United Parks down on most metrics for the year, quarter

Posted | Contributed by Jeff

From the press release:

United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2024.

Fourth Quarter 2024 Highlights

• Attendance was 4.9 million guests, a decrease of approximately 79,000 guests from the fourth quarter of 2023.
• Total revenue was $384.4 million, a decrease of $4.6 million or 1.2% from the fourth quarter of 2023.
• Net income was $27.9 million, a decrease of $12.2 million from the fourth quarter of 2023.
• Adjusted EBITDA^[1] was $144.5 million a decrease of $6.0 million from the fourth quarter of 2023.
• Total revenue per capita^[2] increased 0.4% to $78.75 from the fourth quarter of 2023. Admission per capita^[2] decreased 1.9% to $43.61 while in-park per capita spending^[2] increased 3.5% to a record $35.14 from the fourth quarter of 2023.

Fiscal 2024 Highlights

• Attendance was 21.5 million guests, a decrease of approximately 59,000 guests or 0.3% from fiscal 2023.
• Total revenue was $1,725.3 million, a decrease of $1.3 million or 0.1% from fiscal 2023.
• Net income was $227.5 million, a decrease of $6.7 million or 2.9% from fiscal 2023.
• Adjusted EBITDA was $700.2 million, a decrease of $13.3 million or 1.9% from fiscal 2023.
• Total revenue per capita increased 0.2% to a record $80.07 from fiscal 2023. Admission per capita decreased 1.2% to a $43.61 while in-park per capita spending increased 2.0% to a record $36.46 from fiscal 2023.

Other Highlights

• In December 2024, the Company refinanced its Term Loans which resulted in approximately $8 million in annual interest savings and extended debt maturities.
• During fiscal 2024, the Company has repurchased 9.4 million shares of common stock (or approximately 15% of total shares outstanding)^[3] at a total cost of approximately $482.9 million.^[4]
• During fiscal 2024, the Company came to the aid of over 600 animals in need in the wild. The total number of animals the Company has helped over its history is more than 41,000.^[5]