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 

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November 07, 2024 06:30 ET (11:30 GMT)