Six Flags Announces First Quarter 2021 Performance

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 revenue of $82 million and attendance of 1.3 million for first quarter 2021. Results for first quarter 2021 are not directly comparable to the same prior year period due to the company’s COVID-19 related suspension of operations and operating restrictions beginning on March 14, 2020. The company believes it is most relevant to compare its results in the first quarter of 2021 to the first quarter of 2019, in addition to the first quarter of 2020.

As anticipated, the company reported a decline in attendance for first quarter 2021 as compared to the same periods in 2020 and 2019. Because of fewer operating days and capacity restrictions, total attendance for first quarter 2021 declined 15% compared to 2020 and 38% compared to 2019.

Since the company’s parks began re-opening with limited operations in June 2020, attendance trends compared to 2019 have continued to improve. In first quarter 2021, attendance at the company’s open parks was 95%¹ of first quarter 2019 at those same parks; unlike first quarter 2019, first quarter 2021 included the Easter holiday period. Year-to-date through April 25, which includes the Easter holiday period in both 2021 and 2019, attendance at the company’s open parks was approximately 79% compared to the same period in 2019. The company has re-opened or announced re-opening dates for all its theme parks with the exception of its theme park in Montreal. Park opening dates for the 2021 season are set forth in Schedule A.

“I am extremely proud of the way our team members have maintained the readiness of our parks so that we can quickly ramp up to entertain our guests and capture the strong consumer demand for regional, outdoor, out-of-home entertainment,” said Mike Spanos, President and CEO. “Our focus is on safely re-opening all of our parks and working with local health officials to eliminate capacity constraints so we can delight the millions of people who count on Six Flags to deliver fun for all.”

“We continue to make progress on our transformation plan as we implement new technology to modernize the guest experience and drive operational efficiencies. We are already seeing significant benefits in 2021,” continued Spanos. “We expect the transformation to result in meaningful profit growth once our plan is fully executed and we return to a more normal operating environment.”

First Quarter 2021 Highlights

Attendance was 1.3 million guests, a decline of 238,000 guests and 822,000 guests from first quarter 2020 and 2019, respectively. This represented 85% of first quarter 2020 total attendance, and approximately 95% of first quarter 2019 attendance, at the parks that were open.
Total Revenue was $82 million, a decline of $20 million and $46 million from first quarter 2020 and 2019, respectively.
Net loss was $96 million, a decline of $11 million and $27 million compared to first quarter 2020 and 2019, respectively.
Adjusted EBITDA² was a loss of $46 million, $4 million worse than first quarter 2020 and $14 million worse than first quarter 2019.
Net cash outflow for first quarter 2021 was $95 million, an average of $32 million per month.