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01/10 18:01
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. Financial performance shows declines in revenue and attendance, but the company expects recovery through new attractions and improved marketing. The Q&A highlights strong April performance and strategic initiatives, yet economic uncertainty and labor costs remain concerns. Share repurchases indicate confidence, but unclear guidance on expenses and international sales adds uncertainty. Overall, the sentiment is neutral due to offsetting positive and negative factors, with no strong catalysts for significant stock movement.
Total Revenue $286,900,000, a decrease of $10,500,000 or 3.5% year-over-year due to decreases in admissions per capita and attendance, partially offset by an increase in in-park capital spending.
Attendance Approximately 3,400,000 guests, a decrease of 59,000 guests or 1.7% year-over-year, primarily due to the shift of Easter and spring break holidays into the second quarter.
Total Revenue per Capita Decreased 1.8% year-over-year.
Admission per Capita Decreased 4.2% year-over-year, primarily due to the impact of the admissions product mix and lower realized pricing.
In-Park per Capita Spending Increased 1.1% year-over-year, reaching a record level due to increased volume for certain in-park offerings.
Operating Expenses Decreased $3,600,000 or 2.2% year-over-year, primarily due to a $4,600,000 decrease in certain non-cash adjustments.
Selling, General and Administrative Expenses Decreased $3,700,000 or 7.8% year-over-year, primarily due to a $3,000,000 decrease in third-party consulting costs.
Net Loss $16,100,000, compared to a net loss of $11,200,000 in the first quarter of 2024.
Adjusted EBITDA $67,400,000, a decrease of $11,700,000 year-over-year due to decreased revenues from calendar shifts and timing of certain expenses.
Deferred Revenue $195,900,000, a decrease of approximately 6.7% year-over-year.
Capital Expenditures (CapEx) $56,900,000, with approximately $49,900,000 on core CapEx and $7,100,000 on expansion and ROI projects.
Share Repurchase 100,000 shares repurchased for approximately $4,600,000.
Net Total Leverage Ratio 3.1 times as of 03/31/2025.
Total Available Liquidity Approximately $764,000,000, including approximately $76,000,000 of cash on the balance sheet.
New Attractions: SeaWorld San Diego debuted Jewels of the Sea, an immersive aquarium experience, and announced the reinvention of Journey to Atlantis. SeaWorld San Antonio launched Rescue Junior, a kid-friendly realm celebrating animal rescue. SeaWorld Orlando opened Expedition Odyssey, a family-friendly attraction.
New Events: Sesame Place Philadelphia kicked off its 45th birthday celebration with themed fun and the return of the Sesame Street Birthday Parade.
Upcoming Attractions: Busch Gardens Williamsburg will open the Big The Wolf’s Revenge, the longest family inverted coaster in North America. Water Country USA will open High Tide Harbor, a multi-level water play structure. Busch Gardens Tampa Bay will open Wild Oasis, featuring a rainforest theme.
Attendance Growth: April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend.
International Ticket Sales: International ticket sales for 2025 are running ahead of 2024, with low single-digit growth.
Group Bookings: Group bookings for 2025 are also running ahead of 2024, with double-digit growth.
Operational Efficiency: In-park per capita spending increased 1.1% during the first quarter, marking growth for 19 of the last 20 quarters.
Cost Management: Operating expenses decreased by $3.6 million or 2.2% compared to the previous year, attributed to a decrease in non-cash adjustments.
Sponsorship Opportunities: The company is pursuing sponsorship opportunities expected to exceed $20 million over time, with mid to high single-digit revenue expected in 2025.
Real Estate Development: Discussions continue regarding the integration of branded hotels into parks and unlocking the value of 2,000 acres of owned real estate.
Calendar Shift Impact: The timing of Easter and spring break holidays shifted from Q1 to Q2, negatively impacting attendance and revenue in Q1, resulting in a decrease of approximately 140,000 guests.
Increased Expenses: Certain timing-related impacts resulted in over $5,000,000 more expenses recorded in Q1 2025 compared to Q1 2024, affecting net loss and adjusted EBITDA.
Competitive Pressures: The opening of Epic in Orlando may increase competition for attendance, necessitating strategic adjustments to attract visitors.
Economic Uncertainty: There is recognition of economic uncertainty that may affect consumer behavior and spending, although the company believes in its resilient business model.
Labor Costs: Anticipated increases in labor costs due to minimum wage hikes and competitive pressures, although managed effectively so far.
International Sales: International sales growth is slower than expected, which may impact overall attendance, but the company does not rely heavily on this segment.
Deferred Revenue Decrease: Deferred revenue decreased approximately 6.7% compared to the previous year, indicating potential challenges in future cash flow.
Sponsorship Revenue: The company is pursuing sponsorship opportunities that could exceed $20,000,000 over time, but has not yet realized significant revenue from this initiative.
New Attractions and Events: Significant investments have been made across parks, including new rides, attractions, and events, which are expected to enhance guest experience and drive revenue.
Sponsorship Opportunities: Active discussions with potential sponsors are ongoing, with expectations of exceeding $20 million in high-margin revenue by 2025.
Real Estate Development: Exploring options to unlock value from over 2,000 acres of owned real estate, including 400 acres of undeveloped land adjacent to parks.
International Partnerships: Continuing discussions with multiple partners to enhance international ticket sales.
IP Partnerships: Ongoing discussions to integrate globally recognized IP into parks through new rides and attractions.
Cost Management: Efforts to manage costs effectively, particularly in relation to adjusted EBITDA.
Revenue and EBITDA Expectations: Expecting new records in revenue and adjusted EBITDA for 2025, with 75% of historical attendance and revenue opportunity still ahead.
CapEx Projections: Projected CapEx spending of approximately $175 million to $200 million on core projects and $50 million on growth and ROI projects for 2025.
Attendance Growth: April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend.
Deferred Revenue: Deferred revenue balance as of March 2025 was $195.9 million, down 6.7% year-over-year.
Share Buyback: Repurchased 100,000 shares for approximately $4.6 million, with plans for further buybacks as the Board believes shares are undervalued.
Share Repurchase: During the first quarter, we repurchased 100,000 shares for an aggregate total of approximately $4,600,000. The Board believes our shares are materially undervalued and that purchasing our shares at or near current levels is an extraordinary opportunity.
The earnings call highlights several positive factors, including strong forward-booking trends, a significant share repurchase program, and optimistic guidance for 2026 with planned new attractions and international opportunities. Although there are concerns about attendance and international visitation, the management's focus on cost reduction, sponsorship growth, and capital investments indicates a strategic approach to addressing challenges. The Q&A session provides confidence in the long-term growth and potential for record attendance at high-end parks, outweighing short-term attendance issues. These factors suggest a positive stock price movement in the near term.
The earnings call indicates mixed performance: financial metrics show declines in revenue, EBITDA, and net income, partially attributed to weather-related challenges. However, there is optimism around future attendance, marketing strategies, and event-driven revenue. The Q&A highlights uncertainties in guidance and some cautious optimism about future performance. The lack of specific guidance and mixed financial results balance out the positive outlook on future attendance and events, leading to a neutral sentiment.
The earnings call summary reveals mixed signals: financial performance shows a decline in revenue and increased net loss, but optimistic guidance and strategic initiatives are highlighted. The Q&A indicates management's confidence in future growth, despite some vague responses. Deferred revenue decline and competitive pressures are concerns, yet share repurchases and strong liquidity are positives. Overall, the sentiment is balanced, suggesting a neutral stock price movement.
The earnings call presents a mixed picture. Financial performance shows declines in revenue and attendance, but the company expects recovery through new attractions and improved marketing. The Q&A highlights strong April performance and strategic initiatives, yet economic uncertainty and labor costs remain concerns. Share repurchases indicate confidence, but unclear guidance on expenses and international sales adds uncertainty. Overall, the sentiment is neutral due to offsetting positive and negative factors, with no strong catalysts for significant stock movement.
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