 Alrighty, so the Cedar Fair Stockholders' Call was today. I'm gonna give you guys a quick recap and I'm gonna give you an analysis of what I think this all means, but let's start and read some of these slides right off the bat. So high quality assets with high barriers to entry, well run parks with a focus on operating excellence, combination of world-class thrill rides and unique family-oriented attractions, appeal to the diverse customer base. Value proposition creates loyal and repeat customers, stable recession-resistant business with proven strategy-driven organic, driving organic growth, MLP structure allows for tax-efficient return of capital to unit holders, history of impressive total returns committed to a 4% annual increase in distributions to unit holders while continuing to invest in the business. Balanced approach to capital allocation, fundamentals of our long-term strategy will continue to drive growth. So one thing I want you to pay attention to a few of these things mentioned on the call were high quality assets with high barriers to entry. There's kind of like a shade moment thrown on the call that I really enjoyed. And then just focusing on operating excellence, controlling costs and their focus on higher quality attractions with experiences. So there's a very interesting slide that you'll see at the end when I'm giving my analysis. So embracing digital technology, applying digital innovations in all aspects of our business can enhance the overall guest experience, promote sharing and socialization and provide greater capital efficiencies through content and storyline updates. New mobile apps, plus free park-wide Wi-Fi, self-serve kiosks improve the guest experience with service efficiencies while driving labor efficiencies for the business, historical guest data from our CRM platform. So this is an interesting slide. This may actually bore a couple of you but this is really interesting for Cedar Fair moving forward which I'll discuss a little bit later. So we're gonna move on to the next slide before I start talking about the digital technology at Cedar Fair. So managing capital and productivity. We will continue to be disciplined around the prioritization of capital and operating initiatives as we look to realize the full market potential at each of our parks. Five-year capital strategy includes spending 10% of revenues annually on marketable new rides, attractions and park infrastructures. Drive greater efficiency and increase incremental revenue on capital we choose to invest. Ongoing evaluation of fixed cost base to remove inefficient capacity to further support historically high margins. Investing incremental capital dollars to develop land adjacent to our parks utilizing cash on our balance sheet. So this is a really interesting slide. So first you have spending 10% of revenues annually on marketable new rides and attractions. Based on my estimations, this is around $103 million annually that they're spending across all their parks. So take with that what you will and divide that up. So you have wonder on getting about $34 million. I don't know how much Kerowins is getting comment down below if you know the dollar amount. So in total I'm estimating probably around like 65 to $70 million that Wonderland and Kerowins took up this year. So the rest of that money is being spent, you know, on Cedar Point, the restaurants, Frontier Canada, the Blue Mountain regions at the park at Kerowins. I forget what its actual name is. I always forget it because it's a pretty complex name despite it being actually so simplistic. And then you have the minor updates and upgrades for the catering facilities across the park. So 2019, actually I'm gonna read this after. I'm gonna go over the Stockholders Call before I read this slide. So I'm gonna read everything that I wrote down that was important from the Stockholders Call. You can go head on over to cedarfair.com and check out the Stockholders Call and listen to the about one hour presentation. So promotional activities boosted in park spending. So special events like the Christian festivals, the $1 days and obviously, you know, the spring festival over at Knott's Berry Farm. Season pass promotions to bring friends and family was a big success. As a result, resort accommodations were boosted at Cedar Point. So sales force to boost catering sales and upgrading catering facilities were a great success and they will continue to focus on that. So they built relationships with corporations to help boost sales. And they were able to, for example, if a corporation had an event booked and there was very bad weather, they were able to reschedule the event. So that worked out really well and businesses really liked that. Net revenues were up 1% to $1.2 billion. Thus, you can estimate about the $102 million being invested back into the parks. Sorry, not 103. Solid performance in October. So October was a really great month for Cedar Fair. They are upgrading their predictions for the end of the year from $1.3 billion to $1.34 billion. So that's really good that they're able to tell their stockholders, hey, we're gonna make a little more. So they overcame short-term challenges earlier this year. If you remember, Cedar Fair had a really rough start with weather. There will now be a long-term plan to do this continually. So with events and activities and promotions, they were able to overcome that. So they're gonna have a long-term plan that is every year, they're gonna constantly promote events and all that. In fact, they're gonna be looking into a lot of spring events at their parks. So it's their eighth consecutive year of record revenues, 2% increase in park spending, 8% increase in our park revenues, and food and beverage and fast lane led this increase. So that's good to hear. Operating costs were the same as last year, same time. They're gonna be introducing a workforce management system to help utilize labor more efficiently. For anyone that works in business, this just means that it's a computer system that helps them plan out labor a little better and kind of looks at year-to-year trends and utilizes that to plan labor a lot better. I can't guarantee that that's what's coming, but the fact that I was in business management, the workforce sounds like something that we used at a company I worked for for 10 years. Record season pass sales, all season dining and drink sales for 2018. So that's good to hear as well. They have really strong 2019 advanced sales. So the side you are looking at, I am gonna link down a news release of 2019 that Cedar Fair had on their new attractions if you're here to read that. More multi-week events in 2019, like Winterfest at Canada's Wonderland, the sixth park to get it. So we're gonna see lots of multi-week events coming to Cedar Fair parks. So they went from one third of their guests having a season pass to more than one half of their guests having a season pass. They are moving to the 12 month payment option, new ways to build lasting consumer relationships for 12 month payments. They're gonna be calling it relationships or that's what they're going for, relationship with the consumer. They have about 1,400 acres of unused land across from parks, multiple years to develop. So it's gonna be a long time before they develop all these acreage, all that acreage. Hotels and sporting facilities are a big success and they will continue to move forward with that, especially at Canada's Wonderland, Carolin's and who knows what else is coming. Details in January at an analyst event will be given further about the 1,400 acres of land. So they have no change in their core customer, nothing drastic, fall weather hasn't been great, but people still come out. So this is good news. I'm gonna talk about it a little further down too. They're up in units, so they're selling more units and up in price, which is really good for any business and they have quality and appeal in products and people are really enjoying that. So their net promoter scores, so what I just said, their quality and appeal in products are really impressing people. Their net promoter scores are at their highest they've ever been. Statutory increases in labor in some of the markets for 2019 in wages. Their average labor cost is about 7% to 8% of their revenue goes towards labor. Strength and advanced sales are broad based. So every park is up. So that means so strength and advanced sales being a broad base. Sorry, sometimes I take point form notes and then I'm like sitting here like, what was I meaning? I wrote a description. So strength and advanced sales is broad based. So every park is up in the season past sales at every park in Cedar Fair. The customers are ranking them super high on promoter scores. Consumers are loving the 12 month payment program. Cedar Fair is looking into a membership program now. Cedar Fair is very, very encouraged by the response to the 12 month program. They will announce more at the January event. Four visits. So the average visit a consumer did used to be four visits a few years ago and now they're up to about five this year and they expect that to grow in 2019. Cedar Fair is expecting increase for the 2019 season with the introduction of spring events. So weather was much better last year in October but they still had major increases in October this year. So that's really good. Despite the bad weather, people are still choosing to go to a Cedar Fair park. The average price of season passes are up and so are the 2019 season past sales. Cedar Fair is not concerned about new parks being built near them. They tend to fail like hard rock park. They will focus on getting better at what they do and improving guest experiences. So that was kind of like that little shady remark. So group on. Generation Z and different demographics pay attention to that. So they are reaching out to those generations now using Groupon. They'll also use EBG Employment Benefit Group is another one they will use utilizing it that doesn't undermine their pricing in a way to boost sales and reach out to that market. No hotels will be closing. Cedar Point had a $5 million increase in hotel stays at Cedar Point alone. Caroline's Hotel will be coming online in 2019. Canada's Wonderland Hotel will come online the first quarter in 2020 but they will aim for the end of 2019, I guess in time for Winterfest. They're just having some difficulties there. I'm assuming with the approval because we should have seen construction by now considering we've seen that get approved and the paperwork come online. So if you're still following me along, I'm gonna go over this last slide quickly. So Yukon Striker, this transformational coaster will be the longest, fastest and tallest dive coaster in the world. It will anchor Canada's Wonderland newly themed frontier Canada area representing the rugged Yukon back country during the Klondike Gold Rush era of the late 1890s. Copperhead Strike, a double launch coaster with five inversions that whips riders through a trail of twisted intensity. The ride will be the central element of Caroline's new richly themed Blue Ridge Junction Area. There's the name I was looking for earlier. The Forbidden Frontier on Adventure Island, a mysterious immersive experience at Cedar Point where guests will interact with characters as they unlock puzzles and enjoy physically active challenges located on an actual island. The Forbidden Frontier is designed to create a one of a kind adventure. So to go over everything as a whole, it looks like Cedar Fair is investing large amounts of money into their new coaster projects at their parks. This is really exciting for any park that's getting a coaster. They're looking for experiences to go along with these coasters and they want them to be standout attractions. So a guest doesn't just come, ride Yukon Striker in 2019 and then not want to ride it in 2020. That's my guess with the direction that they're heading. You're gonna see computers replacing people at restaurants. So you're gonna be able to probably go in and order off a screen, print out a ticket and you'll be able to go claim your food using that. So you're just gonna see Cedar Fair focusing on controlling costs and boosting sales and boosting the guest experience as a whole. Anyways, hope you guys really enjoyed my kind of wrap up of the Cedar Fair stockholders call for Q3. Hit that like button, subscribe if you haven't and share this video for others to enjoy. Thanks for watching guys. Have a good one. Bye.