Exhibit 99.2
Additional Information with respect to Slide 24:
1. In connection with the reference to EBITDA when describing the Houston
sale, the Company provided the following information:
"The Houston AstroWorld park generated approximately $5 million of Park
EBITDA in 2005, which was its final year of operation. For 2005,
non-cash operating expenses for AstroWorld park totaled $3 million. The
Company does not have an estimate of the corporate overhead costs that
would have been allocable to AstroWorld park in 2005."
2. In connection with the reference to EBITDA when describing the sale of
seven parks, the Company provided the following information:
"Park EBITDA, a non-GAAP measure, is the primary performance measure
used by the Company's management to analyze operating results and to
allocate resources, and is defined as income from operations less
non-cash operating expenses (principally depreciation, amortization and
impairment, gain or loss on fixed assets) and certain corporate
overhead costs. For 2006, non-cash operating expenses for the seven
parks are estimated to total $16.0 million. The Company does not have
an available estimate of the corporate overhead costs that would be
allocable to the seven parks for 2006. The Company believes that Park
EBITDA also provides useful information to investors regarding
operating performance. The Company believes that Park EBITDA is used by
many investors, equity analysts and rating agencies as a measure of
performance. Park EBITDA is not a GAAP measure and should not be
considered in isolation or as an alternative to net income (loss),
income (loss) from continuing operations, net cash provided by (used
in) operating, investing and financing activities or other financial
data prepared in accordance with GAAP or as an indicator of operating
performance. Park EBITDA as defined in this release may differ from
similarly titled measures presented by other companies."
Additional Information with respect to Slide 25:
The Company provided the following reconciliation:
The following table sets forth a reconciliation of net income (loss) to EBITDA
(Modified) and Adjusted EBITDA for the periods shown (in thousands):
Twelve Months Ended
December 31,
----------------------------
2006 2005
----------------------------
Net loss $ (305,618) $ (110,938)
Cumulative effect of a change in
accounting principle 1,038 -
Discontinued operations 97,605 2,073
Income tax expense 4,318 3,705
Other expense 11,560 10,877
Early repurchase of debt - 19,303
Equity in operations of partnerships 948 -
Minority interest in earnings 40,223 39,794
Interest expense (net) 199,991 183,547
Loss on fixed assets 27,057 13,906
Amortization 879 880
Depreciation 131,416 126,778
Stock-based compensation 15,728 2,794
----------------------------
EBITDA (Modified) 225,145 292,719
Management change costs 13,885 12,605
----------------------------
EBITDA (Modified) before Management
Change Costs 239,030 305,324
Third party interest in EBITDA
of certain parks (3) (44,352) (44,674)
----------------------------
Adjusted EBITDA before
Management Change Costs $ 194,678 $ 260,650
========== ==========
NOTES
(1) Revenues and expenses of international operations are converted into U.S.
dollars on a current basis as provided by U.S. generally accepted accounting
principles ("GAAP").
(2) EBITDA (Modified), a non-GAAP measure, is defined as net income (loss)
before discontinued operations, income tax expense (benefit), other expense,
early repurchase of debt (formerly an extraordinary loss), minority interest in
earnings (losses), interest expense (net), amortization, depreciation,
stock-based compensation, and gain (loss) on disposal of assets. Adjusted
EBITDA, also a non-GAAP measure, is defined as EBITDA (Modified) minus interests
of third parties in EBITDA of the four parks plus our interest in one hotel,
that are less than wholly owned. The Company believes that EBITDA (Modified) and
Adjusted EBITDA (collectively, "EBITDA- Based Measures") provide useful
information to investors regarding the Company's operating performance and its
capacity to incur and service debt and fund capital expenditures. The Company
believes that the EBITDA-Based Measures are used by many investors, equity
analysts and rating agencies as a measure of performance. In addition, Adjusted
EBITDA is approximately equal to "Consolidated Cash Flow" as defined in the
indentures relating to the Company's senior notes. Neither of the EBITDA-Based
Measures is defined by GAAP and neither should be considered in isolation or as
an alternative to net income (loss), income (loss) from continuing operations,
net cash provided by (used in) operating, investing and financing activities or
other financial data prepared in accordance with GAAP or as an indicator of the
Company's operating performance. EBITDA (Modified) and Adjusted EBITDA as
defined in this release may differ from similarly titled measures presented by
other companies.
(3) Represents interest of third parties in EBITDA of Six Flags Over Georgia,
Six Flags Over Texas, Six Flags White Water Atlanta, and Six Flags Discovery
Kingdom (formerly, Marine World), plus the Company's interest in EBITDA of Six
Flags Great Escape Lodge & Indoor Waterpark.