Six Flags Entertainment CorporationNEW
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
FUN$10.16-5.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| June 30, 2024 | December 31, 2023 | June 25, 2023 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets: | |||
| Cash and cash equivalents | $52,858 | $65,488 | $49,179 |
| Receivables | 114,554 | 79,513 | 99,985 |
| Inventories | 61,480 | 44,097 | 65,852 |
| Prepaid advertising | 11,978 | 1,597 | 14,053 |
| Other current assets | 30,523 | 18,145 | 33,510 |
| 271,393 | 208,840 | 262,579 | |
| Property and Equipment: | |||
| Land | 286,424 | 288,761 | 289,736 |
| Land improvements | 524,266 | 523,336 | 515,695 |
| Buildings | 1,032,720 | 991,424 | 979,495 |
| Rides and equipment | 2,192,051 | 2,125,726 | 2,105,773 |
| Construction in progress | 61,549 | 74,948 | 45,797 |
| 4,097,010 | 4,004,195 | 3,936,496 | |
| Less accumulated depreciation | (2,407,981) | (2,368,862) | (2,287,750) |
| 1,689,029 | 1,635,333 | 1,648,746 | |
| Goodwill | 262,592 | 264,625 | 264,744 |
| Other Intangibles, net | 48,581 | 49,062 | 49,206 |
| Right-of-Use Asset | 75,175 | 81,173 | 87,708 |
| Other Assets | 1,060 | 1,500 | 3,435 |
| $2,347,830 | $2,240,533 | $2,316,418 | |
| LIABILITIES AND PARTNERS’ DEFICIT | |||
| Current Liabilities: | |||
| Current maturities of long-term debt | $10,000 | $— | $— |
| Accounts payable | 84,130 | 37,595 | 79,339 |
| Deferred revenue | 281,795 | 183,689 | 273,737 |
| Accrued interest | 28,501 | 32,587 | 30,712 |
| Accrued taxes | 21,322 | 45,296 | 16,581 |
| Accrued salaries, wages and benefits | 35,081 | 37,421 | 24,290 |
| Self-insurance reserves | 28,039 | 30,784 | 27,708 |
| Other accrued liabilities | 51,001 | 35,354 | 43,814 |
| 539,869 | 402,726 | 496,181 | |
| Deferred Tax Liability | 65,382 | 63,403 | 66,842 |
| Lease Liability | 66,871 | 71,951 | 77,679 |
| Other Liabilities | 8,996 | 9,964 | 10,788 |
| Long-Term Debt: | |||
| Revolving credit loans | 88,000 | — | 157,000 |
| Term debt | 972,819 | — | — |
| Notes | 1,287,971 | 2,275,451 | 2,270,586 |
| 2,348,790 | 2,275,451 | 2,427,586 | |
| Commitments and Contingencies (Note 1) | |||
| Partners’ Deficit | |||
| Special L.P. interests | 5,290 | 5,290 | 5,290 |
| General partner | (7) | (6) | (8) |
| Limited partners, 51,243, 51,013 and 51,330 units outstanding as of June 30, 2024, December 31, 2023 and June 25, 2023, respectively | (702,046) | (602,947) | (782,377) |
| Accumulated other comprehensive income | 14,685 | 14,701 | 14,437 |
| (682,078) | (582,962) | (762,658) | |
| $2,347,830 | $2,240,533 | $2,316,418 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(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) |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT
(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) |
The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Six months ended | ||
|---|---|---|
| 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.