Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Cedar Fair — Investor Presentation (February 2024)
21 slides from Six Flags Entertainment's investor presentation, Feb 26, 2024
Slide 1: Investor Presentation February 2024
Investor Presentation February 2024
Slide 2: Forward-Looking Statements
Some of the information in this presentation that is not historical in nature constitute “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to the Company's expectations, beliefs
Slide 3: Cedar Fair Well Positioned for Growth and Value Creation
Cedar Fair Well Positioned for Growth and Value Creation • Demand remains strong for our parks and resort properties in the highly competitive leisure space • Reliable, recurring and growing revenue streams underpin the business model • Ongoing investments to continue around the guest and associate
Slide 4: Attractive Portfolio of Parks and Resorts
2023 STATISTICS 26.7M guests entertained 2.9M season passes sold $1.80B in Net Revenues $528M of Adjusted EBITDA(a) PORTFOLIO OF PROPERTIES 11 amusement parks 4 separately gated outdoor water parks 1 indoor water park 7 hotels and other resort properties with 2,300+ rooms 4 campgrounds with 600+ cab
Slide 5: Recession Resilient Business Model
Recession Resilient Business Model Acquisitions: 1992 – Dorney Park 1995 – Worlds of Fun 1997 – Knott’s Berry Farm 2001 – Michigan’s Adventure 2006 – Paramount Parks (five parks) 2019 – Schlitterbahn (two water parks) 2019 – Sawmill Creek Resort & Conference Center $0 $100 $200 $300 $400 $500 $600 (
Slide 6: Solid Capital Structure in Place
Solid Capital Structure in Place Amounts in $MM $300 $1,000 $500 $300 $500 0 300 600 900 1200 2024 2025 2026 2027 2028 2029 2030 Revolver Capacity Senior Notes 6 5.500% Secured May-2025 5.375% Unsecured Apr-2027 5.250% Unsecured Jul-2029 6.500% Unsecured Oct-2028 S + 350 bps Feb-2028 (a) (a) Revolvi
Slide 7: 2023 Recap and 2024 Outlook
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Slide 8: Recapping 2023
Recapping 2023….. • We produced our second‐best EBITDA year ever, despite exogenous macro factors disrupting operations and demand during the first half of the year • Outstanding second‐half performance underscores the resiliency of our business model and the ongoing strong demand of consumers • Sec
Slide 9: Strategy Shift Nets Solid 2023
3% 4% Strategy Shift Nets Solid 2023 1% Net Revenues $1.80B Adjusted EBITDA(b) $528M Attendance 26.7M In‐Park Per Capita Spending(a) $61.05 Out‐of‐Park Revenues(a) $223M 9 2023 Results (2,365 operating days) 2022 Results (2,302 operating days) $61.65 $213M $552M Yellow font represents record perform
Slide 10: Record 2023 Second Half
3% 4% Record 2023 Second Half 1% Net Revenues $1.21B Adjusted EBITDA(b) $477M Attendance 18.2M In‐Park Per Capita Spending (a) $60.69 Out‐of‐Park Revenues (a) $142M 10 2H‐2023 Results (1,468 operating days) 2H‐2022 Results (1,464 operating days) $1.21B 17.6M $62.83 $137M $450M Yellow numbers represe
Slide 11: Looking to 2024
Looking to 2024….. • Consumer demand for amusement park entertainment in the highly competitive leisure space remains strong and is pacing to soon surpass pre‐ pandemic levels • Demand momentum supported by consumer research, as well as our second half performance in 2023 and strong early trends in
Slide 12: 2024 Technology Initiatives
2024 Technology Initiatives
Slide 13: 2024 Technology Initiatives – Making FUN Easy
2024 Technology Initiatives – Making FUN Easy….. • Roll out of a next generation guest mobile app to be completed across all parks by the end of April 2024 • New mobile app for associates with tools and functionality to improve operating efficiencies already fully rolled out and in use at all parks
Slide 14: Next Gen Guest Mobile App
Next Gen Guest Mobile App 14 Next Gen Guest Mobile App • Single‐Use Fast Lane • Digital entitlement wallet • Payment with Apple and Google Pay • Mobile food ordering • Improved maps and wayfinding • Enhanced and scalable messaging • Incremental functionality being developed and added with each new p
Slide 15: Mobile App Release
Mobile App Release LAUNCHED LAUNCHED LAUNCHED LAUNCHED LAUNCHED 2/27/2024 3/8/2024 3/20/2024 4/1/2024 4/11/2024 4/15/2024 15
Slide 16: New Associate Mobile App
New Associate Mobile App 16 Associate Mobile App • Operational Checklists • Wait Time Management • Ride Status • Park Attendance • Park Hours • User‐Based Permissions A new associate mobile app, which is designed to simplify administrative tasks, reduce paperwork, improve training and communication,
Slide 17: Fast Lane Technology Deployment
17 • The next evolution of our Fast Lane, front‐of‐the‐line product, will now allow for the incremental sale of Single‐Use Fast Lane passes as part of the digital experience within the next generation guest mobile app • The first rollout of Single‐Use Fast Lane at Knott’s Berry Farm is completed, wi
Slide 18: Testing Additional Technologies
18 Testing Additional Technologies We continue to test additional technologies aimed at creating convenient, frictionless experiences for our guests, while expanding revenue opportunities and delivering maximum return for Cedar Fair Leveraging our relationship with Coca‐Cola and other technology par
Slide 19: Appendix
Appendix
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 20
Slide 21: Table of Key Operational Measures
Table of Key Operational Measures 21