Sixty Six Capital Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Q4 and Full-Year 2020 Performance:
    • Total 2020 revenue: $182 million, down 88% compared to $1.5 billion in 2019.
    • Attendance: 2.6 million guests in 2020, down 91% from 27.9 million in 2019.
    • Operating days: 487 vs. 2,224 in 2019, down by nearly 80%.
    • Per capita spending: Down 4% to $46.38 in 2020 vs. $48.32 in 2019. However, non-season pass admissions per cap was up 7%.
    • Operating costs: Down 51% to $484 million from $991 million in 2019. Driven primarily by a 78% decrease in cost of goods sold and 46% decrease in operating expenses.
    • Adjusted EBITDA Loss: Reduced by $15 million due to partial reopening of 10 parks.
  • Liquidity & Debt Management:
    • End-of-year liquidity: $736 million ($377M cash + $359M undrawn revolver).
    • Issued $300 million in senior unsecured notes in Q4 to safeguard against prolonged disruption.
    • Deferred revenues: $194 million, up 21% YoY, largely from carrying 2020 season passes into 2021.
    • Cash burn rate: Estimated at $40M–$50M/month pre-opening; can be lower if operations stay halted.

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to the Cedar Fair Entertainment Company's 2020 Fourth Quarter Earnings Call [Operator Instructions]. I would now like to hand the conference over to your first speaker today, Mr. Michael Russell. Please go ahead. Michael Russell: Thank you, Amy, and good morning, everyone. This is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to our 2020 fourth 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 Web site 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 disseminated, all content on this

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