8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 8, 2023

Six Flags Entertainment Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-13703	13-3995059
(Commission File Number)	(IRS Employer Identification No.)

1000 Ballpark Way Suite 400
Arlington, Texas	76011
(Address of principal executive offices)	(Zip Code)

(972) 595-5000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.025 par value per share	SIX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02             Results of Operations and Financial Condition

On May 8, 2023, Six Flags Entertainment Corporation issued a press release announcing its financial results for the first quarter ended April 2, 2023. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01             Financial Statements and Exhibits

(d) Exhibits

99.1	Press Release of Six Flags Entertainment Corporation, dated May 8, 2023
104	Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SIX FLAGS ENTERTAINMENT CORPORATION
	By:	/s/ Aimee Williams-Ramey
		Name:	Aimee Williams-Ramey
		Title:	Chief Legal Officer and Corporate Secretary
Da

Date: May 8, 2023

EX-99.1

Exhibit 99.1

Contact: Evan Bertrand Vice President and Treasurer +1-972-595-5180 investors@sftp.com

Six Flags Reports First Quarter 2023 Performance

ARLINGTON, Texas — May 8, 2023 — Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator ofwater 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)	6	%
Loss per share, diluted	$	(0.84)	$	(0.76)	11	%
Adjusted EBITDA(1)	$	(17)	$	(17)	—	%
Attendance		1.6		1.7	(6)	%
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 isaccessible through either the Six Flags Investor Relations website at investors.sixflags.com or by dialing 1-833-629-0614 in theUnited States or +1-412-317-9257 outside theUnited 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 EntertainmentCorporation is the world’s largest regional theme parkcompany with 27 parks across theUnited States, Mexico and Canada. For 62 years, Six Flagshas entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling water parks and unique attractions. Six Flags is committed to creating aninclusive 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 Actof 1934, as amended, including statements regarding (i) the effect, impact, potential duration or other implications of the COVID-19 pandemic or virus variants, and anyexpectations 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 cashand 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 tosignificantly 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 todiffer materially from those described in such statements. These risks and uncertainties include, among others, factors impacting attendance, such as local conditions, naturaldisasters, contagious diseases, including COVID-19 and Monkeypox, or the perceived threat of contagious diseases, events, disturbances and terrorist activities; regulations and guidance offederal, 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 publicgatherings; 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, orcontagious 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 ofcommercially reasonable insurance policies at reasonable rates; inability to achieve desired improvements and our financial performance targets; adverse weather conditionssuch 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 oncustomer 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 employeebenefit costs, including increases in state and federally mandated minimum wages, and healthcare reform; environmental laws and regulations; laws and regulations affectingcorporate taxation; pending, threatened or future legal proceedings and the significant expenses associated with litigation; cybersecurity risks; and other factors could causeactual 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 Securitiesand Exchange Commission (the “SEC”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we make no assurance thatsuch expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable riskscontained 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, andour 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 theSEC’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.

XML

Document and Entity Information	May 08, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 08, 2023
Entity Registrant Name	Six Flags Entertainment Corporation
Securities Act File Number	1-13703
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3995059
Entity Address, Address Line One	1000 Ballpark Way Suite 400
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76011
City Area Code	972
Local Phone Number	595-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.025 par value per share
Trading Symbol	SIX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000701374
Amendment Flag	false

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N-2	May 08, 2023
Cover [Abstract]
Entity Central Index Key	0000701374
Amendment Flag	false
Securities Act File Number	1-13703
Document Type	8-K
Entity Registrant Name	Six Flags Entertainment Corporation
Entity Address, Address Line One	1000 Ballpark Way Suite 400
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76011
City Area Code	972
Local Phone Number	595-5000
Entity Emerging Growth Company	false