Q1 2025 United Parks & Resorts Inc Earnings Call Transcript
Key Points
- United Parks & Resorts Inc (PRKS) reported a record level of per capita spending, which increased by 1.1% during the first quarter.
- April 2025 attendance was up 8.1% compared to April 2024, indicating a strong start to the second quarter.
- The company is optimistic about its 2025 bookings for Discovery Cove, group bookings, and international ticket sales, all of which are running ahead of 2024.
- Significant investments have been made in new rides, attractions, and park enhancements, expected to drive attendance and spending.
- The company has a strong balance sheet with a net total leverage ratio of 3.1 times and approximately $764 million of total available liquidity.
- Total revenue for the first quarter decreased by 3.5% compared to the first quarter of 2024, primarily due to decreases in admissions per capita and attendance.
- The company reported a net loss of $16.1 million for the first quarter, compared to a net loss of $11.2 million in the first quarter of 2024.
- Adjusted EBITDA decreased by $11.7 million compared to the first quarter of 2024, impacted by calendar shifts and timing of certain expenses.
- Attendance for the first quarter of 2025 decreased by approximately 59,000 guests or 1.7% compared to the prior year quarter.
- Deferred revenue decreased by approximately 6.7% compared to March 2024, indicating potential challenges in future revenue recognition.
Good day, and welcome to the United Parks & Resorts first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matthew Stroud from 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 www.unitedparksinvestors.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 James Mikolaichik, Chief Financial Officer and Treasurer. This morning, we will review our first quarter financial results, and then we will open the call to your
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