United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2024 Results
United Parks & Resorts Inc. (NYSE: PRKS) reported Q3 2024 financial results with attendance of 7.0 million guests, down 1.4% from Q3 2023. Total revenue was $545.9 million, decreasing 0.4%, while net income fell 3.1% to $119.7 million. The company achieved record in-park per capita spending of $35.42, up 1.6%. Results were impacted by hurricanes Debby and Helene. For the first nine months of 2024, total revenue reached a record $1,340.9 million, up 0.2%, with net income increasing 2.8% to $199.6 million. The company repurchased 4.1 million shares for $211.7 million in Q3 and increased its revolving credit facility from $390 million to $700 million.
United Parks & Resorts Inc. (NYSE: PRKS) ha riportato i risultati finanziari del terzo trimestre 2024 con un'affluenza di 7,0 milioni di visitatori, in calo dell'1,4% rispetto al terzo trimestre 2023. Il fatturato totale è stato di 545,9 milioni di dollari, con una diminuzione dello 0,4%, mentre l'utile netto è sceso del 3,1% a 119,7 milioni di dollari. L'azienda ha raggiunto un record nella spesa pro capite all'interno del parco di 35,42 dollari, in aumento dell'1,6%. I risultati sono stati influenzati dagli uragani Debby e Helene. Nei primi nove mesi del 2024, il fatturato totale ha raggiunto un record di 1.340,9 milioni di dollari, con un aumento dello 0,2%, mentre l'utile netto è aumentato del 2,8% a 199,6 milioni di dollari. L'azienda ha riacquistato 4,1 milioni di azioni per 211,7 milioni di dollari nel terzo trimestre e ha aumentato la sua linea di credito revolving da 390 milioni a 700 milioni di dollari.
United Parks & Resorts Inc. (NYSE: PRKS) reportó los resultados financieros del tercer trimestre de 2024 con una asistencia de 7.0 millones de visitantes, una disminución del 1.4% en comparación con el tercer trimestre de 2023. Los ingresos totales fueron de 545.9 millones de dólares, con una caída del 0.4%, mientras que la ganancia neta cayó un 3.1% a 119.7 millones de dólares. La compañía alcanzó un récord en el gasto per cápita en el parque de 35.42 dólares, un aumento del 1.6%. Los resultados fueron afectados por los huracanes Debby y Helene. En los primeros nueve meses de 2024, los ingresos totales alcanzaron un récord de 1,340.9 millones de dólares, un aumento del 0.2%, con la ganancia neta aumentando un 2.8% a 199.6 millones de dólares. La compañía recompró 4.1 millones de acciones por 211.7 millones de dólares en el tercer trimestre y aumentó su línea de crédito rotativo de 390 millones a 700 millones de dólares.
United Parks & Resorts Inc. (NYSE: PRKS)는 2024년 3분기 재무 결과를 발표하며 700만 명의 방문객이 있었고, 이는 2023년 3분기 대비 1.4% 감소한 수치입니다. 총 수익은 5억 4590만 달러로 0.4% 감소했으며, 순이익은 3.1% 감소하여 1억 1970만 달러를 기록했습니다. 회사는 공원 내 1인당 소비에서 35.42달러라는 기록을 세우며 1.6% 증가했습니다. 결과는 허리케인 데비(Debby)와 헬렌(Helene)의 영향을 받았습니다. 2024년 첫 9개월 동안 총 수익은 13억 4090만 달러로 기록을 세우며 0.2% 증가했으며, 순이익은 2.8% 증가하여 1억 9960만 달러에 도달했습니다. 회사는 2024년 3분기에 2117만 달러에 410만 주의 자사주 매입을 완료하며, 회전 신용 한도를 3억 9000만 달러에서 7억 달러로 증가시켰습니다.
United Parks & Resorts Inc. (NYSE: PRKS) a annoncé les résultats financiers du troisième trimestre 2024 avec une fréquentation de 7,0 millions de visiteurs, en baisse de 1,4% par rapport au troisième trimestre 2023. Le chiffre d'affaires total s'est établi à 545,9 millions de dollars, enregistrant une diminution de 0,4%, tandis que le résultat net a chuté de 3,1% pour atteindre 119,7 millions de dollars. La société a atteint un chiffre record de dépenses par personne dans le parc de 35,42 dollars, en hausse de 1,6%. Les résultats ont été affectés par les ouragans Debby et Helene. Pour les neuf premiers mois de 2024, le chiffre d'affaires total a atteint un record de 1,340.9 millions de dollars, en hausse de 0,2%, tandis que le résultat net a augmenté de 2,8% pour atteindre 199,6 millions de dollars. L'entreprise a racheté 4,1 millions d'actions pour 211,7 millions de dollars au troisième trimestre et a augmenté sa ligne de crédit renouvelable de 390 millions à 700 millions de dollars.
United Parks & Resorts Inc. (NYSE: PRKS) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 mit einer Besucherzahl von 7,0 Millionen Gästen, was einem Rückgang von 1,4% im Vergleich zum 3. Quartal 2023 entspricht. Der Gesamtumsatz betrug 545,9 Millionen Dollar und sank um 0,4%, während der Nettogewinn um 3,1% auf 119,7 Millionen Dollar fiel. Das Unternehmen erreichte einen Rekord im Pro-Kopf-Ausgaben im Park von 35,42 Dollar, was einem Anstieg von 1,6% entspricht. Die Ergebnisse wurden durch die Hurrikane Debby und Helene beeinträchtigt. In den ersten neun Monaten des Jahres 2024 erzielte der Gesamtumsatz einen Rekord von 1.340,9 Millionen Dollar, was einem Anstieg von 0,2% entspricht, während der Nettogewinn um 2,8% auf 199,6 Millionen Dollar stieg. Das Unternehmen kaufte im 3. Quartal 4,1 Millionen Aktien für 211,7 Millionen Dollar zurück und erhöhte seine revolvierende Kreditlinie von 390 Millionen auf 700 Millionen Dollar.
- Record in-park per capita spending of $35.42, up 1.6% in Q3
- Record revenue of $1,340.9 million for first nine months, up 0.2%
- Net income increased 2.8% to $199.6 million in first nine months
- Revolving credit facility increased from $390M to $700M with 50bps lower cost
- Strong share repurchase program with 4.9M shares bought since June
- Q3 attendance decreased 1.4% to 7.0 million guests
- Q3 revenue declined 0.4% to $545.9 million
- Q3 net income fell 3.1% to $119.7 million
- Adjusted EBITDA decreased 3.0% to $258.4 million in Q3
- Hurricane impacts caused 14 operating day closures in Florida market
Insights
Q3 2024 shows mixed results with slight declines in key metrics. Total revenue decreased by
Notable bright spots include record in-park per capita spending of
Balance sheet improvements include expanding the revolving credit facility to
The theme park operator's resilience is evident in its ability to maintain revenue despite weather challenges. The increased total revenue per capita of
The new attraction lineup for 2025, including innovative rides and experiences across multiple parks, positions the company well for future growth. The expanded premium pass program's early success, with sales up
The net leverage ratio of 2.98x and available liquidity of
Third Quarter 2024 Highlights
- Attendance was 7.0 million guests, a decrease of approximately 0.1 million guests or
1.4% from the third quarter of 2023. - Total revenue was
$545.9 million $2.3 million 0.4% from the third quarter of 2023. - Net income was
$119.7 million $3.9 million 3.1% from the third quarter of 2023. - Adjusted EBITDA[1] was
$258.4 million $8.0 million 3.0% from the third quarter of 2023. - Total revenue per capita[2] increased
1.0% to$77 0.5% to$42.24 1.6% to a record$35.42
First Nine Months 2024 Highlights
- Attendance was 16.7 million guests, an increase of 20 thousand guests or
0.1% from the first nine months of 2023. - Total revenue was a record
$1,340.9 million $3.3 million 0.2% from the first nine months of 2023. - Net income was
$199.6 million $5.5 million 2.8% from the first nine months of 2023. - Adjusted EBITDA[1] was
$555.7 million $7.3 million 1.3% from the first nine months of 2023. - Total revenue per capita[2] increased
0.1% to$80.46 1.0% to$43.61 1.5% to a record$36.85
Other Highlights
- During the third quarter, we increased our revolving credit facility from
$390 million $700 million - During the third quarter, the Company repurchased 4.1 million shares for an aggregate total of approximately
$211.7 million $74.9 million $37.7 million - During the third quarter of 2024, the Company came to the aid of 132 animals in need in the wild. The total number of animals the Company has helped over its history is more than 41,000.
"We are pleased to report another quarter of solid financial results, said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "Third quarter results were impacted by both a negative calendar shift and meaningfully worse weather, including Hurricane Debby in August and Hurricane Helene in September. The combined impact of the calendar shift and the meaningfully worse weather was approximately 320,000 guests, adjusting for these impacts, attendance would have increased approximately
"During the quarter we strengthened our balance sheet and liquidity position by increasing the size of our revolving credit facility and decreasing its cost. We also continued to take advantage of our significant free cash flow generation and follow through on our commitment to return excess capital to shareholders by opportunistically and aggressively buying back our shares at extremely depressed and highly attractive prices – we repurchased approximately 4.9 million shares, or more than
"Last week, we wrapped up another busy Halloween season at our parks featuring our award-winning Halloween events. Excluding our
1 This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the |
2 This earnings release includes key performance metrics such as total revenue per capita, admissions per capita and in-park per capita spending. See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section for definitions and further details. |
"As we look out into 2025, we are extremely pleased with what we are seeing in our forward demand indicators – 2025 intended date ticket sales, group bookings and Discovery Cove bookings are all trending up double-digit percentages ahead of prior year. We also recently launched our new and improved premium pass program which features our best benefits ever and we have seen strong sales since launch – with sales up over
The Company has announced its line-up of new rides, attractions, events and upgrades for 2025. This line-up includes:
- An immersive flying experience taking guests on a breathtaking journey to the top of the world as this revolutionary attraction invites thrill-seekers and families alike to soar through the skies over the arctic and dive into the icy depths like never before at SeaWorld Orlando.
- Wild Oasis, an all-new realm featuring the sights and sounds of the rainforest, the rush of a newly reimagined drop tower featuring state-of-the-art digital and sound effects, an interactive water-play wonderland, a multi-level climbing canopy and an all-new, multi-species animal habitat for up-close encounters with some of the world's most fascinating animals at Busch Gardens Tampa Bay.
- Rescue Jr., an all-new kid friendly realm featuring animal rescue-themed rides, a water play area and so much more at SeaWorld San Antonio
- The Big Bad Wolf: The Wolf's Revenge,
North America's longest family inverted coaster delivering a highly immersive and thematic experience, where families are swept into a world of unparalleled excitement at Busch Gardens Williamsburg. - Jewels of the Sea: the Jellyfish Experience attraction offers an immersive and interactive view into the mysterious underwater world of glowing and graceful jellyfish at SeaWorld San Diego. Also, Journey to
Atlantis , SeaWorld San Diego's first coaster will be reinvented, paying tribute to the original beloved version while adding new elements to create a more exciting and immersive experience than ever before.
Third Quarter 2024 Results
In the third quarter of 2024, the Company hosted approximately 7.0 million guests, generated total revenues of
The decrease in total revenue of
Three Months Ended September 30, | Change | |||||||||||
2024 | 2023 | % | ||||||||||
(In millions, except per share and per capita amounts) | ||||||||||||
Total revenues | $ | 545.9 | $ | 548.2 | (0.4) | % | ||||||
Net income | $ | 119.7 | $ | 123.6 | (3.1) | % | ||||||
Earnings per share, diluted | $ | 2.08 | $ | 1.92 | 8.3 | % | ||||||
Adjusted EBITDA | $ | 258.4 | $ | 266.4 | (3.0) | % | ||||||
Net cash provided by operating activities | $ | 123.0 | $ | 163.6 | (24.8) | % | ||||||
Attendance | 7.0 | 7.1 | (1.4) | % | ||||||||
Total revenue per capita | $ | 77.66 | $ | 76.90 | 1.0 | % | ||||||
Admission per capita | $ | 42.24 | $ | 42.05 | 0.5 | % | ||||||
In-Park per capita spending | $ | 35.42 | $ | 34.85 | 1.6 | % | ||||||
First Nine Months 2024 Results
In the first nine months of 2024, the Company hosted approximately 16.7 million guests, generated total revenues of
The increase in total revenue of
Nine Months Ended September 30, | Change | |||||||||||
2024 | 2023 | % | ||||||||||
(In millions, except per share and per capita amounts) | ||||||||||||
Total revenues | $ | 1,340.9 | $ | 1,337.6 | 0.2 | % | ||||||
Net income | $ | 199.6 | $ | 194.1 | 2.8 | % | ||||||
Earnings per share, diluted | $ | 3.24 | $ | 3.01 | 7.6 | % | ||||||
Adjusted EBITDA | $ | 555.7 | $ | 563.1 | (1.3) | % | ||||||
Net cash provided by operating activities | $ | 367.7 | $ | 398.5 | (7.7) | % | ||||||
Attendance | 16.7 | 16.6 | 0.1 | % | ||||||||
Total revenue per capita | $ | 80.46 | $ | 80.36 | 0.1 | % | ||||||
Admission per capita | $ | 43.61 | $ | 44.07 | (1.0) | % | ||||||
In-Park per capita spending | $ | 36.85 | $ | 36.29 | 1.5 | % | ||||||
Balance Sheet
During the third quarter, the Company increased the size of its revolving credit facility from
Share Repurchases
During the third quarter, the Company repurchased 4.1 million shares for an aggregate total of approximately
Rescue Efforts
In the third quarter of 2024, the Company came to the aid of 132 animals in need in the wild. The total number of animals the Company has helped over its history is more than 41,000.
The Company is one of the largest marine animal rescue organizations in the world. Working in partnership with state, local and federal agencies, the Company's rescue teams are on call 24 hours a day, seven days a week, 365 days a year. Consistent with its mission to protect animals and their ecosystems, rescue teams mobilize and often travel hundreds of miles to help ill, injured, orphaned or abandoned wild animals in need of the Company's expert care, with the goal of returning them to their natural habitat.
Conference Call
The Company will hold a conference call today, Thursday, November 7, 2024, at 9 a.m. Eastern Time to discuss its third quarter and first nine months of fiscal 2024 financial results. The conference call will be broadcast live on the Internet and the release and conference call can be accessed via the Company's website at www.UnitedParksInvestors.com. For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on November 7, 2024, under the "Events & Presentations" tab of www.UnitedParksInvestors.com. A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on November 7, 2024, through 11:59 p.m. Eastern Time on November 14, 2024, by dialing (877) 344-7529 from anywhere in the
Statement Regarding Non-GAAP Financial Measures
This earnings release and accompanying financial statement tables include several non-GAAP financial measures, including Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow are not recognized terms under GAAP, should not be considered in isolation or as a substitute for a measure of financial performance or liquidity prepared in accordance with GAAP and are not indicative of net income or loss or net cash provided by operating activities as determined under GAAP.
Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation.
Management believes the presentation of Adjusted EBITDA is appropriate as it eliminates the effect of certain non-cash and other items not necessarily indicative of the Company's underlying operating performance. Management uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA-related measures in the Company's industry, along with other measures, to estimate the value of a company, to make informed investment decisions and to evaluate companies in the industry.
Management believes the presentation of Covenant Adjusted EBITDA for the last twelve months is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain financial covenants in the Company's credit agreement governing its Senior Secured Credit Facilities and the indentures governing its Senior Notes and First-Priority Senior Secured Notes (collectively, the "Debt Agreements"). Covenant Adjusted EBITDA is a material component of these covenants.
Management believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a liquidity measure. The Company uses Free Cash Flow to evaluate its ability to generate cash flow from business operations. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures, as it excludes certain expenditures such as mandatory debt service requirements, which are significant. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP. Free Cash Flow as defined above may differ from similarly titled measures presented by other companies.
This earnings release includes several key performance metrics including total revenue per capita (defined as total revenue divided by attendance), admission per capita (defined as admissions revenue divided by attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by attendance). These performance metrics are used by management to assess the operating performance of its parks on a per attendee basis and to make strategic operating decisions. Management believes the presentation of these performance metrics is useful and relevant for investors as it provides investors the ability to review financial performance in the same manner as management and provides investors with a consistent methodology to analyze revenue between periods on a per attendee basis. In addition, investors, lenders, financial analysts and rating agencies have historically used similar per-capita related performance metrics to evaluate companies in the industry.
About United Parks & Resorts Inc.
United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company that owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country
Copies of this and other news releases as well as additional information about United Parks & Resorts Inc. can be obtained online at www.unitedparks.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website.
Forward-Looking Statements
In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond the Company's control adversely affecting attendance and guest spending at the Company's theme parks, including, but not limited to, weather, natural disasters, labor shortages, inflationary pressures, supply chain delays or shortages, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, adverse general economic related factors including increasing interest rates, economic uncertainty, and recent geopolitical events outside of
CONTACT:
Investor Relations:
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Investor Relations
888-410-1812
Investors@unitedparks.com
Media:
Nicole Bott
United Parks & Resorts Inc.
Nicole.Bott@unitedparks.com
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
For the Three Months | Change | For the Nine Months | Change | |||||||||||||||||||||||||||||
2024 | 2023 | $ | % | 2024 | 2023 | $ | % | |||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Admissions | $ | 296,954 | $ | 299,785 | $ | (2,831) | (0.9) | % | $ | 726,766 | $ | 733,542 | $ | (6,776) | (0.9) | % | ||||||||||||||||
Food, merchandise and other | 248,947 | 248,462 | 485 | 0.2 | % | 614,151 | 604,080 | 10,071 | 1.7 | % | ||||||||||||||||||||||
Total revenues | 545,901 | 548,247 | (2,346) | (0.4) | % | 1,340,917 | 1,337,622 | 3,295 | 0.2 | % | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of food, merchandise and other revenues | 40,629 | 40,431 | 198 | 0.5 | % | 102,321 | 101,862 | 459 | 0.5 | % | ||||||||||||||||||||||
Operating expenses (exclusive of depreciation and | 207,336 | 205,808 | 1,528 | 0.7 | % | 562,418 | 574,210 | (11,792) | (2.1) | % | ||||||||||||||||||||||
Selling, general and administrative expenses | 55,361 | 59,705 | (4,344) | (7.3) | % | 167,026 | 176,152 | (9,126) | (5.2) | % | ||||||||||||||||||||||
Severance and other separation costs (a) | (12) | (139) | 127 | 91.4 | % | 577 | 521 | 56 | 10.7 | % | ||||||||||||||||||||||
Depreciation and amortization | 41,577 | 39,171 | 2,406 | 6.1 | % | 121,040 | 114,396 | 6,644 | 5.8 | % | ||||||||||||||||||||||
Total costs and expenses | 344,891 | 344,976 | (85) | (0.0) | % | 953,382 | 967,141 | (13,759) | (1.4) | % | ||||||||||||||||||||||
Operating income | 201,010 | 203,271 | (2,261) | (1.1) | % | 387,535 | 370,481 | 17,054 | 4.6 | % | ||||||||||||||||||||||
Other expense (income), net | 54 | (21) | 75 | NM | 87 | 20 | 67 | NM | ||||||||||||||||||||||||
Interest expense | 39,682 | 37,052 | 2,630 | 7.1 | % | 117,845 | 110,407 | 7,438 | 6.7 | % | ||||||||||||||||||||||
Loss on early extinguishment of debt and write-off of | — | — | — | NM | 2,452 | — | 2,452 | NM | ||||||||||||||||||||||||
Income before income taxes | 161,274 | 166,240 | (4,966) | (3.0) | % | 267,151 | 260,054 | 7,097 | 2.7 | % | ||||||||||||||||||||||
Provision for income taxes | 41,597 | 42,685 | (1,088) | (2.5) | % | 67,551 | 65,911 | 1,640 | 2.5 | % | ||||||||||||||||||||||
Net income | $ | 119,677 | $ | 123,555 | $ | (3,878) | (3.1) | % | $ | 199,600 | $ | 194,143 | $ | 5,457 | 2.8 | % | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Earnings per share, basic | $ | 2.09 | $ | 1.93 | $ | 3.27 | $ | 3.04 | ||||||||||||||||||||||||
Earnings per share, diluted | $ | 2.08 | $ | 1.92 | $ | 3.24 | $ | 3.01 | ||||||||||||||||||||||||
Weighted average common shares | ||||||||||||||||||||||||||||||||
Basic | 57,292 | 63,954 | 61,052 | 63,955 | ||||||||||||||||||||||||||||
Diluted (c) | 57,663 | 64,319 | 61,532 | 64,425 | ||||||||||||||||||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands) | ||||||||||||||||||||||||||||
For the Three Months | Change | For the Nine Months | Change | Last Twelve | ||||||||||||||||||||||||
2024 | 2023 | # | 2024 | 2023 | # | 2024 | ||||||||||||||||||||||
Net income | $ | 119,677 | $ | 123,555 | $ | (3,878) | $ | 199,600 | $ | 194,143 | $ | 5,457 | $ | 239,653 | ||||||||||||||
Provision for income taxes | 41,597 | 42,685 | (1,088) | 67,551 | 65,911 | 1,640 | 80,551 | |||||||||||||||||||||
Interest expense | 39,682 | 37,052 | 2,630 | 117,845 | 110,407 | 7,438 | 154,104 | |||||||||||||||||||||
Loss on early extinguishment of debt and write-off of | — | — | — | 2,452 | — | 2,452 | 2,452 | |||||||||||||||||||||
Depreciation and amortization | 41,577 | 39,171 | 2,406 | 121,040 | 114,396 | 6,644 | 160,852 | |||||||||||||||||||||
Equity-based compensation expense (d) | 3,208 | 4,644 | (1,436) | 10,478 | 13,715 | (3,237) | 14,724 | |||||||||||||||||||||
Loss on impairment or disposal of assets and certain non- | 4,850 | 8,723 | (3,873) | 12,733 | 22,985 | (10,252) | 21,384 | |||||||||||||||||||||
Business optimization, development and strategic | 5,655 | 6,662 | (1,007) | 13,309 | 28,191 | (14,882) | 19,021 | |||||||||||||||||||||
Certain investment costs and other taxes (g) | (564) | 1,147 | (1,711) | 3,575 | 1,309 | 2,266 | 3,977 | |||||||||||||||||||||
COVID-19 related incremental costs (h) | 662 | 1,092 | (430) | 2,523 | 8,760 | (6,237) | 2,839 | |||||||||||||||||||||
Other adjusting items (i) | 2,069 | 1,666 | 403 | 4,614 | 3,239 | 1,375 | 6,598 | |||||||||||||||||||||
Adjusted EBITDA (j) | $ | 258,413 | $ | 266,397 | $ | (7,984) | $ | 555,720 | $ | 563,056 | $ | (7,336) | $ | 706,155 | ||||||||||||||
Items added back to Covenant Adjusted EBITDA as | ||||||||||||||||||||||||||||
Estimated cost savings (k) | 20,700 | |||||||||||||||||||||||||||
Other adjustments as defined in the Debt Agreements (l) | 7,864 | |||||||||||||||||||||||||||
Covenant Adjusted EBITDA (m) | $ | 734,719 | ||||||||||||||||||||||||||
For the Three Months | Change | For the Nine Months | Change | |||||||||||||||||||||
2024 | 2023 | # | 2024 | 2023 | # | |||||||||||||||||||
Net cash provided by operating activities | $ | 122,998 | $ | 163,556 | $ | (40,558) | $ | 367,671 | $ | 398,457 | $ | (30,786) | ||||||||||||
Capital expenditures | 55,393 | 88,631 | (33,238) | 222,207 | 234,218 | (12,011) | ||||||||||||||||||
Free Cash Flow (n) | $ | 67,605 | $ | 74,925 | $ | (7,320) | $ | 145,464 | $ | 164,239 | $ | (18,775) | ||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED BALANCE SHEET DATA (In thousands) | ||||||||
As of September | As of December | |||||||
Cash and cash equivalents | $ | 76,835 | $ | 246,922 | ||||
Total assets | $ | 2,579,639 | $ | 2,625,046 | ||||
Deferred revenue | $ | 155,724 | $ | 155,614 | ||||
Long-term debt, including current maturities: | ||||||||
Term B-2 Loans | $ | 1,542,298 | $ | — | ||||
Term B Loans | — | 1,173,000 | ||||||
Senior Notes | 725,000 | 725,000 | ||||||
First-Priority Senior Secured Notes | — | 227,500 | ||||||
Total long-term debt, including current maturities | $ | 2,267,298 | $ | 2,125,500 | ||||
Total stockholders' deficit | $ | (455,858) | $ | (208,216) | ||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED CAPITAL EXPENDITURES DATA (In thousands) | |||||||||||||||||
For the Nine Months Ended | Change | ||||||||||||||||
2024 | 2023 | $ | % | ||||||||||||||
Capital Expenditures: | |||||||||||||||||
Core (o) | $ | 155,384 | $ | 179,776 | $ | (24,392) | (13.6) | % | |||||||||
Expansion/ROI projects (p) | 66,823 | 54,442 | 12,381 | 22.7 | % | ||||||||||||
Capital expenditures, total | $ | 222,207 | $ | 234,218 | $ | (12,011) | (5.1) | % | |||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED OTHER DATA (In thousands, except per capita amounts) | ||||||||||||||||||||||||||||||||
For the Three Months | Change | For the Nine Months | Change | |||||||||||||||||||||||||||||
2024 | 2023 | # | % | 2024 | 2023 | # | % | |||||||||||||||||||||||||
Attendance | 7,029 | 7,129 | (100) | (1.4) | % | 16,666 | 16,646 | 20 | 0.1 | % | ||||||||||||||||||||||
Total revenue per capita (q) | $ | 77.66 | $ | 76.90 | $ | 0.76 | 1.0 | % | $ | 80.46 | $ | 80.36 | $ | 0.10 | 0.1 | % | ||||||||||||||||
Admission per capita (r) | $ | 42.24 | $ | 42.05 | $ | 0.19 | 0.5 | % | $ | 43.61 | $ | 44.07 | $ | (0.46) | (1.0) | % | ||||||||||||||||
In-Park per capita spending (s) | $ | 35.42 | $ | 34.85 | $ | 0.57 | 1.6 | % | $ | 36.85 | $ | 36.29 | $ | 0.56 | 1.5 | % | ||||||||||||||||
NM-Not meaningful. |
(a) Reflects restructuring and other separation costs and/or adjustments. |
(b) Reflects a loss on early extinguishment of debt and write-off of debt issuance costs and discounts associated with the refinancing transactions. |
(c) During the three and nine months ended September 30, 2024, there were approximately 482,000 and 503,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and nine months ended September 30, 2023, there were approximately 491,000 and 424,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. |
(d) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. |
(e) Reflects primarily non-cash self-insurance reserve adjustments of: (i) approximately |
(f) For the three, nine, and twelve months ended September 30, 2024, reflects business optimization, development and other strategic initiative costs primarily related to: (i) |
(g) For the nine and twelve months ended September 30, 2024, primarily relates to expenses associated with a stockholders' agreement amendment proposal and a share repurchase proposal. |
(h) Primarily reflects costs associated with nonrecurring contractual liabilities and certain legal matters related to the previously disclosed temporary COVID-19 park closures. |
(i) Reflects the impact of expenses, net of insurance recoveries and adjustments, incurred primarily related to certain matters, which the Company is permitted to exclude under the credit agreement governing the Company's Senior Secured Credit Facilities due to the unusual nature of the items. |
(j)Adjusted EBITDA is defined as net income (loss) before income tax expense, interest expense, depreciation and amortization, as further adjusted to exclude certain non-cash, and other items as described above. |
(k) The Company's Debt Agreements permit the calculation of certain covenants to be based on Covenant Adjusted EBITDA, as defined above, for the last twelve month period further adjusted for net annualized estimated savings the Company expects to realize over the following 24 month period related to certain specified actions, including restructurings and cost savings initiatives. These estimated savings are calculated net of the amount of actual benefits realized during such period. These estimated savings are a non-GAAP Adjusted EBITDA add-back item only as defined in the Debt Agreements and does not impact the Company's reported GAAP net income (loss). |
(l) The Debt Agreements permit the Company's calculation of certain covenants to be based on Covenant Adjusted EBITDA as defined above, for the last twelve-month period further adjusted for certain costs as permitted by the Debt Agreements including recruiting and retention expenses, public company compliance costs and litigation and arbitration costs, if any. |
(m) Covenant Adjusted EBITDA is defined in the Debt Agreements as Adjusted EBITDA for the last twelve-month period further adjusted for net annualized estimated savings among other adjustments as described in footnote (k) and (l) above. |
(n) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. |
(o) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. |
(p) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment ("ROI") projects. |
(q) Calculated as total revenues divided by attendance. |
(r) Calculated as admissions revenue divided by attendance. |
(s) Calculated as food, merchandise and other revenue divided by attendance. |
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SOURCE United Parks and Resorts Inc.
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