Quarterly Financial Results

Register or Login to Hide This Ad for Free!
warfelg said:
I think what CP is going to do on Millennium Island is going to be a HUGE hit because of that, and that it's going to become something they expand to all of their parks.
Click to expand...

As I’ve said before, this NEEDS to come to KD ASAP! Hoping its success will lead to that.

I think it’s pretty clear that Kings Dominion (and Cedar Fair overall) is focusing on experiences a lot more, which I absolutely love! I think we’ll see Grand Carnivale expand to more parks in 2020 as it seemed to be very successful at both Kings parks (KD in particular did an amazing job at creating those immersive experiences with the decor alone... the whole event was so cool and I’m excited to see it return next year!). WinterFest being added to at least one park each year is also a good sign.

I’m happy that CF finally saw that new rides aren’t enough. Yes, they’re fun, but they get to be the same old stuff after a while. The experiences and events keep guests interested and with so much to do, it’s hard to do everything in one night. This results in multiple visits to multiple events, which keep numbers growing that could result in even better experiences down the road.

Speaking of experiences, another one I want KD to get is the Peanuts Celebration that happens at a few parks. The Peanuts fan in me would love to see the entire park decorated with Charlie Brown and Snoopy in mind!
 
mtorange said:
Speaking of experiences, another one I want KD to get is the Peanuts Celebration that happens at a few parks. The Peanuts fan in me would love to see the entire park decorated with Charlie Brown and Snoopy in mind!
Click to expand...

I'm actually kind of surprised Kings Dominion hasn't gotten this considering how important Planet Snoopy is to the park.

The worst I can see with the Grand Carnivale and Monster Jam events are that they get put on a rotation between a select group of parks, but if that's the case hopefully Cedar Fair has something else in mind to cover the off years.
 
  • Like
Reactions: Zachary
Last edited:
  • Like
Reactions: Eric and Zachary
GrandpaD said:
Third quarter 2019-

www.businesswire.com

Cedar Fair Announces 2019 Third-Quarter Results and Reports Record Performance for Its First 10 Months

Cedar Fair Announces 2019 Third-Quarter Results and Reports Record Performance for Its First 10 Months
www.businesswire.com

And transcript from earnings teleconference -

www.fool.com

Cedar Fair LP (FUN) Q3 2019 Earnings Call Transcript | The Motley Fool

FUN earnings call for the period ending September 30, 2019.
www.fool.com www.fool.com
Click to expand...

I would love it if I understood any of that data well enough to know if they are full of shit or not. What the hell is Adjusted EBITDA?
 
"Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a measure computed for a company that takes its earnings and adds back interest expenses, taxes, and depreciation charges, plus other adjustments to the metric."

Basically they make their numbers look bigger.
 
  • Like
Reactions: Shane
Crunchewy said:
I would love it if I understood any of that data well enough to know if they are full of shit or not. What the hell is Adjusted EBITDA?
Click to expand...
I actually wrote a post about this earlier this year in the SEAS thread. EBITDA is a great metric to look at if you want to get an idea for how a company is actually performing.

parkfans.net

News - Quarterly Financial Results

An additional 30m in capital expenditure expected in addition to the already committed 150m
parkfans.net parkfans.net
 
Actually this can be useful a useful tool. Depreciation can vary greatly between companies due to different accounting procedures which in turn effects profits which determine taxes. By removing them from financials this measurement helps get a more apples to apples comparison between 2 companies. However its not to difficult to get on your own but saves the trouble of looking it all up.
 
Crunchewy said:
I would love it if I understood any of that data well enough to know if they are full of shit or not. What the hell is Adjusted EBITDA?
Click to expand...

Cedar Fairs financials are really solid, though that's probably expected with being in an industry that is basically a monopoly/oligopoly in many markets. Adjusted EBITDA just removes uncommon charges that would make year to year comparisons of financials challenging for what is largely looking at operating expenses (e.g. a lawsuit settlement or a currency adjustment).

BGWnut said:
I actually wrote a post about this earlier this year in the SEAS thread. EBITDA is a great metric to look at if you want to get an idea for how a company is actually performing.

parkfans.net

News - Quarterly Financial Results

An additional 30m in capital expenditure expected in addition to the already committed 150m
parkfans.net parkfans.net
Click to expand...

I would look more at EBIT than EBITDA for a company such as Cedar Fair. They are in a capital intensive business, and depreciation matters in looking at their business, even from an operational standpoint.
 
  • Like
Reactions: Shane
Yes but like @mountaineers says there are reasons to looks at EBITDA and include depreciation. Namely being that it allows for an apples to apples comparison because it removes accounting decisions from the equation.
 
”I am very pleased to say that our year-to-date results have us well on our way to making 2019 the best year in Cedar Fair’s history,” said Cedar Fair President and CEO Richard A. Zimmerman. “While the industry has benefited from favorable weather conditions throughout key portions of the 2019 season, our strong results to date have been driven by solid growth in in-park per capita spending while entertaining a record number of guests, particularly during our peak summer months. This strong consumer demand reflects the quality of our business model and our long-range plan that focuses on broadening the guest experience through more immersive attractions and entertainment. The early impact of our strategic initiatives has been at the center of our Company’s success this year and we expect them to be a cornerstone driver of growth well into the future,” said Zimmerman.
Click to expand...

Well it sounds like not building any new rides at their parks and just treating special events as new attractions is working in their favor for better or for worse.
 
  • Like
Reactions: Mushroom
Cedar Fair is definitely leveraging up a lot with that $1B note. They better be able to get people back in the park or plan on a lot less capital spending the next few years.
 
  • Like
Reactions: horsesboy and jeffh
2nd quarter results are out (https://ir.cedarfair.com/overview/default.aspx#quarterly-reports) and they are kind of scary for the health of the industry. To put it simply, CF still had pretty significant operating expenses despite their parks being almost entirely closed last quarter. At their current burn rate they’ll be out of cash in another 6 months and will need to take on further debt to stay afloat. It’s possible that debt could be cheap, but there’s no guarantee of what the markets will look like at that point if the economy doesn’t improve.
 
  • Sad
Reactions: horsesboy, Zachary, Mushroom and 1 other person
This might not be quite be as bleak as it looks at first glance. The second quarter likely includes the expense of prepping the parks that did open as well as prepping for the reopening of KD and CW which unfortunately didn't occur. In addition we can't be sure of exactly when they furloughed/laid off the bulk of their employees that could very well have added payroll expenses to this. Also shutting the parks down which may or may not have been in this quarter probably took some cash.
 
  • Like
Reactions: Mushroom and Zachary
My main concern for CF is they're shutting down parks early or cutting back their schedule, which I'm assuming is due to lackluster daily ticket sales. This means Q3 is going to be pretty bad revenue wise compared to where they need to be. They then have to make it through Q4 and Q1 of 2021 with little to no revenue coming in and hope that spring looks better virus and economy wise.

On the positive side, CF's debt load isn't bad, so they can reasonably add more debt to their balance sheet, but that's not a good sign overall for the industry.
 
  • Like
Reactions: Coasternerd, Mushroom and horsesboy
To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Direct Link to Embedded Media Source

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Direct Link to Embedded Media Source

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Direct Link to Embedded Media Source
 
Anyone have data on CF’s Q4 net income in previous years? I wonder if it’s fairly normal for Q4’s net income to be closer to the red since, except for the few weeks a handful of parks are open for holiday events, the parks are closed.
 
  • Like
Reactions: Zachary
You must log in or register to reply here.
Consider Donating to Hide This Ad