Net Revenues

-49% quarter-on-quarter (from $1,348.39M to $687.31M)

Q4 2024 net revenues dropped significantly compared to Q3 2024 due to the absence of merger-driven boosts from legacy Six Flags operations—which contributed heavily (about $558M) in Q3—resulting in a nearly 49% reduction in overall revenue. " "

Operating Income

Declined from $262.51M in Q3 to $51.08M in Q4

The steep decline in operating income reflects the impact of a reduced revenue base in Q4 combined with relatively fixed operating expenses. This indicates that the previous period’s elevated margins, buoyed by merger benefits and higher admissions, could not be sustained in Q4. " "

Net Loss

Shift from profitability in Q3 to a -$264.22M net loss in Q4

Q4 2024 ended with a significant net loss of $264.22M, a drastic change from Q3’s performance. This swing is attributed to the revenue drop, diminished contributions from extra-charge products and admissions, and persistent high operating costs, emphasizing the short-lived gains from the merger. " "

Comprehensive Loss

Increased to -$280.46M in Q4

The comprehensive loss in Q4 expanded to $280.46M, underscoring the compounded effect of lower operating income and additional expense factors. This change highlights a transition from the merger-enhanced Q3 performance to a more challenging seasonal result in Q4. " "

Operational Resilience

Not mentioned in Q1 earnings call "

Detailed discussion on normal operating assumptions, weather headwinds, and mitigation through a geographically diversified portfolio "

Emerging focus in Q4 relative to its absence in Q1

Attendance and Guest Demand Trends

Covered in Q1 with details on attendance growth, season pass sales, group demand, and improved per-day figures " " "

Emphasized through record October performance, 10.7 million visits, and strong early 2025 indicators " " "

Consistently positive with enhanced scale and strengthened metrics in Q4

Seasonal Operational Momentum

Highlighted in Q1 via a strong start despite seasonal constraints, revenue improvements, and strategic operational adjustments " "

Expanded in Q4 with record operating days, strategic initiatives driving better guest satisfaction and margin improvements " " "

Consistent positive outlook with operational improvements reinforcing future potential

Enhanced Premium Offerings and Revenue Engines

Discussed in Q1 with emphasis on healthy increases in food, beverage, and extra-charge premium offerings, as well as revenue engines like Fast Lane "

Not mentioned in Q4 earnings call [document]

No longer emphasized in Q4, suggesting a possible strategic de-prioritization

New Attractions Driving Consumer Excitement

In Q1, Top Thrill 2 was highlighted as a record-breaking, marquee attraction, generating significant consumer excitement " "

In Q4, both Top Thrill 2 and the new tilt coaster, Siren's Curse, were presented as key drivers of consumer excitement "

Continued and expanded emphasis, reinforcing their potential to drive future demand

Consumer Spending Trends

Q1 call noted continued strength in food and beverage spending and growth in premium offerings, underlining strong revenue growth "

Q4 call reported a 3% increase in in-park per capita spending and a 3% increase in average transactions per guest "

Consistently positive sentiment with ongoing improvements in guest spending behavior

Risk Transparency and Q&A Data Gaps

Briefly addressed in Q1 via reminders about forward-looking statements and limits on Q&A discussions " "

Q4 call referenced risk disclosures via SEC filings and a similar cautious stance on Q&A topics "

Stable cautious approach to risk disclosure and Q&A limitations across both periods