United Parks & Resorts Inc · Q4 2020 earnings

Briefing

SeaWorld Entertainment, Inc. reported a significant decline in revenue and attendance due to the COVID-19 pandemic, but demonstrated operational improvements and financial stability.

SeaWorld Entertainment, Inc. reported fourth quarter 2020 financial results, which were significantly impacted by the COVID-19 pandemic. The company's total revenue decreased by 48.3% compared to the fourth quarter of 2019, and attendance declined by 52.8%. Despite these challenges, the company saw increases in admission per capita and in-park per capita spending. The company estimates the average monthly Adjusted Net Cash Burn during the quarter ended December 31, 2020, was approximately $1 million per month.

• Attendance was 2.2 million guests, a decline of 2.5 million guests from the fourth quarter of 2019.
• Total revenue was $154.1 million, a decline of $143.9 million from the fourth quarter of 2019.
• Net loss was $45.5 million, a decline of $21.4 million from the fourth quarter of 2019.
• Admission per capita increased 9.4% to $41.44 while in-park per capita spending increased 9.5% to $27.96.

Headline financials

Revenue & EPS history

The Company is planning to have all 12 of its parks open, with the addition of Adventure Island, Aquatica San Antonio, Water Country USA and Aquatica San Diego, for their full 2021 operating seasons - subject to local, state and federal guidelines related to COVID-19.