CEDAR FAIR L P MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (type 10-Q)
Enterprise Overview:
We generate our revenues from gross sales of (1) admission to our amusement parks and water parks, (2) meals, merchandise and video games each inside and out of doors our parks, and (3) lodging, extra-charge merchandise, and different income sources. Our principal prices and bills, which embody salaries and wages, working provides, upkeep and promoting, are comparatively fastened for a typical working season and don't range considerably with attendance.
Every of our properties is overseen by a basic supervisor and operates autonomously. Administration opinions working outcomes, evaluates efficiency and makes working choices, together with allocating sources, on a property-by-property foundation.
Together with attendance and in-park per capita spending statistics, discrete monetary info and working outcomes are ready on the particular person park stage to be used by the CEO, who's the Chief Working Resolution Maker (CODM), as nicely as by the Chief Monetary Officer, the Chief Working Officer, Senior Vice Presidents and the overall managers.
Affect of COVID-19 Pandemic
The novel coronavirus (COVID-19) pandemic had a cloth influence on our enterprise in 2020, had a seamless destructive influence in 2021 and should have a longer-term destructive impact. OnMarch 14, 2020 , we closed our properties in response to the unfold of COVID-19 and native authorities mandates. We in the end resumed solely partial operations at 10 of our 13 properties in 2020. As a consequence of mushy demand developments upon reopening in 2020, park working calendars had been adjusted, together with decreased working days per week and working hours inside every working day and earlier closure of sure parks than a typical working 12 months. FollowingMarch 14, 2020 ,Knott's Berry Farm's partial operations in 2020 had been restricted to culinary festivals. InCould 2021 , we opened all of ourU.S. properties for the 2021 working season on a staggered foundation with capability restrictions, visitor reservations, and different working protocols in place. Our 2021 working calendars had been designed to align with anticipated capability restrictions, visitor demand and labor availability, together with fewer working days in July and August at a few of our smaller properties and extra working days in September and the fourth quarter at most of our properties. As vaccination distribution efforts continued in the course of the second quarter of 2021 and we had been in a position to rent further labor, we eliminated most capability restrictions, visitor reservation necessities and different protocols at ourU.S. properties starting inJuly 2021 . We had been additionally in a position to open our Canadian property,Canada's Wonderland , inJuly 2021 .Canada's Wonderland operated with capability restrictions, visitor reservations, and different working protocols in place all through 2021. All of our properties opened for the 2022 working season with out restrictions as deliberate. We at the moment anticipate sustaining full park working calendars for the rest of the 2022 working season. Nonetheless, now we have and should proceed to regulate future park working calendars as we reply to modifications in visitor demand, labor availability and any federal, provincial, state and native restrictions. Our future operations are depending on elements outdoors of our information or management, together with the length and severity of the COVID-19 pandemic and actions taken to include its unfold and mitigate its public well being results.
Vital Accounting Insurance policies:
Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations relies upon our unaudited condensed consolidated monetary statements, which had been ready in accordance with accounting rules typically accepted inthe US of America . These rules require us to make judgments, estimates and assumptions in the course of the regular course of enterprise that have an effect on the quantities reported within the unaudited condensed consolidated monetary statements. Past estimates within the regular course of enterprise, administration has additionally made important estimates and assumptions associated to the COVID-19 pandemic to estimate the influence on our enterprise, together with monetary ends in the close to and long-term. Precise outcomes might differ considerably from these estimates below totally different assumptions and situations.
Administration believes that judgment and estimates associated to the next important accounting insurance policies might materially have an effect on our unaudited condensed consolidated monetary statements:
•Impairment of Lengthy-Lived Property
•Goodwill and Different Intangible Property
•Self-Insurance coverage Reserves •Income Recognition •Earnings Taxes
Within the third quarter of 2022, there have been no modifications within the above important
accounting insurance policies from these beforehand disclosed in our Annual Report on Kind
10-Ok for the 12 months ended
16 -------------------------------------------------------------------------------- Desk of Contents Outcomes of Operations:
We consider the next are key operational measures in our managerial and operational reporting. They’re used as main elements in important operational choices as they’re main drivers of our monetary and operational efficiency, measuring demand, pricing and shopper habits:
Attendance is outlined because the variety of visitor visits to our amusement parks and individually gated outside water parks.
In-park per capita spending is calculated as revenues generated inside our amusement parks and individually gated outside water parks together with associated parking revenues (in-park revenues), divided by complete attendance.
Out-of-park revenues are outlined as revenues from resorts, out-of-park meals and retail areas, on-line transaction charges charged to clients, sponsorships and all different out-of-park operations.
Internet revenues encompass in-park revenues and out-of-park revenues much less quantities remitted to outdoors events below concessionaire preparations (see Be aware 3
).
9 months ended
Because of the results of the COVID-19 pandemic, the outcomes for the 9 months endedSeptember 25, 2022 weren't straight comparable with the outcomes for the 9 months endedSeptember 26, 2021 . The present nine-month interval included 1,926 working days in contrast with 1,381 working days for the nine-month interval endedSeptember 26, 2021 . Within the prior interval and because of the results of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 working season toCould 2021 , when all of our properties opened on a staggered foundation besides our Canadian property,Canada's Wonderland , which opened inJuly 2021 . Upon opening in 2021, park working calendars had been decreased, visitor reservations had been required and a few working restrictions had been in place. We eliminated most capability restrictions, visitor reservation necessities and different protocols at ourU.S. properties starting inJuly 2021 . Working restrictions remained in place at our Canadian property all through the third quarter of 2021. We adjusted our 2021 working calendars to replicate anticipated modifications in visitor demand, labor availability and state and native restrictions by together with fewer working days in July and August at a few of our smaller properties and by together with further working days in September. The 2021 interval additionally included the outcomes from restricted out-of-park sights previous to theCould 2021 opening of our parks. Restricted out-of-park sights included a few of our resort properties and a culinary competition atKnott's Berry Farm fromMarch 5, 2021 viaCould 2, 2021 .
The next desk presents key monetary info for the 9 months ended
9 months ended Enhance (Lower)
September 26,
September 25, 2022 2021 $ %
(Quantities in 1000's, besides per capita and working days)
Internet revenues $ 1,451,389 $ 987,283 $ 464,106 47.0 %
Working prices and bills 1,003,317 749,242 254,075 33.9 %
Depreciation and amortization 126,441 112,906 13,535 12.0 %
Loss on impairment / retirement of fastened
property, internet 6,379 5,873 506 N/M
Achieve on sale of property (155,251) (2) (155,249) N/M
Working earnings $ 470,503 $ 119,264 $ 351,239 294.5 %
Different Information:
Attendance 21,603 14,178 7,425 52.4 %
In-park per capita spending $ 61.24 62.26 $ (1.02) (1.6) %
Out-of-park revenues $ 173,416 $ 134,054 $ 39,362 29.4 %
Working days 1,926 1,381 545 39.5 %
N/M Not significant because of the nature of the expense line-item.
For the 9 months ended September 25, 2022 , internet revenues totaled $1.5 billion
in contrast with $987.3 million for the 9 months ended September 26, 2021 . The
enhance in internet revenues was attributable to a 545 working day enhance within the
present interval leading to a 7.4 million-visit enhance in attendance and a
$39.4 million enhance in out-of-park revenues. In-park per capita spending for
the 9 months ended September 25, 2022 decreased 1.6% to $61.24 , which was
largely because of decrease ranges of visitor spending in extra-charge merchandise pushed by
decrease gross sales quantity. Whereas the vast majority of the rise in out-of-park revenues
was attributable to the 545 working day enhance within the present interval,
out-of-park revenues additionally elevated because of the reopening of Castaway Bay Resort
and Sawmill Creek Resort at Cedar Level following short-term closures for
renovations, offset considerably by the prior interval culinary competition at Knott's
Berry Farm . The rise in internet revenues included a $3.9 million unfavorable
influence of overseas foreign money trade charges at our Canadian park.
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Working prices and bills for the 9 months ended September 25, 2022
elevated to $1.0 billion from $749.2 million for the 9 months ended
September 26, 2021 . This was the results of a $47.6 million enhance in value of
items bought, a $180.2 million enhance in working bills and a $26.3 million
enhance in SG&A expense, all of which had been largely the results of the 545
working day enhance within the present interval. Nearly all of the $180.2 million
enhance in working bills was attributable to the rise in working
days. Moreover, the rise in working bills was because of a rise in
full-time wages primarily associated to a deliberate enhance in head depend at choose
parks, a rise within the upkeep labor charge, and incremental land lease and
property tax prices related to the sale-leaseback of the land at
California's Nice America. The rise in working prices and bills
included a $1.8 million favorable influence of overseas foreign money trade charges at
our Canadian park.
Depreciation and amortization expense for the 9 months ended September 25,
2022 elevated $13.5 million in contrast with the 9 months ended September 26,
2021 due primarily to current capital expenditures and the discount of the
estimated helpful lives of the long-lived property at California's Nice America
following the sale-leaseback of the land at California's Nice America. The loss
on impairment / retirement of fastened property for each durations was because of
retirement of property within the regular course of enterprise.
After a $155.3 million acquire on the sale of the land at California's Nice
America in the course of the third quarter of 2022 and the objects above, working earnings
for the 9 months ended September 25, 2022 totaled $470.5 million in contrast
with $119.3 million for the 9 months ended September 26, 2021 .
Curiosity expense for the 9 months ended September 25, 2022 decreased $21.0
million primarily because of the redemption of the 2024 senior notes in December
2021 . The web impact of our swaps resulted in a profit to earnings of $25.6
million for the 9 months ended September 25, 2022 in contrast with a $10.6
million profit to earnings for the 9 months ended September 26, 2021 . The
distinction was attributable to the change in honest worth of our swap portfolio.
We terminated our rate of interest swap agreements in the course of the third quarter of 2022
following the total compensation of our senior secured time period mortgage facility ensuing
in a $5.3 million money receipt, internet of charges. As well as, we acknowledged a $1.8
million loss on early debt extinguishment upon full compensation of our senior
secured time period debt facility in the course of the third quarter of 2022. Through the present
interval, we additionally acknowledged a $24.2 million internet cost to earnings for overseas
foreign money good points and losses in contrast with a $1.7 million internet profit for the 9
months ended September 26, 2021 . The quantities primarily represented the
remeasurement of U.S. greenback denominated debt to the Canadian entity's
useful foreign money.
Through the 9 months ended
After the objects above, internet earnings for the 9 months endedSeptember 25, 2022 totaled$295.3 million , or$5.18 per diluted restricted associate unit, in contrast with a internet lack of$21.3 million , or$0.38 per diluted restricted associate unit, for the 9 months endedSeptember 26, 2021 .
9 months ended
As described above, the outcomes for the 9 months endedSeptember 25, 2022 weren't straight comparable with the outcomes for the 9 months endedSeptember 26, 2021 because of the results of the COVID-19 pandemic. Subsequently, we included a comparability of our present interval outcomes with the 9 months endedSeptember 29, 2019 . Whereas the 2019 outcomes are extra akin to our 2022 outcomes, the 2022 outcomes are additionally circuitously comparable with the 2019 outcomes because of the acquisition of Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston ("Schlitterbahn parks") onJuly 1, 2019 . The present nine-month interval included 1,926 working days in contrast with a complete of 1,862 working days for the nine-month interval endedSeptember 29, 2019 . There had been 98 incremental working days on the Schlitterbahn parks within the present interval in contrast with the corresponding 2019 interval. Excluding the Schlitterbahn parks, working days for the 9 months endedSeptember 25, 2022 decreased 34 working days in contrast with the 9 months endedSeptember 29, 2019 because of a deliberate discount of early-season working days at a few of our properties in the present interval. 18 -------------------------------------------------------------------------------- Desk of Contents The next desk presents key monetary info for the 9 months endedSeptember 25, 2022 andSeptember 29, 2019 : 9 months ended Enhance (Lower) September 29, September 25, 2022 2019 $ % (Quantities in 1000's, besides per capita and working days) Internet revenues$ 1,451,389 $ 1,217,679 $ 233,710 19.2 % Working prices and bills 1,003,317 784,060 219,257 28.0 % Depreciation and amortization 126,441 137,828 (11,387) (8.3) % Loss on impairment / retirement of fastened property, internet 6,379 3,781 2,598 N/M Achieve on sale of property (155,251) (617) (154,634) N/M Working earnings$ 470,503 $ 292,627 $ 177,876 60.8 % Different Information: Attendance 21,603 22,864 (1,261) (5.5) % In-park per capita spending (1)$ 61.24 $ 48.73 $ 12.51 25.7 % Out-of-park revenues (1)$ 173,416 $ 140,452 $ 32,964 23.5 % Working days 1,926 1,862 64 3.4 % N/M Not significant because of the nature of the expense line-item. (1) Internet revenues as disclosed inside the statements of operations and complete earnings (loss) encompass in-park revenues and out-of-park revenues much less quantities remitted to outdoors events below concessionaire preparations. In-park per capita spending is calculated as in-park revenues divided by complete attendance. In-park revenues and concessionaire remittance totaled$1.1 billion and$37.0 million , respectively, for the 9 months endedSeptember 29, 2019 . For the 9 months endedSeptember 25, 2022 , internet revenues totaled$1.5 billion in contrast with$1.2 billion for the 9 months endedSeptember 29, 2019 . The enhance in internet revenues mirrored the influence of a 26% enhance in in-park per capita spending to$61.24 , and a 23%, or$33.0 million , enhance in out-of-park revenues. These will increase had been offset by the influence of a 6%, or 1.3 million-visit decline in attendance. The rise in in-park per capita spending was pushed by increased visitor spending throughout all key income classes, significantly admissions, meals and beverage and extra-charge spending. The enhance in meals and beverage and extra-charge spending was pushed by each elevated pricing and elevated gross sales quantity. The rise in out-of-park revenues was attributable to elevated on-line transaction charges charged to clients, increased revenues at ourCedar Level resort properties, increased gross sales atKnott's Berry Farm's Market, in addition to revenues from the Resort at Schlitterbahn New Braunfels which was acquired inJuly 2019 . The decline in attendance was pushed by an anticipated slower restoration in group gross sales attendance, the deliberate discount of low-value ticket packages, and an total decline in single-day attendance. The rise in internet revenues included a$3.6 million favorable influence of overseas foreign money trade charges at our Canadian park. Working prices and bills for the 9 months endedSeptember 25, 2022 elevated$219.3 million in contrast with the 9 months endedSeptember 29, 2019 . This was the results of a$27.1 million enhance in value of products bought, a$172.1 million enhance in working bills and a$20.0 million enhance in SG&A expense. Value of products bought as a proportion of meals, merchandise and video games income elevated 0.8%. The rise in working bills was attributable to a important enhance in seasonal labor charge, increased full-time wages primarily associated to a deliberate enhance in head depend at choose parks, increased associated worker advantages, the inclusion of the outcomes of the Schlitterbahn parks, and increased prices for provides. The rise in SG&A expense was largely because of an enhance in full-time wages, together with a rise in accrued bonus and equity-based compensation plan bills, in addition to a rise in transaction charges and IT-related prices. These will increase in SG&A expense had been offset by a decline in promoting prices pushed by a extra environment friendly advertising program. The enhance in working prices and bills included a$2.0 million unfavorable influence of overseas foreign money trade charges at our Canadian park. Depreciation and amortization expense for the 9 months endedSeptember 25, 2022 decreased$11.4 million in contrast with the 9 months endedSeptember 29, 2019 due primarily to the prior interval change in estimated helpful lifetime of a long-lived asset at Kings Dominion, in addition to the total depreciation of 15-year helpful lived property and tools from our 2006 acquisition. The loss on impairment / retirement of fastened property for the 9 months endedSeptember 25, 2022 andSeptember 29, 2019 included retirements of property within the regular course of enterprise. After a$155.3 million acquire on the sale of the land atCalifornia's Nice America in the course of the third quarter of 2022 and the objects above, working earnings for the 9 months endedSeptember 25, 2022 totaled$470.5 million in contrast with$292.6 million for the 9 months endedSeptember 29, 2019 . Curiosity expense for the 9 months endedSeptember 25, 2022 elevated$43.6 million in contrast with the 9 months endedSeptember 29, 2019 because of curiosity incurred on the 2025 senior notes, 2028 senior notes and 2029 senior notes offset partially by the influence of the redemption of the 2024 senior notes inDecember 2021 and the prepayment of time period debt in 2020. The 2025 19 -------------------------------------------------------------------------------- Desk of Contents senior notes and the 2028 senior notes had been issued in 2020 to complement liquidity in response to the impacts of the COVID-19 pandemic, and the 2029 senior notes had been issued on the finish of the second quarter of 2019 in coordination with the acquisition of the Schlitterbahn parks. The web impact of our swaps resulted in a profit to earnings of$25.6 million for the 9 months endedSeptember 25, 2022 in contrast with a$21.1 million cost to earnings for the 9 months endedSeptember 29, 2019 . The distinction was attributable to the change in honest worth of our swap portfolio. We terminated our rate of interest swap agreements in the course of the third quarter of 2022 following the total compensation of our senior secured time period mortgage facility leading to a$5.3 million money receipt, internet of charges. As well as, we acknowledged a$1.8 million loss on early debt extinguishment upon full compensation of our senior secured time period debt facility in the course of the third quarter of 2022. Through the present interval, we additionally acknowledged a$24.2 million internet cost to earnings for overseas foreign money good points and losses in contrast with a$12.5 million internet profit for the 9 months endedSeptember 29, 2019 . The quantities primarily represented the remeasurement ofU.S. greenback denominated debt to the Canadian entity's useful foreign money.
Through the 9 months ended
After the objects above, internet earnings for the 9 months endedSeptember 25, 2022 totaled$295.3 million , or$5.18 per diluted restricted associate unit, in contrast with$169.6 million , or$2.98 per diluted restricted associate unit, for the 9 months endedSeptember 29, 2019 .
Three months ended
The present three-month interval included 1,088 working days in contrast with 988 working days for the three-month interval endedSeptember 26, 2021 . There have been destructive results of the COVID-19 pandemic within the prior interval. All of our properties had been open in the course of the third quarter of 2021, and we eliminated most capability restrictions, visitor reservation necessities and different protocols at ourU.S. properties starting inJuly 2021 . Nonetheless, working restrictions remained in place at our Canadian property all through the third quarter of 2021. We additionally adjusted our third quarter 2021 working calendars to replicate anticipated modifications in visitor demand, labor availability and state and native restrictions by together with fewer working days in July and August at a few of our smaller properties and by together with further working days in September.
The next desk presents key monetary info for the three months
ended
Three months ended Enhance (Lower)
September 26,
September 25, 2022 2021 $ %
(Quantities in 1000's, besides per capita and working days)
Internet revenues $ 843,063 $ 753,404 $ 89,659 11.9 %
Working prices and bills 484,673 423,791 60,882 14.4 %
Depreciation and amortization 67,805 77,461 (9,656) (12.5) %
Loss on impairment / retirement of fastened
property, internet 3,632 2,397 1,235 N/M
Achieve on sale of property (155,251) - (155,251) N/M
Working earnings $ 442,204 $ 249,755 $ 192,449 77.1 %
Different Information:
Attendance 12,304 10,769 1,535 14.3 %
In-park per capita spending $ 62.62 64.26 $ (1.64) (2.6) %
Out-of-park revenues $ 97,302 $ 83,074 $ 14,228 17.1 %
Working days 1,088 988 100 10.1 %
N/M Not significant because of the nature of the expense line-item.
For the three months ended September 25, 2022 , internet revenues totaled $843.1
million in contrast with $753.4 million for the three months ended September 26,
2021 . The rise in internet revenues was attributable to prior interval working
restrictions at Canada's Wonderland and a 100 working day enhance within the
present interval leading to a 1.5 million-visit enhance in attendance. In-park
per capita spending for the three months ended September 25, 2022 decreased 2.6%
to $62.62 , which was largely because of decrease ranges of visitor spending in
extra-charge merchandise attributable to decrease gross sales quantity and visitor spending in
admissions pushed by a better season cross combine. Out-of-park revenues elevated
$14.2 million largely because of the reopening of Castaway Bay Resort and Sawmill
Creek Resort at Cedar Level following short-term closures for renovations. The
enhance in internet revenues included a $3.2 million unfavorable influence of overseas
foreign money trade charges at our Canadian park.
Working prices and bills for the three months ended September 25, 2022
elevated to $484.7 million from $423.8 million for the three months ended
September 26, 2021 . This was the results of a $13.6 million enhance in value of
items bought, a $50.0 million enhance in working bills and a $2.7 million
lower in SG&A expense. Value of products bought as a proportion of
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meals, merchandise and video games income elevated 1.5%. Nearly all of the rise
in working bills was the results of prior interval working restrictions and
the 100 working day enhance within the present interval. Moreover, the rise
in working bills was because of a rise in full-time wages primarily
associated to a deliberate enhance in head depend at choose parks, a rise within the
upkeep labor charge, and incremental land lease and property tax prices
related to the sale-leaseback of the land at California's Nice America.
The lower in SG&A expense was attributable to a lower in accrued bonus
compensation plan expense pushed by firm efficiency expectations offset by
a rise in transaction charges pushed by increased on-line gross sales. The rise in
working prices and bills included a $1.2 million favorable influence of overseas
foreign money trade charges at our Canadian park.
Depreciation and amortization expense for the three months ended September 25,
2022 decreased $9.7 million in contrast with the three months ended September 26,
2021 because of a decrease proportion of complete deliberate working days within the third
quarter of 2022 in contrast with the proportion of complete deliberate working days in
the third quarter of 2021, considerably offset by the discount of the estimated
helpful lives of the long-lived property at California's Nice America following
the sale-leaseback of the land at California's Nice America. We acknowledge
depreciation expense over deliberate working days for almost all of our property.
The loss on impairment / retirement of fastened property for each durations was because of
retirement of property within the regular course of enterprise.
After a $155.3 million acquire on the sale of the land at California's Nice
America in the course of the third quarter of 2022 and the objects above, working earnings
for the three months ended September 25, 2022 totaled $442.2 million in contrast
with $249.8 million for the three months ended September 26, 2021 .
Curiosity expense for the three months ended September 25, 2022 decreased $9.2
million primarily because of the redemption of the 2024 senior notes in December
2021 . The web impact of our swaps resulted in a profit to earnings of $3.7
million for the three months ended September 25, 2022 in contrast with a $3.2
million profit to earnings for the three months ended September 26, 2021 . The
distinction was attributable to the change in honest worth of our swap portfolio.
We terminated our rate of interest swap agreements in the course of the third quarter of 2022
following the total compensation of our senior secured time period mortgage facility ensuing
in a $5.3 million money receipt, internet of charges. As well as, we acknowledged a $1.8
million loss on early debt extinguishment upon full compensation of our senior
secured time period debt facility in the course of the third quarter of 2022. Through the present
interval, we additionally acknowledged a $14.4 million internet cost to earnings for overseas
foreign money good points and losses in contrast with a $15.2 million internet cost for the three
months ended September 26, 2021 . The quantities primarily represented the
remeasurement of U.S. greenback denominated debt to the Canadian entity's
useful foreign money.
Through the three months ended September 25, 2022 , a provision for taxes of $61.2
million was recorded to account for PTP taxes and federal, state, native and
overseas earnings taxes in contrast with $43.8 million for the three months ended
September 26, 2021 . The rise in provision for taxes was primarily
attributable to a rise in pretax earnings from our taxable subsidiaries in
the present interval.
After the objects above, internet earnings for the three months ended September 25, 2022
totaled $333.1 million , or $5.86 per diluted restricted associate unit, in contrast with
$148.0 million , or $2.60 per diluted restricted associate unit, for the three months
ended September 26, 2021 .
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Three months ended
As a consequence of continued results of the COVID-19 pandemic on the 2021 interval, we additionally included a comparability of our present interval outcomes with the three months endedSeptember 29, 2019 . The present three-month interval included 1,088 working days in contrast with a complete of 1,035 working days for the three interval endedSeptember 29, 2019 . The 53 working day enhance was attributable to a 4 day calendar shift from 2019 to 2022.
The next desk presents key monetary info for the three months
ended
Three months ended Enhance (Lower)
September 29,
September 25, 2022 2019 $ %
(Quantities in 1000's, besides per capita and working days)
Internet revenues $ 843,063 $ 714,512 $ 128,551 18.0 %
Working prices and bills 484,673 369,180 115,493 31.3 %
Depreciation and amortization 67,805 68,335 (530) (0.8) %
Loss on impairment / retirement of fastened
property, internet 3,632 1,675 1,957 N/M
Achieve on sale of property (155,251) - (155,251) N/M
Working earnings $ 442,204 $ 275,322 $ 166,882 60.6 %
Different Information:
Attendance 12,304 13,189 (885) (6.7) %
In-park per capita spending (1) $ 62.62 $ 49.94 $ 12.68 25.4 %
Out-of-park revenues (1) $ 97,302 $ 76,347 $ 20,955 27.4 %
Working days 1,088 1,035 53 5.1 %
N/M Not significant because of the nature of the expense line-item.
(1) Internet revenues as disclosed inside the statements of operations and
complete earnings (loss) encompass in-park revenues and out-of-park revenues
much less quantities remitted to outdoors events below concessionaire preparations.
In-park per capita spending is calculated as in-park revenues divided by complete
attendance. In-park revenues and concessionaire remittance totaled $658.6
million and $20.5 million , respectively, for the three months ended
September 29, 2019 .
For the three months ended September 25, 2022 , internet revenues totaled $843.1
million in contrast with $714.5 million for the three months ended September 29,
2019 . The rise in internet revenues mirrored the influence of a 25% enhance in
in-park per capita spending to $62.62 , and a 27%, or $21.0 million , enhance in
out-of-park revenues. These will increase had been offset by the influence of a 7%, or 0.9
million-visit decline in attendance. The rise in in-park per capita spending
was pushed by increased visitor spending throughout all key income classes,
significantly admissions, meals and beverage and extra-charge spending. The
enhance in meals and beverage and extra-charge spending was pushed by each
elevated pricing and elevated gross sales quantity. The rise in out-of-park
revenues was largely attributable to elevated revenues at our Cedar Level
resort properties and elevated on-line transaction charges charged to clients.
The decline in attendance was pushed by an anticipated slower restoration in group
gross sales attendance, the deliberate discount of low-value ticket packages, and an
total decline in single-day attendance. The rise in internet revenues included
a $1.8 million favorable influence of overseas foreign money trade charges at our
Canadian park.
Working prices and bills for the three months ended September 25, 2022
elevated $115.5 million in contrast with the three months ended September 29,
2019 . This was the results of a $14.6 million enhance in value of products bought, a
$95.8 million enhance in working bills and a $5.1 million enhance in SG&A
expense. Value of products bought as a proportion of meals, merchandise and video games
income elevated 0.7%. The rise in working bills was largely
attributable to a major enhance in seasonal labor charge, increased full-time
wages primarily associated to a deliberate enhance in head depend at choose parks,
increased prices for provides, and incremental land lease and property tax prices
related to the sale-leaseback of the land at California's Nice America.
The rise in SG&A expense was primarily because of a rise in transaction
charges, a rise in full-time wages, together with a rise in accrued bonus
compensation plan expense, in addition to a rise in IT-related prices. These
will increase in SG&A expense had been offset by a decline in promoting prices pushed
by a extra environment friendly advertising program. The rise in working prices and
bills included a $0.6 million unfavorable influence of overseas foreign money trade
charges at our Canadian park.
Depreciation and amortization expense for the three months ended September 25,
2022 didn't fluctuate materially in comparison with the three months ended
September 29, 2019 . The loss on impairment / retirement of fastened property for the
three months ended September 25, 2022 and September 29, 2019 included
retirements of property within the regular course of enterprise.
After a $155.3 million acquire on the sale of the land at California's Nice
America in the course of the third quarter of 2022 and the objects above, working earnings
for the three months ended September 25, 2022 totaled $442.2 million in contrast
with $275.3 million for the three months ended September 29, 2019 .
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Curiosity expense for the three months endedSeptember 25, 2022 elevated$9.1 million in contrast with the three months endedSeptember 29, 2019 because of curiosity incurred on the 2025 senior notes and 2028 senior notes offset partially by the influence of the redemption of the 2024 senior notes inDecember 2021 and the prepayment of time period debt in 2020. The 2025 senior notes and the 2028 senior notes had been issued to complement liquidity in response to the impacts of the COVID-19 pandemic. The web impact of our swaps resulted in a profit to earnings of$3.7 million for the three months endedSeptember 25, 2022 in contrast with a$3.9 million cost to earnings for the three months endedSeptember 29, 2019 . The distinction was attributable to the change in honest worth of our swap portfolio. We terminated our rate of interest swap agreements in the course of the third quarter of 2022 following the total compensation of our senior secured time period mortgage facility ensuing in a$5.3 million money receipt, internet of charges. As well as, we acknowledged a$1.8 million loss on early debt extinguishment upon full compensation of our senior secured time period debt facility in the course of the third quarter of 2022. Through the present interval, we additionally acknowledged a$14.4 million internet cost to earnings for overseas foreign money good points and losses in contrast with a$5.6 million internet cost for the three months endedSeptember 29, 2019 . The quantities primarily represented the remeasurement ofU.S. greenback denominated debt to the Canadian entity's useful foreign money. Through the three months endedSeptember 25, 2022 , a provision for taxes of$61.2 million was recorded to account for PTP taxes and federal, state, native and overseas earnings taxes in contrast with$48.8 million for the three months endedSeptember 29, 2019 . The rise in provision for taxes was attributable to an enhance in pretax earnings from our taxable subsidiaries. After the objects above, internet earnings for the three months endedSeptember 25, 2022 totaled$333.1 million , or$5.86 per diluted restricted associate unit, in contrast with$190.0 million , or$3.34 per diluted restricted associate unit, for the three months endedSeptember 29, 2019 . October Replace Because of the results of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 working season toCould 2021 . Subsequently, we in contrast the outcomes for the ten months endedOctober 30, 2022 to the ten months endedNovember 3, 2019 . For the ten months endedOctober 30, 2022 , preliminary internet revenues totaled roughly$1.68 billion and elevated 22%, or$306 million , in contrast with the ten months endedNovember 3, 2019 . Based mostly on preliminary outcomes for the ten months endedOctober 30, 2022 , attendance totaled 24.9 million visits, down 4% or 0.9 million visits from 2019, in-park per capita spending was$61.72 , up 27% from 2019, and out-of-park revenues totaled$195 million , up 26% or$40 million from 2019. Working days for the ten month durations in 2022 and 2019 totaled 2,103 working days and a pair of,028 working days, respectively. Excluding the Schlitterbahn parks, there have been 13 fewer working days within the present interval because of a deliberate discount of early-season working days at a few of our properties. Internet revenues encompass in-park revenues and out-of-park revenues much less quantities remitted to outdoors events below concessionaire preparations. In-park per capita spending is calculated as in-park revenues divided by complete attendance. Preliminary in-park revenues and concessionaire remittance totaled roughly$1.53 billion and$50 million , respectively, for the ten months endedOctober 30, 2022 . Within the comparable interval, in-park revenues and concessionaire remittance totaled roughly$1.26 billion and$40 million , respectively, for the ten months endedNovember 3, 2019 . 23 -------------------------------------------------------------------------------- Desk of Contents Adjusted EBITDA Adjusted EBITDA represents earnings earlier than curiosity, taxes, depreciation, amortization, different non-cash objects, and changes as outlined in our present and prior credit score agreements. Administration believes Adjusted EBITDA is a significant measure of park-level working profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, figuring out awards below incentive compensation plans, and calculating compliance with sure mortgage covenants. Adjusted EBITDA is broadly utilized by analysts, traders and comparable firms in our business to judge our working efficiency on a constant foundation, in addition to extra simply evaluate our outcomes with these of different firms in our business. Adjusted EBITDA isn't a measurement of working efficiency computed in accordance with typically accepted accounting rules ("GAAP") and shouldn't be thought of as an alternative choice to working earnings, internet earnings or money flows from working actions computed in accordance with GAAP. This measure is offered as a supplemental measure of our working outcomes and will not be akin to equally titled measures of different firms. The desk under units forth a reconciliation of Adjusted EBITDA to internet earnings (loss) for the three- and nine-month durations endedSeptember 25, 2022 ,September 26, 2021 andSeptember 29, 2019 . Because of the results of the COVID-19 pandemic on our 2021 outcomes, we included comparisons to 2019 along with comparisons to 2021. Three months ended 9 months endedSeptember 25 ,
September 29 , (In 1000's) 2022 2021 2019 2022 2021 2019 Internet earnings (loss)$ 333,050 $ 147,987 $ 189,955 $ 295,313 $ (21,299) $ 169,580 Curiosity expense 37,049 46,270 27,967 115,386 136,371 71,814 Curiosity earnings (1,562) (35) (807) (2,113) (66) (1,121) Provision for taxes 61,151 43,764 48,815 61,374 16,859 43,506 Depreciation and amortization 67,805 77,461 68,335 126,441 112,906 137,828 EBITDA 497,493 315,447 334,265 596,401 244,771 421,607 Loss on early debt extinguishment 1,810 - - 1,810 4 - Internet impact of swaps (3,700) (3,186) 3,910 (25,641) (10,582) 21,068 Non-cash overseas foreign money loss (acquire) 14,369 15,157 5,617 24,217 (1,665)
(12,528)
Non-cash fairness compensation expense 3,204 2,903 2,930 15,087 11,910
8,760
Loss on impairment / retirement of fastened property, internet 3,632 2,397 1,675 6,379 5,873 3,781 Achieve on sale of property (155,251) - - (155,251) (2) (617) Acquisition-related prices - - 6,292 - - 7,238 Different (1) 428 650 499 1,120 1,157 782 Adjusted EBITDA$ 361,985 $ 333,368 $ 355,188 $ 464,122 $ 251,466 $ 450,091 (1) Consists of sure prices as outlined in our present and prior credit score agreements. This stuff are excluded from the calculation of Adjusted EBITDA and have included sure authorized bills and severance bills. This stability additionally contains unrealized good points and losses on short-term investments. For the three months endedSeptember 25, 2022 , Adjusted EBITDA elevated$28.6 million in contrast with the three months endedSeptember 26, 2021 . The rise was primarily because of prior interval working restrictions, a 100 working day enhance within the present interval, and the associated enchancment in attendance offset considerably by a rise in bills incurred, significantly for labor and price of items bought. As in contrast with the three months endedSeptember 29, 2019 , Adjusted EBITDA elevated$6.8 million for the three months endedSeptember 25, 2022 . This enhance was because of increased internet revenues within the present interval attributable to increased in-park per capita spending and elevated out-of-park revenues, which had been considerably offset by elevated prices within the present interval, significantly labor prices. For the 9 months endedSeptember 25, 2022 , Adjusted EBITDA elevated$212.7 million in contrast with the 9 months endedSeptember 26, 2021 . The rise was primarily because of a 545 working day enhance within the present interval and the associated enchancment in attendance and out-of-park revenues offset considerably by an enhance in bills incurred, significantly for labor and price of products bought. As in contrast with the 9 months endedSeptember 29, 2019 , Adjusted EBITDA elevated$14.0 million for the 9 months endedSeptember 25, 2022 . This enhance in Adjusted EBITDA was because of increased internet revenues within the present interval attributable to increased in-park per capita spending, elevated out-of-park revenues and the inclusion of the Schlitterbahn parks, which had been considerably offset by elevated prices within the present interval, significantly labor prices. 24 -------------------------------------------------------------------------------- Desk of Contents Liquidity and Capital Assets: Our principal sources of liquidity embody money from working actions, funding from our long-term debt obligations and present money readily available. As a consequence of the seasonality of our enterprise, we sometimes fund pre-opening operations with revolving credit score borrowings. Revolving credit score borrowings are sometimes decreased with our optimistic money move in the course of the seasonal working interval. Our main makes use of of liquidity embody working bills, partnership distributions, capital expenditures, curiosity funds, earnings tax obligations, and just lately, restricted partnership unit repurchases. We have now funded and anticipate to fund our remaining 2022 liquidity wants with money from working actions and borrowings from our revolving credit score facility. As ofSeptember 25, 2022 , we had money readily available of$288.4 million and$280.1 million of availability below our revolving credit score facility. Based mostly on this stage of liquidity, we concluded that we'll have ample liquidity to fulfill our obligations at the least via the fourth quarter of 2023. As a consequence of restricted open operations in early 2021 and in response to the destructive results of the COVID-19 pandemic, our first quarter 2021 liquidity wants had been funded from money readily available from senior notes issued in 2020. We started producing optimistic money flows from operations in the course of the second quarter of 2021. Administration has been centered on driving worthwhile and sustainable progress within the enterprise, decreasing the Partnership's excellent debt, reinstating the quarterly partnership distribution, and accelerating the return of capital to our unitholders. -We anticipate to take a position between$170 million and$180 million in complete capital expenditures for the 2022 working season, which incorporates the completion of two resort renovation initiatives, investments to broaden our park choices and develop new income facilities, and know-how enhancements, akin to cashless parks, touch-free transactions and labor administration instruments. -OnJune 27, 2022 , the Partnership bought the land atCalifornia's Nice America for a money buy worth of$310 million , topic to customary prorations, see Be aware 4 . -We have now made progress in the direction of our purpose of decreasing our excellent debt. InDecember 2021 , we redeemed$450 million of 5.375% senior unsecured notes due 2024 ("2024 senior notes"). As well as, we repaid the remaining excellent principal quantity on our senior secured time period mortgage facility in 2022 ($264.3 million ), finishing the total compensation of the time period mortgage in the course of the third quarter of 2022. -We paid our first partnership distribution sinceMarch 2020 of$0.30 per restricted associate unit, which was paid onSeptember 15, 2022 . OnNovember 2, 2022 , we introduced that our Board declared an extra partnership distribution of$0.30 per restricted associate unit, which will probably be payable onDecember 15, 2022 to unitholders of report onDecember 1, 2022 . -Lastly, onAugust 3, 2022 , we introduced that our Board of Administrators accepted a unit repurchase plan authorizing the Partnership to repurchase items for an combination buy worth of no more than$250 million , see Be aware 11 . There had been 1.5 million restricted partnership items repurchased in the course of the 9 months endedSeptember 25, 2022 at a median worth of$43.30 per restricted associate unit for an combination quantity of$66.0 million . There was$184.0 million of remaining availability below the repurchase program as ofSeptember 25, 2022 . By way ofOctober 31, 2022 , there have been 2.8 million restricted partnership items repurchased for an combination quantity of$115.5 million . We anticipate between$145 million and$150 million in annual money curiosity for 2022 of which 75% of the funds happen within the second and fourth quarters. In the second quarter of 2022, we obtained$77.1 million in tax refunds attributable to the tax 12 months 2020 internet working loss being carried again to prior years inthe US . We obtained$11.1 million in tax refunds attributable to internet working losses being carried again to prior years inCanada in the course of the first quarter of 2022. In 2022, we anticipate money funds for earnings taxes to vary from$40 million to$50 million , unique of those tax refunds. As ofSeptember 25, 2022 , deferred income totaled$187.7 million , together with non-current deferred income. This represented a lower of$22.8 million in contrast with complete deferred income as ofSeptember 26, 2021 . The lower in complete deferred income was largely attributable to roughly$30 million of 2020 and 2021 season-long product extensions atKnott's Berry Farm andCanada's Wonderland in 2021 into the 2022 working season. Excluding the prior interval deferred income related to product extensions, deferred income elevated 4% as ofSeptember 25, 2022 in contrast with deferred income as ofSeptember 26, 2021 . Just about all 2022 season-long merchandise will probably be acknowledged byDecember 31, 2022 . Working Actions Internet money from working actions for the primary 9 months of 2022 totaled$412.4 million , a rise of$182.3 million in contrast with the identical interval in the prior 12 months. The rise in internet money from working actions was primarily attributable to the delayed opening of our parks within the prior interval toCould 2021 leading to much less money generated within the first 9 months of 2021.
Investing Actions
Internet money from investing actions for the primary 9 months of 2022 totaled$172.0 million in contrast with$38.1 million of internet money for investing actions in the identical interval within the prior 12 months. The variance in internet money from (for) investing actions was because of the present interval sale of the land atCalifornia's Nice America and the prior interval deliberate discount in capital spending to retain liquidity following the impacts of the COVID-19 pandemic. 25
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Financing Actions
Internet money for financing actions for the primary 9 months of 2022 totaled$352.4 million , a rise of$346.3 million in contrast with the identical interval in the prior 12 months. The rise was attributable to$264.3 million of time period debt funds within the present interval to completely repay the remaining excellent stability on our time period debt facility, in addition to repurchases of restricted partnership items and a$0.30 per unit partnership distribution, each of which occurred in the course of the third quarter of 2022. Contractual Obligations
As of
•$1.0 billion of 5.500% senior secured notes, maturing inCould 2025 , issued at par. The 2025 senior notes and the associated ensures are secured by first-priority liens on the issuers' and the guarantors' property that safe all the obligations below our credit score amenities. The 2025 senior notes could also be redeemed, in entire or partially, at numerous costs relying on the date redeemed. The 2025 senior notes pay curiosity semi-annually in Could and November. •$500 million of 5.375% senior unsecured notes, maturing inApril 2027 , issued at par. The 2027 senior notes could also be redeemed, in entire or partially, at numerous costs relying on the date redeemed. The 2027 senior notes pay curiosity semi-annually in April and October. •$300 million of 6.500% senior unsecured notes, maturing inOctober 2028 , issued at par. Previous toOctober 1, 2023 , as much as 35% of the 2028 senior notes could also be redeemed with the online money proceeds of sure fairness choices at a worth equal to 106.500% of the principal quantity thereof, along with accrued and unpaid curiosity and extra curiosity, if any. The 2028 senior notes could also be redeemed, in entire or partially, at any time previous toOctober 1, 2023 at a worth equal to 100% of the principal quantity of the notes redeemed plus a "make-whole" premium along with accrued and unpaid curiosity and extra curiosity, if any, to the redemption date. Thereafter, the 2028 senior notes could also be redeemed, in entire or partially, at numerous costs relying on the date redeemed. The 2028 senior notes pay curiosity semi-annually in April and October. •$500 million of 5.250% senior unsecured notes, maturing inJuly 2029 , issued at par. The 2029 senior notes could also be redeemed, in entire or partially, at any time previous toJuly 15, 2024 at a worth equal to 100% of the principal quantity of the notes redeemed plus a "make-whole" premium along with accrued and unpaid curiosity and extra curiosity, if any, to the redemption date. Thereafter, the 2029 senior notes could also be redeemed, in entire or partially, at numerous costs relying on the date redeemed. The 2029 senior notes pay curiosity semi-annually in January and July. •No borrowings below the$300 million senior secured revolving credit score facility below our present credit score settlement with a Canadian sub-limit of$15 million . The revolving credit score facility bears curiosity at LIBOR plus 350 bps or Canadian Greenback Provided Price ("CDOR") plus 250 bps and requires the fee of a 62.5 bps dedication charge each year on the unused portion of the credit score amenities. The revolving credit score facility is scheduled to mature inDecember 2023 . The credit score settlement offers for the issuance of documentary and standby letters of credit score. After letters of credit score, which totaled$19.9 million as ofSeptember 25, 2022 , we had$280.1 million of availability below the revolving credit score facility. Our letters of credit score are primarily in place to backstop insurance coverage preparations. OnDecember 17, 2021 , we redeemed$450 million of 5.375% senior unsecured notes, which in any other case would have matured inJune 2024 , at a redemption worth equal to 100.896% of the principal quantity plus accrued and unpaid curiosity. We repaid the remaining excellent stability on our senior secured time period mortgage facility in 2022 ($264.3 million in principal quantity), finishing the total compensation of the time period mortgage in the course of the third quarter of 2022. Subsequently, we additionally terminated our rate of interest swap agreements. The 2017 Credit score Settlement, as amended, features a Senior Secured Leverage Ratio of 4.50x Whole First Lien Senior Secured Debt-to-Consolidated EBITDA, which can step right down to 4.00x within the second quarter of 2023 and which can step down additional to three.75x within the third quarter of 2023. The 2017 Credit score Settlement, as amended, included an Further Restrictions Interval to offer additional covenant aid in the course of the COVID-19 pandemic. We terminated the Further Restrictions Interval in the course of the first quarter of 2022 by attaining compliance with the Senior Secured Leverage Ratio covenant as of the top of the fourth quarter of 2021. We had been in compliance with the relevant monetary covenants below our credit score settlement in the course of the 9 months endedSeptember 25, 2022 . Our fastened charge word agreements embody Restricted Cost provisions, which might restrict our capacity to pay partnership distributions. Pursuant to the phrases of the indenture governing the 2027 senior notes, which incorporates essentially the most restrictive of those Restricted Funds provisions below our fastened charge word agreements, if our professional forma Whole-Indebtedness-to-Consolidated-Money-Movement Ratio is bigger than 5.25x, we are able to nonetheless make Restricted Funds of$100 million yearly as long as no default or occasion of default has occurred and is persevering with. If our professional forma Whole-Indebtedness-to-Consolidated-Money-Movement Ratio is lower than or equal to five.25x, we are able to make Restricted Funds as much as our Restricted Cost pool. Our professional forma Whole-Indebtedness-to-Consolidated-Money-Movement Ratio was lower than 5.25x as ofSeptember 25, 2022 . 26
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Desk of Contents Monetary and Non-Monetary Disclosure About Issuers and Guarantors of our Registered Senior Notes
As mentioned inside the Lengthy-Time period Debt footnote at Be aware 6 , we had 4 tranches of fastened charge senior notes excellent atSeptember 25, 2022 : the 2025, 2027, 2028 and 2029 senior notes. The 2024 senior notes had been totally redeemed onDecember 17, 2021 . The 2024, 2027, 2028 and 2029 senior notes had been registered below the Securities Act of 1933. The 2025 senior notes had been bought in a personal placement in reliance on exemptions from registration below the Securities Act of 1933.Cedar Honest, L.P. ,Canada's Wonderland Firm ("Cedar Canada"), andMagnum Administration Company ("Magnum") had been the co-issuers of the 2024 senior notes.Cedar Honest, L.P. ,Cedar Canada , Magnum, andMillennium Operations LLC ("Millennium") are the co-issuers of the 2027, 2028 and 2029 senior notes. Our senior notes have been irrevocably and unconditionally assured, on a joint and a number of other foundation, by every wholly owned subsidiary ofCedar Honest (apart from the co-issuers) that ensures our credit score amenities below our credit score settlement. A full itemizing of the issuers and guarantors of our registered senior notes might be discovered inside Exhibit 22, and extra info with respect to our registered senior notes and the associated ensures follows. The 2027, 2028 and 2029 senior notes every rank equally in proper of fee with all of every issuer's present and future senior unsecured debt, together with the different registered senior notes. Nonetheless, the 2027, 2028 and 2029 senior notes rank successfully junior to our secured debt below the 2017 Credit score Settlement, as amended, and the 2025 senior notes to the extent of the worth of the property securing such debt. Within the occasion that the co-issuers (aside fromCedar Honest, L.P. ) or any subsidiary guarantor is launched from its obligations below our senior secured credit score amenities (or the 2017 Credit score Settlement, as amended), such entity may also be launched from its obligations below the registered senior notes. As well as, the co-issuers (aside fromCedar Honest, L.P. ) or any subsidiary guarantor might be launched from its obligations below the 2027, 2028 and 2029 senior notes below the next circumstances, assuming the related transactions are in compliance with the relevant provisions of the indentures governing the 2027, 2028 and 2029 senior notes: i) any direct or oblique sale, conveyance or different disposition of the capital inventory of such entity following which the entity ceases to be a direct or oblique subsidiary ofCedar Honest or a sale or disposition of all or considerably the entire property of such entity; ii) if such entity is dissolved or liquidated; iii) if we designate such entity as an Unrestricted Subsidiary; iv) upon switch of such entity in a qualifying transaction if following such switch the entity ceases to be a direct or oblique Restricted Subsidiary ofCedar Honest or is a Restricted Subsidiary that isn't a guarantor below any credit score facility; or v) within the case of the subsidiary guarantors, upon a discharge of the indenture or upon any authorized defeasance or covenant defeasance of the indenture. The obligations of every guarantor are restricted to the extent mandatory to forestall such assure from constituting a fraudulent conveyance or fraudulent switch below relevant legislation. This provision could not, nevertheless, defend a assure from being voided below fraudulent switch legislation, or could scale back the relevant guarantor's obligation to an quantity that successfully makes its assure nugatory. If a assure had been rendered voidable, it may very well be subordinated by a court docket to all different indebtedness of the guarantor, and relying on the quantity of such indebtedness, might scale back the assure to zero. Every guarantor that makes a fee or distribution below a assure is entitled to a professional rata contribution from one another guarantor primarily based on the respective internet property of the guarantors. The next tables present summarized monetary info for every of our co-issuers and guarantors of the 2024, 2027, 2028 and 2029 senior notes (the "Obligor Group "). We offered every entity that's or was a co-issuer of any collection of the registered senior notes individually. The subsidiaries that assure the 2027, 2028 and 2029 senior notes are offered on a mixed foundation with intercompany balances and transactions between entities in such guarantor subsidiary group eradicated. Intercompany balances and transactions between the co-issuers and guarantor subsidiaries haven't been eradicated. The subsidiaries that assured the 2024 senior notes included the guarantor subsidiary group, in addition to Millennium. Millennium is a co-issuer below the 2027, 2028 and 2029 senior notes and was a guarantor below the 2024 senior notes. Sure subsidiaries ofCedar Honest didn't assure our credit score amenities or senior notes because the property and outcomes of operations of those subsidiaries had been immaterial (the "non-guarantor" subsidiaries). The summarized monetary info excludes outcomes of the non-guarantor subsidiaries and doesn't replicate investments of theObligor Group within the non-guarantor subsidiaries.The Obligor Group's quantities due from, quantities because of, and transactions with the non-guarantor subsidiaries haven't been eradicated and included intercompany receivables from non-guarantors of$14.1 million and$14.0 million as ofSeptember 25, 2022 andDecember 31, 2021 , respectively. 27 --------------------------------------------------------------------------------
Desk of Contents
Summarized Monetary
Info Millennium
(Co-Issuer
Magnum Cedar Canada 2027, 2028 &
Cedar Honest, (Co-Issuer (Co-Issuer 2029 Guarantor
(In 1000's) L.P. (Guardian) Subsidiary)
Subsidiary) Guarantor 2024) Subsidiaries (1)
Steadiness as of
Present Property$ 1,323 $ 3,048 $ 102,682 $ 691,055 $ 1,341,392 Non-Present Property (2,259) 1,691,194 554,936 2,177,024 1,880,500 Present Liabilities 318,388 1,213,354 275,965 246,304 93,475 Non-Present Liabilities 147,708 1,188 22,369 2,136,487 169,309
Steadiness as of
Present Property$ 517 $ 97,221 $ 96,042 $ 572,865 $ 1,187,211 Non-Present Property (138,126) 1,647,952 540,332 2,368,737 2,145,307 Present Liabilities 410,779 1,331,130 29,050 227,483 58,949 Non-Present Liabilities 147,021 21,274 24,043 2,385,100 97,803
9 Months Ended
Internet revenues$ 189,961 $ 419,860 $ 149,071 $ 1,765,862 $ 239,359 Working earnings (loss) 187,651 (76,129) 71,618 93,617 194,269 Internet earnings 295,989 138,093 53,495 - 189,063
Twelve Months Ended
Internet revenues$ 35,908 $ 363,340 $ 75,353
Working earnings (loss) 31,808 (156,079) 12,545 136,844 124,405 Internet (loss) earnings (46,741) (34,647) 1,967 - 62,586 (1) With respect to the 2024 senior notes, if the monetary info offered for Millennium was mixed with that of the opposite guarantor subsidiaries which have been offered on a mixed foundation, the next further intercompany balances and transactions between Millennium and such different guarantor entities can be eradicated: Present Property and Present Liabilities -$13.6 million as ofSeptember 25, 2022 and$13.4 million as ofDecember 31, 2021 ; Non-Present Property -$2,062.7 million as ofSeptember 25, 2022 and$2,254.9 million as ofDecember 31, 2021 ; and Internet revenues -$18.9 million as ofSeptember 25, 2022 and$126.6 million as ofDecember 31, 2021 . Mixed quantities for all guarantors of the 2024 senior notes for all different line objects inside the desk can be computed by including the quantities within the Millennium and Guarantor Subsidiaries columns.
Ahead Wanting Statements
Among the statements contained on this report (together with the "Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations" part) that aren't historic in nature are forward-looking statements inside the which means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Alternate Act of 1934, together with statements as to our expectations, beliefs, objectives and methods relating to the long run. These forward-looking statements could contain dangers and uncertainties which are tough to foretell, could also be past our management and will trigger precise outcomes to vary materially from these described in such statements. Though we consider that the expectations mirrored in such forward-looking statements are cheap, we are able to give no assurance that such expectations will show to be appropriate or that our progress methods will obtain the focused outcomes. Essential elements, together with the impacts of the COVID-19 pandemic, basic financial situations, opposed climate situations, competitors for shopper leisure time and spending, unanticipated building delays, modifications in our capital funding plans and initiatives and different elements we focus on every so often in our studies filed with theSecurities and Alternate Fee (the "SEC") might adversely have an effect on our future monetary efficiency and our progress methods and will trigger precise outcomes to vary materially from our expectations or in any other case to fluctuate or lower. Further info on danger elements which will have an effect on our enterprise and monetary outcomes might be present in our Annual Report on Kind 10-Ok and within the filings we make every so often with theSEC , together with this Kind 10-Q. We don't undertake any obligation to publicly replace or revise any forward-looking statements to replicate future occasions, info or circumstances that come up after the submitting date of this doc. 28
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