News Quarterly Financial Results
- Thread starter David
- Start date
That's only for the VA,PA, and CA parks. FL and TX parks only got 3 months way back last year.
I have the impression that the current realities of operating their parks have kind of done that for them: it's hard as hell to hire people to work at the parks, which perversely keeps costs conveniently low, while pent-up demand drives people to the parks -- wallets out -- regardless of whether the experience is terrific or just kind of ok. And with certain resources practically maxed out in the parks, there is no ability to really benefit from major short-term capital efforts like opening new SBNO rides... so those associated costs remain comparatively low too. People just keep showing up.
No idea about the sale part, though. Seems like that rumor is perpetual in one form or another.
I can only hope they sell BGW and BGT to Herschend to let SEAS focus on being the aquatic upscale six flags
^I mean...........do you want BGW to stop serving alcohol? I rather like that feature.
Interesting from screamscape http://screamscape.com/html/corporate_park_news.htm#SeaWorld
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(8/5/21) Consider this fair warning, but a little bird has informed us that rough seas may be ahead for SeaWorld Entertainment team members. As we approach the end of the 2021 Summer season, word is that the new COO, Tom Iven, that SEAS hired away from Six Flags may be behind an all new series of staff layoffs, budget cuts and cuts to future capital expansion projects.
Unfortunately I don’t know when the axe is going to fall, only that the corporate office has now begun to sharpen it ahead of the upcoming culling. Stay tuned!
"
"
(8/5/21) Consider this fair warning, but a little bird has informed us that rough seas may be ahead for SeaWorld Entertainment team members. As we approach the end of the 2021 Summer season, word is that the new COO, Tom Iven, that SEAS hired away from Six Flags may be behind an all new series of staff layoffs, budget cuts and cuts to future capital expansion projects.
Unfortunately I don’t know when the axe is going to fall, only that the corporate office has now begun to sharpen it ahead of the upcoming culling. Stay tuned!
"
You can't keep cutting yourself to sustained profitability in general.
Yes there's trimming fat which most companies need to do... But when that starts impacting guest experiences there will be a point where they've cut too much and the books will show it.
Yes there's trimming fat which most companies need to do... But when that starts impacting guest experiences there will be a point where they've cut too much and the books will show it.
i would prefer the parks to be run by a company who seems to care about theming and guest experience than whatever SEAS seems to be doing as of late. Not to mention the continual devalutation of Membership
how the hell can they be trying to cut staff when they currently are having trouble hiring enough staff to run everything??
Maybe thinking in terms of 'we only need x people to safely operate this attraction' that they come up with a new plan for staffing levels.
I'm guessing this is a rumor because SF parks are notorious for reducing labor costs as much as possible, with mixed results at best.
I'm guessing this is a rumor because SF parks are notorious for reducing labor costs as much as possible, with mixed results at best.
Not a problem anymore. Herschend plans to continue to serve alcohol at Kentucky Kingdom.
Any but the absolute most puritanical potential buyer would take one glance at SEAS' books and suddenly have a change of heart regarding in-park booze sales.
They'll need to keep operating costs down going forward so they still make money post-merger with all the SFA pass holders from DC paying $50/yr coming down to Williamsburg.
SEA’s isn’t gonna sell, They are actually going to probably be restructuring the way their parks work, I was told this when I was, let go from BGT, they kept me in good standing, they just didn’t need me anymore after the restructuring, I don’t know exactly what they meant, but they said it actually should improve, operations
Thanks for ther insights and sorry to hear you were let go!
Here are the numbers for the Third Quarter and the First Nine Months of 2021.
Third Quarter 2021 Highlights
First Nine Months 2021 Highlights
Other Highlights
Third Quarter 2021 Highlights
| • | Attendance was 7.2 million guests, an increase of 5.7 million guests from the third quarter of 2020. Compared to the third quarter of 2019, attendance declined by 0.9 million guests or 11.0%. |
| • | Total revenue was $521.2 million, an increase of $415.1 million from the third quarter of 2020. Compared to the third quarter of 2019, total revenue increased by $47.5 million or 10.0%. |
| • | Net income was $102.1 million, the second highest third quarter net income for the Company, an increase of $181.3 million from the third quarter of 2020. Compared to the third quarter of 2019, net income increased by $4.1 million or 4.2%. |
| • | Adjusted EBITDA[2] was a record $265.3 million an increase of $276.5 million from the third quarter of 2020. Compared to the third quarter of 2019, Adjusted EBITDA increased by $58.4 million or 28.2%. |
| • | Total revenue per capita increased 6.2% to $72.13 from the third quarter of 2020. Admission per capita increased 1.7% to $41.06 while in-park per capita spending increased 12.8% to $31.07 from the third quarter of 2020. Compared to the third quarter of 2019, total revenue per capita increased 23.7%, admission per capita increased 24.4%, and in-park per capita spending increased 22.8%. |
First Nine Months 2021 Highlights
| • | Attendance was 15.2 million guests, an increase of 11.1 million guests from the first nine months of 2020. Compared to the first nine months of 2019, attendance declined by 2.7 million guests or 14.9%. |
| • | Total revenue was $1,132.9 million, an increase of $855.2 million from the first nine months of 2020. Compared to the first nine months of 2019, total revenue increased by $32.7 million or 3.0%. |
| • | Net income was a record $185.0 million, an increase of $451.8 million from the first nine months of 2020. Compared to the first nine months of 2019, net income increased by $71.3 million or 62.7%. |
| • | Adjusted EBITDA was a record $509.3 million, an increase of $605.2 million from the first nine months of 2020. Compared to the first nine months of 2019, Adjusted EBITDA increased by $136.3 million or 36.5%. |
| • | Total revenue per capita increased 11.1% to $74.29 from the first nine months of 2020. Admission per capita increased 6.0% to $41.69 while in-park per capita spending increased 18.5% to $32.61 from the first nine months of 2020. Compared to the first nine months of 2019, total revenue per capita increased 21.0%, admission per capita increased 19.6%, and in-park per capita spending increased 23.0%. |
Other Highlights
| • | As of September 30, 2021, the Company’s total available liquidity was $918.1 million, including $553.6 million of cash and cash equivalents on its balance sheet and $364.5 million available on its revolving credit facility. |
| • | Cash flow from operations was $168.4 million and $416.4 million for the three and nine months ended September 30, 2021, respectively. Free Cash Flow[2] was $139.7 million and $342.8 million for the three and nine months ended September 30, 2021, respectively. |
| • | On July 14, 2021, the Company completed a partial redemption of $50.0 million of its Second-Priority Senior Secured Notes due 2025. On August 25, 2021, the Company completed a refinancing of its debt by issuing $725.0 million aggregate principal amount of 5.250% senior notes due 2029 and $1.2 billion in term loans and, using the proceeds of these issuances, along with cash on its balance sheet, redeemed $450.0 million aggregate principal amount of its then outstanding 9.500% Second-Priority Senior Secured Notes due 2025 and the Company’s then existing term loan facility. In connection with the refinancing, the Company also refinanced and increased its revolving credit facility to $385.0 million. |
| • | The Company’s current deferred revenue balance as of September 30, 2021, was $173.4 million, an increase of approximately 51.4% when compared to September 30, 2019. |
| • | The Company repurchased approximately 1.53 million shares of common stock at a total cost of approximately $82.7 million during the third quarter of 2021. |
So, attendance down, gross income up, net profits up; employee pay down, employee numbers down, fights up.