Exhibit 99.2
The following table sets forth a reconciliation of net loss to Adjusted EBITDA
for the periods shown (in thousands):
Three Months Ended
March 31,
--------------------------------------
2008 2007 2005
---------- ---------- ----------
Net Loss $ (149,904) $ (170,561) $ (178,719)
Excluded Items:
Discontinued operations -- 9,356 21,942
Income tax expense 1,721 315 955
Other expense (179) 105 (447)
Early repurchase of debt -- -- 19,303
Equity in operations of partnerships 1,916 297 --
Minority interest in earnings (596) (9,973) (6,563)
Interest expense (net) 49,932 51,870 44,762
Loss on fixed assets 4,654 4,335 3,002
Amortization 280 250 220
Depreciation 34,147 33,633 30,810
Stock-based compensation 3,592 2,450 288
Third party interest in EBITDA
of certain operations (1) 540 9,073 5,343
---------- ---------- ----------
Total Excluded Items 96,007 101,711 119,615
---------- ---------- ----------
Adjusted EBITDA $ (53,897) $ (68,850) $ (59,104)
========== ========== ==========
(1) 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 Six Flags Marine World), plus our interest in
the Adjusted EBITDA of one hotel and Dick Clark Productions, which are
less than wholly owned.
The following is a reconciliation of two hypothetical projections of the
non-GAAP measure "Adjusted EBITDA" for 2011 to net income (loss). The
hypothetical projections were presented at the Six Flags Investor Day on April
29, 2008. The reconciliation is provided for the sole purpose of allowing the
user to understand the income statement line items that comprise the non-GAAP
measure and the items that are excluded. It is not a forecast or projection of
the GAAP results, as the items excluded from Adjusted EBITDA are dependent on
factors that were not considered in the base assumptions for the hypothetical
projection, such as the following:
o the amount of outstanding debt and interest rates, both of which
will be dependent on the Company's cash flows, equity raising and
refinancing activities prior to 2011;
o the extent of fixed asset write-offs, amortization and depreciation,
which will be dependent on future capital investment decisions, and
o the performance of the Company's equity investments.
The balances for the line items excluded from Adjusted EBITDA in the
hypothetical projections have been provided solely for the limited purpose
described above, and the Company provides no assurances regarding these excluded
balances.
Twelve Months Ended
December 31, 2011
(in thousands)
------------------------------------
Scenario 1 Scenario 2
---------------- ----------------
Net Income (loss) $ (30,117) $ 19,883
Items Excluded from Adjusted EBITDA:
Income tax expense 6,000 6,000
Other expense 10,000 10,000
Equity in operations of partnerships 5,000 5,000
Minority interest in earnings 40,867 40,867
Interest expense (net) 180,000 180,000
Loss on fixed assets 7,500 7,500
Amortization 1,250 1,250
Depreciation 165,000 165,000
Stock-based compensation 4,500 4,500
Third party interest in EBITDA
of certain operations (1) (40,000) (40,000)
--------- ---------
Total Excluded Items 380,117 380,117
--------- ---------
Adjusted EBITDA $ 350,000 $ 400,000
========= =========
(1) 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 Six Flags Marine World), plus our interest in
the Adjusted EBITDA of one hotel and Dick Clark Productions, which are
less than wholly owned.