United Parks & Resorts Inc. Reports First Quarter 2024 Results

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PR Newswire

ORLANDO, Fla., May 8, 2024

ORLANDO, Fla., May 8, 2024 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the first quarter of 2024.

First Quarter 2024 Highlights

Attendance was 3.5 million guests, an increase of approximately 72,000 guests or 2.1% from the first quarter of 2023.
Total revenue was a record $297.4 million, an increase of $4.1 million or 1.4% from the first quarter of 2023.
Net loss was $11.2 million, the second smallest net loss in the first quarter and an improvement of $5.3 million from the first quarter of 2023.
Adjusted EBITDA^[1] was a record $79.2 million, an increase of $6.7 million or 9.3% from the first quarter of 2023.
Excluding the impact of certain one-time revenue^[2] associated with the opening of SeaWorld Abu Dhabi in 2023, total revenue per capita^[3] increased 1.2% and in-park per capita spending^[3] increased 4.0%. Including the impact of certain one-time revenue associated with the opening of SeaWorld Abu Dhabi in 2023, total revenue per capita decreased 0.7% to $86.21 and in-park per capita spending decreased 0.5% to $38.15 from the first quarter of 2023. Admission per capita^[3] decreased 0.9% to $48.06.

Other Highlights

During the first quarter, the Company's Stockholders and Board of Directors approved a new $500.0 million share repurchase program. In the first quarter, the Company repurchased 375,000 shares for an aggregate total of approximately $20.2 million. Subsequent to March 31, 2024 through May 6, 2024, the Company has repurchased an additional approximately 1.5 million shares for an aggregate total of approximately $80.6 million.
Subsequent to March 31, 2024, on May 2, 2024, the Company raised a $380.0 million add-on to its existing $1.17 billion Term B-2 Loans and concurrently redeemed all of its May 2025 $227.5 million first-priority senior secured notes.
During the first quarter of 2024, the Company came to the aid of 173 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 record financial results this quarter including record revenue and Adjusted EBITDA," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "While attendance in the quarter benefited from a positive calendar shift, including the shift of the Easter holiday into the last day of the first quarter from the second quarter in prior year, this benefit was almost entirely offset by unusually wet and cold weather during the quarter, particularly on certain peak attendance days and mainly in our Florida parks. In-park per capita revenue, excluding the impact of certain one-time revenue, increased 4.0% during the quarter representing the 16th consecutive quarter of growth."

"Looking ahead, we are excited about our plans for 2024, with an exceptional line-up of new, one-of-a kind rides, attractions and events, improved in park venues and offerings across our parks, some of which are already live and others that are anticipated to debut later this Spring and Summer. We are excited to have launched SeaWorld Parks 60^th anniversary celebration featuring special events, shows and attractions that will continue throughout the year. We hope many will come celebrate with us SeaWorld's 60-year history of conservation, education and fun for all ages. We are also encouraged by the booking trends at our Discovery Cove property, along with our group bookings which are running well ahead of 2023. In addition, in the first quarter of 2024, international visitation, while still down compared to 2019, improved meaningfully compared to 2023." 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 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.

^[2] Relates to the Company's international services agreements, See Note 1–Description of the Business and Basis of Presentation in the Company's notes to the unaudited condensed consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, which is expected to be filed May 9, 2024, for further information on our international services agreements.

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^[3] 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.

"We strongly believe we have a clear opportunity to drive meaningfully more attendance and total per capita spending and we have high confidence in our ability to continue to deliver operational and financial improvements that will lead to meaningful increases in shareholder value. We continue to expect to deliver new records in revenue and Adjusted EBITDA for 2024. I want to thank our stockholders and Board of Directors for their recent approval of our $500 million share repurchase program which we have already begun to implement and through which we are continuing our track record of returning meaningful capital to shareholders. Finally, I want to thank our ambassadors for their dedication and commitment as we prepare for what we believe will be an exciting and busy summer season." concluded Swanson.

For 2024, the Company has an exciting line-up of new rides, attractions, events and new and improved in park venues and offerings with something new and meaningful in every one of its parks. The Company's new rides and attractions include the following:

In March, SeaWorld San Antonio opened Catapult Falls the world's first launched flume coaster featuring the world's steepest flume drop and the tallest flume drop in Texas. Also, Aquatica Orlando opened Tassie's Underwater Twist, Florida's most immersive water slide that takes riders on an exhilarating journey into a world of watery wonders set to an inspiring original musical score.
The remaining new attractions include the following:
- In Williamsburg, Busch Gardens will open Loch Ness Monster: The Legend Lives On, an all new experience loaded with all-new thrills, dramatic storytelling and innovative effects, as it takes riders on "Nessie's" newly updated signature track.
- In Orlando, SeaWorld Orlando will open Penguin Trek, an unforgettable multi-launch family coaster adventure, where guests will navigate the harsh Antarctic environment in search of a colony of penguins. This attraction includes a new realm featuring a restaurant, signature bar and expansive gift shop along with one of the largest collections of penguins in North America. Penguin Trek will be an indoor/outdoor coaster experience, the park's first family coaster, as well as the eighth and most immersive addition to the Coaster Capital of Orlando.
- In San Diego, SeaWorld San Diego will open Jewels of the Sea: The Jellyfish Experience, a first of its kind attraction featuring a compelling mix of immersive media and live jellyfish. This interactive view into the mysterious underwater world of glowing and graceful jellyfish will be something to see.
- In Tampa Bay, Busch Gardens Tampa Bay will open Phoenix Rising, a family friendly roller coaster that takes riders soaring above the Serengeti Plain, drops into an array of fun-filled twists, and turns at speeds up to 44 miles per hour. This will be the tallest and fastest inverted family coaster in North America.

Other attractions and events set to open include Tikitapu Splash at Aquatica San Antonio, 123 Playground and Sunny Day Carousel at Sesame Place Philadelphia, Nitro Racer at Water Country USA, Castaway Falls at Adventure Island and Dine with Elmo and Friends at Sesame Place San Diego.

First Quarter 2024 Results

In the first quarter of 2024, the Company hosted approximately 3.5 million guests, generated record total revenues of $297.4 million, net loss of $11.2 million and record Adjusted EBITDA of $79.2 million. Attendance for the first quarter of 2024 increased by approximately 72,000 guests, or 2.1%, when compared to the prior year quarter. Attendance was positively impacted by a favorable calendar shift including the earlier timing of Easter and certain school spring breaks and was negatively impacted by adverse weather across most of our markets, particularly at our Florida parks, including during peak visitation periods.

The increase in total revenue of $4.1 million compared to the first quarter of 2023 was primarily a result of an increase in attendance, partially offset by decreases 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 decreased primarily due to the net impact of the admissions product mix when compared to the prior year quarter. In park per capita spending decreased primarily due to a decrease in one-time revenue related to our international services agreements, partially offset by the impact of pricing initiatives when compared to the first quarter of 2023. Excluding one-time revenue related to our international services agreements, in-park per capita spending increased by 4.0%. Adjusted EBITDA was positively impacted by the decrease in expenses and an increase in total revenue. The decrease in expenses is primarily due to a decrease in costs associated with our international services agreements, partially offset by increased marketing-related costs when compared to the first quarter of 2023.

	For the Three Months Ended March 31,				Change
	2024		2023		%
*(Unaudited, in millions, except per share and per capita amounts)*
Total revenues	$	297.4	$	293.3		1.4	%
Net loss	$	(11.2)	$	(16.5)		32.0	%
Net loss per share, diluted	$	(0.17)	$	(0.26)		34.6	%
Adjusted EBITDA	$	79.2	$	72.4		9.3	%
Net cash provided by operating activities	$	71.4	$	50.3		42.1	%
Attendance		3.45		3.38		2.1	%
Total revenue per capita	$	86.21	$	86.84		(0.7)	%
Admission per capita	$	48.06	$	48.51		(0.9)	%
In-Park per capita spending	$	38.15	$	38.33		(0.5)	%

Share Repurchases

During the first quarter, the Company's Stockholders and Board of Directors approved a new $500.0 million share repurchase program. In the first quarter, the Company repurchased 375,000 shares for an aggregate total of approximately $20.2 million. Subsequent to March 31, 2024 through May 6, 2024, the Company has repurchased an additional approximately 1.5 million shares for an aggregate total of approximately $80.6 million.

Balance Sheet

Subsequent to March 31, 2024, on May 2, 2024, the Company raised a $380.0 million add-on to its existing $1.17 billion Term B-2 Loans and concurrently redeemed all of its May 2025 $227.5 million first-priority senior secured notes.

Rescue Efforts

In the first quarter of 2024, the Company came to the aid of 173 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, Wednesday, May 8, 2024, at 9 a.m. Eastern Time to discuss its first quarter 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 May 8, 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 May 8, 2024, through 11:59 p.m. Eastern Time on May 15, 2024, by dialing (877) 344-7529 from anywhere in the U.S., (855) 669-9658 from anywhere in Canada, or (412) 317-0088 from international locations and entering the conference code 3546924.

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.

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