Sounds like they had a strong rebound in the fourth quarter based on those numbers, for only a slight drop in revenue for the year. Glad to see the work is paying off. The announcement that they are ending the killer whales probably helped a lot, based on those estimates.
News Quarterly Financial Results
- Thread starter David
- Start date
Just some quick math that's about $61 in revenue per guest while WDW in 2015 was estimated at $138 per guest with around 137M park visitors.
SEAS also in 2015 had 22.4M visitors putting them 9th in the world for theme park visitors. Looking like a net loss for them year over year could be possible they drop out of the Top-10 depending how others do.
Just some comparisons.
SEAS also in 2015 had 22.4M visitors putting them 9th in the world for theme park visitors. Looking like a net loss for them year over year could be possible they drop out of the Top-10 depending how others do.
Just some comparisons.
Fur Dozy said:
SEAS is their corporate symbol for trading on the NYSE to represent the park system I.E. SeaWorld Entertainment Inc.
How so? As a park system they bought in 22M in attendance. SWO, BGW, WC, or any singular park alone didn't bring those numbers. So it would be correct in saying SEAS as a park system bought in 22M in attendance for 2016.
Otherwise it would further need to be broken down per park within the system which it would be much smaller for example SWO in 2015 was around 4.77m and BGW was around 2.78m.
Otherwise it would further need to be broken down per park within the system which it would be much smaller for example SWO in 2015 was around 4.77m and BGW was around 2.78m.
The below is from SEAS SEC filing posted today.
Fourth Quarter 2016 versus Fourth Quarter 2015
Total revenues were $267.6 million, compared to $267.9 million in the fourth quarter of 2015.
Net loss was $11.9 million, or a loss of $0.14 per diluted share, compared to a net loss of $11.0 million, or a loss of $0.13 per diluted share, in the fourth quarter of 2015.
Adjusted EBITDA[1] was $58.1 million in the fourth quarter of 2016, an increase of $10.8 million, or 23%, compared to Adjusted EBITDA of $47.3 million in the fourth quarter of 2015.
Fourth quarter total attendance was down by approximately 30,000 guests, or 0.7%, as a result of the impact of Hurricane Matthew in October and an expected decline in attendance from Latin America; which was largely offset by improved attendance at the company’s Texas and California park locations in the fourth quarter of 2016 compared to the fourth quarter of 2015.
Implemented the first phase of the company’s cost optimization program which is expected to result in $40.0 million in net savings by the end of 2018.
Full Year 2016 versus Full Year 2015
Total revenues were $1.34 billion in 2016, compared to $1.37 billion in 2015.
Net loss was $12.5 million, or a loss of $0.15 per diluted share, compared to net income of $49.1 million, or $0.57 per diluted share, in 2015.
Adjusted EBITDA was $332.0 million compared to $361.1 million in 2015, and is above the guidance range provided in November 2016.
Total attendance for 2016 declined by approximately 471,000 guests, or 2.1%, primarily due to a decline at the company’s Florida and Northeast park locations, partially offset by an increase in attendance at its Texas park locations. Attendance at the company’s California park locations was relatively flat in 2016 when compared to 2015.
“As we continue to implement our five-point strategic plan, we are making solid progress and delivering results for shareholders. We ended the year exceeding our guidance and generating improved revenue and attendance in California and Texas, in particular, two locations which presented us challenges in 2015,” said Joel Manby, President and Chief Executive Officer of SeaWorld Entertainment, Inc. “Our focus on driving revenue growth by providing guests with experiences that matter is gaining traction. In the fourth quarter, we implemented the first phase of our cost optimization program which had a positive impact on results, and we continue to find new ways to be more efficient. We also moved to the next phase with our international strategy, as we announced our partnership with Miral to develop SeaWorld Abu Dhabi, a first-of-its-kind marine-life themed park on Yas Island.”
“Building on the platform for growth we established in 2016, we are energized going into 2017 as we launch some of the most innovative new rides and attractions in our history, while deploying our capital more efficiently,” Manby continued. “The recent addition of a talented new Chief Marketing Officer will help accelerate our brand repositioning and improve spend efficiency, while the enhancements we are making to our pricing operations will emphasize our total revenue per-capita opportunities, which we believe are meaningful. Additionally, we remain focused on financial discipline to improve our financial strength and flexibility over the long term. We are committed to strengthening our foundation, and our Board and management team are moving fast to implement our initiatives to increase value for our shareholders.”
Fourth Quarter 2016 versus Fourth Quarter 2015
Total revenues were $267.6 million, compared to $267.9 million in the fourth quarter of 2015.
Net loss was $11.9 million, or a loss of $0.14 per diluted share, compared to a net loss of $11.0 million, or a loss of $0.13 per diluted share, in the fourth quarter of 2015.
Adjusted EBITDA[1] was $58.1 million in the fourth quarter of 2016, an increase of $10.8 million, or 23%, compared to Adjusted EBITDA of $47.3 million in the fourth quarter of 2015.
Fourth quarter total attendance was down by approximately 30,000 guests, or 0.7%, as a result of the impact of Hurricane Matthew in October and an expected decline in attendance from Latin America; which was largely offset by improved attendance at the company’s Texas and California park locations in the fourth quarter of 2016 compared to the fourth quarter of 2015.
Implemented the first phase of the company’s cost optimization program which is expected to result in $40.0 million in net savings by the end of 2018.
Full Year 2016 versus Full Year 2015
Total revenues were $1.34 billion in 2016, compared to $1.37 billion in 2015.
Net loss was $12.5 million, or a loss of $0.15 per diluted share, compared to net income of $49.1 million, or $0.57 per diluted share, in 2015.
Adjusted EBITDA was $332.0 million compared to $361.1 million in 2015, and is above the guidance range provided in November 2016.
Total attendance for 2016 declined by approximately 471,000 guests, or 2.1%, primarily due to a decline at the company’s Florida and Northeast park locations, partially offset by an increase in attendance at its Texas park locations. Attendance at the company’s California park locations was relatively flat in 2016 when compared to 2015.
“As we continue to implement our five-point strategic plan, we are making solid progress and delivering results for shareholders. We ended the year exceeding our guidance and generating improved revenue and attendance in California and Texas, in particular, two locations which presented us challenges in 2015,” said Joel Manby, President and Chief Executive Officer of SeaWorld Entertainment, Inc. “Our focus on driving revenue growth by providing guests with experiences that matter is gaining traction. In the fourth quarter, we implemented the first phase of our cost optimization program which had a positive impact on results, and we continue to find new ways to be more efficient. We also moved to the next phase with our international strategy, as we announced our partnership with Miral to develop SeaWorld Abu Dhabi, a first-of-its-kind marine-life themed park on Yas Island.”
“Building on the platform for growth we established in 2016, we are energized going into 2017 as we launch some of the most innovative new rides and attractions in our history, while deploying our capital more efficiently,” Manby continued. “The recent addition of a talented new Chief Marketing Officer will help accelerate our brand repositioning and improve spend efficiency, while the enhancements we are making to our pricing operations will emphasize our total revenue per-capita opportunities, which we believe are meaningful. Additionally, we remain focused on financial discipline to improve our financial strength and flexibility over the long term. We are committed to strengthening our foundation, and our Board and management team are moving fast to implement our initiatives to increase value for our shareholders.”
www.prnewswire.com/news-releases/seaworld-entertainment-inc-reports-third-quarter-and-nine-months-2017-results-300550514.html
Numbers are still down, but they say they are on target for cost savings.
Numbers are still down, but they say they are on target for cost savings.
Below is the opening highlights text from the company SEC filing for the 4th quarter and fiscal 2017 year results. There's a fair amount of stuff to be concerned with but they also seem optimistic for next year, which I hope is correct.
ORLANDO, Fla., Feb. 27, 2018— SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and full year of 2017.
Highlights
Fiscal 2017 total revenues were $1.26 billion, compared to $1.34 billion in fiscal 2016. Net loss was $202.4 million, which included an after-tax, non-cash goodwill impairment charge of $215.1 million, as compared to a net loss of $12.5 million in fiscal 2016.
Fiscal 2017 Adjusted EBITDA[1] was $300.8 million, or $5.8 million higher than the top end of the Company’s most recent full year guidance range, compared to $332.0 million in fiscal 2016.
Fourth quarter total revenues were $265.5 million, compared to $267.6 million in the fourth quarter of 2016. Net loss was $20.4 million, as compared to a net loss of $11.9 million in the fourth quarter of 2016.
Fourth quarter 2017 trends showed improvement versus the first nine months of the year
Fourth quarter attendance was down 2.7% from the prior year fourth quarter compared to full year 2017 attendance which was down 5.5% from prior year.
Fourth quarter 2017 total revenue per capita was up 2.0% from the prior year fourth quarter compared to full year 2017 total revenue per capita which was down a modest 0.6% from prior year.
Fourth quarter 2017 Adjusted EBITDA was down $3.5 million compared to the fourth quarter of 2016. However, the fourth quarter 2017 Adjusted EBITDA calculation does not reflect approximately $3.8 million of adjustments due to certain limitations in the Company’s credit agreement[2].
In 2017, the Company helped rescue and rehabilitate over 2,100 animals and surpassed 31,000 total rescues over its history.
Year-to-date 2018 trends are positive when compared to the prior year period with increases in season pass sales and total attendance, led by significant increases in both metrics at SeaWorld San Diego.
Confident in 2018
On track to deliver $40 million of previously announced net cost savings by year-end 2018 and an additional $25 million of previously announced cost savings for 2018, a portion of which may be used to offset any potential cost pressures.
One of the best new product line-ups in the Company’s history with 15 new rides, attractions and events being introduced across the park portfolio.
Most comprehensive marketing and communications strategy bolstered by the largest investment in such efforts in the Company’s history.
“We are encouraged by the improvements we saw in the business in the fourth quarter,” said John Reilly, Interim Chief Executive Officer of SeaWorld Entertainment, Inc. “Our fourth quarter results were favorably impacted by the continued strong reception of our Halloween and Christmas events. We saw positive trends from our 300-mile and in guests from many of our parks and we saw an increase in overall admission per capita and in-park per capita spending. We did continue to see some weakness from our international and U.S. domestic guests which we plan to specifically address with our 2018 sales and marketing initiatives.”
“Looking ahead to 2018 we are excited to see positive trends,” continued Reilly. “Year-to-date attendance and season pass sales to date have increased year-over-year, led by our SeaWorld San Diego park which is rebounding from a difficult 2017. We have one of the most compelling line-ups of new rides, attractions or events across our parks that we have ever had. We are implementing new pricing and ticketing strategies combined with new sales and marketing initiatives that we believe will help drive attendance, revenue and Adjusted EBITDA across our parks. We also remain on track to deliver the previously announced $40 million in total net cost savings by the end of 2018 and the additional $25 million of previously announced cost savings. With our highly compelling product lineup, updated pricing strategies and aggressive marketing and advertising plans, we are confident that we are well-positioned to deliver strong financial performance in 2018.”
A little further down there was this piece of info that Zimmy has mentioned in the other thread.
Debt and Liquidity
Net debt as calculated under the credit agreement governing the Company’s Senior Secured Credit Facilities as of December 31, 2017 was $1.53 billion, which translates to a net leverage ratio of 5.08x Fiscal 2017 Adjusted EBITDA.
Marc Swanson, Chief Financial Officer of SeaWorld Entertainment, Inc. said, “We are pleased with our better than expected 2017 Adjusted EBITDA performance and the early trends we are seeing so far in the first quarter of 2018. In addition, with our significant annual operating cash flow we continue to feel confident about our financial flexibility heading into 2018.”
ORLANDO, Fla., Feb. 27, 2018— SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and full year of 2017.
Highlights
Fiscal 2017 total revenues were $1.26 billion, compared to $1.34 billion in fiscal 2016. Net loss was $202.4 million, which included an after-tax, non-cash goodwill impairment charge of $215.1 million, as compared to a net loss of $12.5 million in fiscal 2016.
Fiscal 2017 Adjusted EBITDA[1] was $300.8 million, or $5.8 million higher than the top end of the Company’s most recent full year guidance range, compared to $332.0 million in fiscal 2016.
Fourth quarter total revenues were $265.5 million, compared to $267.6 million in the fourth quarter of 2016. Net loss was $20.4 million, as compared to a net loss of $11.9 million in the fourth quarter of 2016.
Fourth quarter 2017 trends showed improvement versus the first nine months of the year
Fourth quarter attendance was down 2.7% from the prior year fourth quarter compared to full year 2017 attendance which was down 5.5% from prior year.
Fourth quarter 2017 total revenue per capita was up 2.0% from the prior year fourth quarter compared to full year 2017 total revenue per capita which was down a modest 0.6% from prior year.
Fourth quarter 2017 Adjusted EBITDA was down $3.5 million compared to the fourth quarter of 2016. However, the fourth quarter 2017 Adjusted EBITDA calculation does not reflect approximately $3.8 million of adjustments due to certain limitations in the Company’s credit agreement[2].
In 2017, the Company helped rescue and rehabilitate over 2,100 animals and surpassed 31,000 total rescues over its history.
Year-to-date 2018 trends are positive when compared to the prior year period with increases in season pass sales and total attendance, led by significant increases in both metrics at SeaWorld San Diego.
Confident in 2018
On track to deliver $40 million of previously announced net cost savings by year-end 2018 and an additional $25 million of previously announced cost savings for 2018, a portion of which may be used to offset any potential cost pressures.
One of the best new product line-ups in the Company’s history with 15 new rides, attractions and events being introduced across the park portfolio.
Most comprehensive marketing and communications strategy bolstered by the largest investment in such efforts in the Company’s history.
“We are encouraged by the improvements we saw in the business in the fourth quarter,” said John Reilly, Interim Chief Executive Officer of SeaWorld Entertainment, Inc. “Our fourth quarter results were favorably impacted by the continued strong reception of our Halloween and Christmas events. We saw positive trends from our 300-mile and in guests from many of our parks and we saw an increase in overall admission per capita and in-park per capita spending. We did continue to see some weakness from our international and U.S. domestic guests which we plan to specifically address with our 2018 sales and marketing initiatives.”
“Looking ahead to 2018 we are excited to see positive trends,” continued Reilly. “Year-to-date attendance and season pass sales to date have increased year-over-year, led by our SeaWorld San Diego park which is rebounding from a difficult 2017. We have one of the most compelling line-ups of new rides, attractions or events across our parks that we have ever had. We are implementing new pricing and ticketing strategies combined with new sales and marketing initiatives that we believe will help drive attendance, revenue and Adjusted EBITDA across our parks. We also remain on track to deliver the previously announced $40 million in total net cost savings by the end of 2018 and the additional $25 million of previously announced cost savings. With our highly compelling product lineup, updated pricing strategies and aggressive marketing and advertising plans, we are confident that we are well-positioned to deliver strong financial performance in 2018.”
A little further down there was this piece of info that Zimmy has mentioned in the other thread.
Debt and Liquidity
Net debt as calculated under the credit agreement governing the Company’s Senior Secured Credit Facilities as of December 31, 2017 was $1.53 billion, which translates to a net leverage ratio of 5.08x Fiscal 2017 Adjusted EBITDA.
Marc Swanson, Chief Financial Officer of SeaWorld Entertainment, Inc. said, “We are pleased with our better than expected 2017 Adjusted EBITDA performance and the early trends we are seeing so far in the first quarter of 2018. In addition, with our significant annual operating cash flow we continue to feel confident about our financial flexibility heading into 2018.”
Sounds like good news for SeaWorld at last.
https://www.prnewswire.com/news-releases/seaworld-entertainment-inc-reports-strong-first-quarter-2018-results-300643965.html
https://www.prnewswire.com/news-releases/seaworld-entertainment-inc-reports-strong-first-quarter-2018-results-300643965.html
I think this may be playing into why there's the sudden push for projects. Capturing the momentum and building on it.
CNN, yes that CNN of Blackfish even posted A short main page article detailing there better than expected 1st Quarter results.
http://money.cnn.com/2018/05/08/investing/seaworld-attendance-earnings-stock-blackfish/index.html
http://money.cnn.com/2018/05/08/investing/seaworld-attendance-earnings-stock-blackfish/index.html
BS that they spent more of the article still talking about Blackfish than the positive to come from this.
warfelg said:
I'm glad someone else noticed it was a somewhat unbalanced article.
I guess CNN is still on the attack. I think they are a much worse threat to SeaWorld than PETA, though.
I initially thought that CNN marked the end of their anti-SeaWorld campaign when they started airing SeaWorld commercials again. I see that's not the case, unfortunately. Whatever makes them money, I guess.
I initially thought that CNN marked the end of their anti-SeaWorld campaign when they started airing SeaWorld commercials again. I see that's not the case, unfortunately. Whatever makes them money, I guess.
CastleOSullivan said:
I have to agree with you. I have family that heavily weighted their anti sea world view based on Blackfish being aired on such respected network as CNN. Thed paid no notice to it when it was of Netflix and otheran outlet but said thasy if s news network like CNN was going to air it that surely they had throughly vetted it and found it 100% factual.
After I read the CNN article from VACoasterFan's link I simply went to the bottom of the page and sent them a comment on the article chastising them for having any mention of both Blackfish and PETA in their article.
As for the results of the quarter they did pretty good as they had an increase of 400K guests compared to the 1st quarter of last year, their total revenue increased by $30.8 million and even though they incurred a net loss of $62.8 million their Adjusted EBITDA (Earnings before interest, tax, depreciation and amortization) loss was only $0.1 million. But one bad item is their long term debt went up by like $34mil. So it does look like things may be picking up for the company. Now lets hope it stays this way!
As for the results of the quarter they did pretty good as they had an increase of 400K guests compared to the 1st quarter of last year, their total revenue increased by $30.8 million and even though they incurred a net loss of $62.8 million their Adjusted EBITDA (Earnings before interest, tax, depreciation and amortization) loss was only $0.1 million. But one bad item is their long term debt went up by like $34mil. So it does look like things may be picking up for the company. Now lets hope it stays this way!
horsesboy said:
I'm not trying to get political (and this isn't a partisan issue), but ahahahahahahhahaha. I wonder if that opinion has changed in the last year or two.
That's a shame such an attack piece got the following it did.
I’ve posted a few times about SEAS needing to get out ahead of bad press, this is one of the places that they need to be proactive and through channels tell CNN that what they did was not cool.