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United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2024 Results
PRKSUnited Parks & Resorts(PRKS) Prnewswire·2025-02-26 11:30

Core Insights - United Parks & Resorts Inc. reported strong financial results for Q4 and fiscal year 2024, achieving near record attendance and revenue per capita despite adverse weather conditions [2][4][10] Fourth Quarter 2024 Highlights - Attendance was approximately 4.9 million guests, a decrease of about 79,000 guests from Q4 2023 [10][11] - Total revenue reached 384.4million,down384.4 million, down 4.6 million or 1.2% from Q4 2023 [10][12] - Net income was 27.9million,adecreaseof27.9 million, a decrease of 12.2 million from Q4 2023 [10][12] - Adjusted EBITDA was 144.5million,down144.5 million, down 6.0 million from Q4 2023 [10][12] - Total revenue per capita increased by 0.4% to 78.75,whileadmissionpercapitadecreasedby1.978.75, while admission per capita decreased by 1.9% to 43.61, and in-park per capita spending increased by 3.5% to a record 35.14[10][12][40]Fiscal2024Highlights−Totalattendancefortheyearwasapproximately21.5millionguests,adecreaseofabout59,000guestsor0.335.14 [10][12][40] Fiscal 2024 Highlights - Total attendance for the year was approximately 21.5 million guests, a decrease of about 59,000 guests or 0.3% from fiscal 2023 [14][16] - Total revenue for the year was 1,725.3 million, a slight decrease of 1.3millionor0.11.3 million or 0.1% from fiscal 2023 [14][16] - Net income for the year was 227.5 million, down 6.7millionor2.96.7 million or 2.9% from fiscal 2023 [14][16] - Adjusted EBITDA for the year was 700.2 million, a decrease of 13.3millionor1.913.3 million or 1.9% from fiscal 2023 [14][16] - Total revenue per capita increased by 0.2% to a record 80.07, while admission per capita decreased by 1.2% to 43.61,andin−parkpercapitaspendingincreasedby2.043.61, and in-park per capita spending increased by 2.0% to a record 36.46 [14][16][40] Share Repurchase and Financial Strategy - The company repurchased 9.4 million shares, approximately 15% of total shares outstanding, at a total cost of about 482.9millionduringfiscal2024[4][19]−InQ42024,thecompanyrepurchasedapproximately0.8millionsharesforabout482.9 million during fiscal 2024 [4][19] - In Q4 2024, the company repurchased approximately 0.8 million shares for about 37.7 million [19] - The refinancing of Term Loans in December 2024 resulted in approximately $8 million in annual interest savings and extended debt maturities [20] Future Outlook - The company is optimistic about 2025, expecting meaningful growth and new records in revenue and Adjusted EBITDA, assuming no worse weather than in 2024 [8] - Booking trends for 2025 show mid-single-digit growth in international sales and double-digit growth in group bookings [8] Industry Recognition - The company received several accolades in 2024, including SeaWorld Orlando being voted as the 3 Nation's Best Amusement Park and Aquatica Orlando as the 2 for the Nation's Best Outdoor Water Park by USA Today readers [9]