15 results
10-Q
2024 Q2
Six Flags Entertainment Corporation/NEW
8 Aug 24
Quarterly report
3:09pm
Net income (loss) per limited partner unit was calculated based on the following unit amounts:
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per unit amounts) | June 30, 2024 | June 25, 2023 | June 30, 2024 | June 25, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average units outstanding | 50,766 | 50,916 | 50,717 | 51,268 | Effect of dilutive units: | Deferred units | 62 | 50 | — | — | Performance units | 80 | — | — | — | Restricted units | 487 | 435 | — | — | Diluted weighted average units outstanding | 51,395 | 51,401 | 50,717 | 51,268 | Net income (loss) per unit - basic | $ | 1.09 | $ | 1.05 | $ | (1.54) | $ | (1.58) | Net income (loss) per unit - diluted | $ | 1.08 | $ | 1.04 | $ | (1.54) | $ | (1.58) |
10-Q
2024 Q2
Six Flags Entertainment Corporation/NEW
8 Aug 24
Quarterly report
3:09pm
The following table presents key financial information for Former Cedar Fair for the six months ended June 30, 2024 and June 25, 2023:
Six months ended | Increase (Decrease) | |||||||||||||||||||||||||
June 30, 2024 | June 25, 2023 | $ | % | |||||||||||||||||||||||
(Amounts in thousands, except per capita and operating days) | ||||||||||||||||||||||||||
Net revenues | $ | 673,231 | $ | 585,536 | $ | 87,695 | 15.0 | % | ||||||||||||||||||
Operating costs and expenses | 602,254 | 542,276 | 59,978 | 11.1 | % | |||||||||||||||||||||
Depreciation and amortization | 67,327 | 61,775 | 5,552 | 9.0 | % | |||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 6,735 | 10,761 | (4,026) | N/M | ||||||||||||||||||||||
Operating loss | $ | (3,085) | $ | (29,276) | $ | 26,191 | 89.5 | % | ||||||||||||||||||
Other Data: | Attendance | 9,984 | 8,456 | 1,528 | 18.1 | % | ||||||||||||||||||||
In-park per capita spending | $ | 59.67 | $ | 61.84 | $ | (2.17) | (3.5) | % | ||||||||||||||||||
Out-of-park revenues | $ | 96,493 | $ | 81,708 | $ | 14,785 | 18.1 | % | ||||||||||||||||||
Operating days | 906 | 897 | 9 | 1.0 | % | |||||||||||||||||||||
10-Q
2024 Q2
Six Flags Entertainment Corporation/NEW
8 Aug 24
Quarterly report
3:09pm
(In thousands, except per unit amounts)
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | June 25, 2023 | June 30, 2024 | June 25, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | Admissions | $ | 267,115 | $ | 242,549 | $ | 312,556 | $ | 282,078 | Food, merchandise and games | 210,024 | 179,664 | 248,882 | 211,728 | Accommodations, extra-charge products and other | 94,477 | 78,769 | 111,793 | 91,730 | 571,616 | 500,982 | 673,231 | 585,536 | Costs and expenses: | Cost of food, merchandise, and games revenues | 53,258 | 48,632 | 64,869 | 59,013 | Operating expenses | 241,065 | 236,410 | 383,003 | 369,750 | Selling, general and administrative | 92,958 | 67,048 | 154,382 | 113,513 | Depreciation and amortization | 57,015 | 48,094 | 67,327 | 61,775 | Loss on impairment / retirement of fixed assets, net | 4,121 | 7,125 | 6,735 | 10,761 | 448,417 | 407,309 | 676,316 | 614,812 | Operating income (loss) | 123,199 | 93,673 | (3,085) | (29,276) | Interest expense | 40,040 | 37,366 | 74,736 | 69,495 | Loss on early debt extinguishment | 5,911 | — | 5,911 | — | Loss (gain) on foreign currency | 1,805 | (10,683) | 7,045 | (6,684) | Other income | (320) | (237) | (657) | (678) | Income (loss) before taxes | 75,763 | 67,227 | (90,120) | (91,409) | Provision (benefit) for taxes | 20,210 | 13,663 | (12,206) | (10,427) | Net income (loss) | 55,553 | 53,564 | (77,914) | (80,982) | Net income (loss) allocated to general partner | — | — | (1) | (1) | Net income (loss) allocated to limited partners | $ | 55,553 | $ | 53,564 | $ | (77,913) | $ | (80,981) | Net income (loss) | $ | 55,553 | $ | 53,564 | $ | (77,914) | $ | (80,982) | Other comprehensive loss, (net of tax): | Foreign currency translation | (328) | (2,295) | (16) | (1,172) | Other comprehensive loss, (net of tax) | (328) | (2,295) | (16) | (1,172) | Total comprehensive income (loss) | $ | 55,225 | $ | 51,269 | $ | (77,930) | $ | (82,154) | Basic income (loss) per limited partner unit: | Weighted average limited partner units outstanding | 50,766 | 50,916 | 50,717 | 51,268 | Net income (loss) per limited partner unit | $ | 1.09 | $ | 1.05 | $ | (1.54) | $ | (1.58) | Diluted income (loss) per limited partner unit: | Weighted average limited partner units outstanding | 51,395 | 51,401 | 50,717 | 51,268 | Net income (loss) per limited partner unit | $ | 1.08 | $ | 1.04 | $ | (1.54) | $ | (1.58) |
10-Q
2024 Q2
Six Flags Entertainment Corporation/NEW
8 Aug 24
Quarterly report
3:09pm
(In thousands, except per unit amounts)
For the three months ended | Limited Partnership Units Outstanding | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income | Total Partners’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 26, 2023 | 51,502 | $ | (815,254) | $ | (8) | $ | 5,290 | $ | 16,732 | $ | (793,240) | Net income | — | 53,564 | — | — | — | 53,564 | Repurchase of limited partnership units | (174) | (7,850) | — | — | — | (7,850) | Partnership distribution declared ($0.300 per unit) | — | (15,402) | — | — | — | (15,402) | Limited partnership units related to equity-based compensation | 2 | 2,567 | — | — | — | 2,567 | Tax effect of units involved in treasury unit transactions | — | (2) | — | — | — | (2) | Foreign currency translation adjustment, net of tax $(1,231) | — | — | — | — | (2,295) | (2,295) | Balance as of June 25, 2023 | 51,330 | $ | (782,377) | $ | (8) | $ | 5,290 | $ | 14,437 | $ | (762,658) | Balance as of March 31, 2024 | 51,252 | $ | (751,215) | $ | (7) | $ | 5,290 | $ | 15,013 | $ | (730,919) | Net income | — | 55,553 | — | — | — | 55,553 | Partnership distribution declared ($0.300 per unit) | — | (15,451) | — | — | — | (15,451) | Limited partnership units related to equity-based compensation | (9) | 9,099 | — | — | — | 9,099 | Tax effect of units involved in treasury unit transactions | — | (32) | — | — | — | (32) | Foreign currency translation adjustment, net of tax $298 | — | — | — | — | (328) | (328) | Balance as of June 30, 2024 | 51,243 | $ | (702,046) | $ | (7) | $ | 5,290 | $ | 14,685 | $ | (682,078) | For the six months ended | Limited Partnership Units Outstanding | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income | Total Partners’ Deficit | |||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 52,563 | $ | (612,497) | $ | (4) | $ | 5,290 | $ | 15,609 | $ | (591,602) | Net loss | — | (80,981) | (1) | — | — | (80,982) | Repurchase of limited partnership units | (1,420) | (62,496) | (3) | — | — | (62,499) | Partnership distribution declared ($0.600 per unit) | — | (30,970) | — | — | — | (30,970) | Limited partnership units related to equity-based compensation | 187 | 4,822 | — | — | — | 4,822 | Tax effect of units involved in treasury unit transactions | — | (255) | — | — | — | (255) | Foreign currency translation adjustment, net of tax $(575) | — | — | — | — | (1,172) | (1,172) | Balance as of June 25, 2023 | 51,330 | $ | (782,377) | $ | (8) | $ | 5,290 | $ | 14,437 | $ | (762,658) | Balance as of December 31, 2023 | 51,013 | $ | (602,947) | $ | (6) | $ | 5,290 | $ | 14,701 | $ | (582,962) | Net loss | — | (77,913) | (1) | — | — | (77,914) | Partnership distribution declared ($0.600 per unit) | — | (30,764) | — | — | — | (30,764) | Limited partnership units related to equity-based compensation | 230 | 9,730 | — | — | — | 9,730 | Tax effect of units involved in treasury unit transactions | — | (152) | — | — | — | (152) | Foreign currency translation adjustment, net of tax $1,130 | — | — | — | — | (16) | (16) | Balance as of June 30, 2024 | 51,243 | $ | (702,046) | $ | (7) | $ | 5,290 | $ | 14,685 | $ | (682,078) |
10-Q
2024 Q2
Six Flags Entertainment Corporation/NEW
8 Aug 24
Quarterly report
3:09pm
(In thousands)
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June 30, 2024 | June 25, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | Net loss | $ | (77,914) | $ | (80,982) | Adjustments to reconcile net loss to net cash from operating activities: | Depreciation and amortization | 67,327 | 61,775 | Loss on early debt extinguishment | 5,911 | — | Non-cash foreign currency loss (gain) on USD notes | 6,869 | (6,822) | Non-cash equity based compensation expense | 14,419 | 7,620 | Non-cash deferred income tax expense (benefit) | 3,186 | (3,195) | Other non-cash expenses | 7,051 | 11,741 | Changes in assets and liabilities: | (Increase) decrease in receivables | (35,311) | (28,873) | (Increase) decrease in inventories | (17,528) | (20,455) | (Increase) decrease in other assets | (20,757) | (16,413) | Increase (decrease) in accounts payable | 35,121 | 17,642 | Increase (decrease) in deferred revenue | 97,865 | 109,482 | Increase (decrease) in accrued interest | (4,051) | (1,461) | Increase (decrease) in accrued taxes | (23,633) | (20,902) | Increase (decrease) in accrued salaries, wages and benefits | (2,244) | (29,114) | Increase (decrease) in other liabilities | 12,316 | 13,092 | Net cash from operating activities | 68,627 | 13,135 | CASH FLOWS FOR INVESTING ACTIVITIES | Capital expenditures | (117,968) | (124,494) | Net cash for investing activities | (117,968) | (124,494) | CASH FLOWS FROM FINANCING ACTIVITIES | Net borrowings on revolving credit loans | 88,000 | 157,000 | Term debt borrowings | 1,000,000 | — | Note payments | (1,000,000) | — | Repurchase of limited partnership units | — | (62,499) | Distributions paid to partners | (30,764) | (30,970) | Payment of debt issuance costs | (14,983) | (2,526) | Payments related to tax withholding for equity compensation | (4,689) | (2,798) | Other | (152) | (255) | Net cash from financing activities | 37,412 | 57,952 | EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (701) | 1,397 | CASH AND CASH EQUIVALENTS | Net decrease for the period | (12,630) | (52,010) | Balance, beginning of period | 65,488 | 101,189 | Balance, end of period | $ | 52,858 | $ | 49,179 | SUPPLEMENTAL INFORMATION | Cash payments for interest | $ | 76,622 | $ | 69,345 | Interest capitalized | 2,126 | 3,347 | Net cash payments for income taxes | 13,534 | 16,763 | Capital expenditures in accounts payable | 24,902 | 21,041 |
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