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United Parks & Resorts(PRKS) - 2025 Q1 - Earnings Call Transcript
2025-05-12 14:00
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]
United Parks & Resorts(PRKS) - 2025 Q1 - Quarterly Results
2025-05-12 10:38
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 ...
United Parks & Resorts Inc. Reports First Quarter 2025 Results
Prnewswire· 2025-05-12 10:30
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]
Countdown to United Parks & Resorts (PRKS) Q1 Earnings: A Look at Estimates Beyond Revenue and EPS
ZACKS· 2025-05-08 14:21
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]
Earnings Preview: United Parks & Resorts (PRKS) Q1 Earnings Expected to Decline
ZACKS· 2025-05-05 15:05
United Parks & Resorts (PRKS) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Ma ...
The Legacy Continues: North America's Longest Inverted Family Coaster Opens at Busch Gardens Williamsburg on May 23 with the Return of the Big Bad Wolf
Prnewswire· 2025-05-01 17:00
Core Points - Busch Gardens Williamsburg is celebrating its 50th anniversary with a series of events starting May 16, 2025, including the opening of a new attraction, The Big Bad Wolf: The Wolf's Revenge, on May 23 [1][3][5] - The new coaster is designed to be family-friendly, featuring over 2,500 feet of track and speeds up to 40 miles per hour, with height requirements ensuring accessibility for children [2][8] - Special offers and events are planned for the anniversary, including discounted beer, commemorative merchandise, and free admission for visitors born in May 1975 [3][4] Anniversary Celebration - The 50th Anniversary Celebration includes a lookback presentation on May 16, featuring historical photos and stories, led by Park President Kevin Lembke [4] - The celebration will also feature a 1970s cover band, fireworks, and special photo opportunities throughout the park [3][4] - The first 1,000 guests on May 16 will receive a limited-edition 50th Anniversary item [4] New Attraction Details - The Big Bad Wolf: The Wolf's Revenge is North America's longest family inverted coaster, set in a Bavarian village theme [2] - The ride is designed for family enjoyment, with a minimum height requirement of 42 inches when accompanied by an adult and 48 inches unaccompanied [2][8] - A Grand Opening Ceremony for the new attraction will take place on May 23, featuring a ribbon-cutting and DJ dance party [5] Membership and Promotions - Busch Gardens is offering a limited-time flash sale with over 30% off Fun Cards and Memberships, which provide unlimited visits and additional perks [6][8] - Members will have exclusive early access to ride The Big Bad Wolf: The Wolf's Revenge from May 16 to 18 [8]
UNITED PARKS & RESORTS INC. ANNOUNCES FIRST QUARTER EARNINGS RELEASE DATE AND CONFERENCE CALL INFORMATION
Prnewswire· 2025-04-30 20:05
Company Announcement - United Parks & Resorts Inc. will release its first quarter financial results before the market opens on May 12, 2025 [1] - A conference call is scheduled for May 12, 2025, at 9 a.m. Eastern Time, which will be broadcast live on the company's website [1] Replay Information - A replay of the conference call will be available starting at approximately 12 p.m. Eastern Time on May 12, 2025 [2] - The replay can be accessed telephonically until 11:59 p.m. Eastern Time on May 19, 2025, using specific dialing codes for the U.S., Canada, and international locations [2] Company Overview - United Parks & Resorts Inc. is a global theme park and entertainment company with a diverse portfolio of brands, including SeaWorld®, Busch Gardens®, and Discovery Cove [3] - The company operates 13 parks across the United States and Abu Dhabi, offering various family-friendly experiences and educational presentations with wildlife [3] - United Parks & Resorts is recognized for its commitment to animal welfare and has a legacy of rescuing over 41,000 animals in need over the past 60 years [3]
Busch Gardens Tampa Bay Launches Nearly $40 Million Park Transformation Under New Leadership
Prnewswire· 2025-04-29 14:00
Core Insights - Busch Gardens Tampa Bay is making a significant investment of nearly $40 million to enhance the park's offerings and guest experiences under the new leadership of Park President Jeff Davis [1][2] Investment and Enhancements - The investment will cover infrastructure, operations, staff recruitment, and aesthetic improvements, including new animal habitats and dining experiences [2] - Recent years have seen consistent innovation with multimillion-dollar attractions like Iron Gwazi, Serengeti Flyer, and Phoenix Rising, reinforcing the park's status as a premier destination [2] New Attractions - The upcoming Wild Oasis at Jungala will feature animal encounters, rides, and interactive play zones, designed to provide unforgettable family experiences [3] - New animal species, including capybaras, giant anteaters, squirrel monkeys, and meerkats, will be introduced, alongside enhancements to existing habitats [4] Culinary Experiences - Executive Chef Lavon Smith is introducing new culinary offerings, including full-service venues and a Food & Wine Festival featuring diverse global cuisines [5] Entertainment and Events - Summer Nights will return with extended hours, new shows, and a nighttime spectacular, enhancing the park's entertainment offerings [6] - Adventure Island will also see new attractions, including the interactive splash area Castaway Falls, aimed at providing fun for all ages [7] Annual Pass Benefits - Annual Pass Members will receive early access to new attractions and exclusive perks, with passes available starting at $15.75 per month [8] Company Overview - Busch Gardens Tampa Bay is a 300-acre theme park that combines thrilling rides with an AZA accredited zoo, offering a unique experience for guests of all ages [9]
United Parks & Resorts Kicks Off Nationwide Recruitment Week for 5,000 Summer Positions Coast to Coast Across All Parks
Prnewswire· 2025-04-28 14:00
Interested candidates should apply online at Careers.SeaWorldParks.com. About United Parks & Resorts Inc. ORLANDO, Fla., April 28, 2025 /PRNewswire/ -- United Parks & Resorts, global theme park and entertainment company, is hosting a national summer hiring event from May 5-9 to fill over 5,000 positions across all seven award-winning park brands, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country USA, Adventure Island and Aquatica®. The parks are hiring for a variety of season ...
Busch Gardens Parks Honor Military Appreciation Month with Free Park Admission to Active-Duty U.S. Military, Veterans and Their Families Through Annual Waves of Honor Program
Prnewswire· 2025-04-23 16:00
ORLANDO, Fla., April 23, 2025 /PRNewswire/ -- Busch Gardens parks will honor Military Appreciation Month with free one-day admission for U.S. military veterans and up to three guests. Veterans can register for this offer through May 11 and have until July 6 to visit the parks with their free tickets. Active-duty military and their guests continue to enjoy one-day complimentary admission all year long. The offers are part of United Parks & Resorts' Waves of Honor program, a longstanding partnership saluting ...