$PRKS
United Parks & Resorts Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022028112 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $565.2M $504.8M $270.7M
YoY Change 8.44% 14.79% 57.45%
Cost Of Revenue $257.3M $232.0M $176.0M
YoY Change 10.38% 21.17% 43.41%
Gross Profit $307.9M $272.8M $94.73M
YoY Change 6.87% 9.87% 92.54%
Gross Profit Margin 54.48% 54.04% 34.99%
Selling, General & Admin $53.08M $56.16M $46.06M
YoY Change -1.0% 30.03% 46.39%
% of Gross Profit 17.24% 20.59% 48.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.22M $38.55M $38.61M
YoY Change 2.51% 6.48% 5.5%
% of Gross Profit 12.09% 14.13% 40.76%
Operating Expenses $53.08M $56.16M $84.67M
YoY Change -40.97% 30.03% 169.1%
Operating Profit $217.6M $178.0M $10.06M
YoY Change 9.8% 6.36% -43.3%
Interest Expense $30.56M $26.81M -$25.37M
YoY Change -207.7% -13.87% -18.16%
% of Operating Profit 14.04% 15.06% -252.26%
Other Income/Expense, Net $66.00K $32.00K $12.00K
YoY Change 69.23% -252.38% -106.0%
Pretax Income $187.1M $151.2M -$15.33M
YoY Change 68.54% 11.02% -69.36%
Income Tax $52.58M $34.62M -$6.344M
% Of Pretax Income 28.1% 22.89%
Net Earnings $134.6M $116.6M -$8.987M
YoY Change 31.79% -8.73% -79.98%
Net Earnings / Revenue 23.81% 23.1% -3.32%
Basic Earnings Per Share $2.00 $1.63 -$0.12
Diluted Earnings Per Share $1.99 $1.62 -$0.12
COMMON SHARES
Basic Shares Outstanding 67.62M 71.69M 75.62M
Diluted Shares Outstanding 67.57M 72.17M 75.62M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.6M $160.8M $380.0M
YoY Change -80.21% -73.88% -11.75%
Cash & Equivalents $109.6M $160.8M $380.0M
Short-Term Investments
Other Short-Term Assets $28.47M $28.68M $24.96M
YoY Change 89.11% 41.7% 25.43%
Inventory $60.28M $56.64M $45.11M
Prepaid Expenses
Receivables $77.69M $84.00M $74.58M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $276.0M $330.2M $524.7M
YoY Change -59.47% -56.07% -1.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.689B $1.670B $1.787B
YoY Change -4.37% -5.77% 0.49%
Goodwill $66.28M $66.28M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.61M $17.38M $43.39M
YoY Change -54.27% -55.98% 8.74%
Total Long-Term Assets $2.079B $2.066B $2.053B
YoY Change 2.43% 1.54% 0.6%
TOTAL ASSETS
Total Short-Term Assets $276.0M $330.2M $524.7M
Total Long-Term Assets $2.079B $2.066B $2.053B
Total Assets $2.355B $2.397B $2.578B
YoY Change -13.12% -14.0% 0.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $155.4M $172.3M $152.2M
YoY Change 10.54% 32.53% 48.02%
Accrued Expenses $57.73M $59.12M $64.05M
YoY Change 4.15% 15.38% 54.91%
Deferred Revenue $182.3M $235.5M $208.0M
YoY Change 5.09% -1.32%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $12.00M $12.00M
YoY Change 0.0% -81.68% -22.58%
Total Short-Term Liabilities $429.9M $498.4M $458.7M
YoY Change 5.66% -1.86% 23.55%
LONG-TERM LIABILITIES
Long-Term Debt $2.101B $2.102B $2.103B
YoY Change -0.24% -0.99% -3.31%
Other Long-Term Liabilities $44.95M $41.44M $161.2M
YoY Change -71.93% -74.05% 0.01%
Total Long-Term Liabilities $2.146B $2.143B $2.103B
YoY Change 1.9% 0.96% -3.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $429.9M $498.4M $458.7M
Total Long-Term Liabilities $2.146B $2.143B $2.103B
Total Liabilities $2.776B $2.798B $2.730B
YoY Change 2.82% -0.36% 0.41%
SHAREHOLDERS EQUITY
Retained Earnings $126.9M -$7.664M
YoY Change
Common Stock $706.9M $701.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.254B $1.096B
YoY Change
Treasury Stock Shares $30.99M $27.83M $21.49M
Shareholders Equity -$420.3M -$401.5M -$152.4M
YoY Change
Total Liabilities & Shareholders Equity $2.355B $2.397B $2.578B
YoY Change -13.12% -14.0% 0.18%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $134.6M $116.6M -$8.987M
YoY Change 31.79% -8.73% -79.98%
Depreciation, Depletion And Amortization $37.22M $38.55M $38.61M
YoY Change 2.51% 6.48% 5.5%
Cash From Operating Activities $169.2M $228.8M $70.79M
YoY Change 0.52% -0.36% 284.75%
INVESTING ACTIVITIES
Capital Expenditures -$49.68M -$65.94M $35.11M
YoY Change 73.65% 122.16% -329.48%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$49.68M -$65.94M -$35.11M
YoY Change 73.65% 122.16% 129.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $89.74M
YoY Change
Debt Paid & Issued, Net $3.000M
YoY Change -22.6%
Cash From Financing Activities -165.4M -382.2M -99.56M
YoY Change -18.26% 2447.25% 1674.02%
NET CHANGE
Cash From Operating Activities 169.2M 228.8M 70.79M
Cash From Investing Activities -49.68M -65.94M -35.11M
Cash From Financing Activities -165.4M -382.2M -99.56M
Net Change In Cash -45.81M -219.3M -63.87M
YoY Change -26.78% -218.55% 2437.7%
FREE CASH FLOW
Cash From Operating Activities $169.2M $228.8M $70.79M
Capital Expenditures -$49.68M -$65.94M $35.11M
Free Cash Flow $218.9M $294.8M $35.68M
YoY Change 11.14% 13.66% 5.89%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Costs And Expenses
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CY2021Q2 seas Number Of Theme Parks Reopened
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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, 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, the emergence of new variants, and the current operating environment, 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, possible travel restrictions, effectiveness and adoption of vaccines, boosters and/or medications, supply chain disruptions, inflationary pressures, foreign exchange rates, and/or additional actions which could be taken by government authorities to manage the pandemic or other macroeconomic issues, the Company is not certain of the ultimate impact these factors could have on its estimates, business or results of operations.</p>
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us-gaap Number Of Reportable Segments
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9655000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
784000
CY2022Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8470000
CY2021Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8210000
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000.0
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
45811000
CY2022Q2 seas Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
ContractualObligationsFromTemporaryCovidNineteenParkClosuresIncludedInOtherAccruedLiabilities
10900000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2143500000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2102000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2149500000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000.0
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2105000000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22883000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19445000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
59124000
CY2021Q4 seas Contractual Obligations From Temporary Covid Nineteen Park Closures Included In Other Accrued Liabilities
ContractualObligationsFromTemporaryCovidNineteenParkClosuresIncludedInOtherAccruedLiabilities
10900000
CY2022Q2 seas Other Accrued Liabilities Related To Share Repurchases Not Yet Settled
OtherAccruedLiabilitiesRelatedToShareRepurchasesNotYetSettled
9800000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12000000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2101955000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2104835000
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 Redeemed
PercentageOfNotesRedeemed
0.09500
CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
19700000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12000000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
239500000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12000000
CY2022Q2 seas Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
1862000000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2143500000
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
seas Number Of Shares At Issue In Legal Matter
NumberOfSharesAtIssueInLegalMatter
300000
seas License Agreement Term Description
LicenseAgreementTermDescription
Pursuant to the 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 June 30, 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. See further discussion concerning royalty payments for the year 2021 in the Sesame Workshop Arbitration section.  
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2549000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5634000
us-gaap Share Based Compensation
ShareBasedCompensation
9531000
us-gaap Share Based Compensation
ShareBasedCompensation
10107000
CY2022Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
27830224

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