United Parks & Resorts Inc. Reports Second Quarter and First Six Months 2025 Results
United Parks & Resorts (NYSE:PRKS) reported mixed Q2 2025 results with attendance growth of 0.8% to 6.2 million guests despite challenging weather conditions. However, financial metrics declined year-over-year with total revenue decreasing 1.5% to $490.2 million and net income falling 12.1% to $80.1 million.
For the first six months of 2025, the company saw attendance slightly decrease by 0.1% to 9.6 million guests, while revenue declined 2.2% to $777.2 million. The Board approved a significant new $500 million share buyback program, subject to non-Hill Path shareholder approval.
Despite headwinds, the company reported positive trends in international and group visitation, with encouraging forward booking trends showing mid to high single-digit growth for the remainder of 2025 and strong early indicators for 2026.
United Parks & Resorts (NYSE:PRKS) ha riportato risultati contrastanti nel secondo trimestre del 2025, con una crescita della partecipazione del 0,8% che ha raggiunto 6,2 milioni di visitatori nonostante condizioni meteo difficili. Tuttavia, gli indicatori finanziari sono diminuiti rispetto all'anno precedente, con un fatturato totale in calo dell'1,5% a 490,2 milioni di dollari e un utile netto in diminuzione del 12,1% a 80,1 milioni di dollari.
Nei primi sei mesi del 2025, la partecipazione è leggermente diminuita dello 0,1% a 9,6 milioni di visitatori, mentre i ricavi sono scesi del 2,2% a 777,2 milioni di dollari. Il Consiglio di Amministrazione ha approvato un importante nuovo programma di riacquisto di azioni da 500 milioni di dollari, soggetto all'approvazione degli azionisti non Hill Path.
Nonostante le difficoltà, l'azienda ha registrato tendenze positive nelle visite internazionali e di gruppo, con prenotazioni future incoraggianti che mostrano una crescita a cifra media-alta per il resto del 2025 e forti segnali iniziali per il 2026.
United Parks & Resorts (NYSE:PRKS) reportó resultados mixtos en el segundo trimestre de 2025, con un crecimiento de asistencia del 0,8% alcanzando 6,2 millones de visitantes a pesar de condiciones climáticas adversas. Sin embargo, los indicadores financieros disminuyeron año tras año, con ingresos totales que bajaron un 1,5% a 490,2 millones de dólares y una caída del 12,1% en el ingreso neto, que fue de 80,1 millones de dólares.
En los primeros seis meses de 2025, la asistencia disminuyó ligeramente un 0,1% a 9,6 millones de visitantes, mientras que los ingresos cayeron un 2,2% a 777,2 millones de dólares. La Junta aprobó un importante nuevo programa de recompra de acciones por 500 millones de dólares, sujeto a la aprobación de los accionistas que no sean Hill Path.
A pesar de los desafíos, la empresa reportó tendencias positivas en la visita internacional y de grupos, con reservas anticipadas alentadoras que muestran un crecimiento de un dígito medio a alto para el resto de 2025 y fuertes indicios tempranos para 2026.
United Parks & Resorts (NYSE:PRKS)는 2025년 2분기에 방문객 수가 0.8% 증가하여 620만 명을 기록하는 등 혼재된 실적을 보고했습니다. 어려운 기상 조건에도 불구하고 방문객 수는 증가했으나, 재무 지표는 전년 대비 하락하여 총 수익은 1.5% 감소한 4억 9,020만 달러, 순이익은 12.1% 감소한 8,010만 달러를 기록했습니다.
2025년 상반기에는 방문객 수가 0.1% 소폭 감소하여 960만 명에 그쳤고, 수익은 2.2% 감소한 7억 7,720만 달러였습니다. 이사회는 비 힐 패스 주주 승인 조건으로 5억 달러 규모의 신규 자사주 매입 프로그램을 승인했습니다.
역풍에도 불구하고, 회사는 국제 및 단체 방문에서 긍정적인 추세를 보고했으며, 2025년 나머지 기간 동안 중고 자리 수의 성장과 2026년을 위한 강력한 초기 지표가 나타나는 예약 추세를 보여주고 있습니다.
United Parks & Resorts (NYSE:PRKS) a publié des résultats mitigés pour le deuxième trimestre 2025, avec une croissance de la fréquentation de 0,8% atteignant 6,2 millions de visiteurs malgré des conditions météorologiques difficiles. Cependant, les indicateurs financiers ont diminué d'une année sur l'autre, avec un chiffre d'affaires total en baisse de 1,5% à 490,2 millions de dollars et un bénéfice net en recul de 12,1% à 80,1 millions de dollars.
Au cours des six premiers mois de 2025, la fréquentation a légèrement diminué de 0,1% à 9,6 millions de visiteurs, tandis que le chiffre d'affaires a baissé de 2,2% à 777,2 millions de dollars. Le conseil d'administration a approuvé un important nouveau programme de rachat d'actions de 500 millions de dollars, sous réserve de l'approbation des actionnaires hors Hill Path.
Malgré les vents contraires, la société a rapporté des tendances positives dans la fréquentation internationale et de groupe, avec des réservations anticipées encourageantes montrant une croissance à un chiffre moyen à élevé pour le reste de 2025 et de solides indicateurs précoces pour 2026.
United Parks & Resorts (NYSE:PRKS) meldete gemischte Ergebnisse für das zweite Quartal 2025 mit einem Besucherwachstum von 0,8% auf 6,2 Millionen Gäste trotz herausfordernder Wetterbedingungen. Die finanziellen Kennzahlen gingen jedoch im Jahresvergleich zurück, mit einem Gesamtumsatzrückgang von 1,5% auf 490,2 Millionen US-Dollar und einem Nettoeinkommensrückgang von 12,1% auf 80,1 Millionen US-Dollar.
In den ersten sechs Monaten des Jahres 2025 sank die Besucherzahl leicht um 0,1% auf 9,6 Millionen Gäste, während der Umsatz um 2,2% auf 777,2 Millionen US-Dollar zurückging. Der Vorstand genehmigte ein bedeutendes neues Aktienrückkaufprogramm in Höhe von 500 Millionen US-Dollar, vorbehaltlich der Zustimmung der Aktionäre außerhalb von Hill Path.
Trotz Gegenwind meldete das Unternehmen positive Trends bei internationalen und Gruppenbesuchen, mit ermutigenden Vorbuchungen, die für den Rest des Jahres 2025 ein mittleres bis hohes einstelligen Wachstum und starke frühe Indikatoren für 2026 zeigen.
- Attendance increased 0.8% to 6.2 million guests in Q2 2025
- Board approved new $500 million share buyback program
- Record in-park per capita spending of $37.95 for first six months
- Strong forward booking trends showing mid to high single-digit growth
- Increase in international and group visitation compared to prior year
- Q2 total revenue decreased 1.5% to $490.2 million
- Q2 net income fell 12.1% to $80.1 million
- Total revenue per capita decreased 2.2% to $78.64 in Q2
- Admission per capita declined 3.9% to $41.03 in Q2
- First half 2025 net income dropped 20.0% to $64.0 million
Insights
PRKS reports mixed Q2 with attendance up 0.8% but revenue down 1.5% and net income falling 12.1%; announces $500M buyback plan.
United Parks & Resorts delivered a challenging second quarter with attendance growth of 0.8% to 6.2 million guests contrasting against revenue decline of 1.5% to
The financial performance reveals concerning trends in visitor spending behavior. Total revenue per capita dropped
Half-year results show similar headwinds, with attendance marginally down
The bright spots include growth in international and group visitation, attendance increases at Orlando parks, and record in-park per capita spending of
Most significantly, the board has approved a new
Second Quarter 2025 Highlights
- Attendance was 6.2 million guests, an increase of approximately 48 thousand guests or
0.8% from the second quarter of 2024. - Total revenue was
$490.2 million $7.4 million 1.5% from the second quarter of 2024. - Net income was
$80.1 million $11.0 million 12.1% from the second quarter of 2024. - Adjusted EBITDA[1] was
$206.3 million $11.9 million 5.4% from the second quarter of 2024. - Total revenue per capita[2] decreased
2.2% to$78.64 3.9% to$41.03 0.4% to$37.61
First Six Months 2025 Highlights
- Attendance was 9.6 million guests, a decrease of approximately 11 thousand guests or
0.1% from the first six months of 2024. - Total revenue was
$777.2 million $17.9 million 2.2% from the first six months of 2024. - Net income was
$64.0 million $15.9 million 20.0% from the first six months of 2024. - Adjusted EBITDA[1] was
$273.7 million $23.6 million 7.9% from the first six months of 2024. - Total revenue per capita[2] decreased
2.1% to$80.74 4.1% to$42.79 0.1% to a record$37.95
Other Highlights
- The Board of Directors voted to recommend a new
$500 million - During the second quarter of 2025, the Company came to the aid of 500 animals in need in the wild. The total number of animals the Company has helped over its history is more than 42,000.
[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. |
"We are pleased to have grown attendance in the second quarter despite experiencing amongst the worst weather we have ever experienced in a second quarter. Despite those headwinds, we saw an increase in international and group visitation compared to the prior year in the second quarter. Additionally, we saw an increase in attendance at all of our
"Looking forward, we continue to be encouraged by the forward booking trends we are seeing in our group business and at our Discovery Cove Property – both of which are up mid to high single digits for the remainder of the year. While it's early, the 2026 bookings are also showing very strong trends in both areas as well. We are excited about our remaining line-up of events as we wrap up the summer including "Bands, Brew & BBQ" at SeaWorld Orlando, "Summer Spectacular" at SeaWorld San Diego, "Red, White & BBQ" at SeaWorld San Antonio, and "Bier Fest Brews & BBQ" at both Busch Gardens Tampa Bay and Busch Gardens Williamsburg over the next few weeks. Later in September, we will start our popular Halloween events which will run through October and be followed by our Christmas events in November and December. These special events continue to grow in popularity and we expect this year's events to be amongst our biggest ever. Early forward booking ticket sales for our Howl O' Scream events across our parks are running ahead of prior year. I want to thank all of our ambassadors for their hard work and dedicated efforts to make these things happen," continued Swanson.
"I am also happy to announce that our Board has approved a new
"We are confident in our ability to deliver operational and financial improvements that will result in meaningful increases in revenue, Adjusted EBITDA and total shareholder value. While headwinds impacted our performance in the first half of the year and took us off the pace we initially set, we are focused on and expect to deliver strong second half financial results."
"I am excited about the opportunity set in front of us, both in the near-term where we see clear paths to drive meaningful progress, and over the medium term, where the growth potential is even greater. We are focused, well positioned and confident in the investments we are making, the operational efficiencies we are realizing and the value we are building for stakeholders," concluded Swanson.
Second Quarter 2025 Results
In the second quarter of 2025, the Company hosted approximately 6.2 million guests, generated total revenues of
The decrease in total revenue of
Three Months Ended June 30, | Change | |||||||||||
2025 | 2024 | % | ||||||||||
(In millions, except per share and per capita amounts) | ||||||||||||
Total revenues | $ | 490.2 | $ | 497.6 | (1.5) | % | ||||||
Net income | $ | 80.1 | $ | 91.1 | (12.1) | % | ||||||
Earnings per share, diluted | $ | 1.45 | $ | 1.46 | (0.7) | % | ||||||
Adjusted EBITDA | $ | 206.3 | $ | 218.2 | (5.4) | % | ||||||
Net cash provided by operating activities | $ | 181.2 | $ | 173.2 | 4.6 | % | ||||||
Attendance | 6.2 | 6.2 | 0.8 | % | ||||||||
Total revenue per capita | $ | 78.64 | $ | 80.44 | (2.2) | % | ||||||
Admission per capita | $ | 41.03 | $ | 42.68 | (3.9) | % | ||||||
In-Park per capita spending | $ | 37.61 | $ | 37.76 | (0.4) | % | ||||||
First Six Months 2025 Results
In the first six months of 2025, the Company hosted approximately 9.6 million guests, generated total revenues of
The decrease in total revenue of
Six Months Ended June 30, | Change | |||||||||||
2025 | 2024 | % | ||||||||||
(In millions, except per share and per capita amounts) | ||||||||||||
Total revenues | $ | 777.2 | $ | 795.0 | (2.2) | % | ||||||
Net income | $ | 64.0 | $ | 79.9 | (20.0) | % | ||||||
Earnings per share, diluted | $ | 1.15 | $ | 1.26 | (8.7) | % | ||||||
Adjusted EBITDA | $ | 273.7 | $ | 297.3 | (7.9) | % | ||||||
Net cash provided by operating activities | $ | 206.9 | $ | 244.7 | (15.4) | % | ||||||
Attendance | 9.6 | 9.6 | (0.1) | % | ||||||||
Total revenue per capita | $ | 80.74 | $ | 82.50 | (2.1) | % | ||||||
Admission per capita | $ | 42.79 | $ | 44.60 | (4.1) | % | ||||||
In-Park per capita spending | $ | 37.95 | $ | 37.90 | 0.1 | % | ||||||
Share Repurchases
The Board of Directors voted to recommend a new
Rescue Efforts
In the second quarter of 2025, the Company came to the aid of 500 animals in need in the wild. The total number of animals the Company has helped over its history is more than 42,000.
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 on call 24 hours a day, seven days a week, 365 days a year. Consistent with its mission to protect animals and their ecosystems, rescue teams mobilize and often travel hundreds of miles to help ill, injured, orphaned or abandoned wild animals in need of the Company's expert care, with the goal of returning them to their natural habitat.
Conference Call
The Company will hold a conference call today, Thursday, August 7, 2025, at 9 a.m. Eastern Time to discuss its second quarter and first six months of fiscal 2025 financial results. The conference call will be broadcast live on the Internet and the 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 August 7, 2025, 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 August 7, 2025, through 11:59 p.m. Eastern Time on August 14, 2025, by dialing (877) 344-7529 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 our control adversely affecting attendance and guest spending at our 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
Investor Relations
888-410-1812
Investors@unitedparks.com
Media:
Chris Petrikin
United Parks & Resorts Inc.
chris.petrikin@unitedparks.com
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
| ||||||||||||||||||||||||||||||||
For the Three Months | Change | For the Six Months | Change | |||||||||||||||||||||||||||||
2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Admissions | $ | 255,740 | $ | 264,003 | $ | (8,263) | (3.1) | % | $ | 411,855 | $ | 429,812 | $ | (17,957) | (4.2) | % | ||||||||||||||||
Food, merchandise and other | 234,472 | 233,590 | 882 | 0.4 | % | 365,306 | 365,204 | 102 | 0.0 | % | ||||||||||||||||||||||
Total revenues | 490,212 | 497,593 | (7,381) | (1.5) | % | 777,161 | 795,016 | (17,855) | (2.2) | % | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of food, merchandise and other revenues | 37,173 | 38,645 | (1,472) | (3.8) | % | 60,132 | 61,692 | (1,560) | (2.5) | % | ||||||||||||||||||||||
Operating expenses (exclusive of depreciation and amortization shown separately below) | 204,789 | 190,199 | 14,590 | 7.7 | % | 366,059 | 355,082 | 10,977 | 3.1 | % | ||||||||||||||||||||||
Selling, general and administrative expenses | 64,402 | 63,788 | 614 | 1.0 | % | 108,539 | 111,665 | (3,126) | (2.8) | % | ||||||||||||||||||||||
Severance and other separation costs (a) | 408 | 296 | 112 | 37.8 | % | 408 | 589 | (181) | (30.7) | % | ||||||||||||||||||||||
Depreciation and amortization | 42,974 | 40,281 | 2,693 | 6.7 | % | 84,669 | 79,463 | 5,206 | 6.6 | % | ||||||||||||||||||||||
Total costs and expenses | 349,746 | 333,209 | 16,537 | 5.0 | % | 619,807 | 608,491 | 11,316 | 1.9 | % | ||||||||||||||||||||||
Operating income | 140,466 | 164,384 | (23,918) | (14.6) | % | 157,354 | 186,525 | (29,171) | (15.6) | % | ||||||||||||||||||||||
Other expense (income), net | 216 | (147) | 363 | NM | 193 | 33 | 160 | NM | ||||||||||||||||||||||||
Interest expense | 33,951 | 39,386 | (5,435) | (13.8) | % | 68,058 | 78,163 | (10,105) | (12.9) | % | ||||||||||||||||||||||
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts (b) | — | 2,452 | (2,452) | NM | — | 2,452 | (2,452) | NM | ||||||||||||||||||||||||
Income before income taxes | 106,299 | 122,693 | (16,394) | (13.4) | % | 89,103 | 105,877 | (16,774) | (15.8) | % | ||||||||||||||||||||||
Provision for income taxes | 26,191 | 31,569 | (5,378) | (17.0) | % | 25,128 | 25,954 | (826) | (3.2) | % | ||||||||||||||||||||||
Net income | $ | 80,108 | $ | 91,124 | $ | (11,016) | (12.1) | % | $ | 63,975 | $ | 79,923 | $ | (15,948) | (20.0) | % | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||||
Earnings per share, basic | $ | 1.46 | $ | 1.47 | $ | 1.16 | $ | 1.27 | ||||||||||||||||||||||||
Earnings per share, diluted | $ | 1.45 | $ | 1.46 | $ | 1.15 | $ | 1.26 | ||||||||||||||||||||||||
Weighted average common shares | ||||||||||||||||||||||||||||||||
Basic | 54,991 | 61,890 | 55,005 | 62,953 | ||||||||||||||||||||||||||||
Diluted (c) | 55,411 | 62,268 | 55,436 | 63,488 | ||||||||||||||||||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands)
| ||||||||||||||||||||||||||||
For the Three Months | Change | For the Six Months | Change | Last | ||||||||||||||||||||||||
2025 | 2024 | # | 2025 | 2024 | # | 2025 | ||||||||||||||||||||||
Net income | $ | 80,108 | $ | 91,124 | $ | (11,016) | $ | 63,975 | $ | 79,923 | $ | (15,948) | $ | 211,549 | ||||||||||||||
Provision for income taxes | 26,191 | 31,569 | (5,378) | 25,128 | 25,954 | (826) | 63,203 | |||||||||||||||||||||
Interest expense | 33,951 | 39,386 | (5,435) | 68,058 | 78,163 | (10,105) | 157,657 | |||||||||||||||||||||
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts | — | 2,452 | (2,452) | — | 2,452 | (2,452) | 1,487 | |||||||||||||||||||||
Depreciation and amortization | 42,974 | 40,281 | 2,693 | 84,669 | 79,463 | 5,206 | 168,644 | |||||||||||||||||||||
Equity-based compensation expense (d) | 4,043 | 2,979 | 1,064 | 8,376 | 7,270 | 1,106 | 15,723 | |||||||||||||||||||||
Loss on impairment or disposal of assets and certain non-cash expenses (e) | 12,117 | 2,279 | 9,838 | 13,208 | 7,883 | 5,325 | 38,737 | |||||||||||||||||||||
Business optimization, development and strategic initiative costs (f) | 3,045 | 4,120 | (1,075) | 4,309 | 7,654 | (3,345) | 15,053 | |||||||||||||||||||||
Certain investment costs and other taxes (g) | 222 | 1,019 | (797) | 225 | 4,139 | (3,914) | (322) | |||||||||||||||||||||
COVID-19 related incremental costs (h) | 217 | 1,355 | (1,138) | 505 | 1,861 | (1,356) | (4,398) | |||||||||||||||||||||
Other adjusting items (i) | 3,397 | 1,589 | 1,808 | 5,252 | 2,545 | 2,707 | 9,255 | |||||||||||||||||||||
Adjusted EBITDA (j) | $ | 206,265 | $ | 218,153 | $ | (11,888) | $ | 273,705 | $ | 297,307 | $ | (23,602) | $ | 676,588 | ||||||||||||||
Items added back to Covenant Adjusted EBITDA as defined in the Debt Agreements: | ||||||||||||||||||||||||||||
Estimated cost savings (k) | 13,400 | |||||||||||||||||||||||||||
Other adjustments as defined in the Debt Agreements (l) | 7,595 | |||||||||||||||||||||||||||
Covenant Adjusted EBITDA (m) | $ | 697,583 | ||||||||||||||||||||||||||
For the Three Months | Change | For the Six Months | Change | |||||||||||||||||||||
2025 | 2024 | # | 2025 | 2024 | # | |||||||||||||||||||
Net cash provided by operating activities | $ | 181,196 | $ | 173,227 | $ | 7,969 | $ | 206,911 | $ | 244,673 | $ | (37,762) | ||||||||||||
Capital expenditures | 53,561 | 79,528 | (25,967) | 110,464 | 166,814 | (56,350) | ||||||||||||||||||
Free Cash Flow (n) | $ | 127,635 | $ | 93,699 | $ | 33,936 | $ | 96,447 | $ | 77,859 | $ | 18,588 | ||||||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED BALANCE SHEET DATA (In thousands)
| ||||||||
As of June 30, | As of December 31, | |||||||
Cash and cash equivalents | $ | 193,921 | $ | 115,893 | ||||
Total assets | $ | 2,730,473 | $ | 2,573,578 | ||||
Deferred revenue | $ | 207,753 | $ | 152,655 | ||||
Long-term debt, including current maturities: | ||||||||
Term B-3 Loans | $ | 1,530,731 | $ | 1,538,442 | ||||
Senior Notes | 725,000 | 725,000 | ||||||
Total long-term debt, including current maturities | $ | 2,255,731 | $ | 2,263,442 | ||||
Total stockholders' deficit | $ | (394,851) | $ | (461,540) | ||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED CAPITAL EXPENDITURES DATA (In thousands)
| |||||||||||||||||
For the Six Months | Change | ||||||||||||||||
2025 | 2024 | $ | % | ||||||||||||||
Capital Expenditures: | |||||||||||||||||
Core (o) | $ | 97,997 | $ | 120,275 | $ | (22,278) | (18.5) | % | |||||||||
Expansion/ROI projects (p) | 12,467 | 46,539 | (34,072) | (73.2) | % | ||||||||||||
Capital expenditures, total | $ | 110,464 | $ | 166,814 | $ | (56,350) | (33.8) | % | |||||||||
UNITED PARKS & RESORTS INC. AND SUBSIDIARIES UNAUDITED OTHER DATA (In thousands, except per capita amounts)
| ||||||||||||||||||||||||||||||||
For the Three Months | Change | For the Six Months | Change | |||||||||||||||||||||||||||||
2025 | 2024 | # | % | 2025 | 2024 | # | % | |||||||||||||||||||||||||
Attendance | 6,234 | 6,186 | 48 | 0.8 | % | 9,625 | 9,636 | (11) | (0.1) | % | ||||||||||||||||||||||
Total revenue per capita (q) | $ | 78.64 | $ | 80.44 | $ | (1.80) | (2.2) | % | $ | 80.74 | $ | 82.50 | $ | (1.76) | (2.1) | % | ||||||||||||||||
Admission per capita (r) | $ | 41.03 | $ | 42.68 | $ | (1.65) | (3.9) | % | $ | 42.79 | $ | 44.60 | $ | (1.81) | (4.1) | % | ||||||||||||||||
In-Park per capita spending (s) | $ | 37.61 | $ | 37.76 | $ | (0.15) | (0.4) | % | $ | 37.95 | $ | 37.90 | $ | 0.05 | 0.1 | % | ||||||||||||||||
NM-Not meaningful. |
(a) Reflects restructuring and other separation costs and/or adjustments. |
(b) Reflects a loss on early extinguishment of debt and write-off of debt issuance costs and discounts associated with the refinancing transactions in 2024. |
(c) During the three and six months ended June 30, 2025, there were approximately 686,000 and 671,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and six months ended June 30, 2024, there were approximately 524,000 and 513,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. |
(d) Reflects non-cash equity compensation expenses and related payroll taxes associated with the grants of equity-based compensation. |
(e) Reflects primarily non-cash self-insurance reserve adjustments of: (i) approximately |
(f) For the three, six, and twelve months ended June 30, 2025, reflects business optimization, development and other strategic initiative costs primarily related to: (i) |
(g) For the three and six months ended June 30, 2024, primarily relates to expenses associated with a stockholders' agreement amendment proposal and a share repurchase proposal. |
(h) For the three and six months ended June 30, 2025 and 2024, primarily reflects costs associated with certain legal matters and nonrecurring contractual liabilities related to the previously disclosed temporary COVID-19 park closures. For the twelve months ended June 30, 2025, primarily reflects a reversal of costs, which had previously been accrued, associated with nonrecurring contractual liabilities and respective assessments related to the previously disclosed temporary COVID-19 park closures. |
(i) Reflects the impact of expenses, net of insurance recoveries and adjustments, incurred primarily related to certain matters, which the Company is permitted to exclude under the credit agreement governing the Company's Senior Secured Credit Facilities due to the unusual nature of the items. |
(j)Adjusted EBITDA is defined as net income before income tax expense, interest expense, depreciation and amortization, as further adjusted to exclude certain non-cash, and other items as described above. |
(k) 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 income. |
(l) 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. |
(m) 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 (k) and (l) above. |
(n) Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. |
(o) Reflects capital expenditures during the respective period for park rides, attractions and maintenance activities. |
(p) Reflects capital expenditures during the respective period for park expansion, new properties, revenue and/or expense return on investment ("ROI") projects. |
(q) Calculated as total revenues divided by attendance. |
(r) Calculated as admissions revenue divided by attendance. |
(s) Calculated as food, merchandise and other revenue divided by attendance. |
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SOURCE United Parks and Resorts Inc.
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