Sixty Six Capital Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2024 net revenue was $102 million, a 20% increase from $85 million in Q1 2023.
  • Attendance: Attendance rose to 1.3 million guests (+18% YoY), benefiting from an additional 13th week and higher demand, especially at Knott’s Berry Farm.
  • In-Park Spending: In-park per capita spending declined 6% YoY (-$3.94) due to lower season pass pricing and higher mix of pass visits at Knott’s.
  • Out-of-Park Revenue: Increased by $4 million YoY to $23 million, boosted by the extra week and improved Knott’s Hotel performance.
  • Operating Costs: Total increased $25 million YoY to $215 million, driven by a $15 million SG&A cost (including $10 million merger-related) and tech investments.
  • Comparable Basis (Excluding Extra Week):
    • Net revenue up 3% ($3 million).
    • Attendance rose 10% (+125,000 visits).
    • In-park per capita down 8% (-$5.39).
    • Operating expenses flat YoY when excluding merger-related costs.
  • Season Pass Performance:
    • Record pace of season pass sales; up 8% ($15 million) in revenue YoY (comparable week), and 17% in units (+270,000 units sold).
    • Average pass price down 8% due to strategic cuts at Knott’s Berry Farm.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and welcome to the Cedar Fair Entertainment Company 2024 First Quarter Earnings Call. [Operator Instructions]. And finally, I would like to advise to participants that this call is being recorded. Thank you. I'd now like to hand over to Cedar Fair. Michael Russell: Thank you, Gavin, 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 2024 first quarter results for the period ended March 31. 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 Cedar Fair's Chief Executive Officer, Richard Zimmerman; and our Chief Financial Officer, Brian Witherow. 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 and investors. Because the webcast is open to all constituents and prior notification has been widely and unselective

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional