FUN - Earnings call transcript Q3 2024 | Six Flags Entertainment Corporation

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Operator

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Six Flags Entertainment Corporation Third Quarter 2024 Conference Call. [Operator Instructions] I would now like to turn the conference over to the Six Flags management team. Please go ahead.

Michael Russell

Thank you, Krista, and good morning, everyone. Russell, of Michael Six Relations is Flags. name Corporate Investor Director for My call XXXX News we review results to also at release, to Welcome today's investors.sixflags.com. which of our our service earnings Flags is Investor Corporation. Earlier a website copy wire under for Entertainment third of this via morning, the distributed available our press tab Six financial quarter Relations

or can on posted a IR for short access you either also that page on have page. We today's Presentation presentation call our website's webcast the slide

long-term You'll call. about find we the Six Flags' slides today's for provide additional strategic information road measuring map metrics on which progress, our will cover and

we involve results to this statements. federal that of Before comments the actual to include risks that could laws. cause the you made call statements These in and meaning I securities during described such uncertainties may begin, forward-looking need differ remind will statements those from within

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to the over and Richard On Officer, the call call with Brian I'll me Six Flags Chief Financial Zimmerman; turn With this Executive Officer, morning Chief are Witherow. that, Brian.

Brian Witherow

for calendar last Flags last weeks, with consolidated ended Of compared the XX quarter of impressive of for remarks date the results X,XXX joining Cedar operating the sales new status today. parks. indicators, fewer you park basis, to days up it legacy with extreme disruptions. Fair our XXXX, well that Corporation. fiscal remaining year balance the to X,XXX I'll The third including by before on you, some over around Entertainment the will call for totaled XX, Michael. and planned of due year. to welcome days before weather my X as season days third the an financial third incredibly operating to the the for days days, as at popular start the Thank had consolidated calendars the pass events. I a Richard. On X,XXX relate operating quarter to first those the X,XXX with want everyone results of incremental days lead compared morning, quarter decrease Meanwhile, recapping in of of in including Flags operating parks our to performance the operations to to shift. demand the post-merger us operating wrap related September changes Good at third Six XX fewer I'll third the Halloween Cedar thanks the Six our earnings legacy operating XXXX a the for operating days quarter color update Fair last parks providing days result quarter and was to over during long impact passing operating legacy cover

net Six the Flags These in For visits. included third million quarter revenues generated of attendance million of million XX $XXX from legacy quarter, $X.XX attendance billion third on we of results and net operations. revenues X.X

result during quarter shift. operating XXX,XXX and of weather remaining fiscal decreased XXX,XXX to due of calendar primarily extreme Fair $XX was by last the the due fewer in compared current revenues the the quarter Third from third which to visits The attendance period, during the disruptions related year visit Fair million decrease legacy XXX,XXX were to legacy Cedar period. Cedar the

demand the during last early of Helene. on As third then Debby multiple were across the operations in of operations challenges parks Hurricane last caused August September the Later quarter, Beryl beginning disrupted extreme Hurricane disrupting in disrupted weather our in by the July. and week early Hurricane call, earnings noted quarter we with again

impacted the of that the weather Excluding and same combined belief the events, were the the remains was over attendance consumer balance X-month our products across last during by year, directly portfolio third slightly for our extreme up strong. period that demand supporting X our weeks the quarter healthy remain

the our up underscore average tribute season pricing in are the positive spending direct in spending mix to their revenues third during legacy compared of Cedar quarter beverage, the the the quarter These a quarter Looking for in-park at half which Approximately $XX.XX, totaled Lane, willingness spending result guest X% guest parks operations moment, pass per at quarter to teams at for decrease the Fair revenues in products, Six spending per the calendar on included in decline trends merger operations. parks. The compelling legacy fiscal a the in the $XX Cedar service. year. Out-of-park and Flags who was planned of of representing the pass decreased $XXX shift. Meanwhile, Fair spend other $X Cedar million, including capita cap on food and revenues partially was in-park reported per Fair in park the the a last were and X% from period impact capita a legacy to third higher up improved our of the the decrease related million, half and extra-charge guests' legacy out-of-park attributable by of Fair high-quality Fast headwinds season the visitation with legacy higher trends guest from which provide by Cedar was to million and offset by products X% to visits which quarter.

quarter million, front. the from to legacy costs cost Flags on operating Moving and million costs operations. $XXX of included and the Six third in Operating which expenses totaled $XXX expenses

of of sold. up million The third million made expense of of $XXX expenses, cost quarter goods $XXX costs were and million SG&A of $XXX operating

expenses an to to self-insurance to adjustment Third the legacy Flags in included reserves quarter operating million and Cedar legacy legacy shift. million partially Cedar offset at at were $XX million $XXX These parks items the Fair related operating related expenses Six calendar Fair. $XX a decrease operations by at

third factors, operating $XX Fair as year third synergies. Meanwhile, expenses operations SG&A and and included merger the of at integration-related stand-alone phase million, plans from costs. expenses these million decreased million to results Six reduce merger-related quarter legacy of this $XX legacy the by of cost Excluding part our expenses our operating Flags Cedar of first quarter $XX

Cedar million, primarily items, $X Excluding at expense wages, bonus these including was SG&A expense. Fair legacy full-time to higher up due

related Six Flags of million operations legacy in sold cost the the $XX period. $XXX during goods of The million quarter included to

to operations cost of revenue, in in food the of of points, at legacy games XX legacy percentage and and Six of merchandise with Cedar the Fair increase goods the basis increased parks. a parks As XX food, the points an sold cost the related Flags the remainder beverage quarter driven increase basis by

we we driving As operating margins. on noted, remain previously improving laser-focused efficiencies and

of both run the Legacy a We our to we've are of run moving target million million on sense with $XXX us Fair at achieve pace rate legacy realize realizing in and merger-related efforts put the end XXXX. date of a $XX XXXX. Six initiated synergies of the to Flags urgency synergies The to rate cost Cedar cost fully end by cost-saving ahead on by of basis

weather to transparency let's Fair with results our attendance around at operating results, practice during of third adjusted extreme turn since now which EBITDA a meaningful the third management of the attention adjusted totaled legacy million results, million a Six for park-level deliver the our offset $XXX Halloween of days legacy $XX shift to the calendar end providing Flags revenues the Cedar operations. partially from events parks. Consistent $XXX increasingly the that attendance from and and outstanding the biggest measure at believes is which quarter, commitment long-term quarter million, decrease of was results of some adjusted the legacy on This resulting operating and reflect Fair the EBITDA, to of $XX quarter Cedar EBITDA our Turning of popular to million decrease of year. a the by impacts the fiscal performance due continue including

Over compared strong portfolio over X the and X-week memberships. million passes portfolio, across we momentum of more and XX% demand a combined guests legacy in or entertained the to weeks, increase than same Flags the combined visits both an into million past X.X across of Cedar the also sales The Fair parks legacy year. season translated the Six last meaningful period increase X in

on sales brings macro the solid X% pace of such period, weather of up to achieve with with dependent final of over months season X-week historically and on fourth season sales the combined which across October, actual X% year. Based last of pass early Over quarter We quarter the up the attendance. believe the are million, This of up factors season adjusted approximately $XXX performance the the XX% of operating units year. we same units over base X on pass fourth the represents were time the average and million pass conditions portfolio and $XXX X%. strong XXXX price results as EBITDA to pass

balance the to Now for sheet turning company's a moment.

XX, going on of remains third of in and condition. includes equivalents in XXXX, is we sheet XX, million hand significant the Deferred July Cedar legacy maturities Fair XXXX. Liquidity Through Of and long-term million on end solid of with year, increase outside of revenues and which $XXX legacy parks, up revenues revolving million, at deferred Cedar $X.X on million, sales balance our had were reflecting gross strong with Cedar quarter with September outstanding, parks. providing September debt. million through $XXX facility, Fair and $X the notes $XX Flags forward. no purchase cash us before notes, increase flexibility our the Six the X%. totaled debt totaled the third XXXX, XXXX. under legacy revenues we approximately of at XX% credit September of Our capacity $XXX $XXX Fair cash compared of of available remaining billion products mature fixed -- The XX, as the million cash quarter, million approximately or At in the including hand financial senior of have of $XXX $XXX ample deferred million end next revenues deferred of at advance the on XXXX,

be $XXX the during expect in will purposes, we million we spent capital for on the quarter, million modeling expenditures. CapEx million. $XXX For to quarter, $XXX And fourth the

combined portfolio. The deferred infrastructure any investments of needs spending driving and aimed Looking primarily the ahead, level necessary million spend XXXX. investments a $XXX XXXX capital the of to accelerate to million in integration and we but and These demand of on levels the expenditures begin include will be in across higher expect potential to addressing increasing guest growth both and project activate between represent at $XXX CapEx also the invest focused process will portfolio.

are term. we finalizing be spend approximately While XXXX, to XX% of net annual CapEx are beyond in programs targeting the still to range capital revenues the of we XX% long over

in payments turn the over from we taxes that, Lastly, annualized XXXX, projecting to of Richard. million I'd $XXX perspective, $XXX cash of to and are cash to flow like annualized interest $XXX a million million million. With $XXX call to cash

Richard Zimmerman

I Thanks, targets initiatives that towards our the and over driving long-term and for sustained growth. today. again at our quarter I'll Brian, Six reflect thanks strategic level progress third for to key expectations on the a will performance, term. season high assessing for will next Flags joining also share value position our creation Today, long the us discuss new progress for profitable everyone on discuss updates and briefly our

that early worked of urgency to combined our our of say of on and early made with has excited the couldn't delivering foundation for together with X. strong me July completion since long-term capture let I a potential. how company's merger team to First, sense a prouder on wins we've the transformational establishing the I'm you stable while progress be share

XX results. process all impact We have months maximize most the during of important performance parks X our despite from of we progress the integration headwinds delivered significant made on And while solid the year. hurricanes, ensuring

weeks. same the year year-over-year impacted excluding when the by across weeks into demand our quarter period October directly mentioned, and events Brian third was attendance the up portfolio slightly most the up X-month hurricanes, carried the over over attendance XX% X last Halloween momentum that As for past X pushed

to heading is indicators of passes, for addition recent outstanding particularly lead pleased trends, long which seen best with attendance early season. robust next we've In am I demand one to season the our the

on focused In the half to carry we strong delivering continuing the been parks addition all at second and demand of a our build we've momentum guest improve to that into year, experience XXXX. can

the team have that unmatched to produce moved hallmarks mind, the of in of to one is guest With shared satisfaction is last our we at highest to and guests years. make long-term scores you entertainment long-term legacy growth As delivering our in recognizable success business. we decades the already of with earnings have vital that Based Flags on helped of exceptional on our sustainable the service. proven guest with call, know experience, satisfaction quickly and parks X the our Six improvements last resonate guest

early Investing future a and growth. drives establishes in are clear. The foundation from higher actions guest attendance for returns our experience strong the

on Our our early that full Project also meaningful into a core available attendance revenue action initiative confidence Flags, that process new the in positioned continue upside the well and the merger. unlock progress seeing Accelerate, the reinforces position from heading to happy cost Six the synergies smoothly, report through on put Swift are we drive to of to is our we know the early potential results the anticipated. season. I'm integration the has to objectives progressing are us growth positive XXXX deliver we're our internal to we

As the track Brian remain rate basis portfolio. to With driving we our on deliver to in $XXX synergies million noted capturing pursuing of by confident our the well focus underway, to work projected run end opportunity on merger, end our to new consider be attendance to combined have we full we and cost greatest the of achieve the significant turned synergies what on the by growth the cost XXXX. million cost synergies in of of earlier, we year, this $XX ability a are

In a keep growing cash highest free after the length crowded Therefore, is priority, improved to key higher stay, attendance year in across performance ultimately, back while year. guests demand-driven indicators, catalyst improvements quality all that including levels our of power, experience pricing of attendance business, as spending acts a for and longer comfortably coming and providing margins strength still parks ensuring greater flow. higher guest stay

Six over the are the those the believe entertained at appropriate, XXXX, when Flags back represent parks the XXXX. we growth increase in attendance opportunities legacy XX is particularly the guests and parks, achievable million both the compelling. legacy Looking legacy levels parks in XXXX Six attendance would Flags rates market Cedar Increase the XX% of around half were that in penetration relevant goal Fair a of to parks noting roughly a

believe our sales momentum the as we strong potential out of upside positioned are this well the With well in attendance X% we to as deliver that have coming in ahead growth season to we October, growth rate of XXXX pass historical of attendance X%. across combined portfolio is

compelling successfully program. improve attendance by levels be spending driven part guest large ability Our to year next in and our capital grow will

long-term and reinvestment our As is is drive principles we discussed parks capital for last guiding strategically quarter, Consistent growth. of investing to in our underlying one infrastructure creating essential value.

go improvements integrity balances and We our new allocation maintain are that offerings ensures that keeping parks infrastructure while to in-park often of with extremely important disciplined efficiently. This to the executing capital our we investment running expanded but unnoticed experience. and the parks our broadening enhancing attractions marketable guest a approach in are

another plan the and years each marketable $XXX As X Brian million in portfolio. and to across over approximately year million mentioned, new centers This million improvements. invest to each will investing expenditures next to on infrastructure million include revenue $XXX $XXX annually $XXX attractions investing on $XXX year the capital we million

focused ensuring be the potential our on levels returns. drive will the will of greatest projects possible capital investments marketable Our the generate cash that that parks highest flow,

to our with long-term approach conclude a understand I our few ensure I strategic forward. investors to want clarify our a of moving points targets, Before review

on price aggressive do rely discounting. the Based we require First, not increase not drive to attendance. and attendance strategic to approach business, on will cuts not in our evolve does

time-tested pricing Our and setting building strategy demand, playbook today. focuses at per approach and with long-term and expectations, is and capita willing attendance pricing experience on hotels based are value they delivering to a pay team's trust airlines spending dynamically high-quality guests business successful ] Our that than much consumers intelligence on consistent together. growing for and like market sustainably tickets [

than practices team's the expect as they to just pricing been be tools dynamic We spent successful and forward efforts them equally effective moving the portfolio. and the tools decade these taken fully have building our in across past. we've have We combined expanded more a and

capital planned Second, we our have remain for and priorities. confident capital in we the those how within fit investments the upcoming seasons capital allocation programs

responsibly the As the which experience we we high-return at aimed need guest investments. previously without we the growth. can noted, parks Flags and enhancing the capital this, are that be the legacy plan opportunities parks the infrastructure, majority outsized for of are to be will Because enhanced strong with foundationally investments deployed make of solid in Six driving towards believe

the we upon Third, outlined the retained. synergies realized cost be fully and can announcing merger

have already As synergies to this run by a of deliver base. $XX the the year. rate the line the we Much of $XXX cost to supplier redundant entire noted, of with synergies our remaining we've sight a shared end be of million come leveraging million XXXX, basis cost eliminating by optimizing and end rationalizing of and costs, overhead services from expected achieved on

while Brian drive operating our we into offset reinvest savings back prepared to help are growth, to additional we such parks initiatives. find to cost noted, to costs intend As

growth help to in laser-focused on a us levels to Finally, free And goals. in sense and we of initiatives our reducing moving leverage achieve necessary the managing we are debt cash near-term net put urgency through with are flow. motion

that and one in review helping have an undeveloped past our we our excess in narrowing is driving have leverage. that to optimizing reduction also comprehensive the focused undertaken growth we us on portfolio organic our asset including in is focus our and accelerate and the base, exercise This business, In planned land. addition activated of a

near-term to are tirelessly of the potential the we take merger. to full unlock optimize results, we working steps While the necessary

help strategic guests average This targeting net level sustained imply to growth we modified XX more would we our of than set the This can reduce ahead, our targets annual are than to EBITDA flow Looking over measure years. $XXX cash more adjusted as leverage facilitate we've that unlevered by XXXX. by of ambitious be objectives. Ultimately, or annual an more X.Xx back which cash achievable free XXXX, X turn, but progress us flow will achieved the rate XX% advance margins free million our increasing EBITDA growth expanding or better. pretax XX% of in million end of attendance by growth would, total level to of ability and inside next

forthcoming. We we are as time for quarter to Analyst core details plan Analyst host strategies around color year, more end around an business. towards well our first will of specifics our outlook the will in growth next our planning be Day the new more provide as which long-term at the Day on the of Further

Before the up for want the potential in we to value creation tremendous confidence for call open new I the Flags. emphasize Six long-term questions, my at

about and Our disciplined making the in Flags focusing for environment. I'm any will we on drive profitability growth clear the future. investments satisfaction, excited foreseeable for sustained By success capital for guest to resilient cost Six are efficiencies, foundation term long model, positioning roadmap business future. emphasizing market and thrive strong our extremely operating and

updated for you the Krista, your for our team, to our the our returns and support, right right line keeping the strong quarters in Thank ahead. That I strategy, guests continued our on progress exceptional and look the and remarks. please for for right the assets to questions. shareholders. We open deliver prepared you concludes experiences have forward

Operator

the first with line Your comes of Instructions] from [Operator Steve Stifel. question Wieczynski

Steven Wieczynski

doing hope well. all you're I

over think in Brian, the it's to to let's look Is think up not historical what about parks wondering to Flags from out need about you the So legacy be attendance, XXXX. level to us 'XX? I'm you what run just made to be investments target mentioned of million remarks, beyond a 'XX. certain there the might getting of range. kind way Six could being how a give But heavy Richard prepared next are think XX X said, call about color in if his above it, rate help current in cadence going any kind and line Richard or straight we years Richard, X% I given there to 'XX, that going the X% by assuming the 'XX that growth

Brian Witherow

Brian. it's Steve, Yes,

year the the So there's some Richard and prepared yes, when ourselves industry definitely growth, but at portfolio that 'XX, longer-term this growth shown, rate. by growth believe or historical we taking have next look rates legacy I'd start emphasizing low we across what there's beyond legacy single-digit steps attendance Six upside remarks, in we're for in would for certainly for to said position Cedar what

we but isn't look And if 'XX the tend out, point. excited for 'XX, a an set I right, really good we're what ramp think there growth on we about some 'XX. I the be would easy we're as is even is have it put think of initiatives point often in and linear, one. about capital was. And what motion beyond your working that and program we're for at does But inflection The point, up. more it excited to

some inflection there As on I is 'XX that the start that growth Nike beyond growth. it where call, stick the think whether hockey in. point I got Swoosh to call ramp, point point, But inflection discussions will is kick where think we of you it in process. But the has those said still you see or looking

Richard Zimmerman

it's Steve, -- Yes, me let Richard.

me jump here. in Let

and really the I've business to improvements As said underpin demand our in our things often, that X resiliency. drive there's

First, portfolio. on it's X both years sides tracking along the satisfaction. We're guest at high of

I which we're compelling I X about I've may And about, really really best lineup in program. capital the a that. with second, Brian program, think strong. capital almost pleased as my the Look, really excited think seen be really So 'XX 'XX I'm is decades. talked

steps that But drive how conditions demand. and I particular an we've macro taking particulars react got the think to set the we're of think of to I the markets it, drive So an weather have influence. necessary ability like any always

Steven Wieczynski

We million we're things, think free guys flow $X.X $X.XX And you billion cash some then if think we of And you're us wondering is in -- of maybe unlevered help math you about somewhere we the how second years? And around, expense into are around and your then the synergies. EBITDA. does to any do kind math could how $XXX that include guys it, question, getting the -- how could guys. XXXX, out color, to but of some out the if that target synergies about if per in of the original here heard directionally about right right, about revenue about kind billion you if year of adjusted trend that back revenue of caps, thinking kind the great or synergies? million let's didn't color out of get just call those any $XX original That's or

Brian Witherow

Brian. it's Steve, Yes,

attendance. never years, grow the ability number, no near-term synergies, continue of that's primary which on and that is per confident business, number, function growth in the critical to was to encompassed it's caps. the as doubt potential with On full drive was growth long-term the and or big often going what really growth growth driving but remain we in that the at potential $XX is success caps growth, right? Over there's that right? through on the full focus revenue million next much of be But upside our odds So the -- to is call, opportunity we a several the per in attendance to this revenue revenue from to the should attendance, said in is the step merger think come merger the that of we real realizing the --

Operator

Your next Citi. question with comes the line James from of Hardiman

James Hardiman

you there's of merger you of sort I of shifting think the investors, at in guys since of that greater that somewhat to it to that at the by, much lack closed, be anticipated. narrative. been level the parks. seems Flags b, stock was like seems And turnaround that Six your a to that sort Obviously, performance the you narrative be were originally And investments of had investment required talking if look of made been that then would than begin a, surprised the

those what So about of surprising? speak notions, out cost how all sort if of set to maybe What's then next along? And XXXX, you synergies to expectations sort you've to can part think year. your specifically, been mean, of laid I speak maybe the was

You OpEx also ultimately, to going Are made need short OpEx made fall line. don't term specifically, year, how next all that year. the be won't sort offset to about bottom the through going there of that's that's case incremental we to investments be I XXXX. to know think the that profile the but sort point see that to if of next in maybe margin but

Richard Zimmerman

appeal that's Yes, James, about there's keep the whether we is. for talking state amount model for business, legacy a When thanks resilient question. business product. the Richard. the Six And of or of our It's I how think about our legacy Cedar, a tremendous

the the month regions. appeal that each into on can both our of XX% particular that how attendance scale of saw, October you but to tap of in few appeal speaks also Halloween, up As we match in in a

-- days took weeks since of slightly, good, health lot around true it impacted A up seeing. greatly around the But some So the a the but revolve of lot as I merger what And the think we about the questions have investments of around investment, gotten the was of less the them it said particularly actually you was we've encouraged X third out consumer. we demand was beginning from is where October that where also outstanding. we by the was by were we were was weather weather said And that quarter in if in were hurricanes. on we the where is consummated. the

we're strategic to and themes into continuously generates demand speak because continue remarks, parks. generate. things model side. But have return Six There's and of that The we've combined hear work need of in business. legacy be incredibly we But we an to of Cedar improve able of business, on, that strength our assets we company, we to the want have capital business that to that demand my the of I as outdoor side. we our work willing got part all we on, said are we the together, want very taps what is weather the put reinvesting prepared to broader Now, resilient to drive specifically you'll this can an on that on spend. a us things the to legacy consumers There's

when that bifurcated Our coming off that economy, is spending, and it's the they're of consumers product based last And they though appeal our there, come, are year. results even are are of high a prove in our healthy. numbers percentages they

state have to irreplaceable the resilient, of think continue on drive we margin incredibly I demand. assets So to portfolio, that we Brian, where the front? combined allow are as the us

Brian Witherow

James. Yes,

On prepared we as about to margin the a also being our the side, things. And remarks, margin Cedar on driving we've the efficient remains cost us, on said been about, focus back it's the more for on as has side going talked in but attendance. legacy both, key of front, XXXX it's

as expanding offset to is may leveraging additional guest experience. also we costs that focused any efficiencies from parks, we levels decisions incremental critical. that fixed cost look activating operating layer improve important But pressure the our So whether the to on efforts in certainly, attendance base the calendars to cost be or remain related with come higher our to it's that at

hours into As an legacy isn't side labor tell we've you, both but seasonal it using on legacy more about gotten would that finding the front, the over on the the of Six second adding as we're hours always and the I example, efficiently. Cedar half operations year,

XXXX. to to a as and our the efficiently across that them workforce use more management tools higher driving applying broader taking margin to same into we roll portfolio, we're I and ability be them hours the critical going as are take So think

James Hardiman

And to I it to are to where and then pretax Any the unlevered levered a with CapEx, flow direction in us in I people be a to help little like to got in wanted piece And fully question. up other this billion guess And free pieces is maybe billion taxes us I Got bit the to interest direction, with so then million landing EBITDA. right? We've free would both would that. us $X.X be on number. $XXX it. Steve's after-tax EBITDA, think helpful. the directions. adjusted help seems missing flow one cash missing the in get $X.XX get guess cash I Maybe number. That's follow walk somewhere

million the would think of in us be -- using would pieces you've land some that that million I there flow maybe to we all-in like plane free helpful. be in terms given seems something of $XXX where Any $XXX the the help would number. cash

Brian Witherow

Yes.

a me, provide level say to not I high guidance. at guess, Let just we're and EBITDA start going

we're we -- interest cash believe down we're you take back, be those given and certainly, the levels both numbers for satisfied things to there do try over where going And so to of as and cash steps and the not those are and -- going we've the are but the drive time. tax walk with to XXXX, try

looking the 'XX, out some So think, more long of that, visibility side we'll 'XX, advance to as our provide over efforts we table, time. term those on I more into

on $XXX as the to drive years. call, we we We the as and said, all trajectory, could growth of CapEx, for said think to settle is, the process to then and we CapEx along and next million activate were about couple back is XX% of million what the we to think XX% net as which fast the as $XXX we try going said revenues. opportunity integration that into longer-term you As

model $XXX cash we're how flow and pretax unlevered between depending but work or $XXX I to would then. satisfied XXXX. million, be now a you'll your of lot up you to what just stopping million -- going done is free there's with what not come it, We're number. be underscore targeting just at more But on of in CapEx is cash So

Operator

of comes line from Bank. Deutsche the question with Chris Woronka next Your

Chris Woronka

was the Thanks the past little mentioned a so and Flags terms opportunity about, that hoping retail you far. but for I in maybe maybe it? size details talked you of the you all about how within recently, I could in much arcade some talk legacy realize think one the put haven't Can opportunities the Six you and of quite bit as of borders portfolio. the around

Richard Zimmerman

lot they keep we the roll us see think guests, to demand get there. guests We we as that know, level. tell runway and We increasingly and have and of our once earlier, there's out. we of that the we lot with a a the parks as and that continue a to there's think the them crowded, offer -- experiences I drive you I'd us I up come appeal comfortably inside back think step we gates. our as want opportunity, and and that our our Chris, Yes, heavily beverage, value premium to get premium focused food try value new experiences of higher said opportunity the think That -- on

and we return we've reinvest upgrade in-park facilities in facility-by-facility equal the opportunity. there's basis. terms is where In games we seen What and renovate nice rehab on seen of think and and we've merchandise, go and

working over us opportunity there, get now. revenue all a factored that's what to investment investing but we merger we call the plans once some through of centers, the about some in inside all for Again, things months right that revenue merchandise we're talk lifts also nice in. you games time, X but park. and do there's will we've for capital in the take ago. When we just closed it get to generate incredible So the role But play experience those and think we

Chris Woronka

right? the Okay. can Got asset give but XX a is of what's goal next sales your months? question you part on the of some thought specifics, won't more maybe is to give to of XX in the plan. pointers maybe can kind how possibly your of you. happen is as you to those -- if inform going And about I the a kind again, something know being of kind Or it is creation then to And the value related us, comment -- notional decisions? longer-range aspirational opportunity second that that

Richard Zimmerman

Thanks, Chris.

it We say we're As the the we've frame call, our internally later comprehensive I every think we're in Cedar small drive sold and role. portfolio. allocation said trying to about I investing to around on and side, plays structure, Board, the a combined are priorities. And would I parks August led review we're do, but its capital what also park. land looking think has what Clara closely assets, our our done I'll If we I this go the role these a to certainly with time working park of sure XXXX, portfolio across our in years sale Santa underwent several underneath in as portfolio that growth this past to irreplaceable X capital right, that XXXX. the want I much water at wouldn't optimization, we're as put in it a to back make the the

sense think be going work put I So and and priorities. a what we capital very is possible methodically allocation think wouldn't time we our and but through make capital structure to diligent it, frame what on as we're about would

Operator

line Securities. Your of with next Swartz question Truist comes from Michael the

Michael Swartz

Maybe which just given I quarter past. wanted dig in the quarterly you can to guys fourth into have guidance, remember not the guidance as --

EBITDA per to your So maybe cap as it pertains the your some for moving of you assumptions that us give or can, maybe guidance -- in so, just attendance but if rationale maybe doing then range. pieces,

Brian Witherow

Yes, Brian. Mike, it's

you've guidance. short-term think a we X seen of Six alone of a earnings glean typically, one, a since guidance, gave based just sort let prior of current closing the it's versus versus But of You're ago, Cedar. it's statement reporting merger combined -- year just been later, we've not on because in NewCo, XX-Q in it's the and long the legacy Flags this I in quarterly -- the heels right. morning, as there's difficult lot quarter the I you'll annual to requirements, kind mean, noise see months time

the might weather happens and the mean lift we're how November really developing is bit that quite in to a quarter. October that strong provide October our how as right? little business, outdoor issue, was, for December the the the balance the trying on the make the rolling portfolio operation an Street impressive want the give in for and a of. That of visibility in so bit macro proud that's skis you about little quarter and to we out of perspective, look something attendance very given in we just and as again, we're year, of entertainment at always So balance from don't over more forward more get is sure that what clarity a we I a attendance XX% a frankly, of XX% said, mean much is, of factor see over it's year. what to balance the truncated

basis. we of days we're that is tracking on Six Cedar operating Fair of things. as than that roll some fourth days that did full back -- the nice on net-net, again XXXX. so last legacy off a things. gave, we the think $XXX shift to build less A with we continue And a on of added some combined because from -- million lot quarter calendar of which have a confident finish perspective, to the is build momentum side I in we're and But we're We've into the to year to range going Cedar $XXX quarter towards side million way year

Michael Swartz

in the quarter. of the know it legacy in enacted, but the savings, help going how already mentioned or in linear, you to quarter? had business how cost us maybe much would you any -- that's you quarter, guidelines much isn't rate the FUN run that fourth in be a is been can as us This I I sense so provide of And savings be just we something to maybe business any can pertained great. the $XX see that, parameters third did the million Great. give Okay. maybe with generate But think seasonal.

Brian Witherow

opportunity and of Cedar noise noted was in that's really Cedar approximately quarter. that looking the those of down the initiatives And place. stand-alone, side. the more some self-insurance the at legacy the of operating when reserves, that costs for the felt the extra stand-alone for in million talked activate strip We on the side first the savings, the around the in Cedar expenses were just accounting week again, core XXXX. Certainly, you here to beginning costs put legacy again, We driven the looking call we and on Yes. year. at operating been of synergies about greater legacy in we legacy operating phase both noise Six the we the out that Those -- by were $XX

generated. have And been those so that's of where savings more

with the the As that quarter certainly side, third-party from variable operating a rate of right? sense right, services several year, a we've July, got such August, can. you get effect got the here mined run and Mike, some as take savings for with a December of the also than but costs last other less over We cost costs, we it's that's last less And in corporate cost into on month and had put leveraging just it's and to we'll have would fourth September operations to quarter, back what as will linear professional month overhead mentioned, into third cost. But the the basis, you're into full by advantages in synergies end pocket being moving. duplicative won't or X, the a of of out everything things you have roll urgency bigger on a weeks, November opportunity we us started have to as activating them lot the lot quickly because go some I synergies, we those as a of not year those scale. the been mean the of other to We

Operator

line Matthew of Boss next comes the Your from JPMorgan. question with

Matthew Boss

macro cadence the could wins? on how maybe much you relative tied the third to just execution magnitude. weather attendance the a of to more or the bit of on October top you little early elaborate in maybe drivers this just to the And see So line, trends relative quarter

Richard Zimmerman

in. Richard. I'll it's and here Matt, then can Yes, fill Brian in jump

X you impacted by the Beryl the a we'll in up chains and did of in August at hurricanes, we just attendance. together. When were looked we park putting in Debby were then the out weeks the lot of when third quarter, slightly think September, in merger, through stripped noise we that the Helene kind noise July, I late around you walked

of thought on see year, implemented would. East as October, the react little as and we policy. We to reaction started weather changes was When seeing were we some chaperone through to last went listen, there like So we the Coast. the got we operational a markets bit you

I've was from benefited side but better -- be the X record. against look of portfolio, And Cedar halves to in -- appeal when Coast but consumers we a the at both that it. model, the also on the our -- the that value the to, up says see we the up resilience we we were East legacy So up also the what weather the of spoken the strength October, business and of our of product

So what year we're of high on in part double-digit was record double-digit -- increases our a posting portfolio.

foundation companies the growing attendance combined half year the back program have as used for companies, that we has as Halloween to stand-alone said season half So start get does you it every selling the EBITDA part to to part at That higher next in season really after we back October, go, want of frankly, is it higher Halloween. last biggest we've year always And passes. a appeal the more year, gotten season and add? the quite and of the get year, something base year. to the year, is we And year, that's is our the or XX% whether XX% and we very we half the this, of keep year of pass in bigger. continue how year. Part going be every level look better second of conducive. because passes generated anything is, the weather, get building in at the Brian, passes back our can of of bigger, like the Part half of underscores the and the revenues the

Brian Witherow

Yes.

earlier. just as weather. business, Listen, Just -- point, the the I your would Richard, outdoor in on impact said entertainment underscore we're of I

Helene If it's and was health demand I an it's helpful, X Debby with the was we're not week, just week. going results. July August think to the the those impactful believe the we going going that as trying August more Richard to And exercise we're -- if quarter take sans the have you're through were we weather look our up this as X%, where and and August. So attendance modestly helpful but that weeks, of than as out said, But Beryl do there's with trying evaluating Debby sits, impacted excuse. and a when it's do -- an if did this consumer, in -- doubt hit, I weather in in no impact, Southeast. And September not week use as that do and X to rather we out, is we carve at and assess we're question the when where. as I to in of

to to So said, Richard conditions I still the underscore spend is on again, consumer consumer weather -- -- when experiences. continues And it, think provide healthy showing there's willing just certainly, up. they're it and as our

Matthew Boss

relative about Nike Brian, think think the the, Swoosh top maybe Great. incorporating of XXXX? on And bottom a to just just today, target then progression follow-up, said line. maybe to line the margin How I the best low linearity by commentary. XX% XXs you EBITDA And

Brian Witherow

Yes.

one So I performance margin indicators, any linear. it think, Matt, when isn't of to right, it or those you're comes key

margin attendance the driven number. of So much is by

to as right? more think of you more the we on and that completed we more depends revenue As strides initiatives attendance, faster. more efficiency efficient opportunity work bottom efficient, be against, things. And on -- more but and get executed operating to get drive lift I made line there's not to be more So of to we're attendance side follow out allows good we've that it and and the listen, model the how done,

a think in model on this you how business. that's driver really that big focus margin So such it for lift attendance depends because I remains for us. a the But out

Operator

Your next of question comes line from Chaiken the Mizuho. with Ben

Benjamin Chaiken

going to anything XQ not those we is operating the then the the XX% year-over-year, what's base periods? about in the so is very the operating Were XXX to October on it think year? full the comparability? was progression XX%. per aware down October, in the concerning about And we as need year? for weather still taking obviously But October just Can be to just which from latest So year-over-year. up -- comparable operating acceleration, healthy, days numbers year-over-year for Is up our from thought there but full around days we back adjusted is X% then away XQ for day around

Brian Witherow

it's Brian. Ben,

just you're So looking correct? legacy on at your XXX, side, Cedar the

Benjamin Chaiken

That's correct. Yes. Yes.

Brian Witherow

last still the Yes. that days left dependent of might months the operations. operating these in on legacy they with Again, mean for parks weather hunt line what couple the for for over trend of We're side general and Cedar things.

basis million that of In an can terms do. the best of comparability, that we -- as lift on number visits apples-to-apples XX% north is as X

So the on the weeks year versus combined a equivalent X X comparing basis. equivalent that's before weeks

by at So saw from at juiced non-weather the on time continued in parks the legacy Fright Haunt Richard in as time fact quarter our I'd of Cedar we or Six guests year most were the the days momentum events, was year parks. what with of Fest third again, what we is the just October, but legacy for disrupted that the said, the the you probably say, the that saw the or HalloWeekends whether it's popular at

Benjamin Chaiken

Got sorry, ahead. go it. to not -- And

Richard Zimmerman

the say this at to say let terms Ben, midyear. legacy year, Yes, his made when the just and investment how mazes, we team into focusing the of together in huge in the want in October. -- on really you really to drive I jump both Fest, coming Selim putting me IP will a here. plans we I in put look -- company Fright

on say with, sides, teams attendance that biggest from what that in because planning our scalability on was we the per comes So we built I'm both all sides, outstanding for this what demand, to think just our both handling we [indiscernible] caps on October ops saw ready pleased time, our similar do model. bigger crowds. And of the highest all reasonably do get of it's but most I and days our the into

Benjamin Chaiken

Got the but it. -- weeks, very comparable a operating that are know I clarify trailing just days And to just a quickly, lot. moving X around I it's understand

October be in comparable prior the days operating the year, this to clear. think to just are you year So

Brian Witherow

some highest times add weather looking generally, I say, it impact, demand would yes. Ben, of to mean, when I to the Sans comes days the back, we're year.

be last over of that's and closely years, to into to So we the days added continue an area look going that we at. couple October, have

when the have And the urgency come likes October, -- where are. to our told us September probably you guests -- October late Richard it's with say, they level the events As fish of is Halloween greatest. the want fish to September, is when

on a so And add to -- days general are the But continue to look we'll generally comparable. level, operating highest days. the at

Benjamin Chaiken

back EBITDA guess you in operating down does underwriting, X% we Very we of were Six, you XXXX would drive for those Six, do lower our original helpful. comparable pretty in that expectations, of then levers How park? then that talk reaching why? Investing And in about for attendance somewhat that your XQ. that's think know legacy to days? And think. guys that? On levels comparable in I XXXX EBITDA incremental higher? rate mentioned the attendance. levels the the higher switching when I to to I or year-over-year. cutting underlying levels had Investing Can about higher, numbers, getting price? Is And of legacy I drive that some Six of operation? XXXX to run then you do generated EBITDA than in assume related,

Richard Zimmerman

the for thanks question. Ben,

remarks. attendance able legacy have Cedar. think discount don't to jump Six back prepared And here. legacy me in at I think we and to go or drive be to at We I'll to drive aggressively Let my demand

that's We not now. build start philosophy. So to demand to We build saw our demand. want that

time-tested don't market. as think said has we that take a with the So There's to and the been from does that what we formula. It we we messaging think you it, need do from time, about we don't that stray beginning. got -- to

we -- we put got want pleased quarter, over season will on think quarter. And a of weeks advertising your understand we're bit tell the in program. third driving I formatting season the quarter, in with X pass the fourth that additional how over little people you're in don't -- third a clearly -- results, in step You X% an higher helped pass increase impact but sales media and forward, the weighed about to the particularly place that but when you, X% last price. on the I demand

less So I'll this a approach go basis, and total -- think but we we're to make willing into step to a the changes all think portfolio, put we're And levers, season-by-season making quarter-by-quarter to sure on the fine-tuning basis. my on we manage back earlier really our our I all those the have levers. We comments.

guest demand, to drive and to centers. want attractions great Brian, you rides and want You focus on revenue add? putting satisfaction compelling new anything and

Brian Witherow

it No, Richard. I well, think you hit

Benjamin Chaiken

-- of EBITDA of drive And helpful, do would expect? but you that's think very comparable levels reaching those higher that you attendance, does those or so or levels of lower XXXX levels

Brian Witherow

XX-month maybe couple Ben, Well, proxy you of a pacing in the out basis, basis. I'll and so on I basis EBITDA the where being attendance at look there that. -- legacy an we Cedar out the a of use at that points XXX When above XXXX XXXX it at for well -- are think, trailing of were when whether as Cedar, points some we're you basis you or coming look or are answering legacy XXX levels right, look within the XXX, pandemic, forecasts of from

certainly, the discounting. and costs over higher guests to line. attendance So efficiently driven again higher years, spending entertaining the not while more more And we've as higher doing leverage that Richard and attendance, -- get said, managing guest by pushes of drops seen does drives as up levels bottom

Operator

of comes with Thomas from question the Stanley. next Your Yeh line Morgan

Thomas Yeh

about season there's help what goes these pricing of evolve help that refine more whether mix seems you X% like and with prestige passes? potentially just and product It all-parks tiers seeing shift think the unit as momentum. helping Can mentioned the price also been the pass tap Any us season all? on offering you has pass mix just on on the into the average adoption whether just taking to up wanted of the product. the at just pass I Richard, kind you're even you growth. double higher-end

Brian Witherow

Brian. It's

just mean of will benefits getting underway on allowing the harmonizing the the with the be on a small but as part we're seeing, of same we next we I terms in perspective, we're Going out sample think And it's still early. on think a or there's of I That's with we're of terms that take 'XX yet. now get that already, such our a a done skis pleased objective. ticketing excited from all-pass right plan that's efforts adoption, be year want I In products too 'XX system in to what big right? sale the size. for passes. us that don't to too to lot and next are step,

the In we ticketing best not maybe first mix, step we being singular as take a harmonizing can, of terms in system. programs, harmonize programs the a on the

guest the bit that. around how watching on shift little we're so a patterns purchasing And

think we're most to up, demand pass seen attendance what big in which in sales historically we've I is pleased what the season follow. jump of with, given addition when seeing units, isn't surprising

being somewhat side function start the average it gives a so, pleasantly so. But that it more our right? when intelligence things. comes think team more Again, of often was that as pricing certainly having to was, the you as business of a momentum, get expected, and seeing October but up, with pleased into we it pricing noted, spring of sales to tailwind We'll But really X%. the this mix. what that's plays out. see so I fact we're how it we're And

So we year we're positioned into I think roll calendar XXXX. well as

Thomas Yeh

Okay. That's helpful. outlook. And then just a flow clarification free the on cash unlevered

as have partnership Six adjusted thinking You Flags think you that a and that's just capital your up EBITDA given your we for that. And there? -- modified should guidance on other then, is the if update by Or buy sense an these priorities, about to XXXX puts out? your into your essentially still building blocks that, wanted assume deploy how about same just on the side. the that to Is EBITDA we're the capital ROI I coming good

Richard Zimmerman

the believe partnership Yes, But as tremendous place where are park Atlanta, both our Dallas markets -- and Thomas, Dallas, we it's our growing; work over -- portfolio, and Atlanta, original appropriate we'll opportunity; exercise attractive. absolutely that $X time. that Richard. franchises. is great in in there's look the sure extremely markets, We and making tremendous $X fast at million those at there towards growing; a are assets they're those we a million, tremendous

difficult really to it's M&A. So find

is terms think specifics Brian. M&A. But of the modified one the in over around I built-in margin, throw partnership I'll to that parks

Brian Witherow

Yes.

in what modeling, is the perspective. that adjusted modified be In the terms would in assumed the -- of that Thomas, we've same the from and

Thomas Yeh

I just one last if And Great. Okay. in. one could squeeze

a just the the you both visitation of time, on on last lever part is and past driving growing attendance basis. quarter adoption mentioned guest greater think per over I improving pass

kind reasons that XX% pulling seen do a you why of into guess, perspective there more expect I from way, you're count of the from an near structural any that season the both than Six you've Flags of the pass high little terms far not mix are run another so levers? asked to might Now higher legacy attendance Or perspective closer the to bit per -- Cedar? closer it, legacy visit attendance those XXs, in of come

Richard Zimmerman

season in parks unique got pass. loyal parks, rate see year, one to would to able us but on I visit you'll sell we particularly want us always it's listen, season our come perceived rate from ability there's could highly penetration why tell in oriented, pass Richard, regions, oriented, They an investing also to their respective visitation customer. And structural all which be high that be parks, from we our the our increase the that it. want if but water we as Thomas markets ticket. we guests as reinforce be also sell markets in do what's value, announced to but the holders purchase about in urgency drives want -- we've increase It's everybody both season the to in thrill both summer, season experience. next said, can't -- -- -- parks would that of comes pass, summer, is valued a we to perspective, most respective the highest-priced no capital again, each of their the we and program to those that reason a It's part I've as and the water our consistently the also think really passes. the say, park family -- do we we've the

we tap structural investing making think and we're can that there's growth we sure reason potential. behind no So

Operator

question next from comes the with Paul of Capital. Golding Your line Macquarie

Paul Golding

stay some in just you I were the the periods noting extend of light But that portfolio-wide rate reconcile we run on and view busier to operating the that looking crowded operating were certain days of Brian, the that about How you're some the were looking noting in were days. commentary. forward? to busier. basis days a comfortably to of you hoping add of was should going Richard, comments also you days on operating season think

Brian Witherow

Yes.

I out going think, days, out Paul, there's be always and operating to to when field to are always Our right? takes, the might figure efficient it nothing comes more can, ways that puts trying teams to value days operating taking in be and the pushing days that you attendance, is efficient of if some be other year. lower more than times and to

were to made Cedar lot more in early where season, little the the operating of legacy properties, in in year we this bit the but and it a that successful other very taking the attendance on mid-tier year. spring calendar, the a out days fall, times of adjustments sliding we the think probably past to adjustment particularly parts a that, of I was

focus to the late demand the there's as we October, is of to daily fall, give time said we're the parks Labor of late move a continue to appropriate, to great probably much most no there October, that's do Memorial the example. as continue you year but And and Day than going than that more where it's you take and out most September, to so other open are reason given adjusting there, where look greatest, not of as Day, lot to be I'll around. But at days done school not there's a there's calendars maybe August a

the the but largest only for X only of as grow, continuing HalloWeekend or event. the added nice out crowd, evening to weekends not Haunt You parks in spread drive all-day the attendance Halloween people nights, We go a rooms, Cedar continue open or in hotel of years X we ago, portfolio seen Thursday attendance, and Point, drew back Friday saw then that our was growth. to that and And demand and but one nights. put actually grow Friday not on we've added demand their a

the will it's So work where we'll give portfolio portfolio at it. sense, entire in part, there the and some of lot thought that a lot a doesn't but make to to of every are we where certainly going it's do most That across parks appropriate.

Paul Golding

influence Is for I might Six capital legacy how historically had mix of on holiday should that outlined? guess, festival capital new Fair how been that sort of going plan forward. for robust Cedar think about unique we quick plan a Legacy slate. follow-up forward really -- the of capital projects that Just of the celebration mix has a attractions that's the and part as going

Richard Zimmerman

Paul, good question.

Brian by by is different answer, -- always about region. park, park think As we region really said, as it the

and with how Oktoberfest and Six been As best an our we what and working some Halloweens things. of we things the events unfold. Clearly, of the some parks. There's other look are we're work We work to we're and biggest how they traction do example event. Boysenberry sequence will targeting, intend the demos investment, like exactly in Flags at will they'll how where through

pass got we're to at effective seasons, X that we've a will in but evaluate all about So all just seasons, going all to in and as out people different give seasons come enough sure make firepower be want program by messaging the demand. to the park really our it driving X But we reason very to put park. to be how most clearly, X most effective and think underneath we season demand

Operator

the next question Zaffino with Oppenheimer. of from Your Ian comes line

Isaac Sellhausen

as Isaac I pricing. had is ticket as just Sellhausen follow-up on Ian. This one for far

won't you prepared the lean into higher to drive attendance. remarks You in discounting mentioned that

for the maybe relative parks historical could for Six you So larger dynamic admissions give levels and legacy on next on on ticket just the to side year? strategy maybe and if expectations daily pricing and FUN pricing some color your

Brian Witherow

Yes.

it's I Brian. think --

relates those in is it as helpful than As -- building said the robust more possible. to as advance we pricing, doing that Isaac, as nothing channels the commitment that remarks, demand and getting in prepared purchase

the tickets dynamic through what in. lean pass our that bookings. So season pricing around gives confidence business the single-day intelligence manages team most That's to

out we've noted team on Richard decade in behind tools prepared able over we've mean, combined bringing to based and has last been the we're and dynamic that portfolio the I what the pricing accomplish building As approach the over remarks, spent the set and strategy been a successfully and very under years, tool parks the now oversight. that, several that successful, all that of across expanding and believe team's into

strong So team should to applicable, lot to their pass having reservations in gives XXXX, lean a in of those that group get base, right ability say, in. going as direction, season and continuing I where hotel we roll bookings appropriate into confidence a where or the

market So sloppy, allows be slaughtered. fat dynamic be comes as and we're like say, right? they going to as the get not to we're to to hogs it get As but pigs aggressive going pricing, when

but certain we the economic increases we're the take environment of responsible markets be we been ourselves given going Our increases, trained levels have to find expect with to in.

Isaac Sellhausen

Cedar? you see being 'XX, 'XX as spread out then CapEx the the $XXX a of as a And for how details to quick Six previous could just as far that Understood. maybe balance you question, guided follow-up, you between some additional follow-up as to and just if of the million provide legacy Okay. that and

Richard Zimmerman

Still working Isaac. that, through

a particular So the every touching we're it right through is give breakdown money What each keeping in I infrastructure we're park, every wouldn't park. what And of should. on they that of because some needs because find you addressing we we're say some park working is I the we're depends the that. getting field. still would now we're But making sure --

Operator

final Dove Your comes question from Lizzie Sachs. with Goldman

Elizabeth Dove

to go on days. just I the to point operating want back

case that be Flags still the of you you to those the add about maybe that Six ramping over that think growth of kind b, want cut going is years kind back? time might half of is which to cadence that contribute I days said of and XXXX, past back and just a, added the versus of in Curious, to those. XXX attendance operating legacy

Brian Witherow

the Yes, a conclusion to were days correct. I where reached the were Lizzie, back. That's they were about look add the at days it's right Six mean trending XXX. they we've know on legacy operating that don't number assets down you to yet pre-pandemic, where compared if I Brian. of final what's

days a little similarly a one I going every system, there's don't coming parks. We'll just always was XXXX said at the high-value I to add think they day to those needed probably of be out taken of As did days Cedar responsibly. we be bit into to the legacy and puts what ago, and takes. back

many around on add pause on mentioned, as system some ocean. don't, calendar least, days is back what where I made But constantly may we've to it's into going or the dribble and we're of we reverse And tell yet long operating -- what try based and more we boil the days, ultimately, the has play see we decision most we'll the appropriate the with like As those if added not you, the course. back. But we and can are XXX we that. we where it, returns if and consumers risk term, the to days are may will the over us. I We'll telling the may how markets get no been

Elizabeth Dove

of Got it. the of guess calendar I shifts. point, more And housekeeping but just on kind a then

million which it XX difference EBITDA about was of in XQ, $XX day think was operating impact. had of I roughly So days you

deficit comparatively that I from XQ year-on-year. think half of operating day an is about

know to what million I in, days half to, of you're so right it let's is or say, So factors so, are guiding different think that different $XX but that worth amounts.

shift in quarter? kind you're in impact what a EBITDA factoring curious the just calendar of So from fourth

Brian Witherow

Yes.

quarter, legacy this we're Six days But at the trending fourth up operating over the be quarter, over balance So the with of by bit little Cedar legacy fourth year. we're impacted XX days. maybe XX down will to trending for XX -- being again, weather roughly being a

around XX a got XX quarter. less on the combined fourth you've net in So days to somewhere basis

Operator

gentlemen, I like now turn the to for and Zimmerman call back comments. Ladies over Richard would closing to

Richard Zimmerman

us joining company. for today's for in your Thanks and our on interest call, continued thanks

to want hope heads safe to we hosted wish As the hosted up, several year, Boston end by in banking I in you happy hosted your and and Otherwise, Truist. be Deutsche a We York Stanley two of one season. and in have by Morgan and being conferences you one one visit with the holiday many at will by chance Michael? to participating events. New person a a of in Jefferies, before Bank these families of Miami in

Michael Russell

contact (XXX) to free Investor feel at Relations Please Richard. Thanks, our department XXX-XXXX.

February our of Our everyone. concludes call after next the XXXX Thanks, that our be earnings call will Krista, full in release today. year results.

Operator

Ladies you conclude disconnect. does Thank conference and that you and participation, your now may for gentlemen, today's call.

Six Flags Entertainment (FUN) 6 Nov 242024 Q3 Earnings call transcript