SeaWorld Entertainment reports record revenue with decline in attendance

Posted | Contributed by Jeff

SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2022.

Fourth Quarter 2022 Highlights

Attendance was 4.9 million guests, a decrease of approximately 16,000 guests from the fourth quarter of 2021. Compared to the fourth quarter of 2019, attendance increased by approximately 238,000 guests or 5.1%.

Total revenue was a record $390.5 million, an increase of $19.7 million or 5.3% from the fourth quarter of 2021. Compared to the fourth quarter of 2019, total revenue increased by $92.5 million or 31.0%.

Net income was $49.0 million, the second highest net income for the Company and a decrease of $22.5 million from the fourth quarter of 2021. Compared to the fourth quarter of 2019, net income increased by $73.2 million.

Adjusted EBITDA was a record $153.7 million an increase of $0.9 million from the fourth quarter of 2021. Compared to the fourth quarter of 2019, Adjusted EBITDA increased by $69.7 million or 83.1%.

Total revenue per capita increased 5.7% to a record $79.10 from the fourth quarter of 2021. Admission per capita increased 4.5% to a record $45.63 while in-park per capita spending increased 7.2% to a record $33.47 from the fourth quarter of 2021. Compared to the fourth quarter of 2019, total revenue per capita increased 24.7%, admission per capita increased 20.4%, and in-park per capita spending increased 31.1%.

Fiscal 2022 Highlights

Attendance was 21.9 million guests, an increase of 1.7 million guests or 8.6% from fiscal 2021. Compared to fiscal 2019, attendance declined by 0.7 million guests or 3.0%.

Total revenue was a record $1,731.2 million, an increase of $227.5 million or 15.1% from fiscal 2021. Compared to fiscal 2019, total revenue increased by $333.0 million or 23.8%.

Net income was a record $291.2 million, an increase of $34.7 million or 13.5% from fiscal 2021. Compared to fiscal 2019, net income increased by $201.7 million or 225.4%.

Adjusted EBITDA was a record $728.2 million, an increase of $66.2 million or 10.0% from fiscal 2021. Compared to fiscal 2019, Adjusted EBITDA increased by $271.3 million or 59.4%.

Total revenue per capita increased 6.0% to a record $78.91 from fiscal 2021. Admission per capita increased 4.3% to a record $44.00 while in-park per capita spending increased 8.2% to a record $34.91 from fiscal 2021. Compared to fiscal 2019, total revenue per capita increased 27.7%, admission per capita increased 24.0%, and in-park per capita spending increased 32.6%.

Other Highlights

During fiscal 2022, the Company has repurchased 12.4 million shares of common stock (or approximately 16% of total shares outstanding) at a total cost of approximately $693.6 million.

During fiscal 2022, the Company came to the aid of over 1,000 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000.

Admission per capita seems low, given the gate price and Annual pass prices. Not a criticism, just trying to understand that metric. Is that implying that their annual pass holders attend more than one would expect? Is that the impact of year round offerings and festivals?

You must be logged in to post