$PRKS
United Parks & Resorts Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020023642 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $153.6M $298.0M $220.6M
YoY Change -30.38% 6.42% 1.57%
Cost Of Revenue $146.1M $172.8M $164.3M
YoY Change -11.08% -5.68% -4.75%
Gross Profit $7.500M $125.2M $56.20M
YoY Change -86.65% 29.34% 26.01%
Gross Profit Margin 4.88% 42.01% 25.48%
Selling, General & Admin $26.95M $57.90M $42.76M
YoY Change -36.97% 32.8% -32.68%
% of Gross Profit 359.39% 46.25% 76.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.00M $40.30M $39.50M
YoY Change -3.8% -2.66% 2.86%
% of Gross Profit 506.67% 32.19% 70.28%
Operating Expenses $26.95M $98.10M $42.76M
YoY Change -36.97% 15.41% -32.68%
Operating Profit -$19.45M -$5.289M -$31.30M
YoY Change -37.85% -148.64% -52.68%
Interest Expense -$19.20M -$20.10M $20.80M
YoY Change -192.32% -3.83% 4.44%
% of Operating Profit
Other Income/Expense, Net $0.00 -$200.0K -$27.00K
YoY Change -100.0% -300.0% -57.14%
Pretax Income -$76.72M -$25.60M -$52.13M
YoY Change 47.17% 40.66% -39.47%
Income Tax -$20.20M -$1.400M -$15.11M
% Of Pretax Income
Net Earnings -$56.52M -$24.18M -$37.02M
YoY Change 52.67% 118.79% -41.09%
Net Earnings / Revenue -36.81% -8.11% -16.78%
Basic Earnings Per Share -$0.72 -$0.31 -$0.44
Diluted Earnings Per Share -$0.72 -$0.31 -$0.44
COMMON SHARES
Basic Shares Outstanding 78.21M 83.35M
Diluted Shares Outstanding 78.21M 83.35M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.8M $39.90M $51.90M
YoY Change 271.48% 17.01% 32.06%
Cash & Equivalents $192.8M $39.95M $52.81M
Short-Term Investments
Other Short-Term Assets $23.00M $8.740M $19.60M
YoY Change 17.35% -3.13% -1.51%
Inventory $34.60M $33.16M $42.70M
Prepaid Expenses
Receivables $43.40M $49.73M $58.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $293.7M $169.1M $172.8M
YoY Change 69.97% 15.41% 12.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.887B $1.733B $1.867B
YoY Change 1.04% 2.45% 10.41%
Goodwill $66.28M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.00M $13.65M $41.60M
YoY Change -18.27% -7.35% -43.01%
Total Long-Term Assets $2.145B $2.131B $2.133B
YoY Change 0.53% 8.24% 6.41%
TOTAL ASSETS
Total Short-Term Assets $293.7M $169.1M $172.8M
Total Long-Term Assets $2.145B $2.131B $2.133B
Total Assets $2.438B $2.301B $2.306B
YoY Change 5.73% 8.74% 6.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.0M $131.5M $140.6M
YoY Change 9.53% 9.58% 12.3%
Accrued Expenses $20.63M $81.84M $44.80M
YoY Change -53.96% 254.81% 15.76%
Deferred Revenue $120.4M $104.4M $151.3M
YoY Change -20.41% 3.27%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $65.50M $81.20M
YoY Change -80.91% 43.96% 3.18%
Total Short-Term Liabilities $326.7M $402.7M $424.7M
YoY Change -23.06% 29.61% 9.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.791B $1.483B $1.495B
YoY Change 19.8% -0.8% -0.25%
Other Long-Term Liabilities $39.50M $37.24M $160.0M
YoY Change -75.31% 8.41% 389.3%
Total Long-Term Liabilities $1.831B $1.520B $1.655B
YoY Change 10.6% -0.6% 8.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $326.7M $402.7M $424.7M
Total Long-Term Liabilities $1.831B $1.520B $1.655B
Total Liabilities $2.302B $2.090B $2.080B
YoY Change 10.7% 12.93% 8.31%
SHAREHOLDERS EQUITY
Retained Earnings -$116.0M -$59.48M
YoY Change -60.07%
Common Stock $668.3M $674.8M
YoY Change 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $415.3M $402.9M
YoY Change 59.31%
Treasury Stock Shares $16.26M $15.79M
Shareholders Equity $136.1M $210.9M $226.4M
YoY Change
Total Liabilities & Shareholders Equity $2.438B $2.301B $2.306B
YoY Change 5.73% 8.74% 6.86%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$56.52M -$24.18M -$37.02M
YoY Change 52.67% 118.79% -41.09%
Depreciation, Depletion And Amortization $38.00M $40.30M $39.50M
YoY Change -3.8% -2.66% 2.86%
Cash From Operating Activities -$40.77M $34.70M $37.69M
YoY Change -208.17% 31.44% 85.5%
INVESTING ACTIVITIES
Capital Expenditures $49.25M -$42.30M $47.94M
YoY Change 2.74% 8.74% 4.62%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$50.00K
YoY Change -100.0%
Cash From Investing Activities -$49.25M -$42.30M -$47.89M
YoY Change 2.84% 9.02% 4.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.41M
YoY Change
Debt Paid & Issued, Net $3.876M $3.877M
YoY Change -0.03% -34.59%
Cash From Financing Activities 242.8M -4.100M 28.01M
YoY Change 767.02% -94.87% -12.91%
NET CHANGE
Cash From Operating Activities -40.77M 34.70M 37.69M
Cash From Investing Activities -49.25M -42.30M -47.89M
Cash From Financing Activities 242.8M -4.100M 28.01M
Net Change In Cash 152.8M -11.70M 17.81M
YoY Change 758.11% -87.34% 167.61%
FREE CASH FLOW
Cash From Operating Activities -$40.77M $34.70M $37.69M
Capital Expenditures $49.25M -$42.30M $47.94M
Free Cash Flow -$90.02M $77.00M -$10.25M
YoY Change 778.29% 17.92% -59.82%

Facts In Submission

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 </p> <p style="margin-top:4pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 as well as reviews for potential impairment of assets, including other long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent 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. Based on the uncertainty relating the COVID-19 pandemic, including but not limited to the extent and duration of park closures, potential supply chain disruptions and impact on travel and attendance, the Company is not certain of the ultimate impact the COVID-19 pandemic could have on its estimates, business or results of operations for the year ending December 31, 2020.</span></p>
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1200000
CY2020Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2020Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78213000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.72
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83354000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-56519000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78213000
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.72
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83354000
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2020Q1 seas Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1700000
CY2019Q1 seas Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1893000
CY2020Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7488000
CY2019Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7488000
CY2020Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2796000
CY2019Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1189000
CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
1387000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
573000
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
65000000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8954000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7591000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20625000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
81841000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
10111000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
9759000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
15505000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
65505000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1790891000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1482619000
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
19900000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
15500000
CY2020Q1 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
1198000
CY2019Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
2156000
CY2020Q1 seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
-344000
CY2019Q1 seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
-1953000
CY2020Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
1302000
CY2019Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-855000
CY2020Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
1200000
CY2020Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
0
CY2020Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
1200000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1791000000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
65500000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1483000000
CY2019Q2 seas Stock Repurchased Agreement Closing Date
StockRepurchasedAgreementClosingDate
2019-05-30
CY2020Q1 seas Proposed Settlement
ProposedSettlement
65000000.0
CY2020Q1 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
32100000
CY2020Q1 us-gaap Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
12500000
CY2020Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
12500000
CY2020Q1 seas License Agreement Term Description
LicenseAgreementTermDescription
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”) no later than mid-2021 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 will have 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, 2020, the Company estimates the combined remaining obligations for these commitments could be up to approximately $45.0 million over the remaining term of the agreement. In October 2019, the Company announced that it will convert Aquatica San Diego into its second Sesame Place Standalone Park in the spring of 2021. While construction began in the fall of 2019, it was temporarily paused due to the COVID-19 pandemic. The Company is currently evaluating when this park will open.
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-3601000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3198000
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
94345017
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
16260248

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