Core Viewpoint - The Six Flags Entertainment Corporation is facing a class action lawsuit alleging violations of the Securities Act of 1933 related to its merger with Cedar Fair, L.P., with claims that the company misrepresented its financial health and operational needs prior to the merger [1][3]. Group 1: Lawsuit Details - The class action lawsuit is titled "City of Livonia Employees' Retirement System v. Six Flags Entertainment Corporation" and was filed in the Northern District of Ohio [1]. - Purchasers of Six Flags common stock related to the merger have until January 5, 2026, to seek lead plaintiff status in the lawsuit [1]. - The lawsuit claims that the registration statement for the merger failed to disclose significant underinvestment in Legacy Six Flags, which required millions in additional capital to maintain operations [3]. Group 2: Financial Impact - On the merger closing date, July 1, 2024, Six Flags stock was trading above $55 per share, but it subsequently fell to as low as $20 per share, representing a nearly 64% decline [4]. - The lawsuit alleges that the company's executives misled investors about the financial condition of Legacy Six Flags, which undermined the rationale for the merger [3]. Group 3: Company Background - Six Flags is identified as an amusement park operator, and the lawsuit highlights the operational challenges faced by the company following a significant reduction in employee headcount aimed at cost-cutting [2][3]. - Robbins Geller Rudman & Dowd LLP, the law firm representing the plaintiffs, has a strong track record in prosecuting investor class actions and has recovered over $2.5 billion for investors in 2024 alone [5].

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corporation, alleging that the company misled investors regarding its merger with Cedar Fair, L.P. The lawsuit claims that Legacy Six Flags had significant undisclosed capital needs and operational deficiencies prior to the merger, which were not communicated to investors [1][2]. Summary by Sections Merger Details - The merger between Legacy Six Flags and Cedar Fair was approved by shareholders on March 12, 2024, and closed on July 1, 2024. Following the merger, the new entity was named Six Flags and began trading under the ticker symbol "FUN" on the NYSE [2]. Allegations Against Six Flags - The complaint alleges that: - Legacy Six Flags had underinvested in its parks, deferring essential maintenance and improvements for several years before the merger [2]. - The company required millions in undisclosed capital expenditures to maintain or grow its market share in the competitive amusement park industry [2]. - The financial projections presented to investors were unrealistic and not based on the actual conditions of the company at the time of the merger [2]. Stock Performance - On the merger closing date, Six Flags stock was trading above $55 per share. However, the stock price subsequently plummeted to as low as $20 per share, representing a decline of nearly 64% [3]. Class Action Participation - Shareholders interested in participating in the class action must submit their papers by January 5, 2025. They can choose to remain absent from the case while still being eligible for recovery [4]. Company Background - Robbins LLP is noted for its focus on shareholder rights litigation, aiming to help shareholders recover losses and improve corporate governance since 2002 [5].

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corp. on behalf of investors who purchased shares during the specified class period, alleging that the merger with Cedar Fair L.P. was misrepresented in terms of the company's financial and operational condition [1][3]. Group 1: Lawsuit Details - The lawsuit claims that the registration statement and prospectus related to the merger did not accurately reflect Six Flags' financial and operational status, highlighting a history of underinvestment in its parks [3]. - The class period for the lawsuit is defined as July 1, 2024, through November 5, 2025, with a deadline for investors to seek lead plaintiff status by January 5, 2026 [2]. Group 2: Stock Performance - Following the merger's closing on July 1, 2024, Six Flags' stock price dropped significantly from over $55 per share to as low as $20, representing a decline of nearly 64% [4].

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corporation due to alleged misrepresentations in the registration statement related to the merger with Cedar Fair, L.P. [2][8] Allegation Details - The lawsuit claims that the registration statement failed to disclose chronic underinvestment in Legacy Six Flags, which required millions in additional capital and operational expenditures to maintain competitiveness in the amusement park market [8] - It is alleged that after CEO Selim Bassoul took over in November 2021, significant cost-cutting measures, including employee layoffs, degraded operational competence and guest experience [8] - The stock price of Six Flags, which was above $55 per share at the time of the merger on July 1, 2024, subsequently fell nearly 64% to as low as $20 per share [8] Next Steps - Investors who purchased Six Flags shares and suffered losses are encouraged to contact Bragar Eagel & Squire for more information and to discuss their legal rights [4]

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corporation, alleging that the company's registration statement and prospectus related to its merger with Cedar Fair contained misleading information and failed to disclose critical financial issues [1][2][3]. Group 1: Lawsuit Details - The lawsuit seeks damages for alleged violations of federal securities laws on behalf of all investors who held shares of Six Flags common stock related to the merger [2]. - The complaint claims that the registration statement was negligently prepared, containing untrue statements and omitting necessary facts, which misled investors [3]. - Specific allegations include chronic underinvestment in Legacy Six Flags, significant operational cuts that degraded guest experience, and undisclosed capital needs that undermined the merger rationale [3]. Group 2: Next Steps for Investors - Investors who purchased Six Flags shares have until January 5, 2026, to request to be appointed as lead plaintiff in the class action [4]. - A copy of the complaint can be reviewed on the law firm's website, and interested parties can contact the firm for more information [4]. Group 3: Legal Representation - The law firm Bronstein, Gewirtz & Grossman represents investors on a contingency fee basis, meaning they will only collect fees if the case is successful [5]. - The firm has a history of recovering substantial amounts for investors in securities fraud cases [6].

Market Overview - Pre-market trading has declined, reflecting a cautious sentiment towards AI infrastructure spending and a lack of economic data, particularly during what was expected to be Jobs Week [1] - The market has seen a downward trend over the past five days, moving away from all-time highs reached in late October [1] Employment Data - Non-farm payroll numbers from the U.S. Bureau of Labor Statistics (BLS) are unavailable due to a government shutdown, with estimates suggesting a loss of 60,000 jobs last month [2] - The unemployment rate is expected to rise to 4.5%, while hourly wages are anticipated to remain steady at a year-over-year increase of 0.3% [2] - ADP reported an addition of 42,000 new jobs, which is better than BLS estimates but still indicates a weak labor market [3] - The Challenger Job Cuts report indicated 153,000 job cuts, highlighting ongoing challenges in employment [3] Interest Rate Expectations - There is a tentative expectation for a 25 basis-point interest rate cut in approximately 4.5 weeks, although market indexes may have already priced in this cut [4] - The "neutral rate" of inflation is uncertain but is believed to be higher than the optimal 2% [4] Earnings Reports - Wendy's (WEN) reported Q3 earnings of $0.24 per share, exceeding expectations by 20%, leading to a 9% increase in shares [5] - Six Flags Entertainment (FUN) posted earnings of $3.28 per share, surpassing the consensus estimate by 46.4%, although shares are down 2% in early trading [5] - Fluor (FLR) reported Q3 earnings of $0.68 per share, beating expectations by 54.55%, with shares up 4.6% in pre-market trading [6] - Constellation Energy (CEG) reported earnings of $3.04 per share, falling short of the anticipated $3.13, resulting in a 6.3% decline in shares [7] - Canopy Growth (CGC) shares increased by 12% despite reporting a loss of $0.01 per share, an improvement from the expected loss of $0.10 [8] Consumer Sentiment and Credit - The University of Michigan Consumer Sentiment report for November is expected to show a slight decrease to 53.0 from 53.6, remaining above the neutral threshold of 50 [9] - Consumer credit for September is projected to total $10.0 billion [9]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported modified EBITDA of approximately $580 million and adjusted EBITDA of approximately $550 million, with attendance of 21.1 million guests and revenues of $1.32 billion [7][8] - Adjusted EBITDA was essentially flat year-over-year, with attendance up 1% and revenues down 2% [7][8] - The company expects full-year adjusted EBITDA to be in the range of $780 million to $805 million, reflecting a significant downward revision from earlier guidance [19][20] Business Line Data and Key Metrics Changes - Certain parks representing approximately 70% of property-level EBITDA have continued to outperform, while those representing roughly 30% have underperformed [9][10] - The outperforming parks saw a double-digit increase in modified EBITDA during Q3, driven by a 5% increase in combined attendance [12][13] - Underperforming parks experienced a 5% decline in attendance, which negatively impacted their EBITDA [12][13] Market Data and Key Metrics Changes - Attendance in September declined approximately 5%, or roughly 160,000 visits from the previous year, leading to a 5% decline in net revenues for that month [8][12] - Preliminary results for October indicated an 11% decline in attendance compared to the previous year, but a 7% increase when compared to October 2022 [17][18] Company Strategy and Development Direction - The company is focusing on optimizing revenues, operating costs, and capital expenditures, particularly in underperforming parks [10][12] - There is an ongoing evaluation of underperforming parks to determine if they should be classified as non-core and potentially monetized [10][16] - The company plans to reassess its marketing approach and improve the allocation of marketing spend by park and channel [22][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2025 has been a challenging year, but expressed confidence in the underlying strength of the business and the potential for future success [4][5] - The company is committed to making decisions that strengthen its long-term health, even if those decisions are difficult [16][24] - Management emphasized the importance of learning from 2025 to inform strategic initiatives for 2026 [22][56] Other Important Information - The company has standardized core safety, security, and operational protocols across its portfolio as part of its integration efforts [23][24] - A new unified digital platform has been launched to enhance customer experience and operational efficiency [23][24] Q&A Session Summary Question: How many parks are considered outperforming versus underperforming? - The outperforming parks represent 70% of EBITDA year-to-date, while the underperforming parks contain the majority of smaller properties [29] Question: What factors contributed to the $300 million difference in guidance? - The majority of the miss is attributed to attendance-driven factors, with significant volatility throughout the year [30][32] Question: What criteria determine when a park becomes non-core? - The evaluation process is ongoing, focusing on demand ramp-up potential and market-specific conditions [32][33] Question: What is the timeline for decisions on underperforming parks? - The company has a good idea of which parks may be classified as non-core and is moving with urgency on this process [36] Question: How does the company gather customer feedback? - The company relies on continuous research and feedback from customers to inform operational decisions and improvements [50][51]

NYSE: FUN 2025 Third Quarter Earnings Call Presentation November 7, 2025 Safe Harbor Some of the statements contained in this presentation that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as "anticipate," ...

Core Insights - Six Flags reported lower third-quarter revenue, indicating challenges in demand growth during the quarter [1] Company Performance - The company’s efforts to stimulate demand were unsuccessful in the third quarter, leading to a decline in revenue [1]

Core Insights - Six Flags Entertainment Corporation reported a net loss of $1.2 billion for Q3 2025, primarily due to a $1.5 billion non-cash impairment charge on goodwill and other intangibles, compared to a net income of $111 million in Q3 2024 [5][13][8] - The company experienced a 2% decline in net revenues, totaling $1.32 billion, down from $1.35 billion in the same quarter last year [5][7] - Attendance increased by 1% to 21.1 million guests, reflecting strong performance in key parks, which represent approximately 70% of park-level Modified EBITDA [5][12][4] Financial Performance - Adjusted EBITDA for Q3 2025 was $555 million, a slight decrease of $3 million compared to Q3 2024 [5][14] - Operating costs and expenses decreased by $122 million to $772 million, driven by lower depreciation and amortization expenses [7][8] - The company recognized a $1.5 billion impairment charge, significantly impacting the operating loss, which totaled $1.1 billion for the quarter [9][8] Attendance and Revenue Metrics - Total operating days were 2,573, slightly down from 2,585 days in Q3 2024 [5][6] - In-park per capita spending decreased by 4% to $59.08, with admissions per capita spending down 8% to $31.48 [12][5] - Out-of-park revenues increased by 6% to $108 million, attributed to higher sponsorship activity [12][5] October Update - Preliminary attendance for the five-week period ending November 2, 2025, was 5.8 million guests, an 11% decrease compared to the same period last year [16] - Sales of 2026 season passes increased by approximately 3% compared to the previous year, reflecting a 5% rise in average season pass price [17] Balance Sheet and Liquidity - As of September 28, 2025, total liquidity was reported at $763 million, including cash and available borrowings [18] - Net debt stood at $4.98 billion, calculated as total debt of $5.03 billion minus cash and cash equivalents of $71 million [19][36] Updated Fiscal Outlook - The company anticipates full-year 2025 Adjusted EBITDA in the range of $780 million to $805 million based on year-to-date results and preliminary October data [20]