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01/10 17:54
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Total Revenue (Q3 2025) $511.9 million, a decrease of $34.1 million or 6.2% year-over-year. The decrease was primarily due to decreases in attendance and admissions per capita, partially offset by an increase in in-park per capita spending.
Attendance (Q3 2025) Decreased by approximately 240,000 guests or 3.4% year-over-year. The decline was attributed to an unfavorable calendar shift, including the timing of the 4th of July holiday, and a decrease in international visitation.
Total Revenue Per Capita (Q3 2025) Decreased by 2.9%. Admissions per capita decreased by 6.3%, while in-park per capita spending increased by 1.1%. The overall decline was due to decreases in admissions per capita, partially offset by increases in in-park per capita spending.
Operating Expenses (Q3 2025) Increased by $7.1 million or 3.4% year-over-year. The increase was not explicitly explained in the transcript.
Selling, General, and Administrative Expenses (Q3 2025) Increased by $5.3 million or 9.6% year-over-year. The increase was not explicitly explained in the transcript.
Net Income (Q3 2025) $89.3 million, a decrease from $119.7 million in Q3 2024. The decline was not explicitly explained in the transcript.
Adjusted EBITDA (Q3 2025) $216.3 million. No year-over-year comparison or reasons for change were provided.
Total Revenue (First 3 Quarters of 2025) $1.29 billion, a decrease of $51.9 million or 3.9% year-over-year. The decline was attributed to decreases in attendance and admissions per capita.
Total Attendance (First 3 Quarters of 2025) 16.4 million guests, a decrease of approximately 252,000 guests or 1.5% year-over-year. The decline was attributed to similar factors as Q3, including calendar shifts and international visitation decreases.
Net Income (First 3 Quarters of 2025) $153.3 million. No year-over-year comparison or reasons for change were provided.
Adjusted EBITDA (First 3 Quarters of 2025) $490 million. No year-over-year comparison or reasons for change were provided.
Deferred Revenue Balance (End of September 2025) $145.5 million. No year-over-year comparison or reasons for change were provided.
Pass Base (October 2025) Down approximately 4% compared to October 2024. The decline was not explicitly explained in the transcript.
Capital Expenditures (Year-to-Date 2025) $167.2 million, with $142.2 million on core CapEx and $25 million on expansion or ROI projects. No year-over-year comparison or reasons for change were provided.
SEAQuest: Legends of the Deep: A new attraction at SeaWorld Orlando offering a submersible adventure through undersea ecosystems.
Shark Encounter: A reimagined and immersive version to debut at SeaWorld San Diego in spring 2026.
Barracuda Strike: A new thrill ride at SeaWorld San Antonio, Texas' first inverted family coaster.
Lion & Hyena Ridge: A new habitat at Busch Gardens Tampa Bay, expanding to 35,000 square feet for lions and hyenas.
International partnerships: Signed one MOU with an international partner and entered a development advisory agreement. More MOUs expected in the coming months.
Sponsorship revenue: Progress on partnerships with an expectation of $20 million annual sponsorship revenue.
Mobile app: Downloaded 16.8 million times, with a 37% increase in average transaction value for food and beverage purchases.
Cost management: Implemented new processes to address cost opportunities across the enterprise.
Share repurchase program: Repurchased 635,020 shares for $32.2 million as part of a $500 million program.
Real estate: Actively evaluating proposals for over 2,000 acres of valuable real estate, including 400 acres of undeveloped land.
Unfavorable Calendar Shift: The timing of the 4th of July holiday negatively impacted attendance by approximately 150,000 visits, contributing to a decline in overall attendance.
Poor Weather: Adverse weather conditions during peak holiday periods, including the 4th of July and Labor Day weekends, further reduced attendance.
Decline in International Visitation: A decrease of approximately 90,000 international visitors during the quarter reversed earlier positive trends, impacting overall attendance and revenue.
Inconsistent Consumer Environment: The U.S. consumer environment appears inconsistent, affecting demand and performance in the leisure and hospitality sector.
Cost Management Issues: Management of costs during the quarter was suboptimal, leading to increased operating expenses and selling, general, and administrative expenses.
Attendance Decline: Total attendance decreased by approximately 240,000 guests or 3.4% compared to the prior year, driven by calendar shifts and reduced international visitation.
Revenue Decline: Total revenue decreased by $34.1 million or 6.2% compared to the prior year, primarily due to lower attendance and admissions per capita.
Pass Base Decline: The pass base, including all pass products, was down approximately 4% compared to the prior year, potentially impacting future revenue streams.
Deferred Revenue Balance: Deferred revenue balance as of September 30, 2025, was $145.5 million, indicating potential challenges in converting deferred revenue into realized income.
Forward booking revenue trends: Forward booking revenue trends into 2026 for Discovery Cove property and group business are up over 20% compared to the same time last year.
Operational and financial improvements: The company expects to deliver operational and financial improvements leading to meaningful increases in EBITDA, free cash flow, and shareholder value as they move into 2026 and beyond.
New attractions and upgrades for 2026: Several new rides, attractions, and events are planned for 2026, including SEAQuest: Legends of the Deep at SeaWorld Orlando, a reimagined Shark Encounter at SeaWorld San Diego, Barracuda Strike at SeaWorld San Antonio, and Lion & Hyena Ridge at Busch Gardens Tampa Bay.
2026 pass program: The company has launched its 2026 pass program, which includes enhanced benefits and is expected to drive growth in the pass base.
Capital expenditures for 2025: The company expects to spend approximately $175 million to $200 million on core CapEx and approximately $50 million on growth and ROI projects in 2025.
Share Repurchase Program: During the third quarter, stockholders granted authority to the Board of Directors to approve and implement additional share repurchases. The Board previously announced a $500 million share repurchase program contingent on receiving this approval, and we have already repurchased 635,020 shares for an aggregate total of $32.2 million through November 4, 2025.
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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