United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2024 Results
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 , a decrease of$2.3 million or 0.4% from the third quarter of 2023. - Net income was
$119.7 million , a decrease of$3.9 million or 3.1% from the third quarter of 2023. - Adjusted EBITDA[1] was
$258.4 million , a decrease of$8.0 million or 3.0% from the third quarter of 2023. - Total revenue per capita[2] increased 1.0% to
$77 .66 from the third quarter of 2023. Admission per capita[2] increased 0.5% to$42.24 while in-park per capita spending[2] increased 1.6% to a record$35.42 from the third quarter of 2023.
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 , an increase of$3.3 million or 0.2% from the first nine months of 2023. - Net income was
$199.6 million , an increase of$5.5 million or 2.8% from the first nine months of 2023. - Adjusted EBITDA[1] was
$555.7 million , a decrease of$7.3 million or 1.3% from the first nine months of 2023. - Total revenue per capita[2] increased 0.1% to
$80.46 from the first nine months of 2023. Admission per capita decreased 1.0% to$43.61 , while in-park per capita spending increased 1.5% to a record$36.85 from the first nine months of 2023.
Other Highlights
- During the third quarter, we increased our revolving credit facility from
$390 million to$700 million and, amongst other changes, lowered the cost of funds by 50 basis points. - During the third quarter, the Company repurchased 4.1 million shares for an aggregate total of approximately
$211.7 million , leaving approximately$74.9 million remaining under the Share Repurchase Program as ofSeptember 30, 2024 . Subsequent toSeptember 30, 2024 throughNovember 6, 2024 , the Company has repurchased an additional approximately 0.8 million shares for an aggregate total of approximately$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
"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 8% of our total outstanding shares, since the end of June through
"Last week, we wrapped up another busy
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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 |
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|
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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 10% to date. Our results year to date continue to demonstrate the strength and resiliency of our business model and the increased demand for our parks and our unique and differentiated offerings. While we are encouraged by the pay offs we are seeing from our investments and initiatives across our enterprise, we know we have a lot more work to do. As we wrap up planning for our 2025 season and beyond, we are confident in our ability to take advantage of the clear and significant opportunities we have to improve our operations, grow our footprint, further monetize our highly valuable assets and brands and deliver meaningful increases in revenue, profitability and shareholder value," concluded Swanson.
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 |
|
|
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 |
% |
|
|
|
$ |
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 |
|
|
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) |
% |
|
|
|
$ |
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,
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
Copies of this and other news releases as well as additional information about
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:
Investor Relations
888-410-1812
Investors@unitedparks.com
Media:
Nicole.Bott@unitedparks.com
|
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 |
|
|
|
|
|
|
|
||||
|
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) |
|
|
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) |
|
|
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) |
% |
|
|
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) |
% |
|
|
|
$ |
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 |
|
|
|
(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 |
|
|
|
(g) For the nine and twelve months ended |
|
|
|
(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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