You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: 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.
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.
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.
And the trends we are seeing in the business.
Then Sandeep will discuss our financial performance and liquidity position.
Before opening up for QA, I will highlight our transformation initiative to drive earnings growth, and improve the guest experience, so that we emerge stronger and more profitable after the crisis.
On March, 13, we suspended our operations in response to the COVID 19 pandemic and local government mandates.
Our immediate focus was on liquidity and cash flow.
We shored up our liquidity and implemented aggressive cost saving measures that partially offset the resulting revenue decline.
We also proactively communicated with our guests to preserve our act past base during this period of uncertainty.
These efforts have been very successful as we limited our net cash outflow in the second quarter to approximately $25 million per month, a significant improvement compared to the average $30 million to $35 million per month that we projected on our last earnings call.
Over the last few months we work closely with local health authorities, disease experts and others in the theme park industry.
We also solicited extensive feedback from our guests to understand their expectations and they socially distance world.
This work has enabled us to implement best-in-class safety protocols, including health screenings of team members, temperature checks of both team members and guests, mandatory facemask requirements for anyone in our parks, pervasive social distancing markers, that abundance of hand sanitizing and hand washing stations added throughout our parks in frequent sanitization of rides and other high touch points.
We also established clean teams to uphold the highest standards of cleanliness.
The crisis has allowed us to accelerate the introduction of technology into our parks that will have ongoing benefits even after the crisis subsides.
We have used technology to remove some of the pain points common theme parks.
These include advanced reservations online, which spread out the entry times for guests to avoid wait times at the gate, contactless temperature and security screening to ease entry into the park, mobile food ordering to reduce the time it takes to fulfill an order and encourage guests to add on to their order through easier menu access and testing of reverse ATM machines to reduce cash transactions.
In addition, we we'll be testing our newly developed virtual queuing system in one of our parks.
Waiting in long lines is consistently ranked as the number one pain point and our guests experience in virtual queuing technology will allow customers to push a button on their smartphone to secure a seat on one of our major coasters without physically standing in line.
If a testing is successful, we will begin rolling the technology out to other parks.
With our new operating protocols and technology in place, we have resumed limited operations at 14 of our parks.
In addition, we opened our Safari as a stand-alone attraction at Six Flags Great Adventure and animal experience at Six Flags Discovery Kingdom, our hotel waterpark at The Great Escape in our campground at Darien Lake.
We've used a cautious and phased approach with limited attendance in accordance with local conditions and government guidelines.
Our park reopenings initially experienced solid demand as our customer saw opportunities to have fun in the safe and outdoor environment that our parks provide.
In addition, guest feedback on our enhanced safety protocols has been very positive.
However, a recent spike in coronavirus cases in many of the states in which we operate has had a negative impact on demand to this our parks.
It is very difficult to forecast future demand trends in this rapidly changing environment.
Based on capacity limitations designed to ensure a safe environment for guests as well as current demand trends.
We expect daily attendance to be approximately 25% to 30% of prior year levels for the foreseeable future.
This has resulted in our reducing some Park schedules to maximize attendance on the days we are open.
There's no question that this is unprecedented environment has created challenges for our business.
However, our parks have a number of advantages top rate during the pandemic compared to other out of home entertainment attractions.
First, our parks our outdoor venues and spread over anywhere from a dozen to 100s of acres, allowing for social distancing.
Second, our parks are open many hours throughout the day reducing the need for people to arrive or leave at the same time.
Third, our parks are regionally diverse and we operate in the largest markets in the U.S., making us not overly reliant on one geographic region.
Fourth, almost 90% of our gas come within driving distance.
So we are not dependent on air travel or other public transportation.
Finally, our parks generate cash flow in excess of their variable costs and significantly less than 25% of their maximum capacity.
Although this crisis has affected our business profoundly in the short term, it has given us the opportunity to make necessary changes in the business that will benefit us in the long term.
I'm very excited to be at Six Flags.
I'm a huge fan of the brand and I've long admired the consumer experience that delivers.
My first month on the job has only confirmed my view that the opportunities ahead are substantial.
And the company is well positioned for its next round of profitable growth.
I will begin by telling you a little bit about myself.
I'll then discuss our second quarter financial results and liquidity position, and end by outlining our team priorities.
I have 25 years of financial strategy experience, primarily in consumer facing businesses.
Most recently, I was the CFO of Guest Incorporated, a publicly traded global multi channel lifestyle brand in the fashion industry and prior to that I worked in financials for Mattel Incorporated, one of the leading toy companies in the world.
As CFO of Six Flags, I believe my primary role in partnership with Mike and the leadership team is to identify and drive a value creation agenda for the company.
I've done this in the past, and believe that with the incredible branded company like Six Flags, we can generate significant value for all stakeholders.
Turning to Six Flags financial performance, results for the second quarter was not comparable to prior, because we suspended the operations of our parks for almost the entire quarter during the pandemic.
As Mike mentioned, we were able to limit our net cash outflow for the second quarter to $76 million.
This was excluding the costs associated with our financing initiatives are approximately $25 million per month.
This represented an improvement compared to the previously projected net cash outflow of $30 million to $35 million per month during the last nine months of 2020.
The improvement was driven by discipline cost management, higher active pass base retention due to the lower than anticipated membership cancellations and Season Pass refund requests, as well as positive cash flow from our parks that have reopened.
Total attendance for the quarter was 433,000, half of which came from our drive thru Safari and our Park in New Jersey, which was our first attraction to open.
As a result, revenue declined by $458 million or 96% to $19 million.
The reduction in revenue included $29 million of membership revenue from our members that have completed that initial 12 month commitment period that we diverted to future periods.
But nearly when our members entered a 13 month membership, we recognize the revenue on a monthly basis, according to their cash payments.
However, as part of our retention efforts, we offer an additional monster our members for every month they could not use their home park.
As a result, for those members who have completed their initial 12 month commitment period, we will recognize revenue at the end of their membership term, whenever those members utilize their additional months.
The decrease in revenue was also partially attributable, to a $29 million reduction in sponsorship, international agreements and accommodations revenue.
This reduction was driven by three things, determination of the company's international contracts in China and Dubai, resulting in no revenues from those contracts in 2020.
Before most sponsorship revenues, while the parks were not operating, the suspension of almost all accommodations operations.
We recognized little revenue from corporate sponsorships in the second quarter, but are working with our corporate partners on a case-by-case basis to defer other planned programs until our parks are open.
We also continue to recognize revenue from our parks being developed in Saudi Arabia.
Guest spending per capita in the quarter decreased 15% to $35.77.
Admissions per capita increased 5%, primarily due to a higher mixer single day pay tickets.
In parks spending per capita decreased 43%, primarily due to the large proportion of attendance from our drive thru Supply Park, where there is no opportunity for in park spending.
On the cost side, cash operating an SGA expenses, increased by $141 million or 60%, primarily due to proceedings measures we took, after we suspended operations.
These savings were partially offset by costs incurred to open and operate our park toward the end of the quarter, including increased costs related to enhanced standardization and additional prevalent preventative measures to help minimize the spread of COVID-19.
In addition we increased our legal reserves by $8 in the quarter.
These expenses associated with several unrelated legal claims.
Adjusted EBITDA for the quarter was a loss of $96 million, compared to income of $180 million in the prior period.
We now have 14 of 26 parks open.
These parks generated more than 50% of our 2019 attendance on a full year basis.
Month to-date in July, we are averaging approximately 30% of Prior attendance at the parks that are open.
We are holding steadily in certain states, but are doing much better and improving in states and I experienced of COVID-19 trends.
This gives us confidence that we will see a rebound once the virus has abated.
In the near-term it is unclear if we will be able to open any of the remaining parks this year, or whether we will close any of the open parks, earlier than prior years.
At this time we are evaluating a modified version of our popular Fright Fest and holiday in the park events.
Turing to our active pass base, which represents the total number of guests enrolled in the company's membership program all that have Season pass.
As anticipated, we lost a significant season -- we lost significant season pass and membership sales while our parks were not operating.
Our Active Pass Base as of the end of the second quarter was down 38% and compared to the prior year quarter.
This includes 2.1 million members compared to 2.6 million at the end of calendar year 2019 and 2.4 million at the end of the first quarter 2020.
Customers typically purchase new season passes or memberships when they are planning to visit a park.
For that reason, the temporary closure of our park had a temporary but large impact on our ability to sell new season passes and memberships.
However, we were pleased with the retention of our existing members as we retained 81% of our members since the start of the year through the second quarter.
Since we opened our parks, we have begun to sell new memberships and season passes.
We are proactively working to retain our existing members and season pass holders in several ways.
First, we offer day-to-day extensions for our season pass holders for each operating day their home park is closed and extended our members by one month for each month that their home park is closed.
Second, we offer to automatically upgrade memberships to the next tier level for the rest of the 2020 season for members who continue to make payments until the parks reopen.
And third, we offer the pause payments for any member requesting to do so.
We are taking members on pause as we open our parks, and we anticipate that most of our pause members will return to active paying members once we reopen our remaining parks.
In addition, we are actively recruiting our cancelled members back to our programs now that park operations are beginning to resume.
We have received very few refund requests of season passes to date.
While we have no contractual obligation to make a refund, and almost all of our existing pass holders have used their pass at least once, the satisfaction of our guests is very important to us.
We are actively engaged in conversations with them to ensure a continued loyalty.
In response to our curtailed operations, we continued to take actions to reduce operating expenses and to defer or eliminate at least $50 million to $60 million of capital expenditures.
We now expect to spend $80 million to $90 million on capital expenditures in 2020, $10 million lower than our previous projections.
We have kept our full-time team members on the payroll and maintain their benefits at the same cost.
We believe this has left us in the best position to open our parks quickly.
However, we will continue to evaluate all options in the future, given the fluidity of the virus and any associated impacts on park operating calendars.
Based on all the cost savings measures we have implemented, the retention of most of our membership base and positive cash flow from the parks that are currently open, we estimate that our net cash outflows will average between $25 million to $30 million per month through the end of 2020.
This includes all operating expenditures and capital expenditures relating to our parks along with contractual rent, interest and partnership park distributions.
Note that partnership park distributions occur only in the back half of the year and represent an average run rate of $7 million per month for the last six months of the year.
We believe we have adequate liquidity to the end of 2021 even if we need to close our parks.
However, if operations remain curtailed, we will likely need a further amendment to our senior secured leverage ratio covenant.
We also incurred approximately $6 million of costs on the strategic work related to the transformation initiative that Mike will discuss.
Costs in future periods are included in our net cash outflow estimates.
However, we will not finalize the cost of associated savings until we complete the work.
We anticipate that a portion of the work will be completed by the fourth quarter of 2020, and the remaining portion will be completed when the parts are again operating at more normal capacity.
Deferred revenue of $182 million was down $53 million or 22% to prior year, driven by fewer membership and season pass sales, while our parks have been closed.
These lower sales were partially offset by the deferral of revenue out of the quarter from our members who have completed their initial 12-month commitment period and extension of visitation privileges into the 2021 season for our season pass holders and members in the initial 12-month commitment period.
Our liquidity position as of June 30 was $756 million.
This included $460 million of available revolver capacity, net of $21 million of letters of credit and $296 million of cash.
This compares to a pro forma liquidity position of $832 million as of March 31, 2020, a reduction of $76 million or approximately $25 million per month.
We do not expect to draw on our revolver until Q1, 2021.
I now would like to turn to our immediate priorities for the company.
First, reopen with caution and prioritize the health of our employees and guests.
Second, focus on liquidity and minimizing cash expenditure while we go through this period of uncertainty.
Third, be conservative with capex, ensuring we only invest in projects with a good return of investment.
And finally, continue building business and team capability.
We have withdrawn guidance due to the uncertain trajectory of the virus.
However, like Mike, I am committed to providing additional disclosures when feasible and being as transparent as possible.
Our capital allocation strategy will be focused on growing the base business and paying down debt to return our net leverage ratio to between three and four times adjusted EBITDA.
We have suspended our dividend and share repurchases for the foreseeable future, and we believe targeting the low end of the range is appropriate given the new environment.
In summary, despite the challenges our entire industry is facing, we have adapted our operations in response to the crisis, and we remain a healthy company with a bright future.
We will not let these difficulties slow down our efforts to build new business capabilities and prepare the company for its next phase of profitable growth.
Now, I will pass the call back over to Mike.
Our focus is on building a stronger base business and reducing our net leverage ratio.
We will be disciplined in this focus post the pandemic.
We are developing a holistic transformation program that will allow us to accelerate growth and unlock significant new efficiencies as we emerge from the pandemic and ramp up to full-scale operations.
We will focus on revenue generation and cost efficiency programs in our base business as we become a more agile, commercially driven and technology savvy organization.
Our transformation will improve the guest end-to-end experience while reducing our operating costs.
To this end, we have initiated a detailed review of our business.
As we complete different work streams, we will provide our expectations for annual earnings improvements.
Our transformation initiative is composed of three elements.
The first element is top line growth.
This element is about improving the end-to-end guest experience, starting with price and simplicity, website redesign and a compelling value proposition for food and beverage.
One focus area that we previously highlighted was the recapture of lost single day guests.
We already saw progress in this area through our focus and targeted offers prior to the COVID-19 crisis and it will continue to be a major focus going forward.
The second element is organizational design.
The purpose of this element is to enhance the guest and team member experience while creating cost efficiencies.
We will reexamine what work belongs in the parks versus headquarters and eliminate any redundancy while being careful to protect the guest and team member experience.
This organizational design will be constructed in a way that fosters an entrepreneurial culture and our park leadership teams.
The third element is non-headcount cost reductions.
We will leverage the scale of Six Flags and examine each area of our cash operating expenses to determine what is essential.
We will capture savings by implementing consistent systems, standards and processes.
In addition, we are beginning to revamp our environmental, social and governance program, which has a special emphasis on diversity and inclusion.
This is a personal priority for me.
I know the importance of this firsthand for my decades of experiences working with diverse teams and customer bases, including in multiple countries and cultures around the globe.
I believe diversity and inclusion provide the necessary foundation for a sustainable and healthy business, more importantly, they are simply the values we should all uphold.
We will integrate diversity and inclusion into our existing business agenda, and we will hold ourselves accountable by measuring our results to ensure that we make sustainable progress.
Our plans will focus on five key areas.
We are creating a diversity and inclusion council made up of members of our team to provide me as CEO, direct feedback on how we are doing and what we can do to improve.
We are conducting robust training on diversity and inclusion for all of our team members, including dedicated sessions with our top 200 leaders on understanding the business rationale, identifying unconscious biases, and learning how to lead open and honest conversations with our team members.
Three, address unconscious biases.
We have updated our grooming, social media and hiring policies.
We are also reviewing and correcting all branded names, park attractions and infrastructure that might be offensive in any way to our guests and team members.
We expect our social media partners to model the same values.
Four, build a diverse team.
We will establish a leadership team that represents the diversity of our marketplace.
We're reviewing and updating our recruiting and talent management programs to foster more objective processes for all team members.
Five, partner with communities.
We will proactively work with minority suppliers to develop long-term alliances.
We will pledge up to $5 million cumulatively in investments and ticket value by the end of 2022 toward programs dedicated to equality and the socioeconomic advancement of people of color.
Our transformation initiative is an ambitious and important program.
And I am confident it will reshape our business for future profitable growth and sustained value creation coming out of the COVID-19 crisis.
We look forward to updating you on our progress during the third quarter earnings call.
Operator, at this point, could you please open the call for any questions.

user
q2 revenue fell 96 percent to $19 million.
improves cash flow outlook from company's prior guidance.
targeting significant improvement to its financial performance and to guest experience.
six flags - will not make final determination of costs or associated savings until it completes work related to 'transformation initiative'.
anticipates that a portion of work related to 'transformation initiative' will be completed by q4.
resumed partial operations at many of its parks on a staggered basis near end of q2.
total guest spending per capita for q2 of 2020 was $35.77, a decrease of $6.50.
six flags - working with members, season pass holders to extend usage privileges to compensate for any lost days due to temporary park closures.
offered members option to pause payments on their current membership.
active pass base decreased 38 percent as of end of q2 of 2020.
as of june 30, had cash on hand of $296 million, $460 million available under revolving credit facility.
six flags - anticipates it has sufficient liquidity to meet cash obligations through end of 2021 even if currently open parks are forced to close.
six flags - if operations continue to be significantly reduced in 2021, co would likely require additional covenant relief during 2021.

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