$PRKS
United Parks & Resorts Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024093331 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $545.9M $497.6M
YoY Change -0.43% 0.32%
Cost Of Revenue $248.0M $228.8M
YoY Change 0.72% -2.18%
Gross Profit $297.9M $268.7M
YoY Change -1.35% 2.54%
Gross Profit Margin 54.58% 54.01%
Selling, General & Admin $55.36M $63.79M
YoY Change -7.28% -6.42%
% of Gross Profit 18.58% 23.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.58M $40.28M
YoY Change 6.06% 6.48%
% of Gross Profit 13.96% 14.99%
Operating Expenses $55.36M $63.79M
YoY Change -7.28% -39.82%
Operating Profit $201.0M $164.4M
YoY Change -1.11% 5.31%
Interest Expense $39.68M $39.39M
YoY Change 7.1% -206.58%
% of Operating Profit 19.74% 23.96%
Other Income/Expense, Net -$54.00K $147.0K
YoY Change -357.14% 2840.0%
Pretax Income $161.3M $122.7M
YoY Change -2.99% 3.55%
Income Tax $41.60M $31.57M
% Of Pretax Income 25.79% 25.73%
Net Earnings $119.7M $91.12M
YoY Change -3.14% 4.67%
Net Earnings / Revenue 21.92% 18.31%
Basic Earnings Per Share $2.09 $1.47
Diluted Earnings Per Share $2.08 $1.46
COMMON SHARES
Basic Shares Outstanding 57.95M 62.49M
Diluted Shares Outstanding 57.66M 62.27M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.84M $232.1M
YoY Change -64.3% 58.13%
Cash & Equivalents $76.84M $232.1M
Short-Term Investments
Other Short-Term Assets $41.75M $45.28M
YoY Change 61.2% 30.98%
Inventory $50.90M $52.53M
Prepaid Expenses
Receivables $86.63M $100.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $256.1M $430.7M
YoY Change -31.85% 30.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.904B $1.915B
YoY Change 5.3% 0.28%
Goodwill $66.28M $66.28M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.59M $41.28M
YoY Change 66.68% -4.99%
Total Long-Term Assets $2.324B $2.326B
YoY Change 5.63% 6.89%
TOTAL ASSETS
Total Short-Term Assets $256.1M $430.7M
Total Long-Term Assets $2.324B $2.326B
Total Assets $2.580B $2.757B
YoY Change 0.16% 10.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $144.4M $184.0M
YoY Change -1.57% -1.11%
Accrued Expenses $61.87M $66.80M
YoY Change 5.06% -10.46%
Deferred Revenue $155.7M $230.5M
YoY Change -3.33% 3.52%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $15.50M
YoY Change 29.17% 29.17%
Total Short-Term Liabilities $398.4M $523.3M
YoY Change -1.99% 3.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.235B $2.240B
YoY Change 6.68% 6.86%
Other Long-Term Liabilities $59.98M $54.13M
YoY Change 7.04% -66.92%
Total Long-Term Liabilities $2.295B $2.294B
YoY Change 6.69% 1.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $398.4M $523.3M
Total Long-Term Liabilities $2.295B $2.294B
Total Liabilities $3.035B $3.122B
YoY Change 7.34% 8.3%
SHAREHOLDERS EQUITY
Retained Earnings $609.7M $490.0M
YoY Change 64.76% 98.8%
Common Stock $726.5M $723.3M
YoY Change 0.89% 1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.792B $1.578B
YoY Change 33.48% 17.9%
Treasury Stock Shares
Shareholders Equity -$455.9M -$364.9M
YoY Change
Total Liabilities & Shareholders Equity $2.580B $2.757B
YoY Change 0.16% 10.05%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $119.7M $91.12M
YoY Change -3.14% 4.67%
Depreciation, Depletion And Amortization $41.58M $40.28M
YoY Change 6.06% 6.48%
Cash From Operating Activities $123.0M $173.2M
YoY Change -24.82% -6.16%
INVESTING ACTIVITIES
Capital Expenditures $55.39M $79.53M
YoY Change -37.48% 4.88%
Acquisitions
YoY Change
Other Investing Activities $3.000K -$4.000K
YoY Change
Cash From Investing Activities -$55.39M -$79.53M
YoY Change -37.48% 4.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -222.8M -65.35M
YoY Change 3381.64% 289.23%
NET CHANGE
Cash From Operating Activities 123.0M 173.2M
Cash From Investing Activities -55.39M -79.53M
Cash From Financing Activities -222.8M -65.35M
Net Change In Cash -155.2M 28.34M
YoY Change -326.26% -69.19%
FREE CASH FLOW
Cash From Operating Activities $123.0M $173.2M
Capital Expenditures $55.39M $79.53M
Free Cash Flow $67.60M $93.70M
YoY Change -9.86% -13.86%

Facts In Submission

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United Parks & Resorts Inc.
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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1770000
prks Treasury Stock Purchases Not Yet Settled In Other Accrued Liabilities
TreasuryStockPurchasesNotYetSettledInOtherAccruedLiabilities
4706000
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2024Q2 prks Number Of Theme Parks
NumberOfThemeParks
12
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
244406000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
169967000
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ContractWithCustomerLiabilityNoncurrent
13910000
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
14353000
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ContractWithCustomerLiabilityCurrent
230496000
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
155614000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
112700000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
91124000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61890000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.47
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
87055000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63932000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.36
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
378000
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
420000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
91124000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62268000
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.46
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
87055000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64352000
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.35
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
79923000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62953000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.27
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
70588000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63955000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.1
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
535000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
524000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
79923000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63488000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.26
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
70588000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64479000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
524000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
513000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
452000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
390000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.245
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 prks Percentage Of Corporate Alternative Minimum Tax
PercentageOfCorporateAlternativeMinimumTax
0.15
CY2024Q2 prks Percentage Of Excise Tax On Stock Repurchases
PercentageOfExciseTaxOnStockRepurchases
0.01
CY2024Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
2100000
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
15449000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
18480000
CY2024Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
13218000
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
4169000
CY2024Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
14088000
CY2023Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
13218000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24049000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22239000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
58106000
CY2024Q2 prks Legal Matters Contractual Obligations And Assessments From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
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16500000
CY2023Q4 prks Legal Matters Contractual Obligations And Assessments From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
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15600000
CY2024Q2 prks Other Accrued Liabilities Related To Share Repurchases Not Yet Settled
OtherAccruedLiabilitiesRelatedToShareRepurchasesNotYetSettled
4700000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2271183000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2125500000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
15797000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
20310000
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
15540000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2239846000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2093190000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
900000
prks Debt Issuance Fees Paid Directly To Lenders
DebtIssuanceFeesPaidDirectlyToLenders
700000
us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
2500000
CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
17500000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
7770000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
15540000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15540000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15540000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1491793000
CY2024Q2 prks Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
725000000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2271183000
CY2024Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
15500000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2240000000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2093000000.000
prks 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 June 30, 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.
CY2024Q2 us-gaap Contractual Obligation
ContractualObligation
20000000
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2848000
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3725000
us-gaap Share Based Compensation
ShareBasedCompensation
6368000
us-gaap Share Based Compensation
ShareBasedCompensation
8207000
prks Percentage Of Bonus In Cash
PercentageOfBonusInCash
0.50
CY2024Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
37170399
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4480110
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
233600000

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