Company Provides 2020 Guidance
Board of Directors Declares First Quarter Cash
Dividend
Chief Financial Officer Announces
Retirement
Six Flags Entertainment Corporation (NYSE: SIX), the world’s
largest regional theme park company and the largest operator of
waterparks in North America, announced today that 2019 revenue
increased $24 million, or 2 percent, from 2018 to approximately
$1.5 billion. The full-year revenue growth was primarily driven by
a 2 percent increase in attendance, offset by a slight decline in
guest spending per capita, and a 3 percent decline in sponsorship,
international agreements, and accommodations revenue. Attendance at
the company’s parks in 2019 grew by 788,000 to 32.8 million guests,
primarily driven by the five domestic parks that the company began
operating in June 2018, and the company’s new waterpark in
Rockford, IL, that the company began operating in April 2019.
Guest spending per capita in 2019 was $42.37, a decrease of
$0.21 compared to 2018, primarily due to lower guest spending per
capita in the six parks the company began operating since 2018.
These parks generated a large portion of the overall attendance and
revenue growth in the year. Admissions per capita decreased $0.44
to $24.86, and in-park spending per capita increased $0.23 to
$17.51.
Net income1 for the year ended December 31, 2019, was $179
million, a decrease of $97 million, or 35 percent, compared to the
prior year. Diluted earnings per common share for 2019 was $2.11, a
decrease of $1.12, or 35 percent, compared to 2018. The decrease in
net income was primarily due to (i) higher stock-based compensation
related to the reversal of expense in the prior year due to an
unachieved performance award, (ii) a full year of operating
expenses related to the five parks acquired in June 2018, (iii)
charges of approximately $10 million related to the company’s China
development agreements and certain unrelated litigation matters,
and (iv) the recording of a valuation allowance related to foreign
tax credits due to the termination of the company’s China
development agreements. Adjusted EBITDA2 for 2019 was $527 million,
a decline of $27 million, or 5 percent, compared to the prior year.
Modified EBITDA3 for the year 2019 was $568 million, and the
Modified EBITDA margin4 was 38.2 percent, a decrease of 238 basis
points compared to 2018.
During 2019, the company’s partner in China defaulted on its
payment obligations to the company. As a result, in February 2020
the company terminated the development agreements. It is unlikely
that the company will recognize any revenue or income in 2020
related to the development of parks in China.
In addition, the company has faced challenges in its base
business, which excludes international development and the six U.S.
parks the company began operating since 2018. In 2019, attendance,
guest spending per capita, and revenue from the base business were
flat, while Cash Operating Costs5 increased 2 percent, causing the
Modified EBITDA of the base business to decline by $14 million, or
3 percent. The Modified EBITDA margin of the base business declined
by 107 basis points, as compared to the prior year.
“My first ninety days have only reinforced my belief that Six
Flags is a beloved brand with loyal guests and dedicated employees.
Our company has difficult to replicate assets that provide a unique
experience in themed entertainment, and exciting potential for
profitable growth,” said Mike Spanos, President and CEO. “I also
believe that the company has the ability to improve its
performance. We are working diligently to formulate a new strategic
plan with the goal of restoring sustainable growth in attendance,
revenue and profitability, and also to add directors with critical
skills and experiences to our board. We will continue our
consumer-centric approach, while focusing our organization on
action, creativity, and relentless execution for the benefit of our
guests, our employees, and our shareholders. I believe that Six
Flags’ future is bright, and I am excited to take on this new
chapter with our great team.”
Fourth quarter 2019 revenue of $261 million declined $9 million,
or 3 percent, compared to the fourth quarter of 2018, primarily due
to a 3 percent decrease in attendance and a 1 percent decrease in
sponsorship, international agreements, and accommodations revenue.
The six parks the company began operating since 2018 had a
negligible impact on revenue comparisons to the prior year quarter.
Guest spending per capita, for the fourth quarter decreased
slightly, with admissions per capita decreasing $0.48, or 2
percent, and in-park spending per capita increasing $0.45, or 3
percent, relative to the same period in 2018.
Net loss for the fourth quarter of 2019 was $11 million compared
to net income for the fourth quarter of 2018 of $79 million, a
decrease of $91 million. The decrease in net income was due to (i)
higher stock-based compensation expense related to the prior year
reversal of expense related to an unachieved performance award,
(ii) the revenue decrease related to soft attendance, (iii) charges
of approximately $10 million related to the company’s China
agreements and certain unrelated litigation matters, and (iv) the
recording of a valuation allowance related to foreign tax credits
due to the termination of the China development agreements.
Adjusted EBITDA of $72 million represented a decrease of $24
million, or 25 percent, compared to the fourth quarter of 2018,
primarily due to the revenue decrease and charges discussed
above.
Deferred revenue of $144 million at year-end 2019 decreased by
$2 million, or 1 percent, compared to December 31, 2018, primarily
due to a reduction in season pass unit sales. The Active Pass Base,
which represents the total number of guests who are enrolled in the
company’s membership program or have a season pass, decreased 3
percent year-over-year to 7.7 million guests as a result of softer
than expected sales over the fourth-quarter holiday periods. The
number of guests who are enrolled in the company’s membership
program increased 18 percent to 2.6 million, and the proportion of
attendance that came from the Active Pass Base remained at 63
percent of total attendance.
In 2019, the company generated $246 million of Adjusted Free
Cash Flow6. The company invested $140 million in new capital
projects, net of insurance proceeds, and paid $279 million in
dividends, or $3.29 per share of common stock for the year. The
authorized amount available for additional share repurchases as of
December 31, 2019, was $232 million and there was $329 million
available under the company’s revolving credit facility. Net Debt
as of December 31, 2019, calculated as total reported debt of
$2,275 million less cash and cash equivalents of $174 million, was
$2,101 million, representing a net leverage ratio of 4.0 times
Adjusted EBITDA.
2020 Financial Guidance
For the full year 2020, the company expects Adjusted EBITDA will
be in the range of $435 million to $465 million 7. The guidance
assumes the following: (i) significantly lower revenue contribution
from the company’s international development agreements, (ii)
organic revenue growth trends consistent with 2019, and (iii)
operating cost headwinds, including higher wages and increased
investment in the parks to improve the guest experience.
The company is facing challenges related to its base business.
Soft organic revenue trends, and increasing operating cost
headwinds, primarily related to higher minimum and market wages,
will be difficult to overcome in 2020. Therefore, the board of
directors and management team have concluded that the company needs
to make incremental investments in the base business to enhance the
guest experience.
The management team is working diligently to develop a new
strategic plan to determine how best to improve the company’s
trajectory and deliver sustained earnings growth over both the
short- and long-term.
The company will host an investor day on May 28, 2020, to share
the new strategic plan.
Dividend Announcement
In consideration of the factors discussed above, and the related
substantial impact on earnings and cash flow, the company’s board
of directors has decided to declare a reduced first quarter cash
dividend of $0.25 per share of common stock, payable on March 11,
2020 to shareholders of record as of March 4, 2020.
“Our board’s decision to reduce the dividend was not taken
lightly,” said Richard Roedel, Chairman of the Board. “We believe
this decision is in the best long-term interests of the company and
our shareholders. Our new quarterly payout ensures sufficient free
cash flow to cover the dividend, preserves financial flexibility to
maintain a healthy balance sheet, and provides the ability to
invest in our business.”
Chief Financial Officer
Retirement
The company announced today that Marshall Barber, executive vice
president and chief financial officer, plans to retire from the
company, effective August 31, 2020. He will serve as chief
financial officer through February 24, 2020, and will remain with
the company until his retirement date, leading strategic projects
and assisting with the transition of the new chief financial
officer. Leonard Russ, Senior Vice President of Strategic Planning
and Analysis, will assume the role of interim chief financial
officer effective upon Mr. Barber stepping down from that position.
Mr. Russ will participate on the conference call scheduled later
today.
“We are deeply appreciative to Marshall for his dedicated
leadership and service to Six Flags, and the valuable contributions
he has made during his more than two-decade career,” said Mike
Spanos, President and CEO. “He has been instrumental in building a
strong finance team, and has played a major role in the company’s
transformation since 2010. We wish him the very best in his
retirement.”
“I am honored to have served Six Flags alongside the talented
Six Flags’ team, especially through such an important time in our
evolution,” said Barber. “I am committed to ensuring a smooth
transition, and I have all of the confidence in the finance team to
continue their excellent work.”
The process to identify the company’s next chief financial
officer will begin immediately.
Conference Call
At 8:00 a.m. Central Time today, February 20, 2020, the company
will host a conference call to discuss its fourth quarter and full
year 2019 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. A replay of the call will be available
through March 4, 2020, by dialing 1-855-859-2056 or +1-404-537-3406
and requesting conference ID 4478116.
About Six Flags Entertainment
Corporation
Six Flags Entertainment Corporation is the world’s largest
regional theme park company and the largest operator of waterparks
in North America, with $1.5 billion in revenue and 26 parks across
the United States, Mexico and Canada. For 58 years, Six Flags has
entertained millions of families with world-class coasters, themed
rides, thrilling waterparks and unique attractions. For more
information, visit www.sixflags.com.
Forward-Looking
Statements
The information contained in this release, other than historical
information, consists of forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. 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, (i) the adequacy of cash flows
from operations, available cash and available amounts under our
credit facilities to meet our future liquidity needs, (ii) our
plans and ability to roll out our capital enhancements and planned
initiatives in a timely and cost effective manner, (iii) our
ability to improve operating results by adopting and implementing a
new strategic plan, including strategic cost reductions and
organizational and personnel changes, without adversely affecting
our business, (iv) our dividend policy and ability and plans to pay
dividends on our common stock and to repurchase common stock,
including the short- and long-term effects of our dividend policy
(v) our planned capital expenditures for 2020 and beyond, (vi) our
marketing strategy, (vii) our ongoing compliance with laws and
regulations, and the effect of and cost and timing of compliance
with newly enacted laws, regulations and accounting policies,
(viii) our ability to use cash flow from operations to satisfy our
obligations with respect to the Partnership Parks, (ix) our ability
to realize profitable future growth and to execute and deliver on
our strategic initiatives, (x) our expectations regarding uncertain
tax positions, (xi) our expectations regarding our ability to
recognize any revenue or profit relating to the development of Six
Flags-branded parks in China, (xii) our expectations regarding our
deferred revenue growth, (xiii) our operations and results of
operations and expected future operational and financial
performance and ability to achieve stated performance targets and
metrics, including Adjusted EBITDA, (xiv) our objectives regarding
recruitment to and composition of our board of directors, (xv) our
ability to identify a new chief financial officer, and (xvi) the
risk factors or uncertainties listed from time to time in the
company’s filings with the Securities and Exchange Commission
("SEC"). In addition, important factors, including factors
impacting attendance, such as local conditions, natural disasters,
contagious diseases, events, disturbances and terrorist activities;
recall of food, toys and other retail products sold at our parks;
accidents 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 aspirational financial performance goals;
adverse weather conditions such as excess heat or cold, rain and
storms; general financial and credit market conditions; economic
conditions (including customer spending patterns); changes in
public and consumer tastes; construction delays in capital
improvements and 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. Although we believe that the expectations reflected
in such forward-looking statements are reasonable, we can give 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)
Net income is defined as net income
available to the company net of income attributable to
non-controlling interests and is consistent with Net income
attributable to Six Flags Entertainment Corporation in the
accompanying financial statements.
(2)
See the following financial statements and
Note 3 to those financial statements for a discussion of Adjusted
EBITDA (a non-GAAP financial measure) and its reconciliation to net
income (loss).
(3)
See the following financial statements and
Note 3 to those financial statements for a discussion of Modified
EBITDA (a non-GAAP financial measure) and its reconciliation to net
income (loss).
(4)
Modified EBITDA margin, a non-GAAP
measure, is defined as Modified EBITDA divided by total
revenues.
(5)
Cash operating costs (a non-GAAP financial
measure) includes Operating expenses, Selling, general and
administrative expenses, Other net periodic pension benefit, and
Cost of products sold included in the Statement of Operations Data
in the accompanying financial statements.
(6)
See the following financial statements and
Note 6 to those financial statements for a discussion of Adjusted
Free Cash Flow (a non-GAAP financial measure) and its
reconciliation from net cash provided by (used in) operating
activities.
(7)
See the following schedule for information
reconciling forward-looking Adjusted EBITDA (a non-GAAP financial
measure) to net income (loss).
Statement of Operations Data
(1)
Three Months Ended
Year Ended
(Amounts in thousands, except per share
data)
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
Park admissions
$
144,530
$
152,295
$
815,782
$
810,064
Park food, merchandise and other
101,748
102,274
574,440
553,527
Sponsorship, international agreements and
accommodations
14,722
14,934
97,361
100,116
Total revenues
261,000
269,503
1,487,583
1,463,707
Operating expenses (excluding depreciation
and amortization shown separately below)
125,101
119,556
607,791
574,724
Selling, general and administrative
expenses (excluding depreciation, amortization, and stock-based
compensation shown separately below)
42,290
34,117
185,920
178,852
Costs of products sold
23,008
21,739
130,304
121,803
Other net periodic pension benefit
(1,038
)
(1,325
)
(4,186
)
(5,169
)
Depreciation
28,597
28,911
115,825
113,246
Amortization
600
612
2,405
2,447
Stock-based compensation
1,927
(77,456
)
13,274
(46,684
)
(Gain) loss on disposal of assets
(943
)
(672
)
2,162
1,879
Interest expense, net
27,046
26,893
113,302
107,243
Loss on debt extinguishment
253
—
6,484
—
Other expense, net
4,016
1,349
2,542
3,508
Income before income taxes
10,143
115,779
311,760
411,858
Income tax expense
21,298
36,357
91,942
95,855
Net (loss) income
(11,155
)
79,422
219,818
316,003
Less: Net income attributable to
noncontrolling interests
—
—
(40,753
)
(40,007
)
Net (loss) income attributable to Six
Flags Entertainment Corporation
$
(11,155
)
$
79,422
$
179,065
$
275,996
Weighted-average common shares
outstanding:
Basic:
84,560
84,138
84,348
84,100
Diluted:
84,560
85,082
84,968
85,445
Net (loss) income per average common share
outstanding:
Basic:
$
(0.13
)
$
0.94
$
2.12
$
3.28
Diluted:
$
(0.13
)
$
0.93
$
2.11
$
3.23
Balance Sheet Data
As of
(Amounts in thousands)
December 31, 2019
December 31, 2018
Cash and cash equivalents
$
174,179
$
44,608
Total assets
2,882,540
2,517,328
Deferred revenue
144,040
146,227
Short-term borrowings
—
43,000
Current portion of long-term debt
8,000
—
Long-term debt
2,266,884
2,063,512
Redeemable noncontrolling interests
529,258
525,271
Total stockholders' deficit
(716,118
)
(643,093
)
Shares outstanding
84,634
83,962
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 Free Cash
Flow. 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 table sets forth a reconciliation of net (loss)
income to Adjusted EBITDA for the three months and year ended
December 31, 2019 and December 31, 2018:
Three Months Ended
Year Ended
(Amounts in thousands, except per share
data)
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
Net (loss) income
$
(11,155
)
$
79,422
$
219,818
$
316,003
Income tax expense
21,298
36,357
91,942
95,855
Other expense, net
4,016
1,349
2,542
3,508
Loss on debt extinguishment
253
—
6,484
—
Interest expense, net
27,046
26,893
113,302
107,243
(Gain) loss on disposal of assets
(943
)
(672
)
2,162
1,879
Amortization
600
612
2,405
2,447
Depreciation
28,597
28,911
115,825
113,246
Stock-based compensation
1,927
(77,456
)
13,274
(46,684
)
Impact of Fresh Start valuation
adjustments (2)
—
6
—
18
Modified EBITDA (3)
71,639
95,422
567,754
593,515
Third party interest in EBITDA of certain
operations (4)
—
—
(40,753
)
(40,007
)
Adjusted EBITDA (3)
$
71,639
$
95,422
$
527,001
$
553,508
Weighted-average common shares
outstanding
84,560
84,138
84,348
84,100
The following table sets forth a reconciliation of net cash
provided by operating activities to Adjusted Free Cash Flow for the
three months and year ended December 31, 2019 and December 31,
2018:
Three Months Ended
Year Ended
(Amounts in thousands, except per share
data)
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
Net cash provided by operating
activities
$
69,708
$
71,121
$
410,573
$
413,132
Changes in working capital
(25,673
)
(4,230
)
28,739
50,670
Interest expense, net
27,046
26,893
113,302
107,243
Income tax expense
21,298
36,357
91,942
95,855
Amortization of debt issuance costs
(860
)
(1,007
)
(3,563
)
(3,979
)
Other expense, net
7,875
5,858
6,457
4,813
Interest accretion on notes payable
(322
)
(337
)
(1,310
)
(1,344
)
Changes in deferred income taxes
(27,433
)
(39,239
)
(78,386
)
(72,893
)
Impact of Fresh Start valuation
adjustments (2)
—
6
—
18
Third party interest in EBITDA of certain
operations (4)
—
—
(40,753
)
(40,007
)
Capital expenditures, net of property
insurance recovery
(18,151
)
(20,882
)
(140,176
)
(133,124
)
Cash paid for interest, net
(20,553
)
(16,120
)
(112,997
)
(97,511
)
Cash taxes (5)
(3,256
)
(5,350
)
(28,209
)
(30,009
)
Adjusted Free Cash Flow (6)
$
29,679
$
53,070
$
245,619
$
292,864
Weighted-average common shares outstanding
- basic:
84,560
84,138
84,348
84,100
The following table reflects the forecasted guidance range for
the Company’s fiscal year ending December 31, 2020, for Adjusted
EBITDA and reconciles such Adjusted EBITDA guidance to net income
guidance for fiscal 2020.
2020 Guidance
Year Ended December 31,
2020
(Amounts in thousands)
Low End Range
High End Range
Net income
$
175,000
$
197,000
Income tax expense (7)
44,000
52,000
Other expense, net
5,000
5,000
Interest expense, net
109,000
109,000
Loss on disposal of assets
5,000
5,000
Amortization
1,000
1,000
Depreciation
121,000
121,000
Stock-based compensation (8)
17,000
17,000
Modified EBITDA (3)
477,000
507,000
Third party interest in EBITDA of certain
operations (4)
(42,000
)
(42,000
)
Adjusted EBITDA (3)
$
435,000
$
465,000
(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 valuation adjustments
and included in reorganization items for the month of April 2010
that would have been included in Modified EBITDA and Adjusted
EBITDA, had fresh start accounting not been applied. Balances
consisted primarily of discounted insurance reserves that were
accreted through the statement of operations each quarter through
2018.
(3)
“Modified EBITDA”, a non-GAAP measure, is
defined as our consolidated income (loss) from continuing
operations: excluding 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 Adjusted 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.
(4)
Represents interests of third parties in
the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas
and Six Flags White Water Atlanta.
(5)
Cash taxes represents statutory taxes
paid, primarily driven by Mexico and state level obligations. Based
on our current federal net operating loss carryforwards, we believe
we will continue to pay minimal federal cash taxes for the next two
years.
(6)
Management uses Adjusted Free Cash Flow, a
non-GAAP measure, in its financial and operational decision making
processes, for internal reporting, and as part of its forecasting
and budgeting processes as it provides additional transparency of
our operations. Management believes that Adjusted Free Cash Flow is
useful information to investors regarding the amount of cash that
we estimate that we will generate from operations over a certain
period. Management believes the presentation of this measure will
enhance the investors' ability to analyze trends in the business
and evaluate the Company's underlying performance relative to other
companies in the industry. A reconciliation from net cash provided
by operating activities to Adjusted Free Cash Flow is presented in
the table above. Adjusted Free Cash Flow as presented herein may
differ from similarly titled measures presented by other
companies.
(7)
Income tax expense is estimated using an
effective rate of 25% of income before income taxes, excluding
income attributable to noncontrolling interests.
(8)
Stock based compensation represents the
expected amortization of unvested equity awards outstanding as of
December 31, 2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005157/en/
Stephen Purtell Senior Vice President Investor Relations and
Treasurer +1-972-595-5180 investors@sftp.com
Six Flags Entertainment (NYSE:SIX)
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