Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Six Flags Entertainment Corporation (NYSE:SIX)

40th Annual J.P. Morgan Global Technology, Media and Telecom Conference

May 16, 2012 11:20 AM ET

Executives

Jim Reid-Anderson – Chairman, President and CEO

Brett Petit – Senior Vice President of Marketing and Sales

Nancy Krejsa – Head of IR

Unidentified Analyst

I am pleased to welcome Six Flags Entertainment to the J.P.Morgan T&T Conference. Six Flags is the world’s largest regional theme park company with 19 parks across the US, Mexico, and Canada, which drew 24 million guests last year. With us from the company are Jim Reid-Anderson, Chairman, President and CEO; Brett Petit, Senior Vice President of Marketing and Sales; and Nancy Krejsa, Head of IR. Thank you all for joining us.

Jim, I think I’ll kick it over to you for some opening comments.

Jim Reid-Anderson

Thank you very much Thompson (ph) it’s really nice to be able to be here in very rainy Boston, to spend some time with you. And Thompson had asked us if we could do some comments. And so I’ll take about four or five minutes and just do a quick summary of where we are as a company.

And I think just at the highest level, I think we’re doing very, very well as a company overall. For those of you that don’t know Six Flags, we are about $1 billion in revenue. We have 19 parks across North America, as Thompson described. We have one park in Mexico and one park also in Montreal. And over the last couple of years, we’ve seen very strong performance overall. And let me start by saying, from a customer perspective, from a guest perspective, our highest ratings ever in terms of guest satisfaction.

So if you think about Six Flags and you think about whether this is a company to invest in, I’d have to say – my answer would be a resounding yes. And I’d say that for several reasons. First and foremost, Six Flags operates in what is a great industry. When you think about the regional theme park industry, there are very, very high recurring revenues in the industry. It’s a stable industry. And in addition, there are high barriers-to-entry. So if someone wanted to try and recreate the company Six Flags, it would probably cost them in the region of $5 billion to $6 billion to try to do that. So we are in a position where it’s a good industry.

And secondly, this is a fantastic brand and really an excellent company. We have a tremendous lineup of not just the best roller coasters in the world, but we also have shows, very profitable water parks, and in some of our parks, we actually have animals. In the case of Great Adventure, New Jersey, we have the largest drive-through safari, literally outside of Africa. Discovery Kingdom, San Francisco, we also have sea animals and land animals.

So we are not just about roller coasters. We are all about, what I would describe as thrills for all ages, you know, there’s the ability to have fun, no matter what age you are at a Six Flags park. So if you look at our overall performance, I just described the fact that we have really a great lineup already of products. But the reality is that we’re looking to take ourselves to the next level. And I think we’ve been doing that very successfully in the last couple of years.

So what’s different? Over the last ten years or so, the company has spent a lot of time creating the Six Flags brand. And there’d been heavy investment in a couple of areas that really focused on one or two parks. Our objective is to be in a place where we can have this very solid recurring revenue, but also drive success at every one of our 19 parks. And starting in 2010, we put into place a strategy that was really focused on creating news in every park, every year.

So in 2011, we did that. We had something new in every single park. In some cases it might have been a big new coaster, might have been a new show, could have been a medium-sized coaster, a smaller show or new animals. We’ve done that really to be able to create excitement with our guests. By the way, in 2012, we’re doing the same thing again. And we will have another very exciting lineup of news for our guests.

We also put into place a new strategy with regard to how we communicate with our guests. You may remember the campaign that we had with Mr. Six. Mr. Six is now one of our characters, and our campaign is all about showcasing our wonderful parks, and really telling people why they should do that drive, because most of our guests drive to our parks; why they should do that drive back to visit Six Flags, where they may not have been in a few years?

So the company has put into place this strategy. We’ve also combined that with a really clear look at how we price. And it’s been clear to us that we’ve been underpricing our product. So we put into place a new yield strategy whereby we take modest pricing increases, and we also reduce the discounts that we give guests. That worked very successfully in 2010. It worked very successfully in 2011, and we continue to see solid progress there.

We’ve also undertaken a very intense review of our season pass approach. And for those of you that tracked us through the first quarter, you’ll know that our deferred revenue, which is primarily made up of season passes, grew by 18%, followed by a double digit growth last year. And again, from a recurring revenue perspective, that’s very positive because folks who buy season passes are intending to come back to the park, and they’ll spend more when they are back in the park.

So pricing is a very solid approach for us and has yielded great results. We’ve been very tough with regard to costs. And last year, we reduced our overall costs 3%. And when you look at our financial performance, the net result is really strong. So we had a record year in 2011, growing our EBITDA from $275 million up to $350 million, a 19% increase in EBITDA.

And what’s even more impressive is the company generated around $200 million of cash. And if you translate that through to cash EPS, and you pro forma that for the debt restructuring that we went through towards the end of last year, we generate about $3.80 per share in cash; $3.80. It’s very important to look at cash EPS with regard to Six Flags because two years ago, we went through a bankruptcy. And so EPS on its own, because of the accounting treatment, when you go through bankruptcy does not really reflect the true cash generation of the business.

Now we are in a position where we are generating consistently growth. We’ve had eight record quarters in a row where we’ve grown our revenue, grown our profitability and we’re funding our new investments at the rate of 9% of revenue, that’s our R&D, that’s been very successful. And we are in a position where we are generating a lot of cash. So once we’ve funded the business, we are able then to distribute cash to shareholders in the form of either dividends or share buybacks. And the company put into place $0.60 per quarter per share dividend recently. And I think that’s been very well received by our shareholders.

So the net of it all, I’d wrap up this summary by saying, great industry, really great company with a very strong brand, a very focused leadership that is targeting shareholder value creation. And there are numerous opportunities still ahead of us, because pricing is a multi-year opportunity. That opportunity still exists to drive up our revenue through pricing. We also see with the news in every park that the attendance we believe will grow very nicely in the coming years, and consequently, we’re going to be in a position where we can continue to generate very strong returns for our shareholders.

So Thompson with that, it’s probably the appropriate time to open up for any questions that folks may have.

Question-and-Answer Session

Unidentified Analyst

So again the key summer season is upon us. It feels like we’ve been there for a while with the weather we’ve had actually. How are you feeling about the next few months?

Jim Reid-Anderson

Well I have to say that I feel very good about the next few months Thompson. We obviously, all I’ll be able to talk to publicly is what we’ve already shared publicly with regard to Q1. But the trends have been very positive. And I think I mentioned this. I was talking through the season pass strategy, that our focus on driving increased season pass sales has led to deferred revenue increasing 18%, which gives you a sense as to those folks who are buying season passes, and many of them for the first time ever. What we find is when someone buys a season pass, they feel compelled or pretty much compelled that they have to come back. So that in itself should propel attendance growth.

In addition, when you combine that with pricing, which we put into place really towards the end of last year, that has held very solid. So I am – I have to say I am positive right now.

Unidentified Analyst

With the strength in season pass sales, is it pricing that’s been driving this or there are other factors?

Jim Reid-Anderson

You know the architect of our pricing strategy is sitting right here in the room. Brett Petit, Head of Sales and Marketing for the company can talk to that. It’s not just pricing, is it Brett?

Brett Petit

No it’s not. The realization is that the season pass product – ticket product is our most valuable. It’s the most admissions revenue and the most in-park sales revenue we could get from a single person. So we’ve added tremendous value. We started selling those earlier in the fall with dedicated marketing campaigns. We’ve added value with some components like offer free park-in or different incentives, different benefits and valuable purchases to come in. So we’ve really driven these with increased value to try to upsell those guests who normally would come in on a one-day ticket. If we can get you to convert, if we can upsell you from a one-day ticket, a $40 ticket to a $65 season pass, and you come back a second or third or even fourth time incrementally and pay park-in and buy food and pizza and drinks in the park, that represents incremental revenue to us. So that has been our focus and we’ve been very successful about it.

Jim Reid-Anderson

I also want to add that you know, so you understand why we feel so excited and this is part of your question Thompson, and you said what is it that will drive attendance? Part of it is the season pass sales, but that’s linked. For the first time ever the company put into place literally an announcement or a series of announcements about our new capital, as we launched our season passes. And the new capital is thrilling. So I described earlier that we have shows, we have animals, but some of the things that we are doing are tremendous. So from a show perspective, if any of you watched America’s Got Talent, you’ll know there was a show that did very well there called iLuminate. We have iLuminate at some of our parks.

In terms of coasters and thrills, we have a lot of new family coasters. We have some kids areas that we’ve worked on. Most parks have two to three little kid areas as well. But in terms of big coasters, Magic Mountain near LA, we have something like Lex Luthor: Drop of Doom! obviously tied in with Superman. We’ve got all of the Warner Brothers characters. But that will be the tallest, fastest drop ride in the world. And that park is the thrill capital literally of the world.

In New Jersey we’re adding a lot of family rides. We’re also adding something called Sky Screamer where you go up literally over 20 stories and spin on chains; fantastic thrill. In Washington, at Six Flags America, which had not seen a new coaster in 11 years, we’re bringing a new coaster in. And that is very exciting for our guests there.

New England, literally our park, couple of hours away from here, we have another new coaster going in. You were there yesterday, Brett, right? And I think you’ve seen how beautiful that…

Brett Petit

(Inaudible) called Goliath, it’s massive.

Jim Reid-Anderson

Yes. So we’ve got a lot going on. And there isn’t one of our parks that doesn’t have this exciting news. And that is different to the way things were at Six Flags if you went back 10, 15 years. And so what I’d say to you, it’s the combination of very smart pricing, targeting season pass sales, and giving people exciting news in every park so they say, you know what I am going to take the kids and go back, because they’ve got this there.

Unidentified Analyst

You talked about season pass attendance historically being about a quarter of your attendance.

Jim Reid-Anderson

Yes.

Unidentified Analyst

It looks like it’s moving up into the 30s, maybe approaching 40, do you have a target where you think it can get to?

Jim Reid-Anderson

We have not publicly stated that there’s a target, but you are absolutely right. We moved from the mid-20s to the mid-30s. This is very positive for us, again because as Brett articulated, on a per cap basis, we generate about $20 per guest when they visit our park for admissions. That’s like going to a movie theater. Right?

So we offer a tremendous value. And so the more people we can get through the doors, the better as long as we are pushing up that price. And through the season pass pricing, we do push up the price. We go from a situation where we might generate $20, $40 to generating $60. And every time they visit, they spend more money. They might buy, as Brett said, a T-shirt or something else. So mid-30s and we will keep going, but we haven’t said we are stopping at this point.

Unidentified Analyst

What is the typical I guess frequency and attendance for a season pass holder and how do they – how are their spending characteristics versus a one-time?

Jim Reid-Anderson

Okay, for competitive reasons, we don’t disclose the actual number. I’ll let Brett talk about their characteristics generally, because I think we can talk about that. But we don’t say this is the number. But I can tell you, once someone has made the decision to spend that money, whether it’s $50, $60, or $70, immensely they feel they need to return multiple times. So you will see three, four, five times. People will keep coming back. And they do spend money.

Brett Petit

That’s exactly right. On their first visit to the park, they spend like a regular consumer. This is their first visit to the park and they are enjoying it for the full day with their families. On their second, third or fourth visit, as Jim stated, they may spend slightly less, and they visit in shorter periods. But the key is that cumulative, over the course of those three or four visits that they show up, they actually – the accumulated spending is more than we can get out of our regular one-day visitors for sure. Yes, so on the revenue side of it is very, very positive.

Unidentified Analyst

And you’ve been talking about a lot of the initiatives that you put in place that you are getting great success with. How would you say – how would you describe the health of the consumer right now?

Brett Petit

We are always cautiously optimistic on that. We are seeing nice rebound. We think we are communicating a better value package. So that may be part of what we are seeing. Jim…

Jim Reid-Anderson

Yes Thompson, I would – I agree with that Brett said. I just reinforce that from my perspective personally, I do not feel like the economy has come back. Every week there’s a different story. One week go up, next week we are down. But there isn’t that confidence yet that the economy is back. So our job is to make sure – and this is what we do at Six Flags. We make sure that we can deliver success from a shareholder perspective at Six Flags, no matter what happens with the economy. That’s our job.

And so we’re assuming that it’s not a great economy. We’re assuming that our guests might be struggling financially. So we’re very careful about not being seeing to gauge them or poke them in the eye. And when we take pricing, we try to find ways to give them the value offering, as Brett described through a season pass, so they feel like OK, I can really have basically a staycation, take my family to Six Flags. I can go multiple times. I can visit safari. I can go to this brilliant water park. We have some of the best water parks in the world, priced into our parks. And so we haven’t seen some sort of massive change in the economy. When it comes that will be cream on top of the cake.

Brett Petit

Right. Jim, I should mention, one of the things we are doing to be sensitive to that, you will see it here in this market because of Six Flags New England’s advertising. You’ll see that we put in place consumer financing payment programs. Buy a season pass for as low as $10.34 a month. That isn’t lowering or discounting the price of the pass. It’s simply allowing the consumer to pay for it over time at full price. So we were the first ones in the regional business to do that last year. A couple of our competitors had followed suit. But we think things like that that we can do to make our most expensive tickets more affordable to these consumers will only help us.

Unidentified Analyst

Jim, how is the warmer weather we’ve been seeing in the east and Midwest benefited you? Have you been able to drive an attendance lift?

Jim Reid-Anderson

Well, believe it or not, I think a lot of people assume that Q1 benefitted from better weather, but it actually didn’t in our first quarter. And that’s all we’ve reported. Clearly in the second quarter, the weather has been very nice, but I am not going to comment on how that’s affected our numbers.

Nancy Krejsa

I would just –

Jim Reid-Anderson

Nice strike down (ph).

Nancy Krejsa

Yes, I would remind people too that most of our parks really started opening in the May-June time period.

Unidentified Analyst

So you wouldn’t rush to open a park early.

Brett Petit

We don’t do it.

Jim Reid-Anderson

We are very disciplined. This is a little different to the way the company was. We actually, for those of you that tracked us for a while, we shut down a number of historic operating days last year because the reality is that those operating days made no sense. You might get a 1,000 people going through a park and we would be able to claim that we got the extra 1,000 people. But in essence, we lost money. So one of the things that we did was we really worked hard to understand the capacity for all of the 19 parks. And then once we understood what the capacity utilization was, we took down the fixed cost base, so that the breakeven point dropped fairly dramatically. We then said, you know, we went back literally 20 years and looked at attendance, by park, by year, by day. And we worked out which days it just didn’t make sense to open up.

And we knew we ran a risk that there might be one or two days where there would be good weather and may be people would come streaming out. But we are very happy to run that risk, because what we found is even when we’ve shut down the days, people will still come back later. So they will make up that time, and in essence your whole capacity utilization is even further improved, because they will come, you know, that 1,000 people or let’s say 900 people will just come on a day that you are open. So we don’t do that. Our job is to make sure we are taking care of our guests, but we are driving the highest possible return for our shareholders. And being open on bad days does not make sense.

Unidentified Analyst

So Q1 and the spring, is it quiet –

Jim Reid-Anderson

It’s very quiet. And I think we did very well if you look at Q1 last year, we improved our profitability fairly dramatically. Q1 this year we did the same thing. We picked up $3.5 million of EBITDA. I think most people expected we would regress because it is so quiet, but we still improved. And our focus is on trying to improve every single quarter.

Unidentified Analyst

And I was going to add to that that we’ve been seeing very strong attendance trends at Disney’s park.

Jim Reid-Anderson

Yes.

Unidentified Analyst

I know they are not your competitor really, but how indicative is that for your outlook for attendances?

Jim Reid-Anderson

Well I think it’s a very good sign. It is a different experience, and may be Brett, you would talk to the difference between a destination experience versus what you might call the staycation type experience.

Brett Petit

Sure.

Jim Reid-Anderson

Just briefly.

Brett Petit

You know the regional parks, it really helps us in weak economic times as well. We have a (inaudible) say no packing, no planning so close to home. Regional park experiences don’t have the added expenses of air fare and hotel; so very different mindset. We call it a daycation or staycation. People are looking for an escape. All the same type of reasons, but in a much more manageable close to home opportunity. So, very good sign that the destination parks people are out there spending money again. They are looking for things to do with their families and they are willing to commit their leisure dollars to it. That does bode well for us as well, even though it’s a much smaller piece of those leisure dollars. So good sign, absolutely. We are very different though in that regard, we’re more frequent.

Jim Reid-Anderson

I think it is a very good sign and it’s really important to know that we’ve continued to trend very well. And while they are up, there is no cannibalization effect. You know, they’ve got a benefit, and I think we’ve also got a benefit. That’s why I said earlier that if the economy really does pick up, it’s almost like cream on the cake. This week, I think we’ll see a further lift.

Unidentified Analyst

And Brett, who are you typically competing with for those leisure dollars on a local basis if it’s not these destination parks?

Brett Petit

Anything that a family can do together is in the broader scope of the competition. But we do enjoy fairly non-competitive markets for most of our locations. For direct competition, when you say I want to take my family to a theme park, and if you are a teenager and you want to go do something exciting and you meet with your friends, we really don’t have a lot of competition. Certainly other regional parks, the Cedar Fair parks, but really that’s only in a couple of our markets.

Jim mentioned our advertising campaign, and really the mission of our advertising campaign is to drive primary demand. We want to make people want to think about theme parks, want to go to theme parks. Our advertising campaign is, it’s called the Go Big campaign. It’s go for the thrill, it’s go higher, go faster. We show people having a great time on our rides; the ride through the stars. So we are trying to drive primary demand. When you see one of our spots, our advertising, the takeaway should be, wow, that looks like fun. Let’s go. That’s what we are trying to get to. And the news that we have is really the marketing leverage because we are able to create that excitement. A lot of the folks have been to our parks before. But when we have news, they haven’t done that before, they haven’t seen that show, they haven’t ridden that new roller coaster, that creates market excitement, and that creates urgency to get people to go.

So the news in every park comes through advertising. The advertising itself isn’t some type of high concept or – it’s really the park experience and the park itself is the star of the show.

Jim Reid-Anderson

And I think importantly Brett, one of the key differences, and I mentioned it earlier is that we are targeting local audiences. And our historic advertising would be across let’s say, North America, even in markets where we had no presence. So now what we do is we use targeted local TV, radio, Billboards, Internet, you know, you name it to be able to get directly to the audiences local to remind them about Six Flags, because many of them have forgotten that we are there. And so we refresh that and we tell them what’s new and what’s different about our parks in order to pull them in. And that is definitely working.

Unidentified Analyst

We have a question in the back.

Jim Reid-Anderson

Yes.

Unidentified Analyst

(Inaudible).

Jim Reid-Anderson

Sure. Yes, the question for those of you online was about management compensation and the incentives that are in place. There are several incentives that exist. There are shorter term incentives and then there are longer term incentives. And they have changed since we came out as a new company on the New York Stock Exchange.

In terms of the short-term incentives, there is a bonus that all full time employees get. The historic bonus was based on 13 measures, two of which were financial. 15% was financial. 11 of those 13 were subjective measures. Now, every single employee is measured on the short-term bonus, the annual bonus on four measures. And 50% is EBITDA-based. 25% is cash or net debt based. And 25% is based on guest satisfaction and guest safety. And that’s what everybody is measured on and everyone understands it, and you achieve the goal. You can track it during the year, see how you are doing. And if you get there, you can earn 100% of your bonus. You might get zero if you don’t get there. If you blow the roof off, you can make 200% of target.

So that’s the short term. In terms of longer term incentives we put into place an employee stock purchase plan, again for all employees, which has a 10% discount of the price, and slowly but surely were both building up the employee investment in the business.

Another element is options. We’ve given options – and there might be 100 options to all employees in the company to be able to ensure that every single full time employee is aligned with shareholders. And then for the Top 40 people in the company, we’ve had two projects, one of which is called Project 350 and a new one called Project 500. In very simple terms, the idea was to incent the management team to be able to achieve longer term improvements in EBITDA. The Project 500 goal is to achieve $500 million of modified EBITDA by the year 2015.

Now, remember we are coming off a base in 2009, when the company generated $197 million of EBITDA. So our Board, our shareholders, very strongly support our goal to improve our profitability and that’s what we are driving towards. Does that answer your question? Good. Any other questions?

Let me add one thing, just to this question of incentives. We really do have a highly incented team. And it’s not just me, Brett, Nancy. It’s the whole team. I was at two parks before I got here. Last week I was at four parks. Every week I go to several. Brett just came from New England. We are very close to our people. I do townhalls. I have done townhalls with all our people. I get questions from low level maintenance guys about our share price because they are all so closely aligned with us, they understand that if they can save $100,000 it could drive $0.01 on our share price. They get that. And it’s really working, you know, this approach to helping get our folks all to be on the same side as the shareholders operating as one team.

The other thing I want to let you know is I described earlier that we have gone from generating no cash historically, generating a pro forma $3.80. And if you look at that Project 500 number, our cash EPS per share will be well in excess of $5 a share. You can do the calculation yourself, but we will be well in excess of $5 a share, at the same time that we are paying out a very good dividend and buying back shares. This is a team that is laser-focused not only on doing the right thing for guests, but on driving the share price up, and we will continue to do that.

Unidentified Analyst

Jim, Project 500. Can you talk about the steps to getting there? How much is attendance and revenue base versus cost structure?

Jim Reid-Anderson

Yes, so Thompson, you are asking me the impossible question again, because we don’t describe the exact elements, but I’ll give you a high level view. With regard to the steps, we’ve never said this is exactly what we are going to do. You know, here’s this piece of the increase in EBITDA. But if you start with where we are today, it requires about 7% increase annually in EBITDA to get to that number. And if you said (inaudible) the single most important aspect of what you are going to do to be able to get to that number, I would say the number one priority is discipline around pricing. Because we know that for many years we have offered a value that was just too good and that every year we have the ability, Thompson, to take price up whether it might be $0.50 here, $1 there, $1.50, $2, we can do that.

Concurrently, the discounts that we’ve given that in some cases have been $25 or $30, we can slowly but surely bring them down. And if you watched our discounts, you will note that we were fencing them. We’re being much more careful with them. A $25 discount is now $20, $20 will be $15, we’re bringing those down. So that’s the biggest.

The second biggest would be the season pass strategy, which we really are pushing very aggressively and will drive our revenue up and our profitability up. Those would be the two biggest items. And then for those of you that don’t know the company, put in – put this into perspective. We have about 25 million people that visit our parks every year. Every dollar that we can get on pricing generates about $25 million in EBITDA. So discipline around pricing is key, and can really help drive achievement of that goal. And Nancy, did I miss anything there in terms of the key priorities?

Nancy Krejsa

No. I think those are major ones.

Jim Reid-Anderson

OK.

Unidentified Analyst

So if I can touch on the M&A environment, we’ve seen some activity in the space lately with Great Wolf Resorts recently being acquired after an active bidding between PE firms. I know they are a little bit of a different asset portfolio, but what are your thoughts on the deal and the high interest the company received?

Jim Reid-Anderson

I am not going to comment on whether the deal was good or not a good deal. I think it’s a very interesting asset. I am – I was amazed by the way that the bidding went on, which was exciting to see. And I think it bodes very well for Six Flags and for the regional theme park industry, because it’s actually not that dissimilar, Thompson. So one of my beliefs is that the multiples in the industry are lower than they should be. This is a great industry. I said it earlier, high recurring revenues, high cash flow, high barriers-to-entry. So it should have higher multiples. And therefore I am very excited about this and I hope that it will lead the whole industry up.

Unidentified Analyst

How do you feel about being an acquirer yourself or conversely a target?

Jim Reid-Anderson

To the question was about feeling whether I feel good about being an acquirer or a target. And honestly the answer is really simple. We, I and this whole team will do whatever is right for shareholders. So if someone wants to come along and say, you know, we think you are worth this much and it’s an extraordinary amount, we would obviously think very seriously about that.

With regard to buying, we would be very careful. Because as most of you know, most deals – many deals don’t work out. They seem very exciting at the time. So if you are going to through M&A, and I’ve done it many times in the past, I think you know Thompson from bearing (ph) days you’ve got to be very disciplined in your approach, and you’ve got to make sure that there really is synergistic value, and that you can manage that transition effectively. Certainly for the foreseeable future, we would not look to be doing anything because we want to make sure that we can deliver on what we have. Over time, if there are parks that maybe need a little bit of help that we could get at a good price, we would think about doing that.

Unidentified Analyst

Any last questions. Well thank you Jim, Brett, and Nancy.

Jim Reid-Anderson

Thank you very much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Six Flags Entertainment's CEO Presents at 40th Annual J.P. Morgan Global Technology, Media and Telecom Conference (Transcript)
This Transcript
All Transcripts