Six Flags(US:SIX)2024-02-29 11:13Revenue Performance - Fourth quarter 2023 revenue was $293 million, a 5% increase from $280 million in Q4 2022[2] - Full year 2023 revenue reached $1,426 million, up 5% from $1,358 million in 2022[5] - Total revenues for the three months ended December 31, 2023, were $292.6 million, an increase of 4.5% compared to $279.9 million for the same period in 2022[23] - Park admissions revenue for the year ended January 1, 2023, was $743.7 million, up from $735.4 million in the previous year, reflecting a growth of 1.8%[23] Net Income and Loss - The company reported a net loss of $22 million in Q4 2023, compared to a net income of $10 million in Q4 2022[4] - Full year net income decreased by 61% to $39 million, down from $101 million in 2022[7] - Net loss attributable to Six Flags Entertainment Corporation for the three months ended December 31, 2023, was $22.4 million, compared to a net income of $10.0 million for the same period in 2022[23] - Net income for the year ended December 31, 2023, was $86,500, a decrease of 40.8% compared to $146,034 for the previous year[27] Expenses and Costs - The company incurred $15 million in merger-related transaction costs in Q4 2023[4] - Selling, general and administrative expenses for the three months ended December 31, 2023, were $55.2 million, a significant increase from $34.3 million in the same period of 2022[23] - Interest expense for the year ended January 1, 2023, was $158.3 million, compared to $141.6 million in the previous year, indicating an increase of 11.8%[23] - The company reported cash paid for interest of $164,571, an increase from $146,693 in the previous year, reflecting a rise of 12.1%[27] Cash Flow and Debt - Net cash provided by operating activities was $257,473, down from $269,361, reflecting a decline of 4.0% year-over-year[27] - As of December 31, 2023, total reported debt was $2,365 million, with cash and cash equivalents of $78 million[8] - Long-term debt decreased to $2,128,612, down 6.7% from $2,280,531 year-over-year[26] - Total liabilities decreased to $3,088,435, down from $3,094,995, indicating a reduction of 0.2% year-over-year[26] Attendance and Guest Spending - Attendance for full year 2023 was 22.2 million, a 9% increase from 20.4 million in 2022[5] - Total guest spending per capita for full year 2023 was $61.03, a decrease of 5% from $63.93 in 2022[5] - Total guest spending per capita increased, with park admissions revenue per capita at $142.1 for the three months ended December 31, 2023, compared to $140.1 in the same period last year[23] Future Plans and Investments - The company invested $171 million in new capital during full year 2023, a $59 million increase over the prior year[8] - The company plans to continue its market expansion and product development strategies, focusing on enhancing guest experiences and operational efficiencies[21] - The merger with Cedar Fair is expected to close in the first half of 2024, pending shareholder and regulatory approvals[9] - The definitive proxy statement/prospectus related to the proposed transaction with Cedar Fair was mailed to stockholders on or about February 1, 2024[17]