Sixty Six Capital Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Overview:
    • Q3 2024 is the first earnings report post-merger of Six Flags and Cedar Fair.
    • Combined operating days increased to 2,585 vs. 1,091 in Q3 2023.
    • Net revenue came in at $1.35 billion from 21 million visits.
      (Legacy Six Flags contributed $558 million revenue and 9.2 million attendance.)
    • Adjusted EBITDA totaled $558 million, with $206 million from legacy Six Flags.
  • Headwinds and Weather Impact:
    • Three hurricanes (Beryl, Debby, Helene) disrupted park operations.
    • Legacy Cedar Fair attendance declined by 660,000 YoY, primarily due to 460,000 lost to a fiscal calendar shift and 200,000 due to weather.
  • Spending Trends:
    • Out-of-park revenues: $102 million (with $21 million from legacy Six Flags).
    • In-park per capita spend: $61.27, down 2% YoY, mainly due to lower average season pass pricing and increased season pass mix.
    • Food & Beverage spending up 2%; Extra-charge products (e.g., Express/Vaseline) up 4% YoY.

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Operator: Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Six Flags Entertainment Corporation Third Quarter 2024 Conference Call. [Operator Instructions]. Thank you. I would now like to turn the conference over to the Six Flags management team. Please go ahead. Michael Russell: Thank you, Krista, and good morning, everyone. My name is Michael Russell, Corporate Director of Investor Relations for Six Flags. Welcome to today's call to review our 2024 third quarter financial results for Six Flags Entertainment Corporation. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is also available under the News tab of our Investor Relations website at investors.sixflags.com. We have also posted a short slide presentation that you can access either on the webcast page for today's call or on our IR website presentation page. You'll find the slides provide additional information about Six Flags strategic road map and long-term metrics for measuring our progress, which we will cover on today's call. 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

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