Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% compared to Q3 2024 [17] - Attendance decreased by approximately 240,000 guests or 3.4% year-over-year [17] - Net income for Q3 2025 was $89.3 million, down from $119.7 million in Q3 2024 [18] - Adjusted EBITDA for Q3 2025 was $216.3 million [18] - Year-to-date total revenue was $1.29 billion, a decrease of $51.9 million or 3.9% compared to the same period in 2024 [18] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1% in Q3 2025, continuing a trend of growth in 20 of the last 22 quarters [6] - Total revenue per capita decreased by 2.9%, with admission per capita down 6.3% [17] Market Data and Key Metrics Changes - International visitation declined by approximately 90,000 guests during the quarter, reversing earlier trends seen in the first half of the year [5] - The consumer environment in the U.S. is described as inconsistent, impacting attendance and spending [5][28] Company Strategy and Development Direction - The company is focused on improving operational efficiencies, driving attendance, and increasing per capita spending [9] - Upcoming attractions and events for 2025 include new rides and immersive experiences at various parks [10][11] - The company is actively pursuing international partnerships and sponsorship opportunities, with expectations of signing additional MOUs [13][49] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q3 results but remains confident in the ability to improve operational and financial performance [9] - The company anticipates strong revenue trends for Discovery Cove and group business, both projected to be up over 20% compared to the previous year [6][67] - Management acknowledged challenges in managing costs and is implementing new processes to address these issues [12][63] Other Important Information - The company has a strong balance sheet with a net total leverage ratio of 3.2 times and approximately $872 million in total available liquidity [19] - The company has repurchased 635,020 shares for an aggregate total of $32.2 million through November 4, 2024 [8] Q&A Session Summary Question: What happened to attendance from early August to the end of the quarter? - Management noted that attendance was impacted by weather recovery not meeting expectations and a negative calendar shift [24][25] Question: What does the inconsistent consumer environment mean? - Management indicated that while in-park spending is up, there are macro factors affecting consumer behavior that are difficult to pinpoint [28][29] Question: What drove the reversal in international visitation? - Management attributed the decline to macro factors affecting international travel, including visa and immigration issues [33][34] Question: How is attendance pacing for October? - Attendance was up in October, but not as much as desired due to weather impacts and continued international decline [41] Question: Are there differences in domestic visitor trends? - Management stated that most attendance comes from local visitors, and international attendance has been the most pronounced change [51] Question: What are the expectations for CapEx spending next year? - Management expects CapEx to remain in a similar range as the current year, focusing on investments in parks [66] Question: Is there a bifurcation in consumer trends? - Management confirmed strong performance at Discovery Cove while acknowledging some consumers are being impacted by economic factors [67][69]

Core Insights - United Parks & Resorts reported quarterly earnings of $1.61 per share, missing the Zacks Consensus Estimate of $2.24 per share, and down from $2.08 per share a year ago, representing an earnings surprise of -28.13% [1] - The company posted revenues of $511.85 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 5.11% and down from $545.9 million year-over-year [2] - The stock has underperformed the market, losing about 17.7% since the beginning of the year compared to the S&P 500's gain of 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.71 on revenues of $387.2 million, and for the current fiscal year, it is $4.04 on revenues of $1.7 billion [7] - The estimate revisions trend for United Parks & Resorts was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Leisure and Recreation Services industry, to which United Parks & Resorts belongs, is currently in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

Attendance and Guest Metrics - Attendance in Q3 2025 was 6.8 million guests, a decrease of approximately 240,000 guests or 3.4% from Q3 2024[8] - Attendance for the first nine months of 2025 was 16.4 million guests, a decrease of approximately 252,000 guests or 1.5% from the first nine months of 2024[16] - Attendance for the three months ended September 30, 2025, was 6,789 thousand, a decrease of 3.4% compared to 7,029 thousand in 2024[43] Financial Performance - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% from Q3 2024[8] - Total revenue for the first nine months of 2025 was $1,289.0 million, a decrease of $51.9 million or 3.9% from the first nine months of 2024[16] - For the three months ended September 30, 2025, total revenues decreased by 6.2% to $511.8 million compared to $545.9 million in the same period of 2024[35] - Admissions revenue for the three months ended September 30, 2025, was $268.6 million, down 9.5% from $296.9 million in 2024[35] - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024[8] - Net income for the first nine months of 2025 was $153.3 million, a decrease of $46.3 million or 23.2% from the first nine months of 2024[16] - Net income for the three months ended September 30, 2025, was $89.3 million, down 25.4% from $119.6 million in 2024[35] - Basic earnings per share for the three months ended September 30, 2025, was $1.62, compared to $2.09 in the same period of 2024[35] EBITDA and Cash Flow - Adjusted EBITDA for Q3 2025 was $216.3 million, a decrease of $42.1 million or 16.3% from Q3 2024[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $216.3 million, a decrease of 42.1% from $258.4 million in 2024[36] - Free Cash Flow is highlighted as a crucial liquidity measure, although it excludes mandatory debt service requirements, which are significant[28] Capital Expenditures and Debt - Capital expenditures for the nine months ended September 30, 2025, totaled $222.2 million, down $54.98 million from 2024[36] - Total long-term debt, including current maturities, decreased to $2,251,875 thousand from $2,263,442 thousand, a reduction of 0.5%[39] - Capital expenditures for the nine months ended September 30, 2025, totaled $167,227 thousand, down 24.7% from $222,207 thousand in the same period of 2024[41] Company Operations and Future Plans - The company has repurchased over 635,000 shares for an aggregate total of approximately $32.2 million from the beginning of Q3 through November 4, 2025[8] - The company is set to launch several new attractions in 2026, including SEAQuest: Legends of the Deep and Barracuda Strike[14] - United Parks & Resorts Inc. operates 13 parks across the U.S. and Abu Dhabi, offering a diverse portfolio of experiences and caring for one of the largest zoological collections globally[30] - The Company has a legacy of rescuing over 42,000 animals in need, showcasing its commitment to animal welfare[30] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks affecting attendance and guest spending, including economic uncertainties and labor shortages[32] - The Company acknowledges that actual results may vary materially from forward-looking statements due to various uncontrollable factors[32] - Risks include increased labor costs, regulatory changes, and the impact of public health events on business operations[32] - The Company is subject to complex federal and state regulations, which can change and affect operations[32] - The Company undertakes no obligation to update forward-looking statements unless required by law, reflecting management's opinions as of the date of the press release[33]

Core Insights - United Parks & Resorts Inc. reported disappointing financial results for Q3 and the first nine months of fiscal year 2025, citing unfavorable calendar shifts, poor weather, and a decline in international visitation as key factors impacting performance [2][8][11]. Financial Performance - Attendance in Q3 2025 was approximately 6.8 million guests, a decrease of about 240,000 guests or 3.4% compared to Q3 2024 [7][8]. - Total revenue for Q3 2025 was $511.9 million, down $34.1 million or 6.2% from Q3 2024 [7][10]. - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024 [7][10]. - Adjusted EBITDA for Q3 2025 was $216.3 million, down $42.1 million or 16.3% from Q3 2024 [7][10]. - For the first nine months of 2025, attendance was approximately 16.4 million guests, a decrease of about 252,000 guests or 1.5% from the same period in 2024 [11]. - Total revenue for the first nine months of 2025 was $1,289.0 million, down $51.9 million or 3.9% from the first nine months of 2024 [11][12]. Key Metrics - Total revenue per capita in Q3 2025 decreased by 2.9% to $75.39 compared to Q3 2024 [7][10]. - Admission per capita decreased by 6.3% to $39.57, while in-park per capita spending increased by 1.1% to $35.82 compared to Q3 2024 [7][10]. - For the first nine months of 2025, total revenue per capita decreased by 2.4% to $78.53 [11][12]. - Admission per capita for the first nine months decreased by 4.9% to $41.46, while in-park per capita spending increased by 0.6% to a record $37.07 [11][12]. Share Repurchase Program - The Board of Directors was granted authority to approve additional share repurchases, with a previously announced $500 million repurchase program [2][13]. - As of November 4, 2025, the company had repurchased 635,020 shares for a total of approximately $32.2 million [2][13]. Future Outlook - The company expressed confidence in its ability to improve operational and financial performance moving into 2026, with expectations of increased attendance and per capita spending [5][6]. - Upcoming attractions and events for 2026 were announced, including new rides and immersive experiences at various parks [6][15].

Core Points - SeaWorld has introduced the Military Silver Pass to honor U.S. military personnel and their families, providing unlimited admission for 12 months to all SeaWorld parks along with over $1,000 in exclusive benefits [1][2][4] - The pass includes free parking, guest tickets, digital photo downloads, in-park discounts, and access to special events throughout the year [2][3] - The initiative is part of SeaWorld's Waves of Honor Program, which offers complimentary single-day admission for active-duty military personnel and discounted admission for their families [6] Company Overview - SeaWorld is a leading marine-life theme park and accredited zoo and aquarium, focusing on education and conservation while providing enriching experiences for guests [7] - The organization has helped over 42,000 animals through its rescue efforts and has contributed more than $20 million to wildlife protection and research through the SeaWorld Conservation Fund [7] - SeaWorld parks are located in Orlando, San Antonio, San Diego, and Abu Dhabi, and are part of the United Parks & Resorts Inc. portfolio [7]

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sectors, emphasizing cash flow and the companies that generate it, which leads to value and growth prospects with real potential [1] Group 1 - The service offers subscribers access to a model account with over 50 stocks, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1]

Core Insights - SeaWorld's Christmas Celebration for 2025 will transform its parks into winter wonderlands with millions of lights and new entertainment experiences, running from November through early January [2][3] - The event is designed to be immersive and family-friendly, featuring traditional holiday activities and global celebrations [2][5] Event Highlights - New attractions include a reimagined Santa experience, Mrs. Claus' Magic Kitchen, and Clyde and Seamore's Countdown to Christmas [5][12] - Award-winning shows such as Winter Wonderland on Ice and the Sesame Street Christmas Parade will be featured [5][12] - Over one million lights will be displayed throughout the parks, enhancing the festive atmosphere [5][12] Culinary Offerings - Seasonal food and drink options will include Frozen S'mores Hot Chocolate and gingerbread cocktails [6][12] - Dining experiences with Santa and Mrs. Claus will be available, requiring reservations [12] Promotions and Value - Limited-time holiday promotions will offer significant discounts on tickets, with savings of up to 60% available [10][12] - Special packages for families will include unlimited park visits and hotel stays starting at $49 per person, per night [12] Company Background - SeaWorld Parks & Entertainment is a leading marine life theme park operator, focusing on education and conservation [11] - The company has a long history of marine animal rescue and conservation efforts, having helped over 42,000 animals [11]

Core Points - Busch Gardens Christmas Town returns to Williamsburg, VA, and Tampa Bay, FL, from November 14 through early January, featuring millions of lights and festive entertainment included with park admission [2][3] - The parks will showcase some of the largest holiday light displays in North America, transforming into immersive winter wonderlands [3][4] - New shows and returning favorites will enhance the holiday experience, including "Christmas Town Live! A Holiday Special" and "Holiday Skies Spectacular" [7][8] Company Overview - Busch Gardens is a premier family destination known for its thrilling rides, animal habitats, and seasonal festivals, with parks in Williamsburg, Virginia, and Tampa Bay, Florida [10] - The company is part of United Parks & Resorts Inc. and is accredited by the Association of Zoos and Aquariums (AZA) and Humane Certified by American Humane, reflecting its commitment to animal welfare [10] Seasonal Offerings - Guests can enjoy exclusive holiday-inspired menu items and themed dining experiences, enhancing the festive atmosphere [6][8] - Membership options are available, providing additional perks such as free guest tickets and parking benefits [9][8]

Core Points - The Amtrak Pacific Surfliner and SeaWorld San Diego have launched a partnership to offer discounts on train fares and SeaWorld tickets, enhancing travel convenience and affordability for visitors [1][2][8] - The initiative aims to promote sustainable travel and strengthen connections within Southern California communities [2][9] Summary by Sections Partnership Details - Starting October 14, Pacific Surfliner riders can access a 20% discount on fares and special ticket pricing for SeaWorld through PacificSurfliner.com/SeaWorld [1][8] - The partnership is designed to provide families and visitors with a stress-free way to experience San Diego, making travel more enjoyable [2][3] Ticket Options - SeaWorld offers exclusive discounts on various ticket options, including single-day admission and bundled tickets with All-Day Dining, allowing guests to enjoy meals every 90 minutes at participating restaurants [3][4] - A two-day admission ticket is also available, permitting a second visit within six months of the original purchase date [4] Travel Experience - The Pacific Surfliner provides scenic coastal views, spacious seating, free Wi-Fi, and a café car, making it a relaxing alternative to driving [2][6] - Travelers can easily connect to SeaWorld from Old Town San Diego using ride-share or MTS bus services, avoiding traffic and parking costs [2][6] Company Background - The Pacific Surfliner operates along a 351-mile coastal rail route, serving 29 stations and is the busiest state-supported intercity passenger rail route in the U.S. [6][7] - The LOSSAN Rail Corridor Agency oversees the management of the Pacific Surfliner service, focusing on improving ridership, revenue, and operational performance [7] SeaWorld Overview - SeaWorld is a leading marine life theme park that offers educational and entertaining experiences, welcoming millions of guests annually [9] - The organization is committed to marine life conservation, having rescued over 42,000 animals and contributed more than $20 million to conservation efforts globally [9]

Core Insights - SeaWorld has launched its 2026 Annual Pass program, which offers unprecedented value and experiences, including unlimited visits and no blackout dates [2][3] - The program includes exclusive perks such as free parking, guest tickets, and first access to new attractions debuting in 2026 [2][7] - A limited-time introductory offer allows Pass Members to receive up to $100 in promotional cards for in-park purchases [2][6] Benefits and Features - The 2026 Annual Pass provides unlimited admission for 12 months, free guest tickets, free parking, and discounts on food, beverages, and merchandise [7] - Pass Members will have access to exclusive events, behind-the-scenes tours, and new animal encounters [7] - The program includes seasonal events and festivals, marking the most ambitious year of celebrations in SeaWorld's history [5][7] Upcoming Attractions and Events - New attractions and events will debut in 2026, with Pass Members receiving first access [2][6] - Specific events include expanded festivals, milestone anniversaries, and unique experiences across SeaWorld parks in Orlando, San Diego, and San Antonio [5][7] - Notable events for 2026 include the Oceans of Fun family month, enhanced summer celebrations, and the 25th Anniversary of Howl-O-Scream [7] Company Overview - SeaWorld is a leading marine life theme park and accredited zoo, focusing on education and conservation of marine life [9] - The company has a long history of advancing marine life conservation, having helped over 42,000 animals and contributed more than $20 million to conservation efforts [9] - SeaWorld operates parks in Orlando, San Antonio, San Diego, and Abu Dhabi, and is part of the United Parks & Resorts Inc. portfolio [9]