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2018 Annual Report

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2018 Annual Report Dear Six Flags Stockholders, I am very proud of our outstanding team members who delivered the Company’s ninth consecutive year of record financial performance in 2018. Six Flags has developed a sustainable business model with a lucrative, recurring revenue base that allows us to grow every year, no matter the macroeconomic conditions or weather patterns. The foundation of our success is our people, our strategy, and the strongest and most recognized brand in the very attractive regional theme park industry. In 2018, revenue grew five percent, attendance grew five percent, net income increased one percent and Adjusted EBITDA (1) grew seven percent. Our Modified EBITDA (1) margin remained the industry high as we expanded our sources of high-margin revenue, efficiently invested in our business, and effectively managed costs. We made significant progress to strengthen our core business and advance all of our five major growth areas: 1) Upgraded our membership program by offering four premium-priced tiers with enhanced benefits and launched a membership loyalty program, helping us to grow our Active Pass Base—the number of guests who are enrolled in the Company’s membership program or have a season pass—by 8% to a new all-time high. 2) Raised admission prices while reaching new highs in our value-for-the-money-ratings. 3) Increased in-park spending through the higher penetration of our lucrative all season dining pass. 4) Integrated five new domestic parks into our portfolio, expanding our addressable market. 5) Increased the amount of high-margin revenue coming from our international agreements. Over the last five years we have generated an annualized total stockholder return of 13.8 percent compared to 8.5 percent from the S&P 500. Last year we returned $378 million to stockholders in the form of stock repurchases and dividends, and increased our dividend to an annual run-rate of $3.28 per share. With our strong track-record of growth and a yield nearly triple the S&P 500, we are truly the ultimate growth and yield stock. These remarkable results have been the direct result of everything our dedicated and talented Six Flag team does to deliver exceptional excellence for our guests. I am extremely confident about our strategy and future growth potential, and spirits are high as we remain focused on our long-term goals and pursue the best possible returns for our stockholders. Thank you for your continued trust and support. Jim Reid-Anderson Chairman, President and CEO (1) See the inside back cover of this annual report for the definition of Adjusted EBITDA and Modified EBITDA, and a reconciliation of these measures to U.S. GAAP financial measures. 81,7('67$7(6 6(&85,7,(6$1'(;&+$1*(&200,66,21 :DVKLQJWRQ'& )250. : $QQXDO5HSRUW3XUVXDQWWR6HFWLRQRU G RIWKH6HFXULWLHV([FKDQJH$FWRI IRUWKHILVFDO\HDUHQGHG'HFHPEHU 7UDQVLWLRQ5HSRUW3XUVXDQWWR6HFWLRQRU G RIWKH6HFXULWLHV([FKDQJH$FWRI )RUWKHWUDQVLWLRQSHULRGIURPWR &RPPLVVLRQ)LOH1XPEHU 6,;)/$*6(17(57$,10(17&25325$7,21 ([DFWQDPHRIUHJLVWUDQWDVVSHFLILHGLQLWVFKDUWHU 'HODZDUH 6WDWHRURWKHUMXULVGLFWLRQRI LQFRUSRUDWLRQRURUJDQL]DWLRQ ,56(PSOR\HU,GHQWLILFDWLRQ1R $YHQXH-(DVW *UDQG3UDLULH7H[DV $GGUHVVRISULQFLSDOH[HFXWLYHRIILFHV =LS&RGH 5HJLVWUDQW VWHOHSKRQHQXPEHULQFOXGLQJDUHDFRGH 6HFXULWLHVUHJLVWHUHGSXUVXDQWWR6HFWLRQ E RIWKH$FW 7LWOHRIHDFKFODVV 1DPHRIHDFKH[FKDQJHRQZKLFKUHJLVWHUHG &RPPRQ6WRFNSDUYDOXHSHU 1HZ<RUN6WRFN([FKDQJH VKDUH 6HFXULWLHVUHJLVWHUHGSXUVXDQWWR6HFWLRQ J RIWKH$FW1RQH ,QGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWLVDZHOONQRZQVHDVRQHGLVVXHUDVGHILQHGLQ5XOHRIWKH6HFXULWLHV$FWRI <HV:1R ,QGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWLVQRWUHTXLUHGWRILOHUHSRUWVSXUVXDQWWR6HFWLRQRU6HFWLRQ G RIWKH6HFXULWLHV ([FKDQJH$FWRI<HV1R: ,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQW KDVILOHGDOOUHSRUWVUHTXLUHGWREHILOHGE\6HFWLRQRU G RIWKH 6HFXULWLHV([FKDQJH$FWRIGXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRGWKDWWKH5HJLVWUDQWZDVUHTXLUHGWR ILOHVXFKUHSRUWV DQG KDVEHHQVXEMHFWWRVXFKILOLQJUHTXLUHPHQWVIRUWKHSDVWGD\V<HV:1R ,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQWKDVVXEPLWWHGHOHFWURQLFDOO\HYHU\,QWHUDFWLYH'DWD)LOHUHTXLUHGWREHVXEPLWWHG SXUVXDQWWR5XOHRI5HJXODWLRQ67 RIWKLVFKDSWHU GXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRG WKDWWKHUHJLVWUDQWZDVUHTXLUHGWRVXEPLWVXFKILOHV <HV:1R ,QGLFDWHE\FKHFNPDUNLIGLVFORVXUHRIGHOLQTXHQWILOHUVSXUVXDQWWR,WHPRI5HJXODWLRQ6. 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