United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2023 Results

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PR Newswire

ORLANDO, Fla., Feb. 28, 2024

ORLANDO, Fla., Feb. 28, 2024 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2023.

Fourth Quarter 2023 Highlights

Attendance was a record 5.0 million guests, an increase of approximately 23,000 guests from the fourth quarter of 2022.
Total revenue was $389.0 million, a decrease of $1.6 million or 0.4% from the fourth quarter of 2022.
Net income was $40.1 million, a decrease of $9.0 million from the fourth quarter of 2022.
Adjusted EBITDA^[1] was $150.4 million a decrease of $3.2 million from the fourth quarter of 2022.
Total revenue per capita^[2] decreased 0.9% to $78.42 from the fourth quarter of 2022. Admission per capita^[2] decreased 2.6% to $44.46 while in-park per capita spending^[2] increased 1.5% to a record $33.96 from the fourth quarter of 2022.

Fiscal 2023 Highlights

Attendance was 21.6 million guests, a decrease of 0.3 million guests or 1.5% from fiscal 2022.
Total revenue was $1,726.6 million, a decrease of $4.7 million or 0.3% from fiscal 2022.
Net income was $234.2 million, a decrease of $57.0 million or 19.6% from fiscal 2022.
Adjusted EBITDA was $713.5 million, a decrease of $14.8 million or 2.0% from fiscal 2022.
Total revenue per capita increased 1.3% to a record $79.91 from fiscal 2022. Admission per capita increased 0.4% to a record $44.16 while in-park per capita spending increased 2.4% to a record $35.75 from fiscal 2022.

Other Highlights

The Board of Directors voted to recommend a new $500 million share buyback authorization, subject to approval by non-Hill Path shareholders.
During fiscal 2023, the Company repurchased 313,750 shares for an aggregate total of approximately $17.9 million.
During fiscal 2023, the Company came to the aid of 335 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 and fiscal year of strong financial results," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "In the fourth quarter we delivered record attendance and record in park per capita spending despite adverse weather impacts, in particular across our Florida markets during peak visitation periods and an unfavorable calendar shift in the quarter. For the full year we delivered near record results and grew our total revenue per capita for the 6th year in a row despite significant adverse weather impacts throughout the year. We estimate that weather related and calendar shift impacts reduced attendance by approximately 75,000 visits in the fourth quarter and that weather related impacts reduced attendance by over 370,000 visits for the full year."

"Weather aside, we continue to drive growth in total revenue per capita including growth in admissions per capita, and in-park per capita, which has increased for 15 consecutive quarters, demonstrating the effectiveness of our revenue strategies, our pricing power and the strength of consumer spending in our parks. Also, in 2023 along with our partners we successfully opened our first SeaWorld park outside of the United States in Abu Dhabi, which has been extremely well received and is performing ahead of expectations. In addition, we made meaningful investments across our parks and business that we are confident will deliver strong returns and will be a source of growth and profitability this year and into the future," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "I want to thank our ambassadors for all their dedicated efforts in 2023."

"Our attendance levels for fiscal 2023 were still below levels achieved in 2019, primarily due to a decline in international and group attendance which we are confident will recover to and surpass pre-COVID levels. We are also still more than 3 million visitors below our historical high attendance of approximately 25 million guests achieved in 2008. Our clear opportunity to drive meaningfully more attendance to our parks combined with our demonstrated ability to continue to grow total per capita spending, manage and reduce costs and achieve strong returns on our investments give us high confidence in our ability to continue to deliver operational and financial improvements that will lead to meaningful increases in shareholder value" continued Swanson.

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"We are excited about our plans for 2024, including an incredible line-up of new, one-of-a kind rides, attractions and events, improved in park venues and offerings across our parks. We are also really excited about celebrating SeaWorld Parks 60^th anniversary this year which kicks off across our SeaWorld parks on March 21^st and will run through the whole year. There will be even more reasons to visit our SeaWorld parks this year with special events, shows, attractions and a whole lot more. We are happy to report that our new rides and attractions are all currently scheduled to open before the peak summer season. We are also encouraged to see 2024 bookings trending ahead of prior year for both group sales and our Discovery Cove Property. We expect meaningful growth and new records in revenue and Adjusted EBITDA for 2024," concluded Swanson.

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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 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] 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.

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:

Penguin Trek (SeaWorld Orlando): An unforgettable multi-launch family coaster adventure, where guests will navigate the harsh Antarctic environment in search of a colony of penguins. Penguin Trek will be an indoor/outdoor coaster experience, as well as the eighth and most immersive addition to the Coaster Capital of Orlando.
Jewels of the Sea (SeaWorld San Diego): A first of its kind at SeaWorld parks, the all-new "Jewels of the Sea: The Jellyfish Experience" offers an immersive and interactive view into the mysterious underwater world of glowing and graceful jellyfish. This aquarium features three unique galleries including one of the largest jelly cylinders in the country, as well as an immersive multi-media experience.
Catapult Falls (SeaWorld San Antonio): Riders will experience the rush of the world's first launched flume coaster featuring the world's steepest flume drop. This family thrill experience will also feature the tallest flume drop in Texas.
Loch Ness Monster: The Legend Lives On (Busch Gardens Williamsburg): The legendary Loch Ness Monster will resurface as a fully restored experience loaded with all-new thrills, dramatic storytelling and innovative effects, as it takes riders on "Nessie's" newly refurbished signature track.
Phoenix Rising (Busch Gardens Tampa Bay): Riders will experience a fiery blaze of immersive, family-friendly excitement as they soar above the Serengeti Plain and drop into an array of fun-filled twists and turns on the new Phoenix Rising. This family suspended coaster includes an on-board audio soundtrack and speeds up to 44 miles per hour.
Tassie's Underwater Twist (Aquatica Orlando): Florida's most immersive water slide takes riders on an exhilarating journey into a world of watery wonders set to an inspiring original musical score.
Tikitapu Splash (Aquatica San Antonio): This all-new, multi-level interactive water-play structure provides countless ways to get wet and stay cool. Featuring 3 giant dumping buckets, 4 unique slides and over 100 new water-play elements including geysers, sprays, and spouts providing plenty of play for all ages.
123 Playground and Sunny Day Carousel (Sesame Place Philadelphia): New furry fun is coming to Sesame Place with two experiences in 2024! The 123 Playground is the perfect place for adults to relax in the shade while their youngest ones run, climb, and play. The NEW Sunny Day Carousel will open in the Sesame Plaza and be colorfully renovated, providing a new way to experience one of the park's most iconic attractions.
Nitro Racer (Water Country USA): Challenge your friends to a bodysurfing battle across a six-lane superhighway and see who wins the bragging rights. An updated and enhanced 320-foot 6-person high-speed racing slide with new elements including a timer to race against friends and family.
Castaway Falls (Adventure Island): This brand-new interactive splash and play area features multiple levels to explore with more than 100 spray elements, 4 slides, and three giant tipping buckets. It's an ideal spot for kids of all ages to splash and play.
Dine with Elmo and Friends (Sesame Place San Diego): Join your favorite furry friends at the Sunny Day Cafe for an interactive dining experience the whole family will enjoy! This indoor facility features a tasty family-style buffet meal while the Sesame Street friends join diners for an immersive experience with singing, dancing, and photo opportunities.

The Company's results of operations for 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.

Fourth Quarter 2023 Results

In the fourth quarter of 2023, the Company hosted approximately 5.0 million guests, generated total revenues of $389.0 million, net income of $40.1 million and Adjusted EBITDA of $150.4 million. Attendance increased approximately 23,000 guests when compared to the fourth quarter of 2022 primarily due to an increase in demand, partly from the Company's Halloween and Christmas events, partially offset by the impact of adverse weather during peak visitation periods, particularly across our Florida markets and the impact of a calendar shift in the quarter.

The decrease in total revenue of $1.6 million compared to the fourth quarter of 2022 was primarily a result of decreases in admission per capita (defined as admissions revenue divided by total attendance), partially offset by increased in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita decreased primarily due to the impact of the admissions product mix when compared to the fourth quarter of 2022. In-park per capita spending improved due to pricing initiatives. The decrease in net income of $9.0 million compared to the fourth quarter of 2022 was primarily a result of the impact of higher operating expenses. Adjusted EBITDA was negatively impacted by a decrease in total revenue.

	Three Months Ended December 31,				Variance
	2023		2022		%
*(Unaudited, in millions, except per share and per capita amounts)*
Total revenues	$	389.0	$	390.5		(0.4)	%
Net income	$	40.1	$	49.0		(18.3)	%
Earnings per share, diluted	$	0.62	$	0.76		(18.4)	%
Adjusted EBITDA	$	150.4	$	153.7		(2.1)	%
Net cash provided by operating activities	$	106.5	$	95.7		11.2	%
Attendance		4.96		4.94		0.5	%
Total revenue per capita	$	78.42	$	79.10		(0.9)	%
Admission per capita	$	44.46	$	45.63		(2.6)	%
In-Park per capita spending	$	33.96	$	33.47		1.5	%

Fiscal 2023 Results

In fiscal 2022, the Company hosted approximately 21.6 million guests and generated total revenues of $1,726.6 million, net income of $234.2 million and Adjusted EBITDA of $713.5 million. Attendance decreased by 0.3 million guests when compared to 2022 primarily due to significantly adverse weather, including some combination of unusual heat, cold and/or rain, across most of our markets, including during peak visitation periods.

The decrease in total revenue of $4.7 million compared to 2022 was primarily a result of a decrease in attendance partially offset by increases in admission per capita and in-park per capita spending. Admission per capita increased primarily due to the realization of higher prices in our admission products resulting from our strategic pricing efforts and the impact of the park attendance mix, which was partially offset by the impact of the admissions product mix when compared to 2022. In-park per capita spending improved primarily due to pricing initiatives and an increase in revenue related to the Company's international services agreements when compared to 2022, partially offset by factors including weather, the admissions product mix, closures and disruption related to construction delays at certain in park locations.

Net income and Adjusted EBITDA were negatively impacted by a decrease in total revenue and increases in operating expense, selling, general and administrative expenses. Net income was also negatively impacted by higher interest expense.

Fiscal Year Ended December 31,

Variance

2023

2022

(Unaudited, in millions, except per share and per capita amounts)

Total revenues

1,726.6

1,731.2

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