Six Flags Entertainment Corp (SIX) 10-K Annual Report February 2022

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 attendance of 6 million guests and total revenue of $317 million for fourth quarter 2021. Results for fourth quarter and full year 2021 are not directly comparable to the same prior-year periods due to the company’s COVID-19 related suspension of operations and operating restrictions that began in mid-March 2020. The company believes it is most relevant to compare its results in 2021 to the same periods in 2019.

In the fourth quarter (October 4, 2021, through January 2, 2022), attendance at the company’s parks was approximately 98% compared to the comparable fiscal period in 2019 (October 7, 2019, through January 5, 2020). Attendance by pre-booked groups, inclusive of school groups who typically book in advance, has been significantly diminished due to the pandemic. Excluding pre-booked groups, attendance at the company’s parks in fourth quarter 2021 was approximately 100% compared to the same period in 2019.

“In my first 100 days, we have established a new, customer-obsessed culture, a lean and empowered organization, and a strategic focus on delivering a premium guest experience” said Selim Bassoul, President and CEO. “With our foundation now in place, we are moving quickly to invigorate the magic of Six Flags.”

Fourth Quarter 2021 Highlights

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Attendance was 6 million guests, inclusive of a negative calendar shift of 363 thousand guests due to a change in the company’s reporting calendar, for a decrease of 354 thousand guests compared to fourth quarter 2019.

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Total Revenue was $317 million, an increase of $56 million compared to fourth quarter 2019.

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Net Loss was $2 million, an improvement of $9 million compared to fourth quarter 2019.

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Adjusted EBITDA¹ was $95 million, an increase of $23 million compared to fourth quarter 2019.

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Net cash outflow for fourth quarter 2021 was $54 million.

Full Year 2021 Highlights

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Attendance was 28 million guests, a decrease of 5 million guests compared to full year 2019.

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Total Revenue was $1,497 million, an increase of $9 million compared to full year 2019.

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Net Income was $130 million, a decrease of $49 million compared to full year 2019.

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Adjusted EBITDA was $498 million, a decrease of $29 million compared to full year 2019.

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Net cash flow for full year 2021 was $178 million.

Fourth Quarter 2021 Results

The following information was filed by Six Flags Entertainment Corp (SIX) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Six Flags Entertainment Corp's 10-K Annual Report:

Other - Other Highlight
Net cash used in investing activities during the year ended January 2, 2022, increased $30.8 million to $121.7 million from $90.9 million, consisting primarily of capital expenditures, net of insurance proceeds, and partially offset by proceeds received from the disposal of assets.

Revenue - Product Highlight
Total guest spending per capita improved by $10.03, or 24%, compared to the year ended December 31, 2019, primarily as a result of a $6.16, or 35%, increase in non-admissions revenue per capita, driven by early progress on several of our in-park spending initiatives and strong consumer spending trends, and a $3.87, or 16%, increase in admissions revenue per capita driven by our revenue management initiatives and a shorter average season for 2021 season passes compared to 2019, resulting in fewer visits per pass.
Financial - Expense Highlight
The decrease in depreciation and amortization expense was primarily the result of asset retirements, and reduced capital expenditures due to the COVID-19 reductions implemented in 2020.
Financial - Expense Highlight
Depreciation and amortization expense Depreciation and amortization expense for the year ended January 2, 2022, decreased $5.8 million, or 5%, compared to the year ended December 31, 2020, primarily as a result of asset retirements, and reduced capital expenditures due to COVID-19 reductions implemented in 2020.
Financial - Expense Highlight
Depreciation and amortization expense for the year ended January 2, 2022, decreased $3.8 million, or 3%, compared to the year ended December 31, 2019.
Financial - Expense
Further legislative changes and competitive...Read more
Financial - Expense
During 2021, the increase was...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Revenue - Product
The significant increase in net...Read more
Other - Other
Effective February 16, 2009, the...Read more
Revenue - Product
The increase in non-admissions revenue...Read more
Other - Other
The critical accounting policies section...Read more
Financial - Expense
We plan to contribute to...Read more
Revenue - Product
Admissions revenue per capita was...Read more
Other - Other
For more information about our...Read more
Other - Other
In 2020, we entered into...Read more
Financial - Expense
Operating expenses Operating expenses for...Read more
Other - Other
The maximum senior secured leverage...Read more
Financial - Expense
This resulted in a $14.9...Read more
Financial - Expense
We anticipate that the tight...Read more
Revenue - Geography
The increase was primarily attributable...Read more
Other - Other
The following discussion addresses the...Read more
Financial - Expense
Cost of products sold Cost...Read more
Financial - Expense
The increase in operating expenses...Read more
Other - Other
The provisions in Update 2020-04...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Other - Other
Our liquidity could also be...Read more
Other - Other
We identify our reporting unit...Read more
Financial - Expense
Amounts for new rides and...Read more
Financial - Expense
Assets to be disposed of...Read more
Financial - Dividend
In connection with these amendments,...Read more
Financial - Expense
The increase in operating expenses...Read more
Financial - Expense
Operating expenses increased $38.9 million,...Read more
Revenue - Product
This resulted in a reduction...Read more
Financial - Cash Flow
Based on historical and anticipated...Read more
Financial - Income
Income tax expense (benefit) Income...Read more
Revenue - Product
We cannot predict the level...Read more
Financial - Expense
Our principal costs of operations...Read more
Other - Other
For goodwill, if the fair...Read more
Other - Other
If such assets are not...Read more
Other - Other
This increase was partially offset...Read more
Financial - Dividend
Dividends and Stock Repurchases See...Read more
Financial - Expense
Interest expense, net increased $39.1...Read more
Revenue - Product
The following table sets forth...Read more
Revenue - Product
Revenue for the year ended...Read more
Other - Other
Also in December 2021, we...Read more
Other - Other
As of January 2, 2022,...Read more
Financial - Cash Flow
The fair value of indefinite-lived...Read more
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The increase in operating days...Read more
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The increase was primarily as...Read more
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A large portion of our...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Six Flags Entertainment Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.9: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: SIX
CIK: 701374
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-001971
Submitted to the SEC: Thu Feb 24 2022 5:01:06 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Sunday, January 2, 2022
Industry: Miscellaneous Amusement And Recreation