$PRKS
United Parks & Resorts Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057103 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $497.6M $297.4M
YoY Change 0.32% 1.39%
Cost Of Revenue $228.8M $187.9M
YoY Change -2.18% -4.07%
Gross Profit $268.7M $109.5M
YoY Change 2.54% 12.36%
Gross Profit Margin 54.01% 36.81%
Selling, General & Admin $63.79M $47.88M
YoY Change -6.42% -0.84%
% of Gross Profit 23.74% 43.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.28M $39.18M
YoY Change 6.48% 4.78%
% of Gross Profit 14.99% 35.78%
Operating Expenses $63.79M $47.88M
YoY Change -39.82% -0.84%
Operating Profit $164.4M $22.14M
YoY Change 5.31% 88.08%
Interest Expense $39.39M $38.78M
YoY Change -206.58% 6.53%
% of Operating Profit 23.96% 175.14%
Other Income/Expense, Net $147.0K -$180.0K
YoY Change 2840.0% 291.3%
Pretax Income $122.7M -$16.82M
YoY Change 3.55% -31.85%
Income Tax $31.57M -$5.615M
% Of Pretax Income 25.73%
Net Earnings $91.12M -$11.20M
YoY Change 4.67% -31.98%
Net Earnings / Revenue 18.31% -3.77%
Basic Earnings Per Share $1.47 -$0.17
Diluted Earnings Per Share $1.46 -$0.17
COMMON SHARES
Basic Shares Outstanding 62.49M 63.97M
Diluted Shares Outstanding 62.27M 64.02M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.1M $203.7M
YoY Change 58.13% 272.0%
Cash & Equivalents $232.1M $203.7M
Short-Term Investments
Other Short-Term Assets $45.28M $41.71M
YoY Change 30.98% 17.51%
Inventory $52.53M $51.04M
Prepaid Expenses
Receivables $100.8M $80.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $430.7M $376.9M
YoY Change 30.94% 69.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.915B $1.894B
YoY Change 0.28% 8.8%
Goodwill $66.28M $66.28M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.28M $35.93M
YoY Change -4.99% 41.48%
Total Long-Term Assets $2.326B $2.292B
YoY Change 6.89% 7.51%
TOTAL ASSETS
Total Short-Term Assets $430.7M $376.9M
Total Long-Term Assets $2.326B $2.292B
Total Assets $2.757B $2.669B
YoY Change 10.05% 13.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $184.0M $181.1M
YoY Change -1.11% 10.19%
Accrued Expenses $66.80M $58.74M
YoY Change -10.46% 28.16%
Deferred Revenue $230.5M $209.9M
YoY Change 3.52% -1.35%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $11.70M
YoY Change 29.17% -2.5%
Total Short-Term Liabilities $523.3M $489.9M
YoY Change 3.46% 6.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.240B $2.092B
YoY Change 6.86% -0.29%
Other Long-Term Liabilities $54.13M $55.46M
YoY Change -66.92% 19.56%
Total Long-Term Liabilities $2.294B $2.147B
YoY Change 1.52% 0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $523.3M $489.9M
Total Long-Term Liabilities $2.294B $2.147B
Total Liabilities $3.122B $2.912B
YoY Change 8.3% 3.69%
SHAREHOLDERS EQUITY
Retained Earnings $490.0M $398.9M
YoY Change 98.8% 150.19%
Common Stock $723.3M $720.7M
YoY Change 1.22% 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.578B $1.363B
YoY Change 17.9% 2.87%
Treasury Stock Shares
Shareholders Equity -$364.9M -$243.1M
YoY Change
Total Liabilities & Shareholders Equity $2.757B $2.669B
YoY Change 10.05% 13.39%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $91.12M -$11.20M
YoY Change 4.67% -31.98%
Depreciation, Depletion And Amortization $40.28M $39.18M
YoY Change 6.48% 4.78%
Cash From Operating Activities $173.2M $71.45M
YoY Change -6.16% 42.05%
INVESTING ACTIVITIES
Capital Expenditures $79.53M $87.29M
YoY Change 4.88% 25.13%
Acquisitions
YoY Change
Other Investing Activities -$4.000K $74.00K
YoY Change
Cash From Investing Activities -$79.53M -$87.36M
YoY Change 4.88% 25.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.933M
YoY Change -2.23%
Cash From Financing Activities -65.35M -27.30M
YoY Change 289.23% 237.11%
NET CHANGE
Cash From Operating Activities 173.2M 71.45M
Cash From Investing Activities -79.53M -87.36M
Cash From Financing Activities -65.35M -27.30M
Net Change In Cash 28.34M -43.21M
YoY Change -69.19% 56.79%
FREE CASH FLOW
Cash From Operating Activities $173.2M $71.45M
Capital Expenditures $79.53M $87.29M
Free Cash Flow $93.70M -$15.84M
YoY Change -13.86% -18.61%

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PotentiallyDilutiveSecuritiesExcludedFromComputationOfLossPerShareAmount
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CY2024Q1 prks Number Of Theme Parks
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CY2024Q1 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 reserves, income taxes, revenue recognition 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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 prks Number Of Theme Parks
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.334
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
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OtherAccruedLiabilitiesCurrent
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2024Q1 prks Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
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CY2024Q1 prks Other Accrued Liabilities Related To Share Repurchases Not Yet Settled
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CY2024Q1 prks License Agreement Term Description
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Pursuant to a license agreement (“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, 2024, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $20.0 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.
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q1 prks Long Term Debt Maturities Repayments Of Principal After Year Four
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CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
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