$PRKS
United Parks & Resorts Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515281899 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $391.6M $405.2M
YoY Change -3.34% -1.49%
Cost Of Revenue $222.3M $222.8M
YoY Change -0.22% -3.55%
Gross Profit $169.3M $182.3M
YoY Change -7.13% 1.11%
Gross Profit Margin 43.23% 45.0%
Selling, General & Admin $73.32M $58.56M
YoY Change 25.2% -5.8%
% of Gross Profit 43.31% 32.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.10M $43.10M
YoY Change 16.24% 6.68%
% of Gross Profit 29.59% 23.64%
Operating Expenses $73.32M $58.56M
YoY Change 25.2% -5.8%
Operating Profit $45.75M $80.59M
YoY Change -43.23% 191.49%
Interest Expense $15.73M $20.53M
YoY Change -23.36% -10.47%
% of Operating Profit 34.39% 25.47%
Other Income/Expense, Net -$209.0K $45.00K
YoY Change -564.44% -57.94%
Pretax Income $9.461M $60.11M
YoY Change -84.26% -347.68%
Income Tax $3.652M $22.70M
% Of Pretax Income 38.6% 37.77%
Net Earnings $5.809M $37.41M
YoY Change -84.47% -335.26%
Net Earnings / Revenue 1.48% 9.23%
Basic Earnings Per Share $0.07 $0.43
Diluted Earnings Per Share $0.07 $0.43
COMMON SHARES
Basic Shares Outstanding 86.19M shares 86.88M shares
Diluted Shares Outstanding 86.29M shares 87.19M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.90M $63.00M
YoY Change -16.03% -32.91%
Cash & Equivalents $52.93M $63.01M
Short-Term Investments
Other Short-Term Assets $27.90M $31.80M
YoY Change -12.26% 40.71%
Inventory $38.75M $44.31M
Prepaid Expenses
Receivables $56.09M $46.81M
Other Receivables $0.00 $0.00
Total Short-Term Assets $175.6M $185.9M
YoY Change -5.56% -16.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.725B $1.775B
YoY Change -2.82% -0.63%
Goodwill $335.6M $335.6M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.22M $39.59M
YoY Change -66.6% -12.33%
Total Long-Term Assets $2.260B $2.340B
YoY Change -3.39% -2.94%
TOTAL ASSETS
Total Short-Term Assets $175.6M $185.9M
Total Long-Term Assets $2.260B $2.340B
Total Assets $2.436B $2.525B
YoY Change -3.55% -4.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $108.3M $118.1M
YoY Change -8.27% -17.17%
Accrued Expenses $16.88M $20.08M
YoY Change -15.9% -13.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $16.85M $14.05M
YoY Change 19.93% 0.0%
Total Short-Term Liabilities $330.6M $325.1M
YoY Change 1.67% -8.28%
LONG-TERM LIABILITIES
Long-Term Debt $1.584B $1.622B
YoY Change -2.35% -0.58%
Other Long-Term Liabilities $31.21M $21.07M
YoY Change 48.09% 1.28%
Total Long-Term Liabilities $1.616B $1.644B
YoY Change -1.7% -0.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $330.6M $325.1M
Total Long-Term Liabilities $1.616B $1.644B
Total Liabilities $1.951B $1.970B
YoY Change -0.98% -1.85%
SHAREHOLDERS EQUITY
Retained Earnings -$22.37M -$4.104M
YoY Change 445.0% -93.47%
Common Stock $622.4M $900.0K
YoY Change 69055.56% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $109.9M $94.87M
YoY Change 15.81%
Treasury Stock Shares 4.106M shares 3.250M shares
Shareholders Equity $485.1M $555.4M
YoY Change
Total Liabilities & Shareholders Equity $2.436B $2.525B
YoY Change -3.55% -4.08%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $5.809M $37.41M
YoY Change -84.47% -335.26%
Depreciation, Depletion And Amortization $50.10M $43.10M
YoY Change 16.24% 6.68%
Cash From Operating Activities $104.4M $120.5M
YoY Change -13.36% 63.95%
INVESTING ACTIVITIES
Capital Expenditures -$42.80M -$47.00M
YoY Change -8.94% -15.62%
Acquisitions
YoY Change
Other Investing Activities $100.0K $300.0K
YoY Change -66.67% 0.0%
Cash From Investing Activities -$42.70M -$46.80M
YoY Change -8.76% -15.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.00M -72.00M
YoY Change -27.78% -536.36%
NET CHANGE
Cash From Operating Activities 104.4M 120.5M
Cash From Investing Activities -42.70M -46.80M
Cash From Financing Activities -52.00M -72.00M
Net Change In Cash 9.700M 1.700M
YoY Change 470.59% -95.07%
FREE CASH FLOW
Cash From Operating Activities $104.4M $120.5M
Capital Expenditures -$42.80M -$47.00M
Free Cash Flow $147.2M $167.5M
YoY Change -12.12% 29.64%

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Involved the elimination of approximately 300 positions across the Company's eleven theme parks and corporate headquarters.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Revision of Previously Issued Financial Statements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In the third quarter of 2014, the Company conducted an internal review of its application of the guidance in Accounting Standards Codification (&#x201C;ASC&#x201D;) 470-50, <i>Debt-Modifications and Extinguishments,</i> to its accounting for certain debt transactions in 2013, 2012 and 2011. As a result of this review and analysis, the Company determined that it had incorrectly applied the accounting guidance in ASC 470-50 and inappropriately accounted for certain fees as a result of modifications and prepayments in certain years. In accordance with ASC 250 (SEC Staff Accounting Bulletin 99, <i>Assessing Materiality</i>), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued financial statements contained in this Quarterly Report on Form 10-Q to correct the effect of these immaterial errors for the corresponding periods. See Note 6&#x2013;Long-Term Debt for the impact of revisions on previously issued periods contained within this Quarterly Report on Form 10-Q.</p> </div>
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