Segments (Tables)

6 Months Ended

Jun. 29, 2025

Schedule of Significant Expense Categories Provided to CODM Reconciled to Adjusted EBITDA

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 ended				Six months ended
(In thousands)	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
Net revenues	$	930,390	$	571,616	$	1,132,447	$	673,231
Significant expense categories
Cost of food, merchandise and games revenues	80,822		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 EBITDA	242,618		205,464		71,828		108,284
Add: Net income attributable to non-controlling interests	24,816		—		24,816		—
Subtract:
Depreciation and amortization	134,628		57,015		236,958		67,327
Loss on retirement of fixed assets, net	10,518		4,121		18,616		6,735

Loss on other assets	—		—		791		—
Interest expense, net	92,409		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 expense	8,935		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.

Schedule of Long-Lived Assets by Domestic and Foreign Properties

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, 2025		December 31, 2024
Domestic	$	7,949,896	$	7,827,604
Foreign	973,113		890,992
Total	$	8,923,009	$	8,718,596

Schedule of Net Revenues and Income (Loss) Before Taxes by Domestic and Foreign Properties

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 ended		Six months ended
(In thousands)	June 29, 2025			June 29, 2025
Net revenues
Domestic	$	856,953		$	1,038,694
Foreign	73,437			93,753
Total	$	930,390		$	1,132,447

Income (loss) before taxes
Domestic	$	(14,203)		$	(406,144)
Foreign	15,654			1,117
Total	$	1,451		$	(405,027)