SeaWorld(SEAS) - 2025 Q3 - Quarterly Results

Attendance and Guest Metrics - Attendance in Q3 2025 was 6.8 million guests, a decrease of approximately 240,000 guests or 3.4% from Q3 2024[8] - Attendance for the first nine months of 2025 was 16.4 million guests, a decrease of approximately 252,000 guests or 1.5% from the first nine months of 2024[16] - Attendance for the three months ended September 30, 2025, was 6,789, a decrease of 240 visitors or 3.4% compared to 7,029 in 2024[43] Financial Performance - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% from Q3 2024[8] - Total revenue for the first nine months of 2025 was $1,289.0 million, a decrease of $51.9 million or 3.9% from the first nine months of 2024[16] - For the three months ended September 30, 2025, total revenues decreased by 6.2% to $511.8 million compared to $545.9 million in the same period of 2024[35] - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024[8] - Net income for the first nine months of 2025 was $153.3 million, a decrease of $46.3 million or 23.2% from the first nine months of 2024[16] - Net income for the three months ended September 30, 2025, was $89.3 million, down 25.4% from $119.6 million in 2024[35] - Basic earnings per share for the three months ended September 30, 2025, was $1.62, compared to $2.09 in the same period of 2024[35] Adjusted EBITDA and Cash Flow - Adjusted EBITDA for Q3 2025 was $216.3 million, a decrease of $42.1 million or 16.3% from Q3 2024[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $216.3 million, a decrease of 42.1% from $258.4 million in 2024[36] - Free Cash Flow is highlighted as a crucial liquidity measure, although it excludes significant expenditures like mandatory debt service[28] Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2025, were $222.2 million, down $54.98 million from 2024[36] - Capital expenditures for the nine months ended September 30, 2025, totaled $167,227, down 24.7% from $222,207 in the same period of 2024[41] - Expansion/ROI projects capital expenditures for the nine months ended September 30, 2025, were $25,052, a significant decrease of 63.8% from $69,147 in 2024[41] Per Capita Metrics - In-park per capita spending increased 1.1% to $35.82 in Q3 2025 compared to Q3 2024[8] - Total revenue per capita for the nine months ended September 30, 2025, was $78.53, down 2.4% from $80.46 in 2024[43] - Admission per capita for the three months ended September 30, 2025, decreased to $39.57, a decline of 6.3% from $42.24 in 2024[43] - In-Park per capita spending increased slightly to $35.82 for the three months ended September 30, 2025, up 1.1% from $35.42 in 2024[43] Share Repurchase and Stockholder Deficit - The company has repurchased over 635,000 shares for an aggregate total of approximately $32.2 million from the beginning of Q3 through November 4, 2025[8] - The total stockholders' deficit improved to $(308,735) as of September 30, 2025, from $(461,540) as of December 31, 2024[39] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks affecting attendance and guest spending, including economic uncertainties and labor shortages[32] - The Company acknowledges the impact of external factors such as weather, inflation, and geopolitical events on its operations[32] - Management warns that actual results may vary materially from forward-looking statements due to inherent uncertainties[32] - The Company is subject to various risks, including regulatory changes, labor disputes, and cybersecurity threats, which could impact its business[32] - The Company undertakes no obligation to update forward-looking statements unless required by law, reflecting management's opinions as of the date of the press release[33] Other Financial Metrics - Net cash provided by operating activities for the nine months ended September 30, 2025, was $367.7 million, a decrease of $65.982 million compared to the same period in 2024[36] - The provision for income taxes for the three months ended September 30, 2025, was $29.0 million, down 30.2% from $41.6 million in 2024[36] - As of September 30, 2025, total assets increased to $2,740,133, up from $2,573,578 as of December 31, 2024, representing a growth of approximately 6.5%[39] - Total long-term debt, including current maturities, decreased to $2,251,875 from $2,263,442, a reduction of about 0.5%[39]