Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $490.2 million, a decrease of $7.4 million or 1.5% compared to Q2 2024, primarily due to decreases in admissions per capita and in-park per capita spending, partially offset by an increase in attendance [20][21] - Attendance increased by approximately 48,000 guests or 0.8% year-over-year, attributed to a favorable calendar shift, including the shift of Easter and spring break holidays [20][21] - Net income for Q2 2025 was $80.1 million, down from $91.1 million in Q2 2024, and adjusted EBITDA was $206.3 million, a decrease of $11.9 million compared to the previous year [22][23] Business Line Data and Key Metrics Changes - Attendance at all Orlando parks, including SeaWorld Orlando, Aquatic Orlando, and Discovery Cove, saw an increase despite adverse weather conditions [5][6] - The company is experiencing positive forward booking trends in group business and at Discovery Cove, with mid to high single-digit increases expected for the remainder of the year [6][8] Market Data and Key Metrics Changes - The company reported a net total leverage ratio of 3.0 times as of June 30, 2025, with approximately $883 million in total available liquidity, including $194 million in cash [9][23] - Deferred revenue decreased by approximately $22.7 million compared to June 2024, indicating a decline in pass sales [23] Company Strategy and Development Direction - The company has approved a $500 million share repurchase program, reflecting confidence in its business and the belief that shares are undervalued [8][9] - The company is focusing on operational efficiencies and has implemented a cost reduction plan expected to save up to $15 million in the second half of the year [10][25] - Strategic initiatives include enhancing sponsorship opportunities and digital transformation efforts, with a focus on CRM capabilities and mobile app functionality [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, citing positive trends in group bookings and early ticket sales for upcoming events [28][74] - The company anticipates improved weather conditions compared to the previous year, which should positively impact attendance and revenue [74] Other Important Information - The company is in discussions for potential international partnerships and expects to sign two MOUs by the end of the year [16] - The mobile app has been downloaded over 15.6 million times, with a 35% increase in average transaction value for food and beverage purchases made through the app [17][18] Q&A Session Summary Question: Did the company do anything to drive visitation in light of the Epic opening? - Management acknowledged increased marketing efforts and promotional activities due to weather impacts, which helped drive visitation [34][35] Question: Why is deferred revenue down despite positive forward indicators? - Management explained that a mix of factors, including the type of passes sold and promotional activities, contributed to the decline in deferred revenue [36][38] Question: What are the trends in admissions per capita? - Management noted that while admissions per capita were down, they expect to improve these metrics with better weather and promotional strategies [44][66] Question: Are there signs of consumer spending less? - Management indicated that in-park spending was slightly down but expressed optimism about improving this metric during the upcoming Halloween and Christmas seasons [78] Question: Can the company leverage fall and winter events to boost summer attendance? - Management acknowledged the opportunity to market seasonal passes that include access to popular fall and winter events, potentially driving summer attendance [84]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $490.2 million, a decrease of $7.4 million or 1.5% compared to Q2 2024, primarily due to decreases in admissions per capita and in-park per capita spending, partially offset by an increase in attendance [19][20] - Attendance increased by approximately 48,000 guests or 0.8% year-over-year, attributed to a favorable calendar shift, including the shift of Easter and spring break holidays [19][20] - Net income for Q2 2025 was $80.1 million, down from $91.1 million in Q2 2024, and adjusted EBITDA was $206.3 million, a decrease of $11.9 million compared to the previous year [21][22] Business Line Data and Key Metrics Changes - Attendance at all Orlando parks, including SeaWorld Orlando, Aquatic Orlando, and Discovery Cove, increased despite adverse weather conditions [5][6] - The company is seeing positive forward booking trends in group business and at Discovery Cove, with mid to high single-digit increases expected for the remainder of the year [6][12] Market Data and Key Metrics Changes - The company reported a net total leverage ratio of 3.0 times as of June 30, 2025, with total available liquidity of approximately $883 million, including $194 million in cash [8][23] - Deferred revenue decreased by approximately $22.7 million compared to June 2024, indicating a decline in pass sales [23] Company Strategy and Development Direction - The company has approved a new $500 million share repurchase program, reflecting confidence in its undervalued shares and strong balance sheet [7][8] - Strategic initiatives include enhancing sponsorship opportunities, digital transformation through CRM and mobile app improvements, and exploring international partnerships [14][15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about upcoming events, including Halloween and Christmas, which are expected to drive attendance and revenue [28][66] - The company is focused on improving operational efficiencies and managing costs, with an additional cost reduction plan expected to save up to $15 million in the second half of the year [9][25] Other Important Information - The company has invested $110.5 million in CapEx as of June 30, 2025, with expectations to spend $175 million to $200 million on core CapEx for the year [24][25] - The mobile app has been downloaded over 15.6 million times, showing a 35% increase in average transaction value for food and beverage purchases made through the app compared to point-of-sale orders [15][16] Q&A Session Summary Question: Did the company do anything to drive visitation in Orlando parks? - Management acknowledged increased marketing efforts in response to the opening of Epic Universe and weather impacts, which necessitated promotional strategies [32][34] Question: Why is deferred revenue down despite positive forward indicators? - Management explained that the mix of products and promotional activities impacted deferred revenue, but positive indicators in group bookings and Discovery Cove provide confidence [36][38] Question: What are the trends in consumer spending? - Management noted that in-park spending was slightly down but indicated that there were no significant signs of consumer pullback, with positive indicators in certain parks [48][50] Question: Can the company leverage Halloween and Christmas events to boost summer attendance? - Management confirmed that they are working to promote season passes that include access to Halloween and Christmas events, aiming to drive summer attendance [82][83]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter fell well below plan, reflecting a significant decline in attendance due to macro factors and extreme weather conditions [20][24][34] - The company ended the quarter with approximately $107 million in cash and cash equivalents, with total liquidity of $540 million [20] - Gross debt outstanding at the end of the second quarter was approximately $5.3 billion, with net debt to annualized second quarter adjusted EBITDA at approximately 6.2 times, above the target range of sub four times [22][34] Business Line Data and Key Metrics Changes - Attendance at Legacy Cedar Fair parks was up 3% during July, while per capita spending on admissions increased by 4% [25][30] - Per capita spending on in-park products at Legacy Cedar Fair parks was up 3%, driven by higher guest spending on food, beverage, and merchandise [25] - The company introduced a reimagined pass structure for the 2026 season pass program to enhance appeal and attract new customers [16] Market Data and Key Metrics Changes - Combined attendance was down 12% over a six-week period due to severe weather, while attendance was flat during the first seven weeks of the quarter when weather was not an issue [24] - Attendance in July was up 1%, with preliminary net revenues down approximately 3% due to pressure on guest spending [29][34] - The company experienced a surge in demand for parks in July, with season pass sales climbing rapidly [11][29] Company Strategy and Development Direction - The company is focused on optimizing assets and reducing net leverage while executing integration efforts [10][18] - A significant restructuring was completed to flatten leadership layers and improve agility, aiming for annualized labor cost reductions of over $20 million [17] - The company is actively pursuing divestitures of non-core assets to accelerate deleveraging [22][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the challenges faced in the first half of the year are largely transient and not indicative of a fundamental change in consumer behavior [49] - The company anticipates stronger second-half results with normalized weather conditions and improved demand trends [37][39] - Management remains committed to reducing leverage and is evaluating opportunities to monetize non-core assets [38][39] Other Important Information - The company incurred $11 million in non-recurring merger-related integration costs and $28 million in adjusted EBITDA add-backs during the quarter [27] - The company expects to reduce full-year operating costs and expenses by 3% compared to last year's combined cost base [18][35] Q&A Session Summary Question: Clarification on macro pressures - Management clarified that macro pressures include significant weather impacts and some pressure on lower-income consumers, but overall spending behavior at parks remains strong [44][46] Question: Impact of weather on long-term targets - Management believes the challenges faced are transient and not reflective of long-term potential, with a focus on finishing 2025 strong and building momentum for 2026 [49][50] Question: Details on divestitures - Management is actively pursuing two non-core asset sales and evaluating other potential divestitures to optimize the portfolio [58][59] Question: Cost savings and synergies - Management confirmed that the goal for permanent cost savings remains at $120 million, with a focus on realizing these synergies in the second half of the year [61][62] Question: Guidance on attendance and pricing - Management indicated that attendance is expected to be flat for the second half, with pricing strategies being adjusted based on demand trends observed in recent weeks [34][91]

Core Insights - Hurricane Harbor has introduced Splash Island, designed for family enjoyment, featuring new amenities and dining options [1][2] - The park includes enhanced family cabanas, updated facilities, and a reimagined restaurant with a new menu [2][6] - Six Flags Over Texas operates multiple parks and attractions, emphasizing immersive experiences for guests [4][5] Group 1: Park Features - Splash Island offers a massive footprint of 58,000 square feet, including a multi-level treehouse play structure standing 50 feet tall [6] - The water park features 17 water slides, 110 interactive water features, and a large splash pad [6] - A Texas-sized tipping bucket can carry 1,000 gallons of water, enhancing the park's attractions [6] Group 2: Dining and Amenities - The Smokehouse on the Water restaurant has been completely reimagined with a new menu featuring in-house smoked brisket and pulled pork [2] - Guests can enjoy side dishes like house-made macaroni and cheese, chopped salad, and cornbread [2] - New family cabanas with relaxing beach furniture and themed murals have been added to improve the overall guest experience [1][2] Group 3: Company Overview - Six Flags Entertainment Corporation is the largest regional amusement-resort operator in North America, with 27 amusement parks and 15 water parks [5] - The company focuses on providing fun and memorable experiences, leveraging popular intellectual properties like Looney Tunes and DC Comics [5] - Six Flags Over Texas and Hurricane Harbor are positioned as premier destinations for family entertainment [4]

Core Insights - Six Flags plans to close California's Great America at the end of the 2027 season, marking another site closure for the entertainment group [1][2] - The park has been described as having low margins, contributing to the decision to shut it down [2] - The park has a history of ownership changes and was sold to Prologis in 2022, with plans for redevelopment after the lease ends [3][6][11] Company Strategy - The decision to close the park aligns with a comprehensive review of the park portfolio, indicating that certain locations are not a strategic fit for long-term growth [11] - Six Flags and Cedar Fair merged in July 2024, creating the largest amusement park operator in North America with 42 parks [8][9] - The company is focusing on partnerships with planning and design experts to develop a master plan for the site post-closure [7][8] Financial Aspects - Prologis purchased the land for $310 million, with an agreement for the park to operate until the lease expires in June 2028, with a potential five-year extension [6] - The closure of Six Flags America in Maryland is also planned for the end of the 2025 season, further indicating a shift in the company's operational focus [9][11]

Summary of Six Flags Entertainment (SIX) 2025 Investor Day Company Overview - **Company**: Six Flags Entertainment (SIX) - **Event**: 2025 Investor Day - **Date**: May 20, 2025 - **Location**: Cedar Point, Sandusky, Ohio Key Points Industry and Market Position - Six Flags is the leading regional amusement park operator in North America, operating 42 parks and entertaining almost 50 million guests annually [14][20] - The amusement park sector is projected to grow at a CAGR of nearly 4% over the next five years, indicating long-term tailwinds for the industry [22] Merger and Integration - The merger has created a stronger and more strategically positioned company, allowing for cost synergies and improved guest experiences [8][9] - The company aims to reduce leverage to below 4x by the end of 2026, which will enable cash returns to shareholders [11] - The integration process is on track, with positive trends in guest satisfaction, attendance, and revenue [34] Financial Targets - By 2028, Six Flags targets 58 million in attendance and $3.8 billion in revenue, with an adjusted EBITDA of $1.5 billion and a 40% margin [12][13] - The company plans to generate free cash flow for reinvestment and debt reduction [11] Attendance Growth Strategies - The company aims to regain 10 million guests lost during the pandemic, focusing on improving market penetration in underperforming parks [44][45] - Strategies include enhancing guest satisfaction, leveraging marketing and CRM, and introducing a regional pass model to increase attendance [58][60] In-Park Revenue Growth - Six Flags is focused on improving food and beverage operations, which have seen a steady 7% CAGR growth in revenue [62][63] - The company plans to enhance guest experience through renovations and new offerings, including adult beverages and themed food items [64][66] - The introduction of premium products, such as cabanas, is expected to drive high-margin revenue [71] Cost Management and Operational Efficiency - The company is committed to optimizing its cost structure to achieve a 40% margin, focusing on operational efficiencies and revenue optimization [39] - Portfolio optimization efforts are underway, with a focus on high-growth parks while evaluating the potential sale of underperforming assets [37][88] Guest Experience and Satisfaction - Six Flags emphasizes the importance of guest satisfaction in driving attendance, with a focus on providing a high-quality experience [50][51] - The company is investing in new attractions and improving existing facilities to enhance the overall park experience [90][91] Risk Management - The company has strategies in place to manage potential recessionary challenges, including adjusting capital expenditures and operational expenses [28][29] - Diversification across parks mitigates risk, as no single region contributes more than 30% of adjusted EBITDA [32] Conclusion - Six Flags is positioned for growth through strategic initiatives aimed at increasing attendance, enhancing guest experiences, and optimizing revenue streams, all while managing costs and reducing leverage [39][72]

Financial Performance - For the quarter ended March 2025, United Parks & Resorts reported revenue of $286.95 million, down 3.5% year-over-year [1] - EPS for the quarter was -$0.29, compared to -$0.17 in the same quarter last year [1] - The reported revenue was below the Zacks Consensus Estimate of $293.9 million, resulting in a surprise of -2.37% [1] - The company experienced an EPS surprise of -26.09%, with the consensus EPS estimate being -$0.23 [1] Key Metrics - Total revenue per capita was $84.62, below the four-analyst average estimate of $87.12 [4] - Attendance was reported at 3,391, slightly above the average estimate of 3,370 [4] - Admissions per capita stood at $46.04, compared to the three-analyst average estimate of $48.42 [4] - In-Park per capita spending was $38.58, below the three-analyst average estimate of $39.04 [4] - Food, merchandise, and other revenue totaled $130.83 million, compared to the $131.88 million average estimate, representing a change of -0.6% year-over-year [4] - Admissions revenue was $156.12 million, below the average estimate of $163.59 million, reflecting a change of -5.9% year-over-year [4] Stock Performance - Shares of United Parks & Resorts have returned +12.8% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $286.9 million, a decrease of $10.5 million or 3.5% compared to Q1 2024, primarily due to decreases in admissions per capita and attendance [18][21] - Attendance decreased by approximately 59,000 guests or 1.7% year-over-year, with the Easter shift impacting attendance by about 140,000 guests [19][21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the prior year, influenced by revenue declines and timing-related expenses [21][22] - The net loss for Q1 2025 was $16.1 million, compared to a net loss of $11.2 million in Q1 2024 [21] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1%, marking growth for 19 of the last 20 quarters [6][21] - Total revenue per capita decreased by 1.8%, with admissions per capita down 4.2% due to a shift in peak visitation days [19][21] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend despite the Q1 challenges [6][21] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experience and drive revenue [6][10] - There are ongoing discussions regarding integrating branded hotels into parks and unlocking the value of owned real estate [11][12] - The company is pursuing sponsorship opportunities, expecting to generate over $20 million in high-margin revenue over time [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving new records in revenue and adjusted EBITDA for 2025, with 75% of historical attendance and revenue opportunities still ahead [7][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in visitors due to competitive attractions in the area [35][66] Other Important Information - The balance sheet remains strong, with a net total leverage ratio of 3.1 times and approximately $764 million in total available liquidity [14][22] - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter, indicating confidence in the stock's valuation [16][22] Q&A Session Summary Question: How does the company plan to bridge the Q1 EBITDA loss to expected record levels? - Management highlighted strong April performance, with attendance up over 8%, and emphasized upcoming new rides and attractions as key drivers for growth [31][33] Question: What was the impact of Easter on April attendance? - Management noted that April's attendance benefited from the Easter shift, with additional attendance beyond that expected from the holiday [43] Question: How are international sales performing? - International ticket sales are up low single digits year-over-year, with group bookings also running ahead of last year [50][53] Question: What are the expectations regarding labor costs due to competition from Epic? - Management acknowledged planned labor increases but stated they have effectively managed costs and matched labor needs to attendance forecasts [82][83] Question: What is the company's strategy regarding capital allocation and buybacks? - Management indicated a focus on maximizing shareholder returns and mentioned that they are comfortable with the current leverage ratio while considering future buybacks [87][89]

Core Insights - United Parks & Resorts (PRKS) is expected to report a quarterly loss of $0.23 per share, a decline of 35.3% year-over-year, with revenues forecasted at $293.9 million, reflecting a decrease of 1.2% compared to the previous year [1] - The consensus EPS estimate has been revised down by 3.6% over the last 30 days, indicating a collective reevaluation by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue and Attendance Metrics - Analysts project 'Food, merchandise and other' revenues to reach $131.88 million, a year-over-year increase of 0.2% [5] - 'Admissions' revenue is estimated at $163.59 million, indicating a year-over-year decline of 1.3% [5] - 'Total revenue per capita' is forecasted to be $87.12, compared to $86.21 from the previous year [5] Attendance and Spending Metrics - Attendance is expected to be 3,370, down from 3,450 in the same quarter last year [6] - 'Admissions per capita' is projected at $48.42, slightly up from $48.06 year-over-year [6] - 'In-Park per capita spending' is forecasted to reach $39.04, compared to $38.15 from the previous year [6] Stock Performance - Over the past month, shares of United Parks & Resorts have returned +2.7%, while the Zacks S&P 500 composite has increased by +11.3% [7] - Currently, PRKS holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the overall market in the near future [7]

Core Viewpoint - Parks! America, Inc. announced a 1-for-500 reverse stock split followed by a 5-for-1 forward stock split, effective April 30, 2025, aimed at reducing administrative costs associated with a large number of stockholders holding few shares [1][5]. Group 1: Stock Split Details - The reverse stock split will reduce the number of issued and outstanding shares from 75,726,851 to approximately 754,045 shares [2]. - The common stock will trade under the symbol "PRKAD" for 20 trading days post-split before reverting to "PRKA" [2]. - No fractional shares will be issued; instead, stockholders entitled to fractional shares will receive cash payments [3][8]. Group 2: Background and Approval - The reverse/forward stock split was approved by stockholders on March 7, 2025, and subsequently by the Board of Directors on April 1, 2025 [4]. - The Certificates of Amendment for the stock split were filed with the Secretary of State of Nevada on April 10, 2025 [4]. Group 3: Financial Implications for Stockholders - Stockholders with fewer than 500 shares will receive cash equal to their shares multiplied by the average closing sales price over the five trading days preceding the effective date [8]. - Remaining stockholders entitled to fractions will also receive cash payments based on the adjusted average closing sales prices [8]. Group 4: Company Overview - Parks! America, Inc. operates three regional safari parks and focuses on acquiring and developing entertainment assets in the United States [6].