Sixty Six Capital Inc. Q4 FY2022 Earnings Call

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Cedar Fair Q4 & FY 2022 Earnings Summary

  • Record FY 2022 Performance: Cedar Fair reported record net revenues of $1.82 billion for full year 2022, up 23% from 2019, despite lingering pandemic challenges. Adjusted EBITDA reached a record $552 million, up 9% from 2019.
  • Strong Q4 2022 Results: Net revenues of $366 million (up 4% YoY). Adjusted EBITDA was $88 million, with margin improving to 24% (from 21% in Q4 2021). Revenue per operating day up 6% YoY.
  • Key Drivers:
    • Higher in-park per capita spending (+3% YoY in Q4, hitting a record $63.33 driven by F&B and ticket pricing strength).
    • 18% YoY increase in out-of-park revenues in Q4 (resorts, hotels).
    • Q4 attendance rose 2% YoY; up 1% vs Q4 2019.
  • Cost Management: Operating costs down 7% YoY in Q4; SG&A higher due to employee wages, benefits, technology upgrades, more advertising, and cashless conversion costs.
  • Cash Flow & Balance Sheet: Ended 2022 with $101 million in cash; net leverage at 4x adjusted EBITDA, now in line with pre-pandemic levels. Repaid $264 million in term loan and repurchased $208 million in units through January 2023.

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Operator: Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cedar Fair Entertainment Company Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Thank you. I will now turn the call over to Cedar Fair. Michael Russell: Thank you, Rob, 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 Fourth Quarter and Full Year Results ended December 31. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is available under the News tab of our investor's website 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 general public as well as analysts and investors. Because the webcast is open to all constituents and prior notification ha

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