Q3 2024 United Parks & Resorts Inc Earnings Call Transcript
Key Points
- United Parks & Resorts Inc (PRKS) reported strong demand for their parks during normalized operating conditions, with a 3% increase in attendance when adjusted for weather impacts.
- The company achieved record in-park per capita spending, marking growth in 17 of the last 18 quarters.
- United Parks & Resorts Inc (PRKS) strengthened its balance sheet by increasing the size of its revolving credit facility and decreasing its cost.
- The company repurchased approximately 9.4 million shares year-to-date, representing about 15% of total outstanding shares, indicating a strong commitment to returning capital to shareholders.
- The launch of a new premium pass program has seen sales increase by over 10%, reflecting strong consumer interest and potential for future revenue growth.
- Third-quarter revenue decreased by $2.3 million or 0.4% compared to the prior year, primarily due to a decrease in attendance.
- Attendance was negatively impacted by adverse weather conditions, including Hurricanes Debbie, Helene, and Milton, resulting in significant operational disruptions.
- Operating expenses increased by $1.5 million or 0.7%, driven by higher labor-related costs and consulting fees.
- Adjusted EBITDA decreased by $8 million compared to the third quarter of 2023, reflecting increased expenses and decreased revenues.
- The company faced challenges with weather-related closures, particularly in the Florida market, which significantly impacted October results and could potentially affect future performance.
Good day, and welcome to the United Park third-quarter 2024 earnings conference call. (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 and Resorts' third-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 Jim Forrester, Interim Chief Financial Officer and Treasurer. This morning, we will review our third-quarter financial results, and then we'll open the call to
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