2021 First Quarter Results for those who are interested.
ORLANDO, FL, May 6, 2021 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the first quarter of 2021.[1]
First Quarter 2021 Highlights
| • | Attendance was 2.2 million guests, a decline of 0.1 million guests, or 4.5%, from the first quarter of 2020. Compared to the first quarter of 2019, attendance declined by 1.1 million guests or 33.7%. |
| • | Total revenue was $171.9 million, an increase of $18.4 million, or 12.0% from the first quarter of 2020. Compared to the first quarter of 2019, total revenue declined by $48.7 million or 22.1%. |
| • | Net loss was $44.9 million, an improvement of $11.6 million or 20.6% from the first quarter of 2020. Compared to the first quarter of 2019, net loss increased by $7.9 million or 21.2%. |
| • | Adjusted EBITDA[2] was $25.2 million, an increase of $56.0 million from the first quarter of 2020. Compared to the first quarter of 2019, Adjusted EBITDA increased by $8.8 million or 53.4%. |
| • | Total revenue per capita increased 17.2% to $77.63 from the first quarter of 2020. Admission per capita increased 10.8% to $43.25 while in-park per capita spending increased 26.4% to $34.38 from the first quarter of 2020. Compared to the first quarter of 2019, total revenue per capita increased 17.6%, admission per capita increased 12.0%, while in-park per capita spending increased 25.3%. |
Other
| • | As of March 31, 2021, the Company had approximately $431 million of cash and cash equivalents on its balance sheet and approximately $312 million available on its revolving credit facility resulting in total liquidity of approximately $743 million. |
| • | The Company estimates that its average monthly Adjusted Net Cash Flow[2] during the quarter was approximately $5.1 million of net positive cash flows, which excludes certain payments to vendors due in and deferred from previous quarters. The Company estimates that the average monthly Net Cash Burn[2] during the quarter was approximately $1.1 million when including these deferred payments. |
| • | As of March 31, 2021, 10 of the Company’s 12 parks were open (which is consistent with the same period in 2019). Parks continue to operate with capacity limitations and modified/limited operations due to the COVID-19 pandemic. |
| • | As previously stated, the Company expects to operate all 12 of its parks for their 2021 operating season. Park opening dates are subject to change based on federal, state, and local guidelines related to COVID-19. |
| • | In the first quarter of 2021, the Company helped rescue over 530 animals bringing total rescues over its history to more than 38,600. |
“Our first quarter financial results continue to demonstrate our ability to strategically operate in the current environment,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “I am extremely proud that we not only generated positive Adjusted Net Cash Flow during the quarter, but we achieved higher Adjusted EBITDA in the first quarter compared to the first quarter of 2019. The success of the strategic pricing, marketing, cost and capital investment initiatives that we developed and had been refining prior to the onset of the COVID-19 pandemic combined with the strategies we developed and actions we have taken during the COVID-19 pandemic period helped us deliver meaningfully positive first quarter Adjusted EBITDA when compared to both the first quarters of 2020 and 2019. Our pricing and product strategies are clearly working, and our guests are spending more when they visit our parks. Our first quarter events including new or expanded event days at some of our parks as well as several new or reimagined venues we launched during the quarter helped contribute to the increased guest spending.
First Quarter 2021 Results
In the first quarter of 2021, the Company hosted approximately 2.2 million guests, generated total revenues of $171.9 million, a net loss of $44.9 million and positive Adjusted EBITDA of $25.2 million. Total attendance for the quarter decreased by 0.1 million, or 4.5%, when compared to the prior year quarter.
Total revenue for the quarter increased by $18.4 million, or 12.0%, when compared to the prior year quarter. The improvement was a result of an increase in total revenue per capita partially offset by the decline in attendance. Admission per capita (defined as admissions revenue divided by total attendance) increased by 10.8% to $43.25 primarily due to the realization of higher prices in admission products resulting from the Company’s strategic pricing efforts when compared to the prior year quarter. Attendance declined due to COVID-19 related impacts including capacity limitations and modified/limited operations, which more than offset the impact of additional operating days in the first quarter of 2021 compared to the first quarter of 2020. Operating days increased by 34% when compared to the prior year quarter, due in part to the temporary park closures which fell during the spring break period in 2020 at most of the Company’s parks. In-park per capita spending (defined as food, merchandise and other revenue divided by total attendance) increased 26.4% to $34.38 primarily due to increased guest spending, an improved product mix and higher realized prices and fees during the quarter. The Company’s new and enhanced in park offerings, particularly for food, beverage and retail items, along with its events contributed to the increased guest spending for the quarter. Adjusted EBITDA was positively impacted by the increase in total revenue resulti ng from improvement in total revenue per capita and a decrease in expenses. The decrease in expenses is due primarily to a reduction in labor costs, marketing related costs and other operating costs resulting from structural cost savings initiatives and the impact of COVID-19 modified/limited operations, which more than offset the impact of additional operating days during the first quarter of 2021.
There was also a posting/announcement of
" Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers." The posting had these four categories: Appointment of Chief Executive Officer, Appointment of Chief Financial Officer and Treasurer, Compensation of Chief Executive Officer and Chief Financial Officer and Treasurer and Equity Awards to Certain Executive Officers.