Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Six Flags Reports First Quarter 2023 Performance

Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of water parks in North America, today reported first quarter Revenue of $142 million, Net Loss of $70 million, and an Adjusted EBITDA loss of $17 million.

“We are pleased to have delivered record first quarter revenue and the second-highest first quarter Adjusted EBITDA in our company’s history, which we believe are proof points that our new strategy and our new culture are beginning to take hold,” said Selim Bassoul, President and CEO. “Looking ahead, our team is excited to launch numerous special events this summer, including Viva La Fiesta, Flavors of the World, Six Flags Fireworks Spectacular, and parades. These events, combined with exciting new rides and attractions and our focused investments in infrastructure, should help us deliver an enhanced guest experience this year. We are still in the early stages of our transformation, but with our season pass sales accelerating and our attendance improving, we are encouraged by our recent progress.”

First Quarter 2023 Results

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

(Amounts in millions, except per share data)

 

April 2, 2023

 

April 3, 2022

 

% Change vs. 2022

Total revenue

 

$

142

 

 

$

138

 

 

3

%

Net loss attributable to Six Flags Entertainment

 

$

(70

)

 

$

(66

)

 

N/M

 

Loss per share, diluted

 

$

(0.84

)

 

$

(0.76

)

 

N/M

 

Adjusted EBITDA (1) , (3)

 

$

(17

)

 

$

(17

)

 

N/M

 

Attendance

 

 

1.6

 

 

 

1.7

 

 

(5

)%

Spending per capita figures(2)

 

 

 

 

 

 

 

 

Total guest spending per capita

 

$

80.88

 

 

$

75.46

 

 

7

%

Admissions spending per capita

 

$

47.81

 

 

$

43.28

 

 

10

%

In-park spending per capita

 

$

33.07

 

 

$

32.18

 

 

3

%

Total revenue for first quarter 2023 increased $4 million, or 3%, compared to first quarter 2022, driven by higher guest spending per capita, partially offset by lower attendance. The decrease in attendance was driven primarily by severe weather in our California and Texas parks.

The $5.42 increase in guest spending per capita compared to first quarter 2022 consisted of a $4.53 increase in Admissions spending per capita and a $0.89 increase in In-park spending per capita. The increase in guest spending per capita was driven by higher revenue from memberships beyond the initial 12-month commitment period, which is recognized evenly each month and includes a portion of revenue that is allocated to Park admissions revenue and to Park food, merchandise and other revenue. Higher membership revenue in first quarter 2023 increased Admissions spending per capita and In-park spending per capita by approximately $5 and $1, respectively, versus the prior year. Excluding this impact, Admissions spending per capita and In-park spending per capita in first quarter 2023 were essentially flat versus the prior year period.

The company had a net loss of $70 million in first quarter 2023, compared to a net loss of $66 million in first quarter 2022. The loss per share was $0.84 compared to a loss per share of $0.76 in first quarter 2022, driven by higher operating costs partially offset by an increase in revenue. Operating costs increased in first quarter 2023 versus the prior year due primarily to higher advertising spend. Adjusted EBITDA loss in first quarter 2023 was $17 million, essentially flat with the prior year (3).

As of April 2, 2023, the company had total reported debt of $2,452 million, and cash or cash equivalents of $65 million. Deferred revenue was $152 million as of April 2, 2023, a decrease of $33 million, or 18%, from April 3, 2022. The decrease was primarily due to a lower Active Pass base as of April 2, 2023 versus April 3, 2022. In first quarter 2023, the company invested $25 million in new capital, net of insurance recoveries.

On May 3, 2023, the company completed the private sale of $800.0 million in aggregate principal amount of 7.25% senior unsecured notes due 2031. The net proceeds from this offering were used to repay $892.6 million, or 94.01% of the aggregate principal amount outstanding, of the 4.875% senior unsecured Notes due 2024. In addition, the company increased the capacity of the Revolving Credit Facility from $350 million to $500 million.

Conference Call

At 7:00 a.m. Central Time today, May 8, 2023, the company will host a conference call to discuss its first quarter 2023 financial performance. The call is accessible through either the Six Flags Investor Relations website at investors.sixflags.com or by dialing 1-833-629-0614 in the United States or +1-412-317-9257 outside the United States and requesting the Six Flags earnings call. A replay of the call will be available on the company’s investor relations site https://investors.sixflags.com

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. For 62 years, Six Flags has entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling water parks and unique attractions. Six Flags is committed to creating an inclusive environment that fully embraces the diversity of our team members and guests. For more information, visit www.sixflags.com

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) the effect, impact, potential duration or other implications of the COVID-19 pandemic or virus variants, and any expectations we may have with respect thereto including the continuing efficacy of the COVID-19 vaccines, (ii) the adequacy of our cash flows from operations, available cash and available amounts under our credit facilities to meet our liquidity needs, including in the event of a prolonged closure of one or more of our parks, (iii) our ability to execute our strategy to significantly improve our financial performance and the guest experience, (iv) expectations regarding consumer demand for regional, outdoor, out-of-home entertainment, including for our parks, and (v) expectations regarding our annual income tax liability and the availability and effect of net operating loss carryforwards and other tax benefits.

Forward-looking statements include all statements that are not historical facts and often use words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "may," "should," "could" and variations of such words or similar expressions. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, factors impacting attendance, such as local conditions, natural disasters, contagious diseases, including COVID-19 and Monkeypox, or the perceived threat of contagious diseases, events, disturbances and terrorist activities; regulations and guidance of federal, state and local governments and health officials regarding the response to COVID-19 or other health emergencies such as Monkeypox, including with respect to business operations, safety protocols and public gatherings; economic impact of political instability and conflicts globally, including the war in Ukraine; recall of food, toys and other retail products sold at our parks; accidents or incidents involving the safety of guests and employees, or contagious disease outbreaks occurring at our parks or other parks in the industry and adverse publicity concerning our parks or other parks in the industry; availability of commercially reasonable insurance policies at reasonable rates; inability to achieve desired improvements and our financial performance targets; adverse weather conditions such as excess heat or cold, rain and storms; general financial and credit market conditions, including our ability to access credit or raise capital; the increased cost of capital due to raising interest rates; macro-economic conditions (including supply chain issues and the impact of inflation on customer spending patterns); changes in public and consumer tastes; construction delays in capital improvements or ride downtime; competition with other theme parks, water parks and entertainment alternatives; dependence on a seasonal workforce; unionization activities and labor disputes; laws and regulations affecting labor and employee benefit costs, including increases in state and federally mandated minimum wages, and healthcare reform; environmental laws and regulations; laws and regulations affecting corporate taxation; pending, threatened or future legal proceedings and the significant expenses associated with litigation; cybersecurity risks; and other factors could cause actual results to differ materially from the company’s expectations, including the risk factors or uncertainties listed from time to time in the company’s filings with the Securities and Exchange Commission (the “SEC”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we make no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, and our other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investors.sixflags.com and on the SEC’s website at www.sec.gov.

Footnotes

(1)

See the following financial statements and Note 4 to those financial statements for a discussion of Adjusted EBITDA (a non-GAAP financial measure) and its reconciliation to net income (loss).

(2)

We use certain per capita operational metrics that measure the performance of our business on a per guest basis and believe that these metrics provide relevant and useful information for investors because they assist in comparing our operating performance on a consistent basis, make it easier to compare our results with those of other companies and our industry and allows investors to review performance in the same manner as our management.

  • Total guest spending per capita is the total revenue generated from our guests, on a per guest basis, through admissions and in-park spending. Total guest spending per capita is calculated by dividing the sum of Park admissions revenue and Park food merchandise and other revenue by total attendance.
  • Admissions revenue per capita is the total revenue generated from our guests, on a per guest basis, to enter our parks. Admissions revenue per capita is calculated by dividing Park admission revenue by total attendance.
  • Non-admissions revenue per capita is the total revenue generated from our guests, on a per guest basis, on items sold within our parks, such as food, games and merchandise. Non-admission revenue per capita is calculated by dividing Park food, merchandise and other revenue by total attendance.

(3)

During 2023, we reclassified the net pension-related expense (benefit) to other (income) expense, net. in our consolidated statements of operations. This reclassification has been reflected in all periods presented. As a result, Adjusted EBITDA for the three-month period ended April 3, 2022, declined by $1.2 million as compared to the previously reported figure.

Statement of Operations Data

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

April 2, 2023

 

April 3, 2022

 

April 2, 2023

 

April 3, 2022

(Amounts in thousands, except per share data)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

Park admissions

 

$

76,303

 

 

$

72,987

 

 

$

738,731

 

 

$

824,302

 

Park food, merchandise and other

 

 

52,786

 

 

 

54,269

 

 

 

569,482

 

 

 

678,496

 

Sponsorship, international agreements and accommodations

 

 

13,101

 

 

 

10,851

 

 

 

54,106

 

 

 

50,190

 

Total revenues

 

 

142,190

 

 

 

138,107

 

 

 

1,362,319

 

 

 

1,552,988

 

Operating expenses (excluding depreciation and amortization shown separately below)

 

 

108,870

 

 

 

109,719

 

 

 

589,811

 

 

 

663,651

 

Selling, general and administrative expenses (excluding depreciation and amortization shown separately below) (1)

 

 

44,247

 

 

 

39,257

 

 

 

166,848

 

 

 

214,287

 

Costs of products sold

 

 

9,765

 

 

 

10,115

 

 

 

107,796

 

 

 

128,628

 

Depreciation and amortization

 

 

29,114

 

 

 

29,049

 

 

 

117,189

 

 

 

114,650

 

Loss on impairment of park assets

 

 

 

 

 

 

 

 

16,943

 

 

 

 

Loss on disposal of assets

 

 

2,435

 

 

 

(2,100

)

 

 

8,462

 

 

 

9,517

 

Operating (loss) income

 

 

(52,241

)

 

 

(47,933

)

 

 

355,270

 

 

 

422,255

 

Interest expense, net

 

 

36,302

 

 

 

37,530

 

 

 

140,362

 

 

 

151,546

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

17,533

 

 

 

 

Other (income), expense net

 

 

(832

)

 

 

(688

)

 

 

(228

)

 

 

6,464

 

(Loss) income before income taxes

 

 

(87,711

)

 

 

(84,775

)

 

 

197,603

 

 

 

264,245

 

Income tax (benefit) expense

 

 

(17,852

)

 

 

(19,113

)

 

 

48,221

 

 

 

62,379

 

Net (loss) income

 

$

(69,859

)

 

$

(65,662

)

 

$

149,382

 

 

$

201,866

 

Less: Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

(44,651

)

 

 

(41,766

)

Net (loss) income attributable to Six Flags Entertainment Corporation

 

$

(69,859

)

 

$

(65,662

)

 

$

104,731

 

 

$

160,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

83,207

 

 

 

86,197

 

 

 

83,620

 

 

 

85,958

 

Diluted:

 

 

83,207

 

 

 

86,197

 

 

 

84,615

 

 

 

86,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per average common share outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

(0.84

)

 

$

(0.76

)

 

$

1.04

 

 

$

1.86

 

Diluted:

 

$

(0.84

)

 

$

(0.76

)

 

$

1.02

 

 

$

1.84

 

 

(1)

Includes stock-based compensation of $3,314 and $4,225 for the three-month periods ended April 2, 2023, and April 3, 2022, respectively and stock-based compensation of $6,762 and $19,050 for the twelve-month periods ended April 2, 2023, and April 3, 2022.

 

 

As of

 

 

April 2, 2023

 

January 1, 2023

 

April 3, 2022

(Amounts in thousands, except share data)

 

(unaudited)

 

 

 

 

(unaudited)

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,749

 

 

$

80,122

 

 

$

252,203

 

Accounts receivable, net

 

 

45,462

 

 

 

49,405

 

 

 

86,461

 

Inventories

 

 

41,016

 

 

 

44,811

 

 

 

39,161

 

Prepaid expenses and other current assets

 

 

83,639

 

 

 

66,452

 

 

 

55,454

 

Total current assets

 

 

234,866

 

 

 

240,790

 

 

 

433,279

 

Property and equipment, net:

 

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

2,621,518

 

 

 

2,592,485

 

 

 

2,528,135

 

Accumulated depreciation

 

 

(1,380,846

)

 

 

(1,350,739

)

 

 

(1,280,969

)

Total property and equipment, net

 

 

1,240,672

 

 

 

1,241,746

 

 

 

1,247,166

 

Other assets:

 

 

 

 

 

 

 

 

 

Right-of-use operating leases, net

 

 

156,376

 

 

 

158,838

 

 

 

184,643

 

Debt issuance costs

 

 

2,230

 

 

 

2,764

 

 

 

4,365

 

Deposits and other assets

 

 

20,272

 

 

 

17,905

 

 

 

10,779

 

Goodwill

 

 

659,618

 

 

 

659,618

 

 

 

659,618

 

Intangible assets, net of accumulated amortization of $290, $284 and $266 as of April 2, 2023, January 1, 2023 and April 3, 2022, respectively

 

 

344,158

 

 

 

344,164

 

 

 

344,182

 

Total other assets

 

 

1,182,654

 

 

 

1,183,289

 

 

 

1,203,587

 

Total assets

 

$

2,658,192

 

 

$

2,665,825

 

 

$

2,884,032

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

43,513

 

 

$

38,887

 

 

$

65,652

 

Accrued compensation, payroll taxes and benefits

 

 

14,417

 

 

 

15,224

 

 

 

22,444

 

Accrued insurance reserves

 

 

34,032

 

 

 

34,053

 

 

 

32,423

 

Accrued interest payable

 

 

27,527

 

 

 

38,484

 

 

 

33,217

 

Other accrued liabilities

 

 

60,032

 

 

 

67,346

 

 

 

94,052

 

Deferred revenue

 

 

152,096

 

 

 

128,627

 

 

 

185,094

 

Short-term borrowings

 

 

170,000

 

 

 

100,000

 

 

 

 

Short-term lease liabilities

 

 

12,040

 

 

 

11,688

 

 

 

11,383

 

Total current liabilities

 

 

513,657

 

 

 

434,309

 

 

 

444,265

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,281,841

 

 

 

2,280,531

 

 

 

2,631,246

 

Long-term lease liabilities

 

 

166,562

 

 

 

164,804

 

 

 

180,464

 

Other long-term liabilities

 

 

28,477

 

 

 

30,714

 

 

 

10,502

 

Deferred income taxes

 

 

162,973

 

 

 

184,637

 

 

 

133,264

 

Total noncurrent liabilities

 

 

2,639,853

 

 

 

2,660,686

 

 

 

2,955,476

 

Total liabilities

 

 

3,153,510

 

 

 

3,094,995

 

 

 

3,399,741

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

521,395

 

 

 

521,395

 

 

 

522,067

 

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value

 

 

 

 

 

 

 

 

 

Common stock, $0.025 par value, 280,000,000 shares authorized; 83,279,300, 83,178,294 and 86,248,545 shares issued and outstanding at April 2, 2023, January 1, 2023 and April 3, 2022, respectively

 

 

2,082

 

 

 

2,079

 

 

 

2,156

 

Capital in excess of par value

 

 

1,107,258

 

 

 

1,104,051

 

 

 

1,124,603

 

Accumulated deficit

 

 

(2,055,359

)

 

 

(1,985,500

)

 

 

(2,088,913

)

Accumulated other comprehensive loss, net of tax

 

 

(70,694

)

 

 

(71,195

)

 

 

(75,622

)

Total stockholders' deficit

 

 

(1,016,713

)

 

 

(950,565

)

 

 

(1,037,776

)

Total liabilities and stockholders' deficit

 

$

2,658,192

 

 

$

2,665,825

 

 

$

2,884,032

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

April 2, 2023

 

April 3, 2022

(Amounts in thousands)

 

(unaudited)

 

(unaudited)

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(69,859

)

 

$

(65,662

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

29,114

 

 

 

29,049

 

Stock-based compensation

 

 

3,314

 

 

 

4,225

 

Interest accretion on notes payable

 

 

278

 

 

 

278

 

Amortization of debt issuance costs

 

 

1,566

 

 

 

1,978

 

Loss (gain) on disposal of assets

 

 

2,435

 

 

 

(2,100

)

Deferred income tax benefit

 

 

(20,672

)

 

 

(18,347

)

Other

 

 

30

 

 

 

5,220

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Decrease in accounts receivable

 

 

7,426

 

 

 

11,535

 

Increase in inventories, prepaid expenses and other current assets

 

 

(18,672

)

 

 

(11,512

)

Decrease (increase) in deposits and other assets

 

 

2,834

 

 

 

(4,600

)

Decrease in ROU operating leases

 

 

2,847

 

 

 

2,585

 

Increase in accounts payable, deferred revenue, accrued liabilities and other long-term liabilities

 

 

12,070

 

 

 

6,815

 

Increase in operating lease liabilities

 

 

1,977

 

 

 

2,161

 

Decrease in accrued interest payable

 

 

(10,957

)

 

 

(17,337

)

Net cash used in operating activities

 

 

(56,269

)

 

 

(55,712

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Additions to property and equipment

 

 

(25,488

)

 

 

(32,071

)

Property insurance recoveries

 

 

481

 

 

 

3,081

 

Net cash used in investing activities

 

 

(25,007

)

 

 

(28,990

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repayment of borrowings

 

 

(10,000

)

 

 

 

Proceeds from borrowings

 

 

80,000

 

 

 

 

Payment of debt issuance costs

 

 

(970

)

 

 

 

Payment of cash dividends

 

 

 

 

 

(14

)

Proceeds from issuance of common stock

 

 

 

 

 

299

 

Payment of tax withholdings on equity-based compensation through shares withheld

 

 

(104

)

 

 

(3

)

Reduction in finance lease liability

 

 

(247

)

 

 

(201

)

Net cash provided by financing activities

 

 

68,679

 

 

 

81

 

 

 

 

 

 

 

 

Effect of exchange rate on cash

 

 

(2,776

)

 

 

1,239

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(15,373

)

 

 

(83,382

)

Cash and cash equivalents at beginning of period

 

 

80,122

 

 

 

335,585

 

Cash and cash equivalents at end of period

 

$

64,749

 

 

$

252,203

Definition and Reconciliation of Non-GAAP Financial Measures

We prepare our financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In our press release, we make reference to non-GAAP financial measures including Modified EBITDA, Adjusted EBITDA and Adjusted EBITDA minus capex. The definition for each of these non-GAAP financial measures is set forth below in the notes to the reconciliation tables. We believe that these non-GAAP financial measures provide important and useful information for investors to facilitate a comparison of our operating performance on a consistent basis from period to period and make it easier to compare our results with those of other companies in our industry. We use these measures for internal planning and forecasting purposes, to evaluate ongoing operations and our performance generally, and in our annual and long-term incentive plans. By providing these measures, we provide our investors with the ability to review our performance in the same manner as our management.

However, because these non-GAAP financial measures are not determined in accordance with GAAP, they are susceptible to varying calculations, and not all companies calculate these measures in the same manner. As a result, these non-GAAP financial measures as presented may not be directly comparable to a similarly titled non-GAAP financial measure presented by another company. These non-GAAP financial measures are presented as supplemental information and not as alternatives to any GAAP financial measures. When reviewing a non-GAAP financial measure, we encourage our investors to fully review and consider the related reconciliation as detailed below.

The following tables set forth a reconciliation of net (loss) income to Adjusted EBITDA for the three-month periods and twelve-month periods ended April 2, 2023, and April 3, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Amounts in thousands, except per share data)

 

April 2, 2023

 

April 3, 2022

 

April 2, 2023

 

April 3, 2022

Net (loss) income

 

$

(69,859

)

 

$

(65,662

)

 

$

149,382

 

 

$

201,866

 

Income tax (benefit) expense

 

 

(17,852

)

 

 

(19,113

)

 

 

48,221

 

 

 

62,379

 

Other (income) expense, net(2)

 

 

(832

)

 

 

(688

)

 

 

(228

)

 

 

6,464

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

17,533

 

 

 

 

Interest expense, net

 

 

36,302

 

 

 

37,530

 

 

 

140,362

 

 

 

151,546

 

Loss (gain) on disposal of assets

 

 

2,435

 

 

 

(2,100

)

 

 

8,462

 

 

 

9,517

 

Depreciation and amortization

 

 

29,114

 

 

 

29,049

 

 

 

117,189

 

 

 

114,650

 

Loss on impairment of park assets

 

 

 

 

 

 

 

 

16,943

 

 

 

 

Stock-based compensation

 

 

3,314

 

 

 

4,225

 

 

 

6,762

 

 

 

19,050

 

Modified EBITDA(3)

 

$

(17,378

)

 

$

(16,759

)

 

$

504,626

 

 

$

565,472

 

Third party interest in EBITDA of certain operations(4)

 

 

 

 

 

 

 

 

(44,651

)

 

 

(41,766

)

Adjusted EBITDA(3)

 

$

(17,378

)

 

$

(16,759

)

 

$

459,975

 

 

$

523,706

 

Capital expenditures, net of property insurance recovery(5)

 

 

(25,007

)

 

 

(28,990

)

 

 

(107,526

)

 

 

(127,599

)

Adjusted EBITDA minus CAPEX(3)

 

$

(42,385

)

 

$

(45,749

)

 

$

352,449

 

 

$

396,107

 

 

(2)

Amounts recorded as “Other (income) expense, net” include certain non-recurring costs incurred in conjunction with changes made to our organizational structure in December 2021. During 2023, we reclassified the net pension-related expense (benefit) to other (income) expense, net. in our consolidated statements of operations. This reclassification has been reflected in all periods presented. As a result of this reclassification, Adjusted EBITDA for the three-month and twelve-month periods ended April 3, 2022, declined by $1.2 million and $4.5 million, respectively, as compared to the previously reported figure.

(3)

“Modified EBITDA,” a non-GAAP measure, is defined as our consolidated income (loss) from continuing operations: excluding the following: the cumulative effect of changes in accounting principles, discontinued operations gains or losses, income tax expense or benefit, restructure costs or recoveries, reorganization items (net), other income or expense, gain or loss on early extinguishment of debt, equity in income or loss of investees, interest expense (net), gain or loss on disposal of assets, gain or loss on the sale of investees, amortization, depreciation, stock-based compensation, and fresh start accounting valuation adjustments. Modified EBITDA, as defined herein, may differ from similarly titled measures presented by other companies. Management uses non-GAAP measures for budgeting purposes, measuring actual results, allocating resources and in determining employee incentive compensation. We believe that Modified EBITDA provides relevant and useful information for investors because it assists in comparing our operating performance on a consistent basis, makes it easier to compare our results with those of other companies in our industry as it most closely ties our performance to that of our competitors from a park-level perspective and allows investors to review performance in the same manner as our management.

 

"Adjusted EBITDA," a non-GAAP measure, is defined as Modified EBITDA minus the interests of third parties in the Modified EBITDA of properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta and Six Flags Over Texas). Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined in our secured credit agreement, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to us in cash on a net basis and has limitations on the amounts of certain expenses that are excluded from the calculation. Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies. Our board of directors and management use Adjusted EBITDA to measure our performance and our current management incentive compensation plans are based largely on Adjusted EBITDA. We believe that Adjusted EBITDA is frequently used by all our sell-side analysts and most investors as their primary measure of our performance in the evaluation of companies in our industry. In addition, the instruments governing our indebtedness use Adjusted EBITDA to measure our compliance with certain covenants and, in certain circumstances, our ability to make certain borrowings. Adjusted EBITDA, as computed by us, may not be comparable to similar metrics used by other companies in our industry.

 

“Adjusted EBITDA minus capex,” a non-GAAP measure, is defined as Adjusted EBITDA minus capital expenditures, net of property insurance recoveries. Adjusted EBITDA minus capex as defined herein may differ from similarly titled measures presented by other companies. Our board of directors and managed use Adjusted EBITDA minus capex to measure our performance and our current management incentive compensation plans are based largely on Adjusted EBITDA minus capex. We believe that Adjusted EBITDA minus capex is frequently used by all our sell-side analysts and most investors as their primary measure of our performance in the evaluation of companies in our industry. Adjusted EBITDA minus capex, as computer by us, may not be comparable to similar metrics used by other companies in our industry.

(4)

Represents interests of non-controlling interests in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas and Six Flags White Water Atlanta.

(5)

Capital expenditures, net of property insurance recovery (“CAPEX”) represents cash spent on property, plant and equipment, net of property insurance recoveries.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.