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]

Core Insights - Six Flags Entertainment reported significant revenue growth due to its merger with Cedar Fair, achieving $687 million in revenue, up from $371 million the previous year, but fell short of the $706 million forecast [2][6] - The company experienced a net loss of $264 million, translating to an EPS loss of -$2.76, which was significantly below the expected $0.28 and worse than last year's loss of -$0.20, indicating ongoing integration challenges [2][3] Financial Performance - Revenue for Q4 2024 was $687 million, an 85.1% increase year-over-year from $371 million in Q4 2023 [3] - Adjusted EBITDA reached $209 million, a 134.8% increase from $89 million in the previous year [3] - Attendance nearly doubled to 10.7 million, up from 5.8 million in Q4 2023, primarily due to increased operational days from the merger [3][6] Operational Insights - Operating expenses rose to $523 million as the company integrated legacy Six Flags parks, and interest expenses increased to $79 million due to higher debt levels post-merger [7] - Net debt stood at $4.88 billion, reflecting increased leverage following the merger [7] - In-park per capita spending was $61.60, slightly lower than the full-year figure of $62.21 from 2023, while out-of-park revenue grew to $48 million [8] Merger and Integration - The merger with Cedar Fair, finalized in July 2024, aimed to enhance operational capacity and market reach, realizing $50 million in synergy savings with an additional $70 million expected in 2025 [9] - The company is focused on integrating operations, achieving cost efficiencies, and diversifying revenue streams beyond park admissions [5][9] Strategic Outlook - Management projects adjusted EBITDA for 2025 to be between $1.08 billion and $1.12 billion, relying on operational efficiencies and synergy realizations from the merger [10] - Future focus areas include improving guest spending and driving demand through new attractions, with planned capital expenditures targeting major park locations [10]