise over time. Okay, great. Thanks, guys. Really appreciate it.

Brian Witherow: But certainly, portfolio optimization will be part of that exercise over time.

Steven Wieczynski: Okay, great. Thanks, guys. We'll appreciate it.

Steven Wieczynski: Thank you, Steve.

Speaker Change: Okay, great. Thanks guys, really appreciate it. Thanks, Steve.

Steven Wieczynski: Thank you, Steve. And our next question comes from the line of Thomas Yeh with Morgan Stanley. Thomas, please go ahead. Thanks so much.

Operator: Okay, great. Thanks, guys. We'll appreciate it.

Thomas Yeh: And our next question comes from the line of Thomas, Yay, with Morgan Stanley. Thomas, please go ahead. Thanks so much. I was hoping to dissect the July pacing a bit more. It sounds like even with that down 1% in July, if you kind of exclude the closures, it doesn't fully strip out the weather headwind.

Operator: Thank you, Steve.

Speaker Change: Thank you, Steve.

Thomas Yeh: And our next question comes from the line of Thomas, yay, with Morgan Stanley. Thomas, please go ahead. Thanks so much. I was hoping to dissect the July pacing a bit more. It sounds like even with that down 1% in July, if you kind of exclude the closures, it doesn't fully strip out the weather headwind. So maybe beyond the weather you cited, have you seen any evidence of the shift in value proposition you mentioned relative to maybe some consumer weakness at the low end and how that has that shaped out to date.

Speaker Change: Our next question comes from the line of Thomas Yeh with Morgan Stanley . Thomas, please go ahead.

Thomas Yeh: I was hoping to dissect the July pacings a bit more. It sounds like even with that down 1% in July, if you kind of exclude the closures, it doesn't fully strip out the weather headwinds. So maybe, beyond the weather you cited, have you seen any evidence of the shift in value proposition you mentioned relative to maybe some consumer weakness at the low end? And how's that shaped out to date?

Thomas Yeh: Thanks so much. I was hoping to dissect the July pacings a bit more. It sounds like even with that down 1% in July , if you kind of exclude the closures,

Thomas Yeh: So maybe beyond the weather you cited, have you seen any evidence of the shift in value proposition you mentioned relative to maybe some consumer weakness at the low end and how that has shaped out to date. And as I follow up to that, Brian, I think he had mentioned before that hope to return to only 19 attendance levels at Legacy Cedar. I know there's a little bit of a weird 2Q calendar timing shift, but is that still on track, or are you hoping to exceed that? at this point.

Speaker Change: it doesn't fully outabout the weather headwinds

Speaker Change: So maybe beyond the weather you cited, have you seen any evidence of the shift in value proposition you mentioned relative to maybe some consumer weakness at the low end, and how has that shaped out to date?

Brian Witherow: As a follow-up to that, Brian, I think he had mentioned before that he hopes to return to 2019 attendance levels at Legacy Theatre. I know there's a little bit of a weird 2Q calendar timing shift, but is that still on track? Or are you hoping to exceed that? Yeah, Thomas, so maybe I'll take the latter first.

Brian Witherow: And as a follow-up to that, I think Brian , I think he had mentioned before that hopes to return to 2019 attendance levels at Legacy Theatre. I know there's a little bit of a weird 2Q calendar timing shift, but is that still on track or are you hoping to exceed that at this point?

Thomas Yeh: And as I follow up to that, Brian, I think he had mentioned before that hope to return to only 19 attendance levels at legacy cedar. I know there's a little bit of a weird 2Q calendar timing shift, but is that still on track or are you hoping to exceed that? at this point.

Brian Witherow: Yeah, Thomas, so maybe I'll take the latter first. I think what I would remind everyone is that the second half of the year, and this is a comment that applies to both sides of the portfolio, would represent close to two thirds of the attendance and revenues for the combined portfolio. It's great to have the results that we've seen through the first half of 2024, but the second half of the year is critical in terms of where things land. You know, July, as Richard noted, and as we said, our prepared remarks has been a little bit bumpy, being down 3%.

Brian Witherow: I think what I would remind everyone is that the second half of the year, and this is a comment that applies to both sides of the portfolio, would represent, you know, close to two-thirds of the attendance and revenues for the combined portfolio. And so, you know, it's great to have the results that we've seen through the first half of 2024, but the second half of the year is critical in terms of where things land.

Speaker Change: yes thomas so maybe i'll take the latter first i think what i would remind everyone is is that

Speaker Change: The second half of the year, and this is a comment that applies to both sides of the portfolio, would represent, you know, close to two-thirds of the attendance and revenues.

Brian Witherow: for the combined portfolio. And so, you know, it's great to have the results that we've seen through the first half of 2024, but the second half of the year is critical in terms of where things land. You know, July, as Richard, you know, noted, and as we said in our prepared remarks,

Brian Witherow: You know, July, as Richard noted, and as we said in our prepared remarks, has been a little bit bumpy, you know, being down three percent. There's no doubt we've dealt with some extreme weather conditions in some markets, but, you know, one of the core drivers behind this merger was to create a more diversified footprint, and so we're not going to use weather as an excuse. Was it a challenge in some markets?

Brian Witherow: You know, July, as Richard noted, and as we said, our prepared remarks has been a little bit bumpy, being down 3%. There's no doubt we've dealt with some extreme weather conditions in some market, but the whole idea behind one of the core drivers behind this merger was to create a more diversified footprint, and so we're not going to use weather as an excuse. Was it a challenge in some markets? Sure, record-heat in a number of markets is problematic.

Brian Witherow: There's no doubt we've dealt with some extreme weather conditions in some markets, but the whole idea behind one of the core drivers behind this merger was to create a more diversified footprint, and so we're not going to use weather as an excuse. Was it a challenge in some markets? Sure, record heat in a number of markets is problematic. The four parts we called out, I think those were very anomalistic events where the parts were shut down for length of period of time, either because of the hurricane that hit the Gulf or utility disruption up in Michigan, as an example.

Richard Zimmerman: You know, it has been a little bit bumpy, being down 3%.

Richard Zimmerman: There's no doubt we've dealt with some...

Richard Zimmerman: Some extreme weather conditions in some market, but the whole idea behind, one of the core drivers behind this merger was to create a more diversified footprint, and so we're not going to use weather as an excuse. Was it a challenge in some markets? Sure, record heat.

Brian Witherow: Sure, record heat in a number of markets is problematic. But the four parks we called out, I think those were very anomalistic events where the parks were shut down for a length of time, either because of the hurricane that hit the Gulf or utility disruption up in Michigan, as an example. You know, I think, broadly speaking, we still remain encouraged by the broader trends that we've been seeing around attendance. You know, demand is there when the weather is good.

Brian Witherow: in a number of markets is problematic. The four parks we called out, I think those were very anomalistic events where the parks were shut down for lengths of period of time, either because of the hurricane that hit the Gulf or utility disruption up in Michigan as an example.

Brian Witherow: The four parts we called out, I think those were very anomalistic events where the parts were shut down for length of period of time, either because of the hurricane that hit the Gulf or utility disruption up in Michigan as an example. You know, I think broadly speaking, we still remain encouraged by the broader trends that we've been seeing around attendance. You know, demand is there when weather is good. We're seeing strong demand.

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

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

Brian Witherow: We're seeing strong demand. There are always going to be short periods where, you know, we see those macro trends or those macro headwinds impact demand trends a little bit, and then, you know, if it plays out like last year, we saw something similar, right? July was a little bit challenging because of the heat and rain in a number of markets, but then we turned to August and turned the page, and August took off like gangbusters and, you know, on the legacy cedar side, led to a, you know, record second half performance.

Brian Witherow: There are always going to be short periods where, you know, we see those macro trends or those macro headwinds, you know, impact demand trends a little bit, and then, you know, if it plays out like last year, we saw something similar, right? July was a little bit challenging because of the heat and rain in a number of markets, and then we turned to August and turned the page, and August took off like gangbusters, and, you know, on the legacy seeder side led to a, you know, record-second-half performance.

Brian Witherow: So, you know, we're still encouraged by the broader, as they said, the broader trends. The deferred revenue balances, you know, indicate that there's a lot of, you know, pent-up demand; there are a lot of tickets in the market, whether those BCs and passes, or single-day tickets. And so we think we're still well-positioned, you know, over the second half of the year, but, you know, we'll have to, you know, we'll have to see how everything plays out.

Brian Witherow: So, you know, we're still encouraged by the broader, as I said, the broader trends. The deferred revenue balances, you know, indicate that there's a lot of, you know, pent-up demand. There are a lot of tickets in the market, whether those be season passes or single-day tickets, and so we think we're still well positioned for the second half of the year, but, you know, we'll have to, we'll have to see how everything plays out.

Brian Witherow: So, you know, we're still encouraged by the broader, as they said, the broader trends, the deferred revenue balances, you know, indicate that there's a lot of, you know, pent-up demand, there are a lot of tickets in the market, whether those BCs and passes, or single-day tickets. And so we think we're still well-positioned, you know, over the second half of the year, but, you know, we'll have to, you know, we'll have to see how everything plays out.

Brian Witherow: broader, as I said, the broader trend. The deferred revenue balances indicate that there's a lot of pent-up demand. There are a lot of tickets in the market, whether those be season passes or single-day tickets. And so we think we're still well-positioned over the second half of the year, but we'll have to see how everything plays out.

Richard Zimmerman: Thomas, one more thing for me to jump in here is Richard. He is one of the unique windows we have into the health of consumers, our resort and, you know, portfolio, and I will tell you in the month of July, we've had some outstanding days where we were, you know, sold out at many of our seeder point hotels at increasingly higher ADRs than we've seen last year. So, in terms of our look, and certainly throughout our portfolio, we serve all. We become classes and stratus throughout our resort portfolio because we've got a wide array of hospitality and resource for people to stay at.

Brian Witherow: Thomas, one more thing for me to jump in here to Richard is one of the unique windows we have into the health of the consumer is our resort and, you know, portfolio. And I will tell you that in the month of July, we had some outstanding days where we were, you know, sold out of many of our Cedar Point hotels at increasingly higher ADRs than we saw last year. So, in terms of our look and certainly throughout our portfolio, we serve all income classes and stratas through our resort portfolio.

Richard Zimmerman: Thomas, one more thing for me to jump in here, it's Richard, is one of the unique windows we have into the health of the consumer is our resort and, you know, portfolio, and I will tell you in the month of July , we've had some outstanding days where we were

Speaker Change: We've sold out at many of our Cedar Point hotels at increasingly higher ADRs than we've seen last year. In terms of our look, and certainly throughout our portfolio, we serve all income classes and stratas through our resort portfolio.

Richard Zimmerman: We've got a wide array of hospitality and resorts for people to stay at. I will tell you, I've been really encouraged and pleased with the resort and our out of park performance over the month of July. Great, thanks.

Richard Zimmerman: We become classes and stratus throughout our resort portfolio because we've got a wide array of hospitality and resource for people to stay at. I will tell you I've been really encouraged and pleased with the resort in our out-of-park performance over the month of July.

Speaker Change: We've got a wide array of hospitality and resorts for people to stay at. I will tell you, I've been really encouraged and pleased with the resort and our out-of-park performance over the month of July .

Richard Zimmerman: I will tell you I've been really encouraged and pleased with the resort in our out-of-park performance over the month of July.

Thomas Yeh: Great. Thanks.

Thomas Yeh: Great.

Thomas Yeh: And then just beyond evaluating the pricing strategy, Richard, you mentioned some OPEX tweaks, including maybe leaning more deeply into marketing. Can you elaborate a little bit more on where you see maybe the most clear areas of underinvestment at Legacy 6 and where you think you'd be able to generate a lot more opportunity from low-hanging fruit? Is it staffing levels or maintenance or anything more specific that would be helpful? Let me take your advertising question first, and this goes for the combined company, both sides of the portfolio. Coming out of the pandemic, we all skinned up on advertising. There was a lot of pent-up demand. We knew that it would be there.

Richard Zimmerman: Thanks. And then just beyond evaluating the pricing strategy, Richard, you mentioned some OPEX tweaks, including maybe leaning more deeply into marketing. Can you elaborate a little bit more on where you see maybe the most clear areas of underinvestment at like a C6 and where you think you'd be able to generate a lot more opportunity from low-hanging fruit? Is it staffing levels or maintenance, or anything more specific that would be helpful? Well, thank you.

Richard Zimmerman: Great, thanks. And then just beyond evaluating the pricing strategy, Richard, you mentioned some OPEX tweaks, including maybe leaning more deeply into marketing. Can you elaborate a little bit more on where you see maybe the most clear areas of underinvestment at Legacy6 and where you think you'd

Richard Zimmerman: And then just beyond evaluating the pricing strategy, Richard, you mentioned some OPEX tweaks, including maybe leaning more deeply into marketing. Can you elaborate a little bit more on where you see maybe the most clear areas of underinvestment at like a C6 and where you think you'd be able to generate a lot more opportunity from low-hanging fruit? Is it staffing levels or maintenance or anything more specific that would be helpful? Well, thank you.

Richard Zimmerman: be able to generate a lot more opportunity from low-hanging fruit? Is it staffing levels or maintenance or anything more specific that would be helpful? Thank you.

Richard Zimmerman: Let me take your advertising question first. And this goes for the combined company, both sides of the portfolio. Coming out of the pandemic, we all skinny up advertising. There was a lot of pent-up demand. We knew that would be there. But we also, like a lot of companies in other industries, really narrowed our approach to highly digital when percentage of ads spend went highly digital, which is great because it's very targeted. But you also give up a little bit of breath. What we've seen is, as we play with the mix, get to a little bit better rounded portfolio of media channels.

Speaker Change: Let me take your advertising question first, and this goes for the combined company, both sides of the portfolio. Coming out of the pandemic...

Richard Zimmerman: Let me take your advertising question first. And this goes for the combined company both sides of the portfolio. Coming out of the pandemic, we all skinny up advertising. There was a lot of pent up demand. We knew that would be there. But we also, like a lot of companies in other industries, really narrowed our approach to highly digital when percentage of ads spend went highly digital, which is great because it's very targeted.

Speaker Change: We all skinnied up advertising. There was a lot of pent-up demand. We knew that would be there, but we also like a lot of companies in other industries, really narrowed our narrowed our approach to highly digital when we

Richard Zimmerman: But we also, like a lot of companies in other industries, really narrowed our approach to highly digital. The percentage of ad spend went highly digital, which is great because it's very targeted, but you also give up a little bit of breadth. What we've seen is as we play with the mix, get to a little bit better-rounded portfolio of media channels, we've seen an ability to get more traction. And the other thing that we've noticed over the last couple of years is that as we look at the impact of advertising, more and more that impact in terms of generating awareness of our parks and driving performance is extended out over a longer period. So what we're trying to do is make sure we've got the right mix of channels but also the right pulsing so that we maintain those awareness levels and improve those awareness levels as we go.

Richard Zimmerman: a percentage of ad spend went highly digital, which is great because it's very targeted, but you also give up a little bit of breath. What we've seen is as we play with the mix.

Richard Zimmerman: But you also give up a little bit of breath. What we've seen is as we play with the mix, get to a little bit better rounded portfolio of media channels. We've seen an ability to get different, get more traction. And the other thing that we've noticed over the last couple of years is as we look at the impact of advertising, more and more that impact in terms of generating awareness of our parks and generating performance is extended out over a better, over a longer period.

Speaker Change: Get to a little bit

Brian Witherow: We've seen an ability to get different, get more traction. And the other thing that we've noticed over the last couple of years is, as we look at the impact of advertising, more and more that impact, in terms of generating awareness of our parks and generating performance, is extended out over a better, over a longer period. So what we're trying to do is make sure we've got the right mix of channels, but also the right pulsing so that we maintain those awareness and improve those awareness levels as we go through. So I think that's our challenge on that from terms of the overall, you know, parks and what we're doing.

Speaker Change: Better rounded?

Richard Zimmerman: Portfolio of Media Channels. We've seen an ability to get different, get more traction.

Speaker Change: And the other thing that we've noticed over the last couple of years is...

Richard Zimmerman: as we look at the impact of advertising.

Speaker Change: More and more, that impact in terms of generating awareness of our parks and generating...

Speaker Change: performance is extended out over a longer period. So what we're trying to do is make sure we've got the right mix of channels, but also the right pulsing, so that we maintain those awareness and improve those awareness levels as we go through. So I think that's our challenge on that front.

Richard Zimmerman: So what we're trying to do is make sure we've got the right mix of channels, but also the right pulsing so that we maintain those awareness and improve those awareness levels as we go through. So I think that's our challenge on that from terms of the overall, you know, parks and what we're doing. And I would, I would, again, look at the Cedar portfolio as much as the Six Lives portfolio. We're trying to make sure where as efficient as possible while driving a lot of attendance, a lot of revenue growth.

Richard Zimmerman: So I think that's our challenge on that front. In terms of the overall parks and what we're doing, and I would, again, look at the Cedar portfolio as much as the Six Flags portfolio, we're trying to make sure we're as efficient as possible while driving a lot of attendance and a lot of revenue. And, you know, we've got a weekly performance meeting where we go through transactions per hour.

Richard Zimmerman: And I would, I would, again, look at the Cedar portfolio as much as the Six Lives portfolio. We're trying to make sure where as efficient as possible while driving a lot of attendance, a lot of revenue growth. And, you know, we've got a weekly performance meeting where we go through transactions per hour. We go through all the metrics that we watch to make sure we're being really efficient with our dollars, ridership, rides per guest, all the things that that that ladder up into that satisfaction. So what we're trying to do is make sure that we are very disciplined in our approach, that we listen to the consumer, that we really take a look at what's different region by region, but start to lay in place to things we think can drive guest satisfaction.

Speaker Change: In terms of the overall parks and what we're doing, and I would again look at the Cedar portfolio as much as the Six Flags portfolio, we're trying to make sure we're as efficient as possible while driving a lot of attendance and a lot of revenue growth.

Richard Zimmerman: And, you know, we've got a weekly performance meeting where we go through transactions per hour. We go through all the metrics that we watch to make sure we're being really efficient with our dollars, ridership, rides per guest, all the things that that that ladder up into that satisfaction. So what we're trying to do is make sure that we are very disciplined in our approach that we listen to the consumer that we really take a look at what's different region by region, but start to lay in place to things we think can drive guest satisfaction.

Richard Zimmerman: We go through all the metrics that we watch to make sure we're being really efficient with our dollars, ridership, rides per guest, all the things that ladder up to that satisfaction. So what we're trying to do is make sure that we are very disciplined in our approach, that we listen to the consumer, that we really take a look at what's different region by region, but start to put in place the things we think can drive guest satisfaction.

Richard Zimmerman: Ridership

Richard Zimmerman: Rides for Guests, all the things that

Richard Zimmerman: ladder up into that satisfaction. So what we're trying to do is make sure that we are very disciplined in our approach, that we listen to the consumer, that we really take a look at what's a different region by region, but start to lay

Richard Zimmerman: We make sure that all the rides are open on both sides of the portfolio because sometimes these are these are mechanical. You know, all rides are mechanical, and sometimes they have challenges. But as we, as we make sure that we are riding more riders, as we make sure we've got all the rides open. We've seen a statistically significant increase in guest satisfaction, and that's what's important.

Richard Zimmerman: Lay in place the things we think can drive guest satisfaction We've made sure that all the rides are open on both sides of the portfolio because sometimes these are these are mechanical You know all rides are mechanical and sometimes they have challenges, but as we as we

Richard Zimmerman: We make sure that all the rides are open on both sides of the portfolio because sometimes these are mechanical, you know, all rides are mechanical, and sometimes they have challenges. But as we go, make sure that we are riding with more riders, and we make sure we've got all the rides open, we've seen a statistically significant increase in guest satisfaction, and that's what it is. I appreciate the color, thank you.

Richard Zimmerman: We make sure that all the rides are open on both sides of the portfolio because sometimes these are these are mechanical. You know, all rides are mechanical and sometimes they have challenges, but as we as we make sure that we are riding more riders as we make sure we've got all the rides open. We've seen a statistically significant increase in guest satisfaction and that's what's important.

Richard Zimmerman: Made sure that we are riding more riders and we make sure we've got all the rides open. We've seen a statistically significant increase in guest satisfaction and that's what's important.

Thomas Yeh: Appreciate the color.

Thomas Yeh: Thank you. Thanks, Thomas.

Speaker Change: I appreciate the color. Thank you.

Thomas Yeh: Thanks, Thomas. And our next question comes from the line of Matthew Boss. Matthew, please go ahead.

Thomas Yeh: Appreciate the color. Thank you.

Matthew Boss: And our next question comes from the line of Matthew Boss with JP Morgan.

Thomas Yeh: Thanks, Thomas.

Matthew Boss: Thanks, Thomas. And our next question comes from the line of Matthew Boss with JP Morgan. Matthew, please go ahead. Great. Thanks. So maybe first for Richard on the like for like attendance trends during the second quarter and then the softening in July that you cited. I guess any changes in the pricing or larger picture promotional landscape that you're seeing. And then just help us to think about your back cap demand assumptions.

Speaker Change: And our next question comes from the line of Matthew Boss with J.P. Morgan. Matthew, please go ahead.

Matthew Boss: Matthew, please go ahead. Great. Thanks. So maybe first for Richard on the like-for-like attendance trends during the second quarter and then the softening in July that you cited. I guess any changes in the pricing or larger picture promotional landscape that you're seeing. And then just help us to think about your back cap demand assumptions. Have you made any internal changes just based on more recent consumer behavior?

Matthew Boss: Great, thanks. So maybe first for Richard, on the like for like, quarter, and then the softening in July. I guess any changes in the pricing or larger picture promotion. And then just help us to think about your back half demand assumptions. Have you made any internal...

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

Matthew Boss: Have you made any internal changes just based on more recent consumer behavior? I'll take a stab at that and then I'll let Brian weigh in. You know, again, caveat we don't give financial guidance, but as I look at the business and what we're seeing. I think each, each, you know, legacy company had a plan coming in. I think when you look at the demand levels per channel, I think relatively both companies where we're coming in within range of expectations of the plans they put in place.

Richard Zimmerman: I'll take a stab at that and then I'll let Brian weigh in, you know, as again we, Caveat, we don't give financial guidance, but as I look at the business and what we're seeing, I think each Legacy Company had a plan coming in. I think when you look at the demand levels per channel, I think, relatively, both companies were coming in within the range of expectations of the plans they put in place.

Richard Zimmerman: I'll take a stab at that, and then I'll let Brian weigh in. You know, again, caveat we don't give financial guidance, but as I look at the business and what we're seeing. I think each, each, you know, legacy company had a plan coming in. I think when you look at the demand levels per channel, I think relatively both companies where we're coming in within range of expectations of the plans they put in place. So I wasn't significant shifts from from a for certainly demand tickets. We break it down into season passes, group channels, and demand tickets.

Richard Zimmerman: I'll take a stab at that and then I'll let Brian weigh in.

Richard Zimmerman: We don't give financial guidance, but as I look at the business

Speaker Change: Legacy Company had a plan coming in.

Speaker Change: I think when you look at the demand levels per channel, I think relatively, both companies were coming in.

Richard Zimmerman: So it wasn't significant shifts from the first certainly demand tickets. We break it down into season passes, group channels, and demand tickets. So not significant changes up or down in terms of the level of pricing within that demand channel. But we really saw significant growth in the group channel with the recovery of youth, which we thought would take almost three years after the pandemic, and it did. The encouraging part is the strength in the group and school and youth channel. A little bit of a comeback in corporate as well. So I don't want to underplay corporate. You know, we've also seen comebacks.

Brian Witherow: within range of expectations of the plans they put in place, so it wasn't significant shifts.

Matthew Boss: So I wasn't significant shifts from from a for certainly demand tickets. We break it down into season passes, group channels and demand tickets. So not significantly significant changes up or down in terms of the level of pricing within that demand channel really saw significant growth in the group channel. With the recovery of youth, what we thought would take almost three years after pandemic and it did the encouraging part is the strength in the group and school and youth channel a little bit of come back and corporate as well.

Richard Zimmerman: from, first, certainly demand tickets. We break it down into season passes, group channels, and demand tickets. So not significant changes, up or down, in terms of the level of pricing within that demand channel.

Brian Witherow: So not significantly significant changes up or down in terms of the level of pricing within that demand channel really saw significant growth in the group channel. With the recovery of youth, what we thought would take almost three years after pandemic, and it did. The encouraging part is the strength in the group and school and youth channel a little bit of come back and corporate as well. So don't want to play corporate. You know, we've also seen come back in that. But really, the lion's share, when we think about what's happening, and Brian referenced it, you know.

Richard Zimmerman: Really saw significant growth in the group channel with the recovery of youth, which we thought would take almost three years after the pandemic, and it did. The encouraging part is the strength in the group.

Speaker Change: School and Youth Channel. A little bit of Comeback in Corporate as well, so I don't wanna underplay corporate. We've also seen Comeback in that. But really, the lion's share, when we think about what's happening, and Brian referenced it,

Richard Zimmerman: But really, the lion's share when we think about what's happening, and Brian referenced it, you know, Season Pass is such a dominant impact on our attendance mix. A lot of times, it's less about the price and more about the attendance mix and how much you can drive with Season Pass. Season Pass, if you drive enough and have a higher percentage of penetration and a higher attendance mix, it's gonna put pressure on your admission per cap, but it's the most expensive single ticket we sell, and we wanna sell as many of them as possible. And then we want them to visit lots, right?

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

Richard Zimmerman: You know, we've seen a lot of money. We've seen a lot of money. We've season pass is such a dominant impact on our attendance mix. A lot of times, it's less about the price and more about the attendance mix and how much you can drive season pass. Season pass, if you drive enough and a higher percentage of penetration and a higher attendance mix is going to put pressure on your admission per cap, but it's the most expensive single ticket we sell and we want to sell as many of them as possible.

Brian Witherow: Season Pass has such a dominant impact on our attendance.

Speaker Change: A lot of times it's less about the price.

Speaker Change: and more about the attendance mix and how much you can drive season pass. Season pass, if you drive enough and a higher percentage of...

Brian Witherow: You know, penetration and a higher attendance mix is going to put pressure on your admission per cap, but it's the most expensive single ticket we sell, and we want to sell as many of them as possible. And then we want them to visit lots. Brian ?

Brian Witherow: And then we want them to visit lots, Brian.

Brian Witherow: Yeah, I think, Matt, what I would add, as we think about both sides of the combined portfolio looking at this year versus last year, I don't know if there's anything that was a demonstrative pivot or change. We've talked over the last couple quarters on the legacy Cedar side about changes that we made around season pass pricing in a few select markets that was the result of some analysis and consumer research that we did in 23, you know, late 23 coming into 24. But when it comes to promotions, you know, to maybe take a level higher, you know, dynamic pricing of single day tickets.

Brian Witherow: Yeah, I think, Matt, what I would add is, as we think about both sides of the combined portfolio looking at this year versus last year, I don't know that there's anything that was a demonstrative pivot or change. And we've talked over the last couple of quarters on the legacy Cedar side about changes that we made around season pass pricing in a few select markets that were the result of some analysis and consumer research that we did in late 23 coming into 24.

Matthew Boss: And then we want them to visit lots, Brian. Yeah, I think Matt what I would add, as we think about both sides of the combined portfolio looking at this year versus last year, I don't know if there's anything that was a demonstrative pivot or change. We've talked over the last couple quarters on the legacy Cedar side about changes that we made around season pass pricing in a few select markets that was the result of some analysis and consumer research that we did in in 23, you know, late 23 coming into 24 or but when it comes to promotions, you know, to maybe take a level higher, you know, dynamic pricing of single day tickets.

Brian Witherow: Yeah, I think, Matt, what I would add as we think about both sides of the combined portfolio looking at this year versus last year, I don't know that there's anything that was a demonstrative pivot or change. We've talked over the last couple of quarters.

Brian Witherow: on the Legacy Cedar side about changes that we made around season pass pricing in a few select markets that was

Brian Witherow: the result of some analysis and consumer research that we did.

Richard Zimmerman: in 23, you know, late 23 coming into 24.

Brian Witherow: But when it comes to promotions, and I'll tie it in to maybe take it a level higher, dynamic pricing of single-day tickets, our business intelligence teams have always been in the practice of dialing up prices on single-day tickets and dialing down prices just based on the demand trends. And so I wouldn't say that that's new.

Speaker Change: But, when it comes to promotions, and I'll tie it in to maybe take it a level higher, you know, dynamic pricing of single-day tickets.

Brian Witherow: Our business intelligence teams have always been in the practice of, you know, dialing up price on single day tickets and dialing down price just based on the demand trends. And so I wouldn't say that that's new, or that's certainly something that is a practice that we've gotten really good at. And so, you know, as we look at the balance of this year and what's ahead, you know, when there are, you know, headwinds like weather in a market, no matter what you do with price, it really has a hard time resonating because the reason they're not visiting is in price related.

Speaker Change: Our business intelligence teams have always been in the practice of, you know, dialing up price on single day tickets and dialing down price just based on the demand trends. And so, I wouldn't say that that's new, that's certainly something that

Matthew Boss: Our business intelligence teams have always been in the practice of, you know, dialing up price on single day tickets and dialing down price just based on the demand trends. And so I wouldn't say that that's new or that's certainly something that is a practice that we've gotten really good at. And so, you know, as we look at the balance of this year and what's ahead, you know, when there are, you know, headwinds like weather in a market, no matter what you do with price, it really has a hard time resonating because the reason they're not visiting is in price related.

Brian Witherow: That's certainly something that is a practice that we've gotten really good at. And so as we look at the balance of this year and what's ahead, when there are headwinds like weather in a market, no matter what you do with price, it really has a hard time responding because the reason they're not visiting isn't price-related. It's more macro weather conditions.

Richard Zimmerman: that is a practice that we've gotten really good at. And so, as we look at the balance of this year and what's ahead, when there are headwinds like weather in a market, no matter what you do with price, it really has a hard time resonating because the reason they're not visiting isn't price-related, it's more the macro weather conditions.

Brian Witherow: It's more, you know, the macro weather conditions. But as we think about the fall ahead in the demand, the strong demand that we've seen around things like Halloween haunts on the legacy Cedar side or things are going to be opportunities to, you know, again continue to lean in demand.

Brian Witherow: But as we think about the fall ahead in demand, the strong demand that we've seen around things like Halloween Haunt on the legacy Cedar side or Fright Fest on the legacy six side, I think there's going to be opportunities to, again, continue to lean on demand. The only thing that I would add on the season pass, unfortunately, closing this deal on July 1st, only maybe six weeks or so, four to six weeks before we were going on sale with a lot of season pass programs at the parks, didn't give us a lot of time to fully harmonize the pass programs across the combined portfolio.

Matthew Boss: It's more, you know, the macro weather conditions. But as we think about the fall ahead in the demand, the strong demand that we've seen around things like Halloween haunts on the legacy Cedar side or things are going to be opportunities to, you know, again continue to lean in demand. The only thing, you know, that I would add on the season pass, you know, unfortunately closing this deal on July 1st, only maybe, you know, six weeks or so, you know, four to six weeks before we were going on sale with a lot of season passes or season pass programs at the parks.

Richard Zimmerman: But as we think about the fall ahead and the demand, the strong demand that we've seen around things like Halloween Haunt on the Legacy Cedar side or Fright Fest on the Legacy Six side, I think there's going to be opportunities to, you know, again continue to lean in demand. The only thing, you know, that I would add on the season pass...

Brian Witherow: The only thing, you know, that I would add on the season pass, you know, unfortunately closing this deal on July 1st, only maybe, you know, six weeks or so, you know, four to six weeks before we were going on sale with a lot of season passes or season pass programs at the parks. Didn't give us a lot of time to fully harmonize the pass programs across the combined portfolio. We've made some, we've taken some steps and made some strides in moving in that direction, but I think over time you're going to see those programs get a lot more harmonized in a lot more opportunity.

Speaker Change: Unfortunately, closing this deal on July 1st, only maybe six weeks or so, four to six weeks before we were going on sale with a lot of season passes.

Richard Zimmerman: Our season pass programs at the parks didn't give us a lot of time to fully harmonize the pass programs across the combined portfolio. We've taken some steps and made some strides in moving in that direction, but I think over time you're going to see those programs get a lot more harmonized and a lot more opportunity. But we're going to have to only move a little bit forward on that as it relates to 25 just because of the late timing of the close of the merger.

Matthew Boss: Didn't give us a lot of time to fully harmonize the pass programs across the combined portfolio. We've made some, we've taken some steps and made some strides in moving in that direction, but I think over time you're going to see those programs get a lot more harmonized in a lot more opportunity. But we're going to, you know, we're going to have to only move, move a little bit forward on that as it relates to 25 just because the late timing of the close of the merger.

Brian Witherow: We've taken some steps and made some strides in moving in that direction, but I think over time, you're going to see those programs get a lot more unified and a lot more opportunities. But we're going to have to only move a little bit forward on that as it relates to 25 just because of the late timing of the close of the merger. And then maybe just to follow up, Brian, could you help quantify or just ballpark, maybe the organic operating?

Brian Witherow: But we're going to, you know, we're going to have to only move, move a little bit forward on that as it relates to 25 just because the late timing of the close of the merger.

Brian Witherow: Great, and then maybe just a follow-up, Brian, could you help quantify or just fall park, maybe the organic operating expense structure or just anything to help get our arms around the magnitude of some of the upfront investments that you cited to improve the park offerings, increase attractions, and the higher marketing? Well, I think, you know, as you said in the prepared remarks, you're both enrichment. Alluded to this just a few moments ago. Both companies have increased, you know, their advertising spend mid-year this year, you know, relative to what we thought coming into the year. And again, the last thing you want to do is have new attractions, new initiatives, new entertainment at your parks and not be in market with enough advertising to support.

Brian Witherow: Great, and then maybe just a follow-up, Brian , could you help quantify or just ballpark maybe the organic operating expense structure, or just...

Matthew Boss: Great, and then maybe just a follow-up Brian, could you help quantify or just fall park, maybe the organic operating expense structure or just anything to help get our arms around the magnitude of some of the upfront investments that you cited to improve the park offerings, increase attractions and the higher marketing? Well, I think, you know, as you said in the prepared remarks, you're both enrichment alluded to this just a few moments ago.

Matthew Boss: Structure, anything to help get our arms around the magnet, upfront investments that you cited. Park Offerings, Increased Attractions, and the higher... Well, I think, you know, as we said in the prepared remarks, and Richard alluded to this just a few moments ago, both companies have increased their advertising spend midyear this year, relative to what we thought coming into the year. And again, the last thing you want to do is have new attractions, new initiatives, new entertainment at your parks and not be in the market with enough advertising to support them. So I think we're trying to define the right level, you know, the right amount of advertising.

Brian Witherow: Anything to help get our arms around the magnitude of some of the upfront investments that you cited to improve the park offerings, increase attractions, and the higher marketing.

Speaker Change: Well, I think as we said in the prepared remarks, both, and Richard alluded to this just a few moments ago, both companies have increased their advertising spend mid-year this year.

Matthew Boss: Both companies have increased, you know, their advertising spend mid-year this year, you know, relative to what we thought coming into the year. And again, the last thing you want to do is have new attractions, new initiatives, new entertainment at your parks and not be in market with enough advertising to support. So I think we're trying to define the right, you know, the level of advertising. As it relates to, you know, some of the other things that we've alluded to, we're not all the way there yet on being ready to commit to, you know, where CAPEX is going to land, go forward.

Speaker Change: Relative to what we thought coming into the year, and again, the last thing you want to do is have new attractions.

Richard Zimmerman: new initiatives, new entertainment at your parks, and not be in market with enough advertising to support. So I think we're trying to find the right, you know, the level of advertising. As it relates to, you know, some of the other things that we've alluded to, we're not all the way there yet on being ready to commit to, you know, where CapEx is going to land, go forward. I think, you know, what we said on the call, you know, between the two sides of the portfolio, you know, for the 24th season, we're going to be spending between $400 to $440 million. You know, the number was a little bit closer to a half a billion that was in the proxy. I think there's still some more work to be done, as I said in my prepared remarks on the call, around determining what's the right land.

Brian Witherow: So I think we're trying to define the right, you know, the level of advertising.

Brian Witherow: As it relates to, you know, some of the other things that we've alluded to, we're not all the way there yet on being ready to commit to, you know, where CapEx is going to land and go forward. I think, you know, what we said on the call, between the two sides of the portfolio, we're going to be spending between $400 to $440 million for the 24th season. You know, the number was a little bit closer to half a billion that was in the proxy.

Brian Witherow: As it relates to, you know, some of the other things that we've alluded to, we're not all the way there yet on being ready to commit to, you know, where CAPEX is going to land, go forward. I think, you know, what we said on the call, you know, between the two sides of the portfolio, you know, for the 24 season, we're going to be spending between 400 to 440 million. You know, the number was a little bit closer to a half a billion that was in the proxy.

Matthew Boss: I think, you know, what we said on the call, you know, between the two sides of the portfolio, you know, for the 24 season, we're going to be spending between 400 to 440 million. You know, the number was a little bit closer to a half a billion that was in the proxy. I think there's still some more work to be done as I said in my prepared remarks on the call around determining what's the right landing spot for CAPEX, you know, going forward.

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

Brian Witherow: I think there's still some more work to be done, as I said in my prepared remarks on the call, around determining what's the right landing spot for CAPEX, you know, going forward. And then, in terms of CAPEX, you know, we are going to invest in some more... Ops, you know, ads and op-x to the system, quite frankly, on both sides of the portfolio. I think it's fair to say as we think about building out the season pass program and look to drive higher levels of demand. On the sixth side, there's a compelling reason to add operating days back into the system, so that's something that we're still working through.

Speaker Change: a lot of money is going to go toward the state. I think funds have a planning spot for CAPEX going forward. And then in terms of OPEX, you know, we are going to invest in some more flow rates and some control technology. We already put in some infrastructure through AHRQ. And we are also actively

Matthew Boss: And then in terms of CAPEX, you know, we are going to invest in some more... Ops, you know, ads and op-x to the system, quite frankly on both sides of the portfolio. I think it's fair to say as we think about building out the season pass program and look to drive higher levels of demand. On the sixth side, there's a compelling reason to add operating days back into the system, so that's something that we're still working through.

Speaker Change: You know, add some OPEX to the system, you know, quite frankly, on both sides of the portfolio. I think it's fair to say as we think about building out the season pass program and look to drive higher levels of demand,

Speaker Change: On the sick side, there's a compelling reason to add operating days back into the system, so that's something that we're still working through. Those changes...

Brian Witherow: Those changes, you know, incremental operating days aren't going to happen overnight, but rather we'll be phased in along with other initiatives. And we certainly would expect that there would be attendance and revenue growth that comes along with that.

Brian Witherow: Those changes, incremental operating days, aren't going to happen overnight but rather will be phased in along with other initiatives and capital programs, and we certainly would expect that there would be attendance and revenue growth that comes along with that. Great. Best of luck.

Matthew Boss: Those changes, you know, incremental operating days aren't going to happen overnight, but rather we'll be phased in along with other initiatives. And we certainly would expect that there would be attendance and revenue growth that comes along with that. Great. That's the line. Thank you.

Richard Zimmerman: Incremental operating days aren't going to happen overnight, but rather will be phased in along with other initiatives and capital programs. And we certainly would expect that there would be attendance and revenue growth that comes along with that.

Matthew Boss: Great.

Matthew Boss: Great. That's the line. Thank you.

Speaker Change: Great. Best of luck.

Matthew Boss: Great. Thanks, Matthew.

Matthew Boss: Thank you. Great. Thanks, Matthew. And our next question comes from the line of Michael Swartz with Truist Securities. Michael, please go ahead. Yeah, good morning, good morning, guys.

Operator: Thanks, Matthew.

Speaker Change: thank you

Michael Swartz: And our next question comes from the line of Michael Swartz with Truist Securities. Michael, please go ahead. Good morning, guys.

Speaker Change: Great. Thanks, Matthew. And our next question comes from the line of Michael Swartz with Truist Securities. Michael, please go ahead.

Michael Swartz: And our next question comes from the line of Michael Swartz with Truest Securities. Michael, please go ahead. Good morning, guys.

Michael Swartz: I know that you are pretty early in the season pass sales process with some of your parks, but I think you had mentioned that a handful, you've already rolled out 25 season pass programs. Can you give us a sense of maybe where pricing is coming in relative to the year prior? I know it's a limited sample size, but any color that you can provide.

Michael Swartz: I know that you is pretty early in the season pass sales process with some of your parks, but I think you had mentioned that a handful you've already rolled out 25 season pass programs. Can you give us a sense of maybe where pricing is coming in relative to the year prior, and there's a limited sample size, but any color that you can provide would be great? Yeah, it is Mike. It's Brian. It is very early, and it's really on the cedar side. Well, on the combined portfolio, quite frankly, it's maybe only four or five parks that are in market.

Michael Swartz: Yeah, good morning guys. I know that you, it's pretty early in the season pass sales process.

Michael Swartz: I know that you is pretty early in the season pass sales process with some of your parks, but I think you had mentioned that a handful you've already rolled out 25 season pass programs. Can you give us a sense of maybe where pricing is coming in relative to the year prior, and there's a limited sample size, but any color that you can provide be great? Yeah, it is Mike. It's Brian. It is very early, and it's really on the cedar side.

Michael Swartz: with some of your parks, but I think you had mentioned that a handful, you've already rolled out 25 season pass programs.

Michael Swartz: Can you give us a sense of maybe where pricing is coming in relative to the year prior? I know it's a limited sample size, but any color that you can provide would be great.

Brian Witherow: Yeah, it is, Mike. It's Brian. It is very early, and it's really on the Cedar side, well, on the combined portfolio, quite frankly. It's maybe only four or five parks that are in the market. I would say, out of the chute, there are no parks in the system that are seeing the kind of reduction in pricing that we felt was necessary last year on the legacy Cedar side. I also think it's fair to say, given the economic headwinds, that as I look back on the legacy Cedar side, and there was a period of time there from right outside the pandemic where we were pushing pricing really aggressively, I think high single-digit, low double But I do think it's fair to believe that something in the low single-digits is achievable as we look ahead to 2025.

Brian Witherow: Yeah, it is, Mike, it's Brian . It is very early, and it's really on the Cedar side, well, on the combined portfolio, quite frankly. It's, you know, maybe only four or five parks that are in market. The, I would say, you know, out the chute, there's no parks in the system.

Michael Swartz: Well, on the combined portfolio quite frankly, it's maybe only four or five parks that are in market. I would say, you know, out the shoot, there's no parks in the system that are seeing the kind of reduction in pricing that we felt was necessary last year on the legacy cedar side. I also think it's fair to say, given the economic headwinds, that as I look back on the legacy cedar side, and there was a period of time there from right outside the pandemic where we were pushing pricing really aggressively.

Brian Witherow: I would say, you know, out the shoot, there's no parks in the system that are seeing the kind of reduction in pricing that we felt was necessary last year on the legacy cedar side. I also think it's fair to say, given the economic headwinds, that as I look back on the legacy cedar side, and there was a period of time there from right outside the pandemic where we were pushing pricing really aggressively.

Michael Swartz: that are seeing the kind of...

Michael Swartz: reduction in pricing that we felt was necessary last year on the legacy Cedar side.

Michael Swartz: i also think it's fair to say given the economic headwindins that

Michael Swartz: You know, as I look back on the Legacy Cedar side, and there was a period of time there from

Michael Swartz: you know, right outside the pandemic, where we were pushing pricing really aggressively. You know, I think...

Brian Witherow: I think high single digit low double digit increases; I think that's probably not a realistic expectation, but I do think it's fair to believe that something in the low single digits is achievable as we look ahead to 25. But we have to get more parks into market before we begin to see how that's all playing out. A lot of times, Mike, it comes down to the mix of past products. Our people buying prestige, are they buying gold, are they buying regular? So that's often what drives it, as well as which parks are selling right now.

Michael Swartz: I think high single digit low double digit increases, I think that's probably not a realistic expectation, but I do think it's fair to believe that something in the low single digits is achievable as we look ahead to 25, but we have to get more parks into market before we begin to see how that's all playing out. A lot of times, Mike, it comes down to the mix of past products. Our people buying prestige, are they buying gold, are they buying regular?

Michael Swartz: you know, high single-digit, low double-digit increases. I think that's probably not a realistic expectation. But I do think it's fair to believe that something in the low single digits is achievable, you know, as we look ahead to 2025. But there's still, you know, we have to get more parks into, you know, into market before we begin to see how that's all playing out. A lot of times, Mike, it comes down to the mix of past products.

Richard Zimmerman: But there's still, we have to get more parks into the market before we begin to see how that's all playing out. A lot of times, Mike, it comes down to the mix of past products. Are people buying prestige? Are they buying gold? Are they buying regular?

Mike: Are people buying prestige? Are they buying gold? Are they buying regular? So that's often what drives it, as well as which parks are selling. Right now, not all passes are priced the same. And so when some are higher priced,

Brian Witherow: So that's often what drives it, as well as which parks are selling. Right now, not all passes are priced the same. And so when some of our higher priced parks are leading the charge in terms of volume, that can play into it as well. Mike, one more thing. As Brian said, we're very early in the process. I'll give you an early snapshot, though.

Michael Swartz: So that's often what drives it as well as which parks are selling right now. Not all passes are priced the same, and so when some of our higher priced parks are leading the charge in terms of volume, that can play into it as well. Mike, one more thing, as Brian said, very early in the process, I'll give you an early snapshot though. As you know, last year we reformatted and offered the All Park Passport across the cedar portfolio, where we have been on sale with the All Park Passport, which is right now only cedar parks we're about to go on sale with the six flags parks as well.

Brian Witherow: Not all passes are priced the same, and so when some of our higher priced parks are leading the charge in terms of volume, that can play into it as well.

Mike: Parks are leading the charge in terms of volume, you know, that can play into it as well.

Brian Witherow: Mike, one more thing, as Brian said very early in the process, I'll give you an early snapshot, though. As you know, last year we reformatted and offered the All Park Passport across the Cedar portfolio, where we have been on sale with the All Park Passport, which is right now only Cedar parks. We're about to go on sale with the Six Flags parks as well. We're up in penetration in every market that we're offering that product. So I'm really encouraged that the guests is paying attention and they see great value in the All Park Passport.

Michael Swartz: Mike, one more thing. As Brian said, we're very early in the process. I'll give you an early snapshot, though. As you know, last year we reformatted and offered the Allpark Passport across the Cedar portfolio. Where we have been on sale with the Allpark Passport, which is

Richard Zimmerman: As you know, last year, we redesigned and offered the All-Park Passport across the Cedar portfolio. Where we have been on sale with the All-Park Passport, which is right now only Cedar parks, we're about to go on sale with the Six Flags parks as well, we're up in penetration in every market that we're offering that product. So I'm really encouraged that the guests are paying attention and they see great value in the All-Park Passport.

Speaker Change: Right now, only Cedar Parks. We're about to go on sale with the Six Flags Parks as well. We're up in penetration in every market that we're offering that product. So I'm really encouraged that the guest is paying attention, and they see great value in the Allpark Passport.

Michael Swartz: We're up in penetration in every market that we're offering that product. So I'm really encouraged that the guests is paying attention and they see great value in the All Park Passport. [inaudible] What's the sense of where that's trending now? You know, it's a legacy, Cedar Fair Parks, and I believe you said that's about 50% of that level for legacy six. Just trying to get a better, you know, handle of maybe what the opportunity is there longer term.

Richard Zimmerman: Okay, that's helpful. Maybe sticking on a similar thread, just in terms of visitation frequency, and I know, prior to the pandemic, there were about four to five visits a year, you know, on average for a season pass. Maybe give us a sense of where that's trending now.

Speaker Change: Okay, that's helpful. Maybe sticking on a similar thread, just in terms of visitation frequency, and I know, you know, prior to the pandemic

Brian Witherow: Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports Sports What's the sense of where that's trending now? You know, it's a legacy, Cedar Fair parks, and I believe you said that's about 50% of that level for legacy six. Just trying to get a better, you know, handle of maybe what the opportunity is there longer term. Yeah, Mike, the average visitation on the Cedar side, you know, still sits a little north of four visits. You know, as Richard mentioned, you know, that number might have been closer to five or a little north of five.

Speaker Change: There were about four to five visits a year, you know, on average for season pass.

Michael Swartz: You know, at the Legacy, Cedar Fair Parks, and I believe you said that it's about 50 percent of that level for Legacy Six. Just trying to get a better handle on maybe what the opportunity is there. Yeah, Mike, the average visitation on the Cedar side, you know, still sits a little north of four visits. As Richard mentioned, that number might have been closer to five or a little north of five, you know, back when we were only selling a couple million passes a year.

Speaker Change: Maybe give us a sense of where that's trending now, you know, at the Legacy, Cedar Fair Parks, and I believe you said that it's about 50% of that level for Legacy VI, just trying to get a better, you know, handle of maybe what the opportunity is there longer term.

Michael Swartz: But as you grow that pass base, that's pushed that average down to closer to four times or a little north of four times per pass, but still, you know, holding strong. We haven't seen that really move since we established this new base.

Speaker Change: Yeah, Mike, the average visitation on the Cedar side, you know, still sits a little north of four visits. You know, as Richard mentioned, you know, that number might have been closer to five or a little north of five.

Michael Swartz: Yeah, Mike, the average visitation on the Cedar side, you know, still sits a little north of four visits. You know, as Richard mentioned, you know, that number might have been closer to five or a little north of five. You know, back when we were only selling a couple million passes a year, but as you grow that past space, that's pushed that average down to closer to four times or a little north of four times per pass.

Brian Witherow: You know, back when we were only selling a couple million passes a year, but as you grow that past space, that's pushed that average down to closer to four times or a little north of four times per pass. But still, you know, holding strong. We haven't seen that really move since we established this new base.

Speaker Change: you know back when we were only selling a couple million passes a year but as you as you grow that pass base

Speaker Change: That's pushed that average down to closer to four times, or a little north of four times per pass, but still holding strong. We haven't seen that really move since we established this new base, and I think when you compare it to, as we said in the prepared remarks, the legacy six parks, there's a lot of opportunity there. They'd be closer to two times on the average visitation, and I think when you start applying those incremental visits, another turn, or two turns.

Michael Swartz: But still, you know, holding strong. We haven't seen that really move since we established this new base. And, you know, I think when you compare it to, as we said in the prepared remarks, the legacy six parts, there's a lot of opportunity there. They'd be closer to two times on their, on the average visitation. And I, you know, I think when you start applying, you know, those incremental visits, another turn or two turns to that past base, that active past base in the six portfolio. It gets pretty compelling pretty quickly. No, that's helpful.

Brian Witherow: And, you know, I think when you compare it to, as we said in the prepared remarks, the legacy six parks, there's a lot of opportunity there, they'd be closer to two times the average visitation. And I think when you start applying, you know, those incremental visits, another turn or two turns to that pass base, that active pass base in the six portfolio, it gets pretty compelling pretty quickly. That's helpful. Just a real quick housekeeping question.

Brian Witherow: And, you know, I think when you compare it to, as we said in the prepared remarks, the legacy six parts, there's a lot of opportunity there. They'd be closer to two times on their, on the average visitation. And I, you know, I think when you start applying, you know, those incremental visits, another turn or two turns to that past base, that active past base in the six portfolio. It gets pretty compelling, pretty quickly.

Speaker Change: to that pass base, that active pass base in the six portfolio, it gets pretty compelling pretty quickly.

Michael Swartz: No, that's helpful.

Michael Swartz: With regard to the July five-week commentary that you provided, does that reflect the fact that there were two fewer weekend operating days versus the year ago period? No, so the way when we're talking about that five-week period, it's not a calendar July, you know; it's a fiscal July. And so it starts on a Monday and ends on a Sunday.

Michael Swartz: Just a real quick housekeeping question. With regards to the July the five week commentary that you provided, does that reflect the fact that there were two fewer weekend operating days versus the year-ago period? No, so the way when we're talking about that five week period, it's, it's not a calendar July, you know, it's a fiscal July. And so it starts on a Monday and ends on a Sunday. July 1st through August 4th. And so we should be capturing comparable, you know, numbers of weekend days based on it being a fiscal five-week period. Okay.

Speaker Change: Now, that's helpful. Just a real quick housekeeping question. With regards to the July five-week commentary that you provided, does that reflect the fact that there were two fewer weekend operating days versus the year-ago period?

Michael Swartz: Just a real quick housekeeping question. With regards to the July the five week commentary that you provided, does that reflect the fact that there were two fewer weekend operating days versus the year ago period? No, so the way when we're talking about that five week period, it's, it's not a calendar July, you know, it's a fiscal July. And so it starts on a Monday and ends on a Sunday. So July 1st through August 4th. And so we should be capturing comparable, you know, numbers of weekend days based on it being a fiscal five week period. Okay. Great. Thank you. All right.

Operator: Thanks, Mike.

Michael Swartz: So July 1 through August 4. And so we should be capturing comparable numbers of weekend days based on it being a fiscal five-week period. Okay, great. Thank you. No problem. All right. Thanks, Mike. And our next question comes from the line of Ben Chaiken with Mizuho. Ben, please go ahead. Hey, good morning.

Speaker Change: No, so the way, when we're talking about that five-week period, it's not a calendar July , you know, it's a fiscal July , and so it starts on a Monday and ends on a Sunday, so July 1st through August 4th, and so we should be capturing comparable

Speaker Change: You know, numbers of weekend days based on it being a fiscal five-week period.

Michael Swartz: Great. Thank you. All right.

Speaker Change: Okay, great, thank you.

Ben Chaiken: Thanks for taking my question. Flow through in the quarter was 77%, which is really impressive on a reported basis. I think you also provided some comparable results, which suggested you converted $14 million of revenue into $18 million of EBITDA. If that's correct, would you agree this is the operating day reduction compressing revenue over less cost? And then at Legacy Cedar Fair, can you, Can you just elevated high flow through, or is there something you need to flag for comparability or other? Hey, Ben, it's Brian.

Ben Chacon: And our next question comes from the line of Ben Chacon with Mizzou Ho-Ben. Please go ahead. Hey, good morning. Thanks for taking my question. Full through in the quarter was 77%, which is really impressive on a reported basis. I think you also provided some comparable results, which is that, which suggested you converted 14 million of revenue into 18 million. If that's correct, would you agree? This is the operating day reduction to pressing revenue over less cost.

Speaker Change: No problem. All right. Thanks, Mike.

Speaker Change: And our next question comes from the line of Ben Chaykin with Mizuho. Ben, please go ahead.

Ben Chacon: And our next question comes from the line of Ben Chacon with Mizzou Ho-Ben.

Brian Witherow: Please go ahead. Hey, good morning. Thanks for taking my question. Full through in the quarter was 77%, which is really impressive on a reported basis. I think you also provided some comparable results, which is that, which suggested you converted 14 million of revenue into 18 million. If that's correct, would you agree? This is the operating day reduction to pressing revenue over less cost. And then at legacy on, can you at legacy repair?

Ben Chaykin: Hey, good morning. Thanks for taking my question.

Ben Chaykin: Flow through in the quarter was 77%, which is really impressive on a reported basis. I think you also provided some comparable results, which suggested you converted.

Speaker Change: $14 million of revenue into $18 million of EBITDA. If that's correct, would you agree this is the operating day reduction, compressing revenue over less cost? And then at Legacy Cedar Fair, can you

Brian Witherow: And then at legacy on, can you at legacy repair? Can you continue this elevated high flow through, or is there something you need to flag, compare ability, or otherwise? Thanks.

Speaker Change: continue this elevated high flow through or is there something unique to flag comparability or otherwise? Thanks.

Brian Witherow: Can you continue this elevated high flow through or is there something you need to flag compare ability or otherwise? Thanks. Hey, Ben and Brian. No, it's so great insight. I think a big part of that flow through is being driven by a more efficient operating calendar. You know, as we said, to drive attendance, you know, north or north of 360,000 more visits on 33 less operating days on a comparable three months to three months period is a big part of that.

Brian Witherow: Hey, Ben and Brian. No, it's so great insight. I think a big part of that flow through is being driven by a more efficient operating calendar. You know, as we said, to drive attendance, you know, north of 360,000 more visits on 33 less operating days on a comparable three months to three months period is a big part of that. Not the entirety, because there's also costs that the teams have done a very good job of getting costs out of the system, even on apples-to-apples operating day comparisons. You know, we're running more efficiently on seasonal labor. You know, sand the days that we've taken out, you know, even on days that we are open, we're being more efficient with hours, we're being more efficient in full time at count.

Brian Witherow: No, so great insight. I think a big part of that flow-through is being driven by a more efficient operating calendar, you know, as we said, to drive attendance. North of 360,000 more visits on 33 fewer operating days on a comparable three-month to three-month period is a big part of that. Not in the entirety, Mike, because there are also costs that the teams have done a very good job of getting costs out of the system, even on apples-to-apples operating day comparisons, you know, we're running more efficiently on seasonal labor, you know, say on the days that we've taken out, you know, even on days that we are open, we're being more efficient with hours, we're being more efficient in full-time

Speaker Change: Hey Ben, it's Brian . No, so great insight. I think a big part of that flow-through is being driven by a more efficient operating calendar. You know, as we said, to drive attendance.

Brian Witherow: Not the entirety, because there's also costs that the teams have done a very good job of getting costs out of the system, even on apples to apples operating day comparisons. You know, we're running more efficiently on seasonal labor, you know, sand the days that we've taken out, you know, even on days that we are open, we're being more efficient with hours, we're being more efficient in full time at count. So I think what you're seeing play out at some point, it will, you know, no matter what I'm not going to promise that we're going to do more on north of 100% flow through every quarter.

Speaker Change: You know, north of 360,000 more visits on 33 less operating days on a comparable three-month to three-month period.

Brian Witherow: So I think what you're seeing will play out. At some point, it will, you know, normalize that. I'm not going to promise that we're going to do more, you know, north of 100% flow-through every quarter, but I think it does speak to, as we've said all along, the path towards better margins, long-term margin expansion isn't just cost, it's demand, and getting those higher attendance levels is a big part of it. Gotcha, that's very helpful. And then just a just a level set.

Speaker Change: is a big part of that. Not the entirety, because there's also costs that the teams...

Speaker Change: have done a very good job of getting

Speaker Change: Costs out of the system, even on apples-to-apples operating day comparisons. We're running more efficiently on seasonal labor. Say on the days that we've taken out, even on days that we are open, we're being more efficient with hours. We're being more efficient in full-time headcount. So I think what you're seeing play out. At some point it will. I'm not going to promise that we're going to do north of 100% flow through every quarter, but I think.

Brian Witherow: So I think what you're seeing play out at some point, it will, you know, no matter what, I'm not going to promise that we're going to do more on north of 100% flow through every quarter. But I think it does speak to, you know, as we've said all along, the path towards better margin, long-term margin expansion isn't just cost; it's demand. And getting those higher attendance levels is a big part of it.

Brian Witherow: But I think it does speak to, you know, as we've said all along, the path towards better margin, long-term margin expansion isn't just cost, it's demand. And getting those higher attendance levels is a big part of it. That's very helpful.

Speaker Change: It does speak to, as we've said all along, the path towards better margin, long-term margin expansion isn't just cost, it's demand. And getting those higher attendance levels is a big part of it.

Ben Chaiken: Are you still considering reducing operating days at Legacy Cedar Fair by 112 for the full year? And I guess I, if it's directionally in that range, I guess I ask, because that would suggest that three queues, High Level, would be down around 10% on an operating day basis, at least directionally, which obviously would have an impact on attendance. Ask me that and blog that. Yeah, so the outlook for full-year Cedars hasn't really changed.

Ben Chacon: That's very helpful.

Brian Witherow: And then just a level set, are you still considering reducing operating days at like a Cedar Fair by 112 for the whole year? And I guess I, if it's directionally used in that range, I guess I asked because that would suggest it's a repute high level would be around, down around 10% on an operating day basis, on the least directionally, which would have been impact on attendance. I just want to ask you that, and fly that. Thanks. Yes, so the outlook for full year Cedar, it hasn't really changed. I mean, as you know, there's always a day here or a day there that, you know, is weather-related or, like we just talked about in July, whereas utility disruption in Michigan's venture costs some days.

Speaker Change: Gotcha, that's very helpful. And then just a level set, are you still considering reducing operating days at Legacy Cedar Fair by 112 for the full year? And I guess if it's directionally used in that range, I guess I ask because that would suggest that 3Q...

Speaker Change: high level would be around down around ten percent on a operating day basis on the least directionally which obably wouldhave been impact on attendance that just one up

Speaker Change: ask you that and apply that. Thanks.

Speaker Change: yes so the outlook for full year cedar it hasn't really changed i mean as you know there's always a day here a day there that you know is whether later like we just talked about july where utility disruption in michigan venture cost some days

Ben Chaiken: I mean, as you know, there's always a day here or a day there that, you know, is weather-related, or, like we just talked about in July, where a utility disruption in Michigan's Venture cost you some days. But still, the broader 5% reduction, and I think your number is pretty close.

Brian Witherow: Thanks. Yes, so the outlook for full year Cedar, it hasn't really changed. I mean, as you know, there's always a day here or day there that, you know, is weather-related or like we just talked about in July, whereas utility disruption in Michigan's venture costs, some days. But still the broader 5% reduction, and I think your number is pretty close. We're ultimately lands for the full year, I'll depend on, you know, some of those other unanticipated type events, but about a 5% reduction, I think what you're noting is, and worth calling out for everyone, is that some of that third quarter operating day reduction is tied back to the fiscal quarter shift, right?

Brian Witherow: But still, the broader 5% reduction, and I think your number is pretty close. We're ultimately lands for the full year. I'll depend on, you know, some of those other unanticipated type events, but about a 5% reduction, I think what you're noting is, and worth calling out for everyone, is that some of that third quarter operating day reduction is tied back to the fiscal quarter shift, right? And so, the fact of the matter is, by ending Q2 2024 on June 30th versus 2025, we've pulled days into Q2 that would have been in Q3 last year. So, that's going to be a bit of a headwind in the third quarter in terms of comparability, just like it was a bit of a tailwind this year.

Speaker Change: But still, the...

Speaker Change: The broader 5% reduction, and I think your number is pretty close, where it ultimately lands for the full year will depend on some of those other unanticipated type events, but about a 5% reduction. I think what you're noting is, and worth calling out for everyone, is

Brian Witherow: You know, where it ultimately lands for the full year will depend on, you know, some of those other unanticipated type events, but about a 5% reduction. I think what you're noting is, and worth calling out for everyone, is that some of that third quarter operating day reduction is tied back to the fiscal quarter shift, right? And so, the fact of the matter is, by ending Q2 2024 on June 30th versus 2025, we've pulled days into Q2 that would have been in Q3 last year. So, that's going to be a bit of a headwind in the third quarter in terms of comparability, just like it was a bit of a tailwind this year.

Speaker Change: is that some of that third quarter operating day reduction is tied back to the fiscal quarter shift, right? And so, fact of the matter is, by ending Q2 2024 on June 30th versus 2025, we've pulled days.

Brian Witherow: And so, the fact of the matter is by ending Q2 2024 on June 30th versus 2025, we've pulled days into Q2 that would have been in Q3 last year. So, that's going to be a bit of a headwind in the third quarter in terms of comparability, just like it was a bit of a tailwind this year. And so similarly, I think when we get to Q3 numbers, we're going to have to think about, you know, again, providing a little bit more of an apples-to-apples calendar comparison. But on reported basis, that's going to be a bit of a headwind on third quarter numbers.

Speaker Change: into q two that would have been in q three last year so that's going to be a bit of a headwind in the third quarter in terms of comparability just like it was a bit of a tail wind this year and so similarly i think when we get to q three numbers

Ben Chaiken: And so, similarly, I think when we get to Q3 numbers, we're going to have to think about, you know, again, providing a little bit more of an apples-to-apples calendar comparison. But on a reported basis, that's going to be a bit of a headwind on third-quarter numbers. The last one, sorry to do three just very quickly, but there was a lot of conversation around the legacy Six Flags business. As you think about balancing per cap versus volume, do you do this on a park by park basis, just so you can kind of tweak it and then move to the portfolio, or what's the thought process?

Brian Witherow: And so similarly, I think when we get to Q3 numbers, we're going to have to think about, you know, again, providing a little bit more of an apples-to-apples calendar comparison. But on a reported basis, that's going to be a bit of a headwind on third quarter numbers.

Speaker Change: We're going to have to think about, again, providing a little bit more of an apples-to-apples calendar comparison, but on a reported basis, that's going to be a bit of a headwind on third quarter numbers.

Ben Chacon: And last one, sort of, Q3, just very quickly.

Ben Chacon: There was a lot of conversation around the legacy Six Flags business.

Speaker Change: And last one, sorry to do three just very quickly, there was a lot of conversation around the legacy Six Flags business. As you think about balancing per caps versus volume, do you do this on a park by park basis just so you can kind of tweak it and then move to the portfolio or what's the thought process?

Brian Witherow: And last one, sort of, Q3, just very quickly. There was a lot of conversation around the legacy six flags business. As you think about balancing per caps versus volume, do you do this on a park-by-park basis just so you can kind of tweak it and then move to the portfolio or what's the thought process? Thanks. Yeah, you know, our approach has always been, Ben, that we look at each market individually. We go through great lengths to understand how the consumer behaves there.

Richard Zimmerman: As you think about balancing per caps versus volume, do you do this on a park-by-park basis just so you can kind of tweak it and then move to the portfolio, or what's the thought process? Thanks. Yeah, you know, our approach has always been, Ben, that we look at each market individually. We go through great lengths to understand how the consumer behaves there. So, yes, all of our strategies and all of our tactics are always tailored to each respective park because each park is at a different point in their evolution. There's different opportunities available to us.

Ben Chaiken: Yeah, you know, our approach has always been, Ben, that we look at each market individually. We go through great lengths to understand how the consumer behaves there. So yes, all of our strategies and all of our tactics are always tailored to each respective park because each park is at a different point in its evolution.

Speaker Change: Thanks. Yeah, you know, our approach has always been, Ben, that we look at each market...

Speaker Change: individually. We go through great lengths to understand how the consumer behaves there. So yes, all of our strategies and all of our tactics are always tailored to each respective park because each each park is at a different point in their evolution. There's different opportunities available to us and we want to make sure that

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

Richard Zimmerman: There are different opportunities available to us, and we want to make sure that, while a one size fits all strategy is great, we want to make sure that we are optimizing each particular park over time, and they're all starting at different levels. And our next question comes from the line of Chris Woronka from Deutsche Bank. Chris, please go ahead.

Ben Chacon: And we want to make sure that while one size fits all strategically is great, we want to make sure that we are optimizing each particular park over time and they're all starting at different levels of penetration. Thank you very much.

Speaker Change: While one size fits all strategically is great, we want to make sure that we are optimizing each particular park over time, and they're all starting at different levels of penetration.

Ben Chacon: Thanks, Peter. Thanks, Ben.

Speaker Change: Thank you very much. Next quarter.

Chris Woronka: And our next question comes from the line of Chris Waronka from Deutsche Bank. Chris, please go ahead. A good morning, guys. I appreciate all the details so far.

Speaker Change: Thanks, Ben. And our next question comes from the line of Chris Woronka from Deutsche Bank. Chris, please go ahead.

Ian Zaffino: Thanks, Ben. And our next question comes from the line of Chris Waronka from Deutsche Bank. Chris, please go ahead. A good morning, guys. I appreciate all the details so far. I had a question on kind of the season-pass strategy. This is more of a combined company question than in 2006. But is there any effort to create some kind of incremental ancillary attachment to some of the past products? Kind of what I'm getting at is securing a commitment for more than just admission, right?

Chris Woronka: Hey, good morning, guys. Appreciate all the detail so far. I had a question about the past season's strategy. And this is more of a, I think it's more of a combined company question than legacy six. But is there any effort to create some kind of incremental ancillary attachment, getting out. Curing a commitment for more than just admission, right?

Chris Woronka: Hey, good morning, guys. Appreciate all the...

Chris Woronka: I had a question on kind of the season-pass strategy. This is more of a combined company question than in 2006. But is there any effort to create some kind of incremental ancillary attachment to some of the past products? Kind of what I'm getting at is securing a commitment for more than just admission, right? And I think at the at the six parts. You did mention you're not only like to get patch holders in there more often, but get them spending differently. So, is there any way to kind of incentivize that or create that attachment up front?

Speaker Change: All details so far.

Chris Woronka: I had a question on kind of the season pass, you know, strategy, and this is more of a

Chris Woronka: I think it's more of a combined company question than legacy six, but is there any effort to create some kind of incremental ancillary attachment to the...

Speaker Change: You know, to some of the past products, kind of what I'm, what I'm getting at is, you know, securing a commitment for more than just admission, right? And I think at the, at the six parks, you, you did mention your, you know, you'd not only like to get pass holders in there more often, but get them.

Chris Woronka: I think in the six part. You did mention you not only like to get patch holders in there more often, but spend differently. So is there any way to kind of incentivize that or create that attachment?

Ian Zaffino: And I think at the at the six parts. You did mention you're not only like to get patch holders in there more often but get them spending differently. So is there any way to kind of incentivize that or create that attachment up front? Is that part of the plan? Thanks Chris. Good question. You know, I think one of the one of the things that we've always talked about over the last few years is the importance of what we call the all season add-ons, all season dining, all season beverage, all season fast lane or flash pass.

Speaker Change: Spending differently. So is there any way to kind of incentivize that or create that attachment up front? Is that part of the plan? Thanks.

Richard Zimmerman: Is that part of the plan? Thanks, Chris. Good question. You know, I think one of the one of the things that we've always talked about over the last few years is the importance of what we call the all season add-ons, all season dining, all season beverage, all season fast lane or flash pass. I think there's an opportunity to continue to bundle, to create more value for our guests when they come. We've seen significant uplift in sales on both sides. On single day tickets were we bundled with entitlements, single day ticket plus a fast lane. But when you look at the opportunity, I don't go back to the legacy cedar; we've increased the penetration in our all season products, virtually in a straight line. That's we introduced all season dining.

Richard Zimmerman: is that part? Thanks, Chris. Good question.

Richard Zimmerman: I think one of the things that we've always talked about over the last few years is the importance of what we call the all-season add-ons, all-season dining, all-season beverages, all-season fast lane, or flash pass. I think there's an opportunity to continue to bundle to create more value for our guests when they come. We've seen a significant uplift in sales on both sides. On single-day tickets, we'll bundle them with entitlements, a single-day ticket plus a fast lane.

Speaker Change: Thanks, Chris. Good question. You know, I think one of the things that we've always talked about over the last few years is the importance of what we call the all-season add-ons, all-season dining, all-season beverage, all-season fast lane or flash pass.

Speaker Change: I think there's an opportunity to continue to bundle to create more value for our guests when they come. We've seen significant...

Ian Zaffino: I think there's an opportunity to continue to bundle, to create more value for our guests when they come. We've seen significant uplift in sales on both sides. On single day tickets were we bundled with entitlements, single day ticket plus a fast lane. But when you look at the opportunity, I don't go back to the legacy cedar, we've increased the penetration in our all season products, virtually in a straight line that's we introduced all season dining.

Speaker Change: you know, uplifting sales on both sides.

Speaker Change: On single-day tickets, we'll re-bundle it with entitlements, you know, a single-day ticket plus a flat, plus a fast lane. But when you look at the opportunity, and I'll go back to the Legacy Cedar, we've increased the penetration in our all-season products virtually in a straight line since we introduced all-season.

Richard Zimmerman: But when you look at the opportunity, and I'll go back to the Legacy Cedar, we've increased the penetration of our all-season products virtually in a straight line since we introduced all-season dining, I think back in 2015. So it's a program that has a lot of value. And the reason that's important, when we talk about renewal, we've seen significantly higher renewal rates within the Legacy Cedar portfolio from those season pass holders who add and purchase the all-season add-on. So they see a lot of value in it, they use it, and they renew at a higher rate.

Richard Zimmerman: I think back in the day, I think that's a lot of fun. So it's a program that adds a lot of value, and the reason that's important when we talk about renewal is we've seen significantly higher renewal rates within the legacy cedar portfolio from those these pass holders who add and purchase the all season add-on. So they see a lot of value in it; they use it, and they renew it at a higher rate. So I think that's an important point. Thanks for asking that question.

Speaker Change: dining i think back in two thousand and fifteen so it's a program that has a lot of value

Ian Zaffino: I think back in the day, I think that's a lot of fun. So it's a program that adds a lot of value and the reason that's important when we talk about renewal, we've seen significantly higher renewal rates within the legacy cedar portfolio from those these pass holders who add and purchase the all season add-on. So they see a lot of value in it, they use it and they renew it a higher rate.

Speaker Change: And the reason that's important when we talk about renewal, we've seen significantly higher renewal rates within the Legacy Cedar portfolio from those season pass holders who add and purchase the all-season add-on. So they see a lot of value in it, they use it, and

Speaker Change: They renew at a higher rate, so I think that's an important point. Thanks for asking that question.

Chris Woronka: Yeah, yeah, thanks, thanks, Richard. As a follow-up, I shift over a little bit to capex and I know some of this is still in flux and you know, it'll change so it's not only if anything, but I think legacy six, right? I mean, there was always kind of it's focused on a new attraction for a year and you know, some of the capex maybe got to get over on certain maintenance related items. So, as you think about the combined company going forward and what you've done the legacy cedar portfolio, I know I've seen. You've done nice big sit-down restaurants and you have more hotel strategy.

Richard Zimmerman: So I think that's an important point. Thanks for asking. Yeah, yeah, thanks. Thanks, Richard. And to follow up, shift over a little bit to CapEx. And I know some of this is still in flux, and you know, it'll change. So not only if anything, but I think legacy six, right? I mean, there was always kind of this focus on a new attraction per year. And, you know, some of the CapEx, maybe got skipped over on certain maintenance-related items.

Ian Zaffino: So I think that's an important point. Thanks for asking that question. Yeah, yeah, thanks, thanks Richard. As a follow-up, I shift over a little bit to to capex and I know some of this is still in flux and you know, it'll it'll change so it's not only if anything, but I think legacy six, right? I mean, there was always kind of it's focused on a new attraction for a year and you know, some of the capex maybe got to get over on certain maintenance related items.

Speaker Change: Yeah, yeah, thanks. Thanks, Richard. As a follow-up, I'll shift over a little bit to...

Richard Zimmerman: So if you think about the combined company going forward and what you've done with the legacy Cedar portfolio, I know you have done nice big sit-down restaurants and you have more of a hotel strategy. Are those some of the components you might look to bring over to six on the cap? Whatever the total dollar number ends up being, is the goal to take some of those same kinds of projects and bring them to six? Or do you think the parts are too different, the demographics are too different, we're not going to do anything larger like that?

Speaker Change: to CapEx, and I know some of this is still in flux, and it'll change, so not hold me to anything, but...

Speaker Change: Um, I think...

Speaker Change: Legacy Six, right? I mean, there was always kind of this focus on a new attraction per year.

Ian Zaffino: So, as you think about the combined company going forward and what you've done the legacy cedar portfolio, I know I've seen. You've done nice big sit down restaurants and you have more hotel strategy. Are there some of the components you might look to bring over to six on the on the cat, whatever the total dollar number ends up being is that is the goal to take some of those. Some of those seeing kind of projects and bring them to six or you think the parts are two different to demographics are two different.

Speaker Change: Some of the CapEx maybe got skipped over on certain maintenance-related items. So, as you think about the combined company going forward and what you've done in the legacy Cedar portfolio, I know I've seen you've done nice big sit-down restaurants and you have more of a hotel strategy.

Richard Zimmerman: Are there some of the components you might look to bring over to six on the cat, whatever the total dollar number ends up being? Is that the goal to take some of those. Some of those seeing kind of projects and bring them to six or you think the parts are two different to demographics are two different.

Speaker Change: Are those some of the components you might look to bring over to six on the cap? Whatever the total dollar number ends up being, is the goal to take some of those?

Speaker Change: Some of those same kind of projects and bring them to six or do you think the parks are too different, the demographics are too different, we're not going to do anything larger like that? Because you guys, your CapEx has been way beyond just the parks, right? It's been the hotels and the sports arena and everything else.

Richard Zimmerman: We're not going to do anything larger like that because you guys, your cat back has been way beyond just the parks, right? It's been the hotels and the sports arena and everything else.

Chris Woronka: Because you guys are CapEx, way beyond just the parks, right? It's been the hotels. Thanks for tuning in. I'm your host, Benjamin Chaiken.

Ian Zaffino: We're not going to do anything larger like that because you guys your cat back has been way beyond just the parks, right? It's been the hotels and the sports arena and everything else. Good question. Let me take that one. You know, I think there's tremendous opportunities we said. I think we're going to look at where the projects are that we can get the most benefit from. But Chris, let me be clear when I walk through the legacy cedar for our parks, I see things that I like to change things I think we should get to sooner.

Richard Zimmerman: Good question. Let me take that one. You know, I think there's tremendous opportunities we said. I think we're going to look at where the projects are that we can get the most benefit from. But Chris, let me be clear: when I walk through the legacy cedar for our parks, I see things that I like to change, things I think we should get to sooner. So, I think both all of our portfolio has things that, if we improve, our guest will see value in it. I think what we're trying to do is make sure we bring the learnings of what is impacted the best.

Richard Zimmerman: Let me take that one. You know, I think there's tremendous opportunity, and as we said, I think we're going to look at where the projects are that we can get the most benefit from. But Chris, let me be clear, when I walk through the legacy Cedar Fair parks, I see things that I'd like to change, things I think we should get to sooner. So I think both. All of our portfolio has things that if we improve, our guests will see value in them.

Speaker Change: Good question. Let me take that one. You know, I think there's tremendous opportunities, as we said. I think we're going to look at where the projects are that we can get the most benefit from. But, Chris, let me be clear. When I walk through the legacy Cedar Fair parks, I see things that I'd like to change, things that I think we should get to sooner. So, I think both...

Ian Zaffino: So, I think both all of our portfolio has things that if we improve our guest will see value in it. I think what we're trying to do is make sure we bring the learnings of what is impacted the best. Listen, some of our early generation food facilities that we build, we can't modify in year by year. So, we're now in our fourth or fifth generation of how we now construct those things.

Chris Woronka: All of our portfolio has things that if we improve, our guests will see value in it.

Richard Zimmerman: I think what we're trying to do is make sure we bring the learnings of what has impacted the best. Listen, some of our early generation food facilities that we built, we kept modifying year by year, so we're now on our fourth or fifth generation of how we now construct those things.

Speaker Change: I think what we're trying to do is make sure we bring the learnings.

Richard Zimmerman: Listen, some of our early generation food facilities that we build, we can't modify in year by year. So, we're now in our fourth or fifth generation of how we now construct those things. So, we've got an opportunity to go in and take advantage of the latest generation of those types of things. But listen, as I said in my prepared remarks, attractive landscaping, high quality food and beverage; those sorts of things resonate with mom and dad in particular. And I think we're going to go in and try and make sure that we're creating more perceived value.

Speaker Change: of what has impacted the best, listen.

Speaker Change: some of our early generation food.

Speaker Change: facilities that we built, we kept modifying year by year. So we're now on our fourth or fifth generation of how we now construct those things. So we've got an opportunity to go in and take advantage of the latest generation of those types of things.

Richard Zimmerman: So we've got an opportunity to go in and take advantage of the latest generation of those types of things, but listen, as I said in my prepared remarks, attractive landscaping, high quality food and beverage, those sorts of things resonate with mom and dad, in particular, and I think we're going to go in and try and make sure that we're creating more perceived value. We're going to do a lot of consumer research, as we've always been committed to, to make sure that our CAPS is targeted, as Brian said in his remarks, on things that drive an ROI, that drive more transactions per hour.

Ian Zaffino: So, we've got an opportunity to go in and take advantage of the latest generation of those types of things. But listen, as I said in my prepared remarks, attractive landscaping, high quality food and beverage, those sorts of things resonate with mom and dad in particular. And I think we're going to go in and try and make sure that we're creating more perceived value. We're going to do a lot of consumer research as we've always been committed to make sure that our CAPS is targeted as Brian said in his remarks on things that drive an ROI, that drive more transactions per hour.

Speaker Change: But, listen, as I said in my prepared remarks, you know, attractive landscaping, high quality food and beverage.

Brian Witherow: Those sorts of things resonate with mom and dad in particular, and I think we're going to go in and try and make sure that we're creating more perceived value. We're going to do a lot of consumer research, as we've always been committed to, to make sure that our CAPS is targeted, as Brian said in his remarks.

Richard Zimmerman: We're going to do a lot of consumer research, as we've always been committed to make sure that our CAPS is targeted, as Brian said in his remarks, on things that drive an ROI, that drive more transactions per hour.

Richard Zimmerman: On that topic, and it's a CAPX question, but let me go to per capita. As we've driven our per capita, particularly in-park spending, true in-park, food and beverage, things like that, we've gotten about three quarters of our per capita increase over the last several years has been transactions, not pricing. So, it's important that we do in make those investments to drive that revenue because that is how we've unlocked the higher per capita over time. And I think that opportunity exists on both sides of the portfolio, maybe a little bit greater on one side than the other. But as I look forward, I think there's still lots of runway on the legacy theater side to continue to do those things, as well as the opportunity to see the impact on the legacy Six Flags.

Speaker Change: on things that drive an ROI, that drive more transactions per hour. And, you know, on that topic, and it's a CapEx question, but let me go to per capita, you know, as we've driven our per capita, particularly in-park spending, true in-park, with food and beverage, things like that,

Richard Zimmerman: On that topic, and it's a CapEx question, but let me go to per capita, as we've driven our per capita, particularly in park spending, true in park with food and beverage, things like that, we've gotten about three-quarters of our per capita increase over the last several years has been transactions, not pricing.

Ian Zaffino: On that topic, and it's a CAPX question, but let me go to per capita. As we've driven our per capita, particularly in-park spending, true in-park, food and beverage, things like that, we've gotten about three quarters of our per capita increase over the last several years has been transactions not pricing. So, it's important that we do in make those investments to drive that revenue because that is how we've unlocked the higher per capita over time.

Speaker Change: We've gotten about three quarters of our per capita increase over the last several years has been transactions not pricing

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

Speaker Change: So, it's important that we do make those investments.

Speaker Change: to drive that revenue because that is how we've unlocked the higher per capita over time.

Speaker Change: And I think that opportunity exists on both sides of the portfolio. Maybe a little bit greater on one side than the other, but as I look forward, I think there's still lots of runway on the legacy Cedar side to continue to do those things as well as the opportunity to see the impact on the legacy Six Flags side.

Ian Zaffino: And I think that opportunity exists on both sides of the portfolio, maybe a little bit greater on one side than the other, but as I look forward, I think there's still lots of runway on the legacy theater side to continue to do those things as well as the opportunity to see the impact on the legacy six flags. I appreciate all the perspective, Richard. Thanks. Thanks, Chris. Thank you, Chris. And our last question today comes from the line of Ian Zaffino with Oppenheimer.

Chris Woronka: I appreciate all the perspective, Richard.

Chris Woronka: Thanks. Thanks, Chris.

Speaker Change: okay appreciate all the perspective richard thanks

Ian Zaffino: Thank you, Chris. And our last question today comes from the line of Ian Zaffino with Oppenheimer. Ian, please go ahead.

Richard Zimmerman: Thanks, Chris. Thank you, Chris. And our last question today comes from the line of Ian Zaffino with Oppenheimer. Ian, please go ahead. I agree. Thank you very much. You know, I know you guys mentioned that the 10 million bump up in the Legacy Six flag. But, you know, the previous management team pointed to about three million of those being, I guess, non-paying. You know, so how does that kind of factor into it?

Chris Woronka: Thanks Chris. Thanks Chris.

Speaker Change: Thank you, Chris. And our last question today comes from the line of Ian Zaffino with Oppenheimer. Ian, please go ahead.

Ian Zaffino: Ian, please go ahead. Hi, Grace. Thank you very much. You know, I know you guys mentioned that the 10 million bump up in the legacy six legs attendance. But, you know, the prettiest management team pointed to about three more of those being, I guess, non-paying. You know, so how did that kind of factor into it? And then also, do you get to go a capacity issue on the most crowded days? Would you get there?

Ian Zaffino: Hi, Grace. Thank you very much. You know, I know you guys mentioned that the 10 million bump up in the legacy six legs attendance. But, you know, the prettiest management team pointed to about three more of those being, I guess, non-paying. You know, so how did that kind of factor into it?

Ian Zaffino: Hi, Greg. Thank you very much. You know, I know you guys mentioned that the $10 million bump up in the Legacy Six Flags attendance.

Ian Zaffino: But, you know, the previous management team pointed to about three million of those being, I guess, non-paying. You know, so how does that kind of factor into it? And then also, do you get to a capacity issue on the most crowded days?

Richard Zimmerman: And then also, do you get to a capacity issue on the most crowded days when you get there? Again, that was kind of another comment. Ian, I would say it this way. Comfortably crowded is the term that we use.

Richard Zimmerman: And then also, do you get to go a capacity issue on the most crowded days? Would you get there? Again, that was kind of another comment. The previous management team said about the parts may be dangerous to crowded at those levels. Thanks.

Speaker Change: which you get there again that was kind another comment the previous management te said about the marks may be dangerous too crowded at those levels

Ian Zaffino: Again, that was kind of another comment. The previous management team said about the parts may be dangerous to crowded at those levels. Thanks. Ian, I would say it this way. Comfortably crowded is the term that we use. I think we can drive attendance to a level. And anytime we see a lot of demand, we price into it. And that's the essence of dynamic pricing. First, drive the demand, then monetize that demand, tap that to optimize your attendance versus pricing.

Richard Zimmerman: Ian, I would say it this way. Comfortably crowded is the term that we use. I think we can drive attendance to a level. And anytime we see a lot of demand, we price into it. And that's the essence of dynamic pricing. First, drive the demand; then monetize that demand, tap that to optimize your attendance versus pricing. I will say the best example, and it exists in both portfolios, and we're going to see this this October. Right, fast on the Six Flag side, Halloween Haunt, not Scary Farm, Scare Winds at all, our Halloween events on the Legacy Cedar.

Speaker Change: in i would say it this way comfortably crowded is the term that we use i think we can drive aattendance to a level in any time we see a lot of demand we price into it and that that's the essence of dynamic pricing first drive the demand then monetize that demand tap to optimize your attendance' versus pricing

Ian Zaffino: I think we can drive attendance to a level, and anytime we see a lot of demand, we price into it. And that's the essence of dynamic pricing. First, drive the demand, then monetize that demand, tap that demand to optimize your attendance versus pricing. I will say the best example, and it exists in both portfolios, and we're going to see this this October.

Speaker Change: I will say the best example, and it exists in both portfolios, and we're going to see this this October , Fright Fest on the Six Flags side, Halloween Haunt.

Ian Zaffino: I will say the best example, and it exists in both portfolios, and we're going to see this this October. Right, fast on the six flag side, Halloween haunt, not scary farm, scare winds at all, our Halloween events on the legacy cedar. We drive tremendous volume, our biggest days of the year are on Saturdays in October, which by the way, 15 or 20 years ago, I never would have guessed how the business has evolved.

Richard Zimmerman: Fright Fest on the Six Flags side, Halloween Haunt, not Scary Farm, Scarewinds at all, our Halloween events on the Legacy Cedar. We drive tremendous volume. Our biggest days of the year are on Saturdays in October, which, by the way, 15 or 20 years ago, I never would have guessed, especially given how the business has evolved. But I think there's an opportunity to get paying customers to come when you provide them with what they desire, when you listen to what they tell you would get them to come out, and when you really lean into the events that drive urgency, because they're only there for a

Speaker Change: Not scary farm scare winds at all of our Halloween events on the legacy cedar We drive tremendous volume our biggest days of the year are on Saturdays in October which by the way 15 or 20 years ago. I never would have guessed How the business has evolved

Richard Zimmerman: We drive tremendous volume; our biggest days of the year are on Saturdays in October, which, by the way, 15 or 20 years ago, I never would have guessed how the business has evolved. But I think there's an opportunity to get paying customers to come when you provide them with what they desire. When you listen to what they tell you, we get them to come out. And when you really lean into the events that drive urgency because they're only there for a limited duration. So I think we've got all the levers to use. We're not going to get it exactly right in all four seasons of the year in the calendar quarter.

Speaker Change: But I think there's an opportunity.

Ian Zaffino: But I think there's an opportunity to get paying customers to come when you provide them with what they desire. When you listen to what they tell you, we get them to come out. And when you really lean into the events that drive urgency because they're only there for a limited duration. So I think we've got all the levers to use. We're not going to get it exactly right in all four seasons of the year in the calendar quarter.

Speaker Change: to get paying customers to come when you provide them with what they desire, when you listen to what they tell you would get them to come out.

Speaker Change: and when you really lean into the events that drive urgency because they're only there for a limited duration so i think we've got all of the levers to use we're not going to get it exactly right in all four seasons of the year in the calar quarter

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

Richard Zimmerman: Every year, but I think we've got all the levers to drive that demand. But our priority is attendance and revenue growth. And if we do this right, I think we're going to be very pleased with the revenue that's attached to that much higher attendance level.

Speaker Change: every year but i think weve got all the levers to drive that demand but our priority is a attendance at revenue growth and if we do this right i think we're going to we're going to be very pleased with the revenue that's attached to that much higher attendive level

Ian Zaffino: Every year, but I think we've got all the levers to drive that demand, but our priority is attendance and revenue growth. And if we do this right, I think we're going to be very pleased with the revenue that's attached to that much higher attendance level. Okay, then again, and just just one last question. I know of the cost synergies that you said about third of those were independent, you know, pre-merger or kind of self-help on each individual company.

Brian Witherow: Okay, then again, and just one last question. I know of the cost synergies that you said about a third of those were independent, you know, pre-merger or kind of self-help on each individual company. Can you tell us where we are in that bucket as far as recognizing those synergies? Thanks.

Ian Zaffino: Okay, thank you. And then just one last question. I know of the cost synergies, I think you said about a third of those were independent, you know, pre-merger or kind of self-help from each individual company. Can you maybe tell us where we are in that bucket as far as recognizers?

Speaker Change: Okay, thank you. And just one last question. I know of the cost synergies, I think you said about a third of those were independent.

Speaker Change: You know, pre-merger or kind of self-help on each individual company. Can you maybe tell us where we are in that bucket as far as recognizing those synergies? Thanks.

Ian Zaffino: Can you tell us where we are in that bucket as far as recognizing those synergies? Thanks. Yeah, Ian, it's Brian. So first, let me say, as Richard noted in his prepared remarks, we are still fully committed to realizing the totality of the synergies, particularly the cost synergies as quickly as possible, which we think can be accomplished over the next 12 to 18 months. As you just noted, a good portion of those were what we considered to be in characterizing the presentation as standalone operating efficiencies.

Brian Witherow: Yeah, Ian, it's Brian. So first, let me say, as Richard noted in his prepared remarks, we are still fully committed to realizing the totality of the synergies, particularly the cost synergies, as quickly as possible, which we think can be accomplished over the next 12 to 18 months. As you just noted, a good portion of those were what we considered to be in characterizing the presentation as standalone operating efficiencies. There's still more work to be done over the second half of the year, and it does tie back to my comment earlier about two thirds of the demand and two thirds of revenue; the associated revenue happens in the second half of the year.

Brian Witherow: Yeah, Ian, it's Brian. So first, let me say, as Richard noted in his prepared remarks, we are still, you know, fully committed to realizing the totality of the synergies, particularly the cost synergies, as quickly as possible, which, you know, we think can be accomplished over the next 12 to 18 months. As you just noted, a good portion of those were what we consider to be in characterizing the presentation as standalone operating efficiencies.

Speaker Change: Yeah, Ian, it's Brian . So first let me say, as Richard noted in his prepared remarks, we are still

Brian Witherow: You know, fully committed to realizing the totality of the synergies, particularly the cost synergies, as quickly as possible.

Speaker Change: you know, at which, you know, we think can be accomplished over the next 12 to 18 months.

Ian Zaffino: As you just noted, you know, a good portion of those...

Speaker Change: were what we consider to be, in characterizing the presentation, as stand-alone operating efficiencies.

Brian Witherow: There's still more work to be done in the second half of this year. And it does, you know, tie back to my comment earlier about, you know, two-thirds of the demand and two-thirds of the revenue associated with it happens in the second half of the year. So as we've always said, on the legacy Cedar side, the third and fourth quarters are where our opportunities to be most efficient and have the biggest impact on cost savings lie as well.

Speaker Change: There's still more work to be done over the second half of this year, and it does...

Ian Zaffino: There's still more work to be done over the second half of the year, and it does tie back to my comment earlier about two thirds of the demand and two thirds of revenue, the associated revenue happens in the second half of the year. So, as we've always said, on the legacy's side, the third and fourth quarters are where our opportunities to be most efficient and have the biggest impact on cost saving flies as well.

Speaker Change: You know, tie back to my comment earlier about, you know, two-thirds of the demand and two-thirds of revenue, the associated revenue, happens in the second half of the year, so.

Brian Witherow: So, as we've always said, on the legacy's side, the third and fourth quarters are where our opportunities to be most efficient and have the biggest impact on cost saving flies as well. But as at the pace that we're going right now between the combined portfolios, we would believe that we should be in the neighborhood of 40 to 50 million of those operational synergies having been realized by the end of 24 based on trends for the first half of the year.

Speaker Change: As we've always said, on the Legacy Cedar side, the third and fourth quarters are where our opportunities to be most efficient and have the biggest impact on cost savings lies as well. But at the pace that we're going right now, between the combined portfolios, we would believe that we should be in the neighborhood of

Brian Witherow: But at the pace that we're going, right now between the combined portfolios, we would believe that we should be in the neighborhood of 40 to 50 million of those operational synergies having been realized by the end of 24, based on trends for the first half of the year.

Ian Zaffino: But as at the pace that we're going right now between the combined portfolios, we would believe that we should be in the neighborhood of 40 to 50 million of those operational synergies having been realized by the end of 24 based on trends for the first half of the year. Okay, thank you very much. Alright, thank you, Ian. And that does conclude today's question-and-answer session. Thank you for all the questions. I will now turn the call back over to Richard Zimmerman for final remarks.

Speaker Change: forty to fifty million of those operational synergies having been realized by the end of twenty -four based on on trends to the first half of the year

Operator: Okay, thank you very much. Alright, thank you, Ian.

Ian Zaffino: Okay, thank you very much. All right. Thank you, Ian. And that does conclude today's question and answer session. Thank you for all the questions.

Speaker Change: Okay, thank you very much.

Operator: And that does conclude today's question-and-answer session. Thank you for all the questions.

Speaker Change: All right, thank you, Ian.

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

Operator: I will now turn the call back over to Richard Zimmerman for final remarks. Thanks, Greg, and thanks to everybody for joining us on today's call, and thank you for your interest in the new Six Flags. As the summer winds down, our park teams will be transforming our midways into pumpkin patches and scare zones in preparation for our always popular Halloween events in October, which has historically produced our biggest days of the year.

Richard Zimmerman: I will now turn the call back over to Richard Zimmerman for final remarks.

Richard Zimmerman: Richard? Thanks, Greg. And thanks to everybody for joining us on today's call. And thank you for your interest in the new Six Flags. As the summer winds down, our park teams will be transforming our midways into pumpkin patches and scare zones. And preparation for our always popular Halloween events in October, which has historically produced our biggest days of the year. As I mentioned, also look for additional announcements in the coming weeks highlighting the new rides, flies, and other attractions that will be introducing the 2025 season. We promise to keep your prize of our progress on these and other Six Flags initiatives as we move forward.

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

Ian Zaffino: Richard? Thanks, Greg. And thanks to everybody for joining us on today's call. And thank you for your interest in the new six flags. As the summer winds down, our park teams will be transforming our midways into pumpkin patches and scare zones. And preparation for our always popular Halloween events in October, which has historically produced our biggest days of the year. As I mentioned, also look for additional announcements in the coming weeks highlighting the new rides, flies, and other attractions are parked that will be introducing the 2025 season.

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

Richard Zimmerman: As I mentioned, also look for additional announcements in the coming weeks highlighting the new rides, slides, and other attractions our park will be introducing for the 2025 season. We promise to keep you apprised of our progress on these and other Six Flags initiatives as we move forward. Michael?

Michael: as i mentioned also look for additional announcements in the coming weeks highlighting the new rides five and other attractions are par will be introducing two thousand and twenty-five season we promised to keep your prize of our progress on these and other six slagg initiatives as we move forward michael

Ian Zaffino: We promise to keep your prize of our progress on these and other six flags initiatives as we move forward. Michael? Thank you, Richard. Feel free to contact our Investor Relations Department at 419-625-19 627-2233. Our next earnings call will be in early November when for the first time we will discuss solidated company results for the 2024-3rd quarter. Greg, that concludes our call today. Thank you. Thanks, Michael. And again, ladies and gentlemen, that concludes today's call. Thank you all for joining.

Michael Russell: Thanks, Richard. Feel free to contact our Investor Relations Department at 419-627-2233. Our next earnings call will be in early November when, for the first time, we will discuss consolidated company results for the 2024 third quarter. Greg, that concludes our call today. Thank you. Thanks, Michael. And again, ladies and gentlemen, that concludes today's call. Thank you all for joining us.

Michael Russell: Michael?

Michael Russell: Thank you, Richard.

Operator: Feel free to contact our Investor Relations Department at 419-625-19627-2233. Our next earnings call will be in early November when, for the first time, we will discuss solidated company results for the 2024-3rd quarter.

Speaker Change: Thanks, Richard. Feel free to contact our Investor Relations Department at 419-627-2233. Our next earnings call will be in early November when, for the first time, we will discuss consolidated company results for the 2024 third quarter.

Operator: Greg, that concludes our call today. Thank you.

Operator: Thanks, Michael.

Speaker Change: Greg, that concludes our call today. Thank you.

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

Speaker Change: Thanks, Michael. And again, ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Q2 2024 Six Flags Entertainment Corp Earnings Call

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