The following is a summary of the Six Flags Entertainment Corporation (SIX) Q4 2023 Earnings Call Transcript:
Financial Performance:
Six Flags reported total Q4 revenue of $293 million, up 5% primarily due to increased attendance, offset by decreased guest spending per capita.
Total full-year revenue for 2023 increased by $68 million or 5% mainly due to higher attendance and sponsorship revenue.
The company recorded an EBITDA of $462 million for full year 2023, remaining constant compared to 2022.
Fourth quarter capital expenditure was $61 million, showing an increase from Q4 2022.
The firm saw a 17% increase in per-visit guest spend since 2021 and paid down over $300m of debt.
Business Progress:
Six Flags saw a 6% increase in Q4 2023 attendance driven by its Fright Fest season, even amid adverse weather impacts.
The company launched Six Flags Plus in 2023, aiming to resume growth starting second half of 2024.
A focus for 2024 is elevating both admission and in-park per capita spending and improving guest offerings.
As part of its future strategy, the company plans to use free cash flow to pay down debt until it achieves a favorable net leverage ratio.
Reinforcing its technological prowess, Six Flags invested in AI for operational efficiency and safety, advanced mobile food ordering capabilities, and AI chat guest services.
The company plans to further monetize the guest experience with exclusive events, immersive experiences such as luxury glamping, and major revamps for popular events like Fright Fest.
More details: Six Flags Entertainment IR
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