$PRKS
United Parks & Resorts Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021025277 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $171.9M $153.6M
YoY Change 11.96% -30.38%
Cost Of Revenue $122.7M $146.1M
YoY Change -16.02% -11.08%
Gross Profit $49.20M $7.500M
YoY Change 556.0% -86.65%
Gross Profit Margin 28.62% 4.88%
Selling, General & Admin $31.46M $26.95M
YoY Change 16.73% -36.97%
% of Gross Profit 63.95% 359.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.60M $38.00M
YoY Change -3.68% -3.8%
% of Gross Profit 74.39% 506.67%
Operating Expenses $31.46M $26.95M
YoY Change 16.73% -36.97%
Operating Profit $17.74M -$19.45M
YoY Change -191.17% -37.85%
Interest Expense -$31.00M -$19.20M
YoY Change 61.46% -192.32%
% of Operating Profit -174.79%
Other Income/Expense, Net -$200.0K $0.00
YoY Change -100.0%
Pretax Income -$50.03M -$76.72M
YoY Change -34.78% 47.17%
Income Tax -$5.148M -$20.20M
% Of Pretax Income
Net Earnings -$44.88M -$56.52M
YoY Change -20.59% 52.67%
Net Earnings / Revenue -26.11% -36.81%
Basic Earnings Per Share -$0.57 -$0.72
Diluted Earnings Per Share -$0.57 -$0.72
COMMON SHARES
Basic Shares Outstanding 78.46M 78.21M
Diluted Shares Outstanding 78.46M 78.21M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.6M $192.8M
YoY Change 123.34% 271.48%
Cash & Equivalents $430.6M $192.8M
Short-Term Investments
Other Short-Term Assets $19.90M $23.00M
YoY Change -13.48% 17.35%
Inventory $28.90M $34.60M
Prepaid Expenses
Receivables $53.00M $43.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $532.3M $293.7M
YoY Change 81.24% 69.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.778B $1.887B
YoY Change -5.78% 1.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.90M $34.00M
YoY Change 17.35% -18.27%
Total Long-Term Assets $2.041B $2.145B
YoY Change -4.83% 0.53%
TOTAL ASSETS
Total Short-Term Assets $532.3M $293.7M
Total Long-Term Assets $2.041B $2.145B
Total Assets $2.573B $2.438B
YoY Change 5.54% 5.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.8M $154.0M
YoY Change -33.25% 9.53%
Accrued Expenses $41.35M $20.63M
YoY Change 100.48% -53.96%
Deferred Revenue $120.4M
YoY Change -20.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.50M $15.50M
YoY Change 0.0% -80.91%
Total Short-Term Liabilities $371.3M $326.7M
YoY Change 13.63% -23.06%
LONG-TERM LIABILITIES
Long-Term Debt $2.175B $1.791B
YoY Change 21.44% 19.8%
Other Long-Term Liabilities $161.2M $39.50M
YoY Change 308.08% -75.31%
Total Long-Term Liabilities $2.175B $1.831B
YoY Change 18.82% 10.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $371.3M $326.7M
Total Long-Term Liabilities $2.175B $1.831B
Total Liabilities $2.719B $2.302B
YoY Change 18.11% 10.7%
SHAREHOLDERS EQUITY
Retained Earnings -$116.0M
YoY Change
Common Stock $668.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $415.3M
YoY Change
Treasury Stock Shares $16.26M $16.26M
Shareholders Equity -$145.8M $136.1M
YoY Change
Total Liabilities & Shareholders Equity $2.573B $2.438B
YoY Change 5.54% 5.73%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$44.88M -$56.52M
YoY Change -20.59% 52.67%
Depreciation, Depletion And Amortization $36.60M $38.00M
YoY Change -3.68% -3.8%
Cash From Operating Activities $18.40M -$40.77M
YoY Change -145.13% -208.17%
INVESTING ACTIVITIES
Capital Expenditures -$15.30M $49.25M
YoY Change -131.07% 2.74%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$15.30M -$49.25M
YoY Change -68.94% 2.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.41M
YoY Change
Debt Paid & Issued, Net $3.876M $3.876M
YoY Change 0.0% -0.03%
Cash From Financing Activities -5.612M 242.8M
YoY Change -102.31% 767.02%
NET CHANGE
Cash From Operating Activities 18.40M -40.77M
Cash From Investing Activities -15.30M -49.25M
Cash From Financing Activities -5.612M 242.8M
Net Change In Cash -2.517M 152.8M
YoY Change -101.65% 758.11%
FREE CASH FLOW
Cash From Operating Activities $18.40M -$40.77M
Capital Expenditures -$15.30M $49.25M
Free Cash Flow $33.70M -$90.02M
YoY Change -137.44% 778.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q3 seas Number Of Theme Parks
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CY2021Q1 seas Number Of Theme Parks Opened For Portion Of Period
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CY2021Q1 us-gaap Use Of Estimates
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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, and the valuation of goodwill and other indefinite-lived intangible 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 government restrictions, capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, travel restrictions, effectiveness and adoption of vaccines, 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.</p>
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CY2021Q1 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.  The Company is currently in discussion with Sesame Workshop regarding the License Agreement as a result of the impacts of the COVID-19 pandemic. 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, 2021, the Company estimates the combined remaining obligations for these commitments could be up to approximately $40.0 million over the remaining term of the agreement. In October 2019, the Company announced that it planned to 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. As a result, depending on governmental restrictions in the state of California, the Company expects to reopen its Aquatica San Diego park in 2021 for its operating season and currently expects to open this park rebranded as its second Sesame Place Standalone Park in 2022.
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4473000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-3601000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.50
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
16260248

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