Sixty Six Capital Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Impact of COVID-19: Revenue severely impacted due to limited park reopenings. Only 3 parks partially operated during Q2 versus full operation of legacy parks in Q2 2019.
  • Q2 2020 Performance:
    • Net Revenue: $7 million, down from $436 million in Q2 2019.
    • Operating Loss: $142 million vs. operating income of $102 million in Q2 2019.
    • Adjusted EBITDA: Loss of $85 million vs. $163 million gain in Q2 2019.
    • Operating Days: Total of 39, down 687 vs. Q2 2019.
  • Cash Burn & Liquidity:
    • Maintained average monthly cash burn to ~$35 million (in line with $30M–$40M projection).
    • Liquidity of $661 million ($301M cash on hand + $360M credit facility).
    • Deferred revenue stood at $201 million, down 11% YoY.
  • Park Operations:
    • 7 out of 13 properties reopened by July, including major parks Cedar Point and Kings Island.
    • Four parks permanently closed for 2020: California's Great America, Carowinds, Kings Dominion, Valleyfair.
    • Knotts Berry Farm and Canada’s Wonderland may open later in 2020, depending on public health guidelines.

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the Cedar Fair Entertainment Company’s 2020 Second Quarter Earnings Call. At this time, all lines have been placed on mute to prevent any background noise and after the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Michael Russell, Corporate Director of Investor Relations. Please go ahead, sir. Michael Russell: Thank you, James and good morning, everybody. Welcome to our 2020 second quarter earnings conference call. Earlier this morning, we distributed via wire service our earnings news 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 available to the media and the general public as well as analysts and investors, because the webcast is open to all constitue

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