Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $497.6 million, an increase of $1.6 million or 0.3% compared to Q2 2023 [13] - Attendance increased by approximately 47,000 guests or 0.8% year-over-year [14] - Net income for Q2 2024 was $91.1 million, up from $87.1 million in Q2 2023 [16] - Adjusted EBITDA was $218.2 million, a decrease of $6.1 million compared to Q2 2023 [16] - For the first half of 2024, total revenue was $795 million, an increase of $5.6 million or 0.7% [16] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 2.5%, while total revenue per capita decreased by 0.4% [14] - Admission per capita decreased by 2.9% due to lower pricing on certain promotional admission products [14] Market Data and Key Metrics Changes - International visitation was up compared to the prior year, although still down compared to 2019 [6] - The deferred revenue balance as of June 30, 2024, was $230.5 million, an increase of approximately 3.5% compared to June 2023 [18] Company Strategy and Development Direction - The company is focused on driving total revenue and believes it can grow per capita spending over time through various initiatives [21][22] - There is a strong emphasis on cost management, with expected realized savings of approximately $50 million in 2024 [10] - The company is investing in digital transformation, including CRM capabilities and a mobile app to enhance customer engagement [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving new records in revenue and adjusted EBITDA for the full year 2024 [7] - The company is optimistic about upcoming events such as Halloween and Christmas, which are expected to drive attendance and revenue [20] - Management noted that the business has remained resilient even in challenging economic conditions [34] Other Important Information - The company repurchased approximately $6.3 million shares since the end of March through August 5, 2024, representing nearly 10% of outstanding shares [5] - The June 30, 2024, net leverage ratio was 2.76 times, with total liquidity of approximately $605 million [9][17] Q&A Session Summary Question: Can you provide more color on the pressure seen in admissions per capita? - Management indicated that they are focused on driving total revenue and may use promotional offers that could impact per capita metrics [21][22] Question: What is the outlook for the second half of the year regarding EBITDA? - Management highlighted various initiatives, including events and cost efficiencies, to drive performance in the second half [25][26] Question: How is the consumer health picture evolving? - Management noted that in-park per capita spending is up, indicating a positive consumer sentiment [39] Question: What are the plans for marketing ahead of Universal's new park opening? - Management confirmed that they will ramp up marketing efforts and leverage their unique value proposition to attract visitors [51][54] Question: What is the strategy for the 2025 pass product lineup? - Management stated that they will continue to offer compelling benefits to pass holders and aim to secure their commitment [55]

For the quarter ended June 2024, United Parks & Resorts (PRKS) reported revenue of $497.59 million, up 0.3% over the same period last year. EPS came in at $1.50, compared to $1.35 in the year-ago quarter. The reported revenue represents a surprise of -0.44% over the Zacks Consensus Estimate of $499.79 million. With the consensus EPS estimate being $1.54, the EPS surprise was -2.60%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

United Parks & Resorts (PRKS) came out with quarterly earnings of $1.50 per share, missing the Zacks Consensus Estimate of $1.54 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.60%. A quarter ago, it was expected that this theme park operator would post a loss of $0.29 per share when it actually produced a loss of $0.17, delivering a surprise of 41.38%. Over the last four quart ...

Financial Performance - Total revenue for the second quarter of 2024 was $497.6 million, a 0.3% increase from the second quarter of 2023[5] - Net income for the second quarter of 2024 was $91.1 million, reflecting a 4.7% increase from the second quarter of 2023[5] - Adjusted EBITDA for the second quarter of 2024 was $218.2 million, a decrease of 2.7% from the second quarter of 2023[5] - For the first six months of 2024, total revenue reached a record $795.0 million, up 0.7% from the same period in 2023[2] - Net income for the first six months of 2024 was $79.9 million, an increase of 13.2% compared to the first six months of 2023[2] - Net revenues for Q2 2024 were $497.59 million, a slight increase of 0.3% compared to $496.03 million in Q2 2023[20] - Operating income for Q2 2024 was $164.30 million, reflecting an increase of 5.8% from $155.38 million in Q2 2023[20] - Net income for Q2 2024 was $93.31 million, up 4.7% from $89.31 million in Q2 2023[20] - Earnings per share (diluted) for Q2 2024 were $1.46, compared to $1.35 in Q2 2023, representing an increase of 8.15%[20] - Net income for the three months ended June 30, 2024, was $91,124, an increase of $4,069 or 4.7% compared to $87,055 for the same period in 2023[21] - Adjusted EBITDA for the three months ended June 30, 2024, was $218,153, a decrease of $6,094 or 2.7% from $224,247 in the prior year[21] Attendance and Guest Engagement - Attendance for the second quarter of 2024 was 6.2 million guests, an increase of 0.8% from the second quarter of 2023[5] - In-park per capita spending for the second quarter of 2024 increased 2.5% to a record $37.76[5] - Attendance for the three months ended June 30, 2024, was 6,186, an increase of 47 or 0.8% compared to 6,139 in the same period last year[25] - Total revenue per capita for the six months ended June 30, 2024, was $82.50, a decrease of $0.44 or 0.5% from $82.94 in the prior year[25] - The company anticipates continued growth in user engagement and attendance, despite potential economic challenges[18] - Future guidance indicates a cautious optimism for revenue growth, with expectations of increased attendance and spending per guest[18] Costs and Expenses - Total costs and expenses for Q2 2024 were $333.29 million, a decrease of 2.2% from $340.91 million in Q2 2023[20] Share Repurchase and Capital Expenditures - The company repurchased 4.1 million shares for approximately $213.4 million during the second quarter, with $286.6 million remaining under the Share Repurchase Program[3] - Capital expenditures for the six months ended June 30, 2024, totaled $166,814, an increase of $21,227 or 14.6% compared to $145,587 in the same period of 2023[24] Debt and Financial Position - Long-term debt, including current maturities, increased to $2,271,183 as of June 30, 2024, compared to $2,125,500 at the end of 2023[23] - Deferred revenue as of June 30, 2024, was $230,496, an increase from $155,614 at the end of 2023[23] - The company reported a total stockholders' deficit of $(364,940) as of June 30, 2024, compared to $(208,216) at the end of 2023[23] - Interest expense for the three months ended June 30, 2024, was $39,386, an increase of $2,432 or 6.6% from $36,954 in the same period last year[21] International Visitation - International visitation showed improvement compared to the previous year, although it remains down compared to 2019[3] Future Outlook - The company expects to achieve new records in revenue and Adjusted EBITDA for the full year 2024[3] - The company is focused on expanding its market presence and enhancing guest experiences through new attractions and technology[18]

ORLANDO, Fla., Aug. 7, 2024 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2024. Second Quarter 2024 Highlights Attendance was 6.2 million guests, an increase of approximately 0.05 million guests or 0.8% from the second quarter of 2023. Total revenue was $497.6 million, an increase of $1.6 million or 0.3% from the second quarter of 2023. Net income was $9 ...

Wall Street analysts forecast that United Parks & Resorts (PRKS) will report quarterly earnings of $1.54 per share in its upcoming release, pointing to a year-over-year increase of 14.1%. It is anticipated that revenues will amount to $499.79 million, exhibiting an increase of 0.8% compared to the year-ago quarter. Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective rec ...

ORLANDO, Fla., July 29, 2024 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS) (the "Company"), a leading theme park and entertainment company, today announced its preliminary second quarter financial results. The Company's financial statements for the three and six months ended June 30, 2024 are not yet complete. Accordingly, the Company is presenting the following preliminary estimates for the three and six months ended June 30, 2024. Given the timing of these estimates, the Company has not complet ...

All guests can now feel the rush of the wind and the thrill of flight aboard North America's Tallest and Longest Inverted Family Coaster TAMPA, Fla., July 22, 2024 /PRNewswire/ -- Busch Gardens Tampa Bay today announced the grand opening of Phoenix Rising, the most anticipated coaster of 2024. Now open to the public, guests can ride on the wings of the legendary phoenix aboard North America's tallest and longest inverted family coaster, only at Busch Gardens Tampa Bay. Phoenix Rising is the park's tenth rol ...

About United Parks & Resorts Inc. For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on August 7, 2024, under the "Events & Presentations" tab of www.UnitedParksInvestors.com. A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on August 7, 2024, through 11:59 p.m. Eastern Time on August 14, 2024, by dialing (877) 344-7529 from anywhere in the U.S., (855) 669- 9658 from anywhere in Canada, or (412) 31 ...

Aboard Phoenix Rising, riders will be immersed in an exciting, family-friendly adventure as they soar above Busch Gardens Tampa Bay's Serengeti Plain and navigate through thrilling twists and turns above the skies of Pantopia. Inspired by the legend of the phoenix, this suspended roller coaster offers surprises and speeds reaching 44 miles per hour. With a height requirement of just 42 inches, guests of all ages can let their imagination—and their adrenaline—soar as they feel the rush of the wind and the th ...