Financial Data and Key Metrics Changes - For Q4 2024, the company generated net revenues of $687 million with attendance of 10.7 million visits, reflecting strong performance compared to the previous year [11] - Adjusted EBITDA for Q4 2024 increased by $120 million to $209 million, with a modified EBITDA margin improvement of 650 basis points to 30.4% [17] - The company ended the year with $83 million in cash and approximately $5 billion in gross debt, providing ample financial flexibility [20] Business Line Data and Key Metrics Changes - Legacy Six Flags operations contributed $324 million in net revenues and 5 million visits during Q4, while legacy Cedar Fair operations saw a decrease of $8 million in revenues due to 115,000 fewer visits [11][12] - In-park per capita spending increased by 3% to $61.6, driven primarily by legacy Six Flags operations [12][13] - AutoPark revenues totaled $48 million in Q4, including $14 million from legacy Six Flags operations [13] Market Data and Key Metrics Changes - Attendance in the first two months of 2025 is up 2%, and sales of season pass units are up 3%, indicating strong consumer demand [7][21] - The company is closely monitoring the impact of recent wildfires in California on its Southern California parks, which are significant contributors to EBITDA [25] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA of $1.08 billion to $1.12 billion in 2025, focusing on driving attendance and optimizing operating efficiencies [8][27] - A significant capital program for 2025 includes investments in new attractions at 11 of the 14 largest properties, aimed at enhancing guest experiences and increasing demand [28][31] - The company is also pursuing portfolio optimization efforts, considering divestitures of non-core properties to enhance shareholder value [32][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the healthy economic environment for consumers, with park-goers willing to spend on high-quality entertainment experiences [8] - The company is optimistic about the potential for attendance growth, which is seen as a key driver for sustainable cash flow growth and shareholder value creation [27][68] - Management acknowledged potential risks from foreign currency exchange rates and the residual impact of wildfires on performance [25][41] Other Important Information - The company achieved approximately $50 million in gross cost synergies in 2024, with plans for an additional $70 million in 2025 [18][19] - Capital expenditures for 2025 are projected to be between $475 million and $500 million, focusing on maximizing free cash flow [23][24] Q&A Session Summary Question: Guidance assumptions for 2025 - Management discussed that guidance is based on normal weather patterns, no significant economic downturn, and moderate inflation [41][42] Question: Portfolio optimization and monetization of smaller parks - Management emphasized the strategic decision-making process regarding portfolio optimization, focusing on value creation and geographic diversification [51][54] Question: Update on revenue synergies and Allpark Pass - Management noted that revenue synergies are still being realized, with early adoption of the Allpark Pass being encouraging but still in the early stages [59][61] Question: Attendance growth drivers and season pass pricing - Management highlighted the importance of season pass sales and the potential for higher attendance levels to drive revenue growth [68][80] Question: Maintenance CapEx versus structural changes - Management indicated that consistent investment is crucial for driving guest interest and improving in-park revenue [95][98]

Six Flags Entertainment posted revenue growth from its Cedar Fair merger despite missing EPS forecasts.Six Flags Entertainment (FUN -2.84%), a national amusement park company, disclosed its fourth-quarter 2024 earnings on Feb. 27, 2025, demonstrating growth but also missing crucial financial forecasts. A significant merger with Cedar Fair completed last year contributed to increased attendance and a sharp rise in revenue to $687 million from $371 million in the previous year. However, this still fell short ...

Industry Overview - The theme park industry is preparing for a recovery year after a mixed performance in 2023, with leading operators like Six Flags, Walt Disney, and SeaWorld showing stock movements but not outperforming the market [1][2] - The merger between Cedar Fair and Six Flags was completed last year, with the new entity retaining Cedar Fair's name but adopting Six Flags' ticker symbol [2] Financial Performance - Comcast reported a decline in profitability for its theme parks business, with flat year-over-year revenue growth [3] - Six Flags and United Parks are set to announce earnings soon, with Six Flags being viewed as a more interesting investment opportunity due to its potential for scalability and cost synergies [4][5] - United Parks has struggled with negative revenue growth in four of the last six quarters, failing to achieve significant top-line growth [4] Market Dynamics - The new Six Flags aims to optimize its larger collection of thrill parks, expecting to realize an annualized run rate of $120 million in cost synergies by the end of the year [5] - The industry is seasonal, with most parks starting operations as the weather warms, while some locations like Southern California operate year-round [6] Consumer Engagement - The success of the theme park industry in 2024 will depend on consumer turnout, with expectations that new attractions and expansions, such as Comcast's Epic Universe, will draw visitors [14] - Six Flags has introduced a new season pass structure, allowing access to both Six Flags and Cedar Fair attractions, which could enhance its value proposition [15] Investment Outlook - Six Flags is currently trading at 14 times projected earnings, but high debt levels increase the enterprise value multiple closer to 25, indicating potential for earnings growth if cost synergies and attendance exceed expectations [16]

Six Flags Entertainment Corporation (NYSE: FUN ) has now reported the company’s Q3 results after the merger has been completed. The quarter marks the first report as a combined company between Six Flags and Cedar Fair. WhileI am an avid investor with a major focus on small cap companies with experience in investing in US, Canadian, and European markets. My investment philosophy to generating great returns on the stock market revolves around identifying mispriced securities by understanding the drivers behin ...

skynesher Six Flags Entertainment Corporation (NYSE:FUN) has now merged, being a combination of the legacy Six Flags and Cedar Fair businesses. After the successful merger, Six Flags has now also reported the company's Q2 results on a pre-merger basis. In my earlier article, "Six Flags And Cedar Fair: Synergies Pose Great Upside," I initiated both pre-merger stocks at a Buy rating as the merger's anticipated synergies created an attractive valuation for the merged Six Flags. As I previously estimated with t ...

Per Six Flags announcement, "Our enhanced financial flexibility will enable us to invest in new rides, attractions, food and beverage options, and state-of-the-art consumer technologies. These investments are designed to grow attendance, increase per capita spending and enhance profitability, ensuring that each visit to our parks is more exciting and memorable than the last." "The combination of Six Flags and Cedar Fair will redefine our guests' amusement park experience as we combine the best of both compa ...

Six Flags (SIX) shares ended the last trading session 5.8% higher at $31.98. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 16.7% gain over the past four weeks. Six Flags' shares surged following the confirmation of its merger with Cedar Fair on July 1, 2024. The company clarified the new corporate setup, confirming that the combined entity will retain the Six Flags name and trade under the ticker symbol "FUN" on ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024 or o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number: 1-13703 ...

Just wanted to go back to attendance trends. I think excluding the 90,000 benefit in the first quarter, it grew around 1%. And so I just want to kind of get a sense of what's the right exit rate to use here? Mexico is a big piece. I think some of the parks opened a little earlier. Your pass units are also up to double digits. So just kind of, what's the right kind of underlying excluding these kind of puts and takes rate to use going forward? group sales, I mean all the rides that we have coming in, we talk ...

Exhibit 99.1 Total revenue for first quarter 2024 decreased $9 million, or 6%, compared to first quarter 2023. The change was primarily attributable to a $12 million reduction in revenue related to memberships beyond the initial 12-month commitment period, which is recognized evenly each month and not recognized based on attendance, and a $4 million adjustment to international licensing revenue made in respect of a change in the estimated opening date of Six Flags Qiddiya to mid-2025. These decreases were p ...