On the international, obviously, there’s certainly some macro factors. I think others have talked about that as well. And obviously, we can’t control airlift and exchange rates and things like that. But what we are investing in 2024 is some more resources in this area. We have a team that’s going to be heading over to United Kingdom here this year to sit down and really make sure where people understand our parks and understand what we offer and how we can better connect with people, for example, in that country on a go-forward basis. But we’re going to, I think, do our part to try to drive more work in this area, and it will have to depend on some macro factors as well internationally. So, I don’t know when that will return, obviously. But I think we’re confident over some period of time here that it eventually will and certainly, most of our international is in the state of Florida.
And I think with all the things there are to do here in the state of Florida, it will continue to be an attractive market for international visitation. I just don’t know when it will actually return to 2019 levels.
Thomas Yeh: Okay, that’s helpful. Yes and then on Slide 13, 14, you referenced targeting per caps growing 2% to 5% per year. Is it fair to say that this year you were managing the weather headwinds and it led to greater promotional activity, maybe some pressure on the — even on the per caps in addition to the attendance? And how much of that do you think, I guess, is in your control relative to outside competitor promotional activity and how you might respond to that?
Marc Swanson: Yes. Good question. Look, on per caps, there’s a couple of things. One, we’re going to target — as we noted on the slide, we’re going to target pricing growth each year, and that’s kind of a tenet of our strategy. Having said that, we’re also targeting total revenue. So, at the end of the day, total revenue is ultimately what matters, right? So, there’s going to be times where we may run offers or promotions or do things that might be at odds with the per cap, but drive a greater amount of total revenue. But I will say over the course of long term or near term, however you want to think about it, we do believe we can continue to grow pricing. That is the strategy of ours, but we’re going to take advantage of times where we want to test and learn or, to your point, maybe we have to react to some weather impacts and run an offer to generate some additional visitation.
But that’s all tied because we think it’s going to generate more total revenue. So total revenue is the key equation there, but with the goal of maximizing price along the way.
Thomas Yeh:
Operator: Our final question today comes from Robert Aurand with KeyBanc. Please go ahead.
Robert Aurand: Hi, thank you for taking my questions. I wanted to ask about the $85 million in cost savings and the $50 million in 2024. I think the slides indicate that’s a gross number. Can you give us any color on how you’re thinking about maybe the net cost savings there?
James Forrester: Yes, as far as the debt cost savings, again, we’ve illustrated that we think we’re going to achieve about $50 million of that $85 million in 2024. We think a large portion of that is going to flow through, and that’s what we’re planning on as far as our budget for this year. While there is a little bit of increase due to inflation or expansion, we think an appreciable amount of that will actually flow through the bottom-line.
Marc Swanson: Yes. And Robert, I mean, we have, as Jim noted, a lot of efforts around cost efficiencies. But look, there’s still at times pressures, right? So utilities and insurance costs, things like that. Those are things that we are working on plans to try to mitigate that as much as we can, obviously. But there’s going to be some pressures against that number as you noted, but we’re going to — we have a tremendous amount of focus on those things.
James Forrester: And I think the other thing to that is we did some investment in 2023 to set us up for success in 2024 to mitigate costs, especially in cost of sales and some of our contracts to be renegotiated at better rates. So, that’s why we feel more confident in the ability to deliver this number in 2024 and beyond.
Robert Aurand: Okay. And maybe one follow-up on the cost savings then. The $85 million, yes, I think, in previous calls, you’ve been talking about a $60 million number. And I was hoping you could kind of just bridge the two, maybe what’s incremental between the two?
James Forrester: Yes, I know we — this time last year, we provided a $50 million illustration, and we increased it to $60 million over the summer and now we’re at $85 million. I would say that we believe $40 million to $45 million of that was achieved in 2023. And therefore, there’s an incremental, let’s say, $15 million that’s part of this $85 million that will be achieved over a given period of time. Again, we haven’t identified the full extent of that. But you can see we’ve already achieved or we’re planning to achieve a lot of that by the end of 2024.
Operator: This concludes the question-and-answer session. I would now like to turn the conference back over to Marc Swanson for any closing remarks.
