Sixty Six Capital Inc. Q4 FY2021 Earnings Call

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Cedar Fair Entertainment Company - Q4 & Full Year 2021 Earnings Summary

  • Revenue: Full year 2021 net revenues were $1.34 billion, down slightly from $1.47 billion in 2019 (pre-pandemic baseline). Fourth quarter revenues reached $351 million, a 36% increase over Q4 2019, driven by increased attendance, higher per capita spending, and 21 more operating days.
  • Attendance: 2021 full-year attendance was 19.5 million, approximately 70% of 2019 levels, due to reduced operating days and pandemic-related restrictions.
  • Per Capita Spending: Reached a record $62.03 in 2021, up 28% from 2019. Fourth quarter in-park per capita spending was $61.42, up 32% from Q4 2019.
  • Adjusted EBITDA: $325 million for 2021, compared to $505 million in 2019. Q4 2021 adjusted EBITDA was $73 million, up 34% from Q4 2019.
  • Labor Costs: Operating expenses rose by $40 million vs. 2019, largely due to higher labor costs. Seasonal wage rate increases were significant but helped enable full staffing and maximized per capita guest spending.
  • Deferred Revenue: $198 million at year-end 2021, a 23% increase versus 2019, driven by higher season pass pricing and increased penetration of all-season add-ons.

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Operator: Good morning. My name is Chantel and I will be your conference operator today. At this time, I would like to welcome everyone to the Cedar Fair Entertainment Company 2021 Fourth Quarter Earnings Call. All lines have been 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, Shantel, and good morning to everyone. My name is Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Welcome to today’s earnings call for the review of our fourth quarter and full year results ended December 31, 2021. Earlier this morning, we distributed via wired 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

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