SeaWorld Entertainment reports gains in revenue and per capita spending

Posted | 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.