六旗娱乐 2025年季度报告

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Page 1 of 37 pages On July 1, 2024 (the “Closing Date”), Six Flags Entertainment Corporation (formerly known as CopperSteel HoldCo, Inc.) (the Merger, dated as of November 2, 2023 (the “Merger Agreement”), by and among the Combined Company (then, CopperSteel HoldCo,Inc.), Cedar Fair, L.P. (“Cedar Fair”), Six Flags Entertainment Corporation (“Former Six Flags”) and CopperSteel Merger Sub, LLC Combinations, using the acquisition method of accounting, and Cedar Fair has been determined to be the accounting acquirer and thepredecessor for financial statement purposes. Accordingly, financial results and disclosures referring to periods prior to the Closing Dateinclude only Cedar Fair's results before giving effect to the Mergers, including the financial results and disclosures as of March31, 2024and for the three months ended March31, 2024. The results of Former Six Flags are included in the Combined Company's results fromthe Closing Date forward. Accordingly, financial results and disclosures as of March30, 2025 and for the three months ended March30,2025 reflect the Combined Company's operations.For purposes of this Quarterly Report on Form 10-Q, references to the "Combined Company" and the "Company" are to Cedar Fair, The accompanying unaudited condensed consolidated financial statements have been prepared from the financial records of theCombined Company. The Six Flags Merger was accounted for as a business combination under Accounting Standards Codification805,Business Combinations, using the acquisition method of accounting, and Former Cedar Fair has been determined to be the March30, 2025 and for the three months ended March30, 2025 reflect the Combined Company's operations. References to the"Combined Company" and the "Company" are to Former Cedar Fair, Former Six Flags and Copper Merger Sub after giving effect to the Mergers. References to "Cedar Fair," "Former Cedar Fair," or the "Partnership" are to Cedar Fair prior to the Mergers. The Mergers aredescribed in more detail inNote 2. The unaudited condensed consolidated financial statements reflect all adjustments (consisting ofnormal recurring adjustments) which are, in the opinion of management, necessary to fairly present the results of the interim periods (1)Description of the Business and Significant Accounting Policies:The unaudited condensed consolidated financial statements included in this Report on Form 10-Q have been prepared in accordance normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensedor omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission" or the "SEC"). These financial statements should be read in conjunction with the financial statements and the notes included in the Form 10-K referred to The Combined Company's operations are seasonal. In a typical year at Former Cedar Fair and Former Six Flags, approximately70% ofannual attendance and net revenues occurred during the second and third quarters of each year. As a result, a substantial portion of theCombined Company's net revenues are expected to be generated from Memorial Day through Labor Day with the major portion To assure that these seasonal operations will not result in misleading comparisons of current and subsequent interim periods, management has adopted the following accounting procedures: (a)revenues from multi-use products are recognized over theestimated number of uses expected for each type of product; and the estimated number of uses is reviewed and may be updatedperiodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of theoperating season associated with each product; (b)certain seasonal operating costs are expensed over each park’s operating season, Accounting Change Combined Company changed its interim basis of recording depreciation from park operating days to straight-line. This method wasdeemed to be preferable to improve internal comparability, achieve better industry comparability and provide a better representation of This change in interim depreciation method led to an increase in depreciation expense of approximately $29million resulting in a decrease in income from continuing operations and a tax effected impact on net loss of approximately $21million ($0.21per share) forthe three months ended March30, 2025. The change in interim depreciation method will have no impact on annual operating income ornet income. ReclassificationsAs a result of the Mergers (described inNote 2), the Combined Company made certain reclassification adjustments to prior period amountswhere it adopted the Former Six Flag