EXHIBIT 99.1
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Lehman Brothers 2008 High Yield
Bond and Syndicated Loan Conference
March 13, 2008
Forward Looking Statements
The information contained in this presentation, other than historical
information, consists of forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act. These statements may involve risks and uncertainties that could cause
actual results to differ materially from those described in such statements.
These risks and uncertainties include, among others, Six Flags' success in
implementing its business strategy. Although Six Flags believes that the
expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been correct.
Important factors, including factors impacting attendance, such as local
conditions, events, disturbances and terrorist activities, risk of accidents
occurring at Six Flags' parks, adverse weather conditions, general economic
conditions (including consumer spending patterns), competition, pending,
threatened or future legal proceedings and other factors could cause actual
results to differ materially from Six Flags' expectations. Reference is made to
a more complete discussion of forward-looking statements and applicable risks
contained under the caption "Cautionary Note Regarding Forward-Looking
Statements" and "Risk Factors" in Six Flags' Annual Report on Form 10-K for the
year ended December 31, 2007, which is available free of charge on Six Flags'
website http://www.sixflags.com. Additionally, the company uses non GAAP
measures, such as Adjusted EBITDA and Free Cash Flow. Reconciliations of these
measures to GAAP can be found on the company's website.
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Introduction
to Six Flags
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Welcome to Six Flags!
Six Flags is the world's largest regional theme park company
- Approximately 25M guests annually
- Operates 20 theme/water parks in North America(1)
Six Flags appeals to a broad demographic, with 75% of our customers within
100 miles of our parks
[FOLLOWING TABLE IS REPRESENTED AS A PIE CHART]
Caucasian 66%
Hispanic 9%
African American 19%
Asian/Other 6%
[FOLLOWING TABLE IS REPRESENTED AS A PIE CHART]
0-25 miles 31%
26-50 miles 25%
51-100 miles 20%
101-150 miles 7%
151-200 miles 5%
201-300 miles 4%
300+ miles in US 6%
Other Countries 2%
[FOLLOWING TABLE IS REPRESENTED AS A PIE CHART]
age 3-11 22%
age 12-17 26%
age 18-34 31%
age 35-49 17%
age 50+ 4%
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75% of our consumers claim their primary reason for
attending is to spend time with family and friends
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(1) 21 parks including Six Flags New Orleans, which will not open in 2008
Demographic Reports Source: ATS November 2007 YTD Survey
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Expansive Geographic Footprint
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Six Flags serves 7 of the top
10 metro areas and reaches
9 of the top 10 DMAs
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[FOLLOWING TABLE REPRESENTED AS A MAP]
Atlanta
Chicago
Dallas
Lake George
Los Angeles
Louisville
New England
New York/Philadelphia
San Antonio
San Francisco
St. Louis
Washington DC
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Six Flags' other North
America parks are La Ronde
(in Montreal) and Six Flags
Mexico (in Mexico City)
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2006: Clean-up the Parks
o Improved Guest Experience
o Increased Total Revenue Per Capita by 14%
o Built Corporate Alliance sales team and grew revenue from $16M under
contract to $26M by year end
o Brought numerous name brand offerings into the parks (including Papa
John's, Coldstone Creamery and Kodak)
[PAPA JOHN'S PIZZA LOGO] [COLD STONE CREAMERY LOGO] [KODAK LOGO]
o Negotiated/closed sale of 10 parks for ~ $400M (implied EBITDA
multiple of ~ 11x)
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2007: Broaden the Offering
o Implemented capital plan to broaden the family offering (e.g., Wiggles
Worlds, Thomas Towns, Cirque Coobrila, Tony Hawk Spinning Coasters,
Operation Spy Girl)
o Implemented Staffing Initiative to improve recruitment, training,
retention and efficiency, all aimed at improving guest service
o Key Guest Satisfaction scores at all time highs
o Grew Total Revenue Per Capita 3% (17% cumulative growth in 2 yrs)
o Grew Sponsorship revenue to $38M ($22M cumulative growth in 2 yrs)
o Refinanced $1.1B Senior Secured debt with more flexible covenants, lower
interest rates, and extended maturities
o Invested in IT infrastructure to position Six Flags for growth (e.g., POS,
Six Flags Media Networks)
o Completed strategic investment in dick clark productions, inc. and
acquisition of the minority interest in Six Flags Discovery Kingdom (San
Francisco)
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dick clark productions "DCP" Investment
o Compelling investment opportunity with meaningful growth potential at an
attractive price ($40M investment for LTM Adjusted EBITDA of $7M)
o Content synergies through leveraging the DCP library across our portfolio
of parks via Six Flags TV and Radio at no additional cost
o Cost efficiencies by utilizing DCP programming in lieu of more expensive
live shows in our theaters
o Expansive content for packaged sponsorship opportunities
o Promotional benefits of utilizing tickets to exclusive DCP television
events to drive sales of season passes, groups, etc.
o Leverage DCP programming and music relationships to enhance Six Flags'
product offerings and drive attendance
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2008 Key Initiatives
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2008 : Drive Attendance, Diversify Revenue and Control Costs
o A Thrilling Capital Program
- Includes 8 coasters in 8 parks
o More efficient, targeted marketing plan
o Continued growth in per capita spending
o Full year benefit of DCP investment and Discovery Kingdom acquisition
o Grow high margin Sponsorship and Licensing revenue streams
o Substantial productivity and cost efficiencies
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2008 Capital Plan
o 2006 Capital was focused on cleaning up the parks
o 2007 Capital was focused on balancing the parks' offerings with new family
options
o 2008 Plan is for an unprecedented number of new "hybrid" coasters (i.e.,
they cater to both tweens and teens/young adults)
o Total CapEx will be approximately $100M (includes Maintenance CapEx)
o 3 new roller coasters themed after the new Batman movie "The Dark
Knight"
o 2 new Tony Hawk Spinning Coasters - successfully introduced in 2
parks in 2007
o Goliath - Inverted Coaster at Six Flags Fiesta Texas (a ride
transferred from our New Orleans park)
o Evel Knievel wooden coaster in St. Louis
o X-coaster re-launch at Six Flags Magic Mountain
o More Wiggles Worlds, Thomas Towns and Johnny Rockets
[WIGGLES WORLD LOGO] [THOMAS THE TANK ENGINE LOGO] [JOHNNY ROCKETS LOGO]
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2008 Expense Reductions
o Reduce cash Operating Expenses (excluding cost of sales) by $50M
o Approximately $25M of reductions are marketing-related
o Moving from 3 to 2 advertising agencies
o Less radio, more on-line spending
o Concentrating spending into Spring and early Summer Season
o Approximately $25M of reductions are operationally-related
o Reduced full-time headcount primarily through an Early Retirement
Program
o Labor savings through rollout of our "real-time" Seasonal Labor
Tracking System
o Cost savings associated with the removal of inefficient rides and
attractions
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Considerable Sponsorship Potential
More Reach! In comparison to a professional sports sponsorship, Six Flags has a
competitive advantage as it relates to reaching a captive audience
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
2007 Annual Attendance
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[NBA LOGO] 21.8
[NHL LOGO] 20.9
[NFL LOGO] 17.3
[NASCAR LOGO] 6.9
Source: League Websites
[MLB LOGO] HOMERUN! Six Flags guests can spend up to 10
hours per visit vs. the average length of a MLB
game, 2.55 hours.
Source: Elias Sports Research
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DVR and VOD Penetration
[GRAPHIC OMITTED]
[FOLLOWING TABLE IS REPRESENTED AS A LINE CHART]
% of Households with a DVR
2005 13%
2006 20%
2007 30%
2008 39%
2009 46%
2010 52%
2011 56%
o 55% of US households (65 Million) will have a DVR by 2011 (currently 33
Million)
o DVR owners skip commercials 53% of the time, and growing
o VOD currently at 11% penetration, expected to grow to 30% by '08, growing
by 120% through 2011
Source: Forrester's North American Consumer Technology Adoption Study 2006
Benchmark Survey
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Six Flags Media Networks
o Six Flags TV
- 45-inch Plasma TVs in queue lines
- Demographically appropriate placement and content allows advertisers
to deliver targeted commercial messaging
o In-Park Radio Network
o Park Maps and Daily Schedules
o On-line Web Site with unique content offerings
o New Rotational Billboards
o Restroom Signage
o Cool Media Signs
- Mists water next to advertisements
- Bluetooth enabled
o Static outdoor billboards and signage
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International Opportunities
o Six Flags has concluded its first international licensing agreement for a
Six Flags theme park to be developed in Dubai
o We are also in discussions concerning several other international theme
park development opportunities:
- Middle East
- India
- East Asia
o International theme park development opportunities may include fees for:
- Regional exclusivity
- Theme park design and development
- Brand licensing
- Management services
o No plan to invest capital; therefore, purely incremental high-margin cash
flow for Six Flags
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Financial Review
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Selected Performance Metrics
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
Attendance* (millions)
2002 27.9
2003 28.2
2004 27.5
2005 28.7
2006 24.8
2007 24.9
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
Total revenue per capita*
2002 $31.55
2003 $31.30
2004 $31.95
2005 $33.35
2006 $38.07
2007 $39.06
* Excludes sale parks and certain non-recurring costs
o Attendance
- The Company experienced limited attendance growth from 2002 to 2005
- Attendance has suffered as the Company has repositioned the brand
o Total revenue per capita
- Cumulative growth of 6% from 2002 to 2005
- Total revenue per capita increased 17% from 2005 to 2007, driven by
improved products, higher price points and sponsorship revenue
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Selected Financial Metrics
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
Adjusted EBITDA ($M)*
2005 261
2006 195
2007 190
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
Capital Expenditures ($M)*
2005 163
2006 123
2007 115
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
Free Cash Flow ($M)*
2005 -115
2006 -147
2007 -171
* Excludes sale parks and certain non-recurring costs
o Adjusted EBITDA
- Six Flags experienced Adjusted EBITDA declines in 2006 and 2007,
driven by increased costs
o Capital Expenditures
- The company's annual capital spending has been significantly reduced
- A minimum amount of capital expenditures will always be required in
order to maintain existing assets and attendance base
o Free Cash Flow**
- Six Flags has historically generated negative free cash flow
- In recent years, Six Flags has relied on asset sales to generate
liquidity
** "Free Cash Flow", a non GAAP measure, is defined as Adjusted EBITDA less cash
interest, cash taxes, cash paid for debt issuance costs, dividends, and capital
expenditures
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Debt Maturity Profile ($M)
[FOLLOWING TABLE IS REPRESENTED AS A BAR CHART]
2008 2009 2010 2011 2012 2013 2014 2015
---- ---- ---- ---- ---- ---- ---- ----
Original 1,022 288 300 0 0 388 504 299
Current 4 296 289 9 9 658 473 1,075
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PIERS Mandatory Redemption
o Six Flags has various potential alternatives to fund the redemption of the
PIERS in August 2009 (or earlier)
- Credit facility optional term loan ($300M uncommitted credit
facility)
- Asset sales (including excess land)
- Refinance with or exchange for equity or new equity-linked security
- New Orleans insurance proceeds
o Litigation is on-going
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2007 to 2008 "Bridge"
(in $M)
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2007 Adjusted EBITDA $190
plus OpEx Savings 50
plus Increase in Sponsorship and Licensing 13
plus Increase in Guest Spending Per Caps 10
plus Full-Year Impact of DCP and SFDK 7
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2008 "Flat" Adjusted EBITDA* $270
less CapEx (100)
less Cash Interest, Dividends and Taxes (195)
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2008 "Flat" Free Cash Flow* ($25)
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* Assumes no attendance growth
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Six Flags would be free cash flow neutral with 2.8%
attendance growth to 25.6 million in 2008
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