ORLANDO, Fla., May 9, 2023 /PRNewswire/ — SeaWorld Entertainment, Inc. (NYSE: SEAS), a number one theme park and leisure firm, as we speak reported its monetary outcomes for the primary quarter of 2023.

First Quarter 2023 Highlights

• Attendance was 3.4 million visitors, a lower of roughly 25,000 visitors from the primary quarter of 2022.
• Total income was a report $293.3 million, a rise of $22.7 million or 8.4% from the primary quarter of 2022.
• Net loss was $16.5 million, the second smallest web loss within the first quarter and a rise of $7.5 million from the primary quarter of 2022.
• Adjusted EBITDA^[1] was a report $72.4 million, a rise of $6.5 million or 9.8% from the primary quarter of 2022.
• Total income per capita^[2] elevated 9.2% to a report $86.84 from the primary quarter of 2022. Admission per capita^[2] elevated 9.4% to a report $48.51 whereas in-park per capita spending^[2] elevated 8.9% to a report $38.33 from the primary quarter of 2022.

Other Highlights

• Subsequent to March 31, 2023, the Company repurchased 235,000 shares for an combination complete of roughly $13.9 million, leaving roughly $42.4 million remaining below the Share Repurchase Program as of May 4, 2023.
• During the primary quarter of 2023, the Company got here to assistance from 85 animals in want within the wild. The complete variety of animals the Company has helped over its historical past is greater than 40,000.

“We are pleased to report another quarter of record financial results despite adverse weather across a number of our markets, particularly in our California market and a shift in the timing of the opening of our new rides,” stated Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “This is the 8^th consecutive quarter where we have generated record financial results. We continued to drive growth in total per capita spending in the quarter demonstrating the effectiveness of our revenue strategies, our pricing power and the strength of consumer spending in our parks.”

“Looking ahead, we are very encouraged by our group booking trends which are running well ahead of 2022 and we are really excited about our 2023 lineup of new rides, attractions and events – several of which are some of the most anticipated rides of 2023 – and looking forward to most of them opening in the coming weeks. On the international front, we are also very thrilled for the opening of the fourth SeaWorld park and first SeaWorld branded park outside of the United States in Abu Dhabi on May 23, 2023.”

“I am very excited about the significant investments we are making and the many initiatives we have underway across our business that we expect will improve the guest experience, allow us to generate more revenue and make us a more efficient and more profitable enterprise.  We are building an even stronger and more resilient business that we are confident will deliver improved operational and financial results and meaningful increases in shareholder value.  I want to thank our ambassadors for their ongoing efforts as we prepare for what we anticipate will be another busy summer season. We continue to expect to deliver meaningful growth and new records in revenue and Adjusted EBITDA for 2023,” concluded Swanson.

^[1] This earnings launch consists of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow that are monetary measures that aren’t calculated in accordance with Generally Accepted Accounting Principles within the U.S. (“GAAP”). See “Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics” part and the monetary assertion tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of those measures for historic durations to their respective most comparable monetary measures calculated in accordance with GAAP.
^[2] This earnings launch consists of key efficiency metrics reminiscent of complete income per capita, admissions per capita and in-park per capita spending.  See “Statement Regarding Non-GAAP Financial Measures and Key Performance Metrics” part for definitions and additional particulars. 

For 2023, the Company has a very thrilling line-up of latest rides, sights, occasions and upgrades, together with 4 of essentially the most anticipated curler coasters of 2023 in line with USA Today:

• In February, Busch Gardens Tampa opened the Serengeti Flyer, the world’s tallest and quickest Screaming Swing that takes riders up 135 toes at speeds reaching 68 miles per hour.
• In March, Aquatica San Antonio opened Kata’s Kookaburra Cove, a newly expanded and upgraded 3,000-square-foot space with a number of distinctive water play components, water spouts, all-new non-public cabanas, a fully-themed splashpad and a number of shade buildings.
• This month, SeaWorld Orlando will open Pipeline: The Surf Coaster, the first-of-its-kind surf coaster, with seats in a browsing place that rise and fall to imitate the feeling of using a wave. The coaster will speed up riders to 60 miles per hour by 5 air-time moments and an progressive ‘wave curl’ inversion; Busch Gardens Williamsburg will open DarKoaster, the primary all-indoor straddle coaster in North America the place riders expertise 4 launches at speeds as much as 36 miles per hour by over 2,400 toes of monitor; Aquatica Orlando will open Turi’s Kid Cove, an all-new water play space will function watering palms, tipping buckets, spraying jets, water bobbles, and extra; and Sesame Place Philadelphia will open Bert & Ernie’s Splashy Shores, a water play space that includes water umbrellas, tipping buckets, spraying jets, water bobbles and a spraying water tower.
• Later this spring and summer season, SeaWorld San Diego will open Arctic Rescue, the quickest and longest straddle coaster on the West Coast that takes riders by three launches at speeds as much as 40 miles per hour; Water Country USA will open Riptide Race, the primary dueling pipeline slide in Virginia; and Sesame Place San Diego will open The Count’s Splash Castle, an enhanced water play space and expanded play construction which options three tipping buckets, 4 water slides and over 100 different water play components; and we anticipate that SeaWorld San Antonio will open Catapult Falls: the world’s first launched flume coaster options the world’s steepest flume drop, North America’s solely flume with a vertical raise, and the tallest flume drop in Texas.

The Company’s outcomes of operations for the primary quarter of fiscal 2023 and 2022 continued to be impacted by the worldwide COVID-19 pandemic due partly to a decline in worldwide attendance from historic ranges. 

First Quarter 2023 Results

In the primary quarter of 2023, the Company hosted roughly 3.4 million visitors, generated report complete revenues of $293.3 million, web lack of $16.5 million and report Adjusted EBITDA of $72.4 million. Attendance decreased roughly 25,000 visitors when in comparison with the primary quarter of 2022. The lower in attendance was primarily attributable to antagonistic climate throughout numerous our markets, notably at our California parks, together with throughout peak visitation durations. Attendance was additionally possible impacted unfavorably by the timing of latest experience openings in 2023 in contrast with 2022.

The enhance in complete income of $22.7 million in comparison with the primary quarter of 2022 was primarily a results of will increase in admission per capita (outlined as admissions income divided by complete attendance) and in-park per capita spending (outlined as meals, merchandise and different income divided by complete attendance). Admission per capita elevated primarily as a result of realization of upper costs in our admission merchandise ensuing from our strategic pricing efforts, together with the online affect of the admissions product combine when in comparison with the prior 12 months quarter.  In-park per capita spending improved primarily attributable to a rise in income associated to the Company’s worldwide companies agreements and pricing initiatives when in comparison with the primary quarter of 2022. Adjusted EBITDA was positively impacted by the rise in complete income ensuing from enchancment in complete income per capita partially offset by a rise in bills. The enhance in bills is primarily attributable to elevated labor-related prices attributable to extra optimum staffing, partially offset by decreased marketing-related prices and the affect of price financial savings and effectivity initiatives when in comparison with the primary quarter of 2022.

Share Repurchases

Subsequent to March 31, 2023, the Company repurchased 235,000 shares for an combination complete of roughly $13.9 million, leaving roughly $42.4 million remaining below the Share Repurchase Program as of May 4, 2023.

Other

As of March 31, 2023, the Company’s present deferred income steadiness was $212.8 million, a rise of roughly 2.3% when in comparison with March 31, 2022.

Rescue Efforts

In the primary quarter of 2023, the Company got here to assistance from 85 animals in want within the wild.  The complete variety of animals the Company has helped over its historical past is greater than 40,000.

The Company is a pacesetter in animal rescue.  Working in partnership with state, native and federal businesses, the Company’s rescue groups are on name 24 hours a day, seven days every week, three hundred and sixty five days a 12 months. Consistent with its mission to guard animals and their ecosystems, rescue groups mobilize and sometimes journey lots of of miles to assist unwell, injured, orphaned or deserted wild animals in want of the Company’s knowledgeable care, with the purpose of returning them to their pure habitat.

Conference Call

The Company will maintain a convention name as we speak, Tuesday, May 9, 2023, at 9 a.m. Eastern Time to debate its first quarter 2023 monetary outcomes. The convention name will probably be broadcast stay on the Internet and the discharge and convention name will be accessed through the Company’s web site at www.SeaWorldInvestors.com.  For these unable to take part within the stay webcast, a replay will probably be obtainable starting at roughly 12 p.m. Eastern Time on May 9, 2023, below the “Events & Presentations” tab of www.SeaWorldInvestors.com. A replay of the decision will also be accessed telephonically from 12 p.m. Eastern Time on May 9, 2023, by 11:59 p.m. Eastern Time on May 16, 2023, by dialing (877) 344-7529 from wherever within the U.S., (855) 669-9658 from wherever in Canada, or (412) 317-0088 from worldwide places and getting into the convention code 9243691.

Statement Regarding Non-GAAP Financial Measures

This earnings launch and accompanying monetary assertion tables embody a number of non-GAAP monetary measures, together with Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow aren’t acknowledged phrases below GAAP, shouldn’t be thought of in isolation or as an alternative choice to a measure of economic efficiency or liquidity ready in accordance with GAAP and aren’t indicative of web revenue or loss or web money supplied by working actions as decided below GAAP.

Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and different non-GAAP monetary measures have limitations that needs to be thought of earlier than utilizing these measures to judge an organization’s monetary efficiency or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as introduced, might not be akin to equally titled measures of different firms attributable to various strategies of calculation.

Management believes the presentation of Adjusted EBITDA is acceptable because it eliminates the impact of sure non-cash and different objects not essentially indicative of the Company’s underlying working efficiency. Management makes use of Adjusted EBITDA in reference to sure elements of its government compensation program. In addition, traders, lenders, monetary analysts and ranking businesses have traditionally used EBITDA-related measures within the Company’s business, together with different measures, to estimate the worth of an organization, to make knowledgeable funding selections and to judge firms within the business.

Management believes the presentation of Covenant Adjusted EBITDA for the final twelve months is acceptable because it supplies further info to traders concerning the calculation of, and compliance with, sure monetary covenants within the Company’s credit score settlement 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 fabric element of those covenants.

Management believes that Free Cash Flow is beneficial to traders, fairness analysts and ranking businesses as a liquidity measure. The Company makes use of Free Cash Flow to judge its capacity to generate money movement from enterprise operations. Free Cash Flow doesn’t characterize the residual money movement obtainable for discretionary expenditures, because it excludes sure expenditures reminiscent of obligatory debt service necessities, that are vital. Free Cash Flow isn’t outlined by GAAP and shouldn’t be thought of in isolation or as a substitute for web money supplied by (utilized in) working, investing and financing actions or different monetary knowledge ready in accordance with GAAP. Free Cash Flow as outlined above might differ from equally titled measures introduced by different firms.

This earnings launch consists of a number of key efficiency metrics together with complete income per capita (outlined as complete income divided by attendance), admission per capita (outlined as admissions income divided by attendance) and in-park per capita spending (outlined as meals, merchandise and different income divided by attendance). These efficiency metrics are utilized by administration to evaluate the working efficiency of its parks on a per attendee foundation and to make strategic working selections. Management believes the presentation of those efficiency metrics is beneficial and related for traders because it supplies traders the power to evaluation monetary efficiency in the identical method as administration and supplies traders with a constant methodology to investigate income between durations on a per attendee foundation. In addition, traders, lenders, monetary analysts and ranking businesses have traditionally used related per-capita associated efficiency metrics to judge firms within the business.

About SeaWorld Entertainment, Inc.

SeaWorld Entertainment, Inc. (NYSE: SEAS) is a number one theme park and leisure firm offering experiences that matter, and provoking visitors to guard animals and the wild wonders of our world. The Company is without doubt one of the world’s foremost zoological organizations and a worldwide chief in animal welfare, coaching, husbandry and veterinary care. The Company collectively cares for what it believes is without doubt one of the largest zoological collections on this planet and has helped lead advances within the care of animals. The Company additionally rescues and rehabilitates marine and terrestrial animals which might be unwell, injured, orphaned or deserted, with the purpose of returning them to the wild. The SeaWorld® rescue crew has helped over 40,000 animals in want over the Company’s historical past. SeaWorld Entertainment, Inc. owns or licenses a portfolio of acknowledged manufacturers together with SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its greater than 60-year historical past, the Company has constructed a diversified portfolio of 12 vacation spot and regional theme parks which might be grouped in key markets throughout the United States, lots of which showcase its one-of-a-kind zoological assortment. The Company’s theme parks function a various array of rides, exhibits and different sights with broad demographic attraction which ship memorable experiences and a powerful worth proposition for its visitors.

Copies of this and different information releases in addition to further details about SeaWorld Entertainment, Inc. will be obtained on-line at www.seaworldentertainment.com. Shareholders and potential traders can even register to robotically obtain the Company’s press releases, SEC filings and different notices by e-mail by registering at that web site.

Forward-Looking Statements

In addition to historic info, this press launch accommodates statements referring to future outcomes (together with sure projections and enterprise traits) which might be “forward-looking statements” inside the that means of the federal securities legal guidelines. The Company usually makes use of the phrases reminiscent of “might,” “will,” “may,” “should,” “estimates,” “expects,” “continues,” “contemplates,” “anticipates,” “projects,” “plans,” “potential,” “predicts,” “intends,” “believes,” “forecasts,” “future,” “guidance,” “targeted,” “goal” and variations of such phrases or related expressions on this press launch and any attachment to determine forward-looking statements. All statements, apart from statements of historic details included on this press launch, together with statements regarding plans, aims, objectives, expectations, beliefs, enterprise methods, future occasions, enterprise circumstances, outcomes of operations, monetary place, enterprise outlook, earnings steerage, enterprise traits and different info are forward-looking statements. The forward-looking statements aren’t historic details, and are based mostly upon present expectations, beliefs, estimates and projections, and varied assumptions, lots of which, by their nature, are inherently unsure and past administration’s management. All expectations, beliefs, estimates and projections are expressed in good religion and the Company believes there’s a affordable foundation for them. However, there will be no assurance that administration’s expectations, beliefs, estimates and projections will end result or be achieved and precise outcomes might fluctuate materially from what’s expressed in or indicated by the forward-looking statements. These forward-looking statements are topic to numerous dangers, uncertainties and different essential elements, lots of that are past administration’s management, that might trigger precise outcomes to vary materially from the forward-looking statements contained on this press launch, together with amongst others: a decline in discretionary client spending or client confidence, together with any unfavorable impacts from Federal Reserve rate of interest actions and inflation which can affect discretionary spending, unemployment or the general economic system; varied elements past the Company’s management adversely affecting attendance and visitor spending at its theme parks, together with, however not restricted to, climate, pure disasters, labor shortages, inflationary pressures, provide chain delays or shortages, international change charges, client confidence, the potential unfold of travel-related well being issues together with pandemics and epidemics, journey associated issues, antagonistic basic financial associated elements together with rising rates of interest, financial uncertainty, and up to date geopolitical occasions outdoors of the United States, and governmental actions; failure to rent and/or retain staff; elevated labor prices, together with minimal wage will increase, and worker well being and welfare profit prices; complicated federal and state rules governing the therapy of animals, which might change, and claims and lawsuits by activist teams earlier than authorities regulators and within the courts; activist and different third-party teams and/or media can strain governmental businesses, distributors, companions, visitors and/or regulators, convey motion within the courts or create detrimental publicity about us; incidents or antagonistic publicity in regards to the Company’s theme parks, the theme park business and/or zoological amenities; a good portion of the Company’s revenues have traditionally been generated within the States of Florida, California and Virginia, and any dangers affecting such markets, reminiscent of pure disasters, closures attributable to pandemics, extreme climate and travel-related disruptions or incidents; expertise interruptions or failures that impair entry to the Company’s web sites and/or info expertise programs; cyber safety dangers to the Company or the Company third-party service suppliers, failure to take care of or shield the integrity of inside, worker or visitor knowledge, and/or failure to abide by the evolving cyber safety regulatory atmosphere; incapacity to compete successfully within the extremely aggressive theme park business; interactions between animals and the Company’s staff and it is visitors at sights on the Company’s theme parks; animal publicity to infectious illness; excessive fastened price construction of theme park operations; seasonal fluctuations in working outcomes; altering client tastes and preferences; incapacity to remediate an recognized materials weak spot on a well timed foundation; incapacity to develop the Company’s enterprise or fund theme park capital expenditures; incapacity to appreciate the advantages of developments, restructurings, acquisitions or different strategic initiatives, and the affect of the prices related to such actions; the results of the worldwide Coronavirus (“COVID-19”) pandemic, or any associated mutations of the virus on the Company’s enterprise and the economic system generally; antagonistic litigation judgments or settlements; incapacity to guard the Company’s mental property or the infringement on mental property rights of others; the lack of licenses and permits required to exhibit animals or the violation of legal guidelines and rules; unionization actions and/or labor disputes; incapacity to take care of sure business licenses; restrictions within the Company’s debt agreements limiting flexibility in working the Company’s enterprise; incapacity to retain the Company’s present credit score scores; the Company’s leverage and rate of interest threat; the power of Hill Path Capital LP and its associates to considerably affect the Company’s selections and their pursuits might battle with the Company or yours sooner or later; insufficient insurance coverage protection; incapacity to buy or contract with third occasion producers for rides and sights, building delays or impacts of provide chain disruptions on present or new rides and sights; environmental rules, expenditures and liabilities; suspension or termination of any of the Company’s enterprise licenses, together with by laws at federal, state or native ranges; delays, restrictions or incapacity to acquire or preserve permits; monetary misery of strategic companions or different counterparties; tariffs or different commerce restrictions; actions of activist stockholders; the insurance policies of the U.S. President and his administration or any modifications to tax legal guidelines; modifications within the methodology for figuring out LIBOR and any future alternative of LIBOR might have an effect on the Company’s price of capital; modifications or declines within the Company’s inventory worth, in addition to the chance that securities analysts might downgrade the Company’s inventory or the Company’s sector; dangers related to the Company’s capital allocation plans and share repurchases, together with the chance that the Company’s share repurchase program might enhance volatility and fail to reinforce stockholder worth and different dangers, uncertainties and elements set forth within the part entitled “Risk Factors” within the Company’s most not too long ago obtainable Annual Report on Form 10-Okay, as such dangers, uncertainties and elements could also be up to date within the Company’s periodic filings with the Securities and Exchange Commission (“SEC”).  Although the Company believes that these statements are based mostly upon affordable assumptions, it can’t assure future outcomes and readers are cautioned to not place undue reliance on these forward-looking statements, which replicate administration’s opinions solely as of the date of this press launch. There will be no assurance that (i) the Company has accurately measured or recognized all the elements affecting its enterprise or the extent of those elements’ possible affect, (ii) the obtainable info with respect to those elements on which such evaluation is predicated is full or correct, (iii) such evaluation is appropriate or (iv) the Company’s technique, which is predicated partly on this evaluation, will probably be profitable. Except as required by legislation, the Company undertakes no obligation to replace or revise forward-looking statements to replicate new info or occasions or circumstances that happen after the date of this press launch or to replicate the incidence of unanticipated occasions or in any other case. Readers are suggested to evaluation the Company’s filings with the SEC (which can be found from the SEC’s EDGAR database at www.sec.gov and through the Company’s web site at www.seaworldinvestors.com).

CONTACT:

Investor Relations:
Matthew Stroud
Investor Relations
855-797-8625
[email protected]

Media:
Lisa Cradit
SVP – Head of Communications
(646) 245-2476
[email protected]

Libby Panke
FleishmanHillard
(314) 719-7521
[email protected]

SOURCE SeaWorld Entertainment, Inc.