Six Flags Entertainment Corporation Reports 2024 Fourth Quarter Results; Provides Adjusted EBITDA Guidance for 2025
Six Flags Entertainment (NYSE: FUN) has reported its Q4 2024 results following the July 1, 2024 merger with Cedar Fair. The company posted Q4 net revenues of $687 million, with $324 million contributed by legacy Six Flags operations. Q4 attendance reached 10.7 million guests, with 5.0 million from Six Flags parks.
Key Q4 metrics include in-park per capita spending of $61.60 and out-of-park revenues of $48 million. The company reported a net loss of $264 million, though it achieved over $50 million in gross cost synergies. For 2025, Six Flags is targeting Adjusted EBITDA of $1.08-1.12 billion, supported by early positive trends including a 2% increase in attendance and 3% growth in season pass sales in the first two fiscal months of 2025.
Six Flags Entertainment (NYSE: FUN) ha riportato i risultati del Q4 2024 a seguito della fusione con Cedar Fair avvenuta il 1° luglio 2024. L'azienda ha registrato entrate nette del Q4 di 687 milioni di dollari, con 324 milioni provenienti dalle operazioni storiche di Six Flags. L'affluenza nel Q4 ha raggiunto 10,7 milioni di visitatori, di cui 5,0 milioni dai parchi Six Flags.
I principali indicatori del Q4 includono una spesa pro capite nei parchi di $61,60 e ricavi fuori dai parchi di 48 milioni di dollari. L'azienda ha riportato una perdita netta di 264 milioni di dollari, sebbene abbia ottenuto oltre 50 milioni di dollari in sinergie di costo lorde. Per il 2025, Six Flags mira a un EBITDA rettificato di 1,08-1,12 miliardi di dollari, supportato da tendenze positive iniziali, tra cui un aumento del 2% nell'affluenza e una crescita del 3% nelle vendite di abbonamenti stagionali nei primi due mesi fiscali del 2025.
Six Flags Entertainment (NYSE: FUN) ha reportado sus resultados del Q4 2024 tras la fusión con Cedar Fair el 1 de julio de 2024. La compañía registró ingresos netos del Q4 de 687 millones de dólares, con 324 millones provenientes de las operaciones históricas de Six Flags. La asistencia del Q4 alcanzó 10,7 millones de visitantes, de los cuales 5,0 millones fueron de los parques Six Flags.
Las métricas clave del Q4 incluyen un gasto per cápita en el parque de $61,60 y ingresos fuera del parque de 48 millones de dólares. La compañía reportó una pérdida neta de 264 millones de dólares, aunque logró más de 50 millones de dólares en sinergias de costos brutos. Para 2025, Six Flags está apuntando a un EBITDA ajustado de 1,08-1,12 mil millones de dólares, respaldado por tendencias positivas tempranas, incluyendo un aumento del 2% en la asistencia y un crecimiento del 3% en las ventas de pases de temporada en los primeros dos meses fiscales de 2025.
식스 플래그스 엔터테인먼트 (NYSE: FUN)는 2024년 7월 1일 시더 페어와의 합병 이후 2024년 4분기 결과를 발표했습니다. 이 회사는 4분기 순수익 6억 8천7백만 달러를 기록했으며, 이 중 3억 2천4백만 달러는 기존 식스 플래그스 운영에서 발생했습니다. 4분기 방문객 수는 1천7백만 명에 달했으며, 이 중 5백만 명이 식스 플래그스 공원에서 왔습니다.
4분기의 주요 지표로는 공원 내 1인당 지출이 $61.60, 공원 외 수익이 4천8백만 달러입니다. 이 회사는 2억 6천4백만 달러의 순손실을 보고했지만, 5천만 달러 이상의 총 비용 시너지를 달성했습니다. 2025년을 위해 식스 플래그스는 조정된 EBITDA 10억 8천만 달러에서 11억 2천만 달러를 목표로 하고 있으며, 이는 2025 회계연도 첫 두 달 동안 방문객 수 2% 증가와 시즌 패스 판매 3% 증가라는 초기 긍정적인 추세에 의해 지원됩니다.
Six Flags Entertainment (NYSE: FUN) a publié ses résultats du 4ème trimestre 2024 suite à la fusion avec Cedar Fair le 1er juillet 2024. L'entreprise a enregistré des revenus nets du 4ème trimestre de 687 millions de dollars, dont 324 millions proviennent des opérations historiques de Six Flags. L'affluence du 4ème trimestre a atteint 10,7 millions de visiteurs, dont 5,0 millions des parcs Six Flags.
Les indicateurs clés du 4ème trimestre incluent des dépenses par visiteur dans le parc de 61,60 $ et des revenus hors parc de 48 millions de dollars. L'entreprise a signalé une perte nette de 264 millions de dollars, bien qu'elle ait réalisé plus de 50 millions de dollars en synergies de coûts bruts. Pour 2025, Six Flags vise un EBITDA ajusté de 1,08 à 1,12 milliard de dollars, soutenu par des tendances positives précoces, y compris une augmentation de 2 % de l'affluence et une croissance de 3 % des ventes de passes saisonnières au cours des deux premiers mois fiscaux de 2025.
Six Flags Entertainment (NYSE: FUN) hat seine Ergebnisse für das 4. Quartal 2024 nach der Fusion mit Cedar Fair am 1. Juli 2024 veröffentlicht. Das Unternehmen verzeichnete netto Einnahmen im 4. Quartal von 687 Millionen Dollar, wobei 324 Millionen Dollar von den traditionellen Six Flags-Betrieben stammten. Die Besucherzahlen im 4. Quartal erreichten 10,7 Millionen Gäste, von denen 5,0 Millionen aus den Six Flags-Parks kamen.
Wichtige Kennzahlen für das 4. Quartal umfassen die Ausgaben pro Kopf im Park von 61,60 Dollar und Einnahmen außerhalb des Parks von 48 Millionen Dollar. Das Unternehmen berichtete von einem Nettoverlust von 264 Millionen Dollar, erzielte jedoch über 50 Millionen Dollar an Bruttokostensynergien. Für 2025 zielt Six Flags auf ein bereinigtes EBITDA von 1,08-1,12 Milliarden Dollar, unterstützt durch frühe positive Trends, darunter einen Anstieg der Besucherzahlen um 2% und ein Wachstum der Jahreskartenverkäufe um 3% in den ersten zwei Monaten des Geschäftsjahres 2025.
- Achieved $50M+ in gross cost synergies post-merger
- Additional $70M in cost synergies targeted
- 2% attendance growth in early 2025
- 3% increase in season pass sales
- Q4 revenue reached $687M
- Q4 net loss of $264M
- Net income margin negative 38.4%
- Increased net interest expense by $44M
- Higher tax provision of $210M vs $8M in prior year
Insights
Six Flags Entertainment 's Q4 2024 results reveal strong operational performance following the July 1, 2024 merger between Cedar Fair and Six Flags, despite headline figures being affected by accounting complexities and fiscal calendar shifts.
The company delivered $687 million in Q4 net revenues and $209 million in Adjusted EBITDA, representing significant year-over-year improvements largely driven by the merger. While the company reported a $264 million net loss, this was primarily due to a $210 million non-cash tax provision related to internal restructuring rather than operational issues. The Modified EBITDA margin improved by 650 basis points to 30.4%, indicating enhanced operational efficiency.
The integration is progressing well, with the company having already achieved $50+ million in cost synergies with an additional $70 million targeted, representing approximately 4% of operating costs. These synergies are critical for improving profitability given the company's $4.88 billion net debt position, which translates to a leverage ratio of approximately 4.5x based on 2025 EBITDA guidance.
Early 2025 performance indicators are encouraging, with attendance up 2% and season pass sales increasing 3% in the first two fiscal months compared to combined figures from both legacy companies in the prior year. The company is investing in new attractions at 11 of its 14 largest locations to drive guest demand and spending.
Management's 2025 Adjusted EBITDA guidance of $1.08-1.12 billion reflects confidence in their ability to sustain momentum through continued synergy realization and strategic revenue initiatives. The upcoming Investor Day on May 20 will provide greater clarity on long-term growth strategies and capital allocation priorities, which will be important given the current debt levels and integration complexities.
-
Targeting
$1.08 billion $1.12 billion
On July 1, 2024, legacy Cedar Fair and legacy Six Flags closed the merger transactions (the “Merger”) to form the new Six Flags Entertainment Corporation (the “Company” or the “Combined Company”). Legacy Cedar Fair has been determined to be the accounting acquirer for financial statement purposes. Accordingly, the reported results presented in this earnings release reflect the financial results for the Combined Company from Sept. 30, 2024, through Dec. 31, 2024. The reported results for the year ended Dec. 31, 2024, reflect combined operations for only July 1, 2024, through Dec. 31, 2024, and include only legacy Cedar Fair’s results (before giving effect to the Merger) for the first six months of 2024. Financial results and disclosures referring to periods prior to July 1, 2024, include legacy Cedar Fair's results before giving effect to the Merger, including the financial statements as of Dec. 31, 2023, and for the three and 12 months ended Dec. 31, 2023.
Fourth Quarter 2024 Highlights
- Total operating days were 878, of which 538 days were contributed by the legacy Six Flags operations added in the Merger.
-
Net revenues totaled
$687 million $324 million -
The net loss attributable to the Combined Company totaled
$264 million $3 million 38.4% . -
Adjusted EBITDA(1) totaled
$209 million $113 million -
Modified EBITDA margin(1) was
30.4% . - Attendance totaled 10.7 million guests, 5.0 million of whom attended legacy Six Flags parks added in the Merger.
-
In-park per capita spending(2) was
$61.60 -
Out-of-park revenues(2) totaled
$48 million $14 million
CEO Commentary
“Our strong fourth-quarter results reflect an outstanding October performance and the incredible popularity of our fall and Halloween themed events,” said Six Flags President and CEO Richard A. Zimmerman. “We ended the year as the new Six Flags on a high note, delivering on our goal of improving demand and increasing in-park guest spending levels, while operating our parks more efficiently. We successfully achieved more than
Commenting on the outlook for the 2025 season, Zimmerman noted, “In 2025, we are building on the momentum we established over the second half of 2024 on both the revenue and cost fronts. We are making progress toward realizing the remaining
Fourth Quarter 2024 Results
Operating days in the fourth quarter of 2024 totaled 878 days compared with 377 operating days for the fourth quarter of 2023. The increase in operating days reflects the addition of 538 operating days during the fourth quarter of 2024 at the legacy Six Flags parks. That increase was partially offset by 37 fewer operating days at the legacy Cedar Fair parks in the fourth quarter of 2024 compared to the fourth quarter of 2023 primarily due to a fiscal quarter calendar shift. The 2024 fourth quarter began on Sept. 30, 2024, and ended on Dec. 31, 2024, while the prior 2023 fourth quarter began on Sept. 25, 2023, and ended on Dec. 31, 2023.
Net revenues for the fourth quarter ended Dec. 31, 2024, increased
The
Of the
Operating costs and expenses in the fourth quarter of 2024 totaled
Depreciation and amortization expense in the fourth quarter of 2024 totaled
After the items above, operating income for the three months ended Dec. 31, 2024, totaled
Net interest expense for the quarter totaled
During the three months ended Dec. 31, 2024, the Combined Company recorded a provision for taxes of
After the items noted above, net loss attributable to the Combined Company for 2024 totaled
Adjusted EBITDA and Modified EBITDA margin, which management believes are meaningful measures of park-level operating results, increased
Balance Sheet and Liquidity Highlights
Deferred revenues on Dec. 31, 2024, totaled
Liquidity as of Dec. 31, 2024, totaled
Net debt(3) on Dec. 31, 2024, calculated as total debt of
Six Flags Announces Investor Day and 2025 Financial Guidance
Six Flags announced today that it will host an Investor Day at its
For 2025, Six Flags is targeting Adjusted EBITDA of
“Since finalizing the Merger nearly eight months ago, our team has been diligently executing against the initiatives within Project Accelerate, our long-term strategic plan to drive sustainable, long-term growth and maximize the full potential of the Merger,” said Zimmerman. “Our 2025 guidance reflects the strong progress we’ve made to date and our belief in the opportunities ahead as we execute our initiatives to drive higher levels of attendance and guest spending, while realizing cost synergies and maximizing operating efficiencies. At our Investor Day in May, we will share our vision for the future of Six Flags, outlining our comprehensive strategy to build on our momentum and providing long-term performance objectives. I am so proud of everything our team has accomplished to date, and excited about the tremendous opportunities ahead for Six Flags.”
Footnotes:
(1) |
Adjusted EBITDA, Modified EBITDA and Modified EBITDA margin are not measurements computed in accordance with GAAP. Management believes Adjusted EBITDA and Modified EBITDA are meaningful measures of park-level operating profitability and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. For additional information regarding Adjusted EBITDA, Modified EBITDA and Modified EBITDA margin, including how the Company defines and uses these measures, see the attached reconciliation table and related footnotes. The Combined Company is not providing a quantitative reconciliation of forward-looking Adjusted EBITDA targets or guidance to net income in reliance on the unreasonable-efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Combined Company is unable, without unreasonable effort, to forecast the exact amount or timing of certain individual items required to reconcile Adjusted EBITDA targets or guidance with the most directly comparable GAAP financial measure (net income). These items include provision for taxes, non-cash foreign currency (gain) loss, and costs related to the Merger, as well as other non-cash and unusual items and other adjustments as defined under the Combined Company’s credit agreement, which are difficult to predict in advance in order to include in a GAAP estimate and the variability of which could have a significant impact on the Combined Company's future GAAP results. |
|
(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. |
Conference Call
As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 10 a.m. ET today, Feb. 27, 2025, to discuss its recent financial results. Participants on the call will include Six Flags President and CEO Richard Zimmerman and Executive Vice President and CFO Brian Witherow.
Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, 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. 27, 2025, until 11:59 p.m. ET on Wednesday Mar. 13, 2025. To access the phone replay in
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the
Forward-Looking Statements
Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “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. 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 we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the Merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the Merger; general economic, political and market conditions; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; adverse weather conditions; competition for consumer leisure time and spending; unanticipated construction delays; changes in our capital investment plans and projects; 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; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Combined Company; acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Security and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this new release.
This news release and prior releases are available under the News tab at https://investors.sixflags.com
(financial tables follow)
SIX FLAGS ENTERTAINMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) |
|||||||||||||||
|
|||||||||||||||
|
Quarters ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues: |
|
|
|
|
|
|
|
||||||||
Admissions |
$ |
360,557 |
|
|
$ |
200,367 |
|
|
$ |
1,403,932 |
|
|
$ |
925,734 |
|
Food, merchandise and games |
|
212,512 |
|
|
|
120,695 |
|
|
|
898,175 |
|
|
|
613,969 |
|
Accommodations, extra-charge products and other |
|
114,241 |
|
|
|
50,061 |
|
|
|
406,819 |
|
|
|
258,965 |
|
|
|
687,310 |
|
|
|
371,123 |
|
|
|
2,708,926 |
|
|
|
1,798,668 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of food, merchandise and games revenues |
|
57,797 |
|
|
|
30,745 |
|
|
|
232,556 |
|
|
|
159,830 |
|
Operating expenses |
|
376,902 |
|
|
|
210,312 |
|
|
|
1,376,061 |
|
|
|
949,527 |
|
Selling, general and administrative |
|
88,646 |
|
|
|
65,679 |
|
|
|
411,164 |
|
|
|
207,085 |
|
Depreciation and amortization |
|
106,226 |
|
|
|
30,284 |
|
|
|
318,113 |
|
|
|
157,995 |
|
Loss on retirement of fixed assets, net |
|
6,658 |
|
|
|
5,288 |
|
|
|
18,064 |
|
|
|
18,067 |
|
Loss on impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
42,462 |
|
|
|
— |
|
|
|
636,229 |
|
|
|
342,308 |
|
|
|
2,398,420 |
|
|
|
1,492,504 |
|
Operating income |
|
51,081 |
|
|
|
28,815 |
|
|
|
310,506 |
|
|
|
306,164 |
|
Interest expense, net |
|
78,867 |
|
|
|
34,853 |
|
|
|
234,770 |
|
|
|
138,952 |
|
Loss on early debt extinguishment |
|
— |
|
|
|
— |
|
|
7,974 |
|
|
|
— |
|
|
Other expense (income), net |
|
26,722 |
|
|
|
(3,882 |
) |
|
33,584 |
|
|
|
(5,390 |
) |
|
(Loss) income before taxes |
|
(54,508 |
) |
|
|
(2,156 |
) |
|
34,178 |
|
|
|
172,602 |
|
|
Provision for taxes |
|
209,708 |
|
|
|
7,797 |
|
|
240,843 |
|
|
|
48,043 |
|
|
Net (loss) income |
|
(264,216 |
) |
|
|
(9,953 |
) |
|
(206,665 |
) |
|
|
124,559 |
|
|
Net income attributable to non-controlling interests |
|
— |
|
|
|
— |
|
|
24,499 |
|
|
|
— |
|
|
Net (loss) income attributable to Six Flags Entertainment Corporation |
$ |
(264,216 |
) |
|
$ |
(9,953 |
) |
|
$ |
(231,164 |
) |
|
$ |
124,559 |
|
Net (loss) income margin (1) |
|
-38.4 |
% |
|
|
-2.7 |
% |
|
-7.6 |
% |
|
|
6.9 |
% |
|
(1) Net (loss) income margin is calculated as net income divided by net revenues. |
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SIX FLAGS ENTERTAINMENT CORPORATION CONSOLIDATED BALANCE SHEET DATA (In thousands) |
||||||
|
||||||
|
December 31, 2024 |
|
December 31, 2023 |
|||
Cash and cash equivalents |
$ |
83,174 |
|
$ |
65,488 |
|
Total assets |
$ |
9,130,516 |
|
$ |
2,240,533 |
|
Long-term debt, including current maturities: |
||||||
Revolving credit loans |
$ |
296,953 |
|
$ |
— |
|
Term debt |
|
976,712 |
|
|
— |
|
Notes |
|
3,659,407 |
|
|
2,275,451 |
|
|
$ |
4,933,072 |
|
$ |
2,275,451 |
|
Equity (deficit) |
$ |
2,041,863 |
|
$ |
(582,962 |
) |
|
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SIX FLAGS ENTERTAINMENT CORPORATION RECONCILIATION OF MODIFIED EBITDA, ADJUSTED EBITDA AND MODIFIED EBITDA MARGIN (In thousands) |
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|
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|
Quarters Ended December 31, |
|
Years Ended December 31, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income |
$ |
(264,216 |
) |
|
$ |
(9,953 |
) |
|
$ |
(206,665 |
) |
|
$ |
124,559 |
|
Interest expense, net |
|
78,867 |
|
|
|
34,853 |
|
|
|
234,770 |
|
|
|
138,952 |
|
Provision for taxes |
|
209,708 |
|
|
|
7,797 |
|
|
|
240,843 |
|
|
|
48,043 |
|
Depreciation and amortization |
|
106,226 |
|
|
|
30,284 |
|
|
|
318,113 |
|
|
|
157,995 |
|
EBITDA |
|
130,585 |
|
|
|
62,981 |
|
|
|
587,061 |
|
|
|
469,549 |
|
Loss on early debt extinguishment |
|
— |
|
|
|
— |
|
|
|
7,974 |
|
|
|
— |
|
Non-cash foreign currency loss (gain) |
|
24,677 |
|
|
|
(3,920 |
) |
|
|
30,557 |
|
|
|
(5,594 |
) |
Non-cash equity compensation expense |
|
10,259 |
|
|
|
6,770 |
|
|
|
63,809 |
|
|
|
22,611 |
|
Loss on retirement of fixed assets, net |
|
6,658 |
|
|
|
5,288 |
|
|
|
18,064 |
|
|
|
18,067 |
|
Loss on impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
42,462 |
|
|
|
— |
|
Costs related to the Mergers (1) |
|
23,726 |
|
|
|
17,275 |
|
|
|
118,336 |
|
|
|
22,287 |
|
Self-insurance adjustment (2) |
|
— |
|
|
|
— |
|
|
|
14,865 |
|
|
|
— |
|
Other (3) |
|
13,069 |
|
|
|
468 |
|
|
|
16,662 |
|
|
|
752 |
|
Modified EBITDA (4) |
|
208,974 |
|
|
|
88,862 |
|
|
|
899,790 |
|
|
|
527,672 |
|
Net income attributable to non-controlling interests |
|
— |
|
|
|
— |
|
|
|
24,499 |
|
|
|
— |
|
Adjusted EBITDA (4) |
$ |
208,974 |
|
|
$ |
88,862 |
|
|
$ |
875,291 |
|
|
$ |
527,672 |
|
|
|
|
|
|
|
|
|
||||||||
Modified EBITDA margin (5) |
|
30.4 |
% |
|
|
23.9 |
% |
|
|
33.2 |
% |
|
|
29.3 |
% |
(1) |
Consists of third-party legal and consulting transaction costs, as well as integration costs related to the Mergers. Integration costs include third-party consulting costs, contract termination costs, retention bonuses, severance related to the Mergers, integration team salaries and benefits, maintenance costs to update Former Six Flags parks to Cedar Fair standards, onboarding of new advertising firms, and travel costs. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA as defined in the Combined Company's credit agreement. |
|
|
||
(2) |
During the third quarter of 2024, an actuarial analysis of Former Cedar Fair's self-insurance reserves resulted in a change in estimate that increased the incurred but not reported ("IBNR") reserves related to these self-insurance reserves by |
|
|
||
(3) |
Consists of certain costs as defined in the Combined Company's credit agreement. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA and include: enacted cost savings initiatives related to overhead and administrative costs incurred by Former Six Flags, specifically for insurance premiums, legal costs and information technology costs; repairs for unusual weather events; certain legal and consulting expenses; Mexican VAT taxes on intercompany activity; severance and related benefits; payments related to the Partnership Parks; cost of goods sold recorded to align inventory standards following the Mergers; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments. |
|
(4) |
Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Combined Company's credit agreement. Adjusted EBITDA represents Modified EBITDA minus net income attributable to non-controlling interests. Management included both measures to disclose the effect of non-controlling interests. Prior to the Merger, legacy Cedar Fair did not have net income attributable to non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability and use them 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 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 results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as a supplemental measure of the Combined Company's operating results and are 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, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. |
|
|
||
(5) |
Modified EBITDA margin (Modified EBITDA divided by net revenues) is not a measurement computed in accordance with GAAP and may not be comparable to similarly titled measures of other companies. Modified EBITDA margin is provided because management believes the measure provides a meaningful metric of operating profitability. Modified EBITDA margin has been disclosed as opposed to Adjusted EBITDA margin because management believes Modified EBITDA margin more accurately reflects the park-level operations of the Combined Company as it does not give effect to distributions to non-controlling interests. |
|
|||
SIX FLAGS ENTERTAINMENT CORPORATION CALCULATION OF NET DEBT (In thousands) |
|||
|
|
||
|
December 31, 2024 |
||
Long-term debt, including current maturities |
$ |
4,933,072 |
|
Plus: Debt issuance costs and original issue discount |
|
49,562 |
|
Less: Acquisition fair value layers |
|
(22,634 |
) |
Less: Cash and cash equivalents |
|
(83,174 |
) |
Net Debt (1) |
$ |
4,876,826 |
|
(1) Net Debt is a non-GAAP financial measure used by investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies. |
|||
|
|||||||||||
SIX FLAGS ENTERTAINMENT CORPORATION KEY OPERATIONAL MEASURES (In thousands, except per capita and operating day amounts) |
|||||||||||
|
Quarters Ended December 31, |
|
Years Ended December 31, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Attendance |
|
10,694 |
|
|
5,776 |
|
|
41,649 |
|
|
26,665 |
In-park per capita spending (1) |
$ |
61.60 |
|
$ |
59.59 |
|
$ |
61.31 |
|
$ |
62.21 |
Out-of-park revenues (1) |
$ |
47,792 |
|
$ |
36,892 |
|
$ |
232,415 |
|
$ |
192,257 |
Operating days |
|
878 |
|
|
377 |
|
|
4,369 |
|
|
2,365 |
(1) |
In-park per capita spending is calculated as revenues generated within the Combined Company's amusement parks and separately gated outdoor water parks along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Out-of-park revenues are defined as revenues from resorts, out-of-park food and retail locations, sponsorships, international agreements 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 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 in the table below. Certain prior period amounts totaling |
|
Quarters Ended December 31, |
|
Years Ended December 31, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
In-park revenues |
$ |
658,720 |
|
|
$ |
344,188 |
|
|
$ |
2,553,486 |
|
|
$ |
1,658,912 |
|
Out-of-park revenues |
|
47,792 |
|
|
|
36,892 |
|
|
|
232,415 |
|
|
|
192,257 |
|
Concessionaire remittance |
|
(19,202 |
) |
|
|
(9,957 |
) |
|
|
(76,975 |
) |
|
|
(52,501 |
) |
Net revenues |
$ |
687,310 |
|
|
$ |
371,123 |
|
|
$ |
2,708,926 |
|
|
$ |
1,798,668 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227928301/en/
Investor Contact: Michael Russell, 419.627.2233
Media Contact: Gary Rhodes, 704.249.6119
https://investors.sixflags.com
Source: Six Flags Entertainment Corporation
FAQ
What is Six Flags' (FUN) Adjusted EBITDA guidance for 2025?
How did Six Flags (FUN) perform in Q4 2024 attendance and revenue?
What cost synergies has Six Flags (FUN) achieved from the Cedar Fair merger?
What are the early 2025 performance indicators for Six Flags (FUN)?
