$PRKS
United Parks & Resorts Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021041903 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $439.8M $18.00M
YoY Change 2343.24% -95.57%
Cost Of Revenue $191.5M $60.20M
YoY Change 218.07% -69.66%
Gross Profit $248.3M -$42.20M
YoY Change -688.4% -120.33%
Gross Profit Margin 56.46% -234.44%
Selling, General & Admin $43.19M $21.10M
YoY Change 104.69% -70.37%
% of Gross Profit 17.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.21M $38.00M
YoY Change -4.72% -5.0%
% of Gross Profit 14.58%
Operating Expenses $43.19M $59.10M
YoY Change -26.92% -46.85%
Operating Profit $167.4M -$101.3M
YoY Change -265.22% -205.23%
Interest Expense $31.13M -$21.90M
YoY Change -242.13% 0.46%
% of Operating Profit 18.6%
Other Income/Expense, Net -$21.00K $0.00
YoY Change -100.0%
Pretax Income $136.2M -$123.1M
YoY Change -210.66% -265.23%
Income Tax $8.461M $7.900M
% Of Pretax Income 6.21%
Net Earnings $127.8M -$131.0M
YoY Change -197.51% -348.86%
Net Earnings / Revenue 29.05% -727.94%
Basic Earnings Per Share $1.62 -$1.68
Diluted Earnings Per Share $1.59 -$1.68
COMMON SHARES
Basic Shares Outstanding 78.99M 78.09M
Diluted Shares Outstanding 80.18M 78.09M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $615.8M $375.7M
YoY Change 63.9% 761.7%
Cash & Equivalents $615.8M $375.7M
Short-Term Investments
Other Short-Term Assets $20.24M $19.20M
YoY Change 5.42% 5.49%
Inventory $25.11M $35.80M
Prepaid Expenses
Receivables $90.42M $28.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $751.6M $459.3M
YoY Change 63.63% 172.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.772B $1.859B
YoY Change -4.67% 8.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.48M $35.60M
YoY Change 10.89% 148.45%
Total Long-Term Assets $2.035B $2.118B
YoY Change -3.92% -0.46%
TOTAL ASSETS
Total Short-Term Assets $751.6M $459.3M
Total Long-Term Assets $2.035B $2.118B
Total Assets $2.787B $2.577B
YoY Change 8.12% 12.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.0M $174.5M
YoY Change -25.51% 31.2%
Accrued Expenses $51.24M $31.69M
YoY Change 61.7% 52.3%
Deferred Revenue $238.7M $133.8M
YoY Change 78.35% -17.96%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $65.50M $15.50M
YoY Change 322.58% -90.34%
Total Short-Term Liabilities $507.9M $366.9M
YoY Change 38.42% -26.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.123B $2.007B
YoY Change 5.78% 34.79%
Other Long-Term Liabilities $159.7M $162.9M
YoY Change -1.99% 320.29%
Total Long-Term Liabilities $2.123B $2.007B
YoY Change 5.78% 31.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $507.9M $366.9M
Total Long-Term Liabilities $2.123B $2.007B
Total Liabilities $2.808B $2.568B
YoY Change 9.33% 18.65%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $16.26M $16.26M
Shareholders Equity -$21.31M $9.121M
YoY Change
Total Liabilities & Shareholders Equity $2.787B $2.577B
YoY Change 8.12% 12.25%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $127.8M -$131.0M
YoY Change -197.51% -348.86%
Depreciation, Depletion And Amortization $36.21M $38.00M
YoY Change -4.72% -5.0%
Cash From Operating Activities $229.7M -$27.50M
YoY Change -935.19% -121.2%
INVESTING ACTIVITIES
Capital Expenditures -$29.68M -$4.500M
YoY Change 559.58% -93.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$29.68M -$4.500M
YoY Change 559.58% -93.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.01M 215.5M
YoY Change -106.96% -396.02%
NET CHANGE
Cash From Operating Activities 229.7M -27.50M
Cash From Investing Activities -29.68M -4.500M
Cash From Financing Activities -15.01M 215.5M
Net Change In Cash 185.0M 183.5M
YoY Change 0.81% -2393.75%
FREE CASH FLOW
Cash From Operating Activities $229.7M -$27.50M
Capital Expenditures -$29.68M -$4.500M
Free Cash Flow $259.4M -$23.00M
YoY Change -1227.65% -111.83%

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, 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 impact or timing 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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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 June 30, 2021, the Company estimates the combined remaining obligations for these commitments could be up to approximately $35.0 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. The Company has opened its Aquatica San Diego park for the 2021 operating season and currently expects to open this park rebranded as its second Sesame Place Standalone Park in 2022.
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5634000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3320000
us-gaap Share Based Compensation
ShareBasedCompensation
10107000
us-gaap Share Based Compensation
ShareBasedCompensation
-281000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.50
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
95380481
CY2021Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
16260248

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