$PRKS
United Parks & Resorts Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022018431 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $270.7M $171.9M
YoY Change 57.45% 11.96%
Cost Of Revenue $176.0M $122.7M
YoY Change 43.41% -16.02%
Gross Profit $94.73M $49.20M
YoY Change 92.54% 556.0%
Gross Profit Margin 34.99% 28.62%
Selling, General & Admin $46.06M $31.46M
YoY Change 46.39% 16.73%
% of Gross Profit 48.62% 63.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.61M $36.60M
YoY Change 5.5% -3.68%
% of Gross Profit 40.76% 74.39%
Operating Expenses $84.67M $31.46M
YoY Change 169.1% 16.73%
Operating Profit $10.06M $17.74M
YoY Change -43.3% -191.17%
Interest Expense -$25.37M -$31.00M
YoY Change -18.16% 61.46%
% of Operating Profit -252.26% -174.79%
Other Income/Expense, Net $12.00K -$200.0K
YoY Change -106.0%
Pretax Income -$15.33M -$50.03M
YoY Change -69.36% -34.78%
Income Tax -$6.344M -$5.148M
% Of Pretax Income
Net Earnings -$8.987M -$44.88M
YoY Change -79.98% -20.59%
Net Earnings / Revenue -3.32% -26.11%
Basic Earnings Per Share -$0.12 -$0.57
Diluted Earnings Per Share -$0.12 -$0.57
COMMON SHARES
Basic Shares Outstanding 75.62M 78.46M
Diluted Shares Outstanding 75.62M 78.46M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $380.0M $430.6M
YoY Change -11.75% 123.34%
Cash & Equivalents $380.0M $430.6M
Short-Term Investments
Other Short-Term Assets $24.96M $19.90M
YoY Change 25.43% -13.48%
Inventory $45.11M $28.90M
Prepaid Expenses
Receivables $74.58M $53.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $524.7M $532.3M
YoY Change -1.43% 81.24%
LONG-TERM ASSETS
Property, Plant & Equipment $1.787B $1.778B
YoY Change 0.49% -5.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.39M $39.90M
YoY Change 8.74% 17.35%
Total Long-Term Assets $2.053B $2.041B
YoY Change 0.6% -4.83%
TOTAL ASSETS
Total Short-Term Assets $524.7M $532.3M
Total Long-Term Assets $2.053B $2.041B
Total Assets $2.578B $2.573B
YoY Change 0.18% 5.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.2M $102.8M
YoY Change 48.02% -33.25%
Accrued Expenses $64.05M $41.35M
YoY Change 54.91% 100.48%
Deferred Revenue $208.0M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $15.50M
YoY Change -22.58% 0.0%
Total Short-Term Liabilities $458.7M $371.3M
YoY Change 23.55% 13.63%
LONG-TERM LIABILITIES
Long-Term Debt $2.103B $2.175B
YoY Change -3.31% 21.44%
Other Long-Term Liabilities $161.2M $161.2M
YoY Change 0.01% 308.08%
Total Long-Term Liabilities $2.103B $2.175B
YoY Change -3.31% 18.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $458.7M $371.3M
Total Long-Term Liabilities $2.103B $2.175B
Total Liabilities $2.730B $2.719B
YoY Change 0.41% 18.11%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $21.49M $16.26M
Shareholders Equity -$152.4M -$145.8M
YoY Change
Total Liabilities & Shareholders Equity $2.578B $2.573B
YoY Change 0.18% 5.54%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$8.987M -$44.88M
YoY Change -79.98% -20.59%
Depreciation, Depletion And Amortization $38.61M $36.60M
YoY Change 5.5% -3.68%
Cash From Operating Activities $70.79M $18.40M
YoY Change 284.75% -145.13%
INVESTING ACTIVITIES
Capital Expenditures $35.11M -$15.30M
YoY Change -329.48% -131.07%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$35.11M -$15.30M
YoY Change 129.51% -68.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $89.74M
YoY Change
Debt Paid & Issued, Net $3.000M $3.876M
YoY Change -22.6% 0.0%
Cash From Financing Activities -99.56M -5.612M
YoY Change 1674.02% -102.31%
NET CHANGE
Cash From Operating Activities 70.79M 18.40M
Cash From Investing Activities -35.11M -15.30M
Cash From Financing Activities -99.56M -5.612M
Net Change In Cash -63.87M -2.517M
YoY Change 2437.7% -101.65%
FREE CASH FLOW
Cash From Operating Activities $70.79M $18.40M
Capital Expenditures $35.11M -$15.30M
Free Cash Flow $35.68M $33.70M
YoY Change 5.89% -137.44%

Facts In Submission

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CY2021Q2 seas Number Of Theme Parks Reopened
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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 and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and 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, any future capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, travel restrictions, effectiveness and adoption of vaccines, the impact of new variants, 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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CY2022Q1 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”) (the Company opened the Standalone Park in San Diego on March 26, 2022) 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 has 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, 2022, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $25.0 million over the remaining term of the agreement.
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6982000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4473000
CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
21488469

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