Q1 2024 United Parks & Resorts Inc Earnings Call Transcript
Key Points
- United Parks & Resorts Inc (PRKS) reported record financial results for the quarter, including record revenue and adjusted EBITDA.
- In-park per capita revenue, excluding certain one-time revenues, increased by 4% during the quarter, marking the 16th consecutive quarter of growth.
- The company launched several new attractions and events, including SeaWorld Park's 60th anniversary celebration, which is expected to drive attendance and revenue.
- Booking trends at Discovery Cove and group bookings are running well ahead of 2023, indicating strong future revenue potential.
- United Parks & Resorts Inc (PRKS) has a strong balance sheet with approximately $577 million in total available liquidity, providing flexibility for future investments and shareholder returns.
- The quarter's attendance was negatively impacted by unusually wet and cold weather, particularly in the Florida parks, which affected peak attendance days.
- International visitation is still down compared to 2019 levels, despite showing improvement over 2023.
- Admission per capita decreased by 0.9% due to the net impact of the admissions product mix compared to the prior year quarter.
- In-park per capita spending decreased slightly due to a decrease in one-time revenue related to international services agreements.
- The company reported a net loss of $11.2 million for the quarter, although this was an improvement over the net loss of $16.5 million in the first quarter of 2023.
Good day, and welcome to the United Parks & Resorts First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Matthew Stroud, Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to United Parks & Resorts First Quarter Earnings Conference Call. Today's call is being webcast and recorded. A press release was issued this morning and is available on our Investor Relations website at wwwunitedparksinvestors.com. Replay information for this call can be found in the press release and will be available on our website following the call.
Joining me this morning are Marc Swanson, Chief Executive Officer; and Jim Forrester, Interim
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