Sixty Six Capital Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company: Cedar Fair Entertainment Company
  • Period Covered: Q4 2023 and Full Year 2023 ended December 31
  • Call Date: February 2024
  • Executive Participants:
    • Richard Zimmerman – CEO
    • Brian Witherow – CFO
    • Michael Russell – Investor Relations

Q4 2023 Financial Highlights (Compared to Q4 2022)

  • Net Revenues: $371 million (up $5 million or 1%) - a Q4 record.
  • Attendance: 5.8 million (up 9%).
  • In-park Per Capita Spending: Down 7%, due to mid-season ticket pricing adjustments and a shift in attendance mix.
  • Out-of-Park Revenues: Up 7%, driven by strong resort, sponsorship, and Knott's Marketplace performance.
  • Adjusted EBITDA: $89 million (up $1 million), with a margin holding steady at 24%.
  • Operating Costs: $307 million (up $21 million), mainly from $17 million related to merger costs with Six Flags.

Full Year 2023 Financial Highlights (Compared to Full Year 2022)

  • Net Revenues: $1.8 billion (slightly down from $1.82 billion).
  • Attendance: 26.7 million (down 1% or 247,000 guests).

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Operator: Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cedar Fair Entertainment Company 2023 Fourth Quarter Earnings Call. [Operator Instructions] Thank you. I would now like to turn the call over to Michael Russell. Please go ahead. Michael Russell: Thanks, Danica. Good morning to everyone. Welcome to today's earnings call to review our 2023 fourth quarter and full year results for the period 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 investors website at ir.cedarfair.com. On the call with me this morning are Cedar Fair's CEO, Richard Zimmerman; and Brian Witherow, our Chief Financial Officer. 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 those 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 constituents and prior notification has been widely and unselectively disseminated, all content

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