Sixty Six Capital Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Revenue Performance: Cedar Fair reported all-time high Q3 revenues of $753 million, up 5% compared to Q3 2019, despite operating 47 fewer days and ongoing capacity restrictions.
  • Attendance Recovery: Attendance during Q3 2021 was 10.8 million guests, approximately 82% of 2019 levels. October 2021 attendance totaled 3.2 million, up 8% from the same period in 2019.
  • In-Park Guest Spending Soars: In-park per capita spending rose 29% compared to Q3 2019, reaching a record $64.26. October also saw record in-park per cap of $64.86, up 32% from 2019, driven by dynamic pricing and consumer demand.
  • Out-of-Park Revenue Growth: Out-of-park revenues reached $83 million in Q3, up 9% from 2019 despite the closure of two key resorts. Average daily room rates climbed 6%, with some locations seeing up to 25% increases.
  • Record October Results: October 2021 set a revenue record of $219 million, a 42% increase over October 2019. High guest satisfaction coincided with strong Halloween event performance.
  • Adjusted EBITDA Declines: Adjusted EBITDA decreased to $333 million vs $355 million in Q3 2019, attributed primarily to higher labor costs and attendance-constraining restrictions.

Continue Reading

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

Upgrade to Professional
Operator: Good morning. My name is Cathy and I will be your conference operator today. At this time, I'd like to welcome everyone to the Cedar Fair Entertainment Company 2021 Third Quarter Earnings Call. All lines are [ph] being placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question-and-answer session [Operator Instructions] Thank you. Michael Russell, you may begin your conference. Michael Russell: Thank you, Cathy, and good morning. My name is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to our 2021 third 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 website at ir.cedarfair.com. On the call with me this morning are Richard Zimmerman, Cedar Fair's 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 i

Continue Reading

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

Upgrade to Professional