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 third quarter 2022
financial results.
“This was a year of transition for Six Flags, as we made bold
changes to our business model in order to elevate the guest
experience and to position the company for sustainable, long-term
earnings growth,” said Selim Bassoul, President and CEO. “While it
will take time to achieve our ambitious goals, we are encouraged by
our recent progress, with guest spending per capita up nearly 50
percent year-to-date relative to 2019, and with attendance trends
and season pass sales significantly accelerating in October and
early November. We have an exciting lineup of new rides and
immersive festivals planned for 2023, and we are optimistic that
our momentum will continue through the upcoming season and
beyond.”
Third Quarter
2022 Results
Three Months Ended
(Amounts in millions, except per share
data)
October 2, 2022
October 3, 2021
% Change vs. 2021
Total revenue
$
505
$
638
(21)
%
Net income attributable to Six Flags
Entertainment
$
116
$
157
(26)
%
Net income per share, diluted
$
1.39
$
1.80
(23)
%
Adjusted EBITDA (1)
$
226
$
279
(19)
%
Attendance
8.0
12.0
(33)
%
Spending per capita figures (2)
Total guest spending per capita
$
60.96
$
52.02
17
%
Admissions spending per capita
$
34.93
$
28.70
22
%
In-park spending per capita
$
26.03
$
23.32
12
%
Total revenue for third quarter 2022 decreased $133 million, or
21%, compared to third quarter 2021, driven by lower attendance
partially offset by higher per capita spending. The lower
attendance was driven by an increase in ticket prices and
elimination of free tickets and heavily-discounted product
offerings.
The $8.94 increase in guest spending per capita compared to
third quarter 2021 was driven by a $6.23 increase in Admissions
spending per capita and a $2.71 increase in In-park spending per
capita. The increase in Admissions spending per capita was
primarily driven by higher realized ticket pricing and a higher mix
of single day tickets. The higher In-park spending reflects the
company’s in-park pricing initiatives.
The company partially offset the decrease in revenue with lower
cash operating costs. The reduction in operating costs was driven
by full-time headcount reductions, fewer total employee hours
worked, and lower advertising costs. These efficiency measures were
offset by higher wage rates, and increases in repair and
maintenance, utilities, and other costs due to inflation.
The company had a net income of $116 million in third quarter
2022, compared to $157 million in third quarter 2021. The income
per share was $1.39 compared to an income per share of $1.80 in
third quarter 2021, driven by lower revenues partially offset by a
reduction in expenses. Adjusted EBITDA was $226 million, a decrease
of $53 million compared to third quarter 2021.
First Nine Months
2022 Results
Nine Months Ended
(Amounts in millions, except per share
data)
October 2, 2022
October 3, 2021
% Change vs. 2021
Total revenue
$
1,078
$
1,180
(9)
%
Net income attributable to Six Flags
Entertainment
$
96
$
132
(28)
%
Net income per share, diluted
$
1.13
$
1.51
(23)
%
Adjusted EBITDA (1)
$
366
$
404
(9)
%
Attendance
16.4
21.9
(25)
%
Spending per capita figures (2)
Total guest spending per capita
$
63.63
$
52.24
22
%
Admissions spending per capita
$
36.36
$
28.95
26
%
In-park spending per capita
$
27.27
$
23.29
17
%
Total revenue for the first nine months 2022 decreased $102
million, or 9%, compared to the first nine months 2021, driven by
lower attendance partially offset by higher per capita spending.
The lower attendance was driven by an increase in ticket prices and
elimination of free tickets and heavily-discounted product
offerings. In addition, due to the adoption of a fiscal reporting
calendar commencing January 1, 2021, there were three fewer days in
the first nine months 2022 compared to the first nine months 2021,
which accounted for 89 thousand additional guests in the first nine
months 2021. (3)
The $11.39 increase in guest spending per capita compared to
first nine months 2021 was driven by a $7.41 increase in Admissions
spending per capita and a $3.98 increase in In-park spending per
capita. The increase in Admissions spending per capita was
primarily driven by higher realized ticket pricing and a higher mix
of single day tickets. The higher In-park spending reflects the
company’s in-park pricing initiatives.
The company partially offset the decrease in revenue with lower
cash operating costs. The reduction in operating costs was driven
by full-time headcount reductions, fewer total employee hours
worked, and lower advertising costs. These efficiency measures were
offset by higher wage rates, and increases in repair and
maintenance, utilities, and other costs due to inflation. In
addition, there were increased operating days in first half 2022
compared to the prior year period, which was negatively impacted by
pandemic-related closures and operating restrictions.
The company had net income of $96 million in the first nine
months 2022, compared to $132 million in the prior year period. The
income per share was $1.13 compared to an income per share of $1.51
in the first nine months 2021. Adjusted EBITDA was $366 million, a
decrease of $38 million compared to the first nine months 2021,
driven by lower revenues partially offset by a reduction in
expenses. During the second quarter 2021, the company received
$11.3 million related to one of its terminated international
development agreements in China. Excluding the impact of the
payment, Adjusted EBITDA decreased $27 million compared to the
first nine months 2021.
Balance Sheet and Capital
Allocation
As of October 2, 2022, the company had total reported debt of
$2,389 million, and cash or cash equivalents of $73 million.
Deferred revenue was $127 million as of October 2, 2022, a decrease
of $98 million, or 44%, from October 3, 2021. The decrease was
primarily due to lower unit sales of season passes and memberships.
In the first nine months 2022, the company invested $73 million in
new capital, net of insurance recoveries.
Conference Call
At 7:00 a.m. Central Time today, November 10, 2022, the company
will host a conference call to discuss its third quarter 2022
financial performance. The call is accessible through either the
Six Flags Investor Relations website at investors.sixflags.com or
by dialing 1-833-629-0614 in the United States or +1-412-317-9257
outside the United States and requesting the Six Flags earnings
call. A replay of the call will be available on the company’s
investor relations site https://investors.sixflags.com.
About Six Flags Entertainment
Corporation
Six Flags Entertainment Corporation is the world’s largest
regional theme park company with 27 parks across the United States,
Mexico and Canada. For 61 years, Six Flags has entertained hundreds
of millions of guests with world-class coasters, themed rides,
thrilling waterparks and unique attractions. Six Flags is committed
to creating an inclusive environment that fully embraces the
diversity of our team members and guests. For more information,
visit www.sixflags.com
Forward Looking
Statements
This release contains 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 effect, impact, potential
duration or other implications of the COVID-19 pandemic or virus
variants, and any expectations we may have with respect thereto
including the continuing efficacy of the COVID-19 vaccines, (ii)
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, (iii) our ability to execute our strategy to
significantly improve our financial performance and the guest
experience, (iv) expectations regarding consumer demand for
regional, outdoor, out-of-home entertainment, including for our
parks, and (v) expectations regarding our annual income tax
liability and the availability and effect of net operating loss
carryforwards and other tax benefits.
Forward-looking statements include all statements that are not
historical facts and often use words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects,"
"may," "should," "could" and variations of such words or similar
expressions. 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, factors impacting attendance, such as local
conditions, natural disasters, contagious diseases, including
COVID-19 and Monkeypox, 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 or other
health emergencies such as Monkeypox, including with respect to
business operations, safety protocols and public gatherings;
economic impact of political instability and conflicts globally,
including the war in Ukraine; recall of food, toys and other retail
products sold at our parks; accidents or incidents involving the
safety of guests and employees, 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 our
financial performance targets; 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; the increased cost of capital due to raising interest
rates; macro-economic conditions (including supply chain issues and
the impact of inflation on customer spending patterns); changes in
public and consumer tastes; construction delays in capital
improvements or ride downtime; competition with other theme parks,
waterparks 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; cybersecurity risks; and other factors could cause
actual results to differ materially from the company’s
expectations, including the risk factors or uncertainties listed
from time to time in the company’s filings with the Securities and
Exchange Commission (the “SEC”). Although 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. Reference is
made to a more complete discussion of forward-looking statements
and applicable risks contained under the captions "Cautionary Note
Regarding Forward-Looking Statements" and "Risk Factors" in our
Annual and Quarterly Reports on Forms 10-K and 10-Q, and our other
filings and submissions with the SEC, each of which are available
free of charge on the company’s investor relations website at
investors.sixflags.com and on the SEC’s website at www.sec.gov.
Footnotes
(1)
See the following financial statements and
Note 4 to those financial statements for a discussion of Adjusted
EBITDA (a non-GAAP financial measure) and its reconciliation to net
income (loss).
(2)
We use certain per capita metrics that are
non-GAAP measures of the performance of our business on a per guest
basis and believe that these metrics provide relevant and useful
information for investors because they assist in comparing our
operating performance on a consistent basis, make it easier to
compare our results with those of other companies and our industry
and allows investors to review performance in the same manner as
our management.
- Total guest spending per capita is the total revenue generated
from our guests, on a per guest basis, through admissions and
in-park spending. Total guest spending per capita is calculated by
dividing the sum of Park admissions revenue and Park food
merchandise and other revenue by total attendance.
- Admissions revenue per capita is the total revenue generated
from our guests, on a per guest basis, to enter our parks.
Admissions revenue per capita is calculated by dividing Park
admission revenue by total attendance.
- Non-admissions revenue per capita is the total revenue
generated from our guests, on a per guest basis, on items sold
within our parks, such as food, games and merchandise.
Non-admission revenue per capita is calculated by dividing Park
food, merchandise and other revenue by total attendance.
(3)
Comparable periods are January 1 through
October 3, 2021, compared to January 3 through October 2, 2022,
resulting in three additional days in 2021.
Statement of Operations Data
(1)
Three Months Ended
Nine Months Ended
Twelve Months Ended
(Amounts in thousands, except per share
data)
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
Park admissions
$
280,502
$
345,217
$
595,266
$
634,716
$
756,199
$
693,674
Park food, merchandise and other
209,099
280,499
446,449
510,620
591,280
553,255
Sponsorship, international agreements and
accommodations
15,230
12,568
36,645
34,759
47,691
41,768
Total revenues
504,831
638,284
1,078,360
1,180,095
1,395,170
1,288,697
Operating expenses (excluding depreciation
and amortization shown separately below)
181,162
228,119
464,688
504,530
606,890
611,878
Selling, general and administrative
expenses (excluding depreciation, amortization, and stock-based
compensation shown separately below)
36,558
56,480
122,015
150,687
179,232
164,567
Costs of products sold
40,164
54,100
85,989
100,509
111,208
111,674
Other net periodic pension benefit
(1,480
)
(76
)
(4,851
)
(3,409
)
(7,289
)
(5,614
)
Depreciation
30,181
28,047
86,756
84,921
116,247
116,205
Amortization
5
6
16
17
21
23
Stock-based compensation
1,676
7,876
9,124
1,863
13,072
18,837
Loss (gain) on disposal of assets
5,038
624
3,036
114,797
13,310
(906
)
Interest expense, net
34,197
38,095
107,705
(234
)
145,578
152,690
Loss on debt extinguishment
—
—
17,533
—
17,533
—
Other expense, net
521
346
1,882
8,796
11,208
14,507
Income before income taxes
176,809
224,667
184,467
271,618
188,160
104,836
Income tax expense
38,654
46,543
44,257
43,930
49,949
16,916
Net income
138,155
178,124
140,210
173,688
138,211
87,920
Less: Net income attributable to
noncontrolling interests
(22,326
)
(20,883
)
(44,651
)
(41,766
)
(44,651
)
(41,766
)
Net income attributable to Six Flags
Entertainment Corporation
$
115,829
$
157,241
$
95,559
$
131,922
$
93,560
$
46,154
Weighted-average common shares
outstanding:
Basic:
83,094
85,919
84,762
85,596
85,084
85,453
Diluted:
83,107
87,259
84,921
87,078
86,264
86,835
Net income per average common share
outstanding:
Basic:
$
1.39
$
1.83
$
1.13
$
1.54
$
1.10
$
0.54
Diluted:
$
1.39
$
1.80
$
1.13
$
1.51
$
1.10
$
0.53
As of
October 2, 2022
January 2, 2022
October 3, 2021
(Amounts in thousands, except share
data)
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
73,314
$
335,585
$
389,857
Accounts receivable, net
72,299
97,722
137,575
Inventories
48,493
27,273
28,996
Prepaid expenses and other current
assets
77,329
55,455
65,715
Total current assets
271,435
516,035
622,143
Property and equipment, net:
Property and equipment, at cost
2,559,635
2,501,829
2,454,929
Accumulated depreciation
(1,320,141
)
(1,250,902
)
(1,226,947
)
Total property and equipment, net
1,239,494
1,250,927
1,227,982
Other assets:
Right-of-use operating leases, net
176,178
186,754
189,616
Debt issuance costs
3,298
4,899
5,433
Deposits and other assets
9,873
6,170
5,949
Goodwill
659,618
659,618
659,618
Intangible assets, net of accumulated
amortization of $278, $261 and $255 as of October 2, 2022, January
2, 2022 and October 3, 2021, respectively
344,170
344,187
344,193
Total other assets
1,193,137
1,201,628
1,204,809
Total assets
$
2,704,066
$
2,968,590
$
3,054,934
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities:
Accounts payable
$
47,808
$
38,251
$
60,659
Accrued compensation, payroll taxes and
benefits
14,838
51,473
48,543
Accrued insurance reserves
44,563
32,182
29,259
Accrued interest payable
26,616
50,554
33,220
Other accrued liabilities
102,382
101,790
115,552
Deferred revenue
126,578
177,831
224,083
Short-term borrowings
110,000
—
—
Short-term lease liabilities
11,451
11,158
11,004
Total current liabilities
484,236
463,239
522,320
Noncurrent liabilities:
Long-term debt
2,279,220
2,629,524
2,627,803
Long-term lease liabilities
162,569
178,200
176,670
Other long-term liabilities
5,519
9,469
29,705
Deferred income taxes
194,358
148,291
150,531
Total noncurrent liabilities
2,641,666
2,965,484
2,984,709
Total liabilities
3,125,902
3,428,723
3,507,029
Redeemable noncontrolling interests
543,719
522,067
542,950
Stockholders' deficit:
Preferred stock, $1.00 par value
—
—
—
Common stock, $0.025 par value,
280,000,000 shares authorized; 83,152,582, 86,162,879 and
85,981,788 shares issued and outstanding at October 2, 2022,
January 2, 2022 and October 3, 2021, respectively
2,079
2,154
2,149
Capital in excess of par value
1,105,053
1,120,084
1,118,353
Accumulated deficit
(1,998,868
)
(2,023,251
)
(2,021,252
)
Accumulated other comprehensive loss, net
of tax
(73,819
)
(81,187
)
(94,295
)
Total stockholders' deficit
(965,555
)
(982,200
)
(995,045
)
Total liabilities and stockholders'
deficit
$
2,704,066
$
2,968,590
$
3,054,934
Nine Months Ended
(Amounts in thousands)
October 2, 2022
October 3, 2021
Cash flows from operating
activities:
Net income
$
140,210
$
173,688
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization
86,772
84,938
Stock-based compensation
9,124
17,514
Interest accretion on notes payable
833
831
Loss on debt extinguishment
17,533
—
Amortization of debt issuance costs
5,531
5,933
Other, including loss (gain) on disposal
of assets
2,760
(610
)
Change in accounts receivable
25,519
(101,080
)
Change in inventories, prepaid expenses
and other current assets
(43,543
)
17,333
Change in deposits and other assets
(3,697
)
1,147
Change in ROU operating leases
10,176
7,072
Change in accounts payable, deferred
revenue, accrued liabilities and other long-term liabilities
(62,274
)
93,742
Change in operating lease liabilities
(14,628
)
(15,050
)
Change in accrued interest payable
(23,938
)
(26,964
)
Deferred income taxes
43,434
47,445
Net cash provided by operating
activities
193,812
305,939
Cash flows from investing
activities:
Additions to property and equipment
(78,038
)
(61,815
)
Property insurance recoveries
4,655
—
Purchase of identifiable intangible
assets
—
(12
)
Proceeds from sale of assets
—
46
Net cash used in investing activities
(73,383
)
(61,781
)
Cash flows from financing
activities:
Repayment of borrowings
(450,000
)
(2,000
)
Proceeds from borrowings
200,000
2,000
Stock repurchases
(96,774
)
—
Redemption premium payments on debt
extinguishment
(12,600
)
—
Payment of cash dividends
(199
)
(779
)
Proceeds from issuance of common stock
1,665
13,605
Reduction in finance lease liability
(2,025
)
(484
)
Payment of tax withholdings on
equity-based compensation through shares withheld
(414
)
(2,201
)
Purchase of redeemable noncontrolling
interest
(556
)
(1,115
)
Distributions to noncontrolling
interests
(22,326
)
(20,883
)
Net cash used in financing activities
(383,229
)
(11,857
)
Effect of exchange rate on cash
529
(204
)
Net change in cash and cash
equivalents
(262,271
)
232,097
Cash and cash equivalents at beginning of
period
335,585
157,760
Cash and cash equivalents at end of
period
$
73,314
$
389,857
Supplemental cash flow
information
Cash paid for interest
$
125,919
$
134,921
Cash paid for income taxes (6)
$
3,582
$
783
Definition and Reconciliation of Non-GAAP Financial
Measures
We prepare our financial statements in accordance with United
States generally accepted accounting principles ("GAAP"). In our
press release, we make reference to non-GAAP financial measures
including Modified EBITDA, Adjusted EBITDA and Adjusted EBITDA
minus capex. The definition for each of these non-GAAP financial
measures is set forth below in the notes to the reconciliation
tables. We believe that these non-GAAP financial measures provide
important and useful information for investors to facilitate a
comparison of our operating performance on a consistent basis from
period to period and make it easier to compare our results with
those of other companies in our industry. We use these measures for
internal planning and forecasting purposes, to evaluate ongoing
operations and our performance generally, and in our annual and
long-term incentive plans. By providing these measures, we provide
our investors with the ability to review our performance in the
same manner as our management.
However, because these non-GAAP financial measures are not
determined in accordance with GAAP, they are susceptible to varying
calculations, and not all companies calculate these measures in the
same manner. As a result, these non-GAAP financial measures as
presented may not be directly comparable to a similarly titled
non-GAAP financial measure presented by another company. These
non-GAAP financial measures are presented as supplemental
information and not as alternatives to any GAAP financial measures.
When reviewing a non-GAAP financial measure, we encourage our
investors to fully review and consider the related reconciliation
as detailed below.
The following tables set forth a reconciliation of net income to
Adjusted EBITDA for the three month and nine month periods ended
October 3, 2022, and October 2, 2021:
Three Months Ended
Nine Months Ended
(Amounts in thousands, except per share
data)
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
Net income
$
138,155
$
178,124
$
140,210
$
173,688
Income tax expense
38,654
46,543
44,257
43,930
Other expense, net (2)
521
346
1,882
8,796
Loss on debt extinguishment
—
—
17,533
—
Interest expense, net
34,197
38,095
107,705
114,563
Loss on disposal of assets
5,038
624
3,036
1,863
Amortization
5
6
16
17
Depreciation
30,181
28,047
86,756
84,921
Stock-based compensation
1,676
7,876
9,124
17,514
Modified EBITDA (3)
$
248,427
$
299,661
$
410,519
$
445,292
Third party interest in EBITDA of certain
operations (4)
(22,326
)
(20,883
)
(44,651
)
(41,766
)
Adjusted EBITDA (3)
$
226,101
$
278,778
$
365,868
$
403,526
Capital expenditures, net of property
insurance recovery (5)
(18,041
)
(19,565
)
(73,383
)
(61,815
)
Adjusted EBITDA minus capex (3)
$
208,060
$
259,213
$
292,485
$
341,711
(1)
Revenues and expenses of international
operations are converted into U.S. dollars on an average basis as
provided by GAAP.
(2)
Amounts recorded as “Other expense, net”
include certain non-recurring costs incurred in conjunction with
changes made to our organizational structure in December 2021 and
the transformation plan initiated in early 2020.
(3)
“Modified EBITDA,” a non-GAAP measure, is
defined as our consolidated income (loss) from continuing
operations: excluding the following: the cumulative effect of
changes in accounting principles, discontinued operations gains or
losses, income tax expense or benefit, restructure costs or
recoveries, reorganization items (net), other income or expense,
gain or loss on early extinguishment of debt, equity in income or
loss of investees, interest expense (net), gain or loss on disposal
of assets, gain or loss on the sale of investees, amortization,
depreciation, stock-based compensation, and fresh start accounting
valuation adjustments. Modified EBITDA, as defined herein, may
differ from similarly titled measures presented by other companies.
Management uses non-GAAP measures for budgeting purposes, measuring
actual results, allocating resources and in determining employee
incentive compensation. We believe that Modified EBITDA provides
relevant and useful information for investors because it assists in
comparing our operating performance on a consistent basis, makes it
easier to compare our results with those of other companies in our
industry as it most closely ties our performance to that of our
competitors from a park-level perspective and allows investors to
review performance in the same manner as our management.
"Adjusted EBITDA," a non-GAAP measure, is
defined as Modified EBITDA minus the interests of third parties in
the Modified EBITDA of properties that are less than wholly owned
(consisting of Six Flags Over Georgia, Six Flags White Water
Atlanta and Six Flags Over Texas). Adjusted EBITDA is approximately
equal to “Parent Consolidated Adjusted EBITDA” as defined in our
secured credit agreement, except that Parent Consolidated Adjusted
EBITDA excludes Adjusted EBITDA from equity investees that is not
distributed to us in cash on a net basis and has limitations on the
amounts of certain expenses that are excluded from the calculation.
Adjusted EBITDA as defined herein may differ from similarly titled
measures presented by other companies. Our board of directors and
management use Adjusted EBITDA to measure our performance and our
current management incentive compensation plans are based largely
on Adjusted EBITDA. We believe that Adjusted EBITDA is frequently
used by all our sell-side analysts and most investors as their
primary measure of our performance in the evaluation of companies
in our industry. In addition, the instruments governing our
indebtedness use Adjusted EBITDA to measure our compliance with
certain covenants and, in certain circumstances, our ability to
make certain borrowings. Adjusted EBITDA, as computed by us, may
not be comparable to similar metrics used by other companies in our
industry.
“Adjusted EBITDA minus capex,” a non-GAAP
measure, is defined as Adjusted EBITDA minus capital expenditures,
net of property insurance recoveries. Adjusted EBITDA minus capex
as defined herein may differ from similarly titled measures
presented by other companies. Our board of directors and managed
use Adjusted EBITDA minus capex to measure our performance and our
current management incentive compensation plans are based largely
on Adjusted EBITDA minus capex. We believe that Adjusted EBITDA
minus capex is frequently used by all our sell-side analysts and
most investors as their primary measure of our performance in the
evaluation of companies in our industry. Adjusted EBITDA minus
capex, as computer by us, may not be comparable to similar metrics
used by other companies in our industry.
(4)
Represents interests of non-controlling
interests in the Adjusted EBITDA of Six Flags Over Georgia, Six
Flags Over Texas and Six Flags White Water Atlanta.
(5)
Capital expenditures, net of property
insurance recovery (“capex”) represents cash spent on property,
plant and equipment, net of property insurance recoveries.
(6)
Cash taxes represents statutory taxes
paid, primarily driven by Mexico and state level obligations. Based
on our current federal net operating loss carryforwards, we
anticipate paying minimal federal income taxes in 2022 and do not
anticipate becoming a full cash taxpayer until at least 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221110005245/en/
Stephen Purtell Senior Vice President Corporate Communications,
Investor Relations and Treasurer +1-972-595-5180
investors@sftp.com
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