Sixty Six Capital Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date: November 2020
  • Company: Cedar Fair Entertainment Company
  • Quarter: Q3 2020

Q3 2020 Performance Highlights

  • Net Revenues: $87 million, down 88% from $714 million in Q3 2019.
  • Attendance: 1.3 million guests, down 90% from 13.2 million in Q3 2019.
  • Operating Days: 314 vs. 1,035 in Q3 2019 due to COVID-19 related park closures.
  • EBITDA: Loss of approximately $50 million, which was $30 million better than internal projections assuming no park reopenings.
  • In-Park Per Cap Spending: $47.29, down 5% from $49.94 in Q3 2019.
  • Deferred Revenue: $193 million, up 30% from $148 million YOY due to season pass extensions to 2021.
  • Liquidity: $877 million pro forma (after $300M bond issuance), includes $359 million revolver capacity and $225 million in cash.

Operational Updates

  • 7 of 13 parks operated during Q3, all generating positive cash flow and covering variable costs.
  • Attendance improved over time: July (23% of 2019), August (~40%), and peaked at 55% in September.
  • Kings Dominion (VA) and Canada's Wonderland remained closed due to local restrictions.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Cedar Fair Entertainment Company 2020 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Mr. Michael Russell, Corporate Director of Investor Relations. Please go ahead. Michael Russell: Thanks, Amy, and good morning, everyone. Welcome to our 2020 Third Quarter Earnings Conference Call. 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 distributed 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 Reg 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 constituents and prior notificati

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