Six Flags Entertainment Corporation (NYSE:SIX) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:00 am ET


Six Flags Entertainment Corporation (NYSE:SIX) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank for standing by and welcome to the Six Flags Q2 2020 Earnings Conference Call. [Operator Instructions].

Thank you. I will now turn the call over to Steve Purtell, Senior Vice President, Investor Relations.

Stephen Purtell

Good morning and welcome to our second quarter call. With me are Mike Spanos, President and CEO of Six Flags; and Sandeep Reddy, our Chief Financial Officer. We will begin the call with prepared comments and then open the call to your questions. Our comments will include forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in such statements, and the company undertakes no obligation to update or revise these statements.

In addition, on the call, we will discuss non-GAAP financial measures. Investors can find both a detailed discussion of business risks and reconciliations of non-GAAP financial measures to GAAP financial measures in the company's Annual Report, Quarterly Report and other forms filed or furnished with the SEC.

At this time, I will turn the call over to Mike.

Mike Spanos

Good morning. Thank you for joining our second quarter earnings call. It is with great pleasure that I welcome Sandeep Reddy, who is joining our call for the first time, as our new Chief Financial Officer. He is a seasoned public company CFO with exceptional strategic, analytical and change management skills. He's an experienced developer of team capability and an outstanding addition to the Six Flag's team. I would also like to thank Lenny Ross for his outstanding leadership, commitment and business partnership, over the last four months. He played a vital role as interim CFO during a very challenging time. He will continue to report to me in a large operational role that will compliment his individual development and skills and position him to contribute significantly to our long term success.

This quarter tested everyone at the company and I am proud of how the entire team rose to meet the challenges that the world is facing. Seeing how the team responded over the last several months gives me even more conviction that Six Flags is a truly special company. In the early part of the quarter, we were in a crisis management mode. It was an all hands on deck effort to keep our people safe, reduce our cash burn and bolster our liquidity position. However, as a situation has evolved over the last summer months, we have switched from defense to offense. Our number one priority is always safety, but we have broadened our focus. We learned how to operate profitably with reduced capacity today and how we can be an even stronger company on the other side of the pandemic. In this very dynamic environment, I am proud of how the team has reached a level of nimbleness and agility. We have been able to respond very quickly and effectively as the situation continues to evolve.

On today's call, I will