Six Flags Entertainment Corporation (FUN) Earnings Call Transcript & Summary

Good afternoon, everybody. My name is Richard Zimmerman, Cedar Fair's President and Chief Executive Officer and a member of the Board of Directors. On behalf of your Board, I welcome you to this Annual Meeting of Limited Partners of Cedar Fair, L.P. Out of an abundance of caution related to the COVID-19 pandemic, our meeting is being held again this year as a virtual unitholders' meeting. We are happy that you can join us today. Our directors are with us virtually as well. They are Louis Carr, Gina France, Scott Olivet, Matt Ouimet, Carlos Ruisanchez and myself, Richard Zimmerman; and our director nominees, our Chairman, Dan Hanrahan, Lauri Shanahan and Debra Smithart-Oglesby. We are joined today by members of Cedar Fair's senior management team as well as Michael Russell, Corporate Director of Investor Relations, to whom you may direct any follow-up questions after this meeting. To ensure an orderly meeting today, we will conduct the formal business portion of our meeting first, then answer any questions regarding your investment in Cedar Fair at the end of the call. The Q&A window closes when we adjourn the meeting's business portion, so please enter your questions now through the online meeting platform. While we may not get to be able to answer every question in the queue, we will do our best to answer as many questions as possible before the call's conclusion. We are also joined today by Deloitte & Touche, our independent auditors, and our Inspector of Election, Cedar Fair's Executive Vice President, General Counsel and Corporate Secretary, Duff Milkie. Mr. Milkie has taken the oath of inspector of Election earlier today. And now to the formal portion of today's meeting. I would like to call the meeting to order. Several matters are required to be covered at this meeting, so I will be reading from a script from time to time. The script is designed to make certain that all matters are appropriately covered and to expedite the formal portion of our meeting. The formal business of this meeting will include the consideration of 3 proposals. The proposals to be voted on at this meeting are discussed in the proxy statement that was mailed to unitholders. Notice of meeting. Will the inspector please present to the meeting the affidavit regarding notice of this meeting?

Yes. I present the affidavit of Broadridge Financial Solutions showing that the mailing of the notice of this annual meeting of unitholders was completed on April 7, 2021, to each unitholder of record as of March 26, 2021, the record date for this annual meeting.

As established by the Board of Directors and as stated in the notice of this meeting, only unitholders of record as of the close of business on March 26, 2021, may vote at this meeting. A list of the unitholders as of the record date will be available for inspection by any unitholder at this meeting. The affidavit of Broadridge Financial and a list of unitholders have been filed with the official records of the company and will also be included with the record of this annual meeting. Based on information from Morrow Sodali, the company's proxy solicitor, we believe a quorum under the requirements of this company's limited partnership agreement is present. Due to notice having been sent to all unitholders and a quorum being present, this annual meeting is duly convened. The first order of business today is to consider and vote on the nomination of Dan Hanrahan, Lauri Shanahan and Debra Smithart-Oglesby to serve as Class II directors of the general partner for a 3-year term expiring in 2024 and until their successors are duly elected and qualified. Your Board of Directors recommends a vote for Dan Hanrahan, Lauri Shanahan and Debra Smithart-Oglesby for election as Class II directors at the annual meeting. The second order of business is to confirm the appointment of Deloitte & Touche LLP as our independent registered public accounting firm to audit our consolidated financial statements for 2021. Your Board of Directors recommends a vote for Proposal 2 to confirm the Audit Committee's appointment of Deloitte & Touche as our independent registered public accounting firm for 2021. The third order of business is to hold an advisory vote on the approval of the compensation of our named executive officers. Your Board of Directors recommends a vote for Proposal 3 to approve the compensation of our named executive officers, as described in the company's proxy statement. These matters will now be put to a vote. I hereby declare that the polls for the matters to be voted upon at this meeting are now open. Any unitholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Unitholders who have sent in proxies or voted via telephone or Internet and do not want to change their vote do not need to take any further action. We will pause now for the votes to be cast. [Voting]

Since all those desiring to vote or submit a proxy card have done so, I hereby declare that the polls for the matters to be voted upon at this annual meeting are now closed. The inspector will tabulate the votes and results will be available shortly. The tabulation of the votes has now been completed, and the inspector has provided me with the results of the 3 proposals. On Proposal 1, the following individuals received favorable votes of a plurality of the units present entitled to vote on Proposal 1: Dan Hanrahan, Lauri Shanahan and Debra Smithart-Oglesby. On Proposal 2, to confirm the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for Cedar Fair for 2021, has received favorable votes for more than 50% of the units present and entitled to vote on Proposal 2. On Proposal 3, an advisory vote to approve the compensation of our named executive officers, received favorable votes on -- for more than 50% of the units present and entitled to vote on Proposal 3. Based on these results, I hereby declare Dan Hanrahan, Lauri Shanahan and Debra Smithart-Oglesby to be duly elected directors of Cedar Fair Management, Inc. I confirm the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for 2021. Finally, the advisory votes on executive compensation will be taken under consideration by the Compensation Committee and the Board of Directors. The certificate of the inspector with the final tabulation will be filed with the proxies and ballots with the corporate records, and we will be reporting the final vote results in a Form 8-K. That concludes the formal portion of the meeting. Therefore, I declare the meeting is now adjourned. Now we have a few minutes for unitholder questions. We will take questions submitted via the online web portal, but only questions that are germane to the meeting or Cedar Fair's business will be addressed. We will pause for a moment so our Corporate Director of Investor Relations can retrieve any questions from the queue. Michael, are there any questions?

Richard, there are no questions today.

With no more questions and with no questions in the queue, then I want to thank you for joining us today and wish you a pleasant day. Everyone may now disconnect.