SeaWorld Entertainment reports gains in revenue and per capita spending

Posted Thursday, May 6, 2021 10:00 AM | Contributed by Jeff

From the press release:

First Quarter 2021 Highlights

  • Attendance was 2.2 million guests, a decline of 0.1 million guests, or 4.5%, from the first quarter of 2020. Compared to the first quarter of 2019, attendance declined by 1.1 million guests or 33.7%.
  • Total revenue was $171.9 million, an increase of $18.4 million, or 12.0% from the first quarter of 2020. Compared to the first quarter of 2019, total revenue declined by $48.7 million or 22.1%.
  • Net loss was $44.9 million, an improvement of $11.6 million or 20.6% from the first quarter of 2020. Compared to the first quarter of 2019, net loss increased by $7.9 million or 21.2%.
  • Adjusted EBITDA[2] was $25.2 million, an increase of $56.0 million from the first quarter of 2020. Compared to the first quarter of 2019, Adjusted EBITDA increased by $8.8 million or 53.4%.
  • Total revenue per capita increased 17.2% to $77.63 from the first quarter of 2020. Admission per capita increased 10.8% to $43.25 while in-park per capita spending increased 26.4% to $34.38 from the first quarter of 2020. Compared to the first quarter of 2019, total revenue per capita increased 17.6%, admission per capita increased 12.0%, while in-park per capita spending increased 25.3%.

Other

  • As of March 31, 2021, the Company had approximately $431 million of cash and cash equivalents on its balance sheet and approximately $312 million available on its revolving credit facility resulting in total liquidity of approximately $743 million.
  • The Company estimates that its average monthly Adjusted Net Cash Flow[2] during the quarter was approximately $5.1 million of net positive cash flows, which excludes certain payments to vendors due in and deferred from previous quarters. The Company estimates that the average monthly Net Cash Burn[2] during the quarter was approximately $1.1 million when including these deferred payments.
  • As of March 31, 2021, 10 of the Company's 12 parks were open (which is consistent with the same period in 2019). Parks continue to operate with capacity limitations and modified/limited operations due to the COVID-19 pandemic.
  • As previously stated, the Company expects to operate all 12 of its parks for their 2021 operating season. Park opening dates are subject to change based on federal, state, and local guidelines related to COVID-19.
  • In the first quarter of 2021, the Company helped rescue over 530 animals bringing total rescues over its history to more than 38,600.

Read the entire press release on PR Newswire.

Thursday, May 6, 2021 10:03 AM
Jeff's avatar

It's really hard to compare the quarter to last, for the reasons they mention on closures and limited capacity, but it seems like they're confident about the direction given their willingness to compare to the 2019 quarter. I'm really surprised about the gains admission spending. I bet that, other than Disney, they're the only company in that boat.


Jeff - Editor - CoasterBuzz.com - My Blog - Silly Nonsense

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Thursday, May 6, 2021 3:16 PM

https://twitter.com/UniversalORL/status/1390326377887551490

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Thursday, May 6, 2021 3:21 PM
Jeff's avatar

That's not surprising. I think there are two things happening, and Disney is in this boat too: Save the marketable new things for when you can trigger the marketing in a way that increases attendance, and to serve the attendance, you need to hire like crazy, which isn't going well at the moment. Of course, enthusiasts and fan sites will attribute this to conspiracy theories and other stupid things. But I'm hearing this a ton... they just can't hire fast enough.


Jeff - Editor - CoasterBuzz.com - My Blog - Silly Nonsense

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