Financial Data and Key Metrics Changes - Total revenue for the first quarter was $286.9 million, a decrease of $10.5 million or 3.5% compared to the first quarter of 2024 [18] - Net loss for the first quarter was $16.1 million, compared to a net loss of $11.2 million in the first quarter of 2024 [21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the first quarter of 2024 [21] - Attendance decreased by approximately 59,000 guests or 1.7% compared to the prior year quarter, primarily due to the timing of Easter and spring break [18][19] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1% during the first quarter, marking growth for 19 of the last 20 quarters [6] - Admission per capita decreased by 4.2%, influenced by the admissions product mix and lower realized pricing [19] - Total revenue per capita decreased by 1.8% [19] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend moving into the second quarter [7] - 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 [8][15] - Discussions are ongoing regarding the integration of branded hotels into parks and unlocking the value of owned real estate [12][15] - The company is exploring sponsorship opportunities, expecting to exceed $20 million in high-margin revenue over time [14] 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 opportunity still ahead [8][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in attendance due to competitive market dynamics [34][65] Other Important Information - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter [16][22] - The balance sheet remains strong, with a net total leverage ratio of 3.1 times and approximately $764 million in total available liquidity [15][22] Q&A Session Summary Question: How does the company plan to bridge the first quarter loss to expected EBITDA records? - Management highlighted strong April performance with attendance up over 8% and ongoing strategies to improve admissions per capita [30][34] 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 [41] Question: How is the company performing in international sales? - International ticket sales are up low single digits, with management indicating that international attendance does not significantly impact overall performance [52] Question: What are the expectations regarding labor costs due to competition from Epic? - Management acknowledged planned labor increases but emphasized effective management of costs to maintain guest experience [81] Question: What is the company's approach to capital allocation and buybacks? - Management stated that they are comfortable with the current leverage ratio and are focused on maximizing returns to shareholders through strategic capital allocation [86]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $286.9 million, a decrease of $10.5 million or 3.5% compared to the first quarter of 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 approximately 140,000 guests [19][21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the first quarter of 2024, influenced by revenue declines and timing-related expenses [21][22] 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] - Admission per capita decreased by 4.2%, primarily due to a shift in peak visitation days and a change in the admissions product mix [19][21] - Operating expenses decreased by $3.6 million or 2.2%, attributed to a reduction in non-cash adjustments [20][21] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend despite the first quarter's challenges [7][18] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] - International ticket sales were up low single digits year-over-year, with group bookings running ahead of the previous year [50][52] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experiences and drive revenue [7][11] - Discussions are ongoing regarding the integration of branded hotels and unlocking the value of owned real estate [12][72] - The company is pursuing sponsorship opportunities, expecting to generate over $20 million in high-margin revenue over time [14][35] 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 [8][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in visitation due to competitive market dynamics [34][65] - Management acknowledged economic uncertainties but emphasized the resilience of their business model [16][61] Other Important Information - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter, indicating confidence in the stock's valuation [16][22] - The net total leverage ratio as of March 31, 2025, was 3.1 times, with total available liquidity of approximately $764 million [15][22] Q&A Session Summary Question: How does the company plan to bridge the first quarter loss to achieve record EBITDA? - Management highlighted strong April performance with attendance up over 8% and emphasized upcoming new rides and attractions as key drivers for growth [30][34] Question: What was the impact of Easter on April's performance? - Management noted that April's attendance benefited from the Easter shift and additional attendance beyond that, indicating a positive trend [41] Question: How is the company addressing international sales and group bookings? - Management reported low single-digit growth in international ticket sales and positive trends in group bookings, indicating a strong outlook [52][54] Question: What are the expectations regarding weather impacts for the year? - Management anticipates more normalized weather patterns compared to the previous year, which experienced significant hurricane impacts [61][62] Question: How is the company managing labor and marketing costs in light of competition? - Management indicated effective management of labor costs despite market pressures and strategic redeployment of marketing expenses to maximize impact [81][84]

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]