EXHIBIT 99.2
The following table sets forth a reconciliation of certain financial measures
used in the Company's presentation:
2007 Forecast 2006 2005
------------- -------- --------
Loss from continuing operations before income taxes (230,316) (202,657) (105,160)
Other expense 16,100 11,560 10,877
Net loss on debt extinguishment 11,865 -- 19,303
Equity in operations of partnerships (300) 948 --
Minority interest in earnings 39,700 40,223 39,794
Interest expense (net) 198,900 199,991 183,547
Loss on fixed assets 39,600 27,057 13,906
Amortization 1,250 879 880
Depreciation 137,400 131,416 126,778
Stock based compensation 8,950 15,728 2,794
Non-recurring costs -- 13,885 12,605
------------- -------- --------
EBITDA (Modified)(1) 223,149 239,030 305,324
Third party interest in EBITDA of certain operations(2) (38,149) (44,352) (44,674)
------------- -------- --------
Adjusted EBITDA(1) 185,000 194,678 260,650
============= ======== ========
Adjusted EBITDA(1) 185,000 194,678 260,650
Cash interest (199,374) (190,477) (181,339)
Capital expenditures (110,000) (122,586) (162,554)
Dividends (20,844) (20,844) (20,844)
Cash paid for debt issuance costs (17,782) (2,950) (5,540)
Cash taxes (5,000) (4,702) (4,883)
------------- -------- --------
Free cash flow (168,000) (146,881) (114,510)
============= ======== ========
NOTES
(1) EBITDA (Modified), a non-GAAP measure, is defined as loss from continuing
operations before income taxes, other expense, early repurchase of debt
(formerly an extraordinary loss), equity in operations of partnerships, 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 the
EBITDA (Modified) of one hotel and dick clark productions, which 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.
(2) 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 our interest in the EBITDA (Modified) of
one hotel and dick clark productions which are less than wholly owned.