Hello, and welcome to Six Flags Entertainment Corporation 2026 second quarter earnings call. Please note that this call is being recorded. After the speakers' prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star and then one on your telephone keypad. Thank you. I would now like to turn the call over to the Six Flags management for opening remarks. Please go ahead. Good morning, and welcome to Six Flags Entertainment Corporation's second quarter 2026 earnings conference call. I'm Michael Russell, Six Flags Head of Investor Relations. On the call today with me are John Reilly, President and Chief Executive Officer, and Ash Walia, Chief Financial Officer. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking statements. These are subject to risks and uncertainties that could cause actual results to differ materially from those described. Please refer to our earnings release and SEC filings for a discussion of these risks. I'll turn the call over to John. Thank you, Michael, and good morning, everyone. Thank you for joining us. In the second quarter, we made meaningful progress against the strategic priorities we established at the beginning of the year, improving our operating performance through the first half. Before reviewing those results, I want to clarify the basis of comparison we will use today. As defined in our earnings release, same-park basis refers to the parks we operated during the full second quarter of 2026. Unless otherwise noted, our year-over-year comparisons measure those parks against the same parks in the second quarter of 2025. We believe this provides the clearest view of the business we manage today. On that basis, attendance increased 4% despite 44 fewer operating days in the second quarter. Net revenues increased more than 2%, adjusted EBITDA increased 7%, and our active pass base grew 6% entering the peak summer season. Looking beyond that quarter and excluding the seven parks sold in the portfolio transaction and the park we closed following the 2025 operating season, first half adjusted EBITDA increased approximately 63% or $56 million, and trailing 12-month adjusted EBITDA totaled $801 million, compared with $745 million for the full year 2025. We also completed a deep dive into the group we described on our third quarter 2025 call as the underperforming parks. That analysis confirmed meaningful upside relative to their historical performance. In the second quarter, stronger local leadership, clearer accountability, focused resources, and improved commercial execution produced higher adjusted EBITDA and better margins at these parks. We are seeing disciplined execution is producing better financial outcomes and reinforcing our conviction in the opportunity. One of the first steps we took earlier this year was restoring experienced park presidents at our largest parks, because our business performs best when decisions are made closest to our guests. These leaders are on the ground every day, responding quickly to changing conditions and empowering their teams. They now have clear accountability for the guest experience, revenue generation, labor deployment, ride uptime, and throughput, together with full responsibility for their park-level P&L. They have a strong voice in the long-range plans we are establishing for each site. We have also strengthened leadership across our central park support teams. Mark Pauls recently joined Six Flags as Chief Operating Officer, and in June, Amy Martin Ziegenfuss joined as Chief Marketing Officer after leading marketing for Carnival Cruise Line. Together with Ash Walia, who joined as Chief Financial Officer in mid-June, these appointments complete a refreshed C-suite with deep operating, financial, and commercial experience, a strong bias for accountability, and genuine enthusiasm for the opportunity ahead. Our customers are not one uniform audience. A family considering its first visit has different motivations from a thrill-seeking teenager, an active passholder, a lapsed guest, or someone considering a premium experience. We are developing more precise segmentation and tailoring the message, product, and value proposition for each audience. We are also improving the pacing and allocation of marketing investment in measuring the incremental attendance, revenue, and contribution generated by individual campaigns and channels, not simply impressions, clicks, or gross ticket sales. Our unified ticketing, CRM, and first-party data capabilities support more precise offers, stronger acquisition efficiency, better renewal rates, cross-park visitation, and in-park spending. Our season pass and membership strategy is another source of confidence. During the quarter, season pass sales increased. Our active pass base grew 6%. Membership participation expanded. Demand for higher-tier products remained strong. Importantly, both our single day and our combined season pass and membership products yielded higher average prices. In June, we expanded our membership offering to six additional parks. Cross-park visitation also continued to grow as guests used the flexibility of our multi-park products to visit more parks during the season. These benefit-rich choices deepen engagement, strengthen recurring revenue, and improve visibility into future demand. On average, a passholder visits approximately four times per year, creating multiple opportunities to purchase food and beverages, merchandise, games, parking, and premium experiences. As attendance shifts toward passholders, admissions revenue per visit may decline because pass revenue is recognized across multiple visits. We view that as an attractive trade when the guest pays more up front, visits more often, and generates incremental in-park spending. Our objective is to maximize the total seasonal and lifetime value of each guest relationship while ensuring those incremental visits remain profitable. The guest experience remains the foundation of our strategy. Ride availability is one of its most important drivers. Ride uptime improved in the quarter and year- to- date, although performance remains uneven across parks. We incurred higher repair and maintenance expense at certain parks as we reduced downtime. We will not compromise on safety. Our continuing work on uptime and throughput delivers more attraction experiences per guest, rebuilds guest trust, supports repeat visitation, and strengthens long-term pricing power. Capital investment is also essential to the strategy. Every project must compete for capital, enhance the guest experience, and deliver an attractive long-term return. While our multi-year plans responsibly address guest amenities and comfort. This year's lineup includes Tormenta Rampaging Run at Six Flags Over Texas, Phantom Theater at Kings Island, the reimagined Looney Tunes Land at Magic Mountain, and Shoreline Pier at Six Flags Great Adventure, together with locally tailored America 250 programming. These investments give guests new reasons to visit, encourage repeat visitation, and support stronger returns on the capital we deploy. We also simplified our portfolio. The sale of seven smaller non-core parks lets us concentrate leadership, operating resources, and capital on the properties with the greatest long-term potential to operate more consistently, to allocate capital more effectively, and reduce leverage. With that, I'd like to introduce our new Chief Financial Officer, Ash Walia, who joined us in mid-June and is already having a positive impact on our company. Ash will review our second quarter financial results, expense performance, and balance sheet. Ash? Thank you, John, and good morning, everyone. It's a pleasure to be with you, and I look forward to meeting many of you in the quarters ahead. Before discussing the quarter in more detail, I'd like to address our year-over-year comparisons. As noted in our earnings release, reported second quarter 2025 results included eight parks that are no longer part of our operating portfolio. Those parks contributed approximately $86 million of revenue in last year's second quarter. My remarks will focus primarily on our current operating portfolio, which provides the clearest view of the business we manage today. On a same-park basis, net revenue increased 2% to approximately $864 million, despite 44 fewer operating days. Attendance increased approximately 449,000 visits, or 4%, driven by continued strength in season pass visitation and the commercial initiatives John discussed. Per capita spending declined modestly by less than 1%, primarily because seasons pass and membership visits represented a larger share of attendance. This is a mix and revenue recognition effect, not weaker pricing. As John noted, like-for-like pricing increased across our admission products. Guest spending remained healthy across food and beverage, extra charge attractions, and our other in-park experiences. Let's move to expenses. Second quarter operating days declined 3%. Most of our park level expenses base is fixed or semi-fixed. We incur substantial labor, maintenance, utilities, insurance, and overhead costs regardless of the precise number of days the parks are open. When we reduce operating days, these costs are allocated over fewer days, so expense per operating day may increase mechanically. Investors, therefore, should not expect expense per operating day or total quarterly expenses to decline at the same percentage as the operating days. Even with that fixed and semi-fixed cost structure, our park teams managed strong cost discipline, allowing us to retain a meaningful portion of the quarter's incremental revenue. As a result, second quarter same-park adjusted EBITDA increased approximately 7% to $249 million, demonstrating that the operational initiatives John discussed are translating into improved financial performance. Turning to the balance sheet, we continued to strengthen our financial position during the quarter. We used proceeds from the portfolio transaction, together with improved operating cash flow and disciplined capital spending to reduce outstanding borrowings while maintaining substantial liquidity. Deferred revenue increased on a current operating portfolio basis, reflecting continued growth in membership and advance sales. We ended the quarter with approximately $135 million of cash, total liquidity of approximately $837 million, and a net debt of approximately $4.9 billion. With that, I'll turn the call back to John. Thanks, Ash. Let me turn to our outlook. Excluding the seven parks sold in the portfolio transaction and the park we closed following the 2025 operating season, trailing 12-month adjusted EBITDA was $801 million, compared with $745 million for the full year 2025. Building on that progress, we expect adjusted EBITDA to continue to grow year-over-year in the second half of 2026. That expectation incorporates two headwinds at the start of the third quarter, the unfavorable July 4 calendar shift, and wildfire-related air quality disruptions. We expect to grow despite these factors. Importantly, on days in July that were not affected by these disruptions, we saw very healthy performance, which included delivering our highest summer attendance day over the last five years on a same-park combined basis. These results provide compelling evidence that underlying demand among our guests remains strong, despite the calendar shift and wildfire-related air quality disruptions affecting the month overall. For modeling purposes, we plan 2,133 operating days in the quarter, 66 more than last year's third quarter, primarily because the timing of Labor Day provides an additional week of summer operations at several Northern and Midwestern parks. On August 7th, we will launch our 2027 passes with a new best price guarantee, enhanced benefits, and new flexible dining plan options. That launch and our seasonal events will be supported by larger active pass base, broader membership availability, more targeted marketing, and continued work on ride uptime and throughput. We will maintain the same expense discipline that benefited the first half. Our fourth quarter plan adds several demand drivers when we launch America's biggest Halloween party, with 448 Halloween-themed experiences from coast to coast. We'll host visitors at 107 haunted mazes, immersing guests into some of the world's most iconic horror franchises, with 11 new ones in 2026. Our commercial team is improving upon our Halloween event upsell experiences. We're also restoring Holiday in the Park at two of the parks where it was not offered in 2025, including Six Flags Over Georgia and Six Flags Great Adventure in New Jersey. Our efforts to operate more efficiently and expand margins to our potential will continue as a high priority, boosted by new resources and approaches in workforce deployment, now led by Mark Pauls, and in supply chain value creation, where Ash brings considerable experience to us. Beyond the fourth quarter, construction is underway on our 2027 attraction pipeline, including Bakunawa at Six Flags Great Adventure, Werewolf Gorge at Six Flags Fiesta Texas, Rip Roarin' Falls at Carowinds, and the reintroduction of Georgia Gold Rusher at Six Flags Over Georgia. Just this morning, we announced that for 2027, Six Flags Great America in Chicago will debut Camp Timber Trail, featuring nine attractions and experiences, making it one of the largest family-focused investments in Great America's history. Over time, we believe this business can deliver adjusted EBITDA margins in the mid-30% range while reducing leverage toward our long-term objective of approximately four times. Over the past several months, we have assembled the management team needed to execute this plan. Mark Pauls recently joined us as Chief Operating Officer, completing a leadership team with the experience and accountability to execute at a higher level. The second quarter was an encouraging step in Six Flags' transformation. Our priorities remain clear: strengthen park-level accountability, improve the guest experience, build our commercial capabilities, and allocate capital with discipline. Together, these actions are producing stronger financial performance and building long-term shareholder value. Before we take your questions, I want to thank our team members across the company. Their commitment, energy, and dedication makes this business successful. We are encouraged by our progress, confident in our direction, and excited about the opportunities ahead. Operator, that concludes our prepared remarks. We'd be happy to take questions. Thank you. We are now opening the floor for a question-and-answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Kindly limit your questions to one question and one follow-up. We will pause for a brief moment to wait for the questions to come in. Your first question comes from the line of Steven Wieczynski of Stifel. Your line is now open. Guys. Good morning. John, I want to start with, you gave some high-level thoughts around July. It looks like you were probably somewhat impacted there by weather and then the shift in the Fourth of July holiday. Can you maybe help us think a little bit more about how July trended from a like-for-like basis, either whether that's from an attendance basis or from a revenue basis? Just trying to get a sense for how we should be starting the third quarter off. Thanks. Hey, Steve. Good morning. Thanks for the question. If it helps, while we aren't giving guidance for the third, fourth quarter or the year, what we will say is we expect to grow EBITDA, adjusted EBITDA, in the balance of the year. Let me take you through a few points about July and then the balance of the year that might be helpful for your modeling. First of all, I'd note, if you look at the trailing 12 months, our adjusted EBITDA, again, on a same park basis, is $801 million. That's compared to $745 million in full year 2025. We expect to grow upon that $801 million in the back half. We have some positives and some negatives. In July, there are some negative factors, and we don't want to dwell on any short-run negative factors because we believe there's a lot of potential in this business that's within our control over time, and over time, as I said, we expect to grow. However, the Fourth fell on a Saturday, which does affect some people who like to bridge a holiday into a longer period, versus prior year, where it was on a Friday. We had some disruption from wildfire air quality issues really across the Great Lakes and from Toronto down to Virginia over various periods of time, and even caused some park closures for air quality. What encouraged us in July is as we moved through the month is one of the points that we made earlier, is that we had a day where our cumulative attendance total was the best we've seen in five years. We're seeing demand come back when we have positive conditions, and that's our expectation for the business over time. Again, where we are in attendance year-to-date, where we are on our pass base gives us positive indications as we go forward. When you look at the 6% pass and membership-based growth, that's a positive indicator as we go forward in Q3 and Q4. We have more folks in our membership programs. Our membership programs are our higher per cap programs, and they have, more importantly, almost they have higher renewal rates. We'll have more and more guests renewing over the back two quarters than we had last year. That's another positive factor. We have an extra week of summer, essentially, with Labor Day, and along with the new holidays in December, that's driving the additional operating days that we referenced, Steve. The other thing that I would mention that we're really encouraged by is Halloween. We just went through some of the factors on it. In about two weeks, we're going to be announcing some of the IPs that we're expanding to, including four pretty new and exciting ones. When you look at the scope of what we have in Halloween, no one's doing anything in this kind of scope, in this kind of geographic range, and with this many attractions. We're really excited about Halloween, about the programming that we have coming in. When you take that all into effect, we expect to grow in Q3 and Q4, and in the back half of the year. The opportunities with Halloween and Holiday in the Park probably provide the greatest opportunity for Q4 relative to Q3. Okay, got you. Thanks for that. That's good color, John. Second question, I don't know if this is for you or for Ash, but just want to ask about the opportunity to now de-leverage moving forward. I guess what I'm trying to understand is with you guys generating, John, you just kind of said somewhere around $800 million in EBITDA, you should potentially even maybe beat that. We have the CapEx number. We have the cash interest. We have the cash taxes. We put all this together, that would still kind of show us somewhere around that kind of break-even free cash flow point, if not maybe even slightly negative this year. Just wondering how we should think about de-leveraging moving forward, especially, you guys are going to have this Atlanta or Georgia payment coming up as well sometime next year. Any color there would be super helpful. Thanks. Sure. As we've said, our goal over time is to get to a 4.0 net leverage debt to EBITDA, and our confidence remains that we can get there. We have the liquidity to manage the Georgia payments, we're in a position to do that when that comes due. We still feel good about our program going forward. We're judicious in our capital expense. We feel like we're addressing all the needs. We should be in a 400-425 range. Over time, we still feel good about getting the net leverage down to where it should be. Okay, great. Thanks, guys. Appreciate the color. Your next question comes from the line of James Hardiman of Citi. Your line is now open. Hey, good morning. Just as a point of clarification, Steve had asked about sort of July. John, I think I just heard you say you expect to grow not only in the second half, but both in 3Q and 4Q. I guess the simple version of the question is how much of a hole do you need to dig yourself out of coming out of July to grow EBITDA in the third quarter? What I'd say about July relative to the rest of the third quarter is that what we have coming ahead are, again, this expanded pass and membership base. We have the favorable calendar in terms of where Labor Day is falling. We have additional days to drive that business, we also will have people, as we said, in terms of membership, other revenue initiatives driving us forward. That said, the opportunity for growth is bigger in Q4, and we expect more towards the end of the half, Q4. Got it. That makes sense. This is sort of a modeling question. I don't know how well this is going to go on an earnings call because it's a little bit of minutiae. I think as we think about the second quarter, that 9% delta between sort of the reported attendance number and the same store number, I think that was bigger than most people were anticipating. Can you help us with how to think about sort of the gap that the sold parks is going to create over the next couple of quarters? Attendance would be a great starting point, but anything you could give us on per caps revenues, EBITDA in overall. You had given us some sort of pro forma tables last time around, but maybe just so we're all on the same page, just understanding those reported versus same store numbers going forward would be really helpful. Sure, James. We would refer you back to the table that you all can find in the Q1 Earnings Report where we gave the balance of the year by quarter, the attendance impacts for the specified parks versus the consolidated company number. In Q4, the numbers are there for attendance and revenue of what we modeled. In Q2. In Q3 and Q4, it's about a $66 million EBITDA impact for the balance of the year. We'd refer everybody back to that table. Okay. I will follow up on that one. Thanks. Thanks. Your next question comes from the line of Lizzie Dove of Goldman Sachs. Your line is now open. Hey, good morning. Thanks for taking the question. I just wanted to ask on just kind of the margin and cost side. If I'm doing my math right here, I think margins were up about 50 basis points year-over-year, but off of a base of when they were maybe kind of down over 600 basis points last quarter when you'd obviously had some challenges in both revenue and costs. I guess as we think about from here, not looking for specific guidance, but just how do you think about the ability to kind of increase some of the cost savings and the margin power from here? Thanks. Yeah. We feel good about the flow-through that we've been able to generate. If you look at Q2, we picked up about 1.2 points, 120 basis points in margin on a same park basis. We could walk through that at a later time. We picked up margin. We had strong flow through the quarter as we've had for half one. We're in the early stages on this. We believe we have considerable growth. We've mentioned before that there are plenty of proof points. Given the scale of the company, we have the potential to get to the mid-30s over time. That remains our goal. I'm especially encouraged by the team members that have just joined us. Ash Walia in Finance has extensive supply chain experience, Ash is already starting to make an impact, but he's just arrived. Mark Pauls in Operations has extensive experience both improving the guest experience and doing it very efficiently, including with our labor deployment. We're encouraged by the skills that we've brought on. I think we have a good proof point in terms of expanding it, expanding our margins in Q1 and Q2 on a same park basis. We expect to be able to, over time, accelerate that and get to the mid-30s as we've said. Just on the per cap side of things, appreciate Q4 and Q1 aren't super indicative quarters given its lower volume, but it does seem like a bit of a reversal from the growth we've seen those past couple of quarters versus what you did now on a same park base. I know you talked about some of these initiatives, in terms of maybe what's hitting that, but could you maybe kind of share more of that? Is that kind of a specific Q2 thing, or is that something that we should expect to kind of continue from here? Sure. Good question. If you remember for the Q4 of 2025, I believe for Q1 of 2026, we mentioned that there was a bit outsized per cap growth and that we wouldn't extrapolate that for the full year. When you look at Q2, this is an intentional strategy that we've been talking about to grow our pass and membership base. If you look at the pass plus membership category of tickets, the average ticket sold was sold at a higher price than in the previous comparable period, same park. The same goes for what we call demand tickets or single day tickets, which includes our group and single day demand tickets that are sold for the parks. That category also increased on an average price basis, versus the same period, same park basis, Q2 2025. We feel good about our ability to continue to expand the pass and membership program, you may see mix effects as a result of that, ticket mix effects. We're building total revenue per customer and total lifetime customer value. That's part of an intentional strategy. In the quarter, you did have some also park mix. Within the same park portfolio, we had some parks outperforming, you have some natural park mix shifts. Going forward in the quarter, just to give you a little bit of color, again, we have some membership impacts that will help us as we move forward. We also have some strong initiatives on in-park, including on our queuing programs and including on some per cap expansion for Halloween. Great. Thanks so much. Your next question comes from the line of Chris Woronka of Deutsche Bank. Your line is now open. Guys, thanks for taking the questions. John, I was hoping maybe you could talk a little bit about any efforts to kind of connect ancillary to pass sales on a pre-sale basis. I know the cruise lines are famous for this, and you recently brought in some new leadership there in marketing. I'm just hoping if you see an opportunity to maybe meaningfully increase the attachment of some ancillary revenue to the pass sales on a pre-sale basis. Thanks. Yeah. Great question, it is a deliberative strategy that we have in the company. One of the folks that's been promoted in our recent leadership initiatives across the company is Chris Myring, who is heading up commercial for the group. We're also working with external experts that have worked in the field a lot in terms of pricing, we're really building on our capabilities. We have made some changes in some ancillary product initiatives under Chris's leadership. One would be Fast Lane, where we tested different approaches from each of the legacy companies in parks, and now we have an optimal way going forward that will help us, particularly in 2027. The other thing that we've done, Chris, is made some changes to our dining programs. This is a huge program, a huge satisfier for many of our guests. It drives a lot of attendance and a lot of footfall, our commercial team has researched, tested, and now deploying today with our pass launch, new dining program options that give guests more flexibility for both limited plans and all-season plans. On the all-season plans, we did feel that we were underpriced. We've taken those up, but we've given people really also very affordable plans with certain limits. I would say the early returns, because we did launch a few parks in the last week or two, are that we're seeing a double-digit growth in attachment rate so far. Very early returns. Okay. Super helpful. Thanks, John. As a follow-up, I won't ask you for a specific number on 2027 or beyond, but directionally, do you think you're possibly moving closer to a place where you trade some hard CapEx $ for some soft CapEx $? By that, I just mean kind of coasters versus live entertainment that doesn't necessarily have a fixed hard cost to it. Is that something that's on the table going forward as well? It's a good question, as we mentioned, we're launching our 2027 Pass Program in most parks today, this afternoon. One of the great drivers for Pass is our event series. We do very well with Halloween, we do well with Christmas period events, Holiday in the Park, and WinterFest. We have a great case study within our own portfolio of a food and beverage event with the Boysenberry Festival at Knott's Berry Farm. It's a fantastic event. Drives very high per caps, very high visitation, and very high pass renewal. So we'll be launching more food and beverage events across the portfolio next year. We believe events are a very efficient way to deploy capital as we go forward. Great. Thanks, John. Your next question comes from the line of Ian Zaffino of Oppenheimer. Your line is now open. Hi, great. Thank you very much. Just wanted to look at the numbers here and the comments that you're giving us and maybe give us your thoughts on the consumer and kind of the ability to maybe push pricing. It seems like some of the pricing was up on an apples-to-apples basis based on your comments. Maybe give us a sense of how much that was, and kind of also what's been driving some of the in-park spend, as it relates to the strength of the consumer. Thanks. Thanks. Relative to the strength of the consumer, I will probably characterize this answer the way we did on the last call as well. Look, we're finding consumers to be responsive. We're putting out strong values and working very hard to improve the experiences in the parks. We see consumers respond. You see the attendance increase at 4% and the pass base increasing at 6%. We believe there's a lot in our power to drive visitation and consumer spending, including per capita spending as we go forward. When we have well-researched products and effective marketing to convert people to those products, we're seeing the potential. I mentioned Fast Lane, our queuing programs, initiatives we have there. Our dining program has huge appeal to our visitors, and we expect that will continue and even expand with new flexible programs. We're launching new concepts in F&B, new refresher beverage concepts, and other things that are getting good early returns. We see when we do the right things, we're able to move the in-park spending per capita. Okay. Thank you. Then on the multi-park pass, how is that going? I know you kind of commented that it was going okay, but maybe a little bit more color on that as far as maybe the economic benefit of it, what it means to the company, and how we think about this going forward as far as the maturation period of this, because it was just introduced. Thanks. Yeah. I'd say we're in the early stages, right? It was just introduced, a couple of proof points that have us very encouraged. When it was introduced, our pass sales went on a much stronger trajectory. Some of that we credit to better product architecture, better merchandising, better conversion rates on our website from people shopping to people buying. There's a lot happening to drive it. Clearly, it coincided with the introduction of the multi-park visits on a regional basis. We're seeing the usage of the pass follow the same pattern. We're seeing people within regions visiting at very healthy rates on cross parks. Just one illustrative example would be in Los Angeles. We have two of the greatest parks in the world with Knott's Berry Farm and Magic Mountain. We're seeing lots of cross-visitation, and we're seeing people in Greater Los Angeles and Orange County respond very strongly with the value of buying one pass at their home park and having the ability to visit a very different kind of park and have a very well-rounded experience across the two. We're in the early stages. Halloween will also be a good read on that as we've just sent out CRM communications regionally inviting people to visit our other parks this summer. We'll do the same for Halloween. We're in the early stages, but everything we see is encouraging about the appeal to our guests. Okay. Thank you very much. Again, if you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Kindly limit your questions to one question and one follow-up. Your next question comes from the line of Ben Chaiken of Mizuho. Your line is now open. Hi, it's Alok Patel on for Ben Chaiken. Thanks for taking our questions. Just if I'm not mistaken, the same park attendance in 2Q26 release seems about 500K different than what was suggested in the 1Q release that you pointed us to earlier. Maybe to ask the previous question differently, what is the 3Q25 and 4Q25 same park base we should be using for going forward? From the table that we had in the Q1 earnings, we had $3 million in Q3 and $1 million in Q4. I'm going to give you one more decimal point so that helps in your modeling. It's $2.9 million in Q3 and $0.6 million in Q4. Hopefully that helps. Okay. Yeah, that's helpful. Just a quick follow-up. How should we think about cash costs for the balance of the year? 2Q25 had elevated marketing costs. You guys look like in 2Q were roughly flat on the same park basis. Does that imply that 2H cash costs will be higher year-over-year? I think you could expect modest growth in the cash costs over the balance of the year. Okay, thanks. That's everything I had. Thank you. Your next question comes from the line of Arpine Kocharyan of UBS. Your line is now open. Hi. Good morning. Thank you very much for taking my question. I was wondering if you could comment a little bit more on per cap spend in the context of sold parks. Specifically, when we think about these lower margin parks that were sold and think about ancillary spend at those parks and the fact that some of those higher performing remaining parks should have better per cap spend. Could you comment why that spend on per cap basis shouldn't grow nicely year-over-year? Again, on the same park adjusted basis, I know on admission side of things, pass product mix improvement can impact admissions per cap. The more successful pass product you have, that can put pressure a little bit on admissions per cap. I'm just asking about in-park spend here. Then I have a quick follow-up. Thank you. Arpine, it's a good question. What I would say is the way we've presented and talked about the per cap quarter-over-quarter, year-over-year is on a same park basis, it adjusts out for the parks that we sold. Would those parks likely have had a lower average? Potentially, yes. A lower average per cap. Okay. On the same park basis, it should be comparable for you. Yeah, no, absolutely. I was just wondering why I didn't see that growing a little bit more. Maybe on go forward basis, it shouldn't grow slightly better, given most of the parks sold were really sort of lower margin parks. Yeah. I think one of the impacts there is mix of parks. Okay. We had strong growth, for example, in Canada and Mexico, that's where park mix can affect the overall number. Okay. Thank you. I'm so sorry. I'm hoping between calls today, so it's very possible you went through this in detail. Really apologize in advance if you have to repeat yourself. I was hoping if you could talk a little bit more about EBITDA flow-through for the quarter. You were comping some marketing pull forward, there was some shift in maintenance costs that shifted out of Q1 into Q2. Anything else that you could share on that EBITDA flow-through to help us better understand this quarter? Thank you. Those are the major factors, Arpine. I think you hit them. As we mentioned on the Q1 call, we expected some of the savings in Q1 to pull forward in terms of maintenance costs. We saw that as we worked on ride-up time. Some of that materialized. You're correct about marketing. We feel good about the flow-through that we've seen year to date is very strong. In the quarter, 1.2% better. Plenty of opportunity for growth over time to get to our target in the mid-30s. Wonderful. Thank you very much. Appreciate it. Your next question comes from the line of David Katz of Jefferies. Your line is now open. Hi, good morning, everyone. Thanks for taking my question. I know you've covered a lot already. I don't believe we've had any discussion about sort of the base of parks and whether there are sort of parks on the edge that continue to be reviewed, and whether the divestiture concept is still something that's an ongoing process, or should we look at the base as fairly set for the moment? It's a good question, and for now, what I would say is that we don't expect any changes in our portfolio of parks this year. As I mentioned, we're launching our pass sales today, and our pass launch last year, I think, was probably impacted by some of that discussion. I think it's important for our consumers to know that we don't have any changes planned right now. I would say that, of course, we'll always look to do what is best in terms of creating value in the business and creating value in our shareholders. We wouldn't exclude any discussion in the future, but no current plan. Understood. Then, this may be an unusual question, but I think too often, we on Wall Street position companies, consumers either at one end of the K or the other end of the K, and it feels to be becoming more and more of a binary question. Where on that letter K do you sort of put your people, or are they dispersed? How would you have us think about your population of target consumers in that way? Yeah. This gets back to the potential we have with our new marketing and commercial organization and some of the priorities that our new chief marketing officer have in the business. We have opportunities to further segment our offering and to speak to different audiences of guests. There's a good example with Magic Mountain relaunching Looney Tunes this year for kids in one of the world's greatest thrill parks, greatest coaster parks. We successfully launched a kids attraction, and we're super pleased with that. In Chicago, a great thrill park, we're launching a family and kids attraction for 2027. We have a great offering across the portfolio for all kinds of audiences with our events, with our rides, with our thrill rides, our family rides, and family attractions and entertainment. The opportunity we have is to better segment our marketing through better data capabilities and speak to audiences that are out there. I would say we have opportunity because our effort to target different segments is very limited at this point. We have opportunities to expand all over the consumer spectrum, whatever side of the K they might be coming from. I see our opportunity as one to build our capability, and we can appeal across segments. Thank you very much. Your next question comes from the line of Mike Pace of JPMorgan. Your line is now open. Hi, good morning. Apologies if this stuff was gone over. A busy morning here. Season pass sales and up-tiering on pricing and packaging is a good trend. Just to maybe focus on the +4% attendance growth. Weather just seemed better than +4% year-over-year. I know there was some early noise with spring break and Easter. How much did that impact on the percentage point basis maybe? Any other puts and takes, I would just love to hear whether +4% met your expectations? I have a quick couple follow-ups. Again, we prefer to take up a bit of a longer view over quarters and over the year. In Q2, early in the year, clearly we had better conditions in California, and we should acknowledge that. In terms of spring break, we did have an impact from the pull forward of Easter and some of the spring break calendars relative to the prior year. That cascaded into some other things like Knott's Berry Farm. We opened the Boysenberry Festival. It was a very high per cap, higher priced and higher attended event, more of it into Q1. We saw those impacts. Certainly, we would say in some regions like California, yes, we saw improved conditions. We feel good about the traction for our pass sales program. When you look at the leading indicators of the growth of our base and what we believe will be the stickiness of the base for renewal and people moving into higher tiers and higher products, that's the important leading indicator for us strategically. We always want to do better than what we did. We believe 4% and 6% on the pass is a good sign that our initial initiatives are focused in the right area, and we believe we can continue to yield them. Got it. I'm not sure who this one is for. In the past, you've mentioned the potential to sell some unused land, and I'm curious where that stands and versus prior expectations on dollars and timing. Any thoughts there? Your prior commitment that any and all asset sale proceeds would be used to pay down debt. Can you reiterate that if you can? Thank you. I'll start by reiterating the second part, which I think is important to everybody for the asset sales, that it will be used to pay down debt. We have the long-term goal of 4x. The biggest land sale initiative that we have happening is in Bowie, Maryland, at the site of the former park there. We have signed a contract, a purchase agreement for the park. The buyer is going through a due diligence process. The window for that materializing is going to take some time. That might be late 2027, early 2028. We made a lot of progress there. We're progressing well on the excess land in Richmond, Virginia, and I would say we have strong interest and some bids under evaluation for the excess land. Thank you. Thank you. Thank you. That concludes today's Q&A session. I'll now turn it over to Michael Russell for closing remarks. Thanks, Ellie, and thanks to everyone for joining us today. Our next earnings call will be in early November when we report our third quarter 2026 results. That concludes our call today, Ellie. Everyone can disconnect. Thank you for attending today's call. You may now disconnect. Good day.