CEDAR FAIR L P

CIK:0000811532|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Net revenues:
Net revenues	$ 101,615	$ 84,554
Costs and expenses:
Cost of food, merchandise, and games revenues	11,611	10,381
Operating expenses	141,938	133,340
Selling, general and administrative	61,424	46,465
Depreciation and amortization	10,312	13,681
Loss on impairment / retirement of fixed assets, net	2,614	3,636
Total costs and expenses	227,899	207,503
Operating loss	(126,284)	(122,949)
Interest expense	34,696	32,129
Loss on foreign currency	5,240	3,999
Other income	(337)	(441)
Loss before taxes	(165,883)	(158,636)
Benefit for taxes	(32,416)	(24,090)
Net loss	(133,467)	(134,546)
Net loss allocated to general partner	(1)	(1)
Net loss allocated to limited partners	(133,466)	(134,545)
Other comprehensive income, (net of tax):
Foreign currency translation	312	1,123
Other comprehensive income, (net of tax)	312	1,123
Total comprehensive loss	$ (133,155)	$ (133,423)
Basic loss per limited partner unit:
Weighted average limited partner units outstanding (in shares)	50,667	51,645
Net loss per limited partner unit (in dollars per share)	$ (2.63)	$ (2.61)
Diluted loss per limited partner unit:
Weighted average limited partner units outstanding (in shares)	50,667	51,645
Net loss per limited partner unit (in dollars per share)	$ (2.63)	$ (2.61)
Admissions
Net revenues:
Net revenues	$ 45,441	$ 39,529
Food, merchandise and games
Net revenues:
Net revenues	38,858	32,064
Accommodations, extra-charge products and other
Net revenues:
Net revenues	$ 17,316	$ 12,961

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
CASH FLOWS FOR OPERATING ACTIVITIES
Net loss	$ (133,467)	$ (134,546)
Adjustments to reconcile net loss to net cash for operating activities:
Depreciation and amortization	10,312	13,681
Non-cash foreign currency loss on USD notes	5,227	3,756
Non-cash equity based compensation expense	5,284	5,053
Non-cash deferred income tax benefit	(5,559)	(6,047)
Other non-cash expenses	3,106	4,287
Changes in assets and liabilities:
(Increase) decrease in receivables	17,866	16,465
(Increase) decrease in inventories	(11,874)	(11,550)
(Increase) decrease in other assets	(16,949)	(10,421)
Increase (decrease) in accounts payable	9,218	9,703
Increase (decrease) in deferred revenue	41,982	35,661
Increase (decrease) in accrued interest	19,010	17,259
Increase (decrease) in accrued taxes	(30,325)	(24,169)
Increase (decrease) in accrued salaries, wages and benefits	(23,703)	(29,344)
Increase (decrease) in other liabilities	(738)	3,069
Net cash for operating activities	(110,610)	(107,143)
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(57,086)	(54,697)
Net cash for investing activities	(57,086)	(54,697)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on revolving credit loans	158,000	170,000
Repurchase of limited partnership units	0	(54,851)
Distributions paid to partners	(15,313)	(15,568)
Payment of debt issuance costs	0	(2,353)
Payments related to tax withholding for equity compensation	(4,653)	(2,798)
Other	(120)	(253)
Net cash from financing activities	137,914	94,177
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(578)	36
CASH AND CASH EQUIVALENTS
Net decrease for the period	(30,360)	(67,627)
Balance, beginning of period	65,488	101,189
Balance, end of period	35,128	33,562
SUPPLEMENTAL INFORMATION
Cash payments for interest	14,476	14,154
Interest capitalized	1,281	1,747
Net cash payments for income taxes	2,587	5,351
Capital expenditures in accounts payable	$ 19,511	$ 16,274

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 26, 2023
Current Assets:
Cash and cash equivalents	$ 35,128	$ 65,488	$ 33,562
Receivables	61,530	79,513	54,386
Inventories	55,875	44,097	56,790
Prepaid insurance	10,496	4,925	9,927
Other current assets	27,158	14,817	29,498
Total current assets	190,187	208,840	184,163
Property and Equipment:
Land	287,102	288,761	286,895
Land improvements	522,517	523,336	491,777
Buildings	987,558	991,424	930,054
Rides and equipment	2,119,743	2,125,726	2,033,143
Construction in progress	132,283	74,948	119,971
Total property and equipment, gross	4,049,203	4,004,195	3,861,840
Less accumulated depreciation	(2,365,627)	(2,368,862)	(2,240,995)
Total property and equipment, net	1,683,576	1,635,333	1,620,845
Goodwill	263,182	264,625	262,273
Other Intangibles, net	48,796	49,062	48,707
Right-of-Use Asset	77,267	81,173	89,681
Other Assets	1,257	1,500	4,072
Total Assets	2,264,265	2,240,533	2,209,741
Current Liabilities:
Accounts payable	52,847	37,595	66,196
Deferred revenue	225,692	183,689	198,532
Accrued interest	51,597	32,587	49,432
Accrued taxes	14,720	45,296	12,405
Accrued salaries, wages and benefits	13,674	37,421	23,942
Self-insurance reserves	27,389	30,784	27,384
Other accrued liabilities	38,347	35,354	33,627
Total current liabilities	424,266	402,726	411,518
Deferred Tax Liability	56,958	63,403	62,679
Lease Liability	68,626	71,951	79,273
Other Liabilities	9,393	9,964	11,236
Long-Term Debt:
Revolving credit loans	158,000	0	170,000
Notes	2,277,941	2,275,451	2,268,275
Total long-term debt	2,435,941	2,275,451	2,438,275
Commitments and Contingencies (Note 1)
Partners’ Deficit
Special L.P. interests	5,290	5,290	5,290
General partner	(7)	(6)	(8)
Limited partners, 51,252, 51,013 and 51,502 units outstanding as of March 31, 2024, December 31, 2023 and March 26, 2023, respectively	(751,215)	(602,947)	(815,254)
Accumulated other comprehensive income	15,013	14,701	16,732
Total partners' equity	(730,919)	(582,962)	(793,240)
Total Liabilities and Partners' Equity	$ 2,264,265	$ 2,240,533	$ 2,209,741