$PRKS
United Parks & Resorts Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023020483 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $496.0M $293.3M
YoY Change -1.74% 8.37%
Cost Of Revenue $233.9M $195.9M
YoY Change 0.83% 11.33%
Gross Profit $262.1M $97.45M
YoY Change -3.93% 2.87%
Gross Profit Margin 52.84% 33.22%
Selling, General & Admin $68.17M $48.28M
YoY Change 21.38% 4.82%
% of Gross Profit 26.01% 49.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.83M $37.39M
YoY Change -1.87% -3.15%
% of Gross Profit 14.43% 38.37%
Operating Expenses $106.0M $48.28M
YoY Change 88.75% -42.98%
Operating Profit $156.1M $11.77M
YoY Change -12.31% 17.05%
Interest Expense -$36.95M $36.40M
YoY Change -237.84% -243.48%
% of Operating Profit -23.67% 309.22%
Other Income/Expense, Net $5.000K -$46.00K
YoY Change -84.38% -483.33%
Pretax Income $118.5M -$24.68M
YoY Change -21.65% 60.95%
Income Tax $31.43M -$8.208M
% Of Pretax Income 26.53%
Net Earnings $87.06M -$16.47M
YoY Change -25.35% 83.23%
Net Earnings / Revenue 17.55% -5.61%
Basic Earnings Per Share $1.36 -$0.26
Diluted Earnings Per Share $1.35 -$0.26
COMMON SHARES
Basic Shares Outstanding 63.89M 63.92M
Diluted Shares Outstanding 64.35M 63.98M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.7M $54.76M
YoY Change -8.76% -85.59%
Cash & Equivalents $146.7M $54.76M
Short-Term Investments
Other Short-Term Assets $34.57M $35.49M
YoY Change 20.53% 42.19%
Inventory $60.08M $59.06M
Prepaid Expenses
Receivables $87.53M $72.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $328.9M $221.8M
YoY Change -0.37% -57.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.910B $1.741B
YoY Change 14.34% -2.56%
Goodwill $66.28M $66.28M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.45M $25.40M
YoY Change 150.01% -41.47%
Total Long-Term Assets $2.176B $2.132B
YoY Change 5.32% 3.84%
TOTAL ASSETS
Total Short-Term Assets $328.9M $221.8M
Total Long-Term Assets $2.176B $2.132B
Total Assets $2.505B $2.354B
YoY Change 4.53% -8.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $186.0M $164.3M
YoY Change 8.0% 7.99%
Accrued Expenses $74.60M $45.84M
YoY Change 26.18% -28.44%
Deferred Revenue $222.7M $212.8M
YoY Change -5.47% 2.28%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $12.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $505.8M $461.0M
YoY Change 1.49% 0.5%
LONG-TERM LIABILITIES
Long-Term Debt $2.096B $2.098B
YoY Change -0.28% -0.24%
Other Long-Term Liabilities $163.6M $46.39M
YoY Change 294.85% -71.23%
Total Long-Term Liabilities $2.260B $2.144B
YoY Change 5.43% 1.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $505.8M $461.0M
Total Long-Term Liabilities $2.260B $2.144B
Total Liabilities $2.883B $2.809B
YoY Change 3.03% 2.86%
SHAREHOLDERS EQUITY
Retained Earnings $246.5M $159.4M
YoY Change -3316.22%
Common Stock $714.6M $710.6M
YoY Change 1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.339B $1.325B
YoY Change 22.18%
Treasury Stock Shares $32.38M
Shareholders Equity -$377.5M -$454.7M
YoY Change
Total Liabilities & Shareholders Equity $2.505B $2.354B
YoY Change 4.53% -8.69%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $87.06M -$16.47M
YoY Change -25.35% 83.23%
Depreciation, Depletion And Amortization $37.83M $37.39M
YoY Change -1.87% -3.15%
Cash From Operating Activities $184.6M $50.30M
YoY Change -19.33% -28.95%
INVESTING ACTIVITIES
Capital Expenditures $75.83M $69.76M
YoY Change -215.0% 98.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$75.83M -$69.76M
YoY Change 15.0% 98.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.000M
YoY Change 0.0%
Cash From Financing Activities -16.79M -8.097M
YoY Change -95.61% -91.87%
NET CHANGE
Cash From Operating Activities 184.6M 50.30M
Cash From Investing Activities -75.83M -69.76M
Cash From Financing Activities -16.79M -8.097M
Net Change In Cash 91.99M -27.56M
YoY Change -141.94% -56.85%
FREE CASH FLOW
Cash From Operating Activities $184.6M $50.30M
Capital Expenditures $75.83M $69.76M
Free Cash Flow $108.8M -$19.46M
YoY Change -63.1% -154.54%

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IncreaseDecreaseRightOfUseAssetsAndOperatingLeaseObligations
104000
CY2022Q1 seas Increase Decrease Right Of Use Assets And Operating Lease Obligations
IncreaseDecreaseRightOfUseAssetsAndOperatingLeaseObligations
201000
CY2023Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
5231000
CY2022Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-3744000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
50296000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70794000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
69758000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35110000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-69758000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35110000
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3000000
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3000000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
20000000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
20000000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
89736000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5569000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7738000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8097000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-99558000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-27559000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-63874000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82320000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
444486000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54761000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380612000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31483000
CY2022Q1 seas Treasury Stock Purchases Not Yet Settled In Other Accrued Liabilities
TreasuryStockPurchasesNotYetSettledInOtherAccruedLiabilities
20169000
CY2023Q1 seas Number Of Theme Parks
NumberOfThemeParks
12
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:4.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation, the valuation of goodwill and other indefinite-lived intangible assets and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data. The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 seas Number Of Theme Parks
NumberOfThemeParks
12
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54761000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
79196000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3124000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54761000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82320000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
227605000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
183772000
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
14806000
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
14237000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
212799000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
169535000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
75400000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16467000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63978000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8987000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75624000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16467000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63978000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8987000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75624000
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2023Q1 seas Potentially Dilutive Securities Excluded From Computation Of Loss Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfLossPerShareAmount
1225000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
26441000
CY2022Q1 seas Potentially Dilutive Securities Excluded From Computation Of Loss Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfLossPerShareAmount
1555000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.414
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q1 seas Percentage Of Corporate Alternative Minimum Tax
PercentageOfCorporateAlternativeMinimumTax
0.15
CY2023Q1 seas Percentage Of Excise Tax On Stock Repurchases
PercentageOfExciseTaxOnStockRepurchases
0.01
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
13347000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
18483000
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
7134000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
3284000
CY2023Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8623000
CY2022Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8608000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16731000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16539000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
45835000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
46914000
CY2023Q1 seas Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
ContractualObligationsFromTemporaryCovidNineteenParkClosuresIncludedInOtherAccruedLiabilities
10900000
CY2022Q4 seas Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
ContractualObligationsFromTemporaryCovidNineteenParkClosuresIncludedInOtherAccruedLiabilities
10900000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2134500000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2137500000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
24899000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2097601000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2099059000
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
18400000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
9000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
239500000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12000000
CY2023Q1 seas Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
1850000000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2134500000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000.0
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2098000000.000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000.0
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2099000000.000
CY2023Q1 seas Number Of Shares At Issue In Legal Matter
NumberOfSharesAtIssueInLegalMatter
300000
CY2023Q1 seas License Agreement Term Description
LicenseAgreementTermDescription
Pursuant to the License Agreement with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second standalone park (“Standalone Park”) (the Company opened the Standalone Park in San Diego on March 26, 2022) and minimum annual capital and marketing thresholds. After the opening of the second Standalone Park (counting the existing Sesame Place Standalone Park in Langhorne, Pennsylvania), SEA has the option to build additional Standalone Parks in the Sesame Territory within agreed upon timelines. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five-year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of March 31, 2023, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $25.0 million over the remaining term of the agreement. See further discussion concerning royalty payments for the year 2021 in the "Sesame Workshop Arbitration" section above.
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4482000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6982000
CY2023Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
32376539

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