Financial Data and Key Metrics Changes - Revenue from continuing operations increased by 6% compared to Q3 2024, reaching $13.4 million [8][20] - Consolidated adjusted EBITDA grew by 36%, reflecting cost management efforts despite a 1.5% decline in system-wide sales and negative comp sales of 2% [8][18] - Unrestricted cash and cash equivalents stood at $29.7 million, up from $25.1 million at the end of the previous year [23] Business Line Data and Key Metrics Changes - System-wide sales decreased by 1.5% to $127 million, with comp sales down by 2% [18][20] - The company opened nine franchise clinics in Q3, bringing the total to 884 franchise clinics, which is 92% of the portfolio [19] - The break-even point for new clinics improved significantly due to enhanced pre-opening protocols [19] Market Data and Key Metrics Changes - The company is focusing on a national marketing campaign to drive new patient acquisition, shifting from local to national advertising [10][11] - The marketing strategy emphasizes pain relief, which is identified as the primary reason for seeking chiropractic care, with 80% of new patients citing aches and pains [10][12] Company Strategy and Development Direction - The company aims to become a pure-play franchisor by refranchising corporate clinics, with an initial agreement to sell 45 clinics in Southern California for $4.5 million [9][27] - A new pricing pilot for wellness plans is being tested to optimize revenue while maintaining affordability [16][28] - The company is enhancing patient experience through technology upgrades, including a mobile app that has seen 178,000 downloads [17][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds affecting the refranchising timeline but expressed confidence in progress [27] - The company revised its full-year 2025 guidance, expecting system-wide sales to range from $530-$534 million, down from previous guidance [24] - Management believes that 2026 will be more profitable than 2025 due to ongoing cost-saving initiatives and refranchising efforts [24][38] Other Important Information - The company was recognized in the Franchise Times Top 400 for the sixth consecutive year, ranking 139th [25] - The patient-facing mobile app is expected to enhance patient engagement and retention, although it is too early to measure its impact [42][43] Q&A Session Summary Question: Timeline for completing refranchising of corporate clinics - Management indicated that while exact timing is uncertain due to lender dynamics, they are confident in making progress [27] Question: Details on pricing plan pilot - The company is testing three different price increase levels for wellness plans to find the optimal balance for patients [28] Question: Steps to improve same-store sales - Management highlighted a shift in marketing focus to pain relief and reallocating funds from local to national marketing efforts [30] Question: Initiatives to improve break-even point for new clinics - The company has implemented robust pre-opening protocols to ensure new clinics achieve break-even faster [32] Question: Trends in comp growth and guidance for Q4 - Management noted that comps were slightly softer at the end of Q3 and that Q4 comparisons would be tougher due to last year's performance [34] Question: SG&A expense reductions and adjusted EBITDA guidance - Management is targeting significant reductions in SG&A expenses as part of the refranchising process [36][38] Question: Performance of clinics in Southern California - The clinics in Southern California are generally performing well, and the company is focused on finding strong operators for refranchising [40] Question: Insights on app utilization and engagement - While it's early to provide metrics, initial feedback on the app's patient experience has been very positive [42][43] Question: Timing for potential pricing increases - Management anticipates activating pricing changes in Q1 2026, pending insights from ongoing tests [45]

Product Update - ShapeShift is launching a feature to connect any wallet to their mobile app [1] - Users can connect wallets like MetaMask, Phantom, Rabby, and Keplr with one tap [1] - Using the ShapeShift UI through connected wallets saves users 80 bps (0.8%) on swap fees [1]

Privacy Concerns in Crypto - Cryptocurrency transactions are less private than traditional payments, surprising many users [1][2][19] - Existing privacy solutions in crypto, like those in MetaMask, offer limited protection, primarily against front-running, but not against broader financial surveillance [1][16][17] - The industry believes the lack of privacy is a significant problem in the crypto space, hindering its potential for broader adoption [6][7][19] Blank Square's Solution - Blank Square is developing a composable privacy stack for Web3, aiming to be a middleware for privacy, similar to Stripe [2][3][8] - The company offers an SDK for integration into wallets and other protocols, as well as a web app and a mobile app to showcase smooth privacy experiences [2][9][10] - Blank Square utilizes ZK (Zero-Knowledge) technology to create shielded pools, where funds from multiple users are mixed to obscure transaction origins [21][22] - The company offers two modes of privacy: deep integration with private accounts and one-click privacy for shallower integrations, balancing user experience with privacy [22][25][26] Compliance and Future Trends - Blank Square prioritizes compliance, offering a "shielder guard" for retroactive revocation of anonymity based on proof of illicit activity [31][33][34] - The company anticipates a fragmented privacy landscape in the future, with different protocols making different trade-offs between privacy and user experience [46][47] - The industry predicts that crypto payments will become more private in the future, driven by both crypto-native users and institutions entering the space [47][48] Call to Action - The company encourages users to download the mobile app, use the provided code, and provide feedback to improve the privacy experience [53] - The company emphasizes that privacy is not about hiding bad actions, but about protecting lawful actions from unlawful observers [54][55]

App Availability - The app is available for download on the Google Play Store [1] - The app is available for download on the Apple App Store [1]

App Availability - The app is available for download on the Google Play Store [1] - The app is available for download on the Apple App Store [1]

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Feedback Mechanism - The company directs users to a specific URL (https://t.co/elQb4aHgV7) for submitting feedback, requiring login [1] - The company is actively developing an "anytime" feedback integration within its Mobile App [1]

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]

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