Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% compared to Q3 2024 [18] - Attendance decreased by approximately 240,000 guests or 3.4% year-over-year [18] - Net income for Q3 2025 was $89.3 million, down from $119.7 million in Q3 2024 [19] - Adjusted EBITDA for Q3 2025 was $216.3 million [19] - Year-to-date total revenue was $1.29 billion, a decrease of $51.9 million or 3.9% compared to the same period in 2024 [19] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1%, while total revenue per capita decreased by 2.9% [18] - Admission per capita decreased by 6.3% [18] - Attendance at SeaWorld Orlando was up year-to-date despite overall attendance declines [8][39] Market Data and Key Metrics Changes - International visitation declined by approximately 90,000 guests during the quarter, reversing earlier trends seen in the first half of the year [7][34] - The consumer environment in the U.S. is described as inconsistent, impacting attendance and spending patterns [6][29] Company Strategy and Development Direction - The company plans to continue investing in new attractions and operational efficiencies to drive attendance and per capita spending [10][17] - Upcoming attractions include SeaQuest: Legends of the Deep at SeaWorld Orlando and Barracuda Strike at SeaWorld San Antonio [11][12] - The company is optimistic about future revenue trends for Discovery Cove and group business, both projected to be up over 20% compared to the previous year [8][68] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 results but remains confident in the ability to improve operational and financial performance [10][22] - The company acknowledges macroeconomic factors affecting international visitation and consumer behavior [34][60] - Management is focused on enhancing guest experience and driving revenue through strategic initiatives and partnerships [14][50] Other Important Information - The company has a strong balance sheet with a net total leverage ratio of 3.2 times and approximately $872 million in total available liquidity [20] - The board approved a $500 million share repurchase program, with $32.2 million already repurchased [9] Q&A Session Summary Question: What happened to attendance from early August to the end of the quarter? - Management noted that weather recovery was less than expected, and international attendance impacts were more pronounced in September [25][26] Question: What does the inconsistent consumer environment mean? - Management indicated that while in-park spending is up, there are macroeconomic factors affecting consumer behavior that are difficult to pinpoint [29][30] Question: What drove the reversal in international visitation? - Management attributed the decline to macro factors, including visa and immigration issues, rather than specific park-related issues [34][35] Question: How is attendance pacing in October? - Attendance was up in October, but not as much as desired due to weather impacts and continued international declines [42] Question: Is there a need for a strategic pivot in marketing? - Management believes that while there are areas for improvement, the core offerings remain strong, and they will continue to invest in park enhancements [48][49] Question: What is the outlook for CapEx spending next year? - Management expects CapEx spending to remain in a similar range as the current year, focusing on park investments [67] Question: Are there bifurcated trends in consumer behavior? - Management confirmed that while some consumers are impacted, others, particularly at high-end offerings like Discovery Cove, are performing well [69][70]

Core Insights - United Parks & Resorts Inc. reported disappointing financial results for Q3 and the first nine months of fiscal year 2025, citing unfavorable calendar shifts, poor weather, and a decline in international visitation as key factors impacting performance [2][8][11]. Financial Performance - Attendance in Q3 2025 was approximately 6.8 million guests, a decrease of about 240,000 guests or 3.4% compared to Q3 2024 [7][8]. - Total revenue for Q3 2025 was $511.9 million, down $34.1 million or 6.2% from Q3 2024 [7][10]. - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024 [7][10]. - Adjusted EBITDA for Q3 2025 was $216.3 million, down $42.1 million or 16.3% from Q3 2024 [7][10]. - For the first nine months of 2025, attendance was approximately 16.4 million guests, a decrease of about 252,000 guests or 1.5% from the same period in 2024 [11]. - Total revenue for the first nine months of 2025 was $1,289.0 million, down $51.9 million or 3.9% from the first nine months of 2024 [11][12]. Key Metrics - Total revenue per capita in Q3 2025 decreased by 2.9% to $75.39 compared to Q3 2024 [7][10]. - Admission per capita decreased by 6.3% to $39.57, while in-park per capita spending increased by 1.1% to $35.82 compared to Q3 2024 [7][10]. - For the first nine months of 2025, total revenue per capita decreased by 2.4% to $78.53 [11][12]. - Admission per capita for the first nine months decreased by 4.9% to $41.46, while in-park per capita spending increased by 0.6% to a record $37.07 [11][12]. Share Repurchase Program - The Board of Directors was granted authority to approve additional share repurchases, with a previously announced $500 million repurchase program [2][13]. - As of November 4, 2025, the company had repurchased 635,020 shares for a total of approximately $32.2 million [2][13]. Future Outlook - The company expressed confidence in its ability to improve operational and financial performance moving into 2026, with expectations of increased attendance and per capita spending [5][6]. - Upcoming attractions and events for 2026 were announced, including new rides and immersive experiences at various parks [6][15].