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Text: 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 the detailed discussion of business risks and reconciliations of non-GAAP financial measures to GAAP financial measures in the company's Annual Reports quarterly reports and other forms filed or furnished with the SEC.
We have divided our call into 3 parts.
First, I will provide an overview of our recent operating performance and the strong demand trends we are seeing second Sandeep will go into more detail about our financial results and give an update on the progress of our transformation plan.
Finally, I will return to discuss why we are excited about our future over both the short and long-term.
I am pleased to be able to report that the 2021 season is off to a strong start.
Despite the significant challenges due to the pandemic, last year we were the first company able to safely reopen a theme park in North America.
This year, we had the first theme parks open in California and in many cases we have opened our parks earlier than in 2019.
We have either opened or announced firm opening dates for all of our theme parks, with the exception of Montreal this is due to the creativity adaptability of our Six Flags team who worked hard to establish the highest standards of cleanliness and safety protocols.
I'm also pleased to report that our guests are excited to return to Six Flags and we are seeing strong demand across all of our markets.
I've spent the last couple of months visiting many of our parks, which has allowed me to connect with our great team members understand reopening challenges reinforce our priorities and examine the effectiveness of our operations.
My time with our outstanding park leaders only reaffirms that we have a highly capable team a healthy industry and a resilient business.
Our full-time team members appreciate that we stood by them throughout the crisis.
The signed a strong consumer demand for our parks are very clear.
Through this past weekend our year-to-date attendance trends have accelerated at our open parks increasing to 79% of 2019 levels compared to 51% in the 4th quarter of 2020.
We are seeing strong guest spending per capita and our active pass base has surpassed prior year first quarter levels placing us solidly on track toward recovery we have center decision making squarely on our guests extending privileges for season passes and memberships while also offering high tiered benefits to our members who continue their payments and they have rewarded us with their loyalty.
Experiencing such robust demand.
At this time of year does present operational challenges however.
We have encountered difficulty, fully staffing our parks upon reopening with a shortage of labor availability due to many factors, including school COVID schedules, immigration restrictions limiting the number of international temporary worker visas, and extended unemployment benefits keeping people at home.
We expect these labor challenges to start to abate as we enter the core of our operating season at the same time, the overall operating environment remains challenging, as we balance the requirement to delivering a safe experience during the pandemic, while still delighting our guests, our safety protocols have reduced right throughput, which can result in longer the normal lines and less rides per guest.
We are continuing to require masks in our parks but we will constantly assess as policy and partnership with our industry, the CDC and local health officials.
We are also working with local health officials and eliminating constraints around park capacity and right seating as more Americans receive their vaccinations.
Our outdoor venues have a tremendous amount of open space.
Therefore our parks are naturally conducive to social distancing and all states are supportive of working with us to safely increase attendance levels our recent results in guest surveys indicate that there is extraordinary demand for outdoor entertainment options close to home and we believe that this widespread desire will help drive attendance in the coming quarters.
So while it is still early in the season.
We are pleased by recent trends and are optimistic about both the short and long-term prospects of our business.
In the first quarter, we also continue to make progress on our transformation plan, which focuses on strengthening our core business and we are on track to achieve our previously issued financial targets.
I want to start by stressing that results for the first quarter are not comparable to prior year because we closed all of our parks in mid-March last year prior to the spring break for most of our parks.
For that reason, I will provide comparisons to 2019.
Total attendance for the quarter was 1.3 million guests a 38% decline from first quarter 2019.
Revenue in the quarter was down $46 million or 36% to $82 million.
Because of our fiscal quarter change our first fiscal quarter 2021 ended on April 4 instead of March 31 as it did in 2019.
As a result, our 2021 results include four calendar days in April when many of our parks operated during which we had 293,000 of attendance and this was inclusive of the Easter holiday weekend.
In 2019, the Easter holiday, which affects the timing of spring break in many of our markets occurred in the second quarter.
So far through this past weekend year-to-date attendance had open parks is trending at 79% versus 2019.
As a reminder our second fiscal quarter in 2021 will end on July 4 and will include a majority of the July 4 holiday weekend which will shift attendance out of the 3rd quarter and into the second quarter of this year relative to calendar in 2019.
Total guest spending per capita increased 16% in the quarter versus 2019.
Since the beginning of the membership program, a portion of the membership revenue has been allocated between admissions spending and in park spending.
Beginning in October 2020 the company prospectively began allocating an incremental portion resulting in a reduction in admission spending per capita and an increase in in-park spending per capita with no change in total guest spending per capita.
Applying a pro forma allocation to 2019 admissions spending per capita increased 17% and in-park spending per capita increased 14% compared to the first quarter of 2019.
The increase in admissions spending per capita compared to 2019 was driven primarily by higher realized ticket deals for both single day tickets and the active pass base as our revenue management team focused on leveraging our pricing and product mix.
The increase in in-park spending per capita compared to 2019 reflected high consumer demand for our products.
Attendance from our active pass base in the first quarter represented 54% of total attendance versus 64% percent for the first quarter of 2019 demonstrating a more balanced approach to ticket sales.
On the cost side, cash operating and SG&A expenses versus 2019 decreased by $29 million or 20% primarily due to the following.
First, cost savings from our transformation efforts.
Second, savings and labor utilities and other costs related to the fact that several of our parks were not operating and third lower advertising costs.
Adjusted EBITDA for the quarter was a loss of $46 million compared to a loss of $42 million in the first quarter 2019.
GAAP loss per share was $1.12 compared to a loss of $0.82 in 2019, primarily due to the lower attendance in our parks.
We are pleased with the retention of our active pass base of 4.1 million pass holders, which included 1.7 million members and 2.4 million traditional season pass holders at the end of first quarter 2021.
Our active pass base is up 1% compared to first quarter 2020 and down only 9% compared to first quarter 2019.
As we reopen our parks.
We are steadily reducing the number of paused members to near zero.
The retention of these members is a testament to our unique offering and loyal following.
Looking ahead, we expect the active pass base trends to continue to improve as we have begun selling new season passes and memberships.
A very large active pass base is a tremendous asset for our company as pass holders generated more annual revenue and cash flow then single day visitors.
The utilize excess capacity as they tend to visit during off peak periods and shoulder months.
We also provide a weather hedge since they pay in advance and have the ability to visit for the entire season.
Finally, our members, provide a source of recurring revenue that smooths our cash flow and makes our earnings less seasonal.
Deferred revenue as of April 4, 2021 was $245 million, up $96 million or 65% compared to first quarter 2020 and up $67 million or 38% compared to first quarter 2019.
The increase was primarily due to the deferral of revenue from members and season pass holders whose benefits were extended through 2021 and the acceleration of season pass sales over the past few weeks of the quarter.
We expect to recognize most of this deferred revenue in 2021.
The capital expenditures for the quarter was $23 million.
We expect our full-year 2021 capital spend to be slightly lower than 2020 due to the carryover of new rights that were delivered and paid for, but not commission in 2020.
Our liquidity position, as of April 4 was $524 million this included $461 million of available revolver capacity net of $20 million of letters of credit and $63 million of cash.
This compares to a liquidity position of $618 million as of December 31, 2020.
Net cash outflow for the quarter was $95 million representing an average of $32 million per month.
This is significantly better than the projection of 53 million to $58 million per month that we gave on our last earnings call.
This improvement was driven by higher than expected attendance and season pass sales.
Based on our anticipated park schedules we expect to be cash flow positive for the balance of the year and will not be providing a quarterly outlook on cash flow going forward.
We are obligated each April to offer to purchase the outstanding partnership units from the unitholders who own the third-party interests of Six Flags over Texas, Six Flags over Georgia and Six Flags White Water Atlanta.
Less than $1 million of value in units has been put to Six Flags during the current year tender period that will end later today.
I would now like to give you an update on the progress of our transformation plan.
We expect the transformation plan to unlock $80 million to $110 million in incremental annual run rate EBITDA once fully implemented and attendance returns to 2019 levels.
In 2021, we expect to achieve $30 million to $35 million from our organizational redesign and other fixed cost reductions.
We have already realized more than $8 million through the first quarter of this year.
As part of our transformation plan, we have incurred $44 million in cost so far through the first quarter 2021 including the non-cash write-offs of $10 million that occurred in 2020.
We expect to incur the remaining $26 million in 2021 and 2022, the majority of which is related to investments in technology, including a new CRM system.
We continue to make progress with our revenue and cost initiatives as shown by the positive impact on our attendance, per capita spending and cost savings.
Our new revenue management team is up and functioning as we focus on leveraging pricing and product mix, to drive incremental unique attendance and yield higher admissions and in park spending per capita.
We launched more than 20 RFPs as part of our non-headcount cost savings initiatives and we are seeing very promising results especially in procurement savings.
We began migrating toward centralized shared services in finance, IT and human resources and we began testing our new park labor scheduling system.
In closing my own remarks the operating environment remains dynamic.
We will not be providing annual guidance at this time.
However, we are extremely encouraged by the improvements we are seeing in our attendance trends and the value creation that will come from implementing our transformation plan.
We feel we are well positioned as we enter the heart of our 2021 operating season now, I'll pass the call back over to Mike.
Sandeep innovation is in our DNA.
In 2021, we will be introducing several record breaking and first of their kind rides including the Jersey Devil Coaster at Six Flags greater venture in New Jersey, the world's tallest fastest and longest single rail coaster inspired by New Jersey folklore.
Tsunami surge at Six Flags Great American Illinois which will be the world's tallest water coaster and we are reintroducing West Coast racers at Six Flags Magic Mountain in California, the world's first racing coaster with side by side tracks, which is the parks 19th coaster.
In addition, we are rebranding our water parks in Oklahoma City, Oklahoma in Rockford, Illinois to Hurricane Harbor in creating a separate gate for our water park in Gurnee Illinois creating our 27th parks.
Finally, due to its popularity we will continue to operate our Drive-thru Safari in New Jersey as a separately gated attraction.
The parks successfully opened in March, creating the longest season in the Safari's history.
We will also be investing in our park infrastructure adding technology to help us modernize the guest experience and in specific areas like food and beverage to help us improve our overall food quality and efficiency.
In addition, to new ride and infrastructure investments we will be introducing numerous new events and festivals in our parks this year.
Some examples include roller coaster power hours and event held on Thursday and Friday evenings with unlimited number of gas can ride roller coasters non-stop while listening to a live DJ.
Our Mardi Gras Festival which continues to grow popularity, is one of our tent pole events in a bigger than ever, July 4 Fest which includes fireworks and in Park events.
I believe Six Flags is well positioned to delight our guests and to create significant value for our shareholders.
In the near term, my optimism is based on a few factors, first reopening progress.
We have approval to operate nearly all of our parks either today or in the near future.
And we have proven in several markets that we can safely operate our parks without capacity restrictions.
So we expect to gradually ramp our capacity back to normal levels while adhering the social distancing and other safety protocols.
Second, consumer demand is very strong.
Attendance at our open parks continues to accelerate as US consumers are eager to get out and have fun and Six Flags sits squarely in the middle of everything a consumer is looking for right now.
Our venues are extremely safe.
They are outdoors and provide ample room for social distancing, our safety standards and protocols have been recognized as best in class by all state, city and county officials.
In addition, the vast majority of our guests drive to our parks so we are not dependent on air travel.
Third, our active pass base continues to grow, which positions us well for the upcoming operating season with a built-in base of guest.
As I mentioned in my opening statement we are proud of our high customer retention and customer loyalty.
Customer loyalty is a very powerful competitive edge of Six Flags and one that provides a valuable recurring revenue stream.
Over the long term I'm optimistic for several reasons.
First, we have a unique value proposition.
Our combination of thrill rides and entertainment for the entire family provides a truly unique experience in an affordable form of entertainment that is resilient even in difficult economic periods.
In addition, our parks are located in each of the top 10 markets in the US, giving us access to the biggest and most lucrative markets around the country.
Second, it our transformation initiative will fundamentally improve our guest experience and our profitability.
We are already seeing the early benefits in our improved single day ticket mix, our in-park spending growth and cost savings from our leaner organizational structure in our procurement efforts, but we're just getting started and we are on track to deliver the full $80 million to $110 million of incremental EBITDA when we are back in a normalized operating environment.
Third and most importantly, we have a talented and dedicated team of people who have created a guest centric culture.
Our team members have exhibited tremendous resiliency during a very challenging period.
Our organizational design resulted in a strong balance of theme park expertise and outside industry perspectives, which will help us stay true to the past while embracing the future.
The strength of our people is truly why I'm confident that our future is bright.
We believe the strategic actions we are taking to transform our company will drive our growth and enhance shareholder value.
I look forward to updating you on our continued progress and as we ramp back up to normal operations, you can expect to hear about our progress in our three key strategic initiatives.
To modernize the guest experience through technology, to improve operational efficiency and to drive financial excellence.
Catherine, at this point.
Could you please open the call for any questions.

user
q1 revenue $82 million.
cash outflow for q1 2021 better than expectations.
company reported a decline in attendance for q1 2021 as compared to same periods in 2020 and 2019.
total attendance for q1 2021 declined 15% compared to 2020 and 38% compared to 2019.
six flags - since parks began re-opening with limited operations in june 2020, attendance trends compared to 2019 have continued to improve.
in q1 2021, attendance at company's open parks was 95% of q1 2019.
qtrly loss per share $1.12.
estimates that it will be cashflow positive for last nine months of 2021.
cashflow forecast will depend on all of company's parks remaining open and attendance levels continuing to normalize.

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