PDF Investor Presentation April 2019
Investor Presentation April 2019
April 2019
1
Disclaimer
Presentation is subject to safe harbor laws
? Presentation includes forward looking statements about events and financial results
? Actual events or results may be materially different ? Risks are described in the company's filings with the SEC ? Statements are made subject to "safe harbor" provisions of
Private Securities Reform Act of 1995 ? Full disclaimer and reconciliation of Non-GAAP financial
measures to GAAP measures are at the end of this presentation
April 2019
2
Overview of Six Flags
Global leader in an attractive industry
? Exceptional brand & business
Ongoing Growth Opportunity
foundation
750
? Substantial growth opportunities
o Base business o North American expansion strategy o International licensing
? Strong, recurring cash flow
594
520 545 558 477 416 444 379 323
o Industry-leading EBITDA and
223
EBITDA less CAPEX margins
o Efficient CAPEX
? Excellent Growth and Yield stock
(1)(2)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2021(3)
o ~8% Mod. EBITDA CAGR through
2021 o ~6% Dividend yield (>3x S&P 500)
Adjusted EBITDA
$MM
Modified EBITDA
$MM
(1) Excludes SFKK as discontinued operation (2) 2009 Modified EBITDA calculation includes revenue from Six Flags Great Escape Lodge and Indoor Water Park so it is consistent with future periods (3) Reflects late achievement of Project 750, an aspirational goal set by the company in October 2016 to achieve $750MM of Modified EBITDA expected by 2021
April 2019
3
Global leader in an attractive industry
? Attractive industry
o Stable in a weak economy o High barriers to entry
? Exceptional brand and business foundation
o Focused strategy o Expansive array of entertainment & services
? Substantial growth opportunities
o Innovative products and programs o Membership / Season Pass penetration o Pricing and ticket yield management o In-park revenue initiatives o North American expansion strategy o International licensing
? Financial Excellence
o Strong recurring revenue and cash flow o Industry-leading margin o Favorable capital allocation strategy o NOL carry forward
? Employees closely aligned with shareholders
April 2019
Investment Thesis
4
Attractive Industry
Stable industry with high barriers to entry
? Stable in normal economy ? resilient in a weak one ? Compelling value relative to other forms of entertainment
o Consumers focused on experiences ? High recurring revenue ? High barriers to entry
o $500-700MM investment; 3+ years development o Key North American markets already served
April 2019
5
Global leader in an attractive industry
? Attractive industry
o Stable in a weak economy o High barriers to entry
? Exceptional brand and business foundation
o Focused strategy o Expansive array of entertainment & services
? Substantial growth opportunities
o Innovative products and programs o Membership / Season Pass penetration o Pricing and ticket yield management o In-park revenue initiatives o North American expansion strategy o International licensing
? Financial Excellence
o Strong recurring revenue and cash flow o Industry-leading margin o Favorable capital allocation strategy o NOL carry forward
? Employees closely aligned with shareholders
April 2019
Investment Thesis
6
A Focused Strategy
Delivering excellence in all we do
April 2019
7
26 Strategically Located Parks
Prime locations; economic and weather diversity; limited direct competition
? $1.5 billion revenue ? 32 million guests ? 52,000 employees
o 2,400 full-time ? 925 rides / 145 coasters
*
April 2019
8
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