“Not something that we think is a -- while we see it continuing into the third quarter, not something that we think is a permanent change in the outlook at all because we continue to see continued consumer appeal and satisfaction in all the things we look at as it relates to the excitement that people have about our parks.”

In context

“Michael Cavanagh: Sure. Thanks. It's a lot there. Thanks to all 3 of you for the questions. So in Orlando, really, the softness that we're seeing affecting this quarter that continues as we look into June is essentially weakness in attendance. And that, we believe, is driven by some weakness in consumer sentiment and higher travel costs affecting demand. Not something that we think is a -- while we see it continuing into the third quarter, not something that we think is a permanent change in the outlook at all because we continue to see continued consumer appeal and satisfaction in all the things we look at as it relates to the excitement that people have about our parks. And we've seen some of this before. So when you have a great product like we have, we fully expect that once economic conditions and consumer demand stabilizes for us that we'll be getting that attendance back and thrilling our fans in these parks because they are such good businesses and good experiences, and we're proud of the product. Specifically on Epic, we continue to see it doing what we wanted it to do. It's delivering against our expectations. Guest response continues to be strong. It's driving higher per capita spend and strengthening broader Orlando as making it a true multi-destination resort. So we're not seeing anything that causes us to feel at all disappointed in the performance of Epic. It's an overall demand drop that's hitting Orlando broadly. So that's the point on Epic. And then, John, to your question, we think that this is -- and I said it in the earlier question, we're in a unique position with the capabilities and experience of the leadership team of Mark Woodbury and others creating these parks over the last quarter century and more. It is a long-cycle business. We're, again, 1 of 2 players. We feel very confident that in the long-term opportunity and the fact that we have a great road map over the long term to continue investing behind this team and in future opportunities like the U.K. Park and other things that are down the road for us. So when we look at that, we're obviously looking at long-term expectations for demand, what consumers are looking for, and we learned from the investments we've made and the great technological advances we've made as we release new parks like Epic, we bring that into the future and continue to build this business as a very long cycle but special business for us and have a lot of confidence in it. So with that, I'll turn it back to you, Marci.”