(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
104 | Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document) |
SIX FLAGS ENTERTAINMENT CORPORATION | |||||||||||
By: | /s/ Christopher Neumann | ||||||||||
Name: | Christopher Neumann | ||||||||||
Title: | General Counsel and Corporate Secretary | ||||||||||
Contact: Evan Bertrand Vice President, Investor Relations and Treasurer +1-972-595-5180 investorrelations@sftp.com | ![]() |
Three Months Ended | |||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2024 | April 2, 2023 | % Change vs. 2023 | ||||||||||||||
Total revenue | $ | 133 | $ | 142 | (6) | % | |||||||||||
Net loss attributable to Six Flags Entertainment | $ | (83) | $ | (70) | (18) | % | |||||||||||
Net loss per share, diluted | $ | (0.98) | $ | (0.84) | (17) | % | |||||||||||
Adjusted EBITDA (1) | $ | (26) | $ | (17) | (53) | % | |||||||||||
Attendance | 1.7 | 1.6 | 6 | % | |||||||||||||
Spending per capita figures: (2) | |||||||||||||||||
Total guest spending per capita | $ | 74.35 | $ | 80.88 | (8) | % | |||||||||||
Admissions spending per capita | $ | 42.04 | $ | 47.81 | (12) | % | |||||||||||
In-park spending per capita | $ | 32.31 | $ | 33.07 | (2) | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(Amounts in thousands, except per share data) | March 31, 2024 | April 2, 2023 | March 31, 2024 | April 2, 2023 | |||||||||||||||||||
Park admissions | $ | 70,801 | $ | 76,303 | $ | 738,155 | $ | 738,731 | |||||||||||||||
Park food, merchandise and other | 54,397 | 52,786 | 615,647 | 569,482 | |||||||||||||||||||
Sponsorship, international agreements and accommodations | 8,093 | 13,101 | 63,202 | 54,106 | |||||||||||||||||||
Total revenues | 133,291 | 142,190 | 1,417,004 | 1,362,319 | |||||||||||||||||||
Operating expenses (excluding depreciation and amortization shown separately below) | 113,955 | 108,870 | 628,037 | 589,811 | |||||||||||||||||||
Selling, general and administrative expenses (excluding depreciation and amortization shown separately below) (1) | 42,517 | 44,247 | 246,153 | 173,483 | |||||||||||||||||||
Costs of products sold | 11,123 | 9,765 | 111,755 | 107,796 | |||||||||||||||||||
Depreciation and amortization | 29,500 | 29,114 | 115,472 | 117,189 | |||||||||||||||||||
Impairment of park assets | — | — | 22,956 | 16,943 | |||||||||||||||||||
Loss on disposal of assets | 1,394 | 2,435 | 15,352 | 8,462 | |||||||||||||||||||
Operating (loss) income | (65,198) | (52,241) | 277,279 | 348,635 | |||||||||||||||||||
Interest expense, net | 41,800 | 36,302 | 163,754 | 140,362 | |||||||||||||||||||
Loss on debt extinguishment | — | — | 13,982 | 17,533 | |||||||||||||||||||
Other (income) expense, net | (1,040) | (832) | 9,000 | (228) | |||||||||||||||||||
(Loss) income before income taxes | (105,958) | (87,711) | 90,543 | 190,968 | |||||||||||||||||||
Income tax (benefit) expense | (23,232) | (17,852) | 16,910 | 48,221 | |||||||||||||||||||
Net (loss) income | $ | (82,726) | $ | (69,859) | $ | 73,633 | $ | 142,747 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (47,501) | (44,651) | |||||||||||||||||||
Net (loss) income attributable to Six Flags Entertainment Corporation | $ | (82,726) | $ | (69,859) | $ | 26,132 | $ | 98,096 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic: | 84,166 | 83,207 | 83,651 | 83,620 | |||||||||||||||||||
Diluted: | 84,486 | 83,207 | 83,790 | 84,615 | |||||||||||||||||||
(Loss) earnings per average common share outstanding: | |||||||||||||||||||||||
Basic: | $ | (0.98) | $ | (0.84) | $ | 0.31 | $ | 1.17 | |||||||||||||||
Diluted: | $ | (0.98) | $ | (0.84) | $ | 0.31 | $ | 1.16 |
As of | |||||||||||||||||
(Amounts in thousands, except share data) | March 31, 2024 | December 31, 2023 | April 2, 2023 | ||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 60,702 | $ | 77,585 | $ | 64,749 | |||||||||||
Accounts receivable, net | 53,523 | 62,660 | 45,462 | ||||||||||||||
Inventories | 39,188 | 31,624 | 41,016 | ||||||||||||||
Prepaid expenses and other current assets | 102,275 | 80,897 | 83,639 | ||||||||||||||
Total current assets | 255,688 | 252,766 | 234,866 | ||||||||||||||
Property and equipment, net: | |||||||||||||||||
Property and equipment, at cost | 2,770,068 | 2,733,094 | 2,621,518 | ||||||||||||||
Accumulated depreciation | (1,472,781) | (1,447,861) | (1,380,846) | ||||||||||||||
Total property and equipment, net | 1,297,287 | 1,285,233 | 1,240,672 | ||||||||||||||
Goodwill | 659,618 | 659,618 | 659,618 | ||||||||||||||
Intangible assets, net of accumulated amortization | 344,135 | 344,141 | 344,158 | ||||||||||||||
Right-of-use operating leases, net | 146,023 | 134,857 | 156,376 | ||||||||||||||
Other assets, net | 35,131 | 34,859 | 22,502 | ||||||||||||||
Total assets | $ | 2,737,882 | $ | 2,711,474 | $ | 2,658,192 | |||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 44,539 | $ | 27,235 | $ | 43,513 | |||||||||||
Accrued compensation, payroll taxes and benefits | 21,304 | 18,957 | 14,417 | ||||||||||||||
Self-insurance reserves | 63,743 | 64,605 | 34,032 | ||||||||||||||
Accrued interest payable | 42,752 | 28,704 | 27,527 | ||||||||||||||
Other accrued liabilities | 69,949 | 73,087 | 60,032 | ||||||||||||||
Deferred revenue | 165,414 | 127,556 | 152,096 | ||||||||||||||
Short-term borrowings | 230,000 | 180,000 | 170,000 | ||||||||||||||
Current portion of long-term debt | 56,867 | 56,867 | — | ||||||||||||||
Short-term lease liabilities | 10,986 | 10,514 | 12,040 | ||||||||||||||
Total current liabilities | 705,554 | 587,525 | 513,657 | ||||||||||||||
Noncurrent liabilities: | |||||||||||||||||
Long-term debt | 2,129,642 | 2,128,612 | 2,281,841 | ||||||||||||||
Long-term lease liabilities | 171,713 | 155,335 | 166,562 | ||||||||||||||
Other long-term liabilities | 27,195 | 27,263 | 28,477 | ||||||||||||||
Deferred income taxes | 161,139 | 189,700 | 162,973 | ||||||||||||||
Total liabilities | 3,195,243 | 3,088,435 | 3,153,510 | ||||||||||||||
Redeemable noncontrolling interests | 520,998 | 520,998 | 521,395 | ||||||||||||||
Stockholders' deficit: | |||||||||||||||||
Preferred stock, $1.00 par value | — | — | — | ||||||||||||||
Common stock, $0.025 par value, 280,000,000 shares authorized; 84,274,760, 84,124,014 and 83,279,300 shares issued and outstanding at March 31, 2024, December 31, 2023 and April 2, 2023, respectively | 2,116 | 2,112 | 2,082 | ||||||||||||||
Capital in excess of par value (2) | 1,133,551 | 1,131,208 | 1,122,429 | ||||||||||||||
Accumulated deficit (2) | (2,044,329) | (1,961,603) | (2,070,530) | ||||||||||||||
Accumulated other comprehensive loss, net of tax | (69,697) | (69,676) | (70,694) | ||||||||||||||
Total stockholders' deficit | (978,359) | (897,959) | (1,016,713) | ||||||||||||||
Total liabilities and stockholders' deficit | $ | 2,737,882 | $ | 2,711,474 | $ | 2,658,192 |
Year Ended | |||||||||||
(Amounts in thousands) | March 31, 2024 | April 2, 2023 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (82,726) | $ | (69,859) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 29,500 | 29,114 | |||||||||
Stock-based compensation (2) | 2,347 | 3,314 | |||||||||
Interest accretion on notes payable | 211 | 278 | |||||||||
Amortization of debt issuance costs | 1,155 | 1,566 | |||||||||
Loss on disposal of assets | 1,394 | 2,435 | |||||||||
Deferred income tax benefit | (26,970) | (20,672) | |||||||||
Other | (1,651) | 30 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease in accounts receivable - trade | 8,861 | 7,426 | |||||||||
Increase in inventories, prepaid expenses and other current assets | (29,608) | (18,672) | |||||||||
(Increase) decrease in deposits and other assets | (1,307) | 2,834 | |||||||||
(Increase) decrease in ROU operating leases | (11,328) | 2,847 | |||||||||
Increase in accounts payable, deferred revenue and accrued liabilities and other long-term liabilities | 49,995 | 12,070 | |||||||||
Increase in operating lease liabilities | 15,605 | 1,977 | |||||||||
(Decrease) increase in accrued interest payable | 14,048 | (10,957) | |||||||||
Net cash used in operating activities | $ | (30,474) | $ | (56,269) | |||||||
Cash flows from investing activities: | |||||||||||
Additions to property and equipment | (37,218) | (25,488) | |||||||||
Property insurance recoveries | — | 481 | |||||||||
Proceeds from asset sales | 227 | — | |||||||||
Net cash used in investing activities | $ | (36,991) | $ | (25,007) | |||||||
Cash flows from financing activities: | |||||||||||
Repayment of borrowings | (10,000) | (10,000) | |||||||||
Proceeds from borrowings | 60,000 | 80,000 | |||||||||
Payment of debt issuance costs | — | (970) | |||||||||
Payment of tax withholdings on equity-based compensation through shares withheld | (120) | (104) | |||||||||
Reduction in finance lease liability | (260) | (247) | |||||||||
Net cash provided by financing activities | $ | 49,620 | $ | 68,679 | |||||||
Effect of exchange rate on cash | $ | 962 | $ | (2,776) | |||||||
Net decrease in cash and cash equivalents | $ | (16,883) | $ | (15,373) | |||||||
Cash and cash equivalents at beginning of period | $ | 77,585 | $ | 80,122 | |||||||
Cash and cash equivalents at end of period | $ | 60,702 | $ | 64,749 | |||||||
Supplemental cash flow information | |||||||||||
Cash paid for interest | $ | 27,508 | $ | 46,209 | |||||||
Cash paid for income taxes | $ | 3,743 | $ | 311 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(Amounts in thousands, except per share data) | March 31, 2024 | April 2, 2023 | March 31, 2024 | April 2, 2023 | |||||||||||||||||||
Net (loss) income | $ | (82,726) | $ | (69,859) | $ | 73,633 | $ | 142,747 | |||||||||||||||
Income tax (benefit) expense | (23,232) | (17,852) | 16,910 | 48,221 | |||||||||||||||||||
Other (income) expense, net | (1,040) | (832) | 9,000 | (228) | |||||||||||||||||||
Loss on debt extinguishment | — | — | 13,982 | 17,533 | |||||||||||||||||||
Interest expense, net | 41,800 | 36,302 | 163,754 | 140,362 | |||||||||||||||||||
Loss on disposal of assets | 1,394 | 2,435 | 15,352 | 8,462 | |||||||||||||||||||
Depreciation and amortization | 29,500 | 29,114 | 115,472 | 117,189 | |||||||||||||||||||
Impairment of park assets | — | — | 22,956 | 16,943 | |||||||||||||||||||
Stock-based compensation | 2,347 | 3,314 | 10,420 | 13,310 | |||||||||||||||||||
Merger-related transaction costs | 5,561 | — | 20,947 | — | |||||||||||||||||||
Self-insurance reserve adjustment (2) | — | — | 37,558 | — | |||||||||||||||||||
Modified EBITDA (3) | $ | (26,396) | $ | (17,378) | $ | 499,984 | $ | 504,539 | |||||||||||||||
Third party interest in EBITDA of certain operations (4) | — | — | (47,501) | (44,651) | |||||||||||||||||||
Adjusted EBITDA (3) | $ | (26,396) | $ | (17,378) | $ | 452,483 | $ | 459,888 |
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Document and Entity Information |
May 09, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 09, 2024 |
Entity Registrant Name | Six Flags Entertainment Corporation |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-13703 |
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 | true |
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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