Exhibit 99.1 United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2023 Results ORLANDO, FL, February 28, 2024 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2023. Fourth Quarter 2023 Highlights Fiscal 2023 Highlights Other Highlights "We are pleased to report another quarter and fiscal year of strong financial results," said Marc Swanson, Chief Executive Officer of United Parks & ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 SeaWorld Entertainment, Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SeaWorld Entertainment, Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other jurisdiction of incorporation or organization) 6240 Sea Harbor Drive O ...

Special Note Regarding Forward-Looking Statements This section cautions that forward-looking statements are subject to inherent uncertainties and risks, potentially causing actual results to differ - The report contains forward-looking statements based on current expectations, beliefs, estimates, and projections, which are inherently uncertain. Actual results may vary materially[9](index=9&type=chunk) - Key risk factors include **declines in consumer spending**, **adverse weather**, **labor shortages**, **inflation**, **regulatory changes**, **activist pressure**, **incidents/adverse publicity**, **technology failures**, **cybersecurity risks**, and **inability to compete effectively**[10](index=10&type=chunk)[11](index=11&type=chunk)[15](index=15&type=chunk) [Part I. Financial Information](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part covers the company's unaudited condensed consolidated financial statements, management's discussion, market risk, and controls [Item 1. Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements and explanatory notes [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's unaudited condensed consolidated balance sheets, detailing assets, liabilities, and equity Balance Sheets Summary | Balance Sheet Item (In thousands) | March 31, 2023 | December 31, 2022 | Change (vs. Dec 31, 2022) | | :-------------------------------- | :------------- | :---------------- | :------------------------ | | Total Assets | $2,353,880 | $2,325,787 | +$28,093 | | Total Liabilities | $2,808,533 | $2,763,451 | +$45,082 | | Total Stockholders' Deficit | $(454,653) | $(437,664) | -$(16,989) | | Cash and cash equivalents | $54,761 | $79,196 | -$(24,435) | | Deferred revenue (current) | $212,799 | $169,535 | +$43,264 | - The company's total stockholders' deficit increased from **$(437.66) million** at December 31, 2022, to **$(454.65) million** at March 31, 2023, indicating a further **deterioration in equity**[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's unaudited condensed consolidated statements of operations, detailing revenues, expenses, and net loss Statements of Operations Summary | Income Statement Item (In thousands, except per share) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (YoY) | % Change (YoY) | | :--------------------------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | :------------- | | Total revenues | $293,346 | $270,693 | +$22,653 | +8.4% | | Operating income | $11,772 | $10,027 | +$1,745 | +17.4% | | Interest expense | $36,401 | $25,370 | +$11,031 | +43.5% | | Net loss | $(16,467) | $(8,987) | -$(7,480) | -83.2% | | Net loss per share, basic | $(0.26) | $(0.12) | -$(0.14) | -116.7% | - Despite an **8.4%** increase in total revenues and a **17.4%** increase in operating income, the company's **net loss significantly widened by 83.2% year-over-year**, primarily due to a **substantial 43.5% increase in interest expense**[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) This section presents the company's unaudited condensed consolidated statements of changes in stockholders' deficit, detailing equity movements Statements of Changes in Stockholders' Deficit Summary | Stockholders' Deficit Item (In thousands, except shares) | Balance at Dec 31, 2022 | Equity-based Compensation | Shares Withheld for Tax | Exercise of Stock Options | Net Loss | Balance at Mar 31, 2023 | | :----------------------------------------------------- | :---------------------- | :------------------------ | :---------------------- | :------------------------ | :------- | :---------------------- | | Common Stock (shares) | 96,287,771 | — | (86,914) | 22,793 | — | 96,496,784 | | Common Stock ($) | $963 | — | $(1) | — | — | $965 | | Additional Paid-In Capital | $710,151 | $4,482 | $(5,568) | $565 | — | $709,627 | | Retained Earnings | $175,903 | — | — | — | $(16,467) | $159,436 | | Treasury Stock, at Cost | $(1,324,681) | — | — | — | — | $(1,324,681) | | Total Stockholders' Deficit | $(437,664) | $4,482 | $(5,569) | $565 | $(16,467) | $(454,653) | - The total stockholders' deficit increased by **$16.989 million** from December 31, 2022, to March 31, 2023, primarily driven by the **net loss of $16.467 million** during the quarter and shares withheld for tax withholdings[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's unaudited condensed consolidated statements of cash flows, detailing operating, investing, and financing activities Statements of Cash Flows Summary | Cash Flow Item (In thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (YoY) | | :---------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net cash provided by operating activities | $50,296 | $70,794 | -$(20,498) | | Net cash used in investing activities | $(69,758) | $(35,110) | -$(34,648) | | Net cash used in financing activities | $(8,097) | $(99,558) | +$91,461 | | Net decrease in cash and cash equivalents | $(27,559) | $(63,874) | +$36,315 | | Cash and Cash Equivalents, End of period | $54,761 | $380,612 | -$(325,851) | - **Net cash provided by operating activities decreased by $20.5 million YoY**, while **net cash used in investing activities significantly increased by $34.6 million**, primarily due to **higher capital expenditures**[26](index=26&type=chunk) - Cash and cash equivalents at the end of the period **decreased substantially from $380.6 million in Q1 2022 to $54.8 million in Q1 2023**[26](index=26&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, explaining accounting policies and specific line items [Note 1. Description of the Business and Basis of Presentation](index=9&type=section&id=Note%201.%20DESCRIPTION%20OF%20THE%20BUSINESS%20AND%20BASIS%20OF%20PRESENTATION) This note describes SeaWorld Entertainment's business operations, seasonal nature, revenue recognition policies, and the Middle East Project - SeaWorld Entertainment, Inc. operates **twelve theme parks** across the United States, including major brands like **SeaWorld**, **Busch Gardens**, **Aquatica**, **Discovery Cove**, and **Sesame Place**[27](index=27&type=chunk) - The company typically generates its **highest revenues in the second and third quarters** and incurs a **net loss in the first quarter** due to the **seasonal nature of its operations**, with some parks historically open only part of the year[29](index=29&type=chunk) - Revenue from annual/season passes is **deferred and recognized over the pass term** based on **estimated redemption rates**, which are adjusted periodically based on historical and forecasted attendance trends[36](index=36&type=chunk) - The **Middle East Project**, related to **SeaWorld Abu Dhabi**, is on track to **open in May 2023**, with associated revenue and expenses to be recognized upon substantial completion of services[41](index=41&type=chunk)[42](index=42&type=chunk) [Note 2. Recent Accounting Pronouncements](index=12&type=section&id=Note%202.%20RECENT%20ACCOUNTING%20PRONOUNCEMENTS) This note discusses recent accounting pronouncements and their expected impact on the company's financial statements - **No recent accounting pronouncements are expected to have a material impact** on the Company's financial statements or disclosures[45](index=45&type=chunk) [Note 3. Loss Per Share](index=12&type=section&id=Note%203.%20LOSS%20PER%20SHARE) This note details the calculation of basic and diluted loss per share, including the impact of anti-dilutive shares Loss Per Share Data | Loss Per Share (In thousands, except per share) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :---------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net Loss | $(16,467) | $(8,987) | | Basic Loss Per Share | $(0.26) | $(0.12) | | Diluted Loss Per Share | $(0.26) | $(0.12) | | Weighted Average Common Shares Outstanding Basic | 63,978 | 75,624 | - Approximately **1.2 million** and **1.5 million** potentially dilutive shares were excluded from diluted EPS calculations for Q1 2023 and Q1 2022, respectively, because their effect would have been **anti-dilutive due to the company's net loss**[47](index=47&type=chunk) [Note 4. Income Taxes](index=13&type=section&id=Note%204.%20INCOME%20TAXES) This note explains the company's income tax benefit and effective tax rate, including factors influencing the rate Income Taxes Data | Income Tax Item | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :-------------- | :-------------------------------- | :-------------------------------- | | Benefit from income taxes | $(8,208) | $(6,344) | | Effective tax rate | 33.3% | 41.4% | - The **effective tax rate for Q1 2023 was 33.3%**, primarily influenced by **tax benefits related to equity-based compensation**, differing from the **21.0% statutory federal income tax rate**[48](index=48&type=chunk) - The company does not anticipate a **material impact** from the **15% corporate alternative minimum tax** or the **1% excise tax on stock repurchases** introduced by the **Inflation Reduction Act of 2022**[51](index=51&type=chunk) [Note 5. Other Accrued Liabilities](index=13&type=section&id=Note%205.%20OTHER%20ACCRUED%20LIABILITIES) This note provides a breakdown of other accrued liabilities, including accrued interest, taxes, and self-insurance reserves Other Accrued Liabilities Data | Other Accrued Liabilities (In thousands) | March 31, 2023 | December 31, 2022 | Change (vs. Dec 31, 2022) | | :--------------------------------------- | :------------- | :---------------- | :------------------------ | | Accrued interest | $13,347 | $18,483 | -$(5,136) | | Accrued taxes | $7,134 | $3,284 | +$3,850 | | Self-insurance reserve | $8,623 | $8,608 | +$15 | | Other | $16,731 | $16,539 | +$192 | | Total other accrued liabilities | $45,835 | $46,914 | -$(1,079) | - **Accrued interest decreased by $5.1 million**, primarily related to **bi-annual interest payments** on senior secured notes and senior notes[52](index=52&type=chunk)[53](index=53&type=chunk) [Note 6. Long-Term Debt](index=14&type=section&id=Note%206.%20LONG-TERM%20DEBT) This note details the company's long-term debt structure, including Term B Loans, Senior Notes, and compliance with covenants Long-Term Debt Summary | Long-Term Debt (In thousands) | March 31, 2023 | December 31, 2022 | | :---------------------------- | :------------- | :---------------- | | Term B Loans | $1,182,000 | $1,185,000 | | Senior Notes due 2029 (5.25%) | $725,000 | $725,000 | | First-Priority Senior Secured Notes due 2025 (8.75%) | $227,500 | $227,500 | | Total long-term debt | $2,134,500 | $2,137,500 | | Total long-term debt, net | $2,097,601 | $2,099,059 | - The company's long-term debt primarily consists of **Term B Loans ($1.182 billion)**, **Senior Notes ($725 million)**, and **First-Priority Senior Secured Notes ($227.5 million)**[54](index=54&type=chunk) - As of March 31, 2023, the company was **in compliance with all covenants** contained in its debt agreements, and the **net total leverage ratio was 2.71 to 1.00**, well below the **permitted maximum of 4.25 to 1.00** for restricted payments[71](index=71&type=chunk) - Cash paid for interest increased from **$27.6 million** in Q1 2022 to **$40.0 million** in Q1 2023[72](index=72&type=chunk) [Note 7. Fair Value Measurements](index=17&type=section&id=Note%207.%20FAIR%20VALUE%20MEASUREMENTS) This note describes the fair value measurements of the company's financial instruments, categorized by valuation hierarchy - The company's **First-Priority Senior Secured Notes** and **Senior Notes** are classified as **Level 1** in the **fair value hierarchy**, meaning their fair value is determined using quoted prices for identical instruments in active markets[75](index=75&type=chunk) - **Term B Loans** are classified as **Level 2**, with their **fair value approximating carrying value** due to **variable interest rates and frequent resets**[75](index=75&type=chunk) [Note 8. Commitments and Contingencies](index=18&type=section&id=Note%208.%20COMMITMENTS%20AND%20CONTINGENCIES) This note outlines the company's legal proceedings and license commitments, including disputes and ongoing agreements [Legal Proceedings](index=18&type=section&id=Legal%20Proceedings) This section details ongoing legal disputes, including arbitration with Sesame Workshop and a class action lawsuit - The company is awaiting a decision from an **arbitration panel** regarding a **dispute with Sesame Workshop** over an **additional royalty payment for 2021**[79](index=79&type=chunk) - A **lawsuit from former employees disputes the vesting** of approximately **300,000 performance-vesting restricted shares**, with oral arguments held in March 2023[81](index=81&type=chunk) - A purported **class action lawsuit alleges racial discrimination**, with the company having filed motions to dismiss and strike class certification, believing the lawsuit is **without merit**[82](index=82&type=chunk) [License Commitments](index=19&type=section&id=License%20Commitments) This section outlines the company's significant license agreements, including those with Sesame Workshop and Anheuser-Busch - The company's **License Agreement with Sesame Workshop** has an **estimated remaining liability of up to $25.0 million** over its term, which **extends through December 31, 2031**, with potential extensions[86](index=86&type=chunk) - SeaWorld holds a **perpetual, exclusive, worldwide, royalty-free license** to use the **Busch Gardens trademark** from Anheuser-Busch, Incorporated[87](index=87&type=chunk) [Note 9. Equity-Based Compensation](index=19&type=section&id=Note%209.%20EQUITY-BASED%20COMPENSATION) This note details equity compensation expense, available shares for issuance, and the structure of long-term incentive grants Equity Compensation Expense Summary | Equity Compensation Expense (In thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (YoY) | % Change (YoY) | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | :------------- | | Operating expenses | $534 | $1,965 | -$(1,431) | -72.8% | | Selling, general and administrative expenses | $3,948 | $5,017 | -$(1,069) | -21.3% | | Total equity compensation expense | $4,482 | $6,982 | -$(2,500) | -35.8% | - **Total equity compensation expense decreased by 35.8% year-over-year to $4.5 million** in Q1 2023[89](index=89&type=chunk) - Approximately **7.3 million shares** are available for future issuance under the **Omnibus Incentive Plan** as of March 31, 2023[90](index=90&type=chunk) - The 2023 Long-Term Incentive Grant will include **nonqualified stock options** (vesting over three years) and **performance-vesting restricted units** (vesting over a three-year performance period based on goal achievement)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Note 10. Stockholders' Deficit](index=21&type=section&id=Note%2010.%20STOCKHOLDERS'%20DEFICIT) This note provides details on common stock, treasury stock, and the company's share repurchase program - As of March 31, 2023, the company had **96,496,784 shares of common stock issued**, including **32,376,539 shares held as treasury stock**[98](index=98&type=chunk) - A new **$250.0 million share repurchase program**, approved in August 2022, had approximately **$56.4 million remaining** as of March 31, 2023[100](index=100&type=chunk) - Subsequent to March 31, 2023, the company repurchased an additional **235,000 shares** for approximately **$13.9 million**, leaving **$42.4 million available** under the program as of May 4, 2023[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, liquidity, capital resources, and non-GAAP measures [Introduction](index=22&type=section&id=Introduction) This introduction sets the context for management's discussion and analysis, highlighting forward-looking statements and required disclosures - The discussion contains forward-looking statements and should be read with the unaudited condensed consolidated financial statements and the Annual Report on Form 10-K[103](index=103&type=chunk)[104](index=104&type=chunk) [Business Overview](index=22&type=section&id=Business%20Overview) This section provides an overview of SeaWorld Entertainment's theme park operations, zoological collection, and guest experience focus - SeaWorld Entertainment is a leading theme park and entertainment company with a diversified portfolio of **12 differentiated theme parks** across the U.S[105](index=105&type=chunk) - The parks feature a one-of-a-kind zoological collection, thrill and family-friendly rides, educational presentations, and shows, aiming to inspire guests to protect animals and wild wonders[105](index=105&type=chunk) [Recent Developments](index=22&type=section&id=Recent%20Developments) This section discusses recent operational challenges, including wage inflation, staffing shortages, and broader inflationary pressures - The Board of Directors is actively involved in overseeing key operating activities and decisions[106](index=106&type=chunk) - The company faces challenges from **wage inflationary pressures** and **staffing shortages**, impacting operations, guest experience, and leading to temporary closures of outlets or rides[107](index=107&type=chunk) - **Significant inflationary pressures** on labor, goods, freight, services, and capital projects, along with supply chain disruptions, are impacting the business, prompting a focus on cost reduction and pricing initiatives[107](index=107&type=chunk) [Principal Factors and Trends Affecting Our Results of Operations](index=23&type=section&id=Principal%20Factors%20and%20Trends%20Affecting%20Our%20Results%20of%20Operations) This section outlines key factors and trends influencing the company's revenues, costs, expenses, and operational seasonality [Revenues](index=23&type=section&id=Revenues) This section explains the primary drivers of revenue, including attendance, per capita spending, ticket pricing, and product mix - Revenues are primarily driven by attendance and per capita spending, which includes admission per capita and in-park per capita spending[110](index=110&type=chunk) - Admission per capita is influenced by ticket pricing, admissions product mix (e.g., single-day vs. passes), and park attendance mix, with higher pass visitation rates generally lowering admission per capita[111](index=111&type=chunk) - In-park per capita spending is driven by pricing, product offerings, guest mix (domestic/international vs. local/pass holders), and guest penetration levels[111](index=111&type=chunk) [Costs and Expenses](index=24&type=section&id=Costs%20and%20Expenses) This section details key operating costs, factors influencing them, and the company's cost reduction initiatives - Key operating costs include employee wages and benefits, advertising, maintenance, animal care, utilities, property taxes, and insurance[114](index=114&type=chunk) - Costs are influenced by fixed operating costs, competitive wage pressures, commodity prices, construction costs, park operating hours, and inflationary pressures[114](index=114&type=chunk) - The company is actively pursuing cost reduction, operating margin improvement, and labor structure streamlining initiatives, including technology initiatives[115](index=115&type=chunk) [Seasonality](index=24&type=section&id=Seasonality) This section describes the seasonal nature of the theme park industry and its impact on attendance and revenues - The theme park industry is seasonal, with the company historically generating **two-thirds of its attendance and revenues in the second and third quarters**, typically incurring a **net loss in the first quarter**[117](index=117&type=chunk) - The timing of Easter and spring break holidays can shift revenues between Q1 and Q2, while holiday breaks around Christmas and New Year can affect Q1 and Q4[117](index=117&type=chunk) - Increased operating days, such as with Sesame Place San Diego, are expected to drive incremental attendance and revenue and may change future seasonality impacts[118](index=118&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) This section provides a detailed comparison of the company's financial performance for the three months ended March 31, 2023, versus 2022 [Comparison of the Three Months Ended March 31, 2023 to the Three Months Ended March 31, 2022](index=25&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20March%2031%2C%202023%20to%20the%20Three%20Months%20Ended%20March%2031%2C%202022) This section provides a detailed comparison of financial performance metrics for Q1 2023 versus Q1 2022 Financial Performance Comparison (Q1 2023 vs. Q1 2022) | Financial Metric (In thousands, except per capita) | Q1 2023 | Q1 2022 | Change ($) | Change (%) | | :----------------------------------------------- | :----------- | :----------- | :----------- | :----------- | | Total revenues | $293,346 | $270,693 | +$22,653 | +8.4% | | Admissions revenue | $163,863 | $150,862 | +$13,001 | +8.6% | | Food, merchandise and other revenue | $129,483 | $119,831 | +$9,652 | +8.1% | | Operating expenses | $172,674 | $152,925 | +$19,749 | +12.9% | | Selling, general and administrative expenses | $48,281 | $46,059 | +$2,222 | +4.8% | | Interest expense | $36,401 | $25,370 | +$11,031 | +43.5% | | Net Loss | $(16,467) | $(8,987) | -$(7,480) | -83.2% | | Attendance (in thousands) | 3,378 | 3,403 | (25) | (0.7%) | | Total revenue per capita | $86.84 | $79.54 | +$7.30 | +9.2% | | Admission per capita | $48.51 | $44.33 | +$4.18 | +9.4% | | In-park per capita spending | $38.33 | $35.21 | +$3.12 | +8.9% | - Admissions revenue increased by **8.6%** due to higher admissions per capita (**+9.4%**), despite a **0.7% decrease in attendance**, primarily caused by **adverse weather in California** and **timing of new ride openings**[122](index=122&type=chunk) - Operating expenses increased by **12.9%** due to higher costs from **international services agreements**, **increased labor-related costs**, and **legal costs** (including **$3.5 million** related to **COVID-19 park closures**)[125](index=125&type=chunk) - **Interest expense rose significantly by 43.5% to $36.4 million**, primarily due to **increased interest rates on variable rate debt**[128](index=128&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity position, working capital, cash flow activities, capital expenditures, and debt compliance - The company typically operates with a **working capital ratio of less than 1** due to **significant deferred revenue** and **high turnover of in-park products**[130](index=130&type=chunk) - **Net cash provided by operating activities decreased by $20.5 million to $50.3 million** in Q1 2023, primarily due to increased interest payments[135](index=135&type=chunk) - **Capital expenditures significantly increased to $69.8 million** in Q1 2023 (from **$35.1 million** in Q1 2022), largely for future attractions[136](index=136&type=chunk)[137](index=137&type=chunk) - As of March 31, 2023, the company had **$371.6 million available** under its **$390.0 million Revolving Credit Facility** and was **in compliance with all debt covenants**[143](index=143&type=chunk)[145](index=145&type=chunk) [Adjusted EBITDA](index=28&type=section&id=Adjusted%20EBITDA) This section presents the company's Adjusted EBITDA and Covenant Adjusted EBITDA, non-GAAP measures used for performance and covenant compliance Adjusted EBITDA Reconciliation | Non-GAAP Financial Measure (In thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Last Twelve Months Ended March 31, 2023 | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------------- | | Net (loss) income | $(16,467) | $(8,987) | $283,710 | | Adjusted EBITDA | $72,412 | $65,940 | $734,717 | | Covenant Adjusted EBITDA | N/A | N/A | $767,359 | - **Adjusted EBITDA increased by 9.8% to $72.4 million** in Q1 2023 compared to **$65.9 million** in Q1 2022[152](index=152&type=chunk) - **Covenant Adjusted EBITDA for the last twelve months ended March 31, 2023, was $767.4 million**, which is used for **compliance with certain financial covenants** in debt agreements[152](index=152&type=chunk) [Contractual Obligations](index=30&type=section&id=Contractual%20Obligations) This section notes that there were no material changes to contractual obligations compared to the Annual Report on Form 10-K - **No material changes to contractual obligations** were reported as of March 31, 2023, compared to the Annual Report on Form 10-K[154](index=154&type=chunk) [Critical Accounting Policies and Estimates](index=30&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights significant accounting estimates and assumptions, noting no material changes from the Annual Report on Form 10-K - **Significant estimates and assumptions** are made for long-lived assets, income taxes, self-insurance, and revenue recognition[155](index=155&type=chunk) - **No material changes to critical accounting policies** were reported compared to the Annual Report on Form 10-K[155](index=155&type=chunk) [Off-Balance Sheet Arrangements](index=30&type=section&id=Off-Balance%20Sheet%20Arrangements) This section confirms that no material off-balance sheet arrangements were reported as of March 31, 2023 - **No material off-balance sheet arrangements** were reported as of March 31, 2023[156](index=156&type=chunk) [Recently Issued Financial Accounting Standards](index=30&type=section&id=Recently%20Issued%20Financial%20Accounting%20Standards) This section refers to Note 2 for details on recently issued financial accounting standards, indicating no material impact - Refer to Note 2 for details on recently issued financial accounting standards, which indicated **no material impact**[157](index=157&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, including inflation and interest rate fluctuations, and their potential financial impact [Inflation](index=30&type=section&id=Inflation) This section discusses the impact of inflation on the company's operations and various cost components - **Inflation significantly affects operations**, impacting **costs of food, merchandise, fuel, construction, repairs, maintenance, labor, freight, utilities, and insurance**[158](index=158&type=chunk) [Interest Rate Risk](index=30&type=section&id=Interest%20Rate%20Risk) This section details the company's exposure to interest rate fluctuations and its strategies for managing this risk - The company is exposed to **market risks from fluctuations in interest rates**, with approximately **$1.2 billion** of outstanding long-term debt being **variable-rate** as of March 31, 2023[160](index=160&type=chunk) - A hypothetical **100 basis point increase in LIBOR** would **increase annual interest expense by approximately $11.8 million** (assuming no revolving credit borrowings)[160](index=160&type=chunk) - The company currently **manages interest rate risk** by managing the amount, sources, and duration of its debt funding, having **no interest rate swap agreements outstanding** as of March 31, 2023[160](index=160&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the effectiveness of disclosure controls and procedures, noting a material weakness in internal control over financial reporting and ongoing remediation [Evaluation of Disclosure Controls and Procedures](index=30&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section presents management's conclusion on the effectiveness of disclosure controls and procedures, including any identified material weaknesses - Management concluded that the company's disclosure controls and procedures were **not effective** as of March 31, 2023, due to a **material weakness in internal control over financial reporting**[163](index=163&type=chunk) - Despite the control deficiency, management believes the consolidated financial statements **fairly present** the company's financial position, results of operations, and cash flows[164](index=164&type=chunk) [Changes in Internal Control over Financial Reporting](index=31&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section reports on any changes in internal control over financial reporting during the quarter - No changes in internal control over financial reporting occurred during Q1 2023 that materially affected, or are reasonably likely to materially affect, internal control over financial reporting, other than those disclosed in the status update[165](index=165&type=chunk) [Status Update](index=31&type=section&id=Status%20Update) This section provides an update on the previously disclosed material weakness and ongoing remediation efforts - The **material weakness stems from a lack of sufficient policies and procedures** regarding the frequency, manner, and extent of **Board members' engagement with management**[166](index=166&type=chunk) - **Remediation efforts include updating policies** on Board/management interactions, **enhancing fraud risk assessment**, **naming a lead director**, implementing regular sessions, increasing testing of controls, and providing training[167](index=167&type=chunk) - The material weakness will **not be considered remediated until these efforts have operated for a sufficient period and management concludes the weakness is resolved**[167](index=167&type=chunk) [Part II. Other Information](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part includes legal proceedings, risk factors, equity security sales, defaults, and exhibits [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9–Commitments and Contingencies for details on legal proceedings - Refer to Note 9–Commitments and Contingencies for details on legal proceedings[169](index=169&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K were reported, except for factual updates provided elsewhere in this Quarterly Report - **No material changes to risk factors** were reported from the Annual Report on Form 10-K, other than factual updates within this report[170](index=170&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details unregistered sales of equity securities and the company's share repurchase program activities Share Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (In millions) | | :----- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------------------------------------------------------- | | Jan 2023 | — | — | $56.4 | | Feb 2023 | — | — | $56.4 | | Mar 2023 | 86,914 | $64.08 | $56.4 | | Total Q1 2023 | 86,914 | N/A | $56.4 | - The company repurchased **86,914 shares** in March 2023 at an average price of **$64.08** to satisfy **tax withholding obligations** on equity-based compensation[171](index=171&type=chunk) - Approximately **$56.4 million remained available** under the **share repurchase program** as of March 31, 2023, with **$13.9 million** in **additional repurchases** made subsequent to quarter-end, leaving **$42.4 million available** under the program as of May 4, 2023[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - **No defaults upon senior securities** were reported[173](index=173&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is **not applicable to the company**[174](index=174&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) This item is not applicable to the company - This item is **not applicable to the company**[175](index=175&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or furnished as part of the report, including employment letters, stock ownership guidelines, certifications, and XBRL documents - The report includes various exhibits such as **employment letters**, **stock ownership guidelines**, **certifications** (CEO, CFO), and **XBRL instance documents**[178](index=178&type=chunk) [Signatures](index=34&type=section&id=Signatures) This section contains the official signatures of the interim Chief Financial Officer and Chief Accounting Officer - The report was signed by James W. Forrester, Jr., Interim Chief Financial Officer and Treasurer, and Shekufeh Shirazi Boyle, Chief Accounting Officer, on May 10, 2023[181](index=181&type=chunk)

Revenue Generation - Revenue is primarily generated from theme park admissions and purchases of food and merchandise within the parks[23] - The company generates most of its revenue from admission ticket sales to theme parks, utilizing travel agents, ticket resellers, and direct sales through websites and social media[75] - In-park offerings, including food, beverage, and merchandise, contribute significantly to revenue, with a focus on high-quality, diverse culinary experiences and sustainable sourcing[78][79] Impact of COVID-19 - The COVID-19 pandemic significantly impacted attendance, with international and group-related attendance declining from historical levels[25] - All 12 theme parks were reopened by the end of Q2 2021, operating without COVID-19 related capacity limitations[26] - The company faced increased turnover and staffing challenges due to the labor market and COVID-19, impacting guest experience and operational efficiency[29] - The theme park industry is recovering from COVID-19 impacts, with improved attendance levels and a strong consumer value proposition compared to other entertainment options[97] New Attractions and Developments - In March 2022, Sesame Place San Diego park opened, expected to operate more days than the park it replaced[32] - In 2022, SeaWorld Orlando opened Ice Breaker, a quadruple launch coaster, while SeaWorld San Antonio introduced Tidal Surge, the world's tallest and fastest Screaming Swing[7] - Busch Gardens Tampa Bay opened Iron Gwazi in 2022, recognized as the tallest hybrid coaster in North America and the world's fastest and steepest hybrid coaster[7] - Aquatica Orlando, ranked 4 most attended water park in North America, opened Reef Plunge in 2022, a body slide that passes through an underwater habitat[7] - The company continues to expand its portfolio with new attractions and parks, enhancing guest experiences and driving attendance growth[7] - In 2022, the company opened numerous new rides and attractions, including 5 of the top 10 Best New Amusement Park Attractions, led by Ice Breaker at SeaWorld Orlando, which ranked 1[47] - The company plans to introduce new rides, attractions, events, and upgrades in every park for 2023, indicating a strong line-up of offerings[47] Animal Care and Conservation - The company is committed to animal rescue and conservation, having helped over 40,000 wild animals[36] - The Sesame Place park in Pennsylvania is the first theme park globally to achieve Certified Autism Center designation[38] - Discovery Cove, an all-inclusive marine life theme park, offers intimate experiences with marine animals and was also designated a Certified Autism Center in 2019[8] - The company is committed to animal care, with a team of board-certified veterinarians and onsite animal hospitals at each park[55] - The company has helped over 40,000 animals across various species through its rescue operations[59] - The manatee rescue facility at SeaWorld Orlando is set to double in size to accommodate the growing number of manatees in crisis[59] - The company is accredited by the Association of Zoos and Aquariums (AZA) and the Alliance of Marine Mammal Parks and Aquariums (AMMPA) for its zoological programs[54] Sustainability Initiatives - The company has invested in renewable energy projects, including a solar carport system at Sesame Place San Diego that generates up to 90% of the park's annual energy needs[66] - The company has removed all expanded polystyrene products and plastic straws from its parks as part of its waste management initiatives[68] - The company has added a sustainable, plant-based burger to its menus at all parks in 2019 to meet growing guest demand[69] Workforce and Management - The company employs approximately 3,200 full-time employees and around 11,900 part-time and seasonal employees as of December 31, 2022[70] - The management team consists of approximately 48% female and 34% from minority ethnicities, with the overall workforce being 51% women and 56% from minority ethnicities[71] Financial Performance and Risks - The company generated significant operating cash flow in 2021 and 2022, recovering from the impacts of the pandemic[38] - The company has substantially reduced or deferred capital expenditures since March 2020 due to COVID-19, focusing on essential investments[47] - As of December 31, 2022, approximately $1.2 billion of the company's outstanding long-term debt represents variable-rate debt[337] - A hypothetical 100 bps increase in LIBOR would increase the company's annual interest expense by approximately $15.8 million, assuming an average balance on revolving credit borrowings of approximately $390.0 million[337] - The company's financial risk management aims to reduce the potential negative impact of interest rate and foreign currency exchange rate fluctuations[336] Regulatory Compliance and Industry Competition - Regulatory compliance is critical, with operations subject to various federal, state, and local laws, including the Animal Welfare Act and the Endangered Species Act[101] - The company has submitted comments on proposed regulations affecting animal welfare, indicating active engagement in regulatory discussions[103] - The theme park market is highly competitive, with major competitors including The Walt Disney Company and Universal Parks and Resorts, among others[98] Brand and Marketing Strategies - The company has expanded its brand through licensing agreements, including partnerships with Sesame Workshop and Anheuser-Busch, enhancing brand visibility and consumer loyalty[80][92] - Corporate sponsorships and strategic alliances are sought to enhance brand value and drive mutual business gains, contributing to conservation efforts[84]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 SeaWorld Entertainment, Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other ju ...

Financial Performance - Total revenues for the three months ended March 31, 2022, were $270.7 million, a 57.5% increase from $171.9 million in the same period of 2021[121] - Operating income improved to $10.0 million, compared to an operating loss of $18.9 million in the same period last year[121] - Net loss decreased to $9.0 million, an 80.0% improvement from a net loss of $44.9 million in the prior year[121] - Adjusted EBITDA for the three months ended March 31, 2022, was $65.9 million, up from $25.2 million in the same period of 2021, reflecting improved operational performance[158] - Covenant Adjusted EBITDA for the last twelve months ended March 31, 2022, was $729.8 million, indicating strong compliance with financial covenants[158] Attendance and Revenue Breakdown - Attendance increased to 3.4 million guests, representing a 53.7% rise compared to 2.2 million guests in the prior year[121] - Admissions revenue reached $150.9 million, up 57.5% from $95.8 million in the previous year[121] - Food, merchandise, and other revenue for Q1 2022 rose by $43.7 million, or 57.4%, to $119.8 million compared to $76.1 million in Q1 2021, attributed to increased attendance and in-park per capita spending[123] - Total revenue per capita increased by 2.5% to $79.54 from $77.63 in the previous year[121] Operational Efficiency and Challenges - The company continues to face staffing challenges and inflationary pressures impacting operational efficiency[107] - The operating environment has improved as COVID-19 related capacity limitations have been eliminated, although uncertainties remain regarding future impacts[105] - Operating expenses for Q1 2022 increased by $45.2 million, or 41.9%, to $152.9 million compared to $107.8 million in Q1 2021, primarily due to increased labor-related costs[125] - Selling, general, and administrative expenses for Q1 2022 rose by $14.6 million, or 46.4%, to $46.1 million compared to $31.5 million in Q1 2021, mainly due to increased marketing-related costs[126] Cash Flow and Capital Expenditures - Net cash provided by operating activities in Q1 2022 was $70.8 million, significantly higher than $18.4 million in Q1 2021[141] - Capital expenditures for the three months ended March 31, 2022, totaled $35.1 million, significantly higher than $15.3 million in the same period of 2021, with core expenditures at $23.0 million and expansion/ROI projects at $12.1 million[144][145] Debt and Interest Expense - As of March 31, 2022, total indebtedness included $1.194 billion in Term B Loans and $725.0 million in Senior Notes due August 15, 2029, along with $227.5 million in First-Priority Senior Secured Notes due May 1, 2025[150][151] - Interest expense decreased by 18.0% to $25.4 million from $31.0 million in the same quarter of 2021[121] - A hypothetical 100 bps increase in LIBOR would increase the company's annual interest expense by approximately $15.2 million, assuming an average balance on revolving credit borrowings of approximately $385.0 million[171] Market Risks - The company is exposed to market risks from fluctuations in interest rates and, to a lesser extent, currency exchange rates[170] - The company manages interest rate risk primarily by managing the amount, sources, and duration of its debt funding[171] - The adverse impacts of the COVID-19 pandemic on the company's business and financial performance are discussed in the "Risk Factors" section of its Annual Report[172]

Revenue Generation - The company generates revenue primarily from theme park admissions and sales of food and merchandise within the parks[22]. - The company generated most of its revenue from admission ticket sales, utilizing demand-based pricing strategies to maximize revenue[73]. Impact of COVID-19 - The COVID-19 pandemic significantly impacted financial results, with temporary park closures and reduced attendance affecting operations[26]. - The COVID-19 pandemic significantly impacted group events in 2020 and 2021, affecting overall attendance and financial performance[81]. - The adverse impacts of the COVID-19 pandemic on business and financial performance are discussed in the risk factors section[327]. Theme Park Operations - In 2021, all 12 parks were operational without COVID-19 related capacity limitations by the end of Q2[25]. - Year-round operations began at SeaWorld San Antonio and select days at Busch Gardens Williamsburg and Sesame Place in 2021[30]. - The company operates 12 theme parks with over 650 attractions, including 79 animal habitats and 190 rides, appealing to a broad demographic[32]. - The theme park portfolio includes 79 animal habitats, 190 rides, and 121 shows, with a total of 274 offerings available in 2021[40]. Animal Welfare and Conservation - The company is committed to animal rescue and conservation, having helped nearly 39,900 wild animals over its history[34]. - The company has a comprehensive approach to animal welfare, focusing on physical, behavioral, and population health, and participating in Species Survival Plans[55]. - The company has invested significantly in animal care, with onsite animal hospitals at each park and a focus on behavioral health advancements[54]. - The company is committed to conservation efforts, partnering with organizations to protect endangered species and their habitats[61]. New Attractions and Investments - Significant capital investments are made annually to support existing facilities and develop new attractions, crucial for revenue growth and guest retention[41]. - In 2021, the company opened Riptide Race at Aquatica Orlando and plans to launch four of the nine most anticipated roller coasters in 2022[42]. - New attractions scheduled for 2022 include Ice Breaker, Iron Gwazi, Emperor, Tidal Surge, Pantheon, Reef Plunge, and Riptide Race, enhancing the guest experience[44]. - Partnerships with conservation organizations have been established for new rides, focusing on animal rescue and climate change awareness[45]. Guest Experience and Services - The company offers a variety of in-park services, including merchandise, quick queue passes, and cabana rentals, aimed at enhancing guest convenience and experience[77]. - The company introduced new rides including Rapids Racer and Wahoo Remix, enhancing guest experiences with features like synchronized light and sound elements[51]. Staffing and Labor Market - The company has increased turnover and staffing challenges due to the current labor market, leading to wage pressures in 2021[28]. - As of December 31, 2021, the company employed approximately 2,800 full-time and 11,400 part-time and seasonal employees, with a diverse workforce composition[67]. Sustainability Efforts - The company has made significant investments in sustainable operations, including a solar panel project that generated nearly 100% of Aquatica San Diego's annual energy use in 2019[63]. - The company has removed all single-use plastic straws and shopping bags, and has been recognized for its recycling efforts, including being named "Recycler of the Year" 20 times by the City of San Diego[65]. - The company has implemented a Responsible Food Sourcing Policy, achieving 100% cage-free eggs and expanding plant-based food offerings[66]. Regulatory Environment - The company is compliant with various federal, state, and local regulations, including those related to animal care and environmental protection, although future changes may require significant expenditures[99][100]. - The company faces a rapidly changing regulatory environment, including impacts from COVID-19 and potential changes in labor costs and tax laws, which could adversely affect financial conditions[104]. Financial Risks - The company is exposed to interest rate risks, with approximately $1.2 billion of outstanding long-term debt being variable-rate[326]. - Inflation has significantly impacted operations, affecting costs of food, merchandise, and construction[324]. - A hypothetical 100 bps increase in LIBOR could increase annual interest expense by approximately $11 million if revolving credit borrowings average $385 million[326]. Corporate Sponsorship and Partnerships - The company seeks long-term corporate sponsorships that align with its values, contributing to marketing, media exposure, and conservation efforts[82]. - Licensed consumer products are being developed to drive sales beyond theme parks, with strategic alliances established with brands like Sesame Street and Build-A-Bear to enhance brand visibility and consumer loyalty[78]. International Expansion - The company is progressing on the SeaWorld Abu Dhabi project, with construction on track for completion by the end of 2022, indicating potential international market expansion[94]. Competition - The company competes with major theme parks like Disney and Universal, leveraging its unique offerings and strong brand recognition to attract visitors[96][98].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 SeaWorld Entertainment, Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other jurisdiction of incorporation or organization) 6240 Sea Harbor Drive Orlando, Florida 3 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 SeaWorld Entertainment, Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other ju ...