Six Flags Entertainment CorporationNEW
For the period ended Sep 29, 2024. Filed Nov 6, 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.
Sep 29, 2024 · Filed Nov 6, 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)
| September 29, 2024 | December 31, 2023 | September 24, 2023 | |
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $89,705 | $65,488 | $134,394 |
| Receivables | 201,653 | 79,513 | 88,256 |
| Inventories | 89,842 | 41,048 | 51,531 |
| Other current assets | 75,761 | 22,791 | 31,127 |
| 456,961 | 208,840 | 305,308 | |
| Property and equipment, gross | 7,526,470 | 4,004,195 | 3,956,079 |
| Accumulated depreciation | (2,547,454) | (2,368,862) | (2,342,275) |
| Property and equipment, net | 4,979,016 | 1,635,333 | 1,613,804 |
| Goodwill | 2,786,109 | 264,625 | 263,557 |
| Other intangibles, net | 898,662 | 49,062 | 48,883 |
| Right-of-use assets | 236,286 | 81,173 | 84,799 |
| Other assets | 12,192 | 1,500 | 2,252 |
| $9,369,226 | $2,240,533 | $2,318,603 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Current maturities of long-term debt | $210,000 | $— | $— |
| Accounts payable | 120,351 | 37,595 | 56,145 |
| Deferred revenue | 330,945 | 183,689 | 186,175 |
| Accrued interest | 95,367 | 32,587 | 49,268 |
| Accrued taxes | 74,368 | 45,296 | 44,867 |
| Accrued salaries, wages and benefits | 49,890 | 37,421 | 38,167 |
| Self-insurance reserves | 124,618 | 30,784 | 29,176 |
| Other accrued liabilities | 135,072 | 35,354 | 42,659 |
| 1,140,611 | 402,726 | 446,457 | |
| Deferred tax liabilities | 476,292 | 63,403 | 66,167 |
| Lease liabilities | 236,810 | 71,951 | 74,957 |
| Other liabilities | 53,743 | 9,964 | 23,830 |
| Long-term debt: | |||
| Revolving credit loans | 139,080 | — | — |
| Term debt | 976,622 | — | — |
| Notes | 3,458,805 | 2,275,451 | 2,272,961 |
| 4,574,507 | 2,275,451 | 2,272,961 | |
| Commitments and contingencies (Note 1) | |||
| Redeemable non-controlling interests | 545,685 | — | — |
| Equity: | |||
| Former Cedar Fair, L.P. Partners’ Deficit: | |||
| Special L.P. interests | — | 5,290 | 5,290 |
| General partner | — | (6) | (6) |
| Limited partners, 51,013 and 51,017 units outstanding as of December 31, 2023 and September 24, 2023, respectively | — | (602,947) | (586,074) |
| Six Flags Entertainment Corporation Stockholders' Equity: | |||
| Common stock, 100,275 shares outstanding as of September 29, 2024 | 1,003 | — | — |
| Additional paid-in-capital | 2,215,647 | — | — |
| Retained earnings | 110,966 | — | — |
| Accumulated other comprehensive income | 13,962 | 14,701 | 15,021 |
| 2,341,578 | (582,962) | (565,769) | |
| $9,369,226 | $2,240,533 | $2,318,603 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share and per unit amounts)
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 29, 2024 | September 24, 2023 | September 29, 2024 | September 24, 2023 | |
| Net revenues: | ||||
| Admissions | $716,684 | $430,952 | $1,043,375 | $725,367 |
| Food, merchandise and games | 436,781 | 281,546 | 685,663 | 493,274 |
| Accommodations, extra-charge products and other | 194,920 | 129,511 | 292,578 | 208,904 |
| 1,348,385 | 842,009 | 2,021,616 | 1,427,545 | |
| Costs and expenses: | ||||
| Cost of food, merchandise, and games revenues | 109,890 | 70,072 | 174,759 | 129,085 |
| Operating expenses | 575,032 | 332,559 | 999,159 | 739,216 |
| Selling, general and administrative | 209,260 | 64,799 | 322,518 | 141,405 |
| Depreciation and amortization | 144,560 | 65,936 | 211,887 | 127,711 |
| Loss on retirement of fixed assets, net | 4,671 | 2,018 | 11,406 | 12,779 |
| Loss on impairment of goodwill | 42,462 | — | 42,462 | — |
| 1,085,875 | 535,384 | 1,762,191 | 1,150,196 | |
| Operating income | 262,510 | 306,625 | 259,425 | 277,349 |
| Interest expense, net | 81,742 | 35,296 | 155,903 | 104,099 |
| Loss on early debt extinguishment | 2,063 | — | 7,974 | — |
| Other (income) expense, net | (101) | 5,162 | 6,862 | (1,508) |
| Income before taxes | 178,806 | 266,167 | 88,686 | 174,758 |
| Provision for taxes | 43,341 | 50,673 | 31,135 | 40,246 |
| Net income | 135,465 | 215,494 | 57,551 | 134,512 |
| Net income attributable to non-controlling interests | 24,499 | — | 24,499 | — |
| Net income attributable to Six Flags Entertainment Corporation | $110,966 | $215,494 | $33,052 | $134,512 |
| Net income | $135,465 | $215,494 | $57,551 | $134,512 |
| Other comprehensive income, (net of tax): | ||||
| Foreign currency translation | (1,060) | 584 | (1,076) | (588) |
| Defined benefit retirement plan | 337 | — | 337 | — |
| Other comprehensive (loss) income, (net of tax) | (723) | 584 | (739) | (588) |
| Comprehensive income | 134,742 | 216,078 | 56,812 | 133,924 |
| Comprehensive income attributable to non-controlling interests | 24,499 | — | 24,499 | — |
| Comprehensive income attributable to Six Flags Entertainment Corporation | $110,243 | $216,078 | $32,313 | $133,924 |
| Weighted average common shares / LP units outstanding (See Note 11) | ||||
| Basic | 99,741 | 50,668 | 67,072 | 51,064 |
| Diluted | 100,988 | 51,150 | 67,999 | 51,587 |
| Income attributable to Six Flags Entertainment Corporation per average common share / LP unit outstanding (See Note 11) | ||||
| Net income per common share / LP unit - basic | $1.11 | $4.25 | $0.49 | $2.63 |
| Net income per common share / LP unit - diluted | $1.10 | $4.21 | $0.49 | $2.61 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share and per unit amounts)
| For the three months ended | Common Shares Outstanding | Limited Partnership Units Outstanding | Common Stock | Additional Paid-in-Capital | Retained Earnings | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income (Loss) | Total Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of June 25, 2023 | — | 51,330 | $— | $— | $— | $(782,377) | $(8) | $5,290 | $14,437 | $(762,658) |
| Net income attributable to Six Flags Entertainment Corporation | — | — | — | — | — | 215,492 | 2 | — | — | 215,494 |
| Repurchase of limited partnership units | — | (315) | — | — | — | (12,038) | — | — | — | (12,038) |
| Partnership distribution declared ($0.300 per unit) | — | — | — | — | — | (15,305) | — | — | — | (15,305) |
| Equity-based compensation | — | 2 | — | — | — | 8,154 | — | — | — | 8,154 |
| Foreign currency translation adjustment, net of tax $637 | — | — | — | — | — | — | — | — | 584 | 584 |
| Balance as of September 24, 2023 | — | 51,017 | $— | $— | $— | $(586,074) | $(6) | $5,290 | $15,021 | $(565,769) |
| Balance as of June 30, 2024 | — | 51,243 | $— | $— | $— | $(702,046) | $(7) | $5,290 | $14,685 | $(682,078) |
| Net income attributable to Six Flags Entertainment Corporation | — | — | — | — | 110,966 | — | — | — | — | 110,966 |
| Equity-based compensation | 40 | 7 | — | 35,439 | — | — | — | — | — | 35,439 |
| Foreign currency translation adjustment, net of tax $(143) | — | — | — | — | — | — | — | — | (1,060) | (1,060) |
| Defined benefit retirement plan, net of tax $(113) | — | — | — | — | — | — | — | — | 337 | 337 |
| Effect of Mergers | 48,922 | — | 489 | 2,550,736 | — | — | — | — | — | 2,551,225 |
| LP conversion to corporation | 51,313 | (51,250) | 514 | (370,528) | — | 702,046 | 7 | (5,290) | — | 326,749 |
| Balance as of September 29, 2024 | 100,275 | — | $1,003 | $2,215,647 | $110,966 | $— | $— | $— | $13,962 | $2,341,578 |
The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per unit amounts)
| For the nine months ended | Common Shares Outstanding | Limited Partnership Units Outstanding | Common Stock | Additional Paid-in-Capital | Retained Earnings | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income (Loss) | Total Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2022 | — | 52,563 | $— | $— | $— | $(612,497) | $(4) | $5,290 | $15,609 | $(591,602) |
| Net income attributable to Six Flags Entertainment Corporation | — | — | — | — | — | 134,511 | 1 | — | — | 134,512 |
| Repurchase of limited partnership units | — | (1,735) | — | — | — | (74,534) | (3) | — | — | (74,537) |
| Partnership distribution declared ($0.900 per unit) | — | — | — | — | — | (46,275) | — | — | — | (46,275) |
| Equity-based compensation | — | 189 | — | — | — | 12,976 | — | — | — | 12,976 |
| Tax effect of units involved in treasury unit transactions | — | — | — | — | — | (255) | — | — | — | (255) |
| Foreign currency translation adjustment, net of tax $62 | — | — | — | — | — | — | — | — | (588) | (588) |
| Balance as of September 24, 2023 | — | 51,017 | $— | $— | $— | $(586,074) | $(6) | $5,290 | $15,021 | $(565,769) |
| Balance as of December 31, 2023 | — | 51,013 | $— | $— | $— | $(602,947) | $(6) | $5,290 | $14,701 | $(582,962) |
| Net income attributable to Six Flags Entertainment Corporation | — | — | — | — | 110,966 | (77,913) | (1) | — | — | 33,052 |
| Partnership distribution declared ($0.600 per unit) | — | — | — | — | — | (30,764) | — | — | — | (30,764) |
| Equity-based compensation | 40 | 237 | — | 35,439 | — | 9,730 | — | — | — | 45,169 |
| Tax effect of units involved in treasury unit transactions | — | — | — | — | — | (152) | — | — | — | (152) |
| Foreign currency translation adjustment, net of tax $987 | — | — | — | — | — | — | — | — | (1,076) | (1,076) |
| Defined benefit retirement plan, net of tax $(113) | — | — | — | — | — | — | — | — | 337 | 337 |
| Effect of Mergers | 48,922 | — | 489 | 2,550,736 | — | — | — | — | — | 2,551,225 |
| LP conversion to corporation | 51,313 | (51,250) | 514 | (370,528) | — | 702,046 | 7 | (5,290) | — | 326,749 |
| Balance as of September 29, 2024 | 100,275 | — | $1,003 | $2,215,647 | $110,966 | $— | $— | $— | $13,962 | $2,341,578 |
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)
| Nine months ended | ||
|---|---|---|
| September 29, 2024 | September 24, 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $57,551 | $134,512 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Depreciation and amortization | 211,887 | 127,711 |
| Loss on early debt extinguishment | 7,974 | — |
| Loss on impairment of goodwill | 42,462 | — |
| Non-cash foreign currency loss (gain) on USD notes | 5,821 | (1,950) |
| Non-cash equity based compensation expense | 53,362 | 15,841 |
| Deferred income tax benefit | (9,201) | (3,245) |
| Other non-cash expenses | 12,859 | 16,442 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in receivables | (38,124) | (17,287) |
| (Increase) decrease in inventories | (8,557) | (9,615) |
| (Increase) decrease in other assets | 8,522 | 4,049 |
| Increase (decrease) in accounts payable | 4,918 | 4,559 |
| Increase (decrease) in deferred revenue | (37,251) | 35,359 |
| Increase (decrease) in accrued interest | 39,353 | 17,095 |
| Increase (decrease) in accrued taxes | 13,988 | 8,682 |
| Increase (decrease) in accrued salaries, wages and benefits | (6,381) | (15,184) |
| Increase (decrease) in self-insurance reserves | 18,207 | 1,401 |
| Increase (decrease) in other liabilities | 28,593 | 11,648 |
| Net cash from operating activities | 405,983 | 330,018 |
| CASH FLOWS FOR INVESTING ACTIVITIES | ||
| Capital expenditures | (227,620) | (169,579) |
| Mergers, net of cash acquired | (151,085) | — |
| Net cash for investing activities | (378,705) | (169,579) |
| CASH FLOWS FOR FINANCING ACTIVITIES | ||
| Net borrowings on revolving credit loans | 156,000 | — |
| Term debt borrowings | 1,000,000 | — |
| Note payments | (1,056,867) | — |
| Repurchase of limited partnership units | — | (74,537) |
| Distributions paid to partners | (30,764) | (46,275) |
| Payment of debt issuance costs | (34,679) | (2,643) |
| Payments related to tax withholding for equity compensation | (4,689) | (2,865) |
| Distributions to non-controlling interests | (24,499) | — |
| Other | (5,668) | (255) |
| Net cash for financing activities | (1,166) | (126,575) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (1,895) | (659) |
| CASH AND CASH EQUIVALENTS | ||
| Net increase for the period | 24,217 | 33,205 |
| Balance, beginning of period | 65,488 | 101,189 |
| Balance, end of period | $89,705 | $134,394 |
| SUPPLEMENTAL INFORMATION | ||
| Cash payments for interest | $155,294 | $84,094 |
| Interest capitalized | 3,399 | 3,017 |
| Net cash payments for income taxes | 30,672 | 39,308 |
| Capital expenditures in accounts payable | 17,809 | 11,545 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.