Sixty Six Capital Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Performance: Cedar Fair reported record financial and operational results for Q3 and for the 10-month period ending October 30, 2022. Net revenues for Q3 reached $843 million, up 12% ($90 million) compared to Q3 2021. Adjusted EBITDA reached $362 million, marking a 9% increase YoY.
  • Continuing Recovery Post-Pandemic: Company executives highlighted a strong recovery trajectory post-COVID, including significant improvements in attendance, guest spending, and season pass sales, despite attendance still trailing pre-pandemic levels.
  • Season Pass Performance: Season passholders accounted for 58% of total visitations year-to-date, up from 55% in 2021 and 51% in 2019. Season pass sales were up 20% year-over-year.
  • Guest Spending: In-park per capita spending for the 10-month period rose to $61.72, up 27% compared to 2019 and nearly flat relative to 2021 ($64.91 in October 2022 vs. $64.97 in October 2021). Food & beverage, retail, and games per capita spending rose 2% YoY in Q3, buoyed by improved transaction counts and higher spend per transaction.
  • Cost Management: Operating costs rose to $485 million in Q3 2022 vs. $424 million in Q3 2021, due largely to:
    • Additional 100 operating days YoY
    • Higher seasonal labor costs and hours (+1M hours YoY)

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Operator: Good morning. My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Cedar Fair Entertainment Company 2022 Third Quarter Earnings Call. [Operator Instructions] Thank you. I’ll now turn it over to Cedar Fair. Michael Russell: Thank you, Chris 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 third quarter results ended September 25 as well as trends we are seeing through this past Sunday, October 30. Earlier this morning, we distributed via wire service our earnings press release, 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 unselectively disseminated. All content on this call will be considered fully disclosed. With that, I’d like to introduce our Chief Executive Officer, R

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