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 second quarter 2022
financial results.
“This is a transitional year for Six Flags, as we reset the
foundations of our business model to focus on delivering a premium
guest experience, while at the same time, correcting for decades of
heavy price discounting,” said Selim Bassoul, President and CEO.
“Our guest satisfaction scores are well above 2021 and our guest
spending per capita has increased more than fifty percent versus
pre-pandemic levels. We believe our initial progress validates the
potential of our new strategy, and provides a very healthy earnings
base from which we can grow.”
Second Quarter
2022 Results
Three Months Ended
(Amounts in millions, except per share
data)
July 3, 2022
July 4, 2021
% Change vs. 2021
Total revenue
$
435
$
460
(5
)%
Net income attributable to Six Flags
Entertainment
$
45
$
71
(36
)%
Net income per share, diluted
$
0.53
$
0.81
(35
)%
Adjusted EBITDA (1)
$
155
$
170
(9
)%
Attendance
6.7
8.5
(22
)%
Total guest spending per capita
$
63.87
$
51.94
23
%
Admissions spending per capita
$
36.35
$
28.68
27
%
In-park spending per capita
$
27.52
$
23.26
18
%
Total revenue for second quarter 2022 decreased $24 million, or
5%, compared to second quarter 2021, driven by lower attendance and
a $5 million reduction in sponsorship, international agreements and
accommodations revenue. The decrease in attendance was net of a
favorable visitation shift of approximately 200 thousand guests
from first quarter to second quarter 2022 due to the later timing
of the Easter holiday in 2022, which impacted operating calendars
as a result of schools scheduling spring-break vacations in the
second quarter of 2022 versus the first quarter in 2021. The
decrease in attendance was partially offset by higher guest
spending per capita.
The $11.93 increase in guest spending per capita compared to
second quarter 2021 was driven by a $7.67 increase in Admissions
spending per capita and a $4.26 increase in In-park spending per
capita. The increase in Admissions spending per capita was
primarily driven by higher realized ticket pricing and a higher mix
of single day tickets. The higher In-park spending reflects the
company’s in-park pricing initiatives.
The company partially offset the decrease in revenue with lower
cash operating costs. The reduction in operating costs reflected
full-time headcount reductions, fewer total employee hours worked,
and lower advertising costs. These efficiency measures were offset
by higher wage rates, increases in repair and maintenance,
utilities, and other costs due to inflation.
The company had a net income of $45 million in second quarter
2022. The income per share was $0.53 compared to an income per
share of $0.81 in second quarter 2021, driven by lower revenue and
a $17 million loss on extinguishment of debt. Adjusted EBITDA was
$155 million, a decrease of $15 million compared to second quarter
2021. During the second quarter 2021, the company received $11.3
million related to one of its terminated international development
agreements in China. Excluding the impact of the payment, Adjusted
EBITDA decreased $4 million compared to second quarter 2021.
First Half 2022
Results
Six Months Ended
(Amounts in millions, except per share
data)
July 3, 2022
July 4, 2021
% Change vs. 2021
Total revenue
$
574
$
542
6
%
Net loss attributable to Six Flags
Entertainment
$
(20
)
$
(25
)
N/M
Net loss per share, diluted
$
(0.24
)
$
(0.30
)
N/M
Adjusted EBITDA (1)
$
140
$
125
12
%
Attendance
8.3
9.9
(16
)%
Total guest spending per capita
$
66.21
$
52.51
26
%
Admissions spending per capita
$
37.75
$
29.26
29
%
In-park spending per capita
$
28.46
$
23.25
22
%
Total revenue for first half 2022 increased $32 million, or 6%,
compared to first half 2021, driven by higher per capita spending.
This was offset by lower attendance. As a result of the change to
the company’s reporting calendar, three fewer days were included in
first half 2022 compared to the first half 2021, which accounted
for 89 thousand additional guests in first half 2021.2
The $13.70 increase in guest spending per capita compared to
first half 2021 was driven by an $8.49 increase in Admissions
spending per capita and a $5.21 increase in In-park spending per
capita. The increase in Admissions spending per capita was
primarily driven by higher realized ticket pricing and a higher mix
of single day tickets. The higher In-park spending reflects the
company’s in-park pricing initiatives.
The increase in revenue was offset by higher operating costs,
driven by increased operating days in first half 2022 compared to
the prior year period, which was negatively impacted by
pandemic-related closures and operating restrictions. In addition,
the company experienced higher wage rates, and increases in repair
and maintenance, utilities, and other costs, due to inflation.
These cost increases were offset by efficiency measures including
reductions in full-time headcount, fewer total seasonal employee
hours worked, and lower advertising costs.
The company had a net loss of $20 million in first half 2022.
The loss per share was ($0.24) compared to a loss per share of
($0.30) in first half 2021. Adjusted EBITDA was $140 million, an
improvement of $15 million compared to first half 2021, reflecting
higher revenues and improved margins. During the second quarter
2021, the company received $11.3 million related to one of its
terminated international development agreements in China. Excluding
the impact of the payment, Adjusted EBITDA increased $26 million
compared to first half 2021.
Balance Sheet and Capital
Allocation
Net debt as of July 3, 2022, calculated as total reported debt
of $2,478 million less cash and cash equivalents of $75 million,
was $2,403 million, representing a 4.7 times Adjusted net leverage
ratio. Deferred revenue was $171 million as of July 3, 2022, a
decrease of $139 million, or 45%, from July 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 and lower unit sales of season passes and
memberships.
On July 1, 2022, the company redeemed $360 million in aggregate
principal amount of its senior secured 7.000% Notes due 2025 at a
redemption price of 103.5%. Additionally, the company repurchased
3.5 million shares of its common stock at an aggregate cost of
$96.8 million, leaving 83.0 million shares outstanding as of July
3, 2022, and $134.9 million remaining on the previously authorized
share repurchase program. In first half 2022, the company invested
$55 million in new capital, net of insurance recoveries.
Conference Call
At 7:00 a.m. Central Time today, August 11, 2022, the company
will host a conference call to discuss its second quarter 2022
financial performance. The call is accessible through either the
Six Flags Investor Relations website at investors.sixflags.com or
by dialing 1-833-629-0614 in the United States or +1-412-317-9257
outside the United States and requesting the Six Flags earnings
call. A replay of the call will be available 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 61 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 and Monkeypox, 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 or other
health emergencies such as Monkeypox, including with respect to
business operations, safety protocols and public gatherings;
economic impact of political instability and conflicts globally,
including the war in Ukraine; 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; macro-economic conditions (including impact of inflation
on 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
July 4, 2021, compared to January 3 through July 3, 2022, resulting
in three additional days from January 1 through January 3 in
2021.
Statement of Operations Data
(1)
Three Months Ended
Six Months Ended
Twelve Months Ended
(Amounts in thousands, except per share
data)
July 3, 2022
July 4, 2021
July 3, 2022
July 4, 2021
July 3, 2022
July 4, 2021
Park admissions
$
241,777
$
245,165
$
314,764
$
289,499
$
820,914
$
421,377
Park food, merchandise and other
183,081
198,897
237,350
230,121
662,680
322,098
Sponsorship, international agreements and
accommodations
10,564
15,725
21,415
22,191
45,029
33,265
Total revenues
435,422
459,787
573,529
541,811
1,528,623
776,740
Operating expenses (excluding depreciation
and amortization shown separately below)
173,582
183,768
283,526
276,411
653,847
497,592
Selling, general and administrative
expenses (excluding depreciation, amortization, and stock-based
compensation shown separately below)
50,350
47,204
85,457
76,693
199,154
141,748
Costs of products sold
35,710
39,194
45,825
46,409
125,144
70,554
Other net periodic pension benefit
(1,920
)
(1,690
)
(3,371
)
(3,333
)
(5,885
)
(6,533
)
Depreciation
27,532
28,047
56,575
56,874
114,113
116,938
Amortization
5
5
11
11
22
22
Stock-based compensation
3,223
3,001
7,448
9,638
19,272
18,868
Loss (gain) on disposal of assets
98
719
(2,002
)
1,239
8,896
8,535
Interest expense, net
35,978
38,048
73,508
76,468
149,476
152,987
Loss on debt extinguishment
17,533
—
17,533
—
17,533
—
Other expense, net
898
831
1,361
8,450
11,033
27,631
Income (loss) before income taxes
92,433
120,660
7,658
(7,049
)
236,018
(251,602
)
Income tax expense (benefit)
24,716
29,257
5,603
(2,613
)
57,838
(65,870
)
Net income (loss)
67,717
91,403
2,055
(4,436
)
178,180
(185,732
)
Less: Net income attributable to
noncontrolling interests
(22,325
)
(20,883
)
(22,325
)
(20,883
)
(43,208
)
(41,527
)
Net income (loss) attributable to Six
Flags Entertainment Corporation
$
45,392
$
70,520
$
(20,270
)
$
(25,319
)
$
134,972
$
(227,259
)
Weighted-average common shares
outstanding:
Basic:
84,992
85,673
85,594
85,437
85,789
85,183
Diluted:
85,242
86,751
85,594
85,437
86,525
85,183
Net income (loss) per average common share
outstanding:
Basic:
$
0.53
$
0.82
$
(0.24
)
$
(0.30
)
$
1.57
$
(2.67
)
Diluted:
$
0.53
$
0.81
$
(0.24
)
$
(0.30
)
$
1.56
$
(2.67
)
As of
July 3, 2022
January 2, 2022
July 4, 2021
(Amounts in thousands, except share
data)
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
74,802
$
335,585
$
252,887
Accounts receivable, net
70,473
97,722
124,846
Inventories
47,531
27,273
36,038
Prepaid expenses and other current
assets
69,990
55,455
66,094
Total current assets
262,796
516,035
479,865
Property and equipment, net:
Property and equipment, at cost
2,552,144
2,501,829
2,445,453
Accumulated depreciation
(1,297,710
)
(1,250,902
)
(1,205,950
)
Total property and equipment, net
1,254,434
1,250,927
1,239,503
Other assets:
Right-of-use operating leases, net
180,836
186,754
193,254
Debt issuance costs
3,832
4,899
5,966
Deposits and other assets
8,101
6,170
6,006
Goodwill
659,618
659,618
659,618
Intangible assets, net of accumulated
amortization of $272, $261 and $249 as of July 3, 2022, January 2,
2022 and July 4, 2021, respectively
344,176
344,187
344,187
Total other assets
1,196,563
1,201,628
1,209,031
Total assets
$
2,713,793
$
2,968,590
$
2,928,399
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities:
Accounts payable
$
67,925
$
38,251
$
65,526
Accrued compensation, payroll taxes and
benefits
24,968
51,473
47,846
Accrued insurance reserves
37,017
32,182
26,998
Accrued interest payable
24,713
50,554
25,289
Other accrued liabilities
102,626
101,790
108,330
Deferred revenue
171,238
177,831
310,441
Short-term borrowings
200,000
—
—
Short-term lease liabilities
11,394
11,158
10,801
Total current liabilities
639,881
463,239
595,231
Noncurrent liabilities:
Long-term debt
2,277,910
2,629,524
2,626,082
Long-term lease liabilities
175,786
178,200
188,687
Other long-term liabilities
5,475
9,469
32,750
Deferred income taxes
152,041
148,291
102,853
Total noncurrent liabilities
2,611,212
2,965,484
2,950,372
Total liabilities
3,251,093
3,428,723
3,545,603
Redeemable noncontrolling interests
543,720
522,067
542,950
Stockholders' deficit:
Preferred stock, $1.00 par value
—
—
—
Common stock, $0.025 par value,
280,000,000 shares authorized; 83,026,556, 86,162,879 and
85,871,956 shares issued and outstanding at July 3, 2022, January
2, 2022 and July 4, 2021, respectively
2,075
2,154
2,147
Capital in excess of par value
1,103,534
1,120,084
1,108,680
Accumulated deficit
(2,114,697
)
(2,023,251
)
(2,178,493
)
Accumulated other comprehensive loss, net
of tax
(71,932
)
(81,187
)
(92,488
)
Total stockholders' deficit
(1,081,020
)
(982,200
)
(1,160,154
)
Total liabilities and stockholders'
deficit
$
2,713,793
$
2,968,590
$
2,928,399
Six Months Ended
(Amounts in thousands)
July 3, 2022
July 4, 2021
Cash flows from operating
activities:
Net loss
$
2,055
$
(4,436
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
56,586
56,885
Stock-based compensation
7,448
9,638
Interest accretion on notes payable
555
554
Loss on debt extinguishment
17,533
—
Amortization of debt issuance costs
3,965
3,956
Other, including loss (gain) on disposal
of assets
(5,405
)
(445
)
Change in accounts receivable
27,327
(88,193
)
Change in inventories, prepaid expenses
and other current assets
(34,698
)
10,393
Change in deposits and other assets
(1,928
)
1,099
Change in ROU operating leases
5,517
4,382
Change in accounts payable, deferred
revenue, accrued liabilities and other long-term liabilities
11,012
175,266
Change in operating lease liabilities
(1,615
)
(4,457
)
Change in accrued interest payable
(25,841
)
(34,895
)
Deferred income taxes
726
(414
)
Net cash provided by operating
activities
63,237
129,333
Cash flows from investing
activities:
Additions to property and equipment
(59,006
)
(42,250
)
Property insurance recoveries
3,664
—
Proceeds from sale of assets
—
41
Net cash used in investing activities
(55,342
)
(42,209
)
Cash flows from financing
activities:
Repayment of borrowings
(360,000
)
(2,000
)
Proceeds from borrowings
200,000
2,000
Stock repurchases
(96,774
)
—
Redemption premium payments on debt
extinguishment
(12,600
)
—
Payment of cash dividends
(3
)
(210
)
Proceeds from issuance of common stock
1,665
11,784
Reduction in finance lease liability
(490
)
(350
)
Payment of tax withholdings on
equity-based compensation through shares withheld
(260
)
(2,179
)
Purchase of redeemable noncontrolling
interest
(556
)
(1,115
)
Net cash (used in) provided by financing
activities
(269,018
)
7,930
Effect of exchange rate on cash
340
73
Net change in cash and cash
equivalents
(260,783
)
95,127
Cash and cash equivalents at beginning of
period
335,585
157,760
Cash and cash equivalents at end of
period
$
74,802
$
252,887
Supplemental cash flow
information
Cash paid for interest
$
95,141
$
107,855
Cash paid for income taxes (6)
$
1,661
$
564
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, six month
periods and twelve-month periods ended July 3, 2022, and July 4,
2021:
Three Months Ended
Six Months Ended
Twelve Months Ended
(Amounts in thousands, except per share
data)
July 3, 2022
July 4, 2021
July 3, 2022
July 4, 2021
July 3, 2022
July 4, 2021
Net income (loss)
$
67,717
$
91,403
$
2,055
$
(4,436
)
$
178,180
$
(185,732
)
Income tax expense (benefit)
24,716
29,257
5,603
(2,613
)
57,838
(65,870
)
Other expense, net (2)
898
831
1,361
8,450
11,033
27,631
Loss on debt extinguishment
17,533
—
17,533
—
17,533
—
Interest expense, net
35,978
38,048
73,508
76,468
149,476
152,987
Loss (gain) on disposal of assets
98
719
(2,002
)
1,239
8,896
8,535
Amortization
5
5
11
11
22
22
Depreciation
27,532
28,047
56,575
56,874
114,113
116,938
Stock-based compensation
3,223
3,001
7,448
9,638
19,272
18,868
Modified EBITDA (3)
177,700
191,311
162,092
145,631
556,363
73,379
Third party interest in EBITDA of certain
operations (4)
(22,325
)
(20,883
)
(22,325
)
(20,883
)
(43,208
)
(41,527
)
Adjusted EBITDA (3)
$
155,375
$
170,428
$
139,767
$
124,748
$
513,155
$
31,852
Capital expenditures, net of property
insurance recovery (5)
(26,352
)
(19,117
)
(55,342
)
(42,250
)
(134,834
)
(67,505
)
Adjusted EBITDA minus capex (3)
$
129,023
$
151,311
$
84,425
$
82,498
$
378,321
$
(35,653
)
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220811005164/en/
Stephen Purtell Senior Vice President Corporate Communications,
Investor Relations and Treasurer +1-972-595-5180
investors@sftp.com
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