Performance attribution for 2025 was characterized as a 'tale of two cohorts,' where execution gaps at specific parks, rather than structural industry issues, drove underperformance. Management identified 'self-inflicted headwinds' caused by a broad-brush decision to eliminate winter holiday events at four parks, which failed to optimize profits and reduced attendance by approximately 425,000 visits. Strategic positioning will shift from centralized mandates to a localized 'test-and-learn' discipline, ...