FCF & EBITDA Outlook
Q: What do FCF and EBITDA projections indicate?
A: Management targets $800M unlevered free cash flow by 2027—implying adjusted EBITDA near $1.3B—while planning to lower cash tax and interest costs through disciplined CapEx and cost efficiencies.

Attendance Growth
Q: How is attendance set to accelerate?
A: They expect non‐linear growth toward 55 million annual guests by 2027, with an inflection point post–2025 driven by stronger seasonal demand and strategic investments.

Legacy Six EBITDA
Q: How will legacy Six EBITDA improve?
A: By targeting 2019 attendance levels, enhancing guest satisfaction, and making measured investments without resorting to discounting, they aim to boost EBITDA margins.

Margin Trajectory
Q: How will margins advance over time?
A: With ongoing operating efficiencies and higher attendance driving revenues, margins are expected to climb toward a 35% target by 2027, though the trend is not strictly linear.

Cost Synergies
Q: What cost savings are anticipated?
A: The team projects run rate savings of $50M in 2024 and $120M by the end of 2025 by eliminating redundant overheads and leveraging shared services, mindful of seasonal variations.

Investment & CapEx
Q: What are the planned capital investments?
A: They plan to invest $500M–$525M annually in 2025 and 2026, channeling spending to support integration and growth while aligning with revenue performance.

Season Pass Dynamics
Q: How is the season pass mix evolving?
A: Season pass sales are rising—with an average ticket price up 3%—as efforts to harmonize programs and enhance dynamic pricing continue, supporting robust unit growth.

Operating Days Adjustments
Q: How are operating days being managed?
A: Management is actively rebalancing the calendar—adding high-value days and cutting low-yield periods—to optimize attendance without overextending operations, especially in legacy Six.

Ticket Pricing Strategy
Q: What is the approach to ticket pricing?
A: They emphasize dynamic pricing driven by strong season pass data and advance bookings, ensuring rate increases are responsible and reflective of market demand without heavy discounting.

Capital Mix & Asset Sales
Q: How will capital projects and asset sales evolve?
A: While the focus remains on investing across all parks to boost growth, management is also reviewing asset sales opportunities on a case‐by‐case basis as part of optimal capital allocation, with no fixed timeline.