| Pro Forma (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| (In thousands) | September 29, 2024 | September 24, 2023 | September 29, 2024 | September 24, 2023 | ||||||||||||||||
| Net revenues | $ | 1,348,385 | $ | 1,392,282 | $ | 2,597,662 | $ | 2,567,482 | Net income (loss) | $ | 135,465 | $ | 262,284 | $ | (132,269) | $ | (62,361) | |||
| (In thousands) | September 29, 2024 | December 31, 2023 | September 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Land | $ | 811,590 | $ | 288,761 | $ | 287,353 | Land improvements | 1,053,899 | 523,336 | 518,365 | Buildings | 1,623,556 | 991,424 | 985,545 | Rides and equipment | 3,838,722 | 2,125,726 | 2,111,057 | Construction in progress | 198,703 | 74,948 | 53,759 | 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 | |||||||||
| Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 29, 2024 | September 24, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | Net income | $ | 57,551 | $ | 134,512 | Adjustments to reconcile net income to net cash from operating activities: | Depreciation and amortization | 211,887 | 127,711 | Loss on early debt extinguishment | 7,974 | — | Loss on impairment of goodwill | 42,462 | — | Non-cash foreign currency loss (gain) on USD notes | 5,821 | (1,950) | Non-cash equity based compensation expense | 53,362 | 15,841 | Deferred income tax benefit | (9,201) | (3,245) | Other non-cash expenses | 12,859 | 16,442 | Changes in assets and liabilities: | (Increase) decrease in receivables | (38,124) | (17,287) | (Increase) decrease in inventories | (8,557) | (9,615) | (Increase) decrease in other assets | 8,522 | 4,049 | Increase (decrease) in accounts payable | 4,918 | 4,559 | Increase (decrease) in deferred revenue | (37,251) | 35,359 | Increase (decrease) in accrued interest | 39,353 | 17,095 | Increase (decrease) in accrued taxes | 13,988 | 8,682 | Increase (decrease) in accrued salaries, wages and benefits | (6,381) | (15,184) | Increase (decrease) in self-insurance reserves | 18,207 | 1,401 | Increase (decrease) in other liabilities | 28,593 | 11,648 | Net cash from operating activities | 405,983 | 330,018 | CASH FLOWS FOR INVESTING ACTIVITIES | Capital expenditures | (227,620) | (169,579) | Mergers, net of cash acquired | (151,085) | — | Net cash for investing activities | (378,705) | (169,579) | CASH FLOWS FOR FINANCING ACTIVITIES | Net borrowings on revolving credit loans | 156,000 | — | Term debt borrowings | 1,000,000 | — | Note payments | (1,056,867) | — | Repurchase of limited partnership units | — | (74,537) | Distributions paid to partners | (30,764) | (46,275) | Payment of debt issuance costs | (34,679) | (2,643) | Payments related to tax withholding for equity compensation | (4,689) | (2,865) | Distributions to non-controlling interests | (24,499) | — | Other | (5,668) | (255) | Net cash for financing activities | (1,166) | (126,575) | EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (1,895) | (659) | CASH AND CASH EQUIVALENTS | Net increase for the period | 24,217 | 33,205 | Balance, beginning of period | 65,488 | 101,189 | Balance, end of period | $ | 89,705 | $ | 134,394 | SUPPLEMENTAL INFORMATION | Cash payments for interest | $ | 155,294 | $ | 84,094 | Interest capitalized | 3,399 | 3,017 | Net cash payments for income taxes | 30,672 | 39,308 | Capital expenditures in accounts payable | 17,809 | 11,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 29, 2024 | Other intangible assets: | Trade names (1) | $ | 898,647 | $ | (291) | $ | 898,356 | License / franchise agreements | 1,320 | (1,014) | 306 | Total other intangible assets | $ | 899,967 | $ | (1,305) | $ | 898,662 | December 31, 2023 | Other intangible assets: | Trade names (1) | $ | 48,934 | $ | (190) | $ | 48,744 | License / franchise agreements | 1,249 | (931) | 318 | Total other intangible assets | $ | 50,183 | $ | (1,121) | $ | 49,062 | September 24, 2023 | Other intangible assets: | Trade names (1) | $ | 48,697 | $ | (162) | $ | 48,535 | License / franchise agreements | 1,248 | (900) | 348 | Total other intangible assets | $ | 49,945 | $ | (1,062) | $ | 48,883 | ||||||||||||||||||
| (In thousands) | September 29, 2024 | December 31, 2023 | September 24, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revolving credit facility averaging 7.8% YTD 2024 | $ | 156,000 | $ | — | $ | — | Term loan averaging 7.3% YTD 2024 | 1,000,000 | — | — | Former Cedar Fair notes | 2025 senior secured notes at 5.500% | — | 1,000,000 | 1,000,000 | 2027 senior unsecured notes at 5.375% | 500,000 | 500,000 | 500,000 | 2028 senior unsecured notes at 6.500% | 300,000 | 300,000 | 300,000 | 2029 senior unsecured notes at 5.250% | 500,000 | 500,000 | 500,000 | Former Six Flags notes (See Note 2) | 2025 senior secured notes at 7.000% | 200,000 | — | — | 2027 senior unsecured notes at 5.500% | 500,000 | — | — | 2031 senior unsecured notes at 7.250% | 800,000 | — | — | 2032 senior secured notes at 6.625% | 850,000 | — | — | 4,806,000 | 2,300,000 | 2,300,000 | Less current portion | (210,000) | — | — | 4,596,000 | 2,300,000 | 2,300,000 | Less debt issuance costs and original issue discount | (44,494) | (24,549) | (27,039) | Plus acquisition fair value layers | 23,001 | — | — | $ | 4,574,507 | $ | 2,275,451 | $ | 2,272,961 | |||||||||||||||||||
