[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) For Q1 2025, United Parks & Resorts reported decreased revenues and an increased net loss, with total assets slightly down and liabilities up, leading to a larger stockholders' deficit and reduced operating cash flow [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets slightly decreased to **$2.571 billion**, while total liabilities increased to **$3.049 billion**, resulting in a larger stockholders' deficit of **$478.3 million** Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,570,802** | **$2,573,578** | | Cash and cash equivalents | $75,665 | $115,893 | | Property and equipment, net | $1,898,395 | $1,887,283 | | **Total Liabilities** | **$3,049,087** | **$3,035,118** | | Deferred revenue (current) | $195,878 | $152,655 | | Long-term debt, net | $2,226,003 | $2,228,746 | | **Total stockholders' deficit** | **($478,285)** | **($461,540)** | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total revenues decreased by **3.5%** to **$286.9 million**, resulting in a net loss of **$16.1 million** and a diluted loss per share of **$0.29** Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $286,949 | $297,423 | | Operating Income | $16,888 | $22,141 | | Net Loss | ($16,133) | ($11,201) | | Net Loss Per Share, Diluted | ($0.29) | ($0.17) | | Weighted Average Shares, Diluted | 55,017 | 64,016 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to **$25.7 million** in Q1 2025, while net cash used in investing activities decreased to **$56.9 million**, and net cash used in financing activities was **$9.0 million** Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $25,715 | $71,446 | | Net cash used in investing activities | ($56,903) | ($87,360) | | Net cash used in financing activities | ($9,040) | ($27,296) | | **Change in Cash and Cash Equivalents** | **($40,228)** | **($43,210)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, debt structure including **$1.53 billion** in Term B-3 Loans and **$725 million** in Senior Notes, recent refinancing, legal proceedings, and share repurchase programs - Revenue from annual/season passes is deferred and recognized over the term based on estimated redemption rates, which are derived from historical and forecasted attendance trends[33](index=33&type=chunk) - The company's effective tax rate for Q1 2025 was **6.2%**, compared to **33.4%** for Q1 2024, primarily due to state income taxes and deferred revaluation from state filing changes[44](index=44&type=chunk) - In December 2024, the company refinanced its existing Term B-2 Loans with approximately **$1.54 billion** of new Term B-3 Loans, which mature in December 2031 and have a lower applicable margin[54](index=54&type=chunk) - The jury returned a verdict in favor of the Company on all counts in the Quinton Burns v. SeaWorld case, with the plaintiffs' motion for a new trial denied and no appeal filed, concluding the matter[82](index=82&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **3.5%** Q1 2025 revenue decrease to lower attendance and admission per capita due to calendar shifts, while operating expenses decreased, and Adjusted EBITDA declined to **$67.4 million** [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total revenue for Q1 2025 decreased by **$10.5 million (3.5%)** due to a **1.7%** drop in attendance and a **4.2%** decrease in admission per capita, primarily from calendar shifts, partially offset by lower operating and SG&A expenses Key Operating Metrics (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Attendance (in thousands) | 3,391 | 3,450 | (1.7%) | | Total revenue per capita | $84.62 | $86.21 | (1.8%) | | Admission per capita | $46.04 | $48.06 | (4.2%) | | In-park per capita spending | $38.58 | $38.15 | 1.1% | - The decline in attendance and admission per capita was primarily due to an unfavorable calendar shift, with Easter and Spring Break holidays moving from Q1 in 2024 to Q2 in 2025[117](index=117&type=chunk) - Operating expenses decreased by **$3.6 million**, mainly due to a **$4.6 million** decrease in non-cash self-insurance adjustments[120](index=120&type=chunk) - Selling, general and administrative expenses decreased by **$3.7 million**, primarily due to a **$3.0 million** reduction in third-party consulting costs[121](index=121&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by **$75.7 million** in cash and **$688.6 million** available under its revolving credit facility, despite a decrease in net cash from operations to **$25.7 million** and reduced capital expenditures of **$56.9 million** Capital Expenditures (in thousands) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Core | $49,851 | $60,108 | | Expansion/ROI projects | $7,052 | $27,178 | | **Total** | **$56,903** | **$87,286** | - As of March 31, 2025, the company had approximately **$688.6 million** available for borrowing under its Revolving Credit Facility[63](index=63&type=chunk)[137](index=137&type=chunk) - The company believes existing cash, cash flow from operations, and available borrowings will be adequate to meet its capital expenditures, debt service, and working capital needs for at least the next 12 months[128](index=128&type=chunk) [Adjusted EBITDA](index=33&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA for Q1 2025 decreased to **$67.4 million**, with Covenant Adjusted EBITDA for the last twelve months reaching **$703.7 million**, reflecting various non-cash and non-recurring adjustments from net loss Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | ($16,133) | ($11,201) | | Interest expense | $34,107 | $38,777 | | Depreciation and amortization | $41,695 | $39,182 | | Other adjustments | $8,746 | $14,495 | | **Adjusted EBITDA** | **$67,440** | **$79,154** | - Covenant Adjusted EBITDA for the last twelve months ended March 31, 2025, was **$703.7 million**, including add-backs for estimated cost savings (**$8.6 million**) and other adjustments (**$6.6 million**) as permitted by debt agreements[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from inflation impacting operating costs and interest rate fluctuations on its approximately **$1.5 billion** variable-rate debt, where a **100 basis point** increase in Term SOFR would raise annual interest expense by **$15.3 million** - Inflation affects costs for food, merchandise, fuel, construction, labor, utilities, and insurance[150](index=150&type=chunk) - A hypothetical **100 basis point (1%)** increase in the Term SOFR would increase the company's annual interest expense by approximately **$15.3 million**, assuming no borrowings on the revolving credit facility[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the quarter[154](index=154&type=chunk) - No changes occurred in internal control over financial reporting during the quarter ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, these controls[155](index=155&type=chunk) [PART II. OTHER INFORMATION](index=38&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for details on legal proceedings, including the concluded Quinton Burns lawsuit and ongoing Sesame Workshop arbitration - For details on legal proceedings, the report refers to Note 8–Commitments and Contingencies in the financial statements[158](index=158&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company faces increased risk from unionization activities, with two employee groups totaling approximately **115 employees** voting in favor of unionization in 2025 - The company has experienced increased union organizing activities. In 2025, two groups of employees, impacting approximately **115 employees** in total, voted in favor of unionization[160](index=160&type=chunk) - There have been no other material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[159](index=159&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased **100,000 shares** for approximately **$4.6 million**, with **$32.6 million** remaining under the new **$500.0 million** share repurchase program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Programs | | :--- | :--- | :--- | :--- | | Jan 1 - Jan 31, 2025 | 27 | $56.19 | — | | Feb 1 - Feb 28, 2025 | — | — | — | | Mar 1 - Mar 31, 2025 | 111,412 | $46.52 | 100,000 | | **Total** | **111,439** | | **100,000** | - During Q1 2025, the company repurchased **100,000 shares** for approximately **$4.6 million** under its new Share Repurchase Program, leaving about **$32.6 million** available under that program[164](index=164&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended March 31, 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[168](index=168&type=chunk)

Core Concept - SeaWorld Orlando has launched a new attraction called Expedition Odyssey, which offers an immersive Arctic experience combining advanced ride technology, real-world footage, and close encounters with Arctic wildlife [1][2][3] Attraction Features - Expedition Odyssey features a next-generation ride system with dynamic motion, providing a realistic experience as guests journey through glaciers, tundra, and the Arctic Ocean [2][3] - The attraction includes custom-shot video footage from remote Arctic locations, enhancing authenticity and guest immersion with wildlife such as polar bears, orcas, and beluga whales [3] Family-Friendly Experience - Designed for adventurers of all ages, Expedition Odyssey has a height requirement of only 39 inches, allowing families to enjoy the experience together [4] - The attraction is fully indoors, ensuring a year-round experience regardless of weather conditions [4] Animal Encounters - Guests can transition from the ride to real-life encounters with Arctic animals, including beluga whales, seals, and walruses [5] - A notable feature is Uki, an orphaned Pacific walrus calf, who is part of the attraction and provides a unique connection for guests [6] Additional Experiences - SeaWorld offers exclusive behind-the-scenes experiences, such as the Beluga Whales Up-Close Tour, allowing guests to learn about marine mammals [7] Promotional Offers - SeaWorld is currently running a Memorial Day Sale, offering up to 55% off on tickets, Fun Cards, and Annual Passes until May 18 [8][9] - The 2025 Fun Card is available for $139.99, providing park admission through December 31, 2025, at a lower price than a single-day ticket [9] Company Overview - SeaWorld is a leading marine life theme park and accredited zoo, focusing on education and conservation of marine life [10] - The organization has rescued over 42,000 animals and has contributed more than $20 million to marine conservation efforts globally [10]

Financial Performance - For the quarter ended March 2025, United Parks & Resorts reported revenue of $286.95 million, down 3.5% year-over-year [1] - EPS for the quarter was -$0.29, compared to -$0.17 in the same quarter last year [1] - The reported revenue was below the Zacks Consensus Estimate of $293.9 million, resulting in a surprise of -2.37% [1] - The company experienced an EPS surprise of -26.09%, with the consensus EPS estimate being -$0.23 [1] Key Metrics - Total revenue per capita was $84.62, below the four-analyst average estimate of $87.12 [4] - Attendance was reported at 3,391, slightly above the average estimate of 3,370 [4] - Admissions per capita stood at $46.04, compared to the three-analyst average estimate of $48.42 [4] - In-Park per capita spending was $38.58, below the three-analyst average estimate of $39.04 [4] - Food, merchandise, and other revenue totaled $130.83 million, compared to the $131.88 million average estimate, representing a change of -0.6% year-over-year [4] - Admissions revenue was $156.12 million, below the average estimate of $163.59 million, reflecting a change of -5.9% year-over-year [4] Stock Performance - Shares of United Parks & Resorts have returned +12.8% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $286.9 million, a decrease of $10.5 million or 3.5% compared to the first quarter of 2024 [18] - Net loss for the first quarter was $16.1 million, compared to a net loss of $11.2 million in the first quarter of 2024 [21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the first quarter of 2024 [21] - Attendance decreased by approximately 59,000 guests or 1.7% compared to the prior year quarter, primarily due to the timing of Easter and spring break [18][19] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1% during the first quarter, marking growth for 19 of the last 20 quarters [6] - Admission per capita decreased by 4.2%, influenced by the admissions product mix and lower realized pricing [19] - Total revenue per capita decreased by 1.8% [19] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend moving into the second quarter [7] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experience and drive revenue [8][15] - Discussions are ongoing regarding the integration of branded hotels into parks and unlocking the value of owned real estate [12][15] - The company is exploring sponsorship opportunities, expecting to exceed $20 million in high-margin revenue over time [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving new records in revenue and adjusted EBITDA for 2025, with 75% of historical attendance and revenue opportunity still ahead [8][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in attendance due to competitive market dynamics [34][65] Other Important Information - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter [16][22] - The balance sheet remains strong, with a net total leverage ratio of 3.1 times and approximately $764 million in total available liquidity [15][22] Q&A Session Summary Question: How does the company plan to bridge the first quarter loss to expected EBITDA records? - Management highlighted strong April performance with attendance up over 8% and ongoing strategies to improve admissions per capita [30][34] Question: What was the impact of Easter on April attendance? - Management noted that April's attendance benefited from the Easter shift, with additional attendance beyond that expected from the holiday [41] Question: How is the company performing in international sales? - International ticket sales are up low single digits, with management indicating that international attendance does not significantly impact overall performance [52] Question: What are the expectations regarding labor costs due to competition from Epic? - Management acknowledged planned labor increases but emphasized effective management of costs to maintain guest experience [81] Question: What is the company's approach to capital allocation and buybacks? - Management stated that they are comfortable with the current leverage ratio and are focused on maximizing returns to shareholders through strategic capital allocation [86]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $286.9 million, a decrease of $10.5 million or 3.5% compared to the first quarter of 2024, primarily due to decreases in admissions per capita and attendance [18][21] - Attendance decreased by approximately 59,000 guests or 1.7% year-over-year, with the Easter shift impacting attendance by approximately 140,000 guests [19][21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the first quarter of 2024, influenced by revenue declines and timing-related expenses [21][22] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1%, marking growth for 19 of the last 20 quarters [6][21] - Admission per capita decreased by 4.2%, primarily due to a shift in peak visitation days and a change in the admissions product mix [19][21] - Operating expenses decreased by $3.6 million or 2.2%, attributed to a reduction in non-cash adjustments [20][21] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend despite the first quarter's challenges [7][18] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] - International ticket sales were up low single digits year-over-year, with group bookings running ahead of the previous year [50][52] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experiences and drive revenue [7][11] - Discussions are ongoing regarding the integration of branded hotels and unlocking the value of owned real estate [12][72] - The company is pursuing sponsorship opportunities, expecting to generate over $20 million in high-margin revenue over time [14][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving new records in revenue and adjusted EBITDA for 2025, with 75% of historical attendance and revenue opportunities still ahead [8][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in visitation due to competitive market dynamics [34][65] - Management acknowledged economic uncertainties but emphasized the resilience of their business model [16][61] Other Important Information - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter, indicating confidence in the stock's valuation [16][22] - The net total leverage ratio as of March 31, 2025, was 3.1 times, with total available liquidity of approximately $764 million [15][22] Q&A Session Summary Question: How does the company plan to bridge the first quarter loss to achieve record EBITDA? - Management highlighted strong April performance with attendance up over 8% and emphasized upcoming new rides and attractions as key drivers for growth [30][34] Question: What was the impact of Easter on April's performance? - Management noted that April's attendance benefited from the Easter shift and additional attendance beyond that, indicating a positive trend [41] Question: How is the company addressing international sales and group bookings? - Management reported low single-digit growth in international ticket sales and positive trends in group bookings, indicating a strong outlook [52][54] Question: What are the expectations regarding weather impacts for the year? - Management anticipates more normalized weather patterns compared to the previous year, which experienced significant hurricane impacts [61][62] Question: How is the company managing labor and marketing costs in light of competition? - Management indicated effective management of labor costs despite market pressures and strategic redeployment of marketing expenses to maximize impact [81][84]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $286.9 million, a decrease of $10.5 million or 3.5% compared to Q1 2024, primarily due to decreases in admissions per capita and attendance [18][21] - Attendance decreased by approximately 59,000 guests or 1.7% year-over-year, with the Easter shift impacting attendance by about 140,000 guests [19][21] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million compared to the prior year, influenced by revenue declines and timing-related expenses [21][22] - The net loss for Q1 2025 was $16.1 million, compared to a net loss of $11.2 million in Q1 2024 [21] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1%, marking growth for 19 of the last 20 quarters [6][21] - Total revenue per capita decreased by 1.8%, with admissions per capita down 4.2% due to a shift in peak visitation days [19][21] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend despite the Q1 challenges [6][21] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experience and drive revenue [6][10] - There are ongoing discussions regarding integrating branded hotels into parks and unlocking the value of owned real estate [11][12] - The company is pursuing sponsorship opportunities, expecting to generate over $20 million in high-margin revenue over time [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving new records in revenue and adjusted EBITDA for 2025, with 75% of historical attendance and revenue opportunities still ahead [7][17] - The company is optimistic about the impact of new attractions and events, as well as the potential increase in visitors due to competitive attractions in the area [35][66] Other Important Information - The balance sheet remains strong, with a net total leverage ratio of 3.1 times and approximately $764 million in total available liquidity [14][22] - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter, indicating confidence in the stock's valuation [16][22] Q&A Session Summary Question: How does the company plan to bridge the Q1 EBITDA loss to expected record levels? - Management highlighted strong April performance, with attendance up over 8%, and emphasized upcoming new rides and attractions as key drivers for growth [31][33] Question: What was the impact of Easter on April attendance? - Management noted that April's attendance benefited from the Easter shift, with additional attendance beyond that expected from the holiday [43] Question: How are international sales performing? - International ticket sales are up low single digits year-over-year, with group bookings also running ahead of last year [50][53] Question: What are the expectations regarding labor costs due to competition from Epic? - Management acknowledged planned labor increases but stated they have effectively managed costs and matched labor needs to attendance forecasts [82][83] Question: What is the company's strategy regarding capital allocation and buybacks? - Management indicated a focus on maximizing shareholder returns and mentioned that they are comfortable with the current leverage ratio while considering future buybacks [87][89]

Group 1: Earnings Performance - United Parks & Resorts reported a quarterly loss of $0.29 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.23, and compared to a loss of $0.17 per share a year ago, indicating a significant earnings surprise of -26.09% [1] - The company posted revenues of $286.95 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.37%, and down from $297.42 million in the same quarter last year [2] - Over the last four quarters, the company has not surpassed consensus EPS estimates and has topped revenue estimates only once [2] Group 2: Stock Performance and Outlook - United Parks & Resorts shares have declined approximately 16% since the beginning of the year, contrasting with the S&P 500's decline of -3.8% [3] - The current consensus EPS estimate for the upcoming quarter is $1.69 on revenues of $500.75 million, and for the current fiscal year, it is $4.36 on revenues of $1.73 billion [7] - The estimate revisions trend for United Parks & Resorts is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Group 3: Industry Context - The Leisure and Recreation Services industry, to which United Parks & Resorts belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]

Exhibit 99.1 United Parks & Resorts Inc. Reports First Quarter 2025 Results ORLANDO, FL, May 12, 2025 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the first quarter of 2025. First Quarter 2025 Highlights Other Highlights "We are pleased to report another quarter of strong financial results," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "Results in the first quarter were negatively impacted by ...

Core Insights - United Parks & Resorts Inc. reported strong financial results for Q1 2025 despite challenges from the timing of Easter and Spring Break holidays, which shifted to Q2 compared to the previous year [3][6] - In-park per capita spending reached a record level, increasing by 1.1% for the quarter, marking growth for 19 of the last 20 quarters [3][6] - The company anticipates significant revenue and Adjusted EBITDA growth for 2025, driven by new attractions and improved offerings across its parks [3][4] Financial Performance - Attendance for Q1 2025 was approximately 3.4 million guests, a decrease of 59,000 guests or 1.7% from Q1 2024 [6][7] - Total revenue was $286.9 million, down $10.5 million or 3.5% from the same quarter in 2024 [6][9] - The net loss for the quarter was $16.1 million, an increase of $4.9 million from Q1 2024 [6][9] - Adjusted EBITDA was $67.4 million, a decrease of $11.7 million or 14.8% from the prior year [6][9] Key Metrics - Total revenue per capita decreased by 1.8% to $84.62, while admission per capita fell by 4.2% to $46.04 [6][31] - In-park per capita spending increased to $38.58, reflecting a 1.1% rise [6][31] - The company repurchased approximately 100,000 shares for about $4.6 million during the quarter [10][6] Future Outlook - The company is optimistic about 2025 bookings for its Discovery Cove property, group bookings, and international ticket sales, all of which are ahead of 2024 [3][4] - Significant investments have been made in new rides and attractions, with a focus on enhancing guest experiences [3][4] - The company expects to achieve new records in revenue and Adjusted EBITDA in 2025, with 75% of historical attendance and revenue opportunities still ahead as of April 30, 2025 [3][4] New Attractions - New attractions include "Jewels of the Sea" at SeaWorld San Diego and "Expedition Odyssey" at SeaWorld Orlando, among others [4][12] - The company continues to enhance its offerings with family-friendly attractions and themed events across its parks [4][12] Animal Rescue Efforts - In Q1 2025, the company aided 205 animals in need, contributing to a total of over 42,000 animals helped throughout its history [11][12] - The company is recognized as a leader in animal rescue, working closely with various agencies to provide urgent care to wildlife [12][22]

Core Insights - United Parks & Resorts (PRKS) is expected to report a quarterly loss of $0.23 per share, a decline of 35.3% year-over-year, with revenues forecasted at $293.9 million, reflecting a decrease of 1.2% compared to the previous year [1] - The consensus EPS estimate has been revised down by 3.6% over the last 30 days, indicating a collective reevaluation by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue and Attendance Metrics - Analysts project 'Food, merchandise and other' revenues to reach $131.88 million, a year-over-year increase of 0.2% [5] - 'Admissions' revenue is estimated at $163.59 million, indicating a year-over-year decline of 1.3% [5] - 'Total revenue per capita' is forecasted to be $87.12, compared to $86.21 from the previous year [5] Attendance and Spending Metrics - Attendance is expected to be 3,370, down from 3,450 in the same quarter last year [6] - 'Admissions per capita' is projected at $48.42, slightly up from $48.06 year-over-year [6] - 'In-Park per capita spending' is forecasted to reach $39.04, compared to $38.15 from the previous year [6] Stock Performance - Over the past month, shares of United Parks & Resorts have returned +2.7%, while the Zacks S&P 500 composite has increased by +11.3% [7] - Currently, PRKS holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the overall market in the near future [7]