“We just wrapped up another successful Halloween season in our parks, with our award-winning Halloween events. We are pleased to have consistently higher capita spending in October and after adjusting for the calendar change that resulted in one less Saturday in comparison. Compared to last year, we estimate that attendance and earnings would also increase. We are proud of the continued strength of our Halloween occasions and the popularity they continue to gain among our visitors. As we head into the holiday season, we’re kicking off our award-winning holiday events at most of our SeaWorld, Busch Gardens and Sesame parks later this week. Our holiday events feature exciting shows, delicious and exclusive food and drink offerings, and holiday shopping for visitors of all ages. .
“Beyond the 2024 holiday season, we are pleased to see earnings bookings for 2024 increase by double-digit percentage year-over-year for the 2024 teams and our Discovery Cove property. In addition, we recently introduced our most productive pass benefit program “We expect this to increase pass sales and build a strong pass base for next year,” Swanson continued.
“We have demonstrated quarter after quarter that we have a strong and resilient business style and we still have significant opportunities to increase our earnings and profitability. We operate in an industry and markets with long-term developing trend demands and we have significant capacity in our portfolio of parks. Our attendance ratings are still below the overall attendance ratings we achieved in 2019 and well below our traditionally maximum attendance of around 25 million visitors recorded in 2008. We have made significant investments in our business this year and will continue to invest in the visitor experience, allowing us to generate more profit and become a more effective and successful business. We expect these investments to yield very interesting returns. And we’re making plans for new projects for the coming year that will make us an even stronger, more successful and more resilient company that we hope will ultimately lead to a significant accumulation of shareholder value. “
The company has announced its partial list of new attractions, events, and upgrades for 2024. This includes, but is not limited to:
The Company’s operating effects during the first nine months of fiscal years 2023 and 2022 continued to be impacted by the global COVID-19 pandemic, due to a decline in foreign assistance from past levels.
Third Quarter 2023 Results
The reduction in overall earnings of $17. 0 million compared to the third quarter of 2022 was primarily due to a reduction in visitation, partially offset by an increase in spending consistent with the user in the park (defined as food, produce, and other earnings divided between general visits). Admissions consistent with capita were minimized primarily due to the net effect on the intake product mix, partially offset by increased prices for our intake products as a result of our strategic pricing efforts compared to the prior year quarter. Per capita spending on parks increased primarily due to pricing initiatives, partially offset by points such as weather, the mix of access products, closures, and disruptions similar to structural delays in some parks compared to the third quarter of 2022. Adjusted EBITDA was primarily impacted through a reduction in earnings.
Results for the first months of 2023
The reduction in total earnings of $3. 1 million compared to the first nine months of 2022 was primarily due to a reduction in visits, partially offset by increases in capita terms (defined as admission benefit divided by visits totals) and according to the capita park. Visits. Expenses (defined as food, merchandise, and other sources of earnings divided by overall attendance). Admissions consistent with capital creation increased primarily due to our core product costs as a result of our strategic pricing efforts, which were partially offset by the effect of entry-level product mix compared to early nine months of 2022. Per capita spending on parks increased primarily due to project pricing and earnings accrual similar to our foreign service agreements compared to the first nine months of 2022, partially offset by factors such as weather , the combination of admission products, closures and disruptions such as structural delays at certain park locations. Adjusted EBITDA had a negative effect, mainly due to increased labor costs. and minimize profits.
Share buybacks
Rescue Efforts
In the third quarter of 2023, the company helped 56 animals in need. The total number of animals the company has helped throughout its history exceeds 40,000.
The company is one of the largest marine animal rescue organizations in the world. Working in partnership with state, local and federal agencies, the company’s rescue teams are available 24 hours a day, seven days a week, 365 days a year. In keeping with their project to protect animals and their ecosystems, rescue groups mobilize and occasionally travel hundreds of miles to help sick, injured, orphaned or abandoned wild animals in need of the Society’s specialized care, with the goal of returning them to their natural habitat. Its parks also provide long-term care for animals that the wildlife government says can’t do it on their own, as well as animals confiscated during wildlife trafficking.
Conference
Non-GAAP Financial Measures Statement
This earnings release and accompanying monetary schedules come with several non-GAAP monetary measures, adding Adjusted EBITDA, Adjusted EBITDA Accord, and Free Cash Flow. Adjusted EBITDA, Adjusted EBITDA and Loose Cash Flow are non-GAAP terms and do not deserve to be considered. in isolation from or as a replacement for any measure of monetary functionality or liquidity listed in accordance with GAAP and are not indicative of a net source of income or loss. Net money provided through operating activities, as decided by us in accordance with GAAP.
Adjusted EBITDA, convention-adjusted EBITDA, loose cash flow, and other non-GAAP monetary measures have limitations that deserve consideration before using those measures to compare a company’s monetary functionality or liquidity. Adjusted EBITDA, Arrangement Adjusted EBITDA and Loose Cash Reported EBITDA would possibly not be comparable to other companies’ titled measures due to other calculation methods.
Management believes that the presentation of Adjusted EBITDA is appropriate as it eliminates the effect of certain non-cash items and others that are not necessarily indicative of the Company’s underlying operating performance. Management uses Adjusted EBITDA as a component of certain elements of its executive pay program. In addition, investors, lenders, money analysts, and rating agencies have traditionally used measures related to EBITDA in the Company’s industry, as well as other metrics, to estimate a company’s value, make informed investment decisions, and compare corporations. in industry.
Management believes that loose cash flow is useful to investors, equity analysts, and rating agencies as a measure of liquidity. The Company uses loose cash flow to assess its ability to generate cash flow from its business operations. Free money flow does not constitute residual loose money flow for discretionary expenditures, as it excludes certain expenditures, such as mandatory debt service requirements, which are important. Free money flow is not explained through GAAP and should not be considered in isolation or as an option for net money provided through (used). (en) opescore, engage in investment and financing activities or other monetary know-how prepared in accordance with GAAP. The flow of free money, as explained above, would possibly differ from the titrated measures presented through other companies.
This effects release includes several key functionality measures, adding overall profit consistent with capita (defined as overall profit divided by attendance), admission consistent with capita (defined as source of profit access divided by attendance), and consistent with capita spending in the park (defined as food, merchandise, and other sources of profit divided through attendance). These functionality measures are used through monitoring to assess the consistent national functionality of their fleets across the player and to make consistent national strategic decisions. Management believes that the presentation of those functionalities measures are useful and applicable to investors because it gives them the opportunity to review monetary functionality in the same way as control and provides them with a consistent method to analyze profits over consistent periods, through the player. In addition, investors, lenders, monetary analysts, and rating agencies have traditionally used similar measures consistent with capita functionality to compare corporations in the sector.
About SeaWorld Entertainment, Inc.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company, delivering reporting that matters and inspiring guests to protect the animals and wild wonders of our world. The society is one of the world’s largest zoological organizations and a global leader in animal welfare, training, breeding and veterinary care. The society jointly cares for what it considers one of the largest zoological collections in the world and has helped advance animal care. The Society also rescues and rehabilitates sick, injured, orphaned or abandoned marine and terrestrial animals, with the aim of returning them to the wild. The SeaWorld® rescue team has helped more than 40,000 animals in need throughout the company’s history. SeaWorld Entertainment, Inc. owns or licenses a portfolio of identified brands, including SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 60-year history, the company has created a diverse portfolio of 12 regional and destination theme parks clustered in key markets across the United States, many of which feature its one-of-a-kind zoological collection. will offer a diverse diversity of attractions, exhibits and other attractions with a broad demographic appeal that provide memorable reports and a strong pricing proposition to its visitors.
Forward-Looking Statements
In addition to forward-looking information, this press release includes statements regarding long-term effects (including certain projections and business trends) that are “forward-looking statements” within the meaning of federal securities law. The Company sometimes uses words such as “possibly,” “may,” “may,” “should,” “estimate,” “expect,” “continue,” “consider,” “anticipate,” “project,” “plan. ” . Array”, “prospective”, “predict”, “intend”, “believe”, “forecast”, “long-term”, “guidance”, “directed”, “target” and diversifications of those words or similar expressions in this press release and any attachments to identify forward-looking statements All statements, other than statements of past fact included in this press release, that add statements regarding plans, objectives, goals, expectations, beliefs, business strategies and long-term opportunities term. , business conditions, effects of operations, monetary condition, business prospects, earnings forecasts, business trends and other data are forward-looking statements. Forward-looking statements are not past facts and are based on existing expectations, beliefs, estimates and projections, as well as various assumptions, many of which, by their nature, are inherently unsafe and beyond control. All expectations, beliefs, estimates and projections are expressed on a religious basis and the Company believes that they have a conservative basis. However, there can be no assurance that control’s expectations, beliefs, estimates and projections will or will be realized and actual effects may differ materially from what is expressed or indicated in the forward-looking statements. These forward-looking statements are subject to a number of threats, uncertainties and other vital points, many of which are beyond the control of the company, which may also cause actual effects to differ materially from the forward-looking statements contained in this release. press, adding: a decline in consumer discretionary spending or customer confidence, adding any adverse effects of the Federal Reserve’s moves on interest rates and inflation that may also affect discretionary spending, unemployment or the economy as a whole; various points beyond the Company’s control that negatively affect visitor attendance and spending at its theme parks, including, but not limited to, weather, natural disasters, labor shortages, inflationary tensions, delays or source chain shortages, exchange rates, customer confidence, outlook spread of travel-related health concerns, including pandemics and epidemics, travel-related issues, general adverse economic issues, emerging interest rates , economic insecurity and recent geopolitical events outside the United States, as well as government movements; lack of ability to hire and/or retain workers; increase charges for hard work, add increases in the minimum wage and charges for physical fitness and social benefits of workers; complex federal and state regulations governing animal therapy, which are subject to change, and legislative claims and lawsuits filed through activist teams before government regulators and in court; activists and other third-party teams and/or media could put pressure on government agencies, suppliers, components, guests and/or regulators, take legal action or create negative exposure for us; adverse incidents or exposure related to the Company’s theme parks, the theme park industry and/or zoological facilities; A significant portion of the Company’s revenue has traditionally been generated in the states of Florida, California and Virginia, and all threats affecting those markets, such as natural disasters, pandemic shutdowns, excessive weather, and similar travel disruptions or incidents ; technological interruptions or failures that prevent access to the Company’s Internet sites and/or computer systems; cybersecurity threats to the Company or the Company’s third-party service providers, failure to retain or protect the integrity of internal, worker or guest data, and/or non-compliance with the company’s evolving regulatory environment. cybersecurity; inability to compete well in the highly competitive theme park industry; exchanges between animals and Company workers and guests at Company theme park attractions; exposure of animals to infectious diseases; superior constant load design of theme park operations; seasonal fluctuations in operating effects; convert customer tastes and preferences; lack of timely therapy and known weakness of the drapes; inability to grow the Company’s business or fund capital expenditures for theme parks; failure to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of relevant positions with such activities; the effects of the global coronavirus pandemic (“COVID-19”), or any similar mutation of the virus on the Company’s business and economy from time to time; adverse rulings or settlements in litigation; failure to protect the Company’s intellectual assets or infringement of rights to the intellectual assets of others; loss of licenses and entry permits necessary to exhibit animals or violation of laws and regulations; union organizing activities and/or labor disputes; inability to hold certain business licenses; restrictions in the Company’s debt covenants that restrict flexibility in the operation of the Company’s business; inability to maintain the Company’s existing credit ratings; the Company’s leverage and the threat of interest rates; the ability of Hill Path Capital LP and its affiliates to particularly influence the Company’s decisions and its interests would likely conflict with the Company or its interests in the long term; insufficient insurance coverage; inability to acquire or contract third-party brands for rides and attractions, design delays or effects of supply chain disruptions on existing or new rides and attractions; environmental regulations, expenses and responsibilities; suspension or termination of any of the Company’s business licenses, adding via federal, state or local law; delays, restrictions or inability to download or retain entry permits; monetary difficulties of strategic components or other countercomponents; stock listings or other industry restrictions; the movements of the activist percentages; policies of the President of the United States and his leadership or any adjustments in tax legislation; adjustments or decreases in the value of the Company’s inventory, as well as the threat of securities analysts possibly downgrading the Company’s inventory or the Company’s industry; relevant threats with the Company’s capital allocation plans and percentage repurchases, adding the threat that the Company’s percentage repurchase program is likely to generate volatility and not improve the percentage charge to shareholders and other threats, uncertainties and set points in the segment titled “Risk Factors” of the company document. most recent annual report that should be on Form 10-K, as such threats, insecurities and issues will likely be updated in the Company’s periodic filings with the Securities and Exchange Commission (“SEC”). Although the Company believes such statements are based on conservative assumptions, it cannot guarantee long-term effects and readers are cautioned not to place undue reliance on such forward-looking statements, which reflect controlling prospects only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or known all points affecting its business or the probable maximum extent of such points, (ii) the data that must be held in relation to such points on which it is based said investigation. is complete or accurate, (iii) such investigation is correct or (iv) the Company’s strategy, which is based in part on such investigation, will be successful. Except as required by law, the Company undertakes no legal responsibility to update or revise any forward-looking statements to reflect new information, events or events arising after the date of this press release or to reflect the occurrence of unforeseen events or events. another type. Readers are invited to review the Company’s filings with the SEC (found in the SEC’s EDGAR database at www. sec. gov and via the Company’s online page at www. seaworldinvestors. com ).
CONTACT:
Investor Relations: Matthew Stroud investisseursInvestors@SeaWorld. com Relations
Libby PankeFleishmanHillard(314) 719-7521Libby. Panke@fleishman. com
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SOURCESeaWorld Entertainment, Inc.