News Cedar Fair Merging with Six Flags

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Blauer said:
Six Flags has no cash at this time. They have more outstanding invoices than cash.
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Hello,

Per the most recent Six Flags 10-Q filing filed 11/13/23, they appear to have ~66,763,000 in cash and cash equivalents. As of their most recent year-end which was audited by an independent accounting firm (meaning, trained auditors went to the company reviewed bank statements in person and verified their reported numbers were accurate and reconciled), as of 1/1/2023 the company had ~80,122,000 in cash and cash equivalents. Note they only disclose in the thousands hence the round numbers and use of ~. Just saying this comment does not appear to be accurate in my opinion based on financial statements issued as required by the SEC for a C corporation.

I hate this time of year. For anyone who would like to review, the Six Flags 10-Q is attached.
 

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Huh, username checks out
CoasterAuditor said:
Hello,

Per the most recent Six Flags 10-Q filing filed 11/13/23, they appear to have ~66,763,000 in cash and cash equivalents. As of their most recent year-end which was audited by an independent accounting firm (meaning, trained auditors went to the company reviewed bank statements in person and verified their reported numbers were accurate and reconciled), as of 1/1/2023 the company had ~80,122,000 in cash and cash equivalents. Note they only disclose in the thousands hence the round numbers and use of ~. Just saying this comment does not appear to be accurate in my opinion based on financial statements issued as required by the SEC for a C corporation.

I hate this time of year. For anyone who would like to review, the Six Flags 10-Q is attached.
Click to expand...
 
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CoasterAuditor said:
Hello,

Per the most recent Six Flags 10-Q filing filed 11/13/23, they appear to have ~66,763,000 in cash and cash equivalents. As of their most recent year-end which was audited by an independent accounting firm (meaning, trained auditors went to the company reviewed bank statements in person and verified their reported numbers were accurate and reconciled), as of 1/1/2023 the company had ~80,122,000 in cash and cash equivalents. Note they only disclose in the thousands hence the round numbers and use of ~. Just saying this comment does not appear to be accurate in my opinion based on financial statements issued as required by the SEC for a C corporation.

I hate this time of year. For anyone who would like to review, the Six Flags 10-Q is attached.
Click to expand...
Correct. They have $66 million of cash

They have $46 million of unpaid invoices and $20 million of unpaid payroll

Which basically gobbles up all the cash. They are floating their invoices and payroll for cash on hand. They aren’t in good shape.
 
Blauer said:
Correct. They have $66 million of cash

They have $46 million of unpaid invoices and $20 million of unpaid payroll

Which basically gobbles up all the cash. They are floating their invoices and payroll for cash on hand. They aren’t in good shape.
Click to expand...
thats-not-how-this-works-thats-not-how-any-of-this-works.gif
 
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Blauer said:
Correct. They have $66 million of cash

They have $46 million of unpaid invoices and $20 million of unpaid payroll

Which basically gobbles up all the cash. They are floating their invoices and payroll for cash on hand. They aren’t in good shape.
Click to expand...
There’s quite a bit more information in that financial statement than cash and current liabilities.
 
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Blauer said:
Correct. They have $66 million of cash

They have $46 million of unpaid invoices and $20 million of unpaid payroll

Which basically gobbles up all the cash. They are floating their invoices and payroll for cash on hand. They aren’t in good shape.
Click to expand...
So SF isn't earning any income from ticket sales or from in park sales that help to balance off those numbers some.
 
How could the new Six Flags decide on which parks can expect major investments along with others seeing a flat ride package or some other type of thrill ride comming for 2025 whith the merger taking place?
 
BlueHawk47 said:
How could the new Six Flags decide on which parks can expect major investments along with others seeing a flat ride package or some other type of thrill ride comming for 2025 whith the merger taking place?
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It was already decided. The larger 2025 projects are already under contract. It might be possible to shuffle around some of the smaller 2025 rides if needed.
 
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MaxxForceFan said:
It was already decided. The larger 2025 projects are already under contract. It might be possible to shuffle around some of the smaller 2025 rides if needed.
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Sounds exciting. I think the larger projects could mean Gigas to show up at SFMM, SFGAdv, and SFGAm. I'm still curious if the parks set to get new coasters for 2024 will either surprise people with another coaster, receive a flat ride pakage, or get shafted in 2025
 
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BlueHawk47 said:
Sounds exciting. I think the larger projects could mean Gigas to show up at SFMM, SFGAdv, and SFGAm. I'm still curious if the parks set to get new coasters for 2024 will either surprise people with another coaster, receive a flat ride pakage, or get shafted in 2025
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I think parks that got smaller additions in '23/'24 might get something more substantial in 2025. KI seems possible to me, as does SF. St Louis.
GADV might get something in '25 despite also getting the super boomerang just by nature of that park being so hungry for investments.
 
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Fiender said:
I think parks that got smaller additions in '23/'24 might get something more substantial in 2025. KI seems possible to me, as does SF. St Louis.
GADV might get something in '25 despite also getting the super boomerang just by nature of that park being so hungry for investments.
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That's a possibility for it happening. I have SFOG as my home park, in which they're receving the world's first Intamin Ultra Surf for '24. However, I've heard from some people stating that the Ultra Surf may used to signify an even bigger edition for '25 as another coaster coming to the park. I would love for it to happen but that sounds unlikely. Prior to this and Kid Flash, SFOG never saw a new ground up coaster since Dare Devil Dive in 2011.
 
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I have to wonder, and this is a speculation comment, one would think the overall odds of a B&M Giga popping up at SFMM would have increased significantly with this merger? I’m not sure if they will but now with Cedar Fairs influence on capex one would think “first giga in California since we couldn’t do it at Knotts?
 
CoasterAuditor said:
I have to wonder, and this is a speculation comment, one would think the overall odds of a B&M Giga popping up at SFMM would have increased significantly with this merger? I’m not sure if they will but now with Cedar Fairs influence on capex one would think “first giga in California since we couldn’t do it at Knotts?
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The origin of SFMM hypothetically getting a giga originated from a tweet joking around for adding one with uppercase letters. The same thing said for SFGAdv but not from a tweet and instead comes from their 50th anniversary. It's still debateable of the likely chances of it happening. Now with the merger happening, there is a possibility for SFMM add a giga where the old Gold Bear Theater is in which is getting demolished.
 
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We might soon be getting a sneak peak on how the FTC might view the argument that theme parks compete with other forms of entertainment and there for the merger doesn't equal unfair market domination.

The FTC is currently looking at the merger of Subway with the company that currently owns Arby's and Jimmy John's and similar arguments are being made.

www.franchisetimes.com

FTC Reportedly Investigating Subway Sale to Roark

Roark Capital’s acquisition of Subway could be heading into a lengthy delay as the U.S. Federal Trade Commission has reportedly opened an investigation into whether the deal will give the
www.franchisetimes.com www.franchisetimes.com
 
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horsesboy said:
We might soon be getting a sneak peak on how the FTC might view the argument that theme parks compete with other forms of entertainment and there for the merger doesn't equal unfair market domination.

The FTC is currently looking at the merger of Subway with the company that currently owns Arby's and Jimmy John's and similar arguments are being made.

www.franchisetimes.com

FTC Reportedly Investigating Subway Sale to Roark

Roark Capital’s acquisition of Subway could be heading into a lengthy delay as the U.S. Federal Trade Commission has reportedly opened an investigation into whether the deal will give the
www.franchisetimes.com www.franchisetimes.com
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I would say the Subway/JJ merger is very different in that there are lots of other sandwich shops around and the barriers to opening a competitor are relatively low. Amusement parks are very high capital and not something easily replicated.

I would think CF/SF would have a harder time passing them Subway/JJ just based on market forces.
 
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Crunchewy said:
What does this mean? The merger was going to be blocked so they changed something and refiled? Or what exactly?
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All I can take away is they changed something. Incidentally it extended the timeline of finalizing the merger too after both stocks shot up.
 
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