Executive Summary

Revenue grew 2% year over year to $443.7M, attendance rose 6% to 7.1M, and Adjusted EBITDA increased 5% to $160.8M, while diluted EPS fell to $0.25 primarily due to a $38M increase in self-insurance reserves and higher interest expense .
Per-capita spending declined 5% (admissions -7%, in-park -2%) on a higher season-pass mix and lower average season-pass pricing; this was partially offset by stronger food and beverage sales .
Management highlighted execution against a guest-experience strategy, with investment in park infrastructure, beautification, and new events (Flavors of the World, Summer Nights Spectacular), and reiterated optimism for H2 seasonal events and 2024 new attractions .
Balance sheet actions: total reported debt was $2,352M, cash $52M; the company repaid $94M of debt in Q2; deferred revenue increased 3% YoY to $177M, supported by higher season-pass sales YTD .
S&P Global Wall Street consensus estimates for Q2 2023 were unavailable via our data connector; we therefore cannot assess beats/misses versus consensus for this quarter (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Attendance recovery and revenue uptick: revenue +2% YoY to $443.7M and attendance +6% YoY to 7.1M, driven primarily by increased pass sales .
Adjusted EBITDA improvement: Adjusted EBITDA rose to $160.8M (+5% YoY), excluding the unusual self-insurance reserve adjustment .
Strategic initiatives: “Following a year of transition, our strategy is taking hold…we have invested significantly in park infrastructure and beautification, and…introduced an exciting lineup of new events” — Selim Bassoul, President & CEO .

What Went Wrong

EPS and net income pressure: diluted EPS fell to $0.25 (from $0.53) and net income attributable to Six Flags declined to $20.6M, largely due to a $38M increase in self-insurance reserves and higher interest expense from floating-rate debt and revolver borrowing .
Per-capita spending headwinds: total guest per-capita spend decreased 5% YoY, reflecting a higher mix of season-pass holders who spend less per visit on certain in-park items; admissions per-capita down 7% and in-park per-capita down 2% .
SG&A spike from reserves: selling, general and administrative expense rose due to the reserve adjustment; excluding the $38M adjustment, cash operating costs increased by less than $1M (higher advertising and seasonal wages, offset by headcount reductions and other savings) .

Financial Results

Headline Financials (Quarterly progression)

Metric	Q4 2022	Q1 2023	Q2 2023
Revenue ($USD Millions)	$279.9	$142.2	$443.7
Net Income Attributable ($USD Millions)	$13.4	$(69.9)	$20.6
Diluted EPS ($)	$0.16	$(0.84)	$0.25
Adjusted EBITDA ($USD Millions)	$98.9	$(17.4)	$160.8
Attendance (Millions)	4.1	1.6	7.1
Total Guest Spending Per Capita ($)	$65.15	$80.88	$60.76
Admissions Per Capita ($)	$34.50	$47.81	$33.79
In-Park Spending Per Capita ($)	$30.65	$33.07	$26.97

Note: Press release narrative cites “Revenue of $444 million,” which rounds the Statement of Operations figure ($443.7M) .

YoY vs Q2 2022 (as disclosed)

Metric	Q2 2023 YoY Change
Revenue	+2%
Net Income Attributable	(55)%
Diluted EPS	(53)%
Adjusted EBITDA	+5%
Attendance	+6%
Total Guest Spending Per Capita	(5)%
Admissions Per Capita	(7)%
In-Park Spending Per Capita	(2)%

Segment Revenue Breakdown

Segment ($USD Millions)	Q4 2022	Q1 2023	Q2 2023
Park Admissions	$140.1	$76.3	$239.0
Park Food, Merchandise & Other	$124.5	$52.8	$190.8
Sponsorship, International Agreements & Accommodations	$15.2	$13.1	$14.0
Total Revenues	$279.9	$142.2	$443.7

KPIs and Balance Sheet Highlights

KPI / Balance Item	Q4 2022	Q1 2023	Q2 2023
Attendance (Millions)	4.1	1.6	7.1
Deferred Revenue ($USD Millions)	$129	$152	$177
Total Reported Debt ($USD Millions)	$2,381	$2,452	$2,352
Cash & Equivalents ($USD Millions)	$80	$64.7	$51.6
Debt Repayment in Quarter ($USD Millions)	—	$10 (net change in financing shows $80M draw and $10M repay)	$94
Capital Expenditures, Net ($USD Millions)	$38.1	$25.0	$42.0

Guidance Changes

No formal quantitative revenue/EPS/margin guidance was provided in the Q2 2023 8-K press release or exhibits; management commentary focused on investments in events and attractions and optimism for H2 seasonal events and 2024 new attractions .

Metric	Period	Previous Guidance	Current Guidance	Change
Formal quantitative guidance (Revenue/EPS/Margins)	FY/Q3	None	None	Maintained (none)

Earnings Call Themes & Trends

Note: We attempted to read the full Q2 2023 earnings call transcript; retrieval failed due to a document database inconsistency. Themes below synthesize disclosed items from the Q4 2022, Q1 2023, and Q2 2023 press releases.

Topic	Previous Mentions (Q4 2022)	Previous Mentions (Q1 2023)	Current Period (Q2 2023)	Trend
Pricing strategy & ticket mix	Higher realized ticket prices; shift to single-day tickets; elimination of free/heavily discounted passes	Membership revenue recognition boosted per-capita metrics; higher advertising spend	Lower average season-pass pricing; higher pass mix reduced admissions and in-park per-capita	Mixed (pricing discipline vs pass-mix dilution)
Attendance trajectory	Attendance down YoY on fewer operating days and price changes	Attendance down on severe weather in CA/TX	Attendance up 6% YoY; increased pass sales drove recovery	Improving
Per-capita spending	Strong increases vs 2021 (admissions and in-park)	+7% YoY per-capita from membership accounting effect	(5)% YoY per-capita; pass mix lowered parking/retail/flash-pass spend; F&B offset	Normalizing/down on mix
Cost actions & SG&A	Lower cash operating costs (headcount, hours, advertising)	Operating costs up due to advertising	SG&A increased on $38M self-insurance reserve adjustment; ex-adjustment cash costs +<$1M	Mixed; unusual reserve headwind
Debt/liquidity	Debt $2,381M; cash $80M; deferred revenue $129M	$800M 7.25% notes issued; revolver capacity increased to $500M; debt $2,452M	Debt $2,352M; $94M repaid in Q2; cash $52M; deferred revenue $177M (+3% YoY)	Deleveraging in Q2
Self-insurance reserves	Not highlighted	Not highlighted	$38M increase in reserves; unusual estimation change	New headwind

Management Commentary

“Following a year of transition, our strategy is taking hold…we are seeing a return to a solid growth trajectory in attendance, revenue and earnings.” — Selim Bassoul, President & CEO .
“Delighting our guests is our number one priority…we have invested significantly in park infrastructure and beautification, and…introduced an exciting lineup of new events…” — Selim Bassoul .
Outlook: optimism for H2 events (Oktoberfest Food Festival, Kids Boo Fest, Fright Fest, Holiday in the Park) and heavy investment in marketable attractions in 2024 .

Q&A Highlights

We attempted to read the full Q2 2023 earnings call transcript; retrieval failed due to a document database inconsistency. As a result, specific Q&A themes and guidance clarifications from the call are unavailable from our primary-source tools at this time.

Estimates Context

S&P Global consensus estimates for Q2 2023 (EPS, revenue, EBITDA) were unavailable via our data connector; we attempted retrieval but lacked CIQ mapping for SIX (S&P Global data unavailable).

Where estimates may need to adjust: Given attendance recovery (+6% YoY) and Adjusted EBITDA improvement (+5% YoY) contrasted with EPS pressure from the $38M reserve adjustment and higher interest costs, models likely need to reflect the unusual SG&A item and evolving pass mix effects on per-capita spending .

Key Takeaways for Investors

Attendance and revenue trajectory improving: Q2 revenue +2% YoY and attendance +6% YoY on stronger pass sales; watch for H2 event-driven volume and operating leverage .
Mix trade-off: Higher season-pass mix and lower average pass pricing reduce per-capita spending (admissions and certain in-park categories), partially offset by stronger food & beverage; pricing/mix management is a key driver of margin outcomes .
Adjusted EBITDA growth despite headwinds: +5% YoY to $160.8M, with the $38M self-insurance reserve adjustment excluded; underscores underlying operating progress .
Balance sheet moves: $94M debt repaid in Q2; total debt $2,352M and cash $52M; deferred revenue up to $177M indicates healthier forward demand via pass sales .
Interest expense is a meaningful headwind: Higher floating-rate debt costs and revolver usage pressured net income/EPS; rate environment and capital structure warrant close monitoring .
Seasonal catalysts: Oktoberfest, Boo Fest, Fright Fest, Holiday in the Park plus 2024 attractions should support attendance; execution and weather are key variables for H2 .
Modeling note: Incorporate unusual reserve adjustment into non-GAAP views; absent S&P Global consensus, frame scenarios around attendance recovery, per-capita dynamics, SG&A normalization, and interest costs .

Additional References and Data

Statement of Operations and balance sheet details for Q2 2023 (including segment revenues, SG&A, operating income) .
Q1 2023 operating metrics and capital structure updates (notes issuance, revolver capacity) .
Q4 2022 pricing/mix narrative and KPI baselines .

Six Flags Entertainment Corp/OLD (SIX)·Q2 2023 Earnings Summary