News Quarterly Financial Results

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Well it looks like things are slowly getting better money and attendance wise for the company. Below are the highlights from the company 2nd Qtr SEC filing that will be released this morning at 9am on their conference call.

Second Quarter 2018 Highlights

• Total revenue increased by $18.2 million, or 4.9%, to $391.9 million from the second quarter of 2017.

• Attendance increased by 0.3 million, or 4.8%, to 6.4 million guests from the second quarter of 2017.

• Net income was $22.7 million, compared to a net loss of $175.9 million in the second quarter of 2017. Net income for the second quarter of 2018 includes approximately $8.7 million of certain pre-tax expenses as discussed further below. Net loss in the second quarter of 2017 includes approximately $280.4 million of certain pre-tax expenses, including a non-cash goodwill impairment charge, as discussed further below.

• Adjusted EBITDA[1] was $117.6 million, an improvement of $13.4 million, or 12.9%, over the second quarter of 2017. Adjusted EBITDA does not reflect certain add-back adjustments due to limitations in the Company's credit agreement (see accompanying tables at end of release).

First Half 2018 Highlights

• Total revenue increased by $49.0 million, or 8.7%, to $609.1 million from the first half of 2017.

• Attendance increased by 0.7 million, or 8.0%, to 9.6 million guests from the first half of 2017.

• Net loss was $40.1 million, compared to a net loss of $237.0 million in the second quarter of 2017. Net loss for the first half of 2018 includes approximately $30.2 million of certain pre-tax expenses as discussed further below. Net loss in the first half of 2017 includes approximately $288.4 million of certain pre-tax expenses, including a non-cash goodwill impairment charge, as discussed further below.

• Adjusted EBITDA[1] was $117.5 million, an improvement of $43.6 million, or 59.1%, over the first half of 2017. Adjusted EBITDA does not reflect certain add-back adjustments due to limitations in the Company's credit agreement (see accompanying tables at end of release).

“We are pleased with our strong second quarter financial results and the continued momentum we see in the business,” said John Reilly, Interim Chief Executive Officer of SeaWorld Entertainment, Inc. “The results were driven by our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events. In addition, we continued to experience a double-digit increase in season pass sales revenue and an increase in total revenue per capita driven by a 6.5% increase in in-park per capita spending. We are particularly pleased with our second quarter attendance growth, which more than offset the negative impacts from unfavorable weather across several of our markets in the quarter, and the earlier timing of the Easter holiday in 2018, which benefitted the first quarter at the expense of the second quarter.”
 
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These are fairly impressive numbers for second quarter. Especially considering that heading into Q2, they were facing headwinds from the shift in Spring Break and the weather. Realistically, it is safe to assume that they really grew attendance 450,000-500,000 in the quarter. Spring break generally accounts for upwards of 200,000 guests for SEAS. Very impressive start mid-point report.

Also, John Reilly commented that through July 31,2018, they were up roughly 900,000 guests. Very excited to see that July remained strong. If the increases keep up, they could easily see 1+ million guest visits increase this year. Very curious to see how Williamsburg has impacted this number.
 
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Preliminary Q3 results. Looks like they're exploring a debt refinancing option.


ORLANDO, Fla., Oct. 1, 2018 /PRNewswire/ -- SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company that owns and operates twelve theme parks, today reported, in connection with a potential debt refinancing transaction, attendance and preliminary revenue results through September 30, 2018 compared to the prior year period. Investors are cautioned that these results are preliminary in nature, based only upon information available to the Company as of the date of this release and subject to further changes upon completion of the Company's standard closing procedures, particularly related to deferred revenue and barter revenue entries which are not yet finalized. These preliminary results have not been audited or verified by the Company's independent auditors.

For the three months ended September 30, 2018, the Company reported the following when compared to the third quarter of 2017:

  • Total attendance increased by approximately 0.7 million guests, or 10%.
  • Total revenue is expected to increase by approximately $41 million, or 9%.
For the year to date period through September 30, 2018, the Company reported the following when compared to the prior year period:

  • Total attendance increased by approximately 1.4 million guests, or 9%.
  • Total revenue is expected to increase by approximately $90 million, or 9%.
 
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In a vacuum these sound promising. However without full situational data, I will refrain from comment. But do not take this negatively, On first brush it seems good!
 
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Those numbers are insanely positive. After the strong showing in the second quarter I anticipated a lull as the most miserable parts of the summer kicked into high gear. Seems like I underestimated the staying power of SEAS...

These numbers are really amazing when you factor in the lack of large, new attractions across the chain this year... Though maybe free beer qualifies as a large, new attraction? ?
 
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In the for what it's worth department their stock finished the day yesterday at $30.00 and The Street website now has them rated at B- (Buy) where a few months ago they were a C (Hold). This isn't too bad seeing that their 52 week low was $10.42.
 
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There is another section to the press release that musicman3204 didn't copy into his post. It is below. This is what the company needs to keep on putting out all the time to educate and make people aware of what they really do as a company for animal preservation.

About SeaWorld Entertainment, Inc.

SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world's foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 33,000 animals in need over the last 50 years. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 50-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests.
 
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Alf33 said:
There is another section to the press release that musicman3204 didn't copy into his post. It is below. This is what the company needs to keep on putting out all the time to educate and make people aware of what they really do as a company for animal preservation.

About SeaWorld Entertainment, Inc.

SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world's foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 33,000 animals in need over the last 50 years. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 50-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests.
Click to expand...


To be fair, this is at the bottom of every press release we receive:

About SeaWorld Entertainment, Inc.

SeaWorld Parks & Entertainment™ is a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of the world. SeaWorld is one of the world's foremost zoological organizations and a global leader in animal husbandry, behavioral management, veterinary care and animal welfare. The company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® and Busch Gardens® rescue teams have helped more than 33,000 animals in need over the last 50 years.

SeaWorld owns or licenses a portfolio of recognized brands including SeaWorld®, Busch Gardens® and Sea Rescue®. Over the company's more than 50-year history, it has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States. Many of the parks showcase its one-of-a-kind zoological collection and all of the parks feature a diverse array of thrill and family rides, shows, educational demonstrations and/or other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for guests.

SeaWorld Parks & Entertainment is a wholly owned subsidiary of SeaWorld Entertainment, Inc. (NYSE: SEAS), a publicly traded company. Visit www.seaworldentertainment.com for more.
 
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Thanks Nicole. Never realized that as I never really pay attention to the bottom stuff on a press release after reading the main information of the release. This makes me wonder why they don't push this info out more than what they currently do in advertising campaigns.
 
Same reason you didn't pay attention to the bottom of the press release I guess. That's the point where people tune out, so if they threw that into an ad it'd be like "okay typical corporate bs"
 
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I didn't include it since most of the posts before didn't include it. Plus it was just the standard corp babble.

These are some nice preliminary numbers. Excited to see the full run down next month, and hope they don't change to much. If they keep this type of growth up (just for this year, as most have mentioned its probably not sustainable) then they could be up over 2016 numbers pretty decent. With these numbers, top line revenue and attendance is up about 1% over 2016.

Consider this, as well. SeaWorld San Antonio and Aquatica San Antonio was closed several operating days in September. This was on top of several weekends of poor weather.
 
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Here is the link to the third quarter financials. It is a very long release, so I didn't copy and paste. These are nice looking numbers. Well above my expectations. However for me, fourth quarter will be a true test. The companies events for fourth quarter have really kept the financials strong, so they're up against some stronger numbers y-o-y. If they can pull off some growth, I will be ecstatic.

http://s1.q4cdn.com/392447382/files...ird-Quarter-and-Year-To-Date-2018-Results.pdf
 
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musicman3204 said:
Here is the link to the third quarter financials. It is a very long release, so I didn't copy and paste. These are nice looking numbers. Well above my expectations. However for me, fourth quarter will be a true test. The companies events for fourth quarter have really kept the financials strong, so they're up against some stronger numbers y-o-y. If they can pull off some growth, I will be ecstatic.

http://s1.q4cdn.com/392447382/files...ird-Quarter-and-Year-To-Date-2018-Results.pdf
Click to expand...

Even if Q4 shows no major growth, given their performance over this entire year so far SEAS definitely deserves a lot of credit for how they've been able to bounce back. SEAS probably had the strongest performance this year compared to Six Flags and Cedar Fair.
 
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SeaWorld will have a conference call to release their 4th quarter and full year 2018 results on Thursday morning Feb 28th. Let's hope that the financial and attendance improvements that have happened over the last couple of quarters continues.
 
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