Sixty Six Capital Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date: May 2022 (for Q1 ended March 27, 2022)
  • CEO: Richard Zimmerman
  • CFO: Brian Witherow

Key Financial Highlights

  • Net Revenues: $99 million — Record Q1 result, up 48% from Q1 2019 ($67 million)
  • Attendance: 1.5 million — Up 24% from Q1 2019
  • In-park Per Capita Spending: $58.86 — Up 28% from Q1 2019
  • Out-of-park Revenues: $16.5 million — Up 12% vs Q1 2019 ($14.7 million)
  • Adjusted EBITDA: -$68 million — Improved by $15 million vs Q1 2021 loss of $83 million; flat with Q1 2019
  • Operating Days: 130 — Up from 101 in Q1 2019; 0 in Q1 2021 due to pandemic
  • YTD Revenues through May 1: $193 million — Up 33% vs same 4-month period in 2019

Season Passes & Sales Trends

  • Season Pass Sales: Up $59 million vs 2019 through early May
  • Volume: Units up 22% vs 2019, Average price up 10%
  • All-Season Add-ons: Up $17 million vs 2019
  • Deferred Revenues: Up $36 million YOY, totaling $234 million at quarter-end

Operating Cost Insights

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Operator: Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Cedar Fair Entertainment Company 2022 First Quarter Earnings Call. Today's conference is being recorded. All lines have been placed on mote to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I'll now turn the call over to management. Please, begin. Michael Russell: Thank you, David, and good morning, everyone. My name is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to today's earnings call to review our first quarter results ended March 27, 2022. 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 avai

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