Sixty Six Capital Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Net Revenue: Q2 2022 net revenue reached $509 million, a 17% ($73 million) increase compared to Q2 2019, driven by increased guest spending and growth in out-of-park revenue.
  • Adjusted EBITDA: Q2 Adjusted EBITDA was $171 million, up 5% from $164 million in Q2 2019, despite inflationary pressures and lower attendance.
  • Attendance: 7.8 million guests visited in Q2 2022, down 8% versus Q2 2019 due to operating day reductions, slower group business recovery, and removal of low-value ticket programs. However, daily attendance at legacy parks increased 3% to 12,100 guests per day.
  • Guest Spending: In-park per capita spending was $59.52, up 26% from $47.22 in Q2 2019. Admissions per cap rose 20%, while food, merchandise, and attractions saw a 35% increase.
  • Season Pass Sales: 3.2 million season passes sold YTD, surpassing the 2019 record of 2.6 million (up 20%). All-Season add-ons up 56% vs prior record.
  • Deferred Revenue: Stood at $307 million at Q2-end, up 31% from Q1 2022 and 5% year-over-year.
  • Liquidity & Debt: $125 million in cash and $194 million in revolver capacity. Net debt at $2.5 billion. Real estate sale proceeds not yet reflected.

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Operator: Good morning. My name is Rex, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. [Operator Instructions]. You may begin your conference. Michael Russell: Thank you, Rex, and good morning to everyone. My name is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to today's earnings call to review our 2022 second quarter results ended June 26 as well as trends we are seeing through this past Sunday, July 31. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is 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 and investors. Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminate

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