NYSE$PRKS

United Parks & Resorts Inc · Q2 2021 earnings

Q2 2021 earnings · · Investor relations

Briefing

Achieved record revenue, net income, and Adjusted EBITDA.

SeaWorld Entertainment, Inc. reported strong second-quarter financial results, including record revenue, net income, and Adjusted EBITDA, driven by pricing and product strategies and strong consumer demand.

  • Attendance was 5.8 million guests, an increase of 5.5 million guests from the second quarter of 2020.
  • Total revenue was a record $439.8 million, an increase of $421.8 million from the second quarter of 2020.
  • Net income was a record $127.8 million, an increase of $258.8 million from the second quarter of 2020.
  • Total revenue per capita increased 14.2% to a record $75.71 from the second quarter of 2020.

Headline financials

Total Revenue

$440M

Previous: $18M+2339.7%
EPS (adj)

$1.59

Previous: -$1.68+194.6%
Attendance

5.8M

Previous: 272.0K+2032.4%
Total Revenue per Capita

$75.71

Previous: $66.27+14.2%
Admission per Capita

$41.87

Previous: $35.94+16.5%
In-Park per Capita Spending

$33.84

Previous: $30.33+11.6%
Capital Expenditures

-$45M

Previous: -$53.7M+16.2%
Free Cash Flow

$82.8M

Previous: -$185M+144.8%
Net Income

$128M

Previous: -$131M+197.5%
Operating Income

$167M

Previous: -$101M+265.3%
Gross Profit

$212M

Previous: -$42.2M+602.8%
Cash & Equivalents

$616M

Previous: $376M+63.9%
Total Assets

$2.79B

Previous: $2.58B+8.1%
Stock-Based Comp

$5.63M

Previous: $3.32M+69.7%

Revenue & EPS history

United Parks & Resorts · Revenue · Quarterly

$440M

Q2 2021+2,339.7%vs Q2 2020
Beat estimate in 2 of 2 quarters(100%)
ActualEstimate

Revenue by segment

United Parks & Resorts · $440M total across 2 segments · Q2 2021

  • Admissions
    $243M+2388.2%
  • Food, merchandise & other
    $197M+2282.2%

Forward guidance

SeaWorld is planning strategically adding operating days in the second half of the year versus 2019. They are making progress on building Sesame Place in San Diego and look forward to opening that park next year. In addition, SeaWorld Abu Dhabi, the first SeaWorld park outside of the United States, is on track to complete construction by the end of 2022

Tailwinds

  • Adding operating days in the second half of the year versus 2019
  • Making progress on building Sesame Place in San Diego
  • Looking forward to opening Sesame Place next year
  • SeaWorld Abu Dhabi is on track to complete construction by the end of 2022
  • Beginning Halloween events including SeaWorld Spooktacular and Howl-O-Scream

Headwinds

  • Continuing to operate in a highly challenging and COVID-19 impacted environment
  • Potential COVID-19 related impacts including capacity limitations
  • Potential modified/limited operations at parks
  • Incidents or adverse publicity concerning the Company’s theme parks
  • A decline in discretionary consumer spending or consumer confidence

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q2 2021

Historical avgQ2 2021

-0.3%

Avg return

Earnings day

+1.6%

Avg return

5 days after

+3.7%

Avg return

30 days after

48%

27 / 56 earnings

Positive

+21.1%

Q2 2018

Best reaction

-36.1%

Q2 2014

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-7.2%-8.0%+12.2%
Q4 2025+6.2%+1.5%-12.0%
Q3 2025-24.2%-25.7%-23.1%
Q1 2025+3.8%+4.3%-10.0%
Q4 2024-3.2%-7.0%-15.2%
Q3 2024-0.1%+0.0%+5.2%
Q2 2024+0.7%+1.2%+11.5%
Q1 2024+9.2%+9.5%+2.9%
Q4 2023+5.2%+9.8%+15.2%
Q3 2023-3.1%-0.5%+9.9%
Q2 2023-5.9%-5.3%-11.1%
Q1 2023+4.5%+1.5%+2.7%
Q4 2022+1.6%+4.1%-7.7%
Q3 2022-1.3%+0.3%-6.9%
Q2 2022+7.5%+7.8%+4.7%
Q1 2022-9.6%-16.3%-19.7%
Q4 2021+7.1%-1.4%+8.7%
Q3 2021-6.0%-7.7%-6.7%
Q2 2021+19.6%+16.0%+8.9%
Q1 2021+0.9%-0.5%+5.2%
Q4 2020+20.1%+17.0%+22.7%
Q3 2020+1.9%+16.5%+27.7%
Q2 2020+7.2%+12.4%+27.6%
Q1 2020-5.4%-17.2%+30.8%
Q4 2019-7.0%-11.1%-54.1%
Q3 2019+13.5%+14.0%+14.9%
Q2 2019+2.9%+12.9%-1.0%
Q1 2019+3.8%+4.1%+17.5%
Q4 2018+6.6%+7.7%+1.8%
Q3 2018-3.1%-5.9%+5.6%
Q2 2018+21.1%+18.3%+42.2%
Q1 2018+5.6%+7.8%+28.6%
Q4 2017-7.1%-6.9%-5.8%
Q3 2017+8.8%+8.6%+15.2%
Q2 2017-6.1%-6.2%-9.3%
Q1 2017+8.7%+4.9%-5.1%
Q4 2016+0.6%-3.1%-9.9%
Q3 2016+15.1%+19.3%+30.5%
Q2 2016-11.0%-12.5%-11.3%
Q1 2016-5.1%
Q4 2015-10.3%
Q3 2015-7.1%
Q2 2015+3.8%
Q1 2015-2.6%
Q4 2014-7.9%
Q3 2014-8.5%
Q2 2014-36.1%
Q1 2014-0.8%
Q4 2011-2.5%
Q4 2013+0.6%
Q3 2012-4.0%
Q3 2013-3.9%
Q2 2012-7.8%
Q2 2013-4.2%
Q1 2012+0.7%
Q1 2013-1.7%
Q4 2012

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