Overview

• US amusement park operator's Q1 revenue rose 12% yr/yr, beating analyst expectations

• Adjusted EBITDA loss for Q1 narrowed and beat analyst expectations

• Company cites higher attendance and increased guest spending as key drivers

Outlook

• Company says demand trends in the second quarter are encouraging

• Six Flags expects new entertainment offerings and operational focus to support peak season demand

• Company notes potential for a more promotional environment to pressure admissions yield and mix

Result Drivers

• ATTENDANCE GROWTH - Q1 attendance rose 4% yr/yr, aided by favorable operating conditions, a larger active pass base, and earlier timing of holidays and events

• HIGHER PER CAPITA SPENDING - Per capita spending increased 6%, reflecting higher admissions pricing, a favorable ticket mix, and increased guest spending on food, beverage, and merchandise

• COST EFFICIENCIES - Operating costs and expenses fell 12%, driven by planned reductions in full-time wages, maintenance costs, and operating supplies

Company press release: ID:nBw1fjWJpa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$225.6 mln	$207.75 mln (13 Analysts)
Q1 Net Income		-$268.6 mln
Q1 Adjusted EBITDA	Beat	-$123 mln	-$169.87 mln (13 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• Wall Street's median 12-month price target for Six Flags Entertainment Corp is $26.00, about 32% above its May 6 closing price of $19.69

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