Sixty Six Capital Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Impact: Net revenues for Q1 2021 totaled $10 million, down from $54 million in Q1 2020, primarily due to COVID-related closures and no park operating days versus 90 days in Q1 2020.
  • Cost Measures: Operating costs decreased to $99 million from $138 million in Q1 2020, reflecting stringent cost containment efforts and no operations during the quarter.
  • Liquidity: End-of-quarter liquidity of $631 million, including $272 million in cash and $359 million undrawn revolving credit. Monthly cash burn averaged $35 million, outperforming previous guidance ($40M–$50M).
  • Deferred Revenue: Increased to $206 million, up $12 million QoQ, driven by strong season pass and resort reservations. The company holds 1.9 million valid season passes.
  • Business Optimization Plan:
    • Projected $50 million run-rate benefit over 2–3 years at normalized attendance.
    • $35 million expected from cost efficiencies (half are fixed, independent of attendance), and $15 million from revenue initiatives.
    • Near-term impact: $5M–$10M improvement expected in 2021.
    • Focus areas: organizational redesign, centralized shared services, cost control, optimized labor (notably via Kronos workforce management system), and guest-focused tech (e.g., cashless, mobile food ordering).

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Operator: Good day and thank you for standing by. Welcome to the Cedar Fair Entertainment Company 2021 First Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] Thank you. I would now like to hand the conference over to your host, Mr. Michael Russell, Corporate Director, Investor Relations. Sir, the floor is yours. Michael Russell: Thank you, Lara. Good morning and welcome to our 2021 first quarter earnings conference call. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is available under the News tab of our Investors' website at ir.cedarfair.com. On the call with me this morning are Richard Zimmerman, Cedar Fair President and CEO; and Brian Witherow, our Executive Vice President and CFO. Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meaning of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the company's filings with the SEC. In compliance with the SEC's Regulation FD, this webcast is being made available to the media and the general public as well as analysts a

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