News Quarterly Financial Results

[Alf33]

For those interested here's highlights of the 4th quarter and full year earnings results for 2018. It looks like things are slowly continuing to improve. Info is from their SEC filing.

Fourth Quarter 2018 Highlights

•

Attendance increased by 0.3 million guests, or 8.0%, to 4.6 million guests from the fourth quarter of 2017.

•

Total revenue increased by $14.5 million, or 5.5%, to $280.0 million from the fourth quarter of 2017.

•

Net loss was $11.1 million, compared to net loss of $20.4 million in the fourth quarter of 2017. Net loss for the fourth quarter of 2018 includes approximately $11.7 million of certain pre-tax expenses, as discussed further below.

•

Adjusted EBITDA[1] was $64.6 million, an improvement of $16.2 million, or 33.4%, over the fourth quarter of 2017.

Fiscal 2018 Highlights

•

Attendance increased by 1.8 million guests, or 8.6%, to 22.6 million guests from 2017.

•

Total revenue increased by $109.0 million, or 8.6%, to $1.37 billion from 2017.

•

Net income was $44.8 million, compared to a net loss of $202.4 million in 2017. Net income for 2018 includes approximately $54.0 million of certain pre-tax expenses as discussed further below. Net loss in 2017 includes approximately $301.4 million of certain pre-tax expenses, including a non-cash goodwill impairment charge, as discussed further below.

•

Adjusted EBITDA was $401.3 million, an improvement of $103.9 million, or 35.0%, over 2017.

Other Highlights

•

The Company repurchased approximately 3.65 million shares of common stock at a total cost of approximately $98.0 million during the fourth quarter. The Company’s Board of Directors approved a replenishment of $158.0 million to its existing share repurchase authorization to bring the total authorization to $250.0 million.

•

In 2018, the Company helped rescue and rehabilitate over 2,600 animals and surpassed 34,000 total rescues over its history.

“We are pleased with our strong fourth quarter and full year financial performance,” said John Reilly, Chief Operating Officer of SeaWorld Entertainment, Inc. “Throughout the fourth quarter and fiscal year, we have been focused on improving our execution with more effective pricing strategies, enhanced marketing and communications initiatives and the introduction of more compelling new rides, attractions and events. These efforts have led to strong attendance and revenue growth on a quarterly and annual basis. Throughout the year, we have also increased our focus and efforts to identify and execute on cost savings initiatives and efficiencies that have contributed to improved margins and increased profitability. We believe there are significant additional opportunities to further improve and enhance our execution and to identify and execute on additional cost savings and efficiencies that will drive strong revenue and profitability in 2019.”

“We have an exciting line-up of new rides, attractions and events across our parks planned for 2019,” continued Reilly. “I believe this is our best line up ever with a new ride, attraction or event in almost every one of our 12 parks. We are also enthusiastic about our new season pass program which we introduced in October. Our new season pass structure and pricing options make enjoying our parks more affordable than ever before with increased flexibility, more variety and some of the best and most valuable benefits we have ever offered. We are encouraged by our season-pass sales so far in 2019 which are showing double-digit increases over the prior year.”

 

[musicman3204]

I really am surprised at these numbers. With the overall improvement of the year, the attendance numbers are up over 2014 figures, and the top line revenue is just shy of 2014's numbers. In addition, within the public records, this is their best fourth quarter. From top line revenue to attendance, they have never done better for this quarter.

 

[Lord Robert]

Seeing improving numbers like this is so refreshing to see. Hopefully this trend continues as 2019 begins.

 

[Zimmy]

Keep in mind that a stock buy back might inflate the share price out of scope. This effect would be fair short lived, but enough to make the books look better then they are.

 

[----------------------]

yeah that's what i was thinking

Keep in mind that a stock buy back might inflate the share price out of scope. This effect would be fair short lived, but enough to make the books look better then they are.

On the plus side, SEAS still had the strongest year out of any other amusement stock that I'm aware of.

 

[Unagi]

Attendance increased by 1.8 million guests, or 8.6%, to 22.6 million guests from 2017.

Nice rebound considering 2017 overall attendance (20,800,000) was down 5.5% from 2016 (22,000,000).

Hopefully the Central Florida SEAS parks can benefit from the insane amount of visitors expected for IOA's new coaster and Galaxy''s Edge later this year.

 

[thopping]

Other interesting tidbits I caught--

• Confirming all 2019 attractions will be open before peak summer season.
• Reiterating that there is a new ride/attraction/event in every market in 2019, and their goals being new attractions every year in every market, and something new each year in each park. (they've said this before)
• Their yearly capital budget is ~$150M, down from $170-180 before efficiency strategies and cutting waste. They're open to going above that for one-time and/or innovative projects.
  • (Put the preceding two together--and you can divide out what your favorite park "may" roughly have as next year's budget for attractions, minus improvements and other needed capex that aren't simply new attractions--plus I'd expect Orlando gets a higher weighting, etc.)
• They're very excited about 2019, and believe upcoming (e.g. 2021) years are the best line-ups they've seen.
• A bit of discussion about Sesame themed areas and parks (yawn)
• A reference to proven concepts they've executed before--I'm reading that as the value of using the same/similar attraction in multiple parks
• A bit of focus on per capita spend, impact of season passes, and the like--and the amusing question from an analyst that was prefaced with (paraphrasing) "yeah, we don't really care about your per capita, it's the total revenue and attendance we care about"

 

[Rothbury]

Seriously???? They doubled the price of season passes at BGW and renamed them "Membership"! The cost of daily admission went to $90 and parking was raised to $25 a car! The only thing they have done is find new ways to gouge loyal, long time passholders. Can't wait to see what they have in mind for BGW & WCUSA for the upcoming season. NOT!!

 

[thopping]

The season pass discussion underscored their view that their strategy is successful. Double-digit growth and increased demand since October, and a belief that it offers great flexibility, value, etc. Pass versus visit attendance was up percentage-wise in Q4, attributable to the focus on pass plus HoS & CT. About 40% of guests were pass.

I'm not a pass holder... so I can't say how the prices have changed. The fun card is $90. I think the day pass is still ~$75 with an online discount. I can't say they're really out-of-line. The Mouse charges $149 on peak days in Anaheim.

As for "membership," that's a trend everywhere--membership, subscription-based pricing, as-a-service, etc. I'm surprised it took them so long to adopt it--theme parks make more sense than other uses.

 

[Zachary]

Hey @Rothbury. I see you're back to assert a bunch of blatant falsehoods again.

They doubled the price of season passes at BGW and renamed them "Membership"!

Looking at three different points (a few years ago, right before the Memberships launched, and now)...

1 Year, 2 Park Pass (February 2015)	$180
1 Year, 2 Park Pass (December 2017)	$192
1 Year, 2 Park Membership (February 2019)	$179.88

Math has never been my strong suit, but for prices to have been doubled since the launch of the Membership program, I believe a 1 Year, 2 Park Membership would have to cost $384 now. It doesn't.

The cost of daily admission went to $90

Full price Busch Gardens Williamsburg admission at the gate is $84.99. That isn't $90.

and parking was raised to $25 a car!

Single day parking is $20 at the gate. That's not $25.

The only thing they have done is find new ways to gouge loyal, long time passholders.

Pretty wild, completely unsubstantiated claim you have there.

Can't wait to see what they have in mind for BGW & WCUSA for the upcoming season. NOT!!

Don't worry, the huge increase in membership sales in the last year means the park won't miss your attendance at all.

 

[Thomas]

Seriously???? They doubled the price of season passes at BGW and renamed them "Membership"! The cost of daily admission went to $90 and parking was raised to $25 a car! The only thing they have done is find new ways to gouge loyal, long time passholders. Can't wait to see what they have in mind for BGW & WCUSA for the upcoming season. NOT!!

 

[Luke]

SAD

 

[----------------------]

Hey @Rothbury. I see you're back to assert a bunch of blatant falsehoods again.



Looking at three different points (a few years ago, right before the Memberships launched, and now)...

1 Year, 2 Park Pass (February 2015)	$180
1 Year, 2 Park Pass (December 2017)	$192
1 Year, 2 Park Membership (February 2019)	$179.88

Math has never been my strong suit, but for prices to have been doubled since the launch of the Membership program, I believe a 1 Year, 2 Park Membership would have to cost $384 now. It doesn't.



Full price Busch Gardens Williamsburg admission at the gate is $84.99. That isn't $90.



Single day parking is $20 at the gate. That's not $25.



Pretty wild, completely unsubstantiated claim you have there.



Don't worry, the huge increase in membership sales in the last year means the park won't miss your attendance at all.

To be fair, platinum has gone from 14/mo(2015 at least) to 30/mo. There are a ton more benefits now though.

 

[Zachary]

While the prices have certainly increased more on the high end, a One Year Platinum AP in July 2015 was $18 a month. Current (sale) price on a Platinum Membership is $23.19 per month. Supposedly the full, non-sale price is $28.99–we'll have to wait and see if it actually returns to that price in a few days.

 

[warfelg]

Comp point:
My first pass with HP was $90 in 2006. 2014 was $165. A day pass in 2003 was $44. A day pass now is $70.

My first pass in 2015 with BGW was $20/month. I upgraded, get more, and 2019 I'm paying $22 a month. My first day pass at BGW in 2003 was a discounted pass at $$60, now the discount ones are about $70.

I haven't really seen a spike the way it's been made out to be.

You want gouging?
Knobels. A day pass for rides is now $30. Last time I was there in 2014 it was $10. The time before in 2002 was $5.

 

[----------------------]

While the prices have certainly increased more on the high end, a One Year Platinum AP in July 2015 was $18 a month. Current (sale) price on a Platinum Membership is $23.19 per month. Supposedly the full, non-sale price is $28.99–we'll have to wait and see if it actually returns to that price in a few days.

double checked and yup you're right. IDK why i remembered it as 14/mo.

 

[Rothbury]

You know Zachary.... for an administrator of this forum you seem to think you walk on water.

Don't worry! I have my membership for BGW this year. Maybe I'll finally get to meet you. But then, I'd probably get kicked out of the park! No, your're not worth the effort! You just continue with your dribble. Loser!! You can have your forum. Obviously opposing views have no place in your world!

Now, since they are reporting last years results and that was the first year of the membership program my comments are based on the admission changes they made last year when these results were being established.

That's just my 2 cents worth Zachary! Yeah, I didn't round up like I did in my original post. pretty much I think you are worth maybe 2 cents but who knows.

 

[Applesauce]

You know Zachary.... for an administrator of this forum you seem to think you walk on water.

Don't worry! I have my membership for BGW this year. Maybe I'll finally get to meet you. But then, I'd probably get kicked out of the park! No, your're not worth the effort! You just continue with your dribble. Loser!! You can have your forum. Obviously opposing views have no place in your world!

Now, since they are reporting last years results and that was the first year of the membership program my comments are based on the admission changes they made last year when these results were being established.

That's just my 2 cents worth Zachary! Yeah, I didn't round up like I did in my original post. pretty much I think you are worth maybe 2 cents but who knows.

You realize threatening people will get you no where and is illegal considering this is written proof that you threatened, and if something happens this is just more evidence against you my dude. Not that I believe you'd do anything since you're just a voice on the internet.

but fucking breathe my guy, was it really worth it? Get help for your anger.

 

[Bryan]

Rothbury, your false claims are not “opinion” or “opposing views”. They’re wrong. Don’t be upset because someone proved you false

 

[halfabee]

You want gouging?
Knobels. A day pass for rides is now $30. Last time I was there in 2014 it was $10. The time before in 2002 was $5.

I don't see that as gouging... try riding everything except the wooden coasters and the haunted house at any other reasonably full-featured park for just $30, and see what they say...!

And it's just $38 to ride whatever you want, including all coasters and the haunted mansion, as many times as you like. That's actually a very reasonable price for what you get IMO. There are plenty of rides at Knoebels, and you can ride all day long -- after parking for zero dollars and gaining entry to the park for an additional zero dollars. Their older day pass prices were super low, but that doesn't mean they're gouging now.

When I went to the park last fall, I personally didn't care what the prices were five years ago, or seventeen years ago...