SeaWorld Entertainment, Inc. Reports Third Quarter and First Nine Months 2023 Results

ORLANDO, Fla., Nov. 8, 2023

Third Quarter 2023 Highlights

• Attendance was 7.1 million guests, a decrease of approximately 0.2 million guests or 2.8% from the third quarter of 2022.
• Total revenue was $548.2 million, a decrease of $17.0 million or 3.0% from the third quarter of 2022.
• Net income was $123.6 million, a decrease of $11.0 million or 8.2% from the third quarter of 2022. 
• Adjusted EBITDA^[1] was $266.4 million, a decrease of $7.8 million or 2.8% from the third quarter of 2022. 
• Total revenue per capita^[2] decreased 0.2% to $76.90 from the third quarter of 2022.  Admission per capita^[2] decreased 1.6% to $42.05 while in-park per capita spending^[2] increased 1.6% to a record $34.85 from the third quarter of 2022. 

First Nine Months 2023 Highlights

• Attendance was 16.6 million guests, a decrease of 0.4 million guests or 2.1% from the first nine months of 2022.
• Total revenue was $1,337.6 million, a decrease of $3.1 million or 0.2% from the first nine months of 2022.
• Net income was $194.1 million, a decrease of $48.0 million or 19.8% from the first nine months of 2022.
• Adjusted EBITDA was $563.1 million, a decrease of $11.5 million or 2.0% from the first nine months of 2022.
• Total revenue per capita increased 1.9% to a record $80.36 from the first nine months of 2022.  Admission per capita increased 1.3% to a record $44.07, while in-park per capita spending increased 2.7% to a record $36.29 from the first nine months of 2022. 

Other Highlights

• Total per capita spending was up low single-digits in October.  On a comparable day over comparable day basis adjusting for the calendar shift that resulted in one less Saturday compared to prior year, the Company estimates revenue and attendance would have been up low single-digits.
• During the third quarter, the Company repurchased 78,750 shares for an aggregate total of approximately $3.9 million, leaving approximately $38.5 million remaining under the Share Repurchase Program as of September 30, 2023.
• During the third quarter of 2023, the Company came to the aid of 56 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000.

"We are pleased to report another quarter of solid financial results despite the impact of unusual and significantly adverse weather in our peak operating season across most of our markets." said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc.  "Our results during the third quarter continue to demonstrate the resilience of our business, the effectiveness of our strategy and the tireless efforts of our outstanding team.  We are particularly pleased to continue to see strong results from our focus, efforts and investment in our in-park offerings as we grew in-park per capita spending for the 14th consecutive quarter to a record level during the quarter.  We are excited to see the continued results of our ongoing work in this area in the coming quarters into 2024.  Our relentless focus on cost management also continued to deliver as we improved adjusted EBITDA margin on a year-over-year basis for the quarter.  We are continuing to execute against our previously discussed cost initiatives and expect to continue to see the results of these efforts in the coming quarters into 2024," said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc.  "I want to thank our ambassadors across our parks for their dedicated efforts to welcome and serve our guests during the busy summer season." 

"We've just completed another successful Halloween season at our parks featuring our award-winning Halloween events.  We are pleased to have grown per capita spending in October and after adjusting for the calendar shift that resulted in one less Saturday compared to prior year, we estimate attendance and revenue would have grown as well. We are proud of the continued strength of our Halloween events and the popularity that they continue to build with our guests.  As we enter the holiday season, we will begin our award-winning Christmas events at most of our SeaWorld, Busch Gardens and Sesame parks later this week.  Our Christmas events feature exciting live entertainment, delicious and unique food and beverage offerings and holiday shopping for guests of all ages. 

[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 U.S. ("GAAP"). See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financial measures calculated in accordance with GAAP. ARIVA.DE Börsen-Geflüster Kurse United Parks & Resorts Company 50,41 $ -0,08%

[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.

"Looking beyond the holiday season into 2024, we are pleased to see 2024 revenue bookings trending up double-digit percentage ahead of prior year for both 2024 groups and our Discovery Cove property.  In addition, we recently launched our best pass benefits program ever which we expect will help drive increases in pass sales and a strong pass base for next year," continued Swanson.

"We continue to make progress on our strategic growth initiatives related to hotels, international expansion and our digital activities. We also have made meaningful incremental investments across our parks this year that we expect to fully benefit from in the coming quarters.  We look forward to sharing more on these exciting and value creating initiatives and investments in the coming quarters into 2024."

"We have proven quarter after quarter that we have a strong and resilient business model and we still have significant opportunities to improve and grow our revenue and profitability.  We operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio.  Our attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance of approximately 25 million guests recorded in 2008.  We have made significant investments in our business this year and will continue to make investments to improve the guest experience, allowing us to generate more revenue and make us a more efficient and profitable business – we expect these investments to yield highly attractive returns.  And, we are planning new initiatives for next year that will make us an even stronger, more profitable and more resilient business that we expect will ultimately lead to meaningful increases in shareholder value," concluded Swanson.

The Company has announced its partial line-up of new rides, attractions, events and upgrades for 2024.  This line-up includes, among others:

• Penguin Trek, an unforgettable family launch coaster adventure at SeaWorld Orlando
• Phoenix Rising, a suspended roller coaster at Busch Gardens Tampa Bay
• A fully restored Loch Ness Monster coaster with all-new thematic and experiential elements at Busch Gardens Williamsburg
• Jewels of the Sea: the Jellyfish Experience attraction at SeaWorld San Diego
• Catapult Falls, the World's first launched flume coaster at SeaWorld San Antonio

The Company's results of operations for the first nine months of fiscal 2023 and 2022 continued to be impacted by the global COVID-19 pandemic due in part to a decline in international attendance from historical levels.

Third Quarter 2023 Results

In the third quarter of 2023, the Company hosted approximately 7.1 million guests, generated total revenues of $548.2 million, net income of $123.6 million and Adjusted EBITDA of $266.4 million. Attendance decreased approximately 207,000 guests when compared to the third quarter of 2022. The decrease in attendance was primarily due to significantly adverse weather, including some combination of unusual heat and/or rain, across most of our markets, including during peak visitation periods.

The decrease in total revenue of $17.0 million compared to the third quarter of 2022 was primarily a result of a decline in attendance, partially offset by an increase in in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita decreased primarily due to the net impact of the admissions product mix, partially offset by the realization of higher prices in our admission products resulting from our strategic pricing efforts when compared to the prior year quarter. In park per capita spending improved primarily due to pricing initiatives, partially offset by factors including weather, the admissions product mix, closures and disruption related to construction delays at certain in park locations when compared to the third quarter of 2022. Adjusted EBITDA was impacted primarily by a decrease in revenue.

First Nine Months 2023 Results

In the first nine months of 2023, the Company hosted approximately 16.6 million guests, generated total revenues of $1,337.6 million, net income of $194.1 million and Adjusted EBITDA of $563.1 million. Attendance decreased approximately 356,000 guests when compared to the first nine months of 2022. The decrease in attendance was primarily due to significantly adverse weather, including some combination of unusual heat, cold, rain and/or the fall-out from Canadian wildfires, across most of our markets, including during peak visitation periods.

The decrease in total revenue of $3.1 million compared to the first nine months of 2022 was primarily a result of a decline in attendance, partially offset by increases in admission per capita (defined as admissions revenue divided by total attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita increased primarily due to the realization of higher prices in our admission products resulting from our strategic pricing efforts, which was partially offset by the impact of the admissions product mix when compared to the first nine months of 2022. In park per capita spending improved primarily due to pricing initiatives and an increase in revenue related to our international services agreements when compared to the first nine months of 2022, partially offset by factors including weather, the admissions product mix, closures and disruption related to construction delays at certain in park locations. Adjusted EBITDA was negatively impacted primarily due to increased labor related costs and a decrease in revenue.

		Nine Months Ended September 30,								Change
		2023				2022				%
(In millions, except per share and per capita amounts)
Total revenues		$	1,337.6			$	1,340.7				(0.2) Werbung Mehr Nachrichten zur United Parks & Resorts Company Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Anglian Water Services Financing Plc - Directorate Change 02:00 - PR Newswire Anglian Water (Osprey) Financing Plc - Directorate Change InnoCan Pharma    Jetzt in die Doppel-Chance investieren?! weiterlesen» Anzeige wo-site-teaser-box-17041_site-teaser-box_2024-05-23_09%253A00%253A00_2024-05-24_09%253A00%253A59