$PRKS
United Parks & Resorts Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051645 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $106.1M $473.7M $406.0M
YoY Change -77.6% -1.97% 3.59%
Cost Of Revenue $100.6M $208.6M $198.4M
YoY Change -51.77% -11.16% -10.63%
Gross Profit $5.500M $265.1M $207.6M
YoY Change -97.93% 6.77% 22.19%
Gross Profit Margin 5.18% 55.97% 51.13%
Selling, General & Admin $24.30M $69.50M $71.20M
YoY Change -65.04% 34.95% 0.28%
% of Gross Profit 441.82% 26.22% 34.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.00M $40.80M $40.00M
YoY Change -6.86% -0.97% 0.0%
% of Gross Profit 690.91% 15.39% 19.27%
Operating Expenses $62.40M $110.3M $111.2M
YoY Change -43.43% 18.99% 0.18%
Operating Profit -$56.90M $153.5M $96.26M
YoY Change -137.06% 1.18% 74.36%
Interest Expense -$28.10M $21.46M -$21.80M
YoY Change -230.92% 10.07% 5.83%
% of Operating Profit 13.98% -22.65%
Other Income/Expense, Net $0.00 $86.00K $100.0K
YoY Change -100.0% 45.76%
Pretax Income -$87.60M $132.2M $74.50M
YoY Change -166.29% -0.1% 114.7%
Income Tax -$8.400M $34.12M $21.90M
% Of Pretax Income 25.82% 29.4%
Net Earnings -$79.24M $98.03M $52.65M
YoY Change -180.83% 2.13% 131.97%
Net Earnings / Revenue -74.68% 20.7% 12.97%
Basic Earnings Per Share -$1.01 $1.25 $0.65
Diluted Earnings Per Share -$1.01 $1.24 $0.64
COMMON SHARES
Basic Shares Outstanding 78.15M 78.16M 81.52M
Diluted Shares Outstanding 78.15M 78.80M 82.17M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $488.4M $50.90M $43.60M
YoY Change 859.53% -59.51% 30.15%
Cash & Equivalents $488.4M $50.92M $43.60M
Short-Term Investments
Other Short-Term Assets $14.70M $14.60M $18.20M
YoY Change 0.68% 2.1% 5.2%
Inventory $34.20M $34.80M $43.22M
Prepaid Expenses
Receivables $25.60M $50.80M $63.28M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $562.8M $151.0M $168.3M
YoY Change 272.72% -37.5% 3.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.828B $1.864B $1.722B
YoY Change -1.95% 10.4% 1.3%
Goodwill $66.28M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.10M $31.30M $14.33M
YoY Change 15.34% -26.0% -76.55%
Total Long-Term Assets $2.087B $2.120B $2.128B
YoY Change -1.53% 7.58% 6.37%
TOTAL ASSETS
Total Short-Term Assets $562.8M $151.0M $168.3M
Total Long-Term Assets $2.087B $2.120B $2.128B
Total Assets $2.650B $2.271B $2.296B
YoY Change 16.71% 2.66% 6.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.2M $119.3M $133.0M
YoY Change 20.03% 10.77% 1.45%
Accrued Expenses $47.53M $23.91M $20.81M
YoY Change 98.77% -54.19% -56.56%
Deferred Revenue $129.2M $114.5M $163.1M
YoY Change 12.77% 6.03% 3.26%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $65.50M $160.5M
YoY Change -76.34% 176.37% 577.22%
Total Short-Term Liabilities $351.3M $343.6M $496.3M
YoY Change 2.24% 14.95% 34.85%
LONG-TERM LIABILITIES
Long-Term Debt $2.180B $1.486B $1.489B
YoY Change 46.7% -0.22% -0.34%
Other Long-Term Liabilities $161.6M $38.17M $38.76M
YoY Change 323.34% 19.66% 22.1%
Total Long-Term Liabilities $2.180B $1.524B $1.528B
YoY Change 43.03% 0.2% 4712.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $351.3M $343.6M $496.3M
Total Long-Term Liabilities $2.180B $1.524B $1.528B
Total Liabilities $2.717B $2.039B $2.165B
YoY Change 33.23% 10.91% 14.3%
SHAREHOLDERS EQUITY
Retained Earnings -$133.3M
YoY Change -43.0%
Common Stock $672.2M $670.4M
YoY Change 2.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $402.9M
YoY Change 160.15%
Treasury Stock Shares $16.26M $15.79M $15.79M
Shareholders Equity -$66.52M $231.7M $131.5M
YoY Change
Total Liabilities & Shareholders Equity $2.650B $2.271B $2.296B
YoY Change 16.71% 2.66% 6.13%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$79.24M $98.03M $52.65M
YoY Change -180.83% 2.13% 131.97%
Depreciation, Depletion And Amortization $38.00M $40.80M $40.00M
YoY Change -6.86% -0.97% 0.0%
Cash From Operating Activities -$39.30M $146.3M $129.7M
YoY Change -126.86% 3.98% 21.78%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M -$40.20M -$64.80M
YoY Change -45.27% -7.59% 25.58%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$200.0K
YoY Change -50.0% -60.0%
Cash From Investing Activities -$22.00M -$40.10M -$64.90M
YoY Change -45.14% -7.6% 24.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 174.0M -98.40M -72.80M
YoY Change -276.83% 1993.62% 20.53%
NET CHANGE
Cash From Operating Activities -39.30M 146.3M 129.7M
Cash From Investing Activities -22.00M -40.10M -64.90M
Cash From Financing Activities 174.0M -98.40M -72.80M
Net Change In Cash 112.7M 7.800M -8.000M
YoY Change 1344.87% -91.58% 35.59%
FREE CASH FLOW
Cash From Operating Activities -$39.30M $146.3M $129.7M
Capital Expenditures -$22.00M -$40.20M -$64.80M
Free Cash Flow -$17.30M $186.5M $194.5M
YoY Change -109.28% 1.25% 23.02%

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 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 to the COVID-19 pandemic, including but not limited to the extent, duration and impact of park closures, limited park reopenings, capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, potential supply chain disruptions and additional actions which could be taken by government authorities to manage the pandemic, 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.</p>
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CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
10000000
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
129164000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
104416000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78154000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78164000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.25
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-79237000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78154000
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78804000
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.24
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-266785000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78153000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.41
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
113659000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81003000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.40
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
735000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78153000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.41
us-gaap Net Income Loss Available To Common Stockholders Diluted
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113659000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81738000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.39
CY2020Q3 seas Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2533000
seas Potentially Dilutive Securities Excluded From Computation Of Earnings Per Share Amount
PotentiallyDilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2195000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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394000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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300000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.096
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.072
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2019Q3 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
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
16305000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
573000
CY2020Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
10783000
CY2019Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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1189000
CY2020Q3 us-gaap Self Insurance Reserve Current
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7673000
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CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
65000000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12769000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7591000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
47530000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
81841000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
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2223754000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1557883000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
28700000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
9759000
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
15505000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
65505000
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2179549000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1482619000
CY2020Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
21200000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3876000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
15505000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15505000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15505000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1445863000
CY2020Q3 seas Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
727500000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2223754000
CY2019Q3 seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
187000
seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
-370000
seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
-5338000
CY2019Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
324000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
2501000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-880000
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
0
CY2020Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
15500000
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2180000000
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
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
CY2020Q3 seas Legal Settlement
LegalSettlement
65000000.0
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
32100000
us-gaap Insurance Recoveries
InsuranceRecoveries
12500000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
12500000
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 September 30, 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.
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3484000
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1162000
us-gaap Share Based Compensation
ShareBasedCompensation
3203000
us-gaap Share Based Compensation
ShareBasedCompensation
8444000
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
94433197
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
16260248
CY2019Q3 seas Severance Charges And Other Separation Costs Incurred
SeveranceChargesAndOtherSeparationCostsIncurred
1200000
seas Severance Charges And Other Separation Costs Incurred
SeveranceChargesAndOtherSeparationCostsIncurred
3800000

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