“As a result of that, I would tell you, we certainly don't intend to stop at 10% margin. We think there's still lots of margin opportunity once we hit double digits, but we're going to do it through a growth-oriented strategy, not through a cost-oriented strategy.”

In context

“Yes. And the only thing I'll add to Bob's comments are -- look, our objective with this business is to maximize OI over time through a growth-oriented strategy, not through cost management, although we'll manage cost effectively, but through growing this business, we have a significant opportunity in the U.S. to grow through higher engagement. And internationally, we have a significant penetration opportunity. As we grow engagement and reduce churn in the U.S., that presents opportunities from a marketing spend perspective some of which can be basically reinvested into international content. And our intent is to do that through a rifle-shot approach with specific markets. So we intend to be deep rather than broad in terms of the way that we do that in a number of markets around the world. As a result of that, I would tell you, we certainly don't intend to stop at 10% margin. We think there's still lots of margin opportunity once we hit double digits, but we're going to do it through a growth-oriented strategy, not through a cost-oriented strategy. Operator: Our next question today comes from Mike Ng with Goldman Sachs. Michael Ng: I just have one on domestic theme park trends. The per caps in the quarter were up 8% year-over-year. I think that was the best growth in over 2 years. I was just wondering if you could talk about whether the per cap growth was impacted by the mix of attendance between local, out-of-state, international? And were there any divergent attendance trends between those cohorts of domestic park patrons just given the noise around competitive park openings and international visitation to the United States? Hugh F. Johnston: Yes. Mike, in terms of the mix of visitors, that's obviously one of the factors that plays into per caps. That said, the ones that you mentioned specifically, international, nothing material”