United Parks & Resorts(PRKS)

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United Parks & Resorts(PRKS) - 2023 Q4 - Earnings Call Transcript
2024-02-28 20:46
Financial Data and Key Metrics Changes - In Q4 2023, total revenue was $389.0 million, a decrease of $1.6 million or 0.4% compared to Q4 2022, primarily due to decreases in admission per capita [65] - Total revenue per capita decreased slightly to $78.42 from $79.10 in Q4 2022, with admission per capita down 2.6% to $44.46, while in-park per capita spending increased by 1.5% to a record $33.96 [67] - For the full year 2023, total revenue was $1.73 billion, a decrease of $4.7 million or 0.3% compared to 2022, with adjusted EBITDA at $713.5 million, down $14.8 million [70][76] Business Line Data and Key Metrics Changes - Attendance in Q4 2023 increased by approximately 23,000 guests compared to Q4 2022, driven by Halloween and Christmas events, despite adverse weather impacts [66] - For the full year, total attendance was approximately 21.6 million guests, a decrease of 1.5% versus 2022, with total revenue per capita reaching a record $79.91, up 1.3% from 2022 [70][71] Market Data and Key Metrics Changes - Attendance from group and international guests was down approximately 1.3 million guests or 30% from 2019 levels, indicating a significant opportunity for recovery [45] - The company is focusing on increasing group sales and international visitation, which are currently below pre-COVID levels [120] Company Strategy and Development Direction - The company is committed to a disciplined capital allocation strategy, focusing on investing in the business, debt paydown, M&A, and returning capital to shareholders [28][32] - Plans for 2024 include new rides and attractions, with expectations for more normalized weather and a strong lineup of events to drive attendance [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to recover attendance levels to pre-COVID figures, particularly in international and group segments [16][120] - The company anticipates meaningful growth in revenue and adjusted EBITDA for 2024, driven by new attractions, pricing initiatives, and cost management [20][100] Other Important Information - The company has a strong balance sheet with approximately $618.5 million in total available liquidity and plans to spend approximately $225 million on capital expenditures in 2024 [77][86] - A new $500 million share buyback authorization was recommended by the Board of Directors, reflecting confidence in the company's undervalued shares [79][32] Q&A Session Summary Question: Hotel Development Plans - Management clarified that they are exploring various options for hotel development, including partnerships, and emphasized the potential benefits of having hotels adjacent to parks [91][93] Question: Growth Drivers for 2024 - Key growth drivers include weather normalization, new attractions, pricing initiatives, and ongoing cost management efforts [95][100] Question: Weather Impact on Attendance - Management confirmed that the estimated weather-related attendance impacts were relative to 2022, with a total of over 370,000 visits lost due to adverse weather conditions [103][105] Question: Long-term Margin Potential - Management indicated that while margins have fluctuated, they expect to see improvements through attendance growth, pricing strategies, and cost management [109][111] Question: Group and International Visitation Recovery - Management is optimistic about the recovery of group visitation in the near term and is investing resources to stimulate international attendance [116][120]
United Parks & Resorts(PRKS) - 2023 Q3 - Earnings Call Transcript
2023-11-08 19:15
SeaWorld Entertainment, Inc. (SEAS) Q3 2023 Earnings Conference Call November 8, 2023 9:00 AM ET Company Participants Matthew Stroud - Investor Relations Marc Swanson - Chief Executive Officer James Forrester - Interim Chief Financial Officer & Treasurer Conference Call Participants Steven Wieczynski - Stifel James Hardiman - Citi Michael Swartz - SunTrust Chris Woronka - Deutsche Bank Thomas Yeh - Morgan Stanley Barton Crockett - Rosenblatt Lizzie Dove - Goldman Sachs Robert Aurand - KeyBanc Operator Good ...
United Parks & Resorts(PRKS) - 2023 Q2 - Earnings Call Transcript
2023-08-08 16:10
SeaWorld Entertainment, Inc. (SEAS) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET Company Participants Matthew Stroud - Investor Relations Marc Swanson - Chief Executive Officer Jim Forrester - Interim Chief Financial Officer & Treasurer Conference Call Participants Steve Wieczynski - Stifel Michael Swartz - Truist James Hardiman - Citi Thomas Yeh - Morgan Stanley Chris Woronka - Deutsche Bank Eric Wold - B. Riley Securities Phil Cusick - JPMorgan Lizzie Dove - Goldman Sachs Robert Aurand - Key ...
United Parks & Resorts(PRKS) - 2023 Q1 - Earnings Call Transcript
2023-05-09 18:15
Financial Data and Key Metrics Changes - The company reported record total revenue of $293.3 million for Q1 2023, an increase of $22.7 million or 8.4% compared to Q1 2022 [32] - Total revenue per capita increased by 9.2% to a record $86.84, driven by improvements in both admissions per capita and in-park per capita spending [34] - The company generated a net loss of $16.5 million for Q1 2023, compared to a net loss of $9 million in Q1 2022, while adjusted EBITDA reached a record $72.4 million, an increase of $6.5 million from the previous year [38][39] Business Line Data and Key Metrics Changes - Attendance decreased by 0.7% primarily due to adverse weather conditions, particularly in California, impacting peak visitation periods [33] - Admission per capita increased by 9.4% to a record $48.51, while in-park per capita spending rose by 8.9% to a record $38.33 [34] Market Data and Key Metrics Changes - The company noted that international attendance was up in Q1 2023 compared to 2022 but still down over 40% compared to 2019 [83] - Group bookings are trending well ahead of 2022 levels and are close to pre-COVID levels [85] Company Strategy and Development Direction - The company is excited about the opening of SeaWorld Abu Dhabi, the first SeaWorld branded park outside the U.S., expected to contribute single-digit millions to EBITDA this year [10][54] - Strategic initiatives include cost and efficiency improvements targeting $30 million to $50 million in savings, digital transformation efforts, and enhancing guest experiences through new rides and attractions [20][21][25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver meaningful growth and new records in revenue and adjusted EBITDA for 2023, despite challenges such as adverse weather [31][50] - The company is optimistic about group booking trends and the upcoming summer season, anticipating a busy period with new attractions opening [9][10] Other Important Information - The company has a strong balance sheet with a net total leverage ratio of 2.7 times and approximately $426.4 million in total available liquidity [30][42] - The company plans to spend approximately $250 million to $275 million in CapEx for 2023, focusing on high-conviction growth and ROI projects [44] Q&A Session Summary Question: Weather impact on attendance - Management indicated that adverse weather in California resulted in a loss of over 100,000 in attendance, which could have shifted attendance from down 1% to potentially up low-single digits without the weather impact [51][52] Question: Financial impact of Abu Dhabi park - The Abu Dhabi park is expected to deliver low to mid-single-digit millions in EBITDA this year, with potential for growth as the park becomes operational [54][56] Question: Deferred revenue and pass sales - Management noted a nice increase in pass sales between March and April, with deferred revenue up 2% at the end of Q1 [58][61] Question: Group bookings and international visitation - Group bookings are performing well compared to 2022 and are close to pre-COVID levels, while international visitation remains down compared to 2019 [83][85] Question: Operating expenses and cost management - Management is targeting low single-digit expense growth while focusing on cost-saving initiatives to manage operating expenses effectively [80][81] Question: Hotel financing and attendance recovery - Management is excited about the hotel projects but has not finalized financing details, and they believe investments in parks and new attractions will help recover attendance [66][70] Question: Ride construction timing - The timing of new ride openings is more traditional this year compared to last year, with several anticipated rides set to open in the coming weeks [78][110]
United Parks & Resorts(PRKS) - 2022 Q4 - Earnings Call Transcript
2023-02-28 20:40
SeaWorld Entertainment, Inc. (SEAS) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET Company Participants Matthew Stroud - VP, IR Marc Swanson - CEO James Forrester - Interim CFO & Treasurer Conference Call Participants Steven Wieczynski - Stifel, Nicolaus & Company Philip Cusick - JPMorgan Chase & Co. James Hardiman - Citigroup Eric Wold - B. Riley Securities Barton Crockett - Rosenblatt Securities Michael Swartz - SunTrust Paul Golding - Macquarie Research Operator Hello, and welcome to the S ...
United Parks & Resorts(PRKS) - 2022 Q3 - Earnings Call Transcript
2022-11-09 19:40
SeaWorld Entertainment, Inc. (SEAS) Q3 2022 Earnings Conference Call November 9, 2022 9:00 AM ET Company Participants Matthew Stroud - VP, IR Marc Swanson - CEO Michelle Adams - CFO Conference Call Participants Philip Cusick - JPMorgan James Hardiman - Citigroup Steve Wieczynski - Stifel Michael Swartz - Truist Chris Woronka - Deutsche Bank Barton Crockett - Rosenblatt Securities Paul Golding - Macquarie Ben Chaiken - Credit Suisse Operator Good day, and welcome to the SeaWorld Q3 2022 Earnings Conference C ...
United Parks & Resorts(PRKS) - 2022 Q3 - Earnings Call Presentation
2022-11-09 15:23
1 1 Earnings Presentation November 9, 2022 Cautionary Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. You can identify forward-looking statements by the use of words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," ...
United Parks & Resorts(PRKS) - 2022 Q2 - Earnings Call Presentation
2022-08-06 20:38
1 1 Earnings Presentation August 4, 2022 Cautionary Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. You can identify forward-looking statements by the use of words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," " ...
United Parks & Resorts(PRKS) - 2022 Q2 - Earnings Call Transcript
2022-08-06 20:32
SeaWorld Entertainment, Inc. (SEAS) Q2 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants Matthew Stroud - VP, IR Marc Swanson - CEO Michelle Adams - CFO & Treasurer Conference Call Participants Steven Wieczynski - Stifel, Nicolaus & Company Philip Cusick - JPMorgan Chase & Co. James Hardiman - Citigroup Eric Wold - B. Riley Securities Benjamin Chaiken - Crédit Suisse Michael Swartz - SunTrust Chris Woronka - Deutsche Bank Paul Golding - Macquarie Research Barton Crockett - Rosenbl ...
United Parks & Resorts(PRKS) - 2022 Q1 - Earnings Call Transcript
2022-05-08 12:18
SeaWorld Entertainment, Inc. (SEAS) Q1 2022 Earnings Conference Call May 5, 2022 9:00 AM ET Company Participants Matthew Stroud - Vice President, Investor Relations Marc Swanson - Chief Executive Officer Elizabeth Gulacsy - Chief Financial Officer & Treasurer Conference Call Participants Steve Wieczynski - Stifel James Hardiman - Citi Chris Woronka - Deutsche Bank Ben Chaiken - Crédit Suisse Barton Crockett - Rosenblatt Securities Michael Swartz - Truist Securities Paul Golding - Macquarie Philip Cusick - J ...