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Cedar Fair (FUN)

Cedar Fair Entertainment Company, one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive, and memorable experiences, the Company owns and operates 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Cedar Fair's parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario. The Company also operates an additional theme park in California under a management contract.

Company profile

Ticker
FUN
Exchange
CEO
Richard Zimmerman
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Millennium Operations LLC • Magnum Management Corporation • Cedar Fair Southwest Inc. • Michigan's Adventure, Inc. • Kings Island Company • Wonderland Company Inc. • Canada's Wonderland Company • Cedar Point Park LLC • Valleyfair LLC • Worlds of Fun LLC ...
IRS number
341560655

FUN stock data

Calendar

3 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 124.93M 124.93M 124.93M 124.93M 124.93M 124.93M
Cash burn (monthly) (no burn) 13.97M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 20.48M n/a n/a n/a n/a
Cash remaining n/a 104.45M n/a n/a n/a n/a
Runway (months of cash) n/a 7.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
21 Mar 22 Brian C Witherow Units of Limited Partner Interest Payment of exercise Dispose F No No 55.86 13,226 738.8K 162,198
21 Mar 22 Brian C Witherow Units of Limited Partner Interest Option exercise Acquire M No No 29.53 17,786 525.22K 175,424
21 Mar 22 Brian C Witherow call options to purchase limited partnership units Units of Limited Partner Interest Option exercise Dispose M No No 29.53 17,786 525.22K 0
28 Feb 22 Kelley Semmelroth Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 4,447 253.79K 53,794
28 Feb 22 Kelley Semmelroth Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 1,828 104.32K 58,241
28 Feb 22 Charles Myers Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 1,525 87.03K 9,136
28 Feb 22 Charles Myers Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 499 28.48K 10,661
28 Feb 22 David R. Hoffman Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 2,392 136.51K 50,353
28 Feb 22 David R. Hoffman Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 996 56.84K 52,745
28 Feb 22 Richard Zimmerman Units of Limited Partner Interest Payment of exercise Dispose F No No 57.07 11,575 660.59K 248,759
37.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 46 54 -14.8%
Opened positions 6 8 -25.0%
Closed positions 14 4 +250.0%
Increased positions 7 8 -12.5%
Reduced positions 15 18 -16.7%
13F shares Current Prev Q Change
Total value 1.1B 1.12B -1.9%
Total shares 21.17M 23.24M -8.9%
Total puts 12.6K 25.9K -51.4%
Total calls 27.9K 238K -88.3%
Total put/call ratio 0.5 0.1 +315.0%
Largest owners Shares Value Change
GS Goldman Sachs 4.99M $273.43M +0.5%
Goldman Sachs & Co 4.34M $170.85M 0.0%
BAC Bank Of America 3.05M $167.08M +2.5%
TROW T. Rowe Price 2.34M $128.5M -6.7%
CCP SBS GP 2.08M $116.74M NEW
BCS Barclays 1.74M $95.39M +84.7%
ATAC Neuberger Berman 1.46M $79.87M -4.4%
JPM JPMorgan Chase & Co. 256.24K $14.04M +169595.4%
Hood River Capital Management 227.49K $12.47M NEW
BNP Paribas Arbitrage 200.41K $10.98M +36.3%
Largest transactions Shares Bought/sold Change
MS Morgan Stanley 0 -5.01M EXIT
CCP SBS GP 2.08M +2.08M NEW
BCS Barclays 1.74M +798.27K +84.7%
JPM JPMorgan Chase & Co. 256.24K +256.09K +169595.4%
AMP Ameriprise Financial 50.39K -250.69K -83.3%
Hood River Capital Management 227.49K +227.49K NEW
TROW T. Rowe Price 2.34M -167.98K -6.7%
STRS Ohio 79.4K +79.4K NEW
BAC Bank Of America 3.05M +73.6K +2.5%
ATAC Neuberger Berman 1.46M -66.49K -4.4%

Financial report summary

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Risks
  • The COVID-19 pandemic has adversely impacted our business and may continue to adversely impact our business, as well as intensify certain risks we face, for an unknown length of time. The ultimate extent to which COVID-19 and measures taken in response will impact our business, including our results of operations and financial condition, cannot be reasonably predicted due to the ongoing development and fluidity of the pandemic and its effects.
  • Instability in economic conditions could impact our business, including our results of operations and financial condition.
  • The high fixed cost structure of amusement park operations can result in significantly lower margins if revenues do not meet expectations.
  • Bad or extreme weather conditions can adversely impact attendance at our parks, which in turn would reduce our revenues.
  • Our insurance coverage may not be adequate to cover all possible losses that we could suffer, and our insurance costs may increase.
  • Unanticipated construction delays in completing capital improvement projects in our parks and resort facilities, significant ride downtime, or other unplanned park closures could adversely affect our revenues.
  • There is a risk of accidents or other incidents occurring at amusement and water parks, which may reduce attendance and negatively impact our revenues.
  • Our growth strategy may not achieve the anticipated results.
  • We compete for discretionary spending and discretionary free time with many other entertainment alternatives and are subject to factors that generally affect the recreation and leisure industry, including general economic conditions.
  • The operating season at most of our parks is of limited duration, which can magnify the impact of adverse conditions or events occurring within that operating season.
  • Increased costs of labor and employee health and welfare benefits may impact our results of operations.
  • Our business depends on our ability to meet our workforce needs.
  • If we lose key personnel, our business may be adversely affected.
  • The amount of our indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry and prevent us from fulfilling our obligations under our debt agreements.
  • Our debt agreements contain restrictions that could limit our flexibility in investing in our business, including the ability to pay partnership distributions.
  • Variable rate indebtedness could subject us to the risk of higher interest rates, which could cause our future debt service obligations to increase.
  • Cyber-security risks and the failure to maintain the integrity of internal or customer data could result in damages to our reputation and/or subject us to costs, fines or lawsuits.
  • Our operations, our workforce and our ownership of property subject us to various laws and regulatory compliance, which may create uncertainty regarding future expenditures and liabilities.
  • Our tax treatment is dependent on our status as a partnership for federal income tax purposes. If the tax laws were to treat us as a corporation or we become subject to a material amount of entity-level taxation, it may substantially reduce our available cash.
  • Our status as a partnership for federal income tax purposes subjects us and our unitholders to additional tax reporting that may be costly and may increase complexity.
  • Other factors, including local events, natural disasters, pandemics and terrorist activities, or threats of these events, could adversely impact park attendance and our revenues.
Management Discussion
  • Due to the effects of the COVID-19 pandemic, the results for the six months ended June 26, 2022 were not directly comparable with the results for the six months ended June 27, 2021. The current six-month period included 838 operating days compared with 393 operating days for the six-month period ended June 27, 2021. In the prior period and due to the effects of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 operating season to May 2021, when all of our properties opened on a staggered basis except our Canadian property, Canada's Wonderland. Upon opening in 2021, park operating calendars were reduced, guest reservations were required and some operating restrictions were in place. The 2021 period also included the results from limited out-of-park attractions prior to the May 2021 opening of our parks. Limited out-of-park attractions included some of our hotel properties and a culinary festival at Knott's Berry Farm from March 5, 2021 through May 2, 2021.

Content analysis

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Positive
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Constraining
Legalese
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Readability
H.S. sophomore Avg
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Removed: acreage, Aurora, Cleveland, deemed, expecting, Kingdom, lesser, lieu, Ohio, realized, receive, receiving, refund, remained, returning, sponsorship, subsequently, unchanged, valuation, volume, WildWater