Six Flags Entertainment Corporation/NEW
For the period ended Mar 30, 2025. Filed May 8, 2025.
View on SEC.govAbout this filing
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.
Mar 30, 2025 · Filed May 8, 2025
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)
| March 30, 2025 | December 31, 2024 | March 31, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $61,512 | $83,174 | $35,128 |
| Receivables | 146,092 | 164,861 | 61,530 |
| Inventories | 84,634 | 71,104 | 52,351 |
| Prepaid insurance | 19,799 | 19,333 | 10,496 |
| Other current assets | 67,284 | 61,398 | 30,682 |
| 379,321 | 399,870 | 190,187 | |
| Property and equipment, gross | 7,039,875 | 6,916,761 | 4,049,203 |
| Accumulated depreciation | (2,692,004) | (2,619,806) | (2,365,627) |
| Property and equipment, net | 4,347,871 | 4,296,955 | 1,683,576 |
| Goodwill | 3,303,351 | 3,296,523 | 263,182 |
| Other intangibles, net | 897,874 | 897,834 | 48,796 |
| Right-of-use assets | 221,742 | 227,284 | 77,267 |
| Other assets | 13,758 | 12,050 | 1,257 |
| $9,163,917 | $9,130,516 | $2,264,265 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Current maturities of long-term debt | $210,000 | $210,000 | $— |
| Accounts payable | 128,887 | 107,056 | 52,847 |
| Deferred revenue | 368,627 | 302,326 | 225,692 |
| Accrued interest | 96,505 | 54,342 | 51,597 |
| Accrued taxes | 34,555 | 41,021 | 14,720 |
| Accrued salaries, wages and benefits | 32,419 | 51,030 | 13,674 |
| Self-insurance reserves | 36,327 | 36,630 | 27,389 |
| Other accrued liabilities | 128,570 | 124,272 | 38,347 |
| 1,035,890 | 926,677 | 424,266 | |
| Deferred tax liabilities | 353,757 | 542,583 | 56,958 |
| Lease liabilities | 229,182 | 230,443 | 68,626 |
| NCI call option liability | 298,614 | 290,390 | — |
| Other liabilities | 133,312 | 133,672 | 9,393 |
| Long-term debt: | |||
| Revolving credit loans | 609,003 | 296,953 | 158,000 |
| Term debt | 968,527 | 966,712 | — |
| Notes | 3,460,036 | 3,459,407 | 2,277,941 |
| 5,037,566 | 4,723,072 | 2,435,941 | |
| Commitments and contingencies (Note 1) | |||
| Redeemable non-controlling interests | 241,816 | 241,816 | |
| Equity: | |||
| Former Cedar Fair, L.P. Partners’ Deficit: | |||
| Special L.P. interests | — | — | 5,290 |
| General partner | — | — | (7) |
| Limited partners, 51,252 units outstanding as of March 31, 2024 | — | — | (751,215) |
| Six Flags Entertainment Corporation Shareholders' Equity: | |||
| Common stock, 101,074 and 100,350 shares outstanding as of March 30, 2025 and December 31, 2024, respectively | 1,010 | 1,004 | — |
| Additional paid-in-capital | 2,209,825 | 2,207,410 | — |
| Accumulated deficit | (383,989) | (164,271) | — |
| Accumulated other comprehensive income (loss) | 6,934 | (2,280) | 15,013 |
| 1,833,780 | 2,041,863 | (730,919) | |
| $9,163,917 | $9,130,516 | $2,264,265 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share and per unit amounts)
| Three months ended | ||
|---|---|---|
| March 30, 2025 | March 31, 2024 | |
| Net revenues: | ||
| Admissions | $106,761 | $47,384 |
| Food, merchandise and games | 65,848 | 38,858 |
| Accommodations, extra-charge products and other | 29,448 | 15,373 |
| 202,057 | 101,615 | |
| Costs and expenses: | ||
| Cost of food, merchandise, and games revenues | 21,601 | 11,611 |
| Operating expenses | 299,479 | 156,696 |
| Selling, general and administrative | 90,785 | 46,666 |
| Depreciation and amortization | 102,330 | 10,312 |
| Loss on retirement of fixed assets, net | 8,098 | 2,614 |
| Loss on other assets | 791 | — |
| 523,084 | 227,899 | |
| Operating loss | (321,027) | (126,284) |
| Interest expense, net | 87,035 | 34,336 |
| Other (income) expense, net | (1,584) | 5,263 |
| Loss before taxes | (406,478) | (165,883) |
| Benefit for taxes | (186,760) | (32,416) |
| Net loss | (219,718) | (133,467) |
| Net loss attributable to non-controlling interests | — | — |
| Net loss attributable to Six Flags Entertainment Corporation | $(219,718) | $(133,467) |
| Net loss | $(219,718) | $(133,467) |
| Other comprehensive income, (net of tax): | ||
| Foreign currency translation | 9,038 | 312 |
| Defined benefit retirement plan | 176 | — |
| Other comprehensive income, (net of tax) | 9,214 | 312 |
| Comprehensive loss | (210,504) | (133,155) |
| Comprehensive loss attributable to non-controlling interests | — | — |
| Comprehensive loss attributable to Six Flags Entertainment Corporation | $(210,504) | $(133,155) |
| Weighted average shares of common stock / LP units outstanding (See Note 10) | ||
| Basic | 100,094 | 50,667 |
| Diluted | 100,094 | 50,667 |
| Loss attributable to Six Flags Entertainment Corporation per share of common stock / LP unit outstanding (See Note 10) | ||
| Net loss per share of common stock / LP unit - basic | $(2.20) | $(2.63) |
| Net loss per share of common stock / LP unit - diluted | $(2.20) | $(2.63) |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per unit amounts)
| For the three months ended | Shares of Common Stock Outstanding | Limited Partnership Units Outstanding | Common Stock | Additional Paid-in-Capital | Accumulated Deficit | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income (Loss) | Total Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2023 | — | 51,013 | $— | $— | $— | $(602,947) | $(6) | $5,290 | $14,701 | $(582,962) |
| Net loss attributable to Six Flags Entertainment Corporation | — | — | — | — | — | (133,466) | (1) | — | — | (133,467) |
| Partnership distribution declared ($0.300 per unit) | — | — | — | — | — | (15,313) | — | — | — | (15,313) |
| Equity-based compensation | — | 239 | — | — | — | 631 | — | — | — | 631 |
| Tax effect of units involved in treasury unit transactions | — | — | — | — | — | (120) | — | — | — | (120) |
| Foreign currency translation adjustment, net of tax $832 | — | — | — | — | — | — | — | — | 312 | 312 |
| Balance as of March 31, 2024 | — | 51,252 | $— | $— | $— | $(751,215) | $(7) | $5,290 | $15,013 | $(730,919) |
| Balance as of December 31, 2024 | 100,350 | — | $1,004 | $2,207,410 | $(164,271) | $— | $— | $— | $(2,280) | $2,041,863 |
| Net loss attributable to Six Flags Entertainment Corporation | — | — | — | — | (219,718) | — | — | — | — | (219,718) |
| Equity-based compensation | 724 | — | 6 | 2,415 | — | — | — | — | — | 2,421 |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 9,038 | 9,038 |
| Defined benefit retirement plan, net of tax $(58) | — | — | — | — | — | — | — | — | 176 | 176 |
| Balance as of March 30, 2025 | 101,074 | — | $1,010 | $2,209,825 | $(383,989) | $— | $— | $— | $6,934 | $1,833,780 |
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)
| Three months ended | ||
|---|---|---|
| March 30, 2025 | March 31, 2024 | |
| CASH FLOWS FOR OPERATING ACTIVITIES | ||
| Net loss | $(219,718) | $(133,467) |
| Adjustments to reconcile net loss to net cash for operating activities: | ||
| Depreciation and amortization | 102,330 | 10,312 |
| Non-cash foreign currency (gain) loss on USD notes | (1,332) | 5,227 |
| Non-cash equity based compensation expense | 17,076 | 5,284 |
| Deferred income tax benefit | (189,873) | (5,559) |
| Other non-cash expenses | 14,149 | 3,106 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in receivables | 19,959 | 17,866 |
| (Increase) decrease in inventories | (13,187) | (11,874) |
| (Increase) decrease in other assets | (6,056) | (16,949) |
| Increase (decrease) in accounts payable | 11,905 | 9,218 |
| Increase (decrease) in deferred revenue | 65,471 | 41,982 |
| Increase (decrease) in accrued interest | 42,159 | 19,010 |
| Increase (decrease) in accrued taxes | (3,696) | (30,325) |
| Increase (decrease) in accrued salaries, wages and benefits | (18,706) | (23,703) |
| Increase (decrease) in self-insurance reserves | (2,961) | (3,365) |
| Increase (decrease) in other liabilities | 4,444 | 2,627 |
| Net cash for operating activities | (178,036) | (110,610) |
| CASH FLOWS FOR INVESTING ACTIVITIES | ||
| Capital expenditures | (139,932) | (57,086) |
| Net cash for investing activities | (139,932) | (57,086) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net borrowings on revolving credit loans | 310,668 | 158,000 |
| Distributions paid to partners | — | (15,313) |
| Payments related to tax withholding for equity compensation | (14,380) | (4,653) |
| Other | 137 | (120) |
| Net cash from financing activities | 296,425 | 137,914 |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (119) | (578) |
| CASH AND CASH EQUIVALENTS | ||
| Net decrease for the period | (21,662) | (30,360) |
| Balance, beginning of period | 83,174 | 65,488 |
| Balance, end of period | $61,512 | $35,128 |
| SUPPLEMENTAL INFORMATION | ||
| Cash payments for interest | $38,145 | $14,476 |
| Interest capitalized | 3,199 | 1,281 |
| Net cash payments for income taxes | 1,109 | 2,587 |
| Capital expenditures in accounts payable | 41,507 | 19,511 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.