On March, 13, we suspended our operations in response to the COVID 19 pandemic and local government mandates.
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.
With our new operating protocols and technology in place, we have resumed limited operations at 14 of our parks.
We expect daily attendance to be approximately 25% to 30% of prior year levels for the foreseeable future.
Fourth, almost 90% of our gas come within driving distance.
Finally, our parks generate cash flow in excess of their variable costs and significantly less than 25% of their maximum capacity.
I have 25 years of financial strategy experience, primarily in consumer facing businesses.
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.
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.
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.
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.
In addition we increased our legal reserves by $8 in the quarter.
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.
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.
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.
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 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.
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.
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.
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.
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 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.
The purpose of this element is to enhance the guest and team member experience while creating cost efficiencies.
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.
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.

Summary:
As a result, revenue declined by $458 million or 96% to $19 million.
Guest spending per capita in the quarter decreased 15% to $35.77.
Our Active Pass Base as of the end of the second quarter was down 38% and compared to the prior year quarter.
Since we opened our parks, we have begun to sell new memberships and season passes.
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.
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.
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.
This included $460 million of available revolver capacity, net of $21 million of letters of credit and $296 million of cash.
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.
The purpose of this element is to enhance the guest and team member experience while creating cost efficiencies.