CEDAR FAIR REPORTS RESULTS FOR 2023
Feb. 15, 2024
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Accounting for the items above, and after a $16 million decrease in the provision for taxes driven by
the sale of the land at Californias Great America, net income for 2023 totaled $125 million, or $2.42 per diluted L.P. unit. This compares with net income of $308 million, or $5.45 per diluted LP unit, for 2022.
Adjusted EBITDA, which management believes is a meaningful measure of the Companys park-level operating results, totaled $528 million in 2023,
compared to Adjusted EBITDA of $552 million for 2022. The $24 million decrease in Adjusted EBITDA was primarily attributable to a decrease in net revenues driven by a decline in attendance caused by extreme weather during the first six
months of 2023, and to a lesser extent by higher advertising, land lease and insurance related costs.
See the attached table for a reconciliation of net
income to Adjusted EBITDA.
Balance Sheet and Liquidity Highlights
Deferred revenues on Dec. 31, 2023, including non-current deferred revenue, totaled $192 million, compared with
$173 million of deferred revenues on Dec. 31, 2022. The $19 million increase was due to strong sales of advance purchase products, including season passes and related all-season add-on products.
As of Dec. 31, 2023, the Company had cash on hand of $65 million and $280 million available
under its revolving credit facility, for total liquidity of $345 million. This compares to $381 million of total liquidity at the end of 2022. Net debt on Dec. 31, 2023, calculated as total debt of $2.3 billion (before debt issuance
costs) less cash and cash equivalents of $65 million, was $2.2 billion.
Distribution and Unit Repurchases
Today the Company announced the Cedar Fair Board of Directors has approved a quarterly cash distribution of $0.30 per LP unit, to be paid on March 20,
2024, to unitholders of record on March 6, 2024.
During 2023, the Company repurchased approximately 1.7 million limited partnership units at a
total cost of approximately $75 million representing approximately 3% of its total units outstanding at the beginning of 2023.
Conference Call
As previously announced, the
Company will host a conference call with analysts starting at 10 a.m. ET today, Feb. 15, 2024, to further discuss its recent financial performance. Participants on the call will include Cedar Fair President and CEO Richard Zimmerman, Executive Vice
President and CFO Brian Witherow and Corporate Director of Investor Relations Michael Russell.
Investors and all other interested parties can access a
live, listen-only audio webcast of the call on the Cedar Fair Investors website at https://ir.cedarfair.com under the tabs Investor Information / Events & Presentations / Upcoming Events. Those unable to listen to the live webcast can
access a recorded version of the call on the Cedar Fair Investors website at https://ir.cedarfair.com under Investor Information / Events and Presentations / Past Events, shortly after the live calls conclusion.
Cedar Fair
Entertainment Company - One Cedar Point Drive, Sandusky, Ohio 44870 419.627.2233