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]
United Parks & Resorts(PRKS) - 2024 Q2 - Quarterly Results