v3.25.2
Segments
 6 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Segments Segments:
The Combined Company generates revenues from sales of (1) admission to amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. The Combined Company's principal costs and expenses, which include salaries and wages, operating supplies, maintenance, insurance, advertising and lease payments, are relatively fixed for a typical operating season and do not vary significantly with attendance.

Management reviews operating results, evaluates performance and makes operating decisions, including allocating resources, on a park-by-park basis. Discrete financial information and operating results are prepared at the individual park level for use by the CEO, who is the Chief Operating Decision Maker ("CODM"). All of the parks provide similar products and services through a similar process to the same class of customer utilizing a consistent method. In addition, the parks share common economic characteristics, in that they show similar long-term growth trends in key industry metrics such as attendance, in-park per capita spending, net revenue, operating margin and operating profit. Based on these factors, the Combined Company has combined its operating segments, which consist of each of the parks' locations, and operates within a single reportable segment of amusement and water parks with accompanying resort facilities.

Adjusted EBITDA is the measure of segment profit or loss used by the CODM to assess park-level operating profitability and to determine resource allocation, including the allocation of capital expenditures. The CODM's analysis includes comparisons to prior period results and annual budgeted and forecasted results. Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Combined Company's 2024 Credit Agreement, as amended, less net income attributable to non-controlling interests. The table below provides a summary of significant expense categories regularly provided to the CODM reconciled to Adjusted EBITDA, as well as a reconciliation of Adjusted EBITDA to income before taxes, for the periods presented. The CODM does not review segment assets at a different asset level or category than those disclosed within the unaudited condensed consolidated balance sheets.
Three months endedSix months ended
(In thousands)June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Net revenues$930,390 $571,616 $1,132,447 $673,231 
Significant expense categories
Cost of food, merchandise and games revenues80,822 53,258 101,319 64,869 
Other revenue driven costs (1)28,959 16,820 38,576 21,531 
Labor (2)300,855 177,283 472,844 277,015 
Other segment expenses (3)277,136 118,791 447,880 201,532 
Adjusted EBITDA242,618 205,464 71,828 108,284 
Add: Net income attributable to non-controlling interests24,816 — 24,816 — 
Subtract:
Depreciation and amortization134,628 57,015 236,958 67,327 
Loss on retirement of fixed assets, net10,518 4,121 18,616 6,735 
Loss on other assets— — 791 — 
Interest expense, net92,409 39,825 179,444 74,161 
Loss on early debt extinguishment— 5,911 — 5,911 
Non-cash foreign currency (gain) loss(19,986)1,763 (22,200)7,002 
Non-cash equity compensation expense8,935 9,135 26,011 14,419 
Costs related to the Mergers (4)
11,030 11,128 26,670 21,275 
Severance (5)
23,823 461 27,200 550 
Other (6)
4,626 342 8,181 1,024 
Income (loss) before taxes$1,451 $75,763 $(405,027)$(90,120)
(1)Consists of credit card fees, royalties and other revenue processing costs driven by sales volume.
(2)Consists of wages, benefits and employer taxes on an Adjusted EBITDA basis.
(3)Consists of all other expenses on an Adjusted EBITDA basis, including the cost of operating and maintenance supplies, advertising, utilities, insurance and lease payments, as well as net income attributable to non-controlling interests.
(4)Consists of integration costs related to the Mergers for the three and six months ended June 29, 2025, including third-party consulting costs related to the Mergers, retention bonuses, integration team salaries and benefits, costs to integrate information technology systems, maintenance costs to update Former Six Flags parks to Cedar Fair standards and certain legal costs. Consists of third-party legal and consulting transaction costs and integration consulting costs for the three and six months ended June 30, 2024. See Note 2 for additional information related to the Mergers. These costs are added back to net income (loss) to calculate Modified EBITDA and Adjusted EBITDA as defined in the Combined Company's credit agreement.
(5)Consists of severance and related employer taxes and benefits. During the three and six months ended June 29, 2025, certain employees, including certain executive level employees, were terminated as part of recent reorganization efforts.
(6)Consists of certain costs as defined in the Combined Company's credit agreement. These costs are added back to net income (loss) to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses unrelated to the Mergers, cost of goods sold recorded to align inventory standards following the Mergers, Mexican VAT taxes on intercompany activity, gains/losses related to the Partnership Parks and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.
All of the Combined Company's parks are located in the United States with the exception of two parks in Mexico and two parks in Canada. The Combined Company also recognizes revenue and expense related to the development of Six Flags-branded parks outside of North America. These management fees are disclosed as "Domestic" within the below tables. Prior to the Mergers, Former Cedar Fair did not disclose geographic segment related information as it had only one foreign park, and management believed disclosure of a single park's results provided sensitive information to its competitors. As a result, the below information only includes results since the Closing Date.

As of June 29, 2025 and December 31, 2024, long-lived assets (which consists of property and equipment, goodwill, intangible assets and right-of-use assets) by domestic and foreign properties was as follows:
(In thousands)June 29, 2025December 31, 2024
Domestic$7,949,896 $7,827,604 
Foreign973,113 890,992 
Total$8,923,009 $8,718,596 

For the three and six months ended June 29, 2025, net revenues and income (loss) before taxes by domestic and foreign properties were as follows:
 Three months endedSix months ended
(In thousands)June 29, 2025June 29, 2025
Net revenues
Domestic$856,953 $1,038,694 
Foreign73,437 93,753 
Total$930,390 $1,132,447 
Income (loss) before taxes
Domestic$(14,203)$(406,144)
Foreign15,654 1,117 
Total$1,451 $(405,027)