SeaWorld Parent United Parks Sees Dip In Q4 Revenue But Was 'Extremely Well Received' In Abu Dhabi, CEO Says

United Parks & Resorts Inc. PRKS reported fourth-quarter fiscal 2023 revenue of $389 million, a slight decline of 0.4% year-over-year.

Q4 Attendance was 5 million guests, an increase of ~23,000 from last year’s quarter.

Total revenue per capita was down 0.9% Y/Y to $78.42; Admission per capita declined 2.6% Y/Y to $44.46; in-park per capita spending increased 1.5% Y/Y to $33.96.

Q4’s net income was $40.1 million (-18.3% Y/Y) and adjusted EBITDA of $150.4 million (-2.1% Y/Y).

EPS was 62 cents, down from $0.76 YoY.

Adjusted EBITDA margin for the quarter was 38.7%, down 70 bps YoY.

Buyback: The Board recommends a new $500 million share buyback authorization, subject to approval by non-Hill Path shareholders.

During 2023, PRKS repurchased 313,750 shares for an aggregate total of ~$17.9 million.

PRKS net cash from operating activities for the fiscal year totaled $504.92 million (-10.6% Y/Y). Free cash flow was $200.08 million.

For 2024, the company has an exciting line-up of new rides, attractions, events, and new and improved park venues and offerings with something new and meaningful in every one of its parks.

“In 2023 along with our partners, we successfully opened our first SeaWorld park outside the United States in Abu Dhabi, which has been extremely well received and is performing ahead of expectations. In addition, we made meaningful investments across our parks and business that we are confident will deliver strong returns and will be a source of growth and profitability this year and into the future,” CEO Marc Swanson said.

Price Action: PRKS shares are trading higher by 8.97% at $53.19 on the last check Wednesday.

Image by M W from Pixabay