Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.unitedparksinvestors.com).
CONTACT:
Investor Relations:
Matthew Stroud
Investor Relations
888-410-1812
Investors@unitedparks.com
Media:
Nicole Bott
United Parks & Resorts Inc.
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 For the Nine Months
September 30, Change Ended September 30, 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
amortization
shown
separately
below) 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
debt issuance
costs and
discounts (b) -- -- -- 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
outstanding:
Basic 57,292 63,954 61,052 63,955
======= ======== ========= =========
Diluted (c) 57,663 64,319 61,532 64,425
======= ======== ========= =========
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)
Last Twelve
For the Three For the Nine Months Months Ended
Months Ended Ended September September
September 30, Change 30, Change 30,
------------------- -------- ------------------- --------- -------------
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
debt issuance
costs and
discounts -- -- -- 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-
cash expenses
(e) 4,850 8,723 (3,873) 12,733 22,985 (10,252) 21,384
Business
optimization,
development and
strategic
initiative
costs (f) 5,655 6,662 (1,007) 13,309 28,191 (14,882) 19,021
Certain
investment
costs and other
taxes (g) $(564.SI)$ 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 defined in
the Debt
Agreements:
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 For the Nine Months
Months Ended Ended September
September 30, Change 30, 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)
======= ======== ======== ======= ======== ========
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES
UNAUDITED BALANCE SHEET DATA
(In thousands)
As of September As of December
30, 2024 31, 2023
----------------- ----------------
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
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2024 06:30 ET (11:30 GMT)
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