Sixty Six Capital Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • All parks reopened: All 13 Cedar Fair parks were open as of July 5, 2021, including Canada’s Wonderland, which had been delayed until early July due to local restrictions.
  • Strong recovery in attendance: Over the five-weeks ending August 1, 2021, attendance reached 85% of 2019’s same-day levels, and 95% when excluding group sales. Excluding Canada’s Wonderland, attendance was 90% of 2019 levels for the period.
  • Guest spending hit record levels: In-park per capita spending was $61.93 for July 2021—roughly 120% of 2019 levels. Growth driven by strong demand for fast lane passes, food & beverage, and merchandise.
  • Season passes strong: Season passes valid for 2021 climbed to 2.9 million, 8% higher than 2019’s record. Season pass holders accounted for 55% of visits YTD 2021, on par with 2019 (53%).
  • Financial performance:
    • Q2 2021 net revenues: $224M vs. $7M in Q2 2020, a result of increased operating days and recovery in attendance.
    • In-park per capita revenue in Q2: $55.94, up 15% compared to Q2 2019.
    • Adjusted EBITDA: $2M in Q2 2021 vs. -$85M in Q2 2020.
    • July revenues strong: Total revenues YTD through August 1 were $587M with 8.6 million visits.

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Operator: Good day. Thank you for standing by. And welcome to the Cedar Fair Entertainment Company 2021 Second Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers presentation, there will be a question-and-answer session [Operator Instructions. Please note that today's call is being recorded [Operator Instructions. I would now like to hand the conference over to your speaker today, Mr. Michael Russell, Corporate Director of Investor Relations. Thank you, sir. Please go ahead. Michael Russell: Thank you, Stacy, and good morning to everyone. Welcome to our 2021 second 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 Web site 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 p

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