United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2024 Results
Fourth Quarter 2024 Highlights
- Attendance was 4.9 million guests, a decrease of approximately 79,000 guests from the fourth quarter of 2023.
- Total revenue was
$384.4 million , a decrease of$4.6 million or 1.2% from the fourth quarter of 2023. - Net income was
$27.9 million , a decrease of$12.2 million from the fourth quarter of 2023. - Adjusted EBITDA[1] was
$144.5 million a decrease of$6.0 million from the fourth quarter of 2023. - Total revenue per capita[2] increased 0.4% to
$78.75 from the fourth quarter of 2023. Admission per capita[2] decreased 1.9% to$43.61 while in-park per capita spending[2] increased 3.5% to a record$35.14 from the fourth quarter of 2023.
Fiscal 2024 Highlights
- Attendance was 21.5 million guests, a decrease of approximately 59,000 guests or 0.3% from fiscal 2023.
- Total revenue was
$1,725.3 million , a decrease of$1.3 million or 0.1% from fiscal 2023. - Net income was
$227.5 million , a decrease of$6.7 million or 2.9% from fiscal 2023. - Adjusted EBITDA was
$700.2 million , a decrease of$13.3 million or 1.9% from fiscal 2023. - Total revenue per capita increased 0.2% to a record
$80.07 from fiscal 2023. Admission per capita decreased 1.2% to a$43.61 while in-park per capita spending increased 2.0% to a record$36.46 from fiscal 2023.
Other Highlights
- In
December 2024 , the Company refinanced its Term Loans which resulted in approximately$8 million in annual interest savings and extended debt maturities. - During fiscal 2024, the Company has repurchased 9.4 million shares of common stock (or approximately 15% of total shares outstanding)[3] at a total cost of approximately
$482.9 million .[4] - During fiscal 2024, the Company came to the aid of over 600 animals in need in the wild. The total number of animals the Company has helped over its history is more than 41,000.[5]
"We are pleased to report another quarter and fiscal year of strong financial results," said
We've had a pretty bad run of unusually poor weather over the last couple of years. Fourth quarter and fiscal year results were impacted by meaningfully worse weather, including Hurricanes Debby in August, Helene in September and Milton in October. We estimate that the combined impact of the meaningfully worse weather was approximately 167,000 guests in the fourth quarter and 432,000 guests for the fiscal year. Adjusting for these impacts, we estimate that fourth quarter attendance would have increased approximately 2% compared to the prior year quarter and full year 2024 attendance would have increased approximately 2% compared to 2023.
We repurchased 9.4 million shares or approximately 15% of our total shares outstanding last year underscoring our history of returning excess cash to our shareholders, our strong belief in the highly compelling value of our shares and our strong cash flow generation."
"We are very excited about the clear opportunity we have to drive meaningfully more attendance to our parks, grow total per capita spending, manage and reduce costs and realize significant additional value from our strategic growth initiatives. We have high confidence in our ability to continue to deliver operational and financial improvements that will lead to meaningful increases in shareholder value," continued Swanson.
|
[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. |
|
[3] As of |
|
[4] The Company repurchased approximately 0.8 million shares of common stock at a total cost of approximately |
|
[5] In the fourth quarter of 2024, the Company came to the aid of over 100 animals in need in the wild. |
"We are excited about our plans for 2025, including the meaningful investments we have made across our parks and business and an incredible line-up of new, one-of-a kind rides and attractions, popular events, improved in park venues and offerings across our parks. We are pleased with our overall 2025 booking trends and are particularly happy to see our 2025 international sales growth up mid-single digits and our 2025 group bookings growth up double digits. Assuming no worse weather than we experienced in 2024, we expect meaningful growth and new records in revenue and Adjusted EBITDA in 2025. I want to thank our ambassadors for all their hard work and dedication as we start 2025," concluded Swanson.
In 2024, the Company received numerous industry accolades including SeaWorld Orlando being voted as #3 Nation's Best Amusement Park by
For 2025, the Company has an outstanding line-up of new rides and attractions, popular events and new and improved in park venues and offerings across its parks. The Company's new rides and attractions include the following:
- SeaWorld Orlando: A revolutionary, immersive family-friendly attraction that takes guests on a breathtaking journey to the top of the world and beneath the sea.
-
Jewels of the Sea (SeaWorld San Diego): A captivating aquarium featuring multiple galleries, including one of the largest jelly cylinders in the country, as well as a multi-media experience. 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. - Rescue Jr. (SeaWorld San Antonio): An all-new kid friendly realm featuring animal rescue-themed rides and a water play area.
-
Wild Oasis (
Busch Gardens Tampa Bay ): An all-new realm featuring the sights and sounds of the rainforest, a newly reimagined drop tower featuring 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. -
The Big Bad Wolf: The Wolf's Revenge (Busch Gardens Williamsburg): The longest family inverted coaster in
North America will take riders through over 2,500 feet of track at speeds up to 40 miles per hour. -
Sesame Place's 45th Birthday Celebration (Sesame Place Philadelphia): This birthday celebration will kick off in Spring 2025, featuring furry birthday fun all spring and summer long. Fan-favorite entertainment across the park will be transformed with birthday-themed twists, including the return of the spectacular, fan-favorite Sesame Street Birthday Parade. -
High Tide Harbor (Water Country USA ): An all-new multi-level water play structure designed for families to explore together. This exciting area features over 100 interactive water elements, including cannons, sprayers, and tipping fountains, ensuring endless fun for kids of all ages. With vibrant and dynamic water activities,High Tide Harbor promises to be the ultimate family-friendly destination for staying cool.
Fourth Quarter 2024 Results
In the fourth quarter of 2024, the Company hosted approximately 4.9 million guests, generated total revenues of
The decrease in total revenue of
|
|
|
Three Months Ended |
|
|
Variance |
|
||||||
|
|
|
2024 |
|
|
2023 |
|
|
% |
|
|||
|
(Unaudited, in millions, except per share and per capita amounts) |
|
|
|
|
|
|
|
|
|
|||
|
Total revenues |
|
$ |
384.4 |
|
|
$ |
389.0 |
|
|
|
(1.2) |
% |
|
Net income |
|
$ |
27.9 |
|
|
$ |
40.1 |
|
|
|
(30.3) |
% |
|
Earnings per share, diluted |
|
$ |
0.50 |
|
|
$ |
0.62 |
|
|
|
(19.4) |
% |
|
Adjusted EBITDA |
|
$ |
144.5 |
|
|
$ |
150.4 |
|
|
|
(4.0) |
% |
|
Net cash provided by operating activities |
|
$ |
112.5 |
|
|
$ |
106.5 |
|
|
|
5.6 |
% |
|
Attendance |
|
|
4.88 |
|
|
|
4.96 |
|
|
|
(1.6) |
% |
|
Total revenue per capita |
|
$ |
78.75 |
|
|
$ |
78.42 |
|
|
|
0.4 |
% |
|
Admission per capita |
|
$ |
43.61 |
|
|
$ |
44.46 |
|
|
|
(1.9) |
% |
|
|
|
$ |
35.14 |
|
|
$ |
33.96 |
|
|
|
3.5 |
% |
Fiscal 2024 Results
In fiscal 2024, the Company hosted approximately 21.5 million guests and generated total revenues of
The decrease in total revenue of
|
|
|
Fiscal Year Ended |
|
|
Variance |
|
||||||
|
|
|
2024 |
|
|
2023 |
|
|
% |
|
|||
|
(Unaudited, in millions, except per share and per capita amounts) |
|
|
|
|
|
|
|
|
|
|||
|
Total revenues |
|
$ |
1,725.3 |
|
|
$ |
1,726.6 |
|
|
|
(0.1) |
% |
|
Net income |
|
$ |
227.5 |
|
|
$ |
234.2 |
|
|
|
(2.9) |
% |
|
Earnings per share, diluted |
|
$ |
3.79 |
|
|
$ |
3.63 |
|
|
|
4.4 |
% |
|
Adjusted EBITDA |
|
$ |
700.2 |
|
|
$ |
713.5 |
|
|
|
(1.9) |
% |
|
Net cash provided by operating activities |
|
$ |
480.1 |
|
|
$ |
504.9 |
|
|
|
(4.9) |
% |
|
Attendance |
|
|
21.55 |
|
|
|
21.61 |
|
|
|
(0.3) |
% |
|
Total revenue per capita |
|
$ |
80.07 |
|
|
$ |
79.91 |
|
|
|
0.2 |
% |
|
Admission per capita |
|
$ |
43.61 |
|
|
$ |
44.16 |
|
|
|
(1.2) |
% |
|
|
|
$ |
36.46 |
|
|
$ |
35.75 |
|
|
|
2.0 |
% |
Share Repurchases
The Company repurchased approximately 0.8 million shares of common stock at a total cost of approximately
Balance Sheet
In
Rescue Efforts
In the fourth quarter of 2024, the Company came to the aid of over 100 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 a leader in animal rescue. 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 our control adversely affecting attendance and guest spending at our 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
|
UNITED PARKS & RESORTS INC AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
Change |
|
|
For the Year Ended |
|
|
Change |
|
||||||||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||||||
|
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Admissions |
|
$ |
212,863 |
|
|
$ |
220,541 |
|
|
$ |
(7,678) |
|
|
|
(3.5) |
% |
|
$ |
939,629 |
|
|
$ |
954,083 |
|
|
$ |
(14,454) |
|
|
|
(1.5) |
% |
|
Food, merchandise and other |
|
|
171,521 |
|
|
|
168,424 |
|
|
|
3,097 |
|
|
|
1.8 |
% |
|
|
785,672 |
|
|
|
772,504 |
|
|
|
13,168 |
|
|
|
1.7 |
% |
|
Total revenues |
|
|
384,384 |
|
|
|
388,965 |
|
|
|
(4,581) |
|
|
|
(1.2) |
% |
|
|
1,725,301 |
|
|
|
1,726,587 |
|
|
|
(1,286) |
|
|
|
(0.1) |
% |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of food, merchandise and other revenues |
|
|
29,086 |
|
|
|
29,835 |
|
|
|
(749) |
|
|
|
(2.5) |
% |
|
|
131,407 |
|
|
|
131,697 |
|
|
|
(290) |
|
|
|
(0.2) |
% |
|
Operating expenses (exclusive of depreciation and amortization shown separately below) |
|
|
187,272 |
|
|
|
184,664 |
|
|
|
2,608 |
|
|
|
1.4 |
% |
|
|
749,690 |
|
|
|
758,874 |
|
|
|
(9,184) |
|
|
|
(1.2) |
% |
|
Selling, general and administrative expenses |
|
|
49,872 |
|
|
|
45,085 |
|
|
|
4,787 |
|
|
|
10.6 |
% |
|
|
216,898 |
|
|
|
221,237 |
|
|
|
(4,339) |
|
|
|
(2.0) |
% |
|
Severance and other separation costs (a) |
|
|
— |
|
|
|
295 |
|
|
|
(295) |
|
|
ND |
|
|
|
577 |
|
|
|
816 |
|
|
|
(239) |
|
|
|
(29.3) |
% |
|
|
Depreciation and amortization |
|
|
42,398 |
|
|
|
39,812 |
|
|
|
2,586 |
|
|
|
6.5 |
% |
|
|
163,438 |
|
|
|
154,208 |
|
|
|
9,230 |
|
|
|
6.0 |
% |
|
Total costs and expenses |
|
|
308,628 |
|
|
|
299,691 |
|
|
|
8,937 |
|
|
|
3.0 |
% |
|
|
1,262,010 |
|
|
|
1,266,832 |
|
|
|
(4,822) |
|
|
|
(0.4) |
% |
|
Operating income |
|
|
75,756 |
|
|
|
89,274 |
|
|
|
(13,518) |
|
|
|
(15.1) |
% |
|
|
463,291 |
|
|
|
459,755 |
|
|
|
3,536 |
|
|
|
0.8 |
% |
|
Other (income) expense, net |
|
|
(23) |
|
|
|
(38) |
|
|
|
15 |
|
|
|
39.5 |
% |
|
|
64 |
|
|
|
(18) |
|
|
|
82 |
|
|
NM |
|
|
|
Interest expense |
|
|
49,917 |
|
|
|
36,259 |
|
|
|
13,658 |
|
|
|
37.7 |
% |
|
|
167,762 |
|
|
|
146,666 |
|
|
|
21,096 |
|
|
|
14.4 |
% |
|
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts (b) |
|
|
1,487 |
|
|
|
— |
|
|
|
1,487 |
|
|
ND |
|
|
|
3,939 |
|
|
|
— |
|
|
|
3,939 |
|
|
ND |
|
||
|
Income before income taxes |
|
|
24,375 |
|
|
|
53,053 |
|
|
|
(28,678) |
|
|
|
(54.1) |
% |
|
|
291,526 |
|
|
|
313,107 |
|
|
|
(21,581) |
|
|
|
(6.9) |
% |
|
(Benefit from) provision for income taxes |
|
|
(3,522) |
|
|
|
13,000 |
|
|
|
(16,522) |
|
|
NM |
|
|
|
64,029 |
|
|
|
78,911 |
|
|
|
(14,882) |
|
|
|
(18.9) |
% |
|
|
Net income |
|
$ |
27,897 |
|
|
$ |
40,053 |
|
|
$ |
(12,156) |
|
|
|
(30.3) |
% |
|
$ |
227,497 |
|
|
$ |
234,196 |
|
|
$ |
(6,699) |
|
|
|
(2.9) |
% |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share, basic |
|
$ |
0.51 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
$ |
3.82 |
|
|
$ |
3.66 |
|
|
|
|
|
|
|
||||
|
Earnings per share, diluted |
|
$ |
0.50 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
$ |
3.79 |
|
|
$ |
3.63 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
55,060 |
|
|
|
63,955 |
|
|
|
|
|
|
|
|
|
59,546 |
|
|
|
63,955 |
|
|
|
|
|
|
|
||||
|
Diluted (c) |
|
|
55,478 |
|
|
|
64,699 |
|
|
|
|
|
|
|
|
|
60,010 |
|
|
|
64,494 |
|
|
|
|
|
|
|
||||
|
UNITED PARKS & RESORTS INC AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands)
|
||||||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
Change |
|
|
For the Year Ended |
|
|
Change |
|
||||||||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||||||
|
Net income |
|
$ |
27,897 |
|
|
$ |
40,053 |
|
|
$ |
(12,156) |
|
|
|
(30.3) |
% |
|
$ |
227,497 |
|
|
$ |
234,196 |
|
|
$ |
(6,699) |
|
|
|
(2.9) |
% |
|
(Benefit from) provision for income taxes |
|
|
(3,522) |
|
|
|
13,000 |
|
|
|
(16,522) |
|
|
NM |
|
|
|
64,029 |
|
|
|
78,911 |
|
|
|
(14,882) |
|
|
|
(18.9) |
% |
|
|
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts |
|
|
1,487 |
|
|
|
— |
|
|
|
1,487 |
|
|
ND |
|
|
|
3,939 |
|
|
|
— |
|
|
|
3,939 |
|
|
ND |
|
||
|
Interest expense |
|
|
49,917 |
|
|
|
36,259 |
|
|
|
13,658 |
|
|
|
37.7 |
% |
|
|
167,762 |
|
|
|
146,666 |
|
|
|
21,096 |
|
|
|
14.4 |
% |
|
Depreciation and amortization |
|
|
42,398 |
|
|
|
39,812 |
|
|
|
2,586 |
|
|
|
6.5 |
% |
|
|
163,438 |
|
|
|
154,208 |
|
|
|
9,230 |
|
|
|
6.0 |
% |
|
Equity-based compensation expense (d) |
|
|
4,139 |
|
|
|
4,246 |
|
|
|
(107) |
|
|
|
(2.5) |
% |
|
|
14,617 |
|
|
|
17,961 |
|
|
|
(3,344) |
|
|
|
(18.6) |
% |
|
Loss on impairment or disposal of assets and certain non-cash expenses (e) |
|
|
20,679 |
|
|
|
8,651 |
|
|
|
12,028 |
|
|
|
139.0 |
% |
|
|
33,412 |
|
|
|
31,636 |
|
|
|
1,776 |
|
|
|
5.6 |
% |
|
Business optimization, development and strategic initiative costs (f) |
|
|
5,089 |
|
|
|
5,712 |
|
|
|
(623) |
|
|
|
(10.9) |
% |
|
|
18,398 |
|
|
|
33,903 |
|
|
|
(15,505) |
|
|
|
(45.7) |
% |
|
Certain transaction and investment costs and other taxes (g) |
|
|
17 |
|
|
|
402 |
|
|
|
(385) |
|
|
|
(95.8) |
% |
|
|
3,592 |
|
|
|
1,711 |
|
|
|
1,881 |
|
|
|
109.9 |
% |
|
COVID-19 related incremental costs (h) |
|
|
(5,565) |
|
|
|
316 |
|
|
|
(5,881) |
|
|
NM |
|
|
|
(3,042) |
|
|
|
9,076 |
|
|
|
(12,118) |
|
|
NM |
|
||
|
Other adjusting items (i) |
|
|
1,934 |
|
|
|
1,984 |
|
|
|
(50) |
|
|
|
(2.5) |
% |
|
|
6,548 |
|
|
|
5,223 |
|
|
|
1,325 |
|
|
|
25.4 |
% |
|
Adjusted EBITDA (j) |
|
$ |
144,470 |
|
|
$ |
150,435 |
|
|
$ |
(5,965) |
|
|
|
(4.0) |
% |
|
$ |
700,190 |
|
|
$ |
713,491 |
|
|
$ |
(13,301) |
|
|
|
(1.9) |
% |
|
Items added back to Covenant Adjusted EBITDA as defined in the Debt Agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Estimated cost savings (k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,800 |
|
|
|
23,100 |
|
|
|
700 |
|
|
|
3.0 |
% |
||||
|
Other adjustments as defined in the Debt Agreements (l) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,242 |
|
|
|
7,350 |
|
|
|
(1,108) |
|
|
|
(15.1) |
% |
||||
|
Covenant Adjusted EBITDA (m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
730,232 |
|
|
$ |
743,941 |
|
|
$ |
(13,709) |
|
|
|
(1.8) |
% |
||||
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
Change |
|
|
For the Year Ended |
|
|
Change |
|
||||||||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||||||
|
Net cash provided by operating activities |
|
$ |
112,468 |
|
|
$ |
106,459 |
|
|
$ |
6,009 |
|
|
|
5.6 |
% |
|
$ |
480,139 |
|
|
$ |
504,916 |
|
|
$ |
(24,777) |
|
|
|
(4.9) |
% |
|
Capital expenditures |
|
|
26,223 |
|
|
|
70,618 |
|
|
|
(44,395) |
|
|
|
(62.9) |
% |
|
|
248,430 |
|
|
|
304,836 |
|
|
|
(56,406) |
|
|
|
(18.5) |
% |
|
Free Cash Flow (n) |
|
|
86,245 |
|
|
|
35,841 |
|
|
|
50,404 |
|
|
|
140.6 |
% |
|
|
231,709 |
|
|
|
200,080 |
|
|
|
31,629 |
|
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net cash used in investing activities |
|
$ |
(26,223) |
|
|
$ |
(71,389) |
|
|
$ |
45,166 |
|
|
|
(63.3) |
% |
|
$ |
(248,505) |
|
|
$ |
(305,607) |
|
|
$ |
57,102 |
|
|
|
(18.7) |
% |
|
Net cash used in financing activities |
|
$ |
(47,187) |
|
|
$ |
(3,374) |
|
|
$ |
(43,813) |
|
|
NM |
|
|
$ |
(362,663) |
|
|
$ |
(34,707) |
|
|
$ |
(327,956) |
|
|
NM |
|
||
|
UNITED PARKS & RESORTS INC AND SUBSIDIARIES UNAUDITED BALANCE SHEET DATA (In thousands) |
||||||||
|
|
||||||||
|
|
|
As of |
|
|||||
|
|
|
2024 |
|
|
2023 |
|
||
|
Cash and cash equivalents |
|
$ |
115,893 |
|
|
$ |
246,922 |
|
|
Total assets |
|
$ |
2,573,578 |
|
|
$ |
2,625,046 |
|
|
Deferred revenue |
|
$ |
152,655 |
|
|
$ |
155,614 |
|
|
Long-term debt, including current maturities: |
|
|
|
|
|
|
||
|
Term B-3 Loans |
|
$ |
1,538,442 |
|
|
$ |
— |
|
|
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 |
|
$ |
2,263,442 |
|
|
$ |
2,125,500 |
|
|
Total stockholders' deficit |
|
$ |
(461,540) |
|
|
$ |
(208,216) |
|
|
UNITED PARKS & RESORTS INC AND SUBSIDIARIES UNAUDITED CAPITAL EXPENDITURES DATA (In thousands)
|
|
||||||||||||||||
|
|
|
For the Year Ended |
|
|
Change |
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
# |
|
|
% |
|
|
||||
|
Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Core (o) |
|
$ |
177,718 |
|
|
$ |
226,244 |
|
|
$ |
(48,526) |
|
|
|
(21.4) |
% |
|
|
Expansion/ROI projects (p) |
|
|
70,712 |
|
|
|
78,592 |
|
|
|
(7,880) |
|
|
|
(10.0) |
% |
|
|
Capital expenditures, total |
|
$ |
248,430 |
|
|
$ |
304,836 |
|
|
$ |
(56,406) |
|
|
|
(18.5) |
% |
|
|
UNITED PARKS & RESORTS INC AND SUBSIDIARIES UNAUDITED OTHER DATA (In thousands, except per capita amounts)
|
||||||||||||||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
Change |
|
|
For the Year Ended |
|
|
Change |
|
||||||||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
# |
|
|
% |
|
|
2024 |
|
|
2023 |
|
|
# |
|
|
% |
|
||||||||
|
Attendance |
|
|
4,881 |
|
|
|
4,960 |
|
|
|
(79) |
|
|
|
(1.6) |
% |
|
|
21,547 |
|
|
|
21,606 |
|
|
|
(59) |
|
|
|
(0.3) |
% |
|
Total revenue per capita(q) |
|
$ |
78.75 |
|
|
$ |
78.42 |
|
|
$ |
0.33 |
|
|
|
0.4 |
% |
|
$ |
80.07 |
|
|
$ |
79.91 |
|
|
$ |
0.16 |
|
|
|
0.2 |
% |
|
Admission per capita(r) |
|
$ |
43.61 |
|
|
$ |
44.46 |
|
|
$ |
(0.85) |
|
|
|
(1.9) |
% |
|
$ |
43.61 |
|
|
$ |
44.16 |
|
|
$ |
(0.55) |
|
|
|
(1.2) |
% |
|
|
|
$ |
35.14 |
|
|
$ |
33.96 |
|
|
$ |
1.18 |
|
|
|
3.5 |
% |
|
$ |
36.46 |
|
|
$ |
35.75 |
|
|
$ |
0.71 |
|
|
|
2.0 |
% |
|
NM-Not meaningful. |
|
ND-Not determinable
|
|
(a) Reflects restructuring and other separation costs and/or adjustments. |
|
|
|
(b) Reflects a loss on early extinguishment of debt and write-off of discounts and debt issuance costs associated with the refinancing transactions in 2024. |
|
|
|
(c) During the three months and year ended |
|
|
|
(d) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. |
|
|
|
(e) For the three months and year ended |
|
|
|
(f) For the three months and year ended |
|
|
|
For the year ended |
|
|
|
(g) For the year ended |
|
|
|
(h) For the three months and year ended |
|
|
|
For the year ended |
|
|
|
(i) Reflects the impact of expenses, net of insurance recoveries and adjustments, incurred primarily related to certain matters, which we are permitted to exclude under the credit agreement governing our 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 (used in) 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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