Company Quick10K Filing
Six Flags Entertainment
Price50.86 EPS4
Shares85 P/E14
MCap4,325 P/FCF13
Net Debt2,065 EBIT498
TEV6,390 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-10-20
10-Q 2015-06-30 Filed 2015-07-22
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-19
10-Q 2014-09-30 Filed 2014-10-21
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-10
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-21
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-22
8-K 2020-04-14
8-K 2020-04-08
8-K 2020-03-31
8-K 2020-03-30
8-K 2020-03-13
8-K 2020-02-21
8-K 2020-02-20
8-K 2020-01-30
8-K 2020-01-10
8-K 2019-11-18
8-K 2019-11-13
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-10-18
8-K 2019-08-23
8-K 2019-07-24
8-K 2019-05-01
8-K 2019-04-23
8-K 2019-04-17
8-K 2019-03-07
8-K 2019-02-14
8-K 2019-02-06
8-K 2018-11-14
8-K 2018-10-23
8-K 2018-08-16
8-K 2018-07-25
8-K 2018-05-22
8-K 2018-05-02
8-K 2018-04-24
8-K 2018-03-26
8-K 2018-02-20
8-K 2018-02-07

SIX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 six-20200630ex31143cdd5.htm
EX-31.2 six-20200630ex312912f2f.htm
EX-32.1 six-20200630ex321c32845.htm
EX-32.2 six-20200630ex3228efde5.htm

Six Flags Entertainment Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.12.31.50.8-0.0-0.82012201420172020
Assets, Equity
0.70.50.40.20.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.1-0.0-0.2-0.3-0.52012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended June 30, 2020 or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission file number: 1-13703

Graphic

Six Flags Entertainment Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of Incorporation or Organization)

    

13-3995059
(I.R.S. Employer Identification No.)

1000 Ballpark Way Suite 400, Arlington, TX 76011
(Address of Principal Executive Offices, Including Zip Code)

(972) 595-5000
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.025 par value per share

SIX

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

  

Accelerated Filer

  

Non-accelerated Filer

  

Smaller Reporting Company

  

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  At July 24, 2020, Six Flags Entertainment Corporation had 84,761,944 outstanding shares of common stock, par value $0.025 per share.

Table of Contents

SIX FLAGS ENTERTAINMENT CORPORATION

FORM 10-Q

INDEX

Cautionary Note Regarding Forward-Looking Statements

1

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2020 (unaudited), December 31, 2019 and June 30, 2019 (unaudited)

3

Condensed Consolidated Statements of Operations (unaudited) for the Three Months Ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Operations (unaudited) for the Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) for the Three Months Ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) for the Six Months Ended June 30, 2020 and 2019

7

Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) for the Three Months Ended June 30, 2020 and 2019

8

Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) for the Six Months Ended June 30, 2020 and 2019

9

Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2020 and 2019

10

Notes to Condensed Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 6.

Exhibits

52

Signatures

54

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this "Quarterly Report") and the documents incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding (i) the timing and conditions under which we may reopen our closed parks and our expectations regarding the continued operations of our reopened parks, (ii) the operation of our parks in light of the global coronavirus pandemic (“COVID-19”) following their anticipated reopening including, among other things, the effectiveness of cost-saving and health and safety measures implemented in response to COVID-19, (iii) the adequacy of our cash flows from operations, available cash and available amounts under our credit facilities to meet our liquidity needs, including in the event of a prolonged closure of one or more of our parks, (iv) our ability to modify the timing of certain contractual payments owed, (v) the extent to which having parks in many geographical locations protects our consolidated results against the effects of adverse weather and other events, (vi) our ability to obtain additional financing, (vii) our expectations regarding future interest payments, (viii) our expectations regarding the effect of certain accounting pronouncements, (ix) our expectations regarding the cost or outcome of any litigation or other disputes and (x) our annual income tax liability and the availability of net operating loss carryforwards and other tax benefits. Forward-looking statements include all statements that are not historical facts and can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "may," "should," "could" and variations of such words or similar expressions.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are by their nature, subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, the following:

factors impacting attendance, such as local conditions, contagious diseases, including COVID-19, or the perceived threat of contagious diseases, events, disturbances and terrorist activities;
regulations and guidance of federal, state and local governments and health officials regarding the response to COVID-19, including with respect to business operations, safety protocols and public gatherings (such as voluntary and in some cases, mandatory, quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities);
political or military events;
recall of food, toys and other retail products sold at our parks;
accidents or contagious disease outbreaks occurring at our parks or other parks in the industry and adverse publicity concerning our parks or other parks in the industry;
availability of commercially reasonable insurance policies at reasonable rates;
inability to achieve desired improvements and financial performance targets set forth in our aspirational goals;
adverse weather conditions such as excess heat or cold, rain and storms;
general financial and credit market conditions, including our ability to access credit or raise capital;
economic conditions (including customer spending patterns);
changes in public and consumer tastes;
construction delays in capital improvements or ride downtime;
competition with other theme parks and entertainment alternatives;
dependence on a seasonal workforce;
unionization activities and labor disputes;
laws and regulations affecting labor and employee benefit costs, including increases in state and federally mandated minimum wages, and healthcare reform;
environmental laws and regulations;
laws and regulations affecting corporate taxation;
pending, threatened or future legal proceedings and the significant expenses associated with litigation;
cyber security risks; and

1

Table of Contents

other factors or uncertainties described in "Item 1A. Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Annual Report") and in this Quarterly Report.

A more complete discussion of these factors and other risks applicable to our business is contained in "Part I, Item 1A. Risk Factors" of the 2019 Annual Report and in this Quarterly Report. All forward-looking statements in this Quarterly Report, or that are made on our behalf by our directors, officers or employees related to the information contained herein, apply only as of the date of this Quarterly Report or as of the date they were made. While we believe that the expectations reflected in such forward-looking statements are reasonable, we make no assurance that such expectations will be realized and actual results could vary materially. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation, except as required by applicable law, to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. Additionally, the continued impact of COVID-19 could heighten many of the risk factors described herein.

Available Information

Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available free of charge through our website at investors.sixflags.com. References to our website in this Quarterly Report are provided as a convenience and do not constitute an incorporation by reference of the information contained on, or accessible through, the website. Therefore, such information should not be considered part of this Quarterly Report. These reports, and any amendments to these reports, are made available on our website as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the United States Securities and Exchange Commission (the "SEC"). Copies are also available, without charge, by sending a written request to Six Flags Entertainment Corporation, 1000 Ballpark Way Suite 400, Arlington, TX 76011, Attn: Investor Relations.

*             *             *             *             *

As used herein, unless the context requires otherwise, the terms "we," "our," "Company" and "Six Flags" refer collectively to Six Flags Entertainment Corporation and its consolidated subsidiaries, and "Holdings" refers only to Six Flags Entertainment Corporation, without regard to its consolidated subsidiaries.

2

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SIX FLAGS ENTERTAINMENT CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

 

As of

    

June 30, 2020

    

December 31, 2019

June 30, 2019

(Amounts in thousands, except share data)

(unaudited)

(unaudited)

ASSETS

 

  

 

  

 

  

Current assets:

 

  

 

  

 

  

Cash and cash equivalents

$

295,956

$

174,179

$

113,798

Accounts receivable, net

 

47,003

 

108,679

 

180,986

Inventories

 

43,456

 

32,951

 

42,866

Prepaid expenses and other current assets

 

76,760

 

60,431

 

72,403

Total current assets

 

463,175

 

376,240

 

410,053

Property and equipment, net:

 

  

 

  

 

  

Property and equipment, at cost

 

2,385,757

 

2,345,283

 

2,306,096

Accumulated depreciation

 

(1,100,862)

 

(1,061,287)

 

(1,005,764)

Total property and equipment, net

 

1,284,895

 

1,283,996

 

1,300,332

Other assets:

 

  

 

  

 

  

Right-of-use operating leases, net

199,877

201,128

206,980

Debt issuance costs

 

7,451

 

3,624

 

4,045

Deposits and other assets

 

9,709

 

12,722

 

10,625

Goodwill

 

659,618

 

659,618

 

659,618

Intangible assets, net of accumulated amortization of $24,227, $23,224 and $22,023 as of June 30, 2020, December 31, 2019 and June 30, 2019, respectively

 

344,209

 

345,212

 

346,413

Total other assets

 

1,220,864

 

1,222,304

 

1,227,681

Total assets

$

2,968,934

$

2,882,540

$

2,938,066

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

  

 

  

 

  

Current liabilities:

 

  

 

  

 

  

Accounts payable

$

27,457

$

32,904

$

73,786

Accrued compensation, payroll taxes and benefits

 

16,114

 

19,556

 

28,065

Accrued insurance reserves

 

31,076

 

35,376

 

35,542

Accrued interest payable

 

34,827

 

26,128

 

26,349

Other accrued liabilities

 

77,253

 

63,019

 

59,250

Deferred revenue

 

182,386

 

144,040

 

235,109

Current portion of long-term debt

8,000

8,000

Short-term lease liabilities

11,272

10,709

10,538

Total current liabilities

 

380,385

 

339,732

 

476,639

Noncurrent liabilities:

 

  

 

  

 

  

Long-term debt

 

2,619,929

 

2,266,884

 

2,269,761

Long-term lease liabilities

191,857

188,149

197,335

Other long-term liabilities

 

43,539

 

27,514

 

23,081

Deferred income taxes

 

159,986

 

247,121

 

175,671

Total noncurrent liabilities

 

3,015,311

 

2,729,668

 

2,665,848

Total liabilities

 

3,395,696

 

3,069,400

 

3,142,487

Redeemable noncontrolling interests

 

544,020

 

529,258

 

545,386

Stockholders' deficit:

 

  

 

  

 

  

Preferred stock, $1.00 par value

 

 

 

Common stock, $0.025 par value, 280,000,000 shares authorized; 84,757,286, 84,633,845 and 84,334,531 shares issued and outstanding at June 30, 2020, December 31, 2019 and June 30, 2019, respectively

 

2,119

 

2,116

 

2,108

Capital in excess of par value

 

1,077,948

 

1,066,223

 

1,058,675

Accumulated deficit

 

(1,951,428)

 

(1,709,747)

 

(1,738,955)

Accumulated other comprehensive loss, net of tax

 

(99,421)

 

(74,710)

 

(71,635)

Total stockholders' deficit

 

(970,782)

 

(716,118)

 

(749,807)

Total liabilities and stockholders' deficit

$

2,968,934

$

2,882,540

$

2,938,066

See accompanying notes to unaudited condensed consolidated financial statements.

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SIX FLAGS ENTERTAINMENT CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

 

Three Months Ended

(Amounts in thousands, except per share data)

June 30, 2020

June 30, 2019

Park admissions

$

10,962

$

252,508

Park food, merchandise and other

 

4,523

 

191,655

Sponsorship, international agreements and accommodations

 

3,658

 

33,047

Total revenues

 

19,143

 

477,210

Operating expenses (excluding depreciation and amortization shown separately below)

 

62,681

 

178,348

Selling, general and administrative expenses (including stock-based compensation of $6,020 and $3,553 in 2020 and 2019, respectively, and excluding depreciation and amortization shown separately below)

 

36,820

 

59,723

Costs of products sold

 

2,214

 

43,513

Other net periodic pension benefit

 

(994)

 

(1,055)

Depreciation

 

29,032

 

28,674

Amortization

 

402

 

601

Loss (gain) on disposal of assets

 

513

 

(690)

Interest expense

 

51,248

 

29,649

Interest income

 

(201)

 

(77)

Loss on debt extinguishment

 

5,087

 

6,231

Other expense (income), net

 

4,252

 

(1,278)

(Loss) income before income taxes

 

(171,911)

 

133,571

Income tax (benefit) expense

 

(55,661)

 

33,675

Net (loss) income

 

(116,250)

 

99,896

Less: Net income attributable to noncontrolling interests

 

(20,644)

 

(20,377)

Net (loss) income attributable to Six Flags Entertainment Corporation

$

(136,894)

$

79,519

Weighted-average common shares outstanding:

 

 

Basic:

 

84,704

 

84,288

Diluted:

 

84,704

 

84,868

Net (loss) income per average common share outstanding:

Basic:

$

(1.62)

$

0.94

Diluted:

$

(1.62)

$

0.94

Cash dividends declared per common share

$

$

0.82

See accompanying notes to the unaudited condensed consolidated financial statements

4

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SIX FLAGS ENTERTAINMENT CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

 

Six Months Ended

(Amounts in thousands, except per share data)

    

June 30, 2020

    

June 30, 2019

Park admissions

$

70,768

$

318,588

Park food, merchandise and other

 

34,329

 

230,633

Sponsorship, international agreements and accommodations

 

16,549

 

56,182

Total revenues

 

121,646

 

605,403

Operating expenses (excluding depreciation and amortization shown separately below)

 

168,545

 

292,870

Selling, general and administrative expenses (including stock-based compensation of $10,300 and $7,444 in 2020 and 2019, respectively, and excluding depreciation and amortization shown separately below)

 

73,010

 

99,833

Costs of products sold

 

9,974

 

53,788

Other net periodic pension benefit

 

(1,990)

 

(2,110)

Depreciation

 

59,095

 

57,144

Amortization

 

1,003

 

1,204

Loss on disposal of assets

 

393

 

446

Interest expense

 

78,734

 

58,279

Interest income

 

(530)

 

(359)

Loss on debt extinguishment

 

6,106

 

6,231

Other expense (income), net

 

5,812

 

(1,705)

(Loss) income before income taxes

 

(278,506)

 

39,782

Income tax (benefit) expense

 

(77,710)

 

9,018

Net (loss) income

(200,796)

30,764

Less: Net income attributable to noncontrolling interests

(20,644)

(20,377)

Net (loss) income attributable to Six Flags Entertainment Corporation

$

(221,440)

$

10,387

Weighted-average common shares outstanding:

Basic:

 

84,680

 

84,207

Diluted:

84,680

84,882

Net (loss) earnings per average common share outstanding:

Basic:

$

(2.62)

$

0.12

Diluted:

$

(2.62)

$

0.12

Cash dividends declared per common share

$

0.25

$

1.64

See accompanying notes to unaudited condensed consolidated financial statements.

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SIX FLAGS ENTERTAINMENT CORPORATION

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Unaudited)

 

Three Months Ended

(Amounts in thousands)

    

June 30, 2020

    

June 30, 2019

    

    

Net (loss) income

$

(116,250)

$

99,896

Other comprehensive income (loss), net of tax:

 

  

 

  

Foreign currency translation adjustment (1)

 

1,661

 

626

Defined benefit retirement plan (2)

 

193

 

146

Change in cash flow hedging (3)

 

9,148

 

(2,141)

Other comprehensive income (loss), net of tax

 

11,002

 

(1,369)

Comprehensive (loss) income

(105,248)

98,527

Less: Comprehensive income attributable to noncontrolling interests

 

(20,644)

 

(20,377)

Comprehensive (loss) income attributable to Six Flags Entertainment Corporation

$

(125,892)

$

78,150

(1) Foreign currency translation adjustment is presented net of tax expense of $0.4 million and $0.2 million for the three months ended June 30, 2020 and June 30, 2019, respectively.

(2) Defined benefit retirement plan is presented net of tax expense of $0.1 million for the three months ended June 30, 2020 and net of nominal tax expense for the three months ended June 30, 2019, respectively.

(3) Change in fair value of cash flow hedging is presented net of tax expense of $3.0 million for the three months ended June 30, 2020 and net of tax benefit $0.7 million for the three months ended June 30, 2019, respectively.

See accompanying notes to unaudited condensed consolidated financial statements

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SIX FLAGS ENTERTAINMENT CORPORATION

Condensed Consolidated Statements of Comprehensive (Loss) Income

(Unaudited)

 

Six Months Ended

(Amounts in thousands)

    

June 30, 2020

    

June 30, 2019

Net (loss) income

$

(200,796)

$

30,764

Other comprehensive (loss) income, net of tax:

 

  

 

Foreign currency translation adjustment (1)

 

(12,537)

 

1,715

Defined benefit retirement plan (2)

 

386

 

289

Change in cash flow hedging (3)

 

(12,560)

 

(2,141)

Other comprehensive loss, net of tax

 

(24,711)

 

(137)

Comprehensive (loss) income

(225,507)

30,627

Less: Comprehensive income attributable to noncontrolling interests

(20,644)

(20,377)

Comprehensive (loss) income attributable to Six Flags Entertainment Corporation

$

(246,151)

$

10,250

(1)  Foreign currency translation adjustment is presented net of tax benefit of $3.3 million for the three months ended June 30, 2020 and tax expense of $0.5 million for the six months ended June 30, 2019, respectively.

(2)  Defined benefit retirement plan is presented net of tax expense of $0.1 million for the six months ended June 30, 2020 and June 30, 2019.

(3)  Change in fair value of cash flow hedging is presented net of tax benefit of $4.2 million and $0.7 million for the six months ended June 30, 2020 and June 30, 2019.

See accompanying notes to unaudited condensed consolidated financial statements.

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SIX FLAGS ENTERTAINMENT CORPORATION

Consolidated Statements of Stockholders’ Deficit

(Unaudited)

Accumulated

 

Capital in

 

other

 

Total

Common stock

excess of 

Accumulated

comprehensive

stockholders'

(Amounts in thousands, except share data)

    

Shares issued

    

Amount

    

par value

    

deficit

    

loss

    

deficit

Balances at March 31, 2019

 

84,245,940

$

2,106

$

1,052,378

$

(1,749,400)

$

(70,266)

$

(765,182)

Issuance of common stock

 

61,654

 

1

 

1,540

 

 

 

1,541

Stock-based compensation

 

 

 

3,553

 

 

 

3,553

Dividends declared to common shareholders

 

 

 

 

(69,119)

 

 

(69,119)

Employee stock purchase plan

 

26,937

 

1

 

1,204

 

 

 

1,205

Fresh start valuation adjustment for partnership park units purchased

 

 

 

 

45

 

 

45

Net income attributable to Six Flags Entertainment Corporation

 

 

 

 

79,519

 

 

79,519

Net other comprehensive loss, net of tax

 

 

 

 

 

(1,369)

 

(1,369)

Balances at June 30, 2019

 

84,334,531

$

2,108

$

1,058,675

$

(1,738,955)

$

(71,635)

$

(749,807)

Accumulated

 

Capital in

 

other

 

Total

Common stock

excess of 

Accumulated

comprehensive

stockholders'

(Amounts in thousands, except share data)

    

Shares issued

    

Amount

    

par value

    

deficit

    

loss

    

deficit

Balances at March 31, 2020

 

84,666,505

$

2,116

$

1,070,900

$

(1,815,457)

$

(110,423)

$

(852,864)

Issuance of common stock

 

49,276

 

1

 

311

 

 

 

312

Stock-based compensation

 

 

 

6,020

 

 

 

6,020

Dividends declared to common shareholders

 

 

 

 

(1)

 

 

(1)

Employee stock purchase plan

 

41,505

 

2

 

717

 

 

 

719

Fresh start valuation adjustment for partnership park units purchased

 

 

 

 

924

 

 

924

Net loss attributable to Six Flags Entertainment Corporation

 

 

 

 

(136,894)

 

 

(136,894)

Net other comprehensive income, net of tax

 

 

 

 

 

11,002

 

11,002

Balances at June 30, 2020

 

84,757,286

$

2,119

$

1,077,948

$

(1,951,428)

$

(99,421)

$

(970,782)

See accompanying notes to unaudited condensed consolidated financial statements.

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SIX FLAGS ENTERTAINMENT CORPORATION

Consolidated Statements of Stockholders’ Deficit

(Unaudited)

Accumulated

 

Capital in

 

other

 

Total

Common stock

excess of 

Accumulated

comprehensive

stockholders'

(Amounts in thousands, except share data)

    

Shares issued

    

Amount

    

par value

    

deficit

    

loss

    

deficit

Balances at December 31, 2018

 

83,962,182

$

2,099

$

1,037,640

$

(1,611,334)

$

(71,498)

$

(643,093)

Issuance of common stock

 

345,479

 

8

 

12,391

 

 

 

12,399

Stock-based compensation

 

 

 

7,444

 

 

 

7,444

Dividends declared to common shareholders

 

 

 

 

(138,053)

 

 

(138,053)

Repurchase of common stock

 

(67)

 

 

(4)

 

 

 

(4)

Employee stock purchase plan

26,937

1

1,204

1,205

Fresh start valuation adjustment for partnership park units purchased

45

45

Net income attributable to Six Flags Entertainment Corporation

 

 

 

 

10,387

 

 

10,387

Net other comprehensive income, net of tax

 

 

 

 

 

(137)

 

(137)

Balances at June 30, 2019

 

84,334,531

$

2,108

$

1,058,675

$

(1,738,955)

$

(71,635)

$

(749,807)

Accumulated 

Capital in

other

Total

Common stock

excess of 

Accumulated 

comprehensive

stockholders'

(Amounts in thousands, except share data)

    

Shares issued

    

Amount

    

par value

    

deficit

    

loss

    

deficit

Balances at December 31, 2019

84,633,845

$

2,116

$

1,066,223

$

(1,709,747)

$

(74,710)

$

(716,118)

Issuance of common stock

82,064

2

732

734

Stock-based compensation

10,300

10,300

Dividends declared to common shareholders

(21,165)

(21,165)

Repurchase of common stock

(155)