Six Flags Announces First Quarter 2021 Performance
Six Flags Entertainment Corporation (NYSE: SIX) reported a revenue of $82 million and attendance of 1.3 million for Q1 2021. Attendance decreased by 15% from 2020 and 38% from 2019 due to COVID-19 restrictions. However, parks that reopened showed attendance at 95% of 2019 levels. The company incurred a net loss of $96 million and an adjusted EBITDA loss of $46 million. Despite the challenges, the CEO highlighted ongoing improvements from their transformation plan aimed at enhancing guest experience and operational efficiency.
- Attendance at open parks was 95% of Q1 2019 levels during Easter period.
- Company's transformation plan expected to drive meaningful profit growth.
- Net loss of $96 million, a decline from previous years.
- Revenue dropped by $20 million from Q1 2020 and $46 million from Q1 2019.
- Adjusted EBITDA loss worsened by $4 million compared to Q1 2020.
Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today reported revenue of
As anticipated, the company reported a decline in attendance for first quarter 2021 as compared to the same periods in 2020 and 2019. Because of fewer operating days and capacity restrictions, total attendance for first quarter 2021 declined
Since the company’s parks began re-opening with limited operations in June 2020, attendance trends compared to 2019 have continued to improve. In first quarter 2021, attendance at the company’s open parks was
“I am extremely proud of the way our team members have maintained the readiness of our parks so that we can quickly ramp up to entertain our guests and capture the strong consumer demand for regional, outdoor, out-of-home entertainment,” said Mike Spanos, President and CEO. “Our focus is on safely re-opening all of our parks and working with local health officials to eliminate capacity constraints so we can delight the millions of people who count on Six Flags to deliver fun for all.”
“We continue to make progress on our transformation plan as we implement new technology to modernize the guest experience and drive operational efficiencies. We are already seeing significant benefits in 2021,” continued Spanos. “We expect the transformation to result in meaningful profit growth once our plan is fully executed and we return to a more normal operating environment.”
First Quarter 2021 Highlights
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Attendance was 1.3 million guests, a decline of 238,000 guests and 822,000 guests from first quarter 2020 and 2019, respectively. This represented
85% of first quarter 2020 total attendance, and approximately95% of first quarter 2019 attendance, at the parks that were open. -
Total Revenue was
$82 million , a decline of$20 million and$46 million from first quarter 2020 and 2019, respectively. -
Net loss was
$96 million , a decline of$11 million and$27 million compared to first quarter 2020 and 2019, respectively. -
Adjusted EBITDA2 was a loss of
$46 million ,$4 million worse than first quarter 2020 and$14 million worse than first quarter 2019. -
Net cash outflow for first quarter 2021 was
$95 million , an average of$32 million per month.
First Quarter 2021 Results
(In millions, except per share and per capita amounts) |
Three Months Ended |
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April 4,
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March 31,
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