Core Insights - United Parks & Resorts Inc. reported strong financial results for Q4 and fiscal year 2024, achieving near record attendance and revenue per capita despite adverse weather conditions [2][4][10] Fourth Quarter 2024 Highlights - Attendance was approximately 4.9 million guests, a decrease of about 79,000 guests from Q4 2023 [10][11] - Total revenue reached $384.4 million, down $4.6 million or 1.2% from Q4 2023 [10][12] - Net income was $27.9 million, a decrease of $12.2 million from Q4 2023 [10][12] - Adjusted EBITDA was $144.5 million, down $6.0 million from Q4 2023 [10][12] - Total revenue per capita increased by 0.4% to $78.75, while admission per capita decreased by 1.9% to $43.61, and in-park per capita spending increased by 3.5% to a record $35.14 [10][12][40] Fiscal 2024 Highlights - Total attendance for the year was approximately 21.5 million guests, a decrease of about 59,000 guests or 0.3% from fiscal 2023 [14][16] - Total revenue for the year was $1,725.3 million, a slight decrease of $1.3 million or 0.1% from fiscal 2023 [14][16] - Net income for the year was $227.5 million, down $6.7 million or 2.9% from fiscal 2023 [14][16] - Adjusted EBITDA for the year was $700.2 million, a decrease of $13.3 million or 1.9% from fiscal 2023 [14][16] - Total revenue per capita increased by 0.2% to a record $80.07, while admission per capita decreased by 1.2% to $43.61, and in-park per capita spending increased by 2.0% to a record $36.46 [14][16][40] Share Repurchase and Financial Strategy - The company repurchased 9.4 million shares, approximately 15% of total shares outstanding, at a total cost of about $482.9 million during fiscal 2024 [4][19] - In Q4 2024, the company repurchased approximately 0.8 million shares for about $37.7 million [19] - The refinancing of Term Loans in December 2024 resulted in approximately $8 million in annual interest savings and extended debt maturities [20] Future Outlook - The company is optimistic about 2025, expecting meaningful growth and new records in revenue and Adjusted EBITDA, assuming no worse weather than in 2024 [8] - Booking trends for 2025 show mid-single-digit growth in international sales and double-digit growth in group bookings [8] Industry Recognition - The company received several accolades in 2024, including SeaWorld Orlando being voted as the 3 Nation's Best Amusement Park and Aquatica Orlando as the 2 for the Nation's Best Outdoor Water Park by USA Today readers [9]
United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2024 Results