Sixty Six Capital Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarterly Performance (Q2 2023):
    • Net Revenues: $501 million, down 1.5% from $509 million in Q2 2022.
    • Attendance: 7.4 million, down 5.1% from 7.8 million in Q2 2022. Weather and smoke from wildfires estimated to have reduced attendance by 300,000 visits; another 200,000 from carryover pass impact.
    • Per Capita Spending: Up 4% YoY, driven by improvements in food & beverage (+9%), admissions (+1%), and merchandise (+3%).
    • Adjusted EBITDA: $151 million, down from $171 million in Q2 2022 due to attendance shortfall and planned increases in expenses.
    • Operating Costs and Expenses: Increased 1% to $352 million but decreased 2% on a per operating day basis. Seasonal labor hours down by 3%, cost per operating day down 2%.
  • July 2023 Update:
    • Net Revenues: $414 million, down 2% YoY; however, still up 11% versus July 2019 due to strong in-park spending.
    • Attendance: Down 4% or 219,000 guests compared to July 2022.
    • Total Revenue YTD (through July 30): $1.0 billion, down from $1.03 billion in 2022.
    • Total Attendance YTD: 14.4 million, compared to 15.4 million in 2022.

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Operator: Hello, and welcome to the Cedar Fair Entertainment Company 2023 Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I will now turn the conference over to Cedar Fair. Please go ahead. Michael Russell: Thank you, John Loi, 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 2023 second quarter results for the period end June 25. 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 and investors. Because the webcast is open to all

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