The following is a summary of the Cedar Fair, L.P. Limited Partnership Units (FUN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cedar Fair reported Q1 2024 net revenues of $102 million, an improvement from $85 million in Q1 2023.
There was an observed increase of $4 million in out-of-park revenues, reaching a record $23 million.
In-park per capita spending, however, decreased by 6%.
A rise in Operating costs and expenses to $215 million, $25 million more than the previous year, was noted.
The company carries a high net debt of $2.4 billion but retains a total liquidity of approximately $157 million.
Cedar Fair's capital expenditure for the quarter is $57 million, aligning with their full year investment plan of $210 to $220 million.
Business Progress:
Cedar Fair's proposed merger with Six Flags is in progress, expected to finalize by Q2 2024.
The company has made significant digital investments to enhance its digital capabilities and service offerings.
Major capital projects are underway including the introduction of new attractions at six parks and an upgrade of the food, beverages, retail, and premium experience offerings.
To increase margins, initiatives to drive cost efficiency and guest service are being implemented.
The company is focusing on increasing demand and improving operating efficiencies.
High demand is seen for its season passes and group visitations from businesses and youth groups.
The company expects promising returns from big attractions and marquee rides, as part of their key marketable projects.
More details: Cedar Fair IR
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