Cedar Fair Reports Results for 2023
- Record fourth quarter attendance and net revenues of $1.80 billion in 2023.
- Adjusted EBITDA for the fourth quarter was $89 million, with a 9% increase in attendance.
- Quarterly cash distribution of $0.30 per LP unit declared by the Company.
- Net income decreased to $125 million due to transaction costs related to the proposed merger with Six Flags.
- Net income decrease of $183 million from 2022 due to transaction costs and prior year gain.
- In-park per capita spending decreased by 7% in the fourth quarter.
- Attendance declined by 247,000 guests in 2023 compared to 2022.
- Operating income decreased to $306 million in 2023 from $520 million in 2022.
Insights
The disclosed financial results and the declaration of a quarterly cash distribution are indicative of Cedar Fair Entertainment Company's operational health and strategic financial management. The marginal increase in net revenues to $371 million in Q4 and the record out-of-park revenues suggest effective diversification of revenue streams, potentially mitigating risks associated with in-park spending volatility. However, the net loss of $10 million in Q4, primarily due to transaction costs from the proposed Six Flags merger, highlights the immediate financial impact of strategic decisions on the company's bottom line.
From a liquidity standpoint, the company's cash position and available credit facility totaling $345 million provide a cushion for operational and strategic initiatives. The net debt of $2.2 billion warrants close monitoring, as it could influence the company's financial flexibility and cost of capital. The distribution of $0.30 per LP unit aligns with shareholder return strategies, yet investors should consider the sustainability of such distributions in the context of net income and cash flow generation.
Examining consumer behavior trends, the increase in attendance by 9% in Q4, with a record 5.8 million guests, demonstrates strong market demand and effective marketing strategies, particularly the early success of the 2024 season pass sales program. This uptick in attendance, however, was accompanied by a 7% decrease in in-park per capita spending, indicating a shift to lower-priced ticketing channels. This shift could reflect consumer sensitivity to pricing or a strategic pricing adjustment by Cedar Fair.
Furthermore, the robust season pass sales for 2024, up approximately 20% year-over-year, are a positive indicator of customer loyalty and recurring revenue potential. The company's ability to drive demand through mid-year marketing and pricing adjustments suggests agility in responding to market conditions, which is critical in the competitive landscape of regional amusement parks.
The proposed merger with Six Flags introduces significant legal and regulatory considerations, particularly with the ongoing review by the Department of Justice (DOJ). While the CEO's statement reflects optimism about the merger's completion in the first half of 2024, the ultimate outcome remains uncertain and subject to regulatory approval. The transaction costs associated with the merger, amounting to $17 million, have already had a tangible impact on the company's financials. Stakeholders should closely monitor developments in this area, as the merger's completion could lead to substantial changes in market dynamics, competitive positioning and operational synergies that may affect the company's long-term value creation potential.
- Strong performance over the second half of the year, including record fourth quarter attendance, validates the strength and resiliency of the Company’s business model
- Robust trends in long-lead indicators, including 2024 season pass sales, underscore the Company’s bright prospects for continued growth and value creation
-
Board declares quarterly cash distribution of
$0.30
2023 Fourth-Quarter Highlights
-
Net revenues totaled a record
$371 million 1% , or$5 million -
The Company recorded a net loss of
$10 million $12 million $17 million -
Adjusted EBITDA(1) totaled
$89 million 1% , or$1 million -
Attendance totaled a record 5.8 million guests, an increase of
9% , or 466,000 guests compared with Q4-2022. The increase in attendance was primarily attributable to increased season pass visits resulting from the strong start to the 2024 sales program. -
In-park per capita spending(2) was
$58.61 7% compared with Q4-2022. The decrease was primarily due to a shift in attendance mix to lower-priced ticketing channels and higher attendance levels. -
Out-of-park revenues(2) were a record
$43 million 7% , or$3 million
2023 Full-Year Highlights
-
Net revenues totaled
$1.80 billion $1.82 billion -
Net income was
$125 million $183 million $155 million $22 million -
Adjusted EBITDA was
$528 million $552 million - Attendance totaled 26.7 million guests compared with 26.9 million guests in 2022.
-
In-park per capita spending was
$61.05 1% compared with 2022. -
Out-of-park revenues were a record
$223 million $10 million 5% compared with 2022.
Balance Sheet and Capital Allocation Highlights
-
On Dec. 31, 2023, net debt(3) totaled
$2.2 billion $2.3 billion $65 million -
Cedar Fair’s Board of Directors today declared a cash distribution of
$0.30
CEO Commentary
“With the return to more normal operating conditions in the back half of 2023, the strength and resiliency of Cedar Fair’s business model was on full display,” said Cedar Fair CEO Richard Zimmerman. “We remained nimble and successfully adapted to an evolving marketplace to offset the effects of anomalous macro-factors, including weather, on demand during the first half of the year. In the second half of the year, in addition to more normalized operating conditions, we made mid-year adjustments to our marketing and pricing strategies that successfully drove increased demand while our park teams effectively implemented cost-saving measures to expand operating margins.”
“In addition to our outstanding performance over the second half of the year and record fourth quarter results, I’m encouraged by the pace of our long-lead indicators heading into the 2024 season, particularly sales of season passes and related all-season, add-on products,” added Zimmerman. “With unit sales of season passes through January up approximately
Commenting on the proposed merger with Six Flags, Zimmerman concluded, “Since announcing the proposed merger transaction in early November, we have been pleased by the strong support we have heard from unitholders and others in the investor community. We look forward to completing our combination with Six Flags and delivering on the compelling value creation opportunities ahead, which we believe are greater than what either company can achieve independently. Cedar Fair and Six Flags continue to work constructively with the DOJ in its review of the merger and continue to expect it will be completed in the first half of 2024. We look forward to capitalizing on the opportunities ahead for the combined company.”
2023 Full-Year Results
Operating days in 2023 totaled 2,365 compared to 2,302 in 2022.
For the year ended Dec. 31, 2023, net revenues totaled
Operating costs and expenses for 2023 totaled
Depreciation and amortization expense in 2023 totaled
After the items noted above and a
Interest expense for 2023 totaled
Accounting for the items above, and after a
Adjusted EBITDA, which management believes is a meaningful measure of the Company’s park-level operating results, totaled
See the attached table for a reconciliation of net income to Adjusted EBITDA.
Balance Sheet and Liquidity Highlights
Deferred revenues on Dec. 31, 2023, including non-current deferred revenue, totaled
As of Dec. 31, 2023, the Company had cash on hand of
Distribution and Unit Repurchases
Today the Company announced the Cedar Fair Board of Directors has approved a quarterly cash distribution of
During 2023, the Company repurchased approximately 1.7 million limited partnership units at a total cost of approximately
Conference Call
As previously announced, the Company will host a conference call with analysts starting at 10 a.m. ET today, Feb. 15, 2024, to further discuss its recent financial performance. Participants on the call will include Cedar Fair President and CEO Richard Zimmerman, Executive Vice President and CFO Brian Witherow and Corporate Director of Investor Relations Michael Russell.
Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Cedar Fair Investors website at https://ir.cedarfair.com under the tabs Investor Information / Events & Presentations / Upcoming Events. Those unable to listen to the live webcast can access a recorded version of the call on the Cedar Fair Investors website at https://ir.cedarfair.com under Investor Information / Events and Presentations / Past Events, shortly after the live call’s conclusion.
A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Thursday, Feb. 15, 2024, until 11:59 p.m. ET, Thursday, Feb. 22, 2024. To access the phone replay, please dial (800) 770-2030 or (609) 800-9909, followed by Conference ID 3720518.
(1) |
Adjusted EBITDA is not a measurement computed in accordance with generally accepted accounting principles (GAAP). For additional information regarding Adjusted EBITDA, including how the Company defines and uses Adjusted EBITDA, see the attached reconciliation table and related footnotes. |
(2) |
In-park per capita spending and out-of-park revenues are non-GAAP financial measures. See the attached reconciliation table and related footnote for the calculations of in-park per capita spending and out-of-park revenues. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. |
(3) |
Net debt is a non-GAAP financial measure. See the attached reconciliation table and related footnote for the calculation of net debt. Net debt is a meaningful measure used by the Company and investors to monitor leverage, and management believes it is meaningful for this purpose. |
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0 percent) of Cedar Fair, L.P.’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a
Forward-Looking Statements
Some of the statements contained in this news release that are not historical in nature constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to the Company's expectations, beliefs, goals, and strategies regarding the future. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “target,” “synergies,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about performance expectations and the consummation of the proposed transaction and the anticipated benefits thereof. These forward-looking statements may involve current plans, estimates, expectations, and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, that the Company's growth and operational strategies will achieve the target results, that the proposed transaction will close or that the Company will realize the anticipated benefits thereof. Important risk factors that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, our growth strategies and/or the proposed transaction, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: general economic conditions; the impacts of public health concerns; adverse weather conditions; competition for consumer leisure time and spending; unanticipated construction delays; changes in the Company’s capital investment plans and projects; the expected timing and likelihood of completion of the proposed transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction and Six Flags stockholder approval; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined company’s operations and other conditions to the completion of the proposed transaction, including the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against Cedar Fair, Six Flags or their respective directors and others following announcement of the merger agreement and proposed transaction; the inability to consummate the transaction due to the failure to satisfy other conditions to complete the transaction; risks that the proposed transaction disrupts and/or harms current plans and operations of Cedar Fair or Six Flags, including that management’s time and attention will be diverted on transaction-related issues; the amount of the costs, fees, expenses and charges related to the transaction, including the possibility that the transaction may be more expensive to complete than anticipated; the ability of Cedar Fair and Six Flags to successfully integrate their businesses and to achieve anticipated synergies and value creation; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting Cedar Fair and Six Flags; potential business uncertainty, including the outcome of commercial negotiations and changes to existing business relationships during the pendency of the proposed transaction that could affect Cedar Fair’s and/or Six Flags’ financial performance and operating results; acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction; other factors discussed from time to time by the Company in its reports filed with the Securities and Exchange Commission (the “SEC”); and those risks that are described in the registration statement on Form S-4 and the accompanying proxy statement/prospectus. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC.
These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the registration statement on Form S-4 that was filed by CopperSteel HoldCo, Inc. (“HoldCo”) and subsequently declared effective by the SEC on January 31, 2024, in connection with the proposed transaction, which will contain a prospectus relating to the issuance of HoldCo securities in the proposed transaction and a proxy statement relating to the special meeting of the stockholders of Six Flags. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The ability of Cedar Fair or Six Flags to achieve the goals for the proposed transaction may also be affected by our ability to manage the factors identified above. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information, future events, information, circumstances or otherwise that arise after the publication of this document.
Important Information about the Transaction and Where to Find It
In connection with the mergers, Cedar Fair and Six Flags have caused HoldCo to file with the SEC a registration statement on Form S-4 that includes a proxy statement of Six Flags and a prospectus of HoldCo. The registration statement on Form S-4 has been declared effective by the SEC. The definitive proxy statement included in the registration statement on Form S-4 was mailed to stockholders of Six Flags on or about February 1, 2024. Cedar Fair, Six Flags and HoldCo may also file other documents with the SEC regarding the mergers. This communication is not a substitute for the registration statement, proxy statement/prospectus or any other document that Cedar Fair, Six Flags or HoldCo (as applicable) has filed or may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING AND/OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF CEDAR FAIR AND SIX FLAGS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus, as each may be amended from time to time, as well as other filings containing important information about Cedar Fair or Six Flags, without charge at the SEC’s Internet website (http://www.sec.gov). Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus and other documents filed with the SEC by Cedar Fair, Six Flags and HoldCo through the web site maintained by the SEC at www.sec.gov or by contacting the investor relations department of Cedar Fair or Six Flags at the following:
Cedar Fair Contacts:
Investor Contact: Michael Russell, 419.627.2233
Media Contact: Gary Rhodes, 704.249.6119
Alternate Media Contact: Andrew Siegel / Lucas Pers, Joele Frank, 212.355.4449
Six Flags Contact:
Evan Bertrand, 972.595.5180
Vice President, Investor Relations and Treasurer
investorrelations@sftp.com
The information included on, or accessible through, Cedar Fair’s or Six Flags’ website is not incorporated by reference into this communication.
Participants in the Solicitation
Cedar Fair, Six Flags, HoldCo and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Six Flags stockholders in respect of the proposed transaction. Information regarding Cedar Fair’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Cedar Fair’s Form 10-K for the year ended December 31, 2022 filed with the SEC on February 17, 2023 and its proxy statement filed with the SEC on April 13, 2023, and subsequent statements of changes in beneficial ownership on file with the SEC (Form 4s filed on February 22, 2023, March 1, 2023, March 22, 2023, and January 4, 2024). Information regarding Six Flags’ directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Six Flags’ Form 10-K for the year ended January 1, 2023 filed with the SEC on March 7, 2023 and its proxy statement filed with the SEC on March 28, 2023, and subsequent statements of changes in beneficial ownership on file with the SEC (Form 4s filed on April 4, 2023, May 11, 2023, May 12, May 16, May 30, 2023, June 2, 2023, June 12, 2023, June 14, 2023, August 15, 2023, September 11, 2023, September 21, 2023, December 22, 2023 and December 26, 2023). Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and other relevant materials filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This news release and prior releases are available under the News tab at http://ir.cedarfair.com
(financial tables follow)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) |
|||||||||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Net revenues: |
|
|
|
|
|
|
|
||||||||
Admissions |
$ |
194,727 |
|
|
$ |
197,357 |
|
|
$ |
894,728 |
|
|
$ |
925,903 |
|
Food, merchandise and games |
|
120,695 |
|
|
|
115,795 |
|
|
|
613,969 |
|
|
|
602,603 |
|
Accommodations, extra-charge products and other |
|
55,701 |
|
|
|
52,842 |
|
|
|
289,971 |
|
|
|
288,877 |
|
|
|
371,123 |
|
|
|
365,994 |
|
|
|
1,798,668 |
|
|
|
1,817,383 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of food, merchandise and games revenues |
|
30,745 |
|
|
|
31,188 |
|
|
|
159,830 |
|
|
|
164,246 |
|
Operating expenses |
|
188,931 |
|
|
|
188,592 |
|
|
|
860,154 |
|
|
|
864,304 |
|
Selling, general and administrative |
|
87,060 |
|
|
|
66,045 |
|
|
|
296,458 |
|
|
|
260,592 |
|
Depreciation and amortization |
|
30,284 |
|
|
|
26,833 |
|
|
|
157,995 |
|
|
|
153,274 |
|
Loss on impairment / retirement of fixed assets, net |
|
5,288 |
|
|
|
3,896 |
|
|
|
18,067 |
|
|
|
10,275 |
|
Gain on sale of land |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
(155,250 |
) |
|
|
342,308 |
|
|
|
316,555 |
|
|
|
1,492,504 |
|
|
|
1,297,441 |
|
Operating income |
|
28,815 |
|
|
|
49,439 |
|
|
|
306,164 |
|
|
|
519,942 |
|
Interest expense |
|
36,150 |
|
|
|
36,554 |
|
|
|
141,770 |
|
|
|
151,940 |
|
Net effect of swaps |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,641 |
) |
Loss on early debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,810 |
|
(Gain) loss on foreign currency |
|
(3,912 |
) |
|
|
(452 |
) |
|
|
(5,525 |
) |
|
|
23,784 |
|
Other income |
|
(1,267 |
) |
|
|
(1,633 |
) |
|
|
(2,683 |
) |
|
|
(3,608 |
) |
(Loss) income before taxes |
|
(2,156 |
) |
|
|
14,970 |
|
|
|
172,602 |
|
|
|
371,657 |
|
Provision for taxes |
|
7,797 |
|
|
|
2,615 |
|
|
|
48,043 |
|
|
|
63,989 |
|
Net (loss) income |
|
(9,953 |
) |
|
|
12,355 |
|
|
|
124,559 |
|
|
|
307,668 |
|
Net (loss) income allocated to general partner |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
3 |
|
Net (loss) income allocated to limited partners |
$ |
(9,953 |
) |
|
$ |
12,355 |
|
|
$ |
124,558 |
|
|
$ |
307,665 |
|
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA (In thousands) |
|||||||
|
December 31, 2023 |
|
December 31, 2022 |
||||
Cash and cash equivalents |
$ |
65,488 |
|
|
$ |
101,189 |
|
Total assets |
$ |
2,240,533 |
|
|
$ |
2,235,897 |
|
Long-term debt, including current maturities: |
|||||||
Notes |
$ |
2,275,451 |
|
|
$ |
2,268,155 |
|
|
$ |
2,275,451 |
|
|
$ |
2,268,155 |
|
Total partners' deficit |
$ |
(582,962 |
) |
|
$ |
(591,602 |
) |
CEDAR FAIR, L.P. RECONCILIATION OF ADJUSTED EBITDA (In thousands) |
|||||||||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Net (loss) income |
$ |
(9,953 |
) |
|
$ |
12,355 |
|
|
$ |
124,559 |
|
|
$ |
307,668 |
|
Interest expense |
|
36,150 |
|
|
|
36,554 |
|
|
|
141,770 |
|
|
|
151,940 |
|
Interest income |
|
(1,297 |
) |
|
|
(1,508 |
) |
|
|
(2,818 |
) |
|
|
(3,621 |
) |
Provision for taxes |
|
7,797 |
|
|
|
2,615 |
|
|
|
48,043 |
|
|
|
63,989 |
|
Depreciation and amortization |
|
30,284 |
|
|
|
26,833 |
|
|
|
157,995 |
|
|
|
153,274 |
|
EBITDA |
|
62,981 |
|
|
|
76,849 |
|
|
|
469,549 |
|
|
|
673,250 |
|
Loss on early debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,810 |
|
Net effect of swaps |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,641 |
) |
Non-cash foreign currency (gain) loss |
|
(3,920 |
) |
|
|
(361 |
) |
|
|
(5,594 |
) |
|
|
23,856 |
|
Non-cash equity compensation expense |
|
6,770 |
|
|
|
5,502 |
|
|
|
22,611 |
|
|
|
20,589 |
|
Loss on impairment/retirement of fixed assets, net |
|
5,288 |
|
|
|
3,896 |
|
|
|
18,067 |
|
|
|
10,275 |
|
Gain on sale of land |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
(155,250 |
) |
Costs related to proposed merger (1) |
|
17,275 |
|
|
|
— |
|
|
|
22,287 |
|
|
|
— |
|
Other (2) |
|
468 |
|
|
|
1,944 |
|
|
|
752 |
|
|
|
3,064 |
|
Adjusted EBITDA (3) |
$ |
88,862 |
|
|
$ |
87,831 |
|
|
$ |
527,672 |
|
|
$ |
551,953 |
|
(1) |
Consists of third-party investment banking, consulting and legal costs related to the proposed merger with Six Flags. These costs are added back to net (loss) income to calculate Adjusted EBITDA as defined in the Company's current and prior credit agreements. |
|
|
(2) |
Consists of certain costs as defined in the Company's current and prior credit agreements. These costs are added back to net (loss) income to calculate Adjusted EBITDA and have included certain legal expenses, severance and related benefits and contract termination costs. This balance also includes unrealized gains and losses on short-term investments. |
|
|
(3) |
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's current and prior credit agreements. The Company believes Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare the Company's results with those of other companies in the industry. Further, management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is provided as a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Adjusted EBITDA may not be comparable to similarly titled measures of other companies. |
CEDAR FAIR, L.P. CALCULATION OF NET DEBT (In thousands) |
|||
|
December 31, 2023 |
||
Long-term debt, including current maturities |
$ |
2,275,451 |
|
Plus: Debt issuance costs |
|
24,549 |
|
Less: Cash and cash equivalents |
|
(65,488 |
) |
Net Debt (1) |
$ |
2,234,512 |
|
(1) |
Net Debt is a non-GAAP financial measure used by the Company and investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies. |
CEDAR FAIR, L.P. KEY OPERATIONAL MEASURES (In thousands, except per capita and operating day amounts) |
|||||||||||||||
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
Attendance |
|
5,776 |
|
|
5,309 |
|
|
26,665 |
|
|
26,912 |
||||
In-park per capita spending (1) |
$ |
58.61 |
|
$ |
63.33 |
|
$ |
61.05 |
|
$ |
61.65 |
||||
Out-of-park revenues (1) |
$ |
42,531 |
|
$ |
39,921 |
|
$ |
223,263 |
|
$ |
213,337 |
||||
Operating days |
|
377 |
|
|
376 |
|
|
2,365 |
|
|
2,302 |
||||
(1) |
In-park per capita spending is calculated as revenues generated within the Company's amusement parks and separately gated outdoor water parks along with related parking revenues (in-park revenues), divided by total attendance. Out-of-park revenues are defined as revenues from resort, out-of-park food and retail locations, online transaction fees charged to customers, sponsorships and all other out-of-park operations. In-park revenues, in-park per capita spending and out-of-park revenues are non-GAAP measures. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of the Company's financial and operational performance, measuring demand, pricing, and consumer behavior. A reconciliation of in-park revenues and out-of-park revenues to net revenues for the periods presented is as follows: |
|
Three months ended |
|
Twelve months ended |
||||||||||||
(In thousands) |
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||
In-park revenues |
$ |
338,549 |
|
|
$ |
336,233 |
|
|
$ |
1,627,906 |
|
|
$ |
1,659,183 |
|
Out-of-park revenues |
|
42,531 |
|
|
|
39,921 |
|
|
|
223,263 |
|
|
|
213,337 |
|
Concessionaire remittance |
|
(9,957 |
) |
|
|
(10,160 |
) |
|
|
(52,501 |
) |
|
|
(55,137 |
) |
Net revenues |
$ |
371,123 |
|
|
$ |
365,994 |
|
|
$ |
1,798,668 |
|
|
$ |
1,817,383 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215844049/en/
Investor Contact: Michael Russell, 419.627.2233
Media Contact: Gary Rhodes, 704.249.6119
Source: Cedar Fair Entertainment Company
FAQ
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