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Dec 10, 2014
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My guess is that they have had a strong 2Q but I am curious to see any indication from Sr. Management about recent reports of demand softening given macroeconomic pressures and whether they can maintain their outlook for the remainder of the year.
 

Ice

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Jan 5, 2018
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I'm more interested in Q3, since I have a feeling Q2 will be business as usual with "last hurrah" numbers.
 

Alf33

Life is short, so eat dessert first.
Jun 8, 2013
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Here's the info for their 2nd Quarter performance. Info is from their SEC filing.

ORLANDO, FL, August 4, 2022 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2022[1] and announced that its Board of Directors approved a new $250.0 million share repurchase program (the "Share Repurchase Program").

Second Quarter 2022 Highlights

Attendance was 6.3 million guests, an increase of 0.5 million guests or 7.8% from the second quarter of 2021. Compared to the second quarter of 2019, attendance decreased by 0.2 million guests or 3.1%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 3.3% when compared to the second quarter of 2019.
Total revenue was a record of $504.8 million, an increase of $65.0 million or 14.8% from the second quarter of 2021. Compared to the second quarter of 2019, total revenues increased by $98.8 million or 24.3%.
Net income was $116.6 million, the second highest net income the Company has reported in a second quarter and a decrease of $11.2 million or 8.7% from the second quarter of 2021. Compared to the second quarter of 2019, net income increased by $64.0 million or 121.5%.
Adjusted EBITDA[2] was a record $234.4 million, an increase of $15.6 million or 7.1% from the second quarter of 2021. Compared to the second quarter of 2019, Adjusted EBITDA increased by $84.8 million or 56.6%.
Total revenue per capita increased 6.4% to a record $80.59 from the second quarter of 2021. Admission per capita increased 5.0% to a record $43.98, while in-park per capita spending increased 8.2% to a record $36.61 from the second quarter of 2021. Compared to the second quarter of 2019, total revenue per capita increased 28.3%, admission per capita increased 24.8%, and in-park per capita spending increased 32.8%.
First Six Months 2022 Highlights

Attendance was 9.7 million guests, an increase of 1.6 million guests or 20.5% from the first six months of 2021. Compared to the first six months of 2019, attendance decreased by 0.1 million guests or 1.4%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 7.7% when compared to the first six months of 2019.
Total revenue was a record of $775.5 million, an increase of $163.8 million or 26.8% from the first six months of 2021. Compared to the first six months of 2019, total revenues increased by $148.9 million or 23.8%.
Net income was a record of $107.6 million, an increase of $24.7 million or 29.9% from the first six months of 2021. Compared to the first six months of 2019, net income increased by $92.0 million.
Adjusted EBITDA[2] was a record $300.4 million, an increase of $56.4 million or 23.1% from the first six months of 2021. Compared to the first six months of 2019, Adjusted EBITDA increased by $134.3 million or 80.9%.
Total revenue per capita increased 5.2% to a record $80.23 from the first six months of 2021. Admission per capita increased 4.4% to a record $44.11, while in-park per capita spending increased 6.3% to a record $36.12 from the first six months of 2021. Compared to the first six months of 2019, total revenue per capita increased 25.5%, admission per capita increased 21.2%, and in-park per capita spending increased 31.2%.
Other Highlights

The Company repurchased approximately 7.1 million shares of common stock at a total cost of approximately $390.1 million from April 2022 through July 2022.
The Company announced that its Board of Directors approved a new $250.0 million share repurchase program.
In the second quarter of 2022, the Company came to the aid of 376 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000.


“We are pleased to report our fifth consecutive quarter of record financial results,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “While our second quarter and first half financial results were strong, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results. International and group related visitation is better than 2021 but not yet back to pre-COVID levels; our staffing improved over the course of the

[1 ] Given results of operations for the second quarter and first six months of 2021 were impacted by capacity limitations, modified/limited operations and/or temporary park closures, decreased demand due to public concerns associated with the pandemic, and restrictions on international travel, the Company believes a comparison of its results to the second quarter and first six months of 2019 provides a more meaningful insight on its performance and operating trajectory. The Company provides a comparison versus both 2019 and 2021 periods in this release and will do so as well in its Form 10-Q.
[2 ] 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 U.S. (“GAAP”). See “Statement Regarding Non-GAAP Financial Measures” section and the financial statement tables for the definitions of Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow and the reconciliation of these measures for historical periods to their respective most comparable financial measures calculated in accordance with GAAP.

second quarter, but we are still not yet at optimized staffing levels; inflationary pressures while moderating, continue to impact costs across the enterprise. Total revenue for the quarter was up more than 24% versus 2019 and almost 15% versus a record 2021, and our pricing power and consumer spending remained strong with total revenue per capita up significantly versus 2019 and up nicely versus a record 2021. While we were focused on getting all of our parks open and fully operating during the summer season for the first time since 2019, we could have had more effective cost management during the quarter. We can and will work to do a better job going forward, consistent with what we have been doing for the past several years. We have several new projects and initiatives in flight that we expect will help us work to offset the unusually high inflationary pressures and become a more efficient and profitable operating business. Further, we expect certain cyclical, supply chain related and/or temporary cost pressures such as energy and utilities, shipping, food and certain wage and employee related costs to moderate over the coming months and quarters.”


“We continue to benefit from a very strong financial position with leverage under 2.7x, long term debt maturities, generally low cost of debt of slightly over 5% and significant available liquidity and cash flow generation. Given this strong financial position, our clear belief in our go forward prospects and what we believe is an extremely attractive value being offered by the markets, we continued to aggressively repurchase shares during the second quarter and into the third quarter, exhausting the entirety of our prior repurchase authorizations. And today we are announcing a new $250 million buyback authorization.”

“We are pleased that preliminary July revenue continued to grow versus a record July 2021 and was up approximately 20% compared to July 2019 and we look forward to closing out what we expect to be another solid summer. Looking ahead to the fall, we are excited about our popular Halloween events we have scheduled at our SeaWorld, Busch Gardens and Sesame Place parks. We look forward to building on the strength of last year, including the return of “Howl-O-Scream” at SeaWorld Orlando and SeaWorld San Diego following last year’s introduction, along with the first year of the Count’s Halloween Spooktacular at our newest park, Sesame Place San Diego.”

“As we continue to demonstrate, our business model is strong and resilient and we have significant opportunities to improve and grow our revenue and profitability. As a reminder, we operate in an industry and in markets with growing demand trends over the long term and we have significant available guest capacity across our park portfolio. Our recent attendance levels are still below the total attendance levels we achieved in 2019 and well below our historical high attendance recorded in 2008. We have made significant investments that we expect will continue to pay off and we have specific plans we are executing on today and for the future that give us high confidence in our ability to continue to deliver additional operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” concluded Swanson.

The Company’s results of operations for the second quarter of 2022 and 2021 continue to be impacted by the global COVID-19 pandemic due in part to a decline in both international and group-related attendance in both periods. Additionally, results of operations for the second quarter and first half of 2021 were impacted by capacity limitations, modified/limited operations and/or temporary park closures, decreased demand due to public concerns associated with the pandemic, and restrictions on international travel. In particular, beginning on April 1, 2021, capacity at the Company’s Busch Gardens Williamsburg park was limited to approximately 13,000 guests. On May 28, 2021, theme park capacity restrictions in the State of Virginia were removed. At the beginning of the second quarter of 2021, the Company’s SeaWorld San Diego park was operating under capacity restrictions in compliance with state safety guidelines for zoos. On April 12, 2021, SeaWorld San Diego resumed theme park operations with limited capacity in accordance with the State of California guidelines for theme parks. On June 15, 2021, all capacity restrictions for SeaWorld San Diego were removed in accordance with the State of California guidelines.
 
Mar 17, 2020
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Some interesting nuggets from the earnings call...

Inflation/Recession - Mentioned several times on the call. They highlighted how they are dealing with inflationary pressures as much as they can on the cost side, with no mentions of surcharges. Going into Q3, they feel good moving into a recession environment based on how they did in 2001/2002 and 2008.

Virginia weather - "I would also say -- in the month of July, we accomplished what I just laid out in the face of some difficult weather in a few places, specifically in our park, Busch Gardens Williamsburg. It was the least/fewest good weather days that we've had back to what we have data for, which is back to 1995."

Capacity/Attendance versus 2008 peak of 25 million - "And look, and just to remind everybody that the 25 million is getting back to 2008. If we had grown since that time, we'd probably be talking closer to 30 million or something in that range. So we absolutely have capacity in our parks. I mean like I said, we don't -- we have very few days where we're at full capacity. I'm talking like 4th of July or New Year's Eve and that's still not at every park. So we have room in our parks. We've added a number of new attractions over the years. We have more attractions on the horizon. We've done different new lands and realms and things like that. So I'm confident that we can still attract more people, obviously, and still have plenty of room and can deliver on an experience that people will find enjoyable. So feel good about the capacity availability in our parks, if you will."
 

Nibbins

Resident Rat - They/Them
Sep 3, 2019
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If those gimmicks include $10 Busch/SeaWorld Bucks, I'm totally fine with that 😅
There is only so much cheap junk you can pick up at the park and the funnel cake that was basically free in the past with the $10 bucks now ends up costing $3.70 after the price hikes and surcharges w/unlimited member discount. (which is not horribly expensive, but way less of an incentive to go there)
 
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BGWnut

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Sep 24, 2018
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So they can remove that 5% surcharge on everything now.
I don't think they will, I think it's here to stay. From what I have heard it's well liked internally. It's provides additional flexibility given how unpredictable prices can be on anything. They don't need to be as concerned about their costs fluctuating.
 

Jonesta6

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Feb 14, 2019
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Between employees that don't care one way or the other, or those that do care but can't do anything about it/doesn't matter if they tell a higher-up, I think you'd be better off saving your voice for those listening.

Not saying you're being a Karen, but hopefully you aren't.
 
Mar 16, 2016
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High level shareholders voicing their concerns will impact these things. Unfortunately I doubt they’ve ever stepped foot in the park.
 

Jonesta6

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Feb 14, 2019
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Was thinking if you see any of the office staff such as Kevin or Suzy out and about, those are who you direct your complaints to
 

Jonesta6

Glumble
Feb 14, 2019
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Maybe, but they're more able to do anything about it than front line staff... And it's not like SEAS corporate is usually around either.
 
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