Sixty Six Capital Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ended: March 26, 2023
  • Net Revenues: $85 million, down from $99 million in Q1 2022
  • Attendance: 1.1 million, down from 1.5 million in Q1 2022
  • In-park Per Capita Spending: $64.47 (+10% YoY)
  • Out-of-Park Revenues: $19 million (+17% YoY)
  • Operating Costs and Expenses: $190 million, up from $171 million in Q1 2022
  • Season Pass Unit Sales: Down 7% YoY (~118,000 units), average price up 7% YoY
  • Deferred Revenue: $208 million, down from $234 million in Q1 2022
  • Capital Expenditures: $55 million in Q1; FY target $180–$200 million
  • Liquidity: $144 million total, including $34M cash and $110M revolver availability
  • Net Debt: $2.4 billion
  • Distribution Declared: $0.30 per unit quarterly cash distribution
  • New Unit Buyback Authorization: Additional $250 million authorized

Key Challenges and Context

  • Severe weather in California (cold, rain, even snow) caused seven full-day closures at Knott’s Berry Farm and impacted 30% of operating days across California parks.

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Operator: Thank you for standing by. My name is Sydney, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cedar Fair Entertainment Company 2023 First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Cedar Fair, you may begin your conference. Michael Russell: Thank you, Sydney 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 2023 first quarter results for the period ended March 26th. 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 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 availabl

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