Slide 1: Investor Presentation August 2022
Investor Presentation August 2022
Slide 2: Forward-Looking Statements
Some of the information in this presentation that is not historical in nature constitutes “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, belief
Slide 3: FUN Overview
FUN Overview 3
Slide 4: Compelling Investment Rationale
Compelling Investment Rationale 1 2 Best-in-class parks and brands with loyal, high-repeat customer base 3 High barriers to entry (with no successful regional park built since the 1970s) 4 Resilient operating performance through various economic cycles 6 Industry-experienced management team with his
Slide 5: Industry Savvy Executive Team
5 Industry Savvy Executive Team Richard Zimmerman CEO Tim Fisher COO Brian Witherow CFO Kelley Ford CMO Dave Hoffman CAO Brian Nurse CLO
Slide 6: Note on COVID-19 impact and comparability of results
Please note: The COVID-19 pandemic and corresponding market disruption had a material impact on Cedar Fair’s results in 2020 and 2021. In May 2021, the Company opened all its U.S. properties for the 2021 operating season on a staggered basis with capacity restrictions, guest reservations, and other
Slide 7: Strong Long-Term Growth and Recession Resilient
Strong Long-Term Growth and Recession Resilient Acquisitions: 1992 – Dorney Park 1995 – World of Fun 1997 – Knott’s Berry Farm 2001 – Michigan’s Adventure 2004 – Geauga Lake 2006 – Paramount Parks (five parks) 2019 – Schlitterbahn (two water parks) – Sawmill Creek Resort & Conference Center $0 $100
Slide 8: TTM Q2-2022 Results Ahead of 2019 Record Performance
TTM Q2-2022 Results Ahead of 2019 Record Performance 2019 Results Record net revenues of $1.47 billion Record attendance of 27.9 million visits In-park per capita spending of $48.32 Record out-of-park revenues of $169 million TTM Q2-2022 Results Over the twelve-month period ended Q2-2022,
Slide 9: Outstanding TTM Performance Advances Priorities
Outstanding TTM Performance Advances Priorities 9 Feb 2022 Reported record 2H-2021 results May 2022 Reported record 1Q-2022 results Dec 2021 Early redemption of 2024 bonds ($450M) June 2022 California real estate sale for $310M Nov 2021 Reported record Q3-2021 results July 2021 Parks fully reopen fo
Slide 10: 2022-1H vs. 2019-1H Results
3% 4% 2022-1H vs. 2019-1H Results 1% Net Revenues $608M(a) $503M Adjusted EBITDA(b) $95M$102M Attendance 9.7M9.3M In-Park Per Capita Spending $47.09$59.42(a) Out-of-Park Revenues $64M$76M(a) 10 2022 First Half (838 operating days) 2019 First Half (827 operating days) (a) Denotes record high (b) See
Slide 11: TTM Q2-2022 vs. 2019 Results
3% 4% TTM Q2-2022 vs. 2019 Results 1% Net Revenues $1.71B Adjusted EBITDA(a) $509M Attendance 25.4M In-Park Per Capita Spending $61.89 Out-of-Park Revenues $193M 11 TTM Q2-2022 Results (2,210 operating days) 2019 Full-Year Results (2,224 operating days) $1.47B 27.9M $48.32 $169M $505M (a) See append
Slide 12: Powerful Economic Lifecycle
12 Powerful Economic Lifecycle Legendary outdoor entertainment landmarks of size and scale with high barriers to entry 1 Strong “House of Brands” portfolio reflects industry’s best-in-class regional parks 2 Growing percentage of attendance and revenues generated from sales of advanced purchase produ
Slide 13: High-Quality Assets with Strong Regional Brands: high barriers to entry
13 1 Legendary outdoor entertainment landmarks of size and scale with high barriers to entry 1 1 1
Slide 14: Long-Range Plan: Core Strategies
Long-Range Plan: Core Strategies • Broaden the Guest Experience • Aimed at driving demand and guest spending • Expanded use of limited-duration events and more immersive experiences – “Seasons of FUN” model that drives urgency to visit and incremental visits from new, unique guests • Traditional rid
Slide 15: Strong House of Brands portfolio
15 • Strong “House of Brands” portfolio reflects the industry’s best-in-class regional parks • Known by guests as “the park of locals” and treasured for their cultural authenticity and generational heritage 2 Strong Successful Business Model 1 2 3 4 5 6 High Distribution Yield High-Quality Assets wi
Slide 16: Key Statistics and Parks Portfolio
KEY STATISTICS Entertained 28M visitors in 2019 841 rides and attractions 124 roller coasters 2,300+ hotel rooms PARKS PORTFOLIO Own and operate 11 amusement parks 9 outdoor water parks (in-park) 4 outdoor water parks (unique gates) 1 indoor water park resort 16 2
Slide 17: Reliable Recurring Attendance Stream
17 1 Growing percent of attendance and revenues generated through sales of advanced- purchase products, such as season pass and other all-season products 3 3 Reliable Recurring Attendance Stream 3
Slide 18: Season Pass Channel Growth Strong
Season Pass Channel Growth Strong • Through the end of July-2022, a record 3.2 million season passes sold through for the 2022 season o Unit sales up more than 20% from the previous record 2.6 million passes sold for the 2019 season o Average 2022 season pass price up 9% over 2019 • Season pass visi
Slide 19: Consistent Record of Per Capita Growth
19 1 Consistent growth in per cap spending from millions of guests drives robust levels of revenues 4 4 4 Consistent Record of Per Capita Growth
Slide 20: 48-Year Growth of In-Park Per Capita Spending
20 48-Year Growth of In-Park Per Capita Spending $45.54 $46.20 $46.90 $47.30 $47.69 $48.32 $46.38 $62.03 $61.89 $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000 22,000,000 24,000,000 26,000,000 28,000,000 30,000,000 2014 2015 2
Slide 21: Growing Adjacent Development Base
21 Ongoing development of adjacent offerings at our properties expands market draw, extends length of stay, and supplements revenue growth at the parks 5 5Growing adjacent development base 5
Slide 22: Focus on Growing Additional Revenue Streams Beyond the Parks
Focus on Growing Additional Revenue Streams Beyond the Parks $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 $1,400.0 $1,600.0 $1,800.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 (c) 2021 (c) 2022 (d) Park Revenues (b) Out-of-Park Revenues 22 While we continue to drive revenue growth from our p
Slide 23: Evolution of the Accommodations Channel
Evolution of the Accommodations Channel • Substantial growth of accommodations portfolio over the last 8 years: o Total hotel rooms have grown to more than 2,300 from 1,900 in 2014 o Total luxury RV sites have increased to more than 600 • Accommodations (Out-of-Park) Revenues: o More than $80 millio
Slide 24: Cedar Point Sports Center
24 Cedar Point Sports Center Indoor Center • Opened January 2020 • 145,000 square feet • Court space accommodates 10 basketball courts and 20 volleyball courts • AAU basketball, JO volleyball, wrestling, cheerleading, gymnastics Outdoor Facility • Opened March 2017 • 10 multi-use fields with clubhou
Slide 25: Compelling free-cash-flow generation
25 1 Steadily growing top-line revenues and disciplined cost management results in meaningful free-cash-flow generation 6 6 Compelling free-cash- flow generation 6 • Reinstated cash distribution, declaring a distribution of $0.30 per LP unit for the 3rd quarter of 2022 o Record date 8/31/22; Payment
Slide 26: Attractive Distribution Yield in a Relatively Low-Rate Environment
Attractive Distribution Yield in a Relatively Low-Rate Environment $1.60 $2.58 $2.85 $3.08 $3.33 $3.46 $3.60 $3.71 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2012 2013 2014 2015 2016 2017 2018 2019 Annual Distribution Per Unit (left scale)
Slide 27: 2022 Outlook
27 2022 Outlook Strong Successful Business Model 1 2 3 4 5 6 High-Quality Assets with Strong Regional Brands Consistent Record of Per Capita Growth Reliable Recurring Attendance Stream Compelling free-cash- flow generation Growing adjacent development base
Slide 28: Updated Capital Allocation Strategy
• Leverage target of 3.0x to 4.0x Updated Capital Allocation Strategy 28 • Something new for every park • Sustainable & growing • $250M Authorized Pay Down Debt to $2B Target Invest in the Portfolio Pay Quarterly Cash Distribution Unit Buyback Program Capital Return Policy Committed to driving susta
Slide 29: Capital Allocation Priorities
Invest in the core business Projected capital investments in 2022 of $200-215 million to support growth initiatives at our parks, including $40 million to finish renovations at two Cedar Point resort properties Planned capital investments for 2023 of $200 million focused on enhancing the guest
Slide 30: Balance Sheet and Liquidity Well Positioned for 2022
Balance Sheet and Liquidity Well Positioned for 2022 • Successfully paid off the equivalent of 75% of the pandemic-related debt • Deferred revenues totaled $307 million at the end of the second quarter of 2022 • Up $73 million, or 31%, compared to deferred revenues at the end of the first quarter of
Slide 31: Solid Capital Structure
Solid Capital Structure Amounts in Millions Strong financial position with long-term debt maturities, a low cost of debt (just above 5%), and significant available liquidity Total debt outstanding of approximately $2.6B as of June 26, 2022, including $90M outstanding on the revolver Full-year
Slide 32: Appendix
32 Appendix Strong Successful Business Model 1 2 3 4 5 6 High-Quality Assets with Strong Regional Brands Consistent Record of Per Capita Growth Reliable Recurring Attendance Stream Compelling free-cash- flow generation Growing adjacent development base
Slide 33: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 33