United Parks & Resorts Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
United Parks & Resorts (NYSE: PRKS) reported first quarter 2026 attendance of 3.22 million, down 5% year-over-year, with total revenue of $278.3 million, down 3%.
Net loss was $34.1 million (diluted EPS -$0.69) and Adjusted EBITDA was $58.0 million. Total revenue per capita rose 2.1% to $86.43, driven by a 5.3% increase in in-park per capita spending to a record $40.62, while admission per capita slipped 0.5% to $45.81. Management cited unfavorable weather and lower international visitation as key attendance headwinds.
Operating cash flow increased to $66.8 million. The company repurchased about 2.6 million shares for $92.7 million in Q1 and an additional 1.8 million shares for $64.8 million through May 8, 2026, and highlighted new 2026 rides and attractions across several parks.
Positive
- Operating cash flow rose to $66.8 million, up 159.8% year-over-year
- In-park per capita spending increased 5.3% to a record $40.62
- Total revenue per capita grew 2.1% to $86.43
- Company repurchased about 4.4 million shares for $157.5 million year-to-date
- Paid pass sales up approximately 10% in Q1 and 12% through April 30, 2026
Negative
- Attendance declined 5.0% to 3.22 million guests
- Total revenue decreased 3.0% to $278.3 million
- Net loss widened to $34.1 million; diluted EPS fell to -$0.69
- Adjusted EBITDA decreased 14.1% to $58.0 million
- Admissions per capita slipped 0.5% to $45.81
- Weather and weaker international visitation reduced attendance by about 220,000 guests
News Market Reaction – PRKS
In the May 11 session, PRKS declined 6.86%, reflecting a notable negative market reaction. Argus tracked a trough of -16.9% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 07 | Q2 2025 earnings | Neutral | +7.7% | Mixed Q2 2025 results with revenue and net income down but buyback approval. |
| May 12 | Q1 2025 earnings | Neutral | +4.6% | Q1 2025 attendance and revenue declines but record in-park spending. |
| Feb 26 | Q4/FY 2024 earnings | Neutral | -3.2% | FY 2024 slight revenue and income declines with record per-capita metrics. |
| Nov 07 | Q3 2024 earnings | Positive | -3.2% | Q3 2024 record in-park spending and higher nine‑month revenue and income. |
| Aug 07 | Q2/H1 2024 earnings | Positive | -0.7% | Q2 2024 revenue and income growth and record H1 results with buybacks. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced mixed reactions: some positive responses to mixed results and occasional sell-offs after broadly positive updates.
Recent earnings for United Parks & Resorts show modest declines in revenue or net income across several quarters but consistent strength in per-capita spending and ongoing share repurchases. Prior updates highlighted weather-related headwinds, record in-park per capita metrics, and sizeable buyback authorizations and executions. Price reactions ranged from declines on positive Q2 and Q3 2024 reports to a strong gain after mixed Q2 2025 results. Today’s Q1 2026 release continues themes of weather impacts, softer headline metrics, and ongoing capital returns.
Key Terms
adjusted ebitda financial
covenant adjusted ebitda financial
free cash flow financial
non-gaap financial
senior secured credit facilities financial
senior notes financial
first-priority senior secured notes financial
performance-based restricted stock unit financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter 2026 Highlights
- Attendance was 3.2 million guests, a decrease of approximately 171,000 guests from the first quarter of 2025.
- Total revenue was
$278.3 million $8.7 million - Net loss was
$34.1 million $17.9 million - Adjusted EBITDA[1] was
$58.0 million $9.5 million - Total revenue per capita[2] increased
2.1% to$86.43 0.5% to$45.81 5.3% to a record$40.62
Other Highlights
- In the first quarter, the Company repurchased approximately 2.6 million shares for an aggregate total of approximately
$92.7 million $64.8 million - During the first quarter of 2026, the Company came to the aid of 211 animals in need in the wild. The total number of animals the Company has helped over its history is more than 43,000.
"First quarter results fell short of our expectations primarily due to unfavorable weather (including unfavorable weather in
"We delivered another quarter of strong in park execution, growing our in-park per capita and producing another quarter of record results. We also saw strong pass sales performance during the quarter with paid pass sales up approximately
"We continue to strongly believe our stock is materially undervalued and, as such, continued to repurchase shares in the first quarter buying approximately 2.6 million shares for nearly
"As a reminder, for 2026, we have a truly great lineup of new rides, shows and attractions, an updated events calendar, an expanded concert lineup, and new and upgraded food and retail locations. All of this is supported by a revamped and enhanced marketing plan and strategy. We are confident these planned investments will drive attendance and guest spending across our parks."
"Despite the headwinds in the first quarter, we are encouraged by our forward indicators and remain committed to delivering strong financial performance and growth in revenue and Adjusted EBITDA in 2026. I want to thank our ambassadors, whose preparation and hard work are vital as we soon enter the busy summer period," concluded Swanson.
For 2026, the Company has something new and exciting across its parks. The Company's new rides and attractions include the following:
- SeaWorld San Antonio opened Barracuda Strike,
Texas' First Inverted Family Coaster in March. This one-of-a-kind attraction invites guests of all ages to dive into the deep and experience the ocean's most agile predator like never before. With every twist, drop, and tight turn, Barracuda Strike will deliver a rush of excitement that's bold enough for thrill-seekers, yet built for the whole family. - SeaWorld San Diego will debut an all new Shark Encounter this May. Guests will encounter mesmerizing new shark species alongside a vibrant array of marine life—including additional sharks and colorful fish—as the expanded exhibit transforms into a dynamic underwater adventure.
- Busch Gardens Tampa Bay will soon open the all-new Lion & Hyena Ridge, an extraordinary new addition to the park's award-winning animal population and the most ambitious new habitat in more than a decade. This reimagined area of the park expands the existing space to more than double its previous size, creating nearly 35,000 square feet of dynamic savanna terrain where a pride of five young male lions and a pair of playful hyenas will live and thrive.
- Busch Gardens Williamsburg will soon open Verbolten - Forbidden Turn a re-imagined indoor/outdoor multi-launch roller coaster with new immersive storytelling and special effects. This family-friendly roller coaster delivers surprises at every turn as it transports visitors through the Black Forest, soon discovering all is not what it seems.
- SeaWorld Orlando will soon open a completely revamped and upgraded Expedition Odyssey, with an all new themed experience where guests will soar through an immersive exploration of Fire & Ice.
[1] | This earnings release includes Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow which are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the |
[2] | This earnings release includes key performance metrics such as total revenue per capita, admissions per capita and in-park per capita spending. See "Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics" section for definitions and further details. |
First Quarter 2026 Results
In the first quarter of 2026, the Company hosted approximately 3.2 million guests, generated total revenues of
The decrease in total revenue of
For the Three Months Ended March 31, | Change | |||||||||||
2026 | 2025 | % | ||||||||||
(Unaudited, in millions, except per share and per capita amounts) | ||||||||||||
Total revenues | $ | 278.3 | $ | 286.9 | (3.0) | % | ||||||
Net loss | $ | (34.1) | $ | (16.1) | (111.2) | % | ||||||
Net loss per share, diluted | $ | (0.69) | $ | (0.29) | (137.9) | % | ||||||
Adjusted EBITDA | $ | 58.0 | $ | 67.4 | (14.1) | % | ||||||
Net cash provided by operating activities | $ | 66.8 | $ | 25.7 | 159.8 | % | ||||||
Attendance | 3.22 | 3.39 | (5.0) | % | ||||||||
Total revenue per capita | $ | 86.43 | $ | 84.62 | 2.1 | % | ||||||
Admission per capita | $ | 45.81 | $ | 46.04 | (0.5) | % | ||||||
In-Park per capita spending | $ | 40.62 | $ | 38.58 | 5.3 | % | ||||||
Share Repurchases
In the first quarter, the Company repurchased approximately 2.6 million shares for an aggregate total of approximately
Rescue Efforts
In the first quarter of 2026, United Parks' rescue teams aided 211 animals in need across the country. To date, the Company has helped more than 43,000 animals in its decades-long commitment to wildlife welfare.
United Parks & Resorts is recognized as a leader in animal rescue, working in close partnership with local, state, and federal agencies. Its expert teams are on call 24/7, 365 days a year, ready to mobilize at a moment's notice -- often traveling hundreds of miles to provide urgent care to sick, injured, orphaned, or stranded wildlife. The goal: rehabilitate and return animals to their natural habitats whenever possible, in line with United Parks' mission to protect animals and the ecosystems they call home.
Conference Call
The Company will hold a conference call today, Monday, May 11, 2026, at 9 a.m. Eastern Time to discuss its first quarter 2026 financial results. The conference call will be broadcast live on the Internet and the earnings release and conference call can be accessed via the Company's website at www.UnitedParksInvestors.com. For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on May 11, 2026, under the "Events & Presentations" tab of www.UnitedParksInvestors.com. A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on May 11, 2026, through 11:59 p.m. Eastern Time on May 18, 2026, by dialing (800) 770-2030 from anywhere in the
Statement Regarding Non-GAAP Financial Measures
This earnings release and accompanying financial statement tables include several non-GAAP financial measures, including Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow are not recognized terms under GAAP, should not be considered in isolation or as a substitute for a measure of financial performance or liquidity prepared in accordance with GAAP and are not indicative of net income or loss or net cash provided by operating activities as determined under GAAP.
Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation.
Management believes the presentation of Adjusted EBITDA is appropriate as it eliminates the effect of certain non-cash and other items not necessarily indicative of the Company's underlying operating performance. Management uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA-related measures in the Company's industry, along with other measures, to estimate the value of a company, to make informed investment decisions and to evaluate companies in the industry.
Management believes the presentation of Covenant Adjusted EBITDA for the last twelve months is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain financial covenants in the Company's credit agreement governing its Senior Secured Credit Facilities and the indentures governing its Senior Notes and First-Priority Senior Secured Notes (collectively, the "Debt Agreements"). Covenant Adjusted EBITDA is a material component of these covenants.
Management believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a liquidity measure. The Company uses Free Cash Flow to evaluate its ability to generate cash flow from business operations. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures, as it excludes certain expenditures such as mandatory debt service requirements, which are significant. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP. Free Cash Flow as defined above may differ from similarly titled measures presented by other companies.
This earnings release includes several key performance metrics including total revenue per capita (defined as total revenue divided by attendance), admission per capita (defined as admissions revenue divided by attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by attendance). These performance metrics are used by management to assess the operating performance of its parks on a per attendee basis and to make strategic operating decisions. Management believes the presentation of these performance metrics is useful and relevant for investors as it provides investors the ability to review financial performance in the same manner as management and provides investors with a consistent methodology to analyze revenue between periods on a per attendee basis. In addition, investors, lenders, financial analysts and rating agencies have historically used similar per-capita related performance metrics to evaluate companies in the industry.
About United Parks & Resorts Inc.
United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company that owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country
Copies of this and other news releases as well as additional information about United Parks & Resorts Inc. can be obtained online at www.unitedparks.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website.
Forward-Looking Statements
In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond the Company's control adversely affecting attendance and guest spending at the Company's theme parks, including, but not limited to, weather, natural disasters, labor shortages, inflationary pressures, supply chain delays or shortages, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, adverse general economic related factors including increasing interest rates, economic uncertainty, and recent geopolitical events outside of
CONTACT:
Investor Relations:
Matthew Stroud
United Parks & Resorts Inc.
888-410-1812
Investors@unitedparks.com
Media:
AnneMarie Iturrizaga
United Parks & Resorts Inc.
AnneMarie.Iturrizaga@UnitedParks.com
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES | ||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
For the Three Months Ended March 31, | Change | |||||||||||||||
2026 | 2025 | # | % | |||||||||||||
Net revenues: | ||||||||||||||||
Admissions | $ | 147,503 | $ | 156,115 | $ | (8,612) | (5.5) | % | ||||||||
Food, merchandise and other | 130,791 | 130,834 | (43) | (0.0) | % | |||||||||||
Total revenues | 278,294 | 286,949 | (8,655) | (3.0) | % | |||||||||||
Costs and expenses: | ||||||||||||||||
Cost of food, merchandise and other revenues | 21,647 | 22,959 | (1,312) | (5.7) | % | |||||||||||
Operating expenses (exclusive of depreciation and amortization shown separately below) | 171,242 | 161,270 | 9,972 | 6.2 | % | |||||||||||
Selling, general and administrative expenses | 48,068 | 44,137 | 3,931 | 8.9 | % | |||||||||||
Severance and other separation costs(a) | 763 | — | 763 | NM | ||||||||||||
Depreciation and amortization | 45,067 | 41,695 | 3,372 | 8.1 | % | |||||||||||
Total costs and expenses | 286,787 | 270,061 | 16,726 | 6.2 | % | |||||||||||
Operating income | (8,493) | 16,888 | (25,381) | (150.3) | % | |||||||||||
Other (income) expense, net | (234) | (23) | (211) | (917.4) | % | |||||||||||
Interest expense | 31,735 | 34,107 | (2,372) | (7.0) | % | |||||||||||
Loss before income taxes | (39,994) | (17,196) | (22,798) | (132.6) | % | |||||||||||
Benefit from income taxes | (5,926) | (1,063) | (4,863) | (457.5) | % | |||||||||||
Net loss | $ | (34,068) | $ | (16,133) | $ | (17,935) | (111.2) | % | ||||||||
Loss per share: | ||||||||||||||||
Net loss per share, basic | $ | (0.69) | $ | (0.29) | ||||||||||||
Net loss per share, diluted | $ | (0.69) | $ | (0.29) | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 49,418 | 55,017 | ||||||||||||||
Diluted (b) | 49,418 | 55,017 | ||||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES | ||||||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
For the Three Months Ended March 31, | Change | Last Twelve Months Ended March 31, | ||||||||||||||||||
2026 | 2025 | # | % | 2026 | ||||||||||||||||
Net (loss) income | $ | (34,068) | $ | (16,133) | $ | (17,935) | (111.2) | % | $ | 150,418 | ||||||||||
(Benefit from) provision for income taxes | (5,926) | (1,063) | (4,863) | (457.5) | % | 53,321 | ||||||||||||||
Interest expense | 31,735 | 34,107 | (2,372) | (7.0) | % | 131,768 | ||||||||||||||
Depreciation and amortization | 45,067 | 41,695 | 3,372 | 8.1 | % | 177,846 | ||||||||||||||
Equity-based compensation expense (c) | 5,418 | 4,333 | 1,085 | 25.0 | % | 18,850 | ||||||||||||||
Loss on impairment or disposal of assets and certain non- cash expenses(d) | 5,664 | 1,091 | 4,573 | 419.2 | % | 33,580 | ||||||||||||||
Business optimization, development and strategic initiative costs (e) | 6,747 | 1,264 | 5,483 | 433.8 | % | 20,601 | ||||||||||||||
Certain investment costs and other taxes | 52 | 3 | 49 | 1633.3 | % | 1,975 | ||||||||||||||
Other adjusting items (f) | 3,261 | 2,143 | 1,118 | 52.2 | % | 7,293 | ||||||||||||||
Adjusted EBITDA (g) | $ | 57,950 | $ | 67,440 | $ | (9,490) | (14.1) | % | $ | 595,652 | ||||||||||
Items added back to Covenant Adjusted EBITDA as defined in the Debt Agreements: | ||||||||||||||||||||
Estimated cost savings (h) | 30,000 | |||||||||||||||||||
Other adjustments as defined in the Debt Agreements (i) | 11,977 | |||||||||||||||||||
Covenant Adjusted EBITDA (j) | $ | 637,629 | ||||||||||||||||||
For the Three Months Ended March 31, | Change | |||||||||||||||||||
2026 | 2025 | # | % | |||||||||||||||||
Net cash provided by operating activities | $ | 66,798 | $ | 25,715 | $ | 41,083 | 159.8 | % | ||||||||||||
Capital expenditures | 69,632 | 56,903 | 12,729 | 22.4 | % | |||||||||||||||
Free Cash Flow (k) | $ | (2,834) | $ | (31,188) | $ | 28,354 | 90.9 | % | ||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES | ||||||||
UNAUDITED BALANCE SHEET DATA | ||||||||
(In thousands) | ||||||||
As of March 31, 2026 | As of December 31, 2025 | |||||||
Cash and cash equivalents | $ | 28,942 | $ | 99,762 | ||||
Total assets | $ | 2,607,502 | $ | 2,616,274 | ||||
Deferred revenue | $ | 203,818 | $ | 143,325 | ||||
Long-term debt, including current maturities: | ||||||||
Term B-3 Loans | $ | 1,519,163 | $ | 1,523,019 | ||||
Revolving Credit Facility | 30,000 | — | ||||||
Senior Notes | 725,000 | 725,000 | ||||||
Total long-term debt, including current maturities | $ | 2,274,163 | $ | 2,248,019 | ||||
Total stockholders' deficit | $ | (557,229) | $ | (435,806) | ||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||
UNAUDITED CAPITAL EXPENDITURES DATA | |||||||||||||||||
(In thousands) | |||||||||||||||||
For the Three Months Ended March 31, | Change | ||||||||||||||||
2026 | 2025 | # | % | ||||||||||||||
Capital Expenditures: | |||||||||||||||||
Core(l) | 62,662 | 49,851 | 12,811 | 25.7 | % | ||||||||||||
Expansion/ROI projects(m) | 6,970 | 7,052 | (82) | (1.2) | % | ||||||||||||
Capital expenditures, total | $ | 69,632 | $ | 56,903 | $ | 12,729 | 22.4 | % | |||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES | ||||||||||||||||
UNAUDITED OTHER DATA | ||||||||||||||||
(In thousands, except per capita amounts) | ||||||||||||||||
For the Three Months Ended March 31, | Change | |||||||||||||||
2026 | 2025 | # | % | |||||||||||||
Attendance | 3,220 | 3,391 | (171) | (5.0) | % | |||||||||||
Total revenue per capita (n) | $ | 86.43 | $ | 84.62 | $ | 1.81 | 2.1 | % | ||||||||
Admission per capita (o) | $ | 45.81 | $ | 46.04 | $ | (0.23) | (0.5) | % | ||||||||
In-Park per capita spending (p) | $ | 40.62 | $ | 38.58 | $ | 2.04 | 5.3 | % | ||||||||
NM-Not meaningful. |
(a) Reflects restructuring and other separation costs and/or adjustments. |
(b) There were approximately 1.9 million and 1.3 million potentially dilutive shares excluded from the computation of diluted loss per share during the three months ended March 31, 2026 and 2025, respectively, as their effect would have been anti-dilutive due to the Company's net loss in those periods. |
(c) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. |
(d) For the three months ended March 31, 2026 and 2025 and for the twelve months ended March 31, 2026, includes non-cash expenses related to asset write-offs and costs related to certain rides and equipment which were removed from service. Also includes approximately |
(e) For the three months ended March 31, 2026, reflects business optimization, development and other strategic initiative costs primarily related to: (i) |
(f) Reflects the impact of expenses, net of insurance recoveries and adjustments, incurred primarily related to certain matters, which we are permitted to exclude under the credit agreement governing our Senior Secured Credit Facilities due to the unusual nature of the items. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period. |
(g)Adjusted EBITDA is defined as net (loss) income before income tax expense, interest expense, depreciation and amortization, as further adjusted to exclude certain non-cash, and other items as described above. |
(h) The Company's Debt Agreements permit the calculation of certain covenants to be based on Covenant Adjusted EBITDA, as defined above, for the last twelve month period further adjusted for net annualized estimated savings the Company expects to realize over the following 24 month period related to certain specified actions, including restructurings and cost savings initiatives. These estimated savings are calculated net of the amount of actual benefits realized during such period. These estimated savings are a non-GAAP Adjusted EBITDA add-back item only as defined in the Debt Agreements and does not impact the Company's reported GAAP net (loss) income. |
(i) The Debt Agreements permit the Company's calculation of certain covenants to be based on Covenant Adjusted EBITDA as defined above, for the last twelve-month period further adjusted for certain costs as permitted by the Debt Agreements including recruiting and retention expenses, public company compliance costs and litigation and arbitration costs, if any. |
(j) Covenant Adjusted EBITDA is defined in the Debt Agreements as Adjusted EBITDA for the last twelve-month period further adjusted for net annualized estimated savings among other adjustments as described in footnote (h) and (i) above. |
(k) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. |
(l) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period. |
(m) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment ("ROI") projects. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period. |
(n) Calculated as total revenues divided by attendance. |
(o) Calculated as admissions revenue divided by attendance. |
(p) Calculated as food, merchandise and other revenue divided by attendance. |
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SOURCE United Parks and Resorts Inc.