United Parks & Resorts (PRKS)

Given the increased capital expenditures on ROI projects such as revamping food and beverage facilities and exit retail, can you provide specific ROI targets and timelines for these investments, and how you plan to measure their success?

With the upcoming increased competition in the Orlando market, specifically the opening of Epic by Universal, how do you plan to adjust your strategy to maintain or grow market share, and what specific initiatives are you implementing to mitigate potential negative impacts on attendance and revenue?

You mentioned significant initiatives to improve labor efficiencies and reduce costs through technology in 2025, including a target of $20 million in new cost-saving initiatives. Can you provide more detail on these initiatives, the specific areas where you expect to realize savings, and how confident you are in achieving these targets?

Given that adverse weather has significantly impacted your attendance and financial results this year, what strategies are you considering to mitigate the impact of weather-related disruptions in the future, and how does this risk factor into your guidance and planning for 2025 and beyond?

Despite strong free cash flow generation, your responses on capital allocation priorities have been vague, and with your share repurchase program nearing completion, can you clarify your capital allocation plans for 2025, including potential for additional buybacks, dividends, or investments in growth opportunities like hotels, and what factors will influence these decisions?