Posted
From the press release:
SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2023.
Second Quarter 2023 Highlights
- Attendance was 6.1 million guests, a decrease of approximately 0.1 million guests from the second quarter of 2022.
- Total revenue was $496.0 million, a decrease of $8.8 million or 1.7% from the second quarter of 2022.
- Net income was $87.1 million, a decrease of $29.6 million or 25.3% from the second quarter of 2022.
- Adjusted EBITDA[1] was $224.2 million, a decrease of $10.2 million or 4.4% from the second quarter of 2022.
- Total revenue per capita[2] increased 0.3% to a record $80.80 from the second quarter of 2022. Admission per capita[2] decreased two cents to $43.96 while in-park per capita spending[2] increased 0.6% to a record $36.84 from the second quarter of 2022.
First Six Months 2023 Highlights
- Attendance was 9.5 million guests, a decrease of 0.1 million guests or 1.5% from the first six months of 2022.
- Total revenue was a record $789.4 million, an increase of $13.9 million or 1.8% from the first six months of 2022.
- Net income was $70.6 million, a decrease of $37.0 million or 34.4% from the first six months of 2022.
- Adjusted EBITDA[1] was $296.7 million, a decrease of $3.7 million or 1.2% from the first six months of 2022.
- Total revenue per capita[2] increased 3.4% to a record $82.94 from the first six months of 2022. Admission per capita[2] increased 3.3% to a record $45.57, while in-park per capita spending[2] increased 3.5% to a record $37.37 from the first six months of 2022.
Other Highlights
- During the second quarter, the Company repurchased 235,000 shares for an aggregate total of approximately $13.9 million, leaving approximately $42.4 million remaining under the Share Repurchase Program as of June 30, 2023.
- During the second quarter of 2023, the Company came to the aid of 96 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000.
"We are pleased to report another quarter of solid financial results despite the impact of significantly adverse weather, in-park venue closures and related disruptions due to construction delays and a shift in the timing of the opening of new rides during the quarter," said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. "Our results during the second quarter further underscore the resiliency of our business, the effectiveness of our strategy and the tireless efforts of our outstanding team. Some combination of unusually hot and cold weather, rain and / or the fallout from Canadian wildfires impacted most of our markets during the quarter. In park spending was impacted by the adverse weather and delays in construction projects resulting in prolonged closures of certain in-park facilities and other in park disruptions during the quarter. Despite the unusual headwinds in the quarter, attendance still grew at certain of our parks and total per capita spending increased for the 17th consecutive quarter."
"During the quarter, SeaWorld Abu Dhabi opened, the first SeaWorld park outside of the United States. We are really proud of this park, happy to see attendance well ahead of expectations to date and excited for what this park will deliver over time. I continue to be very encouraged by our group booking revenue trends which are up significantly versus 2022 and 2019, and group bookings revenue to date, through the first six months of the year, already exceeds 2019 bookings revenue for the full year. I am also very excited about our remaining summer events over the next few weeks and our planned Halloween and Christmas events which have grown bigger and bigger over the years and based on what we have planned, we expect this year to be our best events yet. I want to thank all of our ambassadors for their efforts these past few months as we wrap-up this summer season and head into our increasingly popular Halloween and Christmas events for the balance of the year," continued Swanson.