Six Flags Q3 2024 Update Filed

TL;DR

Six Flags Q3 2024 10-Q filed. Check financials.

AI Summary

Six Flags Entertainment Corporation/NEW reported its Q3 2024 results, ending September 29, 2024. The company, formerly CopperSteel HoldCo, Inc., is based in Charlotte, NC. Key financial details and operational metrics for the period are outlined in this 10-Q filing.

Why It Matters

This filing provides investors with the latest financial performance and operational data for Six Flags, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a routine quarterly report, but the entertainment industry can be subject to economic downturns and changing consumer preferences.

Key Numbers

• 2024-09-29 — Reporting Period End (Third quarter of 2024)
• 2024-11-06 — Filing Date (Date the 10-Q was submitted)

Key Players & Entities

• Six Flags Entertainment Corporation/NEW (company) — Filer
• CopperSteel HoldCo, Inc. (company) — Former Company Name
• 2024-09-29 (date) — Reporting Period End Date
• 2024-11-06 (date) — Filing Date
• Charlotte, NC (location) — Business and Mail 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-20240929.htm (10-Q) — 1453KB
• sixflags-q3xex1072024.htm (EX-10.7) — 150KB
• sixflags-q3xex1082024.htm (EX-10.8) — 139KB
• sixflags-q3xex1092024.htm (EX-10.9) — 192KB
• sixflags-q3xex10102024.htm (EX-10.10) — 203KB
• sixflags-q3xex10112024.htm (EX-10.11) — 190KB
• sixflags-q3xex10122024.htm (EX-10.12) — 188KB
• sixflags-q3xex10132024.htm (EX-10.13) — 182KB
• sixflags-q3xex10142024.htm (EX-10.14) — 186KB
• sixflags-q3xex10152024.htm (EX-10.15) — 186KB
• sixflags-q3xex10162024.htm (EX-10.16) — 187KB
• sixflags-q3xex10172024.htm (EX-10.17) — 187KB
• sixflags-q3xex10182024.htm (EX-10.18) — 70KB
• sixflags-q3xex222024.htm (EX-22) — 45KB
• sixflags-q3xex3112024.htm (EX-31.1) — 10KB
• sixflags-q3xex3122024.htm (EX-31.2) — 10KB
• sixflags-q3xex322024.htm (EX-32) — 6KB
• 0001999001-24-000027.txt ( ) — 10492KB
• fun-20240929.xsd (EX-101.SCH) — 55KB
• fun-20240929_cal.xml (EX-101.CAL) — 97KB
• fun-20240929_def.xml (EX-101.DEF) — 311KB
• fun-20240929_lab.xml (EX-101.LAB) — 730KB
• fun-20240929_pre.xml (EX-101.PRE) — 507KB
• fun-20240929_htm.xml (XML) — 994KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 3 Index for Notes to Unaudited Condensed Consolidated Financial Statements 8 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 41 Item 6. Exhibits 41

Signatures

Signatures 44 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SIX FLAGS ENTERTAINMENT CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 29, 2024 December 31, 2023 September 24, 2023 ASSETS Current assets: Cash and cash equivalents $ 89,705 $ 65,488 $ 134,394 Receivables 201,653 79,513 88,256 Inventories 89,842 41,048 51,531 Other current assets 75,761 22,791 31,127 456,961 208,840 305,308 Property and equipment, gross 7,526,470 4,004,195 3,956,079 Accumulated depreciation ( 2,547,454 ) ( 2,368,862 ) ( 2,342,275 ) Property and equipment, net 4,979,016 1,635,333 1,613,804 Goodwill 2,786,109 264,625 263,557 Other intangibles, net 898,662 49,062 48,883 Right-of-use assets 236,286 81,173 84,799 Other assets 12,192 1,500 2,252 $ 9,369,226 $ 2,240,533 $ 2,318,603 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 210,000 $ — $ — Accounts payable 120,351 37,595 56,145 Deferred revenue 330,945 183,689 186,175 Accrued interest 95,367 32,587 49,268 Accrued taxes 74,368 45,296 44,867 Accrued salaries, wages and benefits 49,890 37,421 38,167 Self-insurance reserves 124,618 30,784 29,176 Other accrued liabilities 135,072 35,354 42,659 1,140,611 402,726 446,457 Deferred tax liabilities 476,292 63,403 66,167 Lease liabilities 236,810 71,951 74,957 Other liabilities 53,743 9,964 23,830 Long-term debt: Revolving credit loans 139,080 — — Term debt 976,622 — — Notes 3,458,805 2,275,451 2,272,961 4,574,507 2,275,451 2,272,961 Commitments and contingencies ( Note 1 ) Redeemable non-controlling interests 545,685 — — Equity: Former Cedar Fair, L.P. Partners' Deficit: Special L.P. interests — 5,290 5,290 General partner — ( 6 ) ( 6 ) Limited partners, 51,013 and 51,017 units outstanding as of December 31, 2023 and September 24, 2023, respectively — ( 602,947 ) ( 586,074 ) Six Flags Entertainment Corporation Stockholders' Equity: Common stock, 100,275 shares outstanding as of September 29, 2024 1,003 —