$PRKS
United Parks & Resorts Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021057001 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $521.2M $106.1M $18.00M
YoY Change 391.24% -77.6% -95.57%
Cost Of Revenue $233.1M $100.6M $60.20M
YoY Change 131.7% -51.77% -69.66%
Gross Profit $288.1M $5.500M -$42.20M
YoY Change 5138.47% -97.93% -120.33%
Gross Profit Margin 55.28% 5.18% -234.44%
Selling, General & Admin $53.62M $24.30M $21.10M
YoY Change 120.65% -65.04% -70.37%
% of Gross Profit 18.61% 441.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.31M $38.00M $38.00M
YoY Change -4.46% -6.86% -5.0%
% of Gross Profit 12.6% 690.91%
Operating Expenses $89.92M $62.40M $59.10M
YoY Change 44.11% -43.43% -46.85%
Operating Profit $198.2M -$56.90M -$101.3M
YoY Change -448.32% -137.06% -205.23%
Interest Expense -$28.37M -$28.10M -$21.90M
YoY Change 0.97% -230.92% 0.46%
% of Operating Profit -14.32%
Other Income/Expense, Net $39.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $111.0M -$87.60M -$123.1M
YoY Change -226.75% -166.29% -265.23%
Income Tax $8.936M -$8.400M $7.900M
% Of Pretax Income 8.05%
Net Earnings $102.1M -$79.24M -$131.0M
YoY Change -228.85% -180.83% -348.86%
Net Earnings / Revenue 19.59% -74.68% -727.94%
Basic Earnings Per Share $1.29 -$1.01 -$1.68
Diluted Earnings Per Share $1.28 -$1.01 -$1.68
COMMON SHARES
Basic Shares Outstanding 78.96M 78.15M 78.09M
Diluted Shares Outstanding 79.95M 78.15M 78.09M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $553.6M $488.4M $375.7M
YoY Change 13.34% 859.53% 761.7%
Cash & Equivalents $553.6M $488.4M $375.7M
Short-Term Investments
Other Short-Term Assets $15.06M $14.70M $19.20M
YoY Change 2.42% 0.68% 5.49%
Inventory $25.87M $34.20M $35.80M
Prepaid Expenses
Receivables $86.51M $25.60M $28.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $681.0M $562.8M $459.3M
YoY Change 21.0% 272.72% 172.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.766B $1.828B $1.859B
YoY Change -3.38% -1.95% 8.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.69M $36.10M $35.60M
YoY Change 12.71% 15.34% 148.45%
Total Long-Term Assets $2.030B $2.087B $2.118B
YoY Change -2.74% -1.53% -0.46%
TOTAL ASSETS
Total Short-Term Assets $681.0M $562.8M $459.3M
Total Long-Term Assets $2.030B $2.087B $2.118B
Total Assets $2.711B $2.650B $2.577B
YoY Change 2.3% 16.71% 12.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.6M $143.2M $174.5M
YoY Change -1.83% 20.03% 31.2%
Accrued Expenses $55.43M $47.53M $31.69M
YoY Change 16.61% 98.77% 52.3%
Deferred Revenue $173.4M $129.2M $133.8M
YoY Change 34.27% 12.77% -17.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $15.50M $15.50M
YoY Change -22.58% -76.34% -90.34%
Total Short-Term Liabilities $406.8M $351.3M $366.9M
YoY Change 15.81% 2.24% -26.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.106B $2.180B $2.007B
YoY Change -3.39% 46.7% 34.79%
Other Long-Term Liabilities $160.2M $161.6M $162.9M
YoY Change -0.9% 323.34% 320.29%
Total Long-Term Liabilities $2.106B $2.180B $2.007B
YoY Change -3.39% 43.03% 31.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $406.8M $351.3M $366.9M
Total Long-Term Liabilities $2.106B $2.180B $2.007B
Total Liabilities $2.700B $2.717B $2.568B
YoY Change -0.62% 33.23% 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 $17.79M $16.26M $16.26M
Shareholders Equity $11.48M -$66.52M $9.121M
YoY Change
Total Liabilities & Shareholders Equity $2.711B $2.650B $2.577B
YoY Change 2.3% 16.71% 12.25%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $102.1M -$79.24M -$131.0M
YoY Change -228.85% -180.83% -348.86%
Depreciation, Depletion And Amortization $36.31M $38.00M $38.00M
YoY Change -4.46% -6.86% -5.0%
Cash From Operating Activities $168.4M -$39.30M -$27.50M
YoY Change -528.39% -126.86% -121.2%
INVESTING ACTIVITIES
Capital Expenditures -$28.61M -$22.00M -$4.500M
YoY Change 30.05% -45.27% -93.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$28.61M -$22.00M -$4.500M
YoY Change 30.05% -45.14% -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 -202.3M 174.0M 215.5M
YoY Change -216.27% -276.83% -396.02%
NET CHANGE
Cash From Operating Activities 168.4M -39.30M -27.50M
Cash From Investing Activities -28.61M -22.00M -4.500M
Cash From Financing Activities -202.3M 174.0M 215.5M
Net Change In Cash -62.56M 112.7M 183.5M
YoY Change -155.51% 1344.87% -2393.75%
FREE CASH FLOW
Cash From Operating Activities $168.4M -$39.30M -$27.50M
Capital Expenditures -$28.61M -$22.00M -$4.500M
Free Cash Flow $197.0M -$17.30M -$23.00M
YoY Change -1238.55% -109.28% -111.83%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 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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78153000
us-gaap Earnings Per Share Basic
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-3.41
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1261000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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184975000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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80065000
us-gaap Earnings Per Share Diluted
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2.31
us-gaap Net Income Loss Available To Common Stockholders Diluted
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-266785000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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78153000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.41
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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178000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
143000
CY2021Q3 us-gaap Interest Payable Current
InterestPayableCurrent
13143000
CY2021Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7458000
CY2020Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7540000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23131000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9470000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
55426000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
50950000
CY2021Q3 seas Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
ContractualObligationsFromTemporaryCovidNineteenParkClosuresIncludedInOtherAccruedLiabilities
9500000
CY2021Q3 seas Other Accrued Liabilities Related To Share Repurchases Not Yet Settled
OtherAccruedLiabilitiesRelatedToShareRepurchasesNotYetSettled
5200000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2152500000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
34134000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
27236000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
15505000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2106366000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2177137000
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
725000000.0
CY2021Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05250
CY2021Q3 seas Percentage Of Notes Redeemable
PercentageOfNotesRedeemable
0.09500
CY2021Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
12000000.0
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
12000000.0
CY2021Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
12500000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
12500000
CY2021Q3 us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
21500000
us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
21500000
CY2021Q3 seas Prepayment Premium
PrepaymentPremium
0.0100
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
20500000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3000000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12000000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12000000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12000000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
239500000
CY2021Q3 seas Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
1874000000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2152500000
seas Unrealized Gain Loss On Derivatives Recognized In Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnDerivativesRecognizedInAccumulatedOtherComprehensiveIncomeLoss
-370000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
2501000
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
0
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
0
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000.0
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2106000000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
15500000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2177000000
CY2020Q4 seas Legal Settlement
LegalSettlement
65000000.0
CY2019 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
32100000
us-gaap Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
12500000
seas Legal Settlement Gain
LegalSettlementGain
12500000
seas Number Of Shares At Issue In Legal Matter
NumberOfSharesAtIssueInLegalMatter
300000
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, 2021, the Company estimates the combined remaining obligations for these commitments could be up to approximately $40.0 million over the remaining current 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.
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
13049000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3484000
us-gaap Share Based Compensation
ShareBasedCompensation
23156000
us-gaap Share Based Compensation
ShareBasedCompensation
3203000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.50
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
95419927
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
17794246
seas Severance Charges And Other Separation Costs Incurred1
SeveranceChargesAndOtherSeparationCostsIncurred1
1600000

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