Cedar Fair, L.P. (NYSE:FUN) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 10:00 am ET


Cedar Fair, L.P. (NYSE:FUN) Q3 2019 Earnings Conference Call - Final Transcript


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You are currently on hold for the Cedar Fair Third Quarter 2018 Conference Call. [Operator Instructions] Good day and welcome to the Cedar Fair Third Quarter 2019 Conference Call. [Operator Instructions]. At this time, I would like to turn the conference over to Michael Russell, Corporate Director, Investor Relations. Please go ahead, sir.

Michael Russell

Thanks, Chloe. Good morning everyone and welcome to our third quarter earnings conference call. I'm Michael Russell, Corporate Director of Investor Relations for Cedar Fair. Earlier this morning, we issued our 2019 third quarter earnings release. A copy of that release is available on our Investor Relations website at ir.cedarfair.com under the News tab. 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 I 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 these risks, you may refer to the company's filings with the Securities and Exchange Commission. 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 on this call will be considered fully disclosed. Now I'd like to turn the call over to Cedar Fair CEO, Richard Zimmerman. Richard.

Richard Zimmerman

Thank you Michael and good morning everyone. I am very pleased to report that Cedar Fair not only achieved its best ever post Labor Day performance, but our strong results year-to-date have us well on our way to making 2019, the best year in the company's history. Throughout the year, I've spoken to you about the strategies that underlie our new long-range plan and our results to date are proof of the progress and early success of those strategies.

As a matter of course, each year, we work with our Board to update our long-range plan, which establishes our strategic areas of focus and confirms our capital allocation priorities. This annual exercise is invaluable, as it helps to reinforce the importance of 2 primary objectives delivering positive near-term results while also remaining committed to long-term value creation.

Our Halloween events, which kicked off in mid September once again have produced some of our biggest days of the season through this past Sunday, November 3rd, record demand increased year-to-date attendance 4%, net revenues by 6%, in-park per capita spending by 1%, and out-of-park revenue 7%. All reported on a same-park/same-week basis, which excludes any contribution from the 2 newly acquired Schlitterbahn Waterpark in Texas. Most significant in our year-to-date results was our ability to generate solid revenue through higher attendance while continuing to grow in-park per capita spending, reflecting our sound revenue and yield management