Core Insights - 13D Activist Fund focuses on companies targeted by shareholder activists and reported a Q4 2025 return of 0.40%, underperforming the Russell 2000 Index which returned 2.19% [1] - Year-to-date, the Fund returned 3.06% compared to the Index's 12.81% return, highlighting the challenges active funds face in a market dominated by large-cap firms [1] Company Overview: Six Flags Entertainment Corporation - Six Flags Entertainment Corporation operates approximately 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the US, Canada, and Mexico [3] - As of March 5, 2026, Six Flags' stock closed at $17.51 per share, with a one-month return of -10.89% and a 52-week loss of 55.66% [2] - The company has a market capitalization of $1.699 billion [2] Activist Campaign and Merger - The activist campaign involving JANA Partners and Sachem Head Capital Management has targeted Six Flags Entertainment Corporation [3] - In November 2023, Six Flags announced a merger with Cedar Fair, which faced backlash from some investors, particularly activist Land & Buildings [3] - The merger, completed in July 2024, aimed to leverage Six Flags' regional dominance and licensing agreements alongside Cedar Fair's operational discipline to create synergies and enhance asset value [3]

Q4 2025 Supplemental Materials Cautionary Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. You can identify forward-looking statements by the use of words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA of $165 million, attendance of 9.3 million guests, and revenues of $650 million, which were impacted by a decline in operating days to 779 from 878 the previous year [15][16] - Full year 2025 net revenues were $3.1 billion with Adjusted EBITDA of $792 million, entertaining 47.4 million guests and achieving per capita spending of $61.90 [18][19] - The company noted a significant portion of the decline in operating days was due to the decision not to operate winter holiday events at four parks, which negatively impacted attendance by approximately 425,000 visits [16][17] Business Line Data and Key Metrics Changes - The company observed strong guest spending during the quarter, with per capita spending increasing year-over-year, driven by higher admissions and in-park product sales [17] - The performance of parks varied significantly, with some achieving record years while others faced operational challenges, indicating that profitability issues were more execution-related than structural [19] Market Data and Key Metrics Changes - The company highlighted that over 200 million people live within driving distance of its parks, presenting a significant opportunity for attendance growth [5][6] - Deferred revenues increased by approximately 1% at year-end, primarily due to higher advanced sales of single-day tickets and increased deposits from group business [21] Company Strategy and Development Direction - The new CEO emphasized the need for a disciplined operating culture focused on delivering reliable guest experiences and dependable financial outcomes [7][14] - The company plans to improve operational efficiency through better execution, including staffing alignment and enhanced food and beverage operations [10][12] - A formal feedback channel for associates has been established to gather innovative ideas for improving efficiency across parks [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while demand was pressured in 2025, spending by guests who visited remained solid, indicating that the revenue engine is intact [23] - The company is focused on improving profitability, strengthening the balance sheet, and optimizing capital allocation to enhance guest experiences and operational efficiency [27][28] Other Important Information - The company completed a refinancing of its April 2027 notes, enhancing its capital structure and financial flexibility [20] - The company is not issuing formal guidance for 2026 but is building internal plans aimed at improving revenue and cash flow relative to 2025 [22] Q&A Session Summary Question: Thoughts on 2025 performance and issues - The CEO noted that lessons from 2025 will be used to correct missteps and improve execution, emphasizing that consumer behavior is not the problem [31][34] Question: Cost structure and guest experience - The CEO highlighted the importance of protecting guest experience while streamlining costs, stating that every initiative must be carefully evaluated [38][41] Question: Capital allocation priorities - The CEO indicated that there is flexibility in capital spending, focusing on efficiency and automation investments while maintaining maintenance CapEx [88][90] Question: Guidance for 2026 - The CEO stated that it is too early to provide guidance, as he has only been with the company for a short time, but there are early signs of growth [58] Question: Underperforming parks - Management emphasized that issues are not systemic but vary by park, and they will address each park's challenges individually [64][66]

Core Viewpoint - A class action lawsuit has been filed against Six Flags Entertainment Corp. by Berger Montague PC on behalf of investors who purchased shares during the Class Period from July 1, 2024, to November 5, 2025, related to the merger with Cedar Fair L.P. [1][3] Group 1: Lawsuit Details - The lawsuit alleges that the merger registration statement did not accurately reflect Six Flags' operational and capital needs, claiming that the company had suffered from years of underinvestment despite public claims of major investments [3] - The complaint states that undisclosed capital requirements were inconsistent with the rationale provided for the merger [3] Group 2: Stock Performance - Following the merger closure on July 1, 2024, Six Flags' stock initially traded above $55 per share but subsequently fell to as low as $20, representing a decline of nearly 64% [4]

Core Viewpoint - The article discusses a class action lawsuit against Six Flags Entertainment Corporation, alleging that the company and its executives misled investors regarding the financial health and operational needs of the company prior to its merger with Cedar Fair, L.P. [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 appointment as lead plaintiff [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 subsequently fell to as low as $20 per share, representing a decline of nearly 64% [4]. - The lawsuit alleges that the company's operational competence and guest experience were degraded due to cost-cutting measures implemented by CEO Selim Bassoul, which further exacerbated the company's financial issues [3]. Group 3: Legal Representation - The plaintiffs are represented by Robbins Geller Rudman & Dowd LLP, a law firm known for its experience in prosecuting investor class actions and securities fraud cases [4][5]. - Robbins Geller has secured over $2.5 billion for investors in securities-related class action cases in 2024 alone, highlighting its significant role in investor protection [5].

Core Viewpoint - United Parks & Resorts Inc. (NYSE:PRKS) is currently viewed as a "deep value stock" despite a significant decline in stock price following its fiscal Q3 2025 results, with analysts maintaining a positive outlook for future growth [1][4]. Financial Performance - The company reported a 6.24% year-over-year decrease in revenue to $511.85 million for fiscal Q3, missing expectations by $26.4 million [2]. - Earnings per share (EPS) of $1.61 also fell short of consensus estimates by $0.65 [2]. Factors Affecting Performance - Management attributed the muted quarterly performance to unfavorable calendar shifts, poor weather during holiday seasons, and a decline in international visitation, resulting in a decrease of 252 thousand guests compared to the first nine months of fiscal 2024 [3]. - Attendance growth was resilient in Q2 but showed a decline of 3.4% in Q3, alongside a 6.3% drop in Admissions Per Cap [4]. Future Outlook - Despite recent challenges, the company remains optimistic about forward booking revenue trends into 2026, particularly supported by the Discovery Cove property and group business, both of which grew over 20% during the quarter [3]. Company Overview - United Parks & Resorts Inc. owns and operates several theme parks, including SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue [5].

Core Viewpoint - The article discusses a class action lawsuit against Six Flags Entertainment Corporation, alleging that the company and its executives misled investors regarding the financial health and operational needs of the company prior to its merger with Cedar Fair, L.P. [1][3] Company Overview - Six Flags Entertainment Corporation, previously known as CopperSteel HoldCo, Inc., is an amusement park operator that has faced significant scrutiny following its merger with Cedar Fair, L.P. [2][3] Merger Details - The merger between Legacy Six Flags and Cedar Fair was completed on July 1, 2024, with Six Flags stock initially trading above $55 per share [4]. - Following the merger, the stock price plummeted to as low as $20 per share, representing a nearly 64% decline [4]. Allegations of Misrepresentation - The lawsuit claims that the registration statement for the merger failed to disclose critical information about Legacy Six Flags' financial struggles, including chronic underinvestment and the need for substantial capital to maintain operations [3]. - It is alleged that the company's executives misrepresented the state of the business, claiming successful investment initiatives while the reality was a significant operational decline [3]. Executive Actions - After becoming CEO in November 2021, Selim Bassoul implemented cost-cutting measures that included reducing employee headcount, which negatively impacted operational competence and guest experience [3]. Legal Proceedings - The class action lawsuit is titled "City of Livonia Employees' Retirement System v. Six Flags Entertainment Corporation" and is filed in the Northern District of Ohio [1]. - Investors who suffered losses are encouraged to seek appointment as lead plaintiff by January 5, 2026 [1].

Core Insights - The company is focused on executing its "Back to Basics" plan, aiming to enhance guest experience and operational results, which is expected to create significant value for both guests and shareholders [1][42]. Group 1: Back to Basics Plan - The company has made substantial progress on its "Back to Basics" plan, which includes improvements in marketing, food and beverage offerings, operations, and remodels [2][5]. - Sequential improvement in same-store sales was observed each month during the third quarter, with the final month showing a decline of only approximately 1% [2][18]. - The new menu launch contributed positively to same-store sales for food and beverage during the quarter [2][9]. Group 2: Marketing and Promotions - A reconstructed marketing strategy has been implemented, focusing on a simplified promotional calendar and data-driven decisions to enhance guest acquisition and sales performance [6][7]. - The "Eat & Play" combo promotion has seen a significant increase in guest engagement, with double-digit percentage growth in guest attachment since the beginning of the year [10]. Group 3: Food and Beverage Initiatives - The company has successfully revamped its food and beverage offerings, leading to higher average checks and increased traffic in dining areas [8][9]. - October same-store food sales were reported as the best month of the year, with continued positive trends into November [9][18]. Group 4: Operational Enhancements - Comprehensive training programs have been introduced to empower teams and improve guest experiences, resulting in reduced turnover and enhanced engagement [11][16]. - The company is focused on aligning marketing campaigns with high-impact game launches, with plans to introduce 10 new games in 2026 [12][13]. Group 5: Financial Performance - In the third quarter of fiscal 2025, the company reported revenue of $448 million, a net loss of $42 million, and an adjusted EBITDA of $59 million, resulting in an adjusted EBITDA margin of 13% [18][20]. - The company generated $58 million in operating cash flow during the third quarter, ending with $14 million in cash and $442 million in total liquidity [20][21]. Group 6: Growth and Expansion - The company opened 1 domestic D&B store and 3 new domestic Main Event stores in the third quarter, with plans for 11 new domestic store openings and 1 relocation in fiscal 2025 [22][23]. - International franchising is seen as a driver of efficient growth, with agreements for over 35 additional stores in the coming years [23].

Company Overview - Six Flags Entertainment Corporation is a leading operator of amusement and water parks, with a portfolio spanning 17 states and multiple countries in North America, leveraging well-known intellectual property to differentiate its attractions and drive guest engagement [4][9] - The company employs approximately 5,000 people and is headquartered in Charlotte, North Carolina [9] Recent Developments - Significant executive changes were announced, with executive chairman Selim Bassoul and lead independent director Daniel J. Hanrahan stepping down at year-end [6] - John Reilly, a seasoned executive in the recreation and amusement industry, was named the new CEO on November 24, 2025 [10] Financial Performance - As of September 30, 2025, Six Flags had a market capitalization of $1.48 billion and revenue of $3.14 billion, with a net income of -$1.75 billion [3] - The stock price was reported at $14.60 as of November 14, 2025, reflecting a 69% decline year-to-date [3][10] Investment Activity - Rush Island Management reduced its position in Six Flags by 3,306,963 shares during the third quarter, bringing its stake down to 487,121 shares valued at $11.07 million [2] - Following the sale, Six Flags represented only 0.76% of Rush Island's reportable assets under management (AUM), a significant decrease from the previous quarter's 7.5% [3]

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 regarding the company's operational and capital needs [1][3]. Group 1: Lawsuit Details - The lawsuit claims that the registration statement for the merger did not accurately reflect Six Flags' true operational and capital requirements, despite public assertions of significant investments [3]. - The complaint highlights that undisclosed capital needs were inconsistent with the rationale provided for the merger [3]. Group 2: Stock Performance - Following the merger's closure on July 1, 2024, Six Flags' stock price initially traded above $55 per share but subsequently plummeted to as low as $20, marking a decline of nearly 64% [4]. Group 3: Investor Information - Investors who acquired Six Flags securities during the Class Period have until January 5, 2026, to seek appointment as lead plaintiff representatives [2].