News Quarterly Financial Results

[GoHokies87]

And yet they're still making hand over fist more money. They're pushing the "deadbeats" out of the parks and are able to service the less picky more spendy customers at lower staffing levels and higher margins.

Maybe in ten years we'll look back and ask how these parks got so bad, but most likely, the people SEAS have angered will either shut up and put up or move on silently as the parks continue to make money hand over fist.

 

[Alf33]

SeaWorld has announced that it will release its fourth quarter and fiscal year 2022 financial results on Feb 28th. Of course they'll have their usual conference call. It's going to be interesting to see what the numbers are for the quarter and full year.

 

[Alf33]

Here's the financial info SeaWorld reported today for the 4th quarter and full year 2022. I find it ironic and aggravating that they could spend $693.6 million for the full year on stock repurchases but later in the filing disclose that their total long term debt is 2.137 billion.

ORLANDO, FL, February 28, 2023 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2022.[1]

Fourth Quarter 2022 Highlights
•Attendance was 4.9 million guests, a decrease of approximately 16,000 guests from the fourth quarter of 2021. Compared to the fourth quarter of 2019, attendance increased by approximately 238,000 guests or 5.1%.
•Total revenue was a record $390.5 million, an increase of $19.7 million or 5.3% from the fourth quarter of 2021. Compared to the fourth quarter of 2019, total revenue increased by $92.5 million or 31.0%.
•Net income was $49.0 million, the second highest net income for the Company and a decrease of $22.5 million from the fourth quarter of 2021. Compared to the fourth quarter of 2019, net income increased by $73.2 million.
•Adjusted EBITDA[2] was a record $153.7 million an increase of $0.9 million from the fourth quarter of 2021. Compared to the fourth quarter of 2019, Adjusted EBITDA increased by $69.7 million or 83.1%.
•Total revenue per capita[3] increased 5.7% to a record $79.10 from the fourth quarter of 2021. Admission per capita[3] increased 4.5% to a record $45.63 while in-park per capita spending[3] increased 7.2% to a record $33.47 from the fourth quarter of 2021. Compared to the fourth quarter of 2019, total revenue per capita increased 24.7%, admission per capita increased 20.4%, and in-park per capita spending increased 31.1%.

Fiscal 2022 Highlights
•Attendance was 21.9 million guests, an increase of 1.7 million guests or 8.6% from fiscal 2021. Compared to fiscal 2019, attendance declined by 0.7 million guests or 3.0%.
•Total revenue was a record $1,731.2 million, an increase of $227.5 million or 15.1% from fiscal 2021. Compared to fiscal 2019, total revenue increased by $333.0 million or 23.8%.
•Net income was a record $291.2 million, an increase of $34.7 million or 13.5% from fiscal 2021. Compared to fiscal 2019, net income increased by $201.7 million or 225.4%.
•Adjusted EBITDA was a record $728.2 million, an increase of $66.2 million or 10.0% from fiscal 2021. Compared to fiscal 2019, Adjusted EBITDA increased by $271.3 million or 59.4%.
•Total revenue per capita increased 6.0% to a record $78.91 from fiscal 2021. Admission per capita increased 4.3% to a record $44.00 while in-park per capita spending increased 8.2% to a record $34.91 from fiscal 2021. Compared to fiscal 2019, total revenue per capita increased 27.7%, admission per capita increased 24.0%, and in-park per capita spending increased 32.6%.

Other Highlights
•During fiscal 2022, the Company has repurchased 12.4 million shares of common stock (or approximately 16% of total shares outstanding)[4] at a total cost of approximately $693.6 million.[5]

“We are pleased to report another quarter and fiscal year of record financial results,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “In the fourth quarter we delivered record revenue, our second highest net income and record Adjusted EBITDA. For fiscal 2022, we delivered record revenue, record net income and record Adjusted EBITDA. Results for the fourth quarter versus the prior year would have been even better if it weren’t for significant adverse weather impacts in most of our markets during the November and December holiday period, and the negative impact of Hurricane Ian in October and Hurricane Nicole in November. We estimate that these combined weather-related impacts reduced attendance by approximately 249,000 guest visits during the quarter. We continued to drive growth in total per caps, including during our Halloween and Christmas events during the quarter, demonstrating the effectiveness of our revenue strategies, our pricing power and the strength of consumer spending in our parks. I want to thank our ambassadors for their continued dedication, efforts, and contributions, without which, these strong results would not have been possible.”

"As I have said before, we have a strong and resilient business model and we believe that we have significant opportunities to continue to improve and meaningfully grow our revenue and profitability. Our attendance levels for fiscal 2022 were below levels achieved in 2019 primarily due to a decline in both international and group-related attendance which we expect will eventually recover to and surpass pre-COVID levels. Also, as we have discussed, we are still more than 3 million visitors below our historical high attendance of approximately 25 million guests achieved in 2008. This represents a clear opportunity to recapture lost attendance we once achieved. Furthermore, our pricing power, strategies, investments and opportunities around revenue management, in-park food and beverage, retail and other in-park guest spending give us confidence in our ability to continue to grow total per caps. These factors, along with the work we are doing to better manage and reduce costs, combined with the significant investments we are making across our parks and business, give us high confidence in our ability to continue to deliver operational and financial improvements that we expect will lead to meaningful increases in shareholder value,” continued Swanson.

 

[Coasternerd]

“record financial results”

Yeah, because of the price increases and surcharges.

 

[warfelg]

Total revenue per capita increased 6.0% to a record $78.91 from fiscal 2021. Admission per capita increased 4.3% to a record $44.00 while in-park per capita spending increased 8.2% to a record $34.91 from fiscal 2021. Compared to fiscal 2019, total revenue per capita increased 27.7%, admission per capita increased 24.0%, and in-park per capita spending increased 32.6%.

This is what I was alluding to @Zachary that scares me. Overall per capita spending means more than the breakdown of pass vs single day ticket spending. This scares me because it’s a sign that they don’t care about the core customer base (pass/members) any more than the non-core (single day tickets) - they look at them all the same.

 

[GoHokies87]

This is what I was alluding to @Zachary that scares me. Overall per capita spending means more than the breakdown of pass vs single day ticket spending. This scares me because it’s a sign that they don’t care about the core customer base (pass/members) any more than the non-core (single day tickets) - they look at them all the same.

I'm not saying they care, but these reports are basically just ads for shareholders and will always try to spin things in a positive light while avoiding any emphasis on the negatives.

 

[Alf33]

Here are the numbers on the First Quarter 2023's results. Look like they did pretty good with the slight exception of a small attendance drop.

ORLANDO, FL, May 9, 2023 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the first quarter of 2023.

First Quarter 2023 Highlights
•Attendance was 3.4 million guests, a decrease of approximately 25,000 guests from the first quarter of 2022.
•Total revenue was a record $293.3 million, an increase of $22.7 million or 8.4% from the first quarter of 2022.
•Net loss was $16.5 million, the second smallest net loss in the first quarter and an increase of $7.5 million from the first quarter of 2022.
•Adjusted EBITDA[1] was a record $72.4 million, an increase of $6.5 million or 9.8% from the first quarter of 2022.
•Total revenue per capita[2] increased 9.2% to a record $86.84 from the first quarter of 2022. Admission per capita[2] increased 9.4% to a record $48.51 while in-park per capita spending[2] increased 8.9% to a record $38.33 from the first quarter of 2022.

Other Highlights
•Subsequent to March 31, 2023, the Company repurchased 235,000 shares for an aggregate total of approximately $13.9 million, leaving approximately $42.4 million remaining under the Share Repurchase Program as of May 4, 2023.
•During the first quarter of 2023, the Company came to the aid of 85 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 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,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “This is the 8th 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.

For 2023, the Company has a truly exciting line-up of new rides, attractions, events and upgrades, including four of the most anticipated roller coasters of 2023 according to USA Today:
•In February, Busch Gardens Tampa opened the Serengeti Flyer, the world’s tallest and fastest Screaming Swing that takes riders up 135 feet 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 area with multiple unique water play elements, water spouts, all-new private cabanas, a fully-themed splashpad and multiple shade structures.

•This month, SeaWorld Orlando will open Pipeline: The Surf Coaster, the first-of-its-kind surf coaster, with seats in a surfing position that rise and fall to mimic the sensation of riding a wave. The coaster will accelerate riders to 60 miles per hour through five air-time moments and an innovative 'wave curl' inversion; Busch Gardens Williamsburg will open DarKoaster, the first all-indoor straddle coaster in North America where riders experience four launches at speeds up to 36 miles per hour through over 2,400 feet of track; Aquatica Orlando will open Turi's Kid Cove, an all-new water play area will feature watering palms, tipping buckets, spraying jets, water bobbles, and more; and Sesame Place Philadelphia will open Bert & Ernie's Splashy Shores, a water play area featuring water umbrellas, tipping buckets, spraying jets, water bobbles and a spraying water tower.

•Later this spring and summer, SeaWorld San Diego will open Arctic Rescue, the fastest and longest straddle coaster on the West Coast that takes riders through three launches at speeds up to 40 miles per hour; Water Country USA will open Riptide Race, the first dueling pipeline slide in Virginia; and Sesame Place San Diego will open The Count's Splash Castle, an enhanced water play area and expanded play structure which features three tipping buckets, four water slides and over 100 other water play elements; and we anticipate that SeaWorld San Antonio will open Catapult Falls: the world’s first launched flume coaster features the world's steepest flume drop, North America's only flume with a vertical lift, and the tallest flume drop in Texas.

The Company’s results of operations for the first quarter of fiscal 2023 and 2022 continued to be impacted by the global COVID-19 pandemic due in part to a decline in international attendance from historical levels.


First Quarter 2023 Results

In the first quarter of 2023, the Company hosted approximately 3.4 million guests, generated record total revenues of $293.3 million, net loss of $16.5 million and record Adjusted EBITDA of $72.4 million. Attendance decreased approximately 25,000 guests when compared to the first quarter of 2022. The decrease in attendance was primarily due to adverse weather across a number of our markets, particularly at our California parks, including during peak visitation periods. Attendance was also likely impacted unfavorably by the timing of new ride openings in 2023 compared with 2022.

The increase in total revenue of $22.7 million compared to the first quarter of 2022 was primarily a result of increases in admission per capita (defined as admissions revenue divided by total attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita increased primarily due to the realization of higher prices in our admission products resulting from our strategic pricing efforts, along with the net impact of the admissions product mix when compared to the prior year quarter. In park per capita spending improved primarily due to an increase in revenue related to the Company's international services agreements and pricing initiatives when compared to the first quarter of 2022. Adjusted EBITDA was positively impacted by the increase in total revenue resulting from improvement in total revenue per capita partially offset by an increase in expenses. The increase in expenses is primarily due to increased labor-related costs due to more optimal staffing, partially offset by decreased marketing-related costs and the impact of cost savings and efficiency initiatives when compared to the first quarter of 2022.

 

[Zachary]

The preliminary $SEAS Q2 results don't sound good...

New coasters fail to push attendance at SeaWorld parks

Despite opening three new roller coasters, attendance and revenue dropped at the SeaWorld theme parks in the second quarter of 2023 compared with the same period one year ago, according to numbers released by the company today.

www.themeparkinsider.com

 

[Ultrasuede]

Who would have thought....

 

[I64 Trekker]

The preliminary $SEAS Q2 results don't sound good...

New coasters fail to push attendance at SeaWorld parks

Despite opening three new roller coasters, attendance and revenue dropped at the SeaWorld theme parks in the second quarter of 2023 compared with the same period one year ago, according to numbers released by the company today.

www.themeparkinsider.com

Good try blaming the weather. Apart from some rainy weekends that may have dampened attendance at BGW and WCUSA, weather at the other parks was comparable or even better than a year ago.

By and large, though, these numbers aren't too surprising given the entire industry is seeing similar trends.

Now if they had only named DarKoaster Curse of DarKastle 2.0 instead, perhaps they would have seen better numbers?

 

[rvadude85]

Good try blaming the weather. Apart from some rainy weekends that may have dampened attendance at BGW and WCUSA, weather at the other parks was comparable or even better than a year ago.

By and large, though, these numbers aren't too surprising given the entire industry is seeing similar trends.

Now if they had only named DarKoaster Curse of DarKastle 2.0 instead, perhaps they would have seen better numbers?

I think they must have gotten out early with results before Cedar Fair reports tomorrow. At any rate it appears that the peaks of demand from post pandemic seem to be over contributing to the miss vs. expectations for Q2 earnings.

Perhaps the larger issue is that SEAS is prioritizing too much Capex for new coasters rather than further investing in the park experience ranging from better dining options, theming, general upkeep of the park, staffing, etc.

The park experience still continues to suffer for BGW and WCUSA since 2019 in my opinion resulting in me visiting less as a pass member and also NOT opting to eat in the park anymore with the absurd prices and 5% surcharge!

 

[warfelg]

Many entertainment industries are seeing the same exact things. Golf (my industry) is reporting a double digit drop in participation over 2022 in the same time frame. I think the rush to get out after the pandemic has died down, so the cash influx that came in has gone down as well.

What we're seeing in the golf industry is that unique experiences and social experiences are on the rise through. Applying that to parks, yes it would mean that investment into theme elements and stuff like BGW's Speak Easy should be invested more in, but you need something to be the show to pull people in.

The tough part is when the number of people coming in the door shrink, the business reaction is to do stuff to maximize profits, so cut spending on stuff like F&B from their end.

I think whatever park decides to go for value while putting money in, and worry less about profits and more about long term returns will see the best uptick in attendance and in park spending. I don't feel like anyone has done that yet.

 

[Alf33]

Seaworld's 2nd quarter financial results and first six months results that were just released. Most of the numbers don't look that impressive.

ORLANDO, FL, August 8, 2023 - 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 2023.

Second Quarter 2023 Highlights

Attendance was 6.1 million guests, a decrease of approximately 0.1 million guests from the second quarter of 2022.

Total revenue was $496.0 million, a decrease of $8.8 million or 1.7% from the second quarter of 2022.

Net income was $87.1 million, a decrease of $29.6 million or 25.3% from the second quarter of 2022.

Adjusted EBITDA[1] was $224.2 million, a decrease of $10.2 million or 4.4% from the second quarter of 2022.

Total revenue per capita[2] increased 0.3% to a record $80.80 from the second quarter of 2022. Admission per capita[2] decreased two cents to $43.96 while in-park per capita spending[2] increased 0.6% to a record $36.84 from the second quarter of 2022.

First Six Months 2023 Highlights

Attendance was 9.5 million guests, a decrease of 0.1 million guests or 1.5% from the first six months of 2022.

Total revenue was a record $789.4 million, an increase of $13.9 million or 1.8% from the first six months of 2022.

Net income was $70.6 million, a decrease of $37.0 million or 34.4% from the first six months of 2022.

Adjusted EBITDA[1] was $296.7 million, a decrease of $3.7 million or 1.2% from the first six months of 2022.

Total revenue per capita[2] increased 3.4% to a record $82.94 from the first six months of 2022. Admission per capita increased 3.3% to a record $45.57, while in-park per capita spending increased 3.5% to a record $37.37 from the first six months of 2022.

Other Highlights

During the second quarter, the Company repurchased 235,000 shares for an aggregate total of approximately $13.9 million, leaving approximately $42.4 million remaining under the Share Repurchase Program as of June 30, 2023.

During the second quarter of 2023, the Company came to the aid of 96 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 another quarter of solid financial results despite the impact of significantly adverse weather, in-park venue closures and related disruptions due to construction delays and a shift in the timing of the opening of new rides during the quarter,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “Our results during the second quarter further underscore the resiliency of our business, the effectiveness of our strategy and the tireless efforts of our outstanding team. Some combination of unusually hot and cold weather, rain and / or the fallout from Canadian wildfires impacted most of our markets during the quarter. In park spending was impacted by the adverse weather and delays in construction projects resulting in prolonged closures of certain in-park facilities and other in park disruptions during the quarter. Despite the unusual headwinds in the quarter, attendance still grew at certain of our parks and total per capita spending increased for the 17th consecutive quarter.”

"We were also thrilled to have recently received recognition from USA Today readers for having some of the best parks and attractions in the country. Aquatica Orlando was voted best outdoor waterpark in the United States, our Mako rollercoaster in SeaWorld Orlando was voted best rollercoaster in the United States, Tidal Surge in SeaWorld San Antonio was voted best non-roller coaster ride in the United States and Celtic Fyre at Busch Gardens Williamsburg was voted best amusement park entertainment in the United States. Several of our other parks and attractions received top ten rankings as well. We are proud to receive these awards and the recognition of our collection of parks across the country,” said Swanson.

"We have made significant investments in our business this year and will continue to make investments to improve the guest experience, allow us to generate more revenue and make us a more efficient and profitable business – we expect these investments to yield very attractive returns. We are currently planning new initiatives for the balance of this year and next year that will make us an even stronger, more profitable and more resilient business. We have high confidence in the plans we are executing on today and for the future and in our ability to deliver substantial operational and financial improvements that will lead to meaningful increases in shareholder value,” concluded Swanson.

The Company’s results of operations for the second quarter and first six months of fiscal 2023 and 2022 continued to be impacted by the global COVID-19 pandemic due in part to a decline in international attendance from historical levels.

Second Quarter 2023 Results

In the second quarter of 2023, the Company hosted approximately 6.1 million guests, generated total revenues of $496.0 million, net income of $87.1 million and Adjusted EBITDA of $224.2 million. Attendance decreased approximately 125,000 guests when compared to the second quarter of 2022. The decrease in attendance was primarily due to significantly adverse weather, including some combination of unusually hot and cold weather, rain and / or the fall-out from Canadian wildfires, across most of our markets, including during peak visitation periods.

The decrease in total revenue of $8.8 million compared to the second quarter of 2022 was primarily a result of a decline in attendance, partially offset by an increase in in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita decreased primarily due to the net impact of the admissions product mix, partially offset by the realization of higher prices in our admission products resulting from our strategic pricing efforts when compared to the prior year quarter. In park per capita spending improved primarily due to pricing initiatives when compared to the second quarter of 2022. In-park per capita spending was impacted negatively by factors including weather, closures and disruption related to construction delays at certain in park locations. Adjusted EBITDA was impacted primarily by a decrease in revenue.

 

[Nicole]

Maybe weather issues are just normal parts of doing business as a chain of outdoor theme and water parks? Perhaps blaming earning issues on something that ubiquitous sounds a bit hollow?

 

[Alf33]

It is a bit hollow as it's pretty much a standard reason that is used on almost every mediocre or poor report even though weather issues are true and uncontrollable.

 

[halfabee]

Someday we will discover that the originally-planned alien invasion of Earth was cancelled due to the aliens eagerly reviewing our Earthling corporations' financial reporting, and dejectedly concluding the planet must have been borderline uninhabitable for at least the past 50 Earth-years due to endless weather events.

"Let's come back in another 50 Earth-years, Gleemar. I bet their advancing technology will have the climate well in hand by then."

 

[Ultrasuede]

Earnings calls and reality are not equal. They are more like say....the cigar and cognac room on an old steamer ship kind of thing

 

[Alf33]

Seaworld's 3rd quarter financial results and first nine months results for those who are interested. Most measures were down.

ORLANDO, FL, November 8, 2023 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the third quarter and first nine months of fiscal year 2023.

Third Quarter 2023 Highlights

•Attendance was 7.1 million guests, a decrease of approximately 0.2 million guests or 2.8% from the third quarter of 2022.
•Total revenue was $548.2 million, a decrease of $17.0 million or 3.0% from the third quarter of 2022.
•Net income was $123.6 million, a decrease of $11.0 million or 8.2% from the third quarter of 2022.
•Adjusted EBITDA[1] was $266.4 million, a decrease of $7.8 million or 2.8% from the third quarter of 2022.
•Total revenue per capita[2] decreased 0.2% to $76.90 from the third quarter of 2022. Admission per capita[2] decreased 1.6% to $42.05 while in-park per capita spending[2] increased 1.6% to a record $34.85 from the third quarter of 2022.

First Nine Months 2023 Highlights

•Attendance was 16.6 million guests, a decrease of 0.4 million guests or 2.1% from the first nine months of 2022.
•Total revenue was $1,337.6 million, a decrease of $3.1 million or 0.2% from the first nine months of 2022.
•Net income was $194.1 million, a decrease of $48.0 million or 19.8% from the first nine months of 2022.
•Adjusted EBITDA was $563.1 million, a decrease of $11.5 million or 2.0% from the first nine months of 2022.
•Total revenue per capita increased 1.9% to a record $80.36 from the first nine months of 2022. Admission per capita increased 1.3% to a record $44.07, while in-park per capita spending increased 2.7% to a record $36.29 from the first nine months of 2022.

Other Highlights

•Total per capita spending was up low single-digits in October. On a comparable day over comparable day basis adjusting for the calendar shift that resulted in one less Saturday compared to prior year, the Company estimates revenue and attendance would have been up low single-digits.
•During the third quarter, the Company repurchased 78,750 shares for an aggregate total of approximately $3.9 million, leaving approximately $38.5 million remaining under the Share Repurchase Program as of September 30, 2023.
•During the third quarter of 2023, the Company came to the aid of 56 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 another quarter of solid financial results despite the impact of unusual and significantly adverse weather in our peak operating season across most of our markets." said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. "Our results during the third quarter continue to demonstrate the resilience of our business, the effectiveness of our strategy and the tireless efforts of our outstanding team. We are particularly pleased to continue to see strong results from our focus, efforts and investment in our in-park offerings as we grew in-park per capita spending for the 14th consecutive quarter to a record level during the quarter. We are excited to see the continued results of our ongoing work in this area in the coming quarters into 2024. Our relentless focus on cost management also continued to deliver as we improved adjusted EBITDA margin on a year-over-year basis for the quarter. We are continuing to execute against our previously discussed cost initiatives and expect to continue to see the results of these efforts in the coming quarters into 2024,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “I want to thank our ambassadors across our parks for their dedicated efforts to welcome and serve our guests during the busy summer season.”


“We’ve just completed another successful Halloween season at our parks featuring our award-winning Halloween events. We are pleased to have grown per capita spending in October and after adjusting for the calendar shift that resulted in one less Saturday compared to prior year, we estimate attendance and revenue would have grown as well. We are proud of the continued strength of our Halloween events and the popularity that they continue to build with our guests. As we enter the holiday season, we will begin our award-winning Christmas events at most of our SeaWorld, Busch Gardens and Sesame parks later this week. Our Christmas events feature exciting live entertainment, delicious and unique food and beverage offerings and holiday shopping for guests of all ages.


"Looking beyond the holiday season into 2024, we are pleased to see 2024 revenue bookings trending up double-digit percentage ahead of prior year for both 2024 groups and our Discovery Cove property. In addition, we recently launched our best pass benefits program ever which we expect will help drive increases in pass sales and a strong pass base for next year,” continued Swanson.


The Company has announced its partial line-up of new rides, attractions, events and upgrades for 2024. This line-up includes, among others:

•Penguin Trek, an unforgettable family launch coaster adventure at SeaWorld Orlando
•Phoenix Rising, a suspended roller coaster at Busch Gardens Tampa Bay
•A fully restored Loch Ness Monster coaster with all-new thematic and experiential elements at Busch Gardens Williamsburg
•Jewels of the Sea: the Jellyfish Experience attraction at SeaWorld San Diego
•Catapult Falls, the World's first launched flume coaster at SeaWorld San Antonio


Third Quarter 2023 Results

In the third quarter of 2023, the Company hosted approximately 7.1 million guests, generated total revenues of $548.2 million, net income of $123.6 million and Adjusted EBITDA of $266.4 million. Attendance decreased approximately 207,000 guests when compared to the third quarter of 2022. The decrease in attendance was primarily due to significantly adverse weather, including some combination of unusual heat and/or rain, across most of our markets, including during peak visitation periods.

The decrease in total revenue of $17.0 million compared to the third quarter of 2022 was primarily a result of a decline in attendance, partially offset by an increase in in-park per capita spending (defined as food, merchandise and other revenue divided by total attendance). Admission per capita decreased primarily due to the net impact of the admissions product mix, partially offset by the realization of higher prices in our admission products resulting from our strategic pricing efforts when compared to the prior year quarter. In park per capita spending improved primarily due to pricing initiatives, partially offset by factors including weather, the admissions product mix, closures and disruption related to construction delays at certain in park locations when compared to the third quarter of 2022. Adjusted EBITDA was impacted primarily by a decrease in revenue.

 

[Thriller]

All of their cost cutting is finally rearing its ugly head with lower attendance and revenue. A company cannot decrease the guest experience and expect revenue to continue at the same level. Cost cutting is nothing but a short term Band-Aid to prop up profits. It’s not a long-term plan for growth.

 

[willrobs3]

All of their cost cutting is finally rearing its ugly head with lower attendance and revenue. A company cannot decrease the guest experience and expect revenue to continue at the same level. Cost cutting is nothing but a short term Band-Aid to prop up profits. It’s not a long-term plan for growth.

More appropriately, they cut operational costs without trimming any overhead (that I'm aware of) and continue to be a top heavy corporation. This is an extremely common pattern in many corporations where the first thought to increase profitability is to reduce operational staff and source out 'cheaper' vendors. Instead the CFO should be looking at reducing costs in other areas of the company and reducing overhead costs that would have less effect on the part of the company that actually makes money, service and experience.

I think most of us would prefer the corporate offices of SeaWorld Parks and Entertainment run leaner than the parks take the hit.