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    Thomas Yeh • Morgan Stanley

    Thomas Yeh's questions to United Parks & Resorts Inc (PRKS) leadership

    Thomas Yeh's questions to United Parks & Resorts Inc (PRKS) leadership • Q2 2025

    Question

    Thomas Yeh inquired about underlying consumer trends, asking if the company was observing value-consciousness similar to peers. He also sought more detail on the two expected international MOUs and the potential capital intensity of future hotel projects.

    Answer

    CEO Marc Swanson stated there are no materially obvious signs of a consumer pullback, pointing to nearly flat in-park spending and record-setting pace at the high-priced Discovery Cove park. He confirmed the two Memorandums of Understanding (MOUs) are for international park opportunities and are expected to be structured in a capital-light manner, similar to the Abu Dhabi project. On hotels, he noted discussions with partners continue across a variety of potential structures.

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    Thomas Yeh's questions to United Parks & Resorts Inc (PRKS) leadership • Q4 2024

    Question

    Thomas Yeh asked about the strategy to capture a share of the growing Orlando visitor market, questioning if the focus would shift to attendance growth over per capita spending. He also inquired about expectations for marketing expenses and labor wage dynamics for the upcoming year.

    Answer

    CEO Marc Swanson clarified that the primary goal is driving total revenue, which may at times involve promotional activity to boost attendance, but the long-term objective remains to grow pricing. He noted their differentiated product and value proposition give them confidence. Regarding expenses, Swanson explained that the company's cost-saving initiatives are designed to offset inflationary pressures like wages, allowing for reinvestment in other areas or for savings to drop to the bottom line.

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    Thomas Yeh's questions to United Parks & Resorts Inc (PRKS) leadership • Q3 2024

    Question

    Thomas Yeh from Morgan Stanley requested more context on the double-digit growth in 2025 forward ticket sales, asking about typical lead times. He also asked for clarification on how the total season pass base could be flat while the new premium pass program is seeing double-digit growth.

    Answer

    CEO Marc Swanson described the advance ticket sales as a positive but not majority indicator of future attendance. Regarding the pass base, he explained that the flat overall number reflects a favorable mix shift, with strong sales of new high-value premium passes offsetting declines in lower-tier products like Fun Cards, which is a positive trend for total revenue.

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    Thomas Yeh's questions to United Parks & Resorts Inc (PRKS) leadership • Q1 2024

    Question

    Thomas Yeh asked if there were any early signs of incremental market traffic due to Epic Universe and whether the company planned to adjust its promotional strategy to capture this opportunity. He also inquired if licensing revenue, such as from Abu Dhabi, has been a net tailwind to in-park per capita spending.

    Answer

    CEO Marc Swanson responded that while there are no specific early signs, the core opportunity is the expected increase in visitors to the market, which they will target with their own differentiated offerings and flexible marketing tactics. He clarified that the new sponsorship revenue is mostly still ahead and that the Abu Dhabi licensing revenue has not provided a material year-over-year increase to per caps.

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    Thomas Yeh's questions to Six Flags Entertainment Corp (FUN) leadership

    Thomas Yeh's questions to Six Flags Entertainment Corp (FUN) leadership • Q2 2025

    Question

    Thomas Yeh of Morgan Stanley asked if the initial 2026 season pass pricing is lower on a like-for-like basis and whether it's a promotional move or a reaction to pressure on low-end consumers. He also sought clarity on whether the "normalized weather" assumption for the second half accounts for last year's exceptionally good October.

    Answer

    CFO Brian Witherow clarified that pass pricing is generally flat-to-up versus last fall, with the main incentive being value-adds like the All Park Pass, not price cuts. He explained that the second-half guidance assumes a weather environment comparable to last year's, not necessarily ideal weather, and noted that adding operating days provides some insurance against poor weather on key weekends.

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    Thomas Yeh's questions to Six Flags Entertainment Corp (FUN) leadership • Q1 2025

    Question

    Thomas Yeh asked about the progress in unifying the season pass strategy, particularly behavioral shifts on the legacy Six Flags side, and its contribution to recent sales momentum. He also inquired if there is still room for attendance to grow above historical trends.

    Answer

    CEO Richard Zimmerman stated that while harmonizing programs at a high level has begun, the full potential will be unlocked once all parks are on a single ticketing system. CFO Brian Witherow added that despite a later start, season pass unit sales in April were up mid-single digits. He noted the focus is on the critical May-June sales window and that the larger volume opportunity resides with the legacy Six Flags parks. Regarding attendance, he confirmed there is potential for full-year growth to exceed 2%, depending on performance in key months like June and July.

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    Thomas Yeh's questions to Six Flags Entertainment Corp (FUN) leadership • Q4 2024

    Question

    Thomas Yeh asked for an update on the attendance opportunity related to optimizing the operating calendar and inquired about the season pass pricing strategy for the legacy Six Flags parks.

    Answer

    CFO Brian Witherow explained that the company is shifting operating days to more valuable periods in Q2 and Q3 from lower-margin days in Q4. CEO Richard Zimmerman added that the strategy is to drive volume while taking price where the capital lineup provides power. He noted they are 'retraining' legacy Six Flags markets on a more consistent pricing program, supported by an encouraging 3% lift in early pass sales.

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    Thomas Yeh's questions to Six Flags Entertainment Corp (FUN) leadership • Q3 2024

    Question

    Thomas Yeh asked about the drivers of season pass momentum, the strategy for the partnership park buyouts, and whether structural issues would prevent legacy Six Flags' visitation per passholder from reaching legacy Cedar Fair levels.

    Answer

    CFO Brian Witherow noted they are pleased with both unit and price growth in season passes, which provides a tailwind for dynamic pricing. CEO Richard Zimmerman affirmed the partnership parks are 'great assets' and 'built-in M&A' that they intend to acquire. He stated there is 'no structural reason' they cannot increase passholder visitation rates at legacy Six Flags parks, especially with targeted investments in valued attractions like water parks.

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    Thomas Yeh's questions to New York Times Co (NYT) leadership

    Thomas Yeh's questions to New York Times Co (NYT) leadership • Q2 2025

    Question

    Thomas Yeh of Morgan Stanley inquired about whether traffic headwinds from AI-driven search results have intensified and what actions are being taken to support top-of-funnel growth. He also asked about the strategy behind varying the length of promotional pricing for the bundle.

    Answer

    CEO Meredith Kopit Levien acknowledged that changes by tech companies are reducing publisher traffic but emphasized that The Times' long-standing strategy of building direct, habit-based relationships provides resilience. CFO William Bardeen explained that varying promotional lengths (e.g., six vs. twelve months) is a standard tactic to appeal to the entire demand curve and effectively step-up subscribers to higher prices as they recognize the product's value.

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    Thomas Yeh's questions to New York Times Co (NYT) leadership • Q1 2025

    Question

    Thomas Yeh asked about the news-only subscriber base, noting its reduced attrition and questioning the opportunity to convert these users to the bundle, and also asked about the company's appetite for standalone product price increases.

    Answer

    EVP and CFO Will Bardeen stated that the stability in the news-only base reflects the strategy working as designed, which includes targeted price increases for tenured subscribers. He affirmed the primary marketing focus remains on the bundle and expressed confidence in the overall ARPU trajectory, driven by product value enhancements and strong subscriber engagement.

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    Thomas Yeh's questions to New York Times Co (NYT) leadership • Q4 2024

    Question

    Thomas Yeh of Morgan Stanley inquired about the strategy to grow the "engaged pool" of users, asking if it's a top-of-funnel focus and how it impacts investments. He also asked about the philosophy behind the Q4 marketing expense increase and the expected timing for ROI.

    Answer

    President and CEO Meredith Kopit Levien explained that growing engagement is a focus across the entire funnel, driven by multi-format journalism in News, new game development, and building top-of-funnel audience for The Athletic. EVP and CFO Will Bardeen clarified that while most subscriber growth is organic, the company opportunistically increases ROI-focused media spend when attractive returns are available, as seen in Q4. He noted this ROI is realized over multiple quarters.

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    Thomas Yeh's questions to New York Times Co (NYT) leadership • Q3 2024

    Question

    Thomas Yeh asked about the role of the news cycle in subscriber additions versus the broadening effect of the bundle, and questioned the drivers behind the forecasted Q4 acceleration in digital subscription revenue.

    Answer

    Meredith Kopit Levien, President and CEO, explained that the model is designed to harness demand from any source, with a broad news product and format innovation driving engagement, which is at its highest since 2020. William Bardeen, EVP and CFO, stated the Q4 revenue guidance reflects the strategy working as designed, with growth from both subscriber volume and monetization rates, including bundle step-ups and price increases.

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    Thomas Yeh's questions to Lions Gate Entertainment Corp (STRZ) leadership

    Thomas Yeh's questions to Lions Gate Entertainment Corp (STRZ) leadership • Q4 2025

    Question

    Thomas Yeh of Morgan Stanley questioned how the owned-IP strategy would impact cash content spending and inquired about potential consolidation opportunities for the newly independent company.

    Answer

    CFO Scott Macdonald projected that cash content spending would decrease, targeting approximately $700 million in calendar 2026 with an ultimate goal of $650 million. President & CEO Jeffrey Hirsch addressed M&A by stating that while he wouldn't discuss specifics, STARZ's tech platform creates opportunities for partnerships or commercial deals with other brands targeting similar demographics.

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