Six Flags Files Q2 2024 10-Q

TL;DR

SIX Q2 10-Q is in! Check revenue from rides, food, and games.

AI Summary

Six Flags Entertainment Corporation/NEW filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and first half of the year, including revenue from admissions, food, merchandise, and gaming. The company, formerly CopperSteel HoldCo, Inc., is incorporated in Delaware and headquartered in Charlotte, NC.

Why It Matters

This filing provides investors with the latest financial performance data for Six Flags, crucial for understanding the company's operational health and revenue streams in the amusement and recreation sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the entertainment sector, Six Flags is subject to market fluctuations, consumer spending trends, and operational risks inherent in theme park management.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240808 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Six Flags Entertainment Corporation/NEW (company) — Filer of the 10-Q
• CopperSteel HoldCo, Inc. (company) — Former name of Six Flags Entertainment Corporation/NEW
• 20240630 (date) — End of the reporting period
• 8701 RED OAK BLVD. (location) — Business and mailing address
• CHARLOTTE (location) — City of business and mailing address
• NC (location) — State of business and mailing address
• 28217 (location) — ZIP code of business and mailing address

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share FUN New York Stock Exchange

Filing Documents

• fun-20240630.htm (10-Q) — 1132KB
• sixflags-q2xex222024.htm (EX-22) — 17KB
• sixflags-q2xex3112024.htm (EX-31.1) — 10KB
• sixflags-q2xex3122024.htm (EX-31.2) — 10KB
• sixflags-q2xex322024.htm (EX-32) — 6KB
• 0001999001-24-000012.txt ( ) — 5055KB
• fun-20240630.xsd (EX-101.SCH) — 36KB
• fun-20240630_cal.xml (EX-101.CAL) — 62KB
• fun-20240630_def.xml (EX-101.DEF) — 164KB
• fun-20240630_lab.xml (EX-101.LAB) — 503KB
• fun-20240630_pre.xml (EX-101.PRE) — 321KB
• fun-20240630_htm.xml (XML) — 535KB

Financial Statements of CopperSteel HoldCo, Inc

Financial Statements of CopperSteel HoldCo, Inc. CopperSteel HoldCo, Inc. was formed on October 24, 2023, and prior to the effectiveness of the Mergers, was only engaged in activities in contemplation of the Mergers and immaterial operations. Therefore, the financial statements of CopperSteel Holdco, Inc. as of and for the three and six months ended June 30, 2024 have been omitted from this Form 10-Q. Table of Contents SIX FLAGS ENTERTAINMENT CORPORATION FORM 10-Q CONTENTS

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 3 Index for Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 40 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SIX FLAGS ENTERTAINMENT CORPORATION (FORMER CEDAR FAIR, L.P.) UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, 2024 December 31, 2023 June 25, 2023 ASSETS Current Assets: Cash and cash equivalents $ 52,858 $ 65,488 $ 49,179 Receivables 114,554 79,513 99,985 Inventories 61,480 44,097 65,852 Prepaid advertising 11,978 1,597 14,053 Other current assets 30,523 18,145 33,510 271,393 208,840 262,579 Property and Equipment: Land 286,424 288,761 289,736 Land improvements 524,266 523,336 515,695 Buildings 1,032,720 991,424 979,495 Rides and equipment 2,192,051 2,125,726 2,105,773 Construction in progress 61,549 74,948 45,797 4,097,010 4,004,195 3,936,496 Less accumulated depreciation ( 2,407,981 ) ( 2,368,862 ) ( 2,287,750 ) 1,689,029 1,635,333 1,648,746 Goodwill 262,592 264,625 264,744 Other Intangibles, net 48,581 49,062 49,206 Right-of-Use Asset 75,175 81,173 87,708 Other Assets 1,060 1,500 3,435 $ 2,347,830 $ 2,240,533 $ 2,316,418 LIABILITIES AND PARTNERS' DEFICIT Current Liabilities: Current maturities of long-term debt $ 10,000 $ — $ — Accounts payable 84,130 37,595 79,339 Deferred revenue 281,795 183,689 273,737 Accrued interest 28,501 32,587 30,712 Accrued taxes 21,322 45,296 16,581 Accrued salaries, wages and benefits 35,081 37,421 24,290 Self-insurance reserves 28,039 30,784 27,708 Other accrued liabilities 51,001 35,354 43,814 539,869 402,726 496,181 Deferred Tax Liability 65,382 63,403 66,842 Lease Liability 66,871 71,951 77,679 Other Liabilities 8,996 9,964 10,788 Long-Term Debt: Revolving credit loans 88,000 — 157,000 Term debt 972,819 — — Notes 1,287,971 2,275,451 2,270,586 2,348,790 2,275,451 2,427,586 Commitments and Contingencies ( Note 1 ) Partners' Deficit Special L.P. interests 5,290 5,290 5,290 General partner ( 7 ) ( 6 ) ( 8 ) Limited partners, 51,243 , 51,013 and 51,330 units outstanding as of June 30, 2024, December 31, 2023 and June 25, 2023,