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FUN Cedar Fair

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.

FUN stock data

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Calendar

5 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Cedar Fair earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 271.73M 271.73M 271.73M 271.73M 271.73M 271.73M
Cash burn (monthly) 35M (positive/no burn) 42.24M 49.16M 30.13M 33.48M
Cash used (since last report) 100.9M n/a 121.76M 141.7M 86.84M 96.52M
Cash remaining 170.83M n/a 149.97M 130.03M 184.89M 175.21M
Runway (months of cash) 4.9 n/a 3.6 2.6 6.1 5.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 May 21 Matthew A Ouimet Units of Limited Partner Interest Sell Dispose S Yes No 46.91 36,500 1.71M 0
10 May 21 Matthew A Ouimet Units of Limited Partner Interest Sell Dispose S Yes No 46.91 36,500 1.71M 0
10 May 21 Matthew A Ouimet Units of Limited Partner Interest Sell Dispose S Yes No 46.91 177,000 8.3M 53,931
24 Mar 21 Fisher Tim Units of Limited Partner Interest Grant Aquire A No No 47.46 10,114 480.01K 50,583
24 Mar 21 Kelley Semmelroth Units of Limited Partner Interest Grant Aquire A No No 47.46 5,082 241.19K 55,851
24 Mar 21 Milkie Duffield Units of Limited Partner Interest Grant Aquire A No No 47.46 6,009 285.19K 87,958
24 Mar 21 David R. Hoffman Units of Limited Partner Interest Grant Aquire A No No 47.46 2,617 124.2K 51,569

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

64.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 180 173 +4.0%
Opened positions 30 40 -25.0%
Closed positions 23 20 +15.0%
Increased positions 36 26 +38.5%
Reduced positions 57 65 -12.3%
13F shares
Current Prev Q Change
Total value 1.93B 1.37B +41.5%
Total shares 36.48M 34.72M +5.1%
Total puts 246.2K 283.5K -13.2%
Total calls 1.87M 1.57M +18.5%
Total put/call ratio 0.1 0.2 -26.7%
Largest owners
Shares Value Change
MS Morgan Stanley 5.02M $249.51M +7.3%
GS Goldman Sachs 4.85M $240.72M +12.5%
Goldman Sachs & Co 4.34M $170.85M 0.0%
TROW T. Rowe Price 1.94M $96.19M +12.3%
ING ING Groep 1.78M $88.53M +40.9%
ATAC Neuberger Berman 1.72M $85.28M -11.3%
Waratah Capital Advisors 1.23M $60.9M -40.5%
Natixis 1.19M $59.14M +20.5%
C Citigroup 1.15M $57.19M -10.9%
BAC Bank Of America 1.07M $53.16M +93.3%
Largest transactions
Shares Bought/sold Change
BMO Bank of Montreal 854.87K +854.87K NEW
Waratah Capital Advisors 1.23M -835.23K -40.5%
UBS UBS Group AG - Registered Shares 957.22K +768.59K +407.5%
Zeke Capital Advisors 667.16K +651.06K +4044.3%
GS Goldman Sachs 4.85M +537.02K +12.5%
ING ING Groep 1.78M +517K +40.9%
BAC Bank Of America 1.07M +516.57K +93.3%
Burgundy Asset Management 1.06M -480.26K -31.2%
Thunderbird Partners 474.96K +474.96K NEW
Arrowstreet Capital, Limited Partnership 0 -435.53K EXIT

Financial report summary

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Risks
  • The COVID-19 pandemic has adversely impacted our business and is expected to continue to adversely impact our business, as well as intensify certain risks we face. 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.
  • 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.
  • Our growth strategy, including our COVID-19 recovery 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.
  • 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.
  • 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.
  • 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.
  • Instability in general economic conditions could impact our business, including our results of operations and financial condition.
  • 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
  • Attendance is defined as the number of guest visits to our amusement parks and separately gated outdoor water parks.
  • In-park per capita spending is calculated as revenues generated within our amusement parks and separately gated outdoor water parks along with related tolls and parking revenues (in-park revenues), divided by total attendance.
  • Out-of-park revenues are defined as revenues from resort, marina, sponsorship, online transaction fees charged to customers and all other out-of-park operations.
Content analysis
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