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Six Flags Announces First Quarter 2022 Performance

Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park company and the largest operator of waterparks in North America, today reported first quarter 2022 financial results.

“Six Flags has been quickly executing to improve the guest experience, improving ride throughput by increasing ride uptime and implementing single rider lanes on busy days; improving staffing and training of our team members; upgrading our park appearance, including our front gates, restrooms and restaurants; providing better food quality; and offering more guest amenities such as benches, shade structures, and children’s areas,” said Selim Bassoul, President and CEO. “We have reoriented our culture to prioritize the guest in everything we do, and we fundamentally believe this will drive significant and sustainable long-term earnings growth.”

First Quarter 2022 Results

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

(Amounts in millions, except per share data)

 

April 3, 2022

 

April 4, 2021

 

% Change vs.

2021

Total revenue

 

$

138

 

 

$

82

 

 

68

%

Net loss attributable to Six Flags Entertainment

 

$

(66

)

 

$

(96

)

 

N/M

 

Loss per share, diluted

 

$

(0.76

)

 

$

(1.12

)

 

N/M

 

Adjusted EBITDA (1)

 

$

(16

)

 

$

(46

)

 

N/M

 

Attendance

 

 

1.7

 

 

 

1.3

 

 

25

%

Total guest spending per capita

 

$

75.46

 

 

$

56.16

 

 

34

%

Admissions spending per capita

 

$

43.28

 

 

$

32.95

 

 

31

%

In-park spending per capita

 

$

32.18

 

 

$

23.21

 

 

39

%

Total revenue for first quarter 2022 increased $56 million, or 68%, compared to first quarter 2021, driven by higher attendance and guest spending per capita. The increase in attendance was driven by increased operating days the quarter compared to the prior year period, which was negatively impacted by pandemic-related closures and operating restrictions. The increase in operating days was offset by a visitation shift of approximately 200 thousand guests from the first quarter to the second quarter 2022 due to the later timing of the Easter holiday, which caused some schools to schedule spring-break vacations in the second quarter of 2022 versus the first quarter in 2021. In addition, there were three additional days included in first quarter 2021 compared to first quarter 2022 due to adoption of a fiscal reporting calendar in the quarter commencing January 1, 2021, which accounted for 89 thousand additional guests in first quarter 2021.2

The $19.30 increase in guest spending per capita compared to first quarter 2021 was driven by a $10.33 increase in Admissions spending per capita and a $8.97 increase in In-park spending per capita. The increase in Admissions spending per capita was primarily driven by higher realized ticket pricing and revenue from memberships beyond the initial 12-month commitment period—in first quarter 2021, the company did not recognize membership revenue from members whose home park was closed due to the pandemic. The higher In-park spending reflects the company’s in-park pricing initiatives and positive consumer spending trends.

Since most of the parks are not scheduled to be open during the first quarter, the company had a net loss of $66 million in first quarter 2022. The loss per share was $(0.76) compared to a loss per share of ($1.12) in first quarter 2021. Adjusted EBITDA was a loss of $16 million, an improvement of $30 million compared to first quarter 2021, reflecting higher revenue and improved margins.

In first quarter 2022, the company invested $29 million in new capital, net of insurance recoveries. Net debt as of April 3, 2022, calculated as total reported debt of $2,631 million less cash and cash equivalents of $252 million, was $2,379 million. Deferred revenue was $185 million as of April 3, 2022, a decrease of $60 million, or 25%, from April 4, 2021. The decrease was primarily due to the deferral of revenue in the prior year period from guests whose benefits were extended from 2020 into 2021 due to the pandemic.

Conference Call

At 7:00 a.m. Central Time today, May 12, 2022, the company will host a conference call to discuss its first quarter 2022 financial performance. The call is accessible through either the Six Flags Investor Relations website at investors.sixflags.com or by dialing 1-855-889-1976 in the United States or +1-937-641-0558 outside the United States and requesting the Six Flags earnings call or conference ID 3749243. A replay of the call will be available through May 26, 2022 on the company’s investor relations site https://investors.sixflags.com.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. For 60 years, Six Flags has entertained hundreds of millions of guests with world-class coasters, themed rides, thrilling waterparks and unique attractions. Six Flags is committed to creating an inclusive environment that fully embraces the diversity of our team members and guests. For more information, visit www.sixflags.com.

_____________________________________

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) the effect, impact, potential duration or other implications of the COVID-19 pandemic or virus variants, and any expectations we may have with respect thereto including the continuing efficacy of the COVID-19 vaccines, (ii) the adequacy of our cash flows from operations, available cash and available amounts under our credit facilities to meet our liquidity needs, including in the event of a prolonged closure of one or more of our parks, (iii) our ability to significantly improve our financial performance and the guest experience, (iv) expectations regarding consumer demand for regional, outdoor, out-of-home entertainment, including for our parks, and (v) expectations regarding our annual income tax liability and the availability and effect of net operating loss carryforwards and other tax benefits.

Forward-looking statements include all statements that are not historical facts and often use words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "may," "should," "could" and variations of such words or similar expressions. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, factors impacting attendance, such as local conditions, natural disasters, contagious diseases, including COVID-19, or the perceived threat of contagious diseases, events, disturbances and terrorist activities; regulations and guidance of federal, state and local governments and health officials regarding the response to COVID-19, including with respect to business operations, safety protocols and public gatherings; political or military events; recall of food, toys and other retail products sold at our parks; accidents or incidents involving the safety of guests and employees, or contagious disease outbreaks occurring at our parks or other parks in the industry and adverse publicity concerning our parks or other parks in the industry; availability of commercially reasonable insurance policies at reasonable rates; inability to achieve desired improvements and our financial performance targets; adverse weather conditions such as excess heat or cold, rain and storms; general financial and credit market conditions, including our ability to access credit or raise capital; economic conditions (including customer spending patterns); changes in public and consumer tastes; construction delays in capital improvements or ride downtime; competition with other theme parks, waterparks and entertainment alternatives; dependence on a seasonal workforce; unionization activities and labor disputes; laws and regulations affecting labor and employee benefit costs, including increases in state and federally mandated minimum wages, and healthcare reform; environmental laws and regulations; laws and regulations affecting corporate taxation; pending, threatened or future legal proceedings and the significant expenses associated with litigation; cybersecurity risks; and other factors could cause actual results to differ materially from the company’s expectations, including the risk factors or uncertainties listed from time to time in the company’s filings with the Securities and Exchange Commission (the “SEC”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we make no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, and our other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investors.sixflags.com and on the SEC’s website at www.sec.gov.

Footnotes

(1)

See the following financial statements and Note 4 to those financial statements for a discussion of Adjusted EBITDA (a non-GAAP financial measure) and its reconciliation to net income (loss).

(2)

Comparable periods are January 1 through April 4, 2021, compared to January 3 through April 3, 2022, resulting in three additional days from January 1 through January 3 in 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Operations Data (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Amounts in thousands, except per share data)

 

April 3, 2022

 

April 4, 2021

 

April 3, 2022

 

April 4, 2021

Park admissions

 

$

72,987

 

 

$

44,334

 

 

$

824,302

 

 

$

187,174

 

Park food, merchandise and other

 

 

54,269

 

 

 

31,224

 

 

 

678,496

 

 

 

127,724

 

Sponsorship, international agreements and accommodations

 

 

10,851

 

 

 

6,466

 

 

 

50,190

 

 

 

21,198

 

Total revenues

 

 

138,107

 

 

 

82,024

 

 

 

1,552,988

 

 

 

336,096

 

Operating expenses (excluding depreciation and amortization shown separately below)

 

 

109,944

 

 

 

92,643

 

 

 

664,033

 

 

 

376,505

 

Selling, general and administrative expenses (excluding depreciation, amortization, and stock-based compensation shown separately below)

 

 

35,107

 

 

 

29,489

 

 

 

196,008

 

 

 

125,344

 

Costs of products sold

 

 

10,115

 

 

 

7,215

 

 

 

128,628

 

 

 

33,574

 

Other net periodic pension benefit

 

 

(1,451

)

 

 

(1,643

)

 

 

(5,655

)

 

 

(5,837

)

Depreciation

 

 

29,043

 

 

 

28,827

 

 

 

114,628

 

 

 

117,923

 

Amortization

 

 

6

 

 

 

6

 

 

 

22

 

 

 

419

 

Stock-based compensation

 

 

4,225

 

 

 

6,637

 

 

 

19,050

 

 

 

21,887

 

(Gain) loss on disposal of assets

 

 

(2,100

)

 

 

520

 

 

 

9,517

 

 

 

8,329

 

Interest expense, net

 

 

37,530

 

 

 

38,420

 

 

 

151,546

 

 

 

165,986

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

5,087

 

Other expense, net

 

 

463

 

 

 

7,619

 

 

 

10,966

 

 

 

31,052

 

(Loss) income before income taxes

 

 

(84,775

)

 

 

(127,709

)

 

 

264,245

 

 

 

(544,173

)

Income tax (benefit) expense

 

 

(19,113

)

 

 

(31,870

)

 

 

62,379

 

 

 

(150,788

)

Net (loss) income

 

 

(65,662

)

 

 

(95,839

)

 

 

201,866

 

 

 

(393,385

)

Less: Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

(41,766

)

 

 

(41,288

)

Net (loss) income attributable to Six Flags Entertainment Corporation

 

$

(65,662

)

 

$

(95,839

)

 

$

160,100

 

 

$

(434,673

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

86,197

 

 

 

85,209

 

 

 

85,958

 

 

 

84,940

 

Diluted:

 

 

86,197

 

 

 

85,209

 

 

 

86,913

 

 

 

84,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per average common share outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

(0.76

)

 

$

(1.12

)

 

$

1.86

 

 

$

(5.12

)

Diluted:

 

$

(0.76

)

 

$

(1.12

)

 

$

1.84

 

 

$

(5.12

)

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

April 3, 2022

 

January 2, 2022

 

April 4, 2021

(Amounts in thousands, except share data)

 

(unaudited)

 

 

 

 

(unaudited)

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

252,203

 

 

$

335,585

 

 

$

62,905

 

Accounts receivable, net

 

 

86,461

 

 

 

97,722

 

 

 

46,420

 

Inventories

 

 

39,161

 

 

 

27,273

 

 

 

39,057

 

Prepaid expenses and other current assets

 

 

55,454

 

 

 

55,455

 

 

 

69,166

 

Total current assets

 

 

433,279

 

 

 

516,035

 

 

 

217,548

 

Property and equipment, net:

 

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

2,528,135

 

 

 

2,501,829

 

 

 

2,427,318

 

Accumulated depreciation

 

 

(1,280,969

)

 

 

(1,250,902

)

 

 

(1,182,641

)

Total property and equipment, net

 

 

1,247,166

 

 

 

1,250,927

 

 

 

1,244,677

 

Other assets:

 

 

 

 

 

 

 

 

 

Right-of-use operating leases, net

 

 

184,643

 

 

 

186,754

 

 

 

194,768

 

Debt issuance costs

 

 

4,365

 

 

 

4,899

 

 

 

6,501

 

Deposits and other assets

 

 

10,779

 

 

 

6,170

 

 

 

6,661

 

Goodwill

 

 

659,618

 

 

 

659,618

 

 

 

659,618

 

Intangible assets, net of accumulated amortization of $266, $261 and $244 as of April 3, 2022, January 2, 2022 and April 4, 2021, respectively

 

 

344,182

 

 

 

344,187

 

 

 

344,192

 

Total other assets

 

 

1,203,587

 

 

 

1,201,628

 

 

 

1,211,740

 

Total assets

 

$

2,884,032

 

 

$

2,968,590

 

 

$

2,673,965

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

65,652

 

 

$

38,251

 

 

$

31,771

 

Accrued compensation, payroll taxes and benefits

 

 

22,444

 

 

 

51,473

 

 

 

25,674

 

Accrued insurance reserves

 

 

32,423

 

 

 

32,182

 

 

 

27,568

 

Accrued interest payable

 

 

33,217

 

 

 

50,554

 

 

 

33,290

 

Other accrued liabilities

 

 

94,052

 

 

 

101,790

 

 

 

91,848

 

Deferred revenue

 

 

185,094

 

 

 

177,831

 

 

 

245,310

 

Short-term lease liabilities

 

 

11,383

 

 

 

11,158

 

 

 

10,547

 

Total current liabilities

 

 

444,265

 

 

 

463,239

 

 

 

466,008

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

2,631,246

 

 

 

2,629,524

 

 

 

2,624,361

 

Long-term lease liabilities

 

 

180,464

 

 

 

178,200

 

 

 

190,362

 

Other long-term liabilities

 

 

10,502

 

 

 

9,469

 

 

 

35,337

 

Deferred income taxes

 

 

133,264

 

 

 

148,291

 

 

 

70,985

 

Total noncurrent liabilities

 

 

2,955,476

 

 

 

2,965,484

 

 

 

2,921,045

 

Total liabilities

 

 

3,399,741

 

 

 

3,428,723

 

 

 

3,387,053

 

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

522,067

 

 

 

522,067

 

 

 

523,376

 

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value

 

 

 

 

 

 

 

 

 

Common stock, $0.025 par value, 280,000,000 shares authorized; 86,248,545, 86,162,879 and 85,369,434 shares issued and outstanding at April 3, 2022, January 2, 2022 and April 4, 2021, respectively

 

 

2,156

 

 

 

2,154

 

 

 

2,134

 

Capital in excess of par value

 

 

1,124,603

 

 

 

1,120,084

 

 

 

1,104,904

 

Accumulated deficit

 

 

(2,088,913

)

 

 

(2,023,251

)

 

 

(2,249,207

)

Accumulated other comprehensive loss, net of tax

 

 

(75,622

)

 

 

(81,187

)

 

 

(94,295

)

Total stockholders' deficit

 

 

(1,037,776

)

 

 

(982,200

)

 

 

(1,236,464

)

Total liabilities and stockholders' deficit

 

$

2,884,032

 

 

$

2,968,590

 

 

$

2,673,965

 

 

 

 

 

 

 

 

 

 

Three Months Ended

(Amounts in thousands)

 

April 3, 2022

 

April 4, 2021

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(65,662

)

 

$

(95,839

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

29,049

 

 

 

28,833

 

Stock-based compensation

 

 

4,225

 

 

 

6,637

 

Interest accretion on notes payable

 

 

278

 

 

 

277

 

Loss on debt extinguishment

 

 

 

 

 

 

Amortization of debt issuance costs

 

 

1,978

 

 

 

1,978

 

Other, including loss (gain) on disposal of assets

 

 

3,120

 

 

 

(931

)

Change in accounts receivable

 

 

11,535

 

 

 

(9,897

)

Change in inventories, prepaid expenses and other current assets

 

 

(11,512

)

 

 

3,907

 

Change in deposits and other assets

 

 

(4,600

)

 

 

436

 

Change in ROU operating leases

 

 

2,585

 

 

 

2,113

 

Change in accounts payable, deferred revenue, accrued liabilities and other long-term liabilities

 

 

6,815

 

 

 

42,146

 

Change in operating lease liabilities

 

 

2,161

 

 

 

(1,182

)

Change in accrued interest payable

 

 

(17,337

)

 

 

(26,894

)

Deferred income taxes

 

 

(18,347

)

 

 

(31,982

)

Net cash used in operating activities

 

 

(55,712

)

 

 

(80,398

)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Additions to property and equipment

 

 

(32,071

)

 

 

(23,133

)

Property insurance recoveries

 

 

3,081

 

 

 

 

Proceeds from sale of assets

 

 

 

 

 

33

 

Net cash used in investing activities

 

 

(28,990

)

 

 

(23,100

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Repayment of borrowings

 

 

 

 

 

(2,000

)

Proceeds from borrowings

 

 

 

 

 

2,000

 

Payment of cash dividends

 

 

(14

)

 

 

(201

)

Proceeds from issuance of common stock

 

 

299

 

 

 

9,078

 

Reduction in finance lease liability

 

 

(201

)

 

 

(76

)

Stock repurchases

 

 

(3

)

 

 

(3

)

Net cash provided by financing activities

 

 

81

 

 

 

8,798

 

 

 

 

 

 

 

 

Effect of exchange rate on cash

 

 

1,239

 

 

 

(155

)

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(83,382

)

 

 

(94,855

)

Cash and cash equivalents at beginning of period

 

 

335,585

 

 

 

157,760

 

Cash and cash equivalents at end of period

 

$

252,203

 

 

$

62,905

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Cash paid for interest

 

$

52,157

 

 

$

63,937

 

Cash paid for income taxes (6)

 

$

885

 

 

$

268

 

Definition and Reconciliation of Non-GAAP Financial Measures

We prepare our financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In our press release, we make reference to non-GAAP financial measures including Modified EBITDA, Adjusted EBITDA and Adjusted EBITDA minus capex. The definition for each of these non-GAAP financial measures is set forth below in the notes to the reconciliation tables. We believe that these non-GAAP financial measures provide important and useful information for investors to facilitate a comparison of our operating performance on a consistent basis from period to period and make it easier to compare our results with those of other companies in our industry. We use these measures for internal planning and forecasting purposes, to evaluate ongoing operations and our performance generally, and in our annual and long-term incentive plans. By providing these measures, we provide our investors with the ability to review our performance in the same manner as our management.

However, because these non-GAAP financial measures are not determined in accordance with GAAP, they are susceptible to varying calculations, and not all companies calculate these measures in the same manner. As a result, these non-GAAP financial measures as presented may not be directly comparable to a similarly titled non-GAAP financial measure presented by another company. These non-GAAP financial measures are presented as supplemental information and not as alternatives to any GAAP financial measures. When reviewing a non-GAAP financial measure, we encourage our investors to fully review and consider the related reconciliation as detailed below.

The following tables set forth a reconciliation of net (loss) income to Adjusted EBITDA for the three-month periods and twelve-month periods ended April 3, 2022 and April 4, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

(Amounts in thousands, except per share data)

 

April 3, 2022

 

April 4, 2021

 

April 3, 2022

 

April 4, 2021

Net (loss) income

 

$

(65,662

)

 

$

(95,839

)

 

$

201,866

 

 

$

(393,385

)

Income tax expense (benefit)

 

 

(19,113

)

 

 

(31,870

)

 

 

62,379

 

 

 

(150,788

)

Other expense, net (2)

 

 

463

 

 

 

7,619

 

 

 

10,966

 

 

 

31,052

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

5,087

 

Interest expense, net

 

 

37,530

 

 

 

38,420

 

 

 

151,546

 

 

 

165,986

 

(Gain) loss on disposal of assets

 

 

(2,100

)

 

 

520

 

 

 

9,517

 

 

 

8,329

 

Amortization

 

 

6

 

 

 

6

 

 

 

22

 

 

 

419

 

Depreciation

 

 

29,043

 

 

 

28,827

 

 

 

114,628

 

 

 

117,923

 

Stock-based compensation

 

 

4,225

 

 

 

6,637

 

 

 

19,050

 

 

 

21,887

 

Modified EBITDA (3)

 

 

(15,608

)

 

 

(45,680

)

 

 

569,974

 

 

 

(193,490

)

Third party interest in EBITDA of certain operations (4)

 

 

 

 

 

 

 

 

(41,766

)

 

 

(41,288

)

Adjusted EBITDA (3)

 

$

(15,608

)

 

$

(45,680

)

 

$

528,208

 

 

$

(234,778

)

Capital expenditures, net of property insurance recovery (5)

 

 

(28,990

)

 

 

(23,133

)

 

 

(127,599

)

 

 

(23,133

)

Adjusted EBITDA minus capex (3)

 

$

(44,598

)

 

$

(68,813

)

 

$

400,609

 

 

$

(257,911

)

(1)

Revenues and expenses of international operations are converted into U.S. dollars on an average basis as provided by GAAP.

(2)

Amounts recorded as “Other expense, net” include certain non-recurring costs incurred in conjunction with changes made to our organizational structure in December 2021 and the transformation plan initiated in early 2020.

(3)

“Modified EBITDA,” a non-GAAP measure, is defined as our consolidated income (loss) from continuing operations: excluding the following: the cumulative effect of changes in accounting principles, discontinued operations gains or losses, income tax expense or benefit, restructure costs or recoveries, reorganization items (net), other income or expense, gain or loss on early extinguishment of debt, equity in income or loss of investees, interest expense (net), gain or loss on disposal of assets, gain or loss on the sale of investees, amortization, depreciation, stock-based compensation, and fresh start accounting valuation adjustments. Modified EBITDA, as defined herein, may differ from similarly titled measures presented by other companies. Management uses non-GAAP measures for budgeting purposes, measuring actual results, allocating resources and in determining employee incentive compensation. We believe that Modified EBITDA provides relevant and useful information for investors because it assists in comparing our operating performance on a consistent basis, makes it easier to compare our results with those of other companies in our industry as it most closely ties our performance to that of our competitors from a park-level perspective and allows investors to review performance in the same manner as our management.

"Adjusted EBITDA," a non-GAAP measure, is defined as Modified EBITDA minus the interests of third parties in the Modified EBITDA of properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta and Six Flags Over Texas). Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined in our secured credit agreement, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to us in cash on a net basis and has limitations on the amounts of certain expenses that are excluded from the calculation. Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies. Our board of directors and management use Adjusted EBITDA to measure our performance and our current management incentive compensation plans are based largely on Adjusted EBITDA. We believe that Adjusted EBITDA is frequently used by all our sell-side analysts and most investors as their primary measure of our performance in the evaluation of companies in our industry. In addition, the instruments governing our indebtedness use Adjusted EBITDA to measure our compliance with certain covenants and, in certain circumstances, our ability to make certain borrowings. Adjusted EBITDA, as computed by us, may not be comparable to similar metrics used by other companies in our industry.

“Adjusted EBITDA minus capex,” a non-GAAP measure, is defined as Adjusted EBITDA minus capital expenditures, net of property insurance recoveries. Adjusted EBITDA minus capex as defined herein may differ from similarly titled measures presented by other companies. Our board of directors and managed use Adjusted EBITDA minus capex to measure our performance and our current management incentive compensation plans are based largely on Adjusted EBITDA minus capex. We believe that Adjusted EBITDA minus capex is frequently used by all our sell-side analysts and most investors as their primary measure of our performance in the evaluation of companies in our industry. Adjusted EBITDA minus capex, as computer by us, may not be comparable to similar metrics used by other companies in our industry.

(4)

Represents interests of non-controlling interests in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas and Six Flags White Water Atlanta.

(5)

Capital expenditures, net of property insurance recovery (“capex”) represents cash spent on property, plant and equipment, net of property insurance recoveries.

(6)

Cash taxes represents statutory taxes paid, primarily driven by Mexico and state level obligations. Based on our current federal net operating loss carryforwards, we anticipate paying minimal federal income taxes in 2022 and do not anticipate becoming a full cash taxpayer until at least 2024.

 

Contacts

Stephen Purtell

Senior Vice President

Corporate Communications, Investor Relations and Treasurer

+1-972-595-5180

investors@sftp.com

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