Sixty Six Capital Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Six Flags Entertainment Corporation Q2 2024 Earnings Summary

  • Merger Context: This was the final earnings call for legacy Cedar Fair, L.P. and legacy Six Flags Entertainment Corporation before transitioning to the newly combined Six Flags Entertainment Corporation following the merger completed on July 1, 2024.
  • Legacy Cedar Fair – Q2 2024 (Comparing to three months ended July 2, 2023):
    • Net Revenue: $572 million (vs. $557M, +3%)
    • Attendance: 8.6 million (vs. 8.3M, +368,000 visits)
    • Out-of-Park Revenue: $73 million (record, +$4M YoY)
    • In-park Per Capita Spending: down 3% due to pricing mix shift
    • Adjusted EBITDA: $205 million (record), margin of 36% (up 230bps)
    • Operating Costs: $387 million (+$15M YoY), reflecting increased SG&A (+$23M), offset by lower OpEx (-$9M)
  • Legacy Six Flags – Q2 2024 (Comparing to Q2 2023):
    • Total Revenue: $438 million (vs. $444M, -1%)
    • Attendance: 6.9 million (vs. 7.1M, -2%)
    • Total Guest Spend per Cap: +1% YoY (adjusted for 13 Plus membership revenue)

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Operator: Thank you for standing by. At this time, I would like to welcome everyone to today's Six Flags Entertainment Corporation Second Quarter 2024 Earnings Conference 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. I would now like to turn the call over to Six Flags management. Management, please go ahead. Michael Russell: Thanks, Craig, and good morning, everyone. My name is Michael Russell, Corporate Director of Investor Relations for Six Flags. Welcome to today's earnings call to review our 2024 second quarter pre-merger financial results for our legacy companies, the former Cedar Fair, L.P. and the former Six Flags Entertainment Corporation. Earlier this morning, we distributed via wire service our earnings press release, a copy of which is also available under the news tab of our new Investor Relations website at investors.sixflags.com. Specific to Cedar Fair, our prior year reported quarter ended June 25th, 2023 to provide investors with more informative comparisons due to the fiscal calendar shift, our release this morning offers an alternate set of results comparing Cedar Fair's current year quarter ended June 30th, 2024, with results for the three months ended July 2nd, 2023. 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 securitie

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