Exhibit 99.1 United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2025 Results ORLANDO, FL, February 26, 2026 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2025. Fourth Quarter 2025 Results Fiscal 2025 Results Other Highlights "Our fiscal 2025 results did not meet our expectations. While the consumer environment was uneven and our results were impacted by negative international ...

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [38] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [38] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [39] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase from the prior year on a constant currency basis [39] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [39] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, with growth slightly over 6% on a constant currency basis [40] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [41] - New POS locations in Q4 were 25% higher than the previous year, with enterprise restaurant rooftop count over 50% higher than the end of 2024 [40] Market Data and Key Metrics Changes - In the U.S., new sales in Q4 were 35% higher than the prior year, marking the strongest quarter in several years [42] - Internationally, revenue in Central Europe grew in the mid-teens, with Greece experiencing one of its strongest quarters on record [42] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [3][4] - The company plans to invest approximately $1 billion annually in commerce technology to drive innovation and expand omni-channel offerings [11] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities, and global reach [12][14] Management's Comments on Operating Environment and Future Outlook - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [46][50] - Management remains optimistic about the integration of Worldpay and the potential for revenue synergies, particularly in the SMB channel [68][70] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [5] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [7] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and the other 50% split between platforms and enterprise [57][59] Question: What is the trajectory of expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [66] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [68][70]

Revenue Performance - Total revenues for the three months ended September 30, 2025, decreased by $34.1 million, or 6.2%, to $511.9 million compared to $545.9 million in the same period of 2024[126]. - Admissions revenue decreased by $28.3 million, or 9.5%, to $268.7 million, primarily due to a decrease in admission per capita and attendance, which fell by approximately 240 thousand guests, or 3.4%[127]. - Food, merchandise, and other revenue decreased by $5.7 million, or 2.3%, to $243.2 million, despite an increase in in-park per capita spending, which rose by 1.1% to $35.82[128]. - Net revenues for the nine months ended September 30, 2025 decreased by $51.9 million, or 3.9%, to $1,289.0 million compared to $1,340.9 million for the same period in 2024[135]. - Admissions revenue for the nine months ended September 30, 2025 decreased by $46.3 million, or 6.4%, to $680.5 million compared to $726.8 million for the same period in 2024[136]. - Total attendance for the first nine months of 2025 decreased by approximately 252 thousand guests, or 1.5%, compared to the same period in 2024[136]. Operating Expenses - Operating expenses increased by $7.1 million, or 3.4%, to $214.4 million, primarily due to increased labor-related costs and non-cash self-insurance adjustments[130]. - Selling, general and administrative expenses increased by $5.3 million, or 9.6%, to $60.7 million, driven by higher third-party consulting costs and legal fees[131]. - Depreciation and amortization expense for the nine months ended September 30, 2025 increased by $8.3 million, or 6.9%, to $129.4 million compared to $121.0 million for the same period in 2024[141]. Net Income - Net income for the three months ended September 30, 2025, was $89.3 million, a decrease of $30.4 million, or 25.4%, compared to $119.7 million in the prior year[126]. - Net income for the nine months ended September 30, 2025 was $153.3 million, a decrease of $46.3 million, or 23.2%, compared to $199.6 million for the same period in 2024[135]. - The company reported a net income of $89.3 million for the three months ended September 30, 2025, down from $119.7 million in the same period of 2024[166]. Cash Flow and Financing - Net cash provided by operating activities was $301.7 million during the nine months ended September 30, 2025, down from $367.7 million during the same period in 2024[150]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $16.3 million for share repurchases and $11.6 million for long-term debt repayments, compared to $445.3 million and $238.2 million respectively in the same period of 2024[155][158]. - As of September 30, 2025, the company had $1.527 billion in Term B-3 Loans maturing on December 4, 2031, and a $700 million Revolving Credit Facility with approximately $689.1 million available for borrowing[158]. Debt and Interest - Interest expense for the nine months ended September 30, 2025 decreased by $16.3 million, or 13.8%, to $101.6 million compared to $117.8 million for the same period in 2024[142]. - Approximately $1.5 billion of the company's long-term debt is variable-rate debt, with a hypothetical 100 bps increase in Term SOFR potentially increasing annual interest expense by approximately $22.3 million[174]. - The company was in compliance with all covenants in the credit agreement governing the Senior Secured Credit Facilities and the indentures governing its Senior Notes as of September 30, 2025[160]. Strategic Initiatives and Risks - The company has identified meaningful cost savings opportunities, including technology initiatives, to improve operating margins[120]. - Inflation and interest rate fluctuations are significant risks affecting the company's operations and financial performance[171][172]. - The company incurred $4.4 million in business optimization costs for the three months ended September 30, 2025, reflecting ongoing strategic initiatives[166]. - Attendance levels are influenced by factors such as affordability, new attractions, competitive offerings, and global economic conditions[118]. - The theme park industry is seasonal, with approximately two-thirds of attendance and revenues generated in the second and third quarters[123]. Adjusted Metrics - Adjusted EBITDA for the nine months ended September 30, 2025, was $489.98 million, compared to $555.72 million for the same period in 2024, reflecting a decrease of approximately 11.8%[166]. - Covenant Adjusted EBITDA for the last twelve months ended September 30, 2025, was $654.73 million, which includes estimated cost savings adjustments[166].

Core Insights - Six Flags Entertainment Corporation is a leading operator of theme parks and water parks in North America, competing with Cedar Fair and SeaWorld [1] - The company is set to release its quarterly earnings on November 7, 2025, with analysts estimating an EPS of $2.32 and projected revenue of $1.34 billion [1][4] Financial Metrics - The price-to-sales ratio is 0.59, indicating the stock is valued at 59 cents for every dollar of sales, suggesting potential undervaluation [2] - The enterprise value to sales ratio is 2.30 and the enterprise value to operating cash flow ratio is 23.18, indicating the company is still viewed as viable despite earnings challenges [2] Leverage and Liquidity Concerns - The debt-to-equity ratio is high at 3.11, indicating significant reliance on debt for financing operations, which poses risks if cash flow generation is insufficient [3] - The current ratio is 0.52, suggesting potential liquidity issues as the company may struggle to cover short-term liabilities with current assets [3][4]

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, a decrease of 240 visitors or 3.4% compared to 7,029 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] - 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] Adjusted 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 significant expenditures like mandatory debt service[28] Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2025, were $222.2 million, down $54.98 million from 2024[36] - Capital expenditures for the nine months ended September 30, 2025, totaled $167,227, down 24.7% from $222,207 in the same period of 2024[41] - Expansion/ROI projects capital expenditures for the nine months ended September 30, 2025, were $25,052, a significant decrease of 63.8% from $69,147 in 2024[41] Per Capita Metrics - In-park per capita spending increased 1.1% to $35.82 in Q3 2025 compared to Q3 2024[8] - Total revenue per capita for the nine months ended September 30, 2025, was $78.53, down 2.4% from $80.46 in 2024[43] - Admission per capita for the three months ended September 30, 2025, decreased to $39.57, a decline of 6.3% from $42.24 in 2024[43] - In-Park per capita spending increased slightly to $35.82 for the three months ended September 30, 2025, up 1.1% from $35.42 in 2024[43] Share Repurchase and Stockholder Deficit - 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 total stockholders' deficit improved to $(308,735) as of September 30, 2025, from $(461,540) as of December 31, 2024[39] 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 the impact of external factors such as weather, inflation, and geopolitical events on its operations[32] - Management warns that actual results may vary materially from forward-looking statements due to inherent uncertainties[32] - The Company is subject to various risks, including regulatory changes, labor disputes, and cybersecurity threats, which could impact its business[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] Other Financial Metrics - Net cash provided by operating activities for the nine months ended September 30, 2025, was $367.7 million, a decrease of $65.982 million compared to the same period in 2024[36] - The provision for income taxes for the three months ended September 30, 2025, was $29.0 million, down 30.2% from $41.6 million in 2024[36] - As of September 30, 2025, total assets increased to $2,740,133, up from $2,573,578 as of December 31, 2024, representing a growth of approximately 6.5%[39] - Total long-term debt, including current maturities, decreased to $2,251,875 from $2,263,442, a reduction of about 0.5%[39]

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]

Revenue Performance - Total revenues for the three months ended June 30, 2025, decreased by $7.4 million, or 1.5%, to $490.2 million compared to $497.6 million in the same period of 2024[119] - Admissions revenue decreased by $8.3 million, or 3.1%, to $255.7 million, primarily due to a decrease in admission per capita, which fell by $1.65 to $41.03[120] - Food, merchandise, and other revenue increased by $0.9 million, or 0.4%, to $234.5 million, despite a decrease in in-park per capita spending, which fell by 0.4% to $37.61[121] - Net revenues for the six months ended June 30, 2025 totaled $777.2 million, a decrease of $17.9 million, or 2.2%, from $795.0 million in 2024[129] - Admissions revenue for the six months ended June 30, 2025 decreased by $18.0 million, or 4.2%, to $411.9 million compared to $429.8 million for the same period in 2024[130] Attendance Metrics - Total attendance increased by approximately 48 thousand guests, or 0.8%, to 6,234 thousand compared to 6,186 thousand in the prior year quarter[119] - Total attendance for the first six months of 2025 decreased by approximately 11 thousand guests, or 0.1%, compared to the same period in 2024[130] Operating Expenses and Income - Operating expenses increased by $14.6 million, or 7.7%, to $204.8 million, primarily due to a $9.6 million increase in non-cash self-insurance adjustments[123] - Total costs and expenses increased by $16.5 million, or 5.0%, to $349.7 million compared to $333.2 million in the prior year[119] - Operating income for the six months ended June 30, 2025 was $157.4 million, a decrease of $29.2 million, or 15.6%, from $186.5 million in 2024[129] Net Income and Cash Flow - Net income for the three months ended June 30, 2025, was $80.1 million, a decrease of $11.0 million, or 12.1%, from $91.1 million in the same period of 2024[119] - Net income for the six months ended June 30, 2025 was $64.0 million, down $15.9 million, or 20.0%, from $79.9 million in 2024[129] - Net cash provided by operating activities was $206.9 million during the six months ended June 30, 2025, down from $244.7 million in 2024[144] Interest Expense - Interest expense decreased by $5.4 million, or 13.8%, to $33.9 million compared to $39.4 million in the prior year[119] - Interest expense for the six months ended June 30, 2025 decreased by $10.1 million, or 12.9%, to $68.1 million compared to $78.2 million for the same period in 2024[136] - Approximately $1.5 billion of the company's outstanding long-term debt represents variable-rate debt, with a hypothetical 100 bps increase in Term SOFR potentially increasing annual interest expense by approximately $22.3 million[167] Capital Expenditures and Debt - Capital expenditures for the six months ended June 30, 2025 totaled $110.5 million, a decrease from $166.8 million in 2024[145] - As of June 30, 2025, the company had $1.531 billion in Term B-3 Loans and a $700 million Revolving Credit Facility, with approximately $689.1 million available for borrowing[152] - The company had outstanding $725 million in Senior Notes due on August 15, 2029, as of June 30, 2025[153] Tax and Compliance - The consolidated effective tax rate for the six months ended June 30, 2025 was 28.2%, compared to 24.5% for the same period in 2024[138] - As of June 30, 2025, the company was in compliance with all covenants in the credit agreement governing the Senior Secured Credit Facilities and the indentures governing the Senior Notes[154] Cost Savings Initiatives - The company has identified meaningful cost savings opportunities, including technology initiatives, to improve operating margins and guest experiences[113] Depreciation and Amortization - Depreciation and amortization expense for the six months ended June 30, 2025 increased by $5.2 million, or 6.6%, to $84.7 million compared to $79.5 million for the same period in 2024[135] Adjusted EBITDA - The company reported Adjusted EBITDA of $206.3 million for the three months ended June 30, 2025, down from $218.2 million in the same period of 2024, and $273.7 million for the six months ended June 30, 2025, compared to $297.3 million in 2024[160] - Covenant Adjusted EBITDA for the last twelve months was $697.6 million, which includes estimated cost savings of $13.4 million and other adjustments of $7.6 million[160] Contractual Obligations - The company has not experienced any material changes to its contractual obligations as of June 30, 2025[161]

[Report Overview & Highlights](index=1&type=section&id=Report%20Overview%20%26%20Highlights) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) In the second quarter of 2025, United Parks & Resorts experienced a slight 0.8% increase in attendance to 6.2 million guests, but saw declines in total revenue by 1.5% to $490.2 million, net income by 12.1% to $80.1 million, and Adjusted EBITDA by 5.4% to $206.3 million, driven by a 2.2% drop in total revenue per capita | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 6.2 | 6.2 | +0.8% | | Total Revenue | $490.2M | $497.6M | -1.5% | | Net Income | $80.1M | $91.1M | -12.1% | | Adjusted EBITDA | $206.3M | $218.2M | -5.4% | | Total Revenue Per Capita | $78.64 | $80.44 | -2.2% | | Admission Per Capita | $41.03 | $42.68 | -3.9% | | In-Park Per Capita Spending | $37.61 | $37.76 | -0.4% | [First Six Months 2025 Highlights](index=1&type=section&id=First%20Six%20Months%202025%20Highlights) For the first half of 2025, attendance remained nearly flat with a minor 0.1% decrease to 9.6 million guests, while total revenue declined 2.2% to $777.2 million, net income decreased 20.0% to $64.0 million, and Adjusted EBITDA fell 7.9% to $273.7 million | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 9.6 | 9.6 | -0.1% | | Total Revenue | $777.2M | $795.0M | -2.2% | | Net Income | $64.0M | $79.9M | -20.0% | | Adjusted EBITDA | $273.7M | $297.3M | -7.9% | | Total Revenue Per Capita | $80.74 | $82.50 | -2.1% | | Admission Per Capita | $42.79 | $44.60 | -4.1% | | In-Park Per Capita Spending | $37.95 | $37.90 | +0.1% | [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Marc Swanson noted Q2 attendance growth despite severe weather, driven by international and group visitation, expressing optimism for the second half with strong forward bookings and a new $500 million share repurchase program - Q2 attendance grew despite severe weather, driven by an increase in international and group visitation, particularly at all Orlando parks[4](index=4&type=chunk) - Forward booking trends for group business and the Discovery Cove property are up **mid to high single digits** for the rest of the year, with strong trends continuing into 2026[5](index=5&type=chunk) - The company anticipates its upcoming Halloween and Christmas events to be among the biggest ever, with early ticket sales for "Howl O' Scream" already ahead of the prior year[5](index=5&type=chunk) - Management is confident in its ability to deliver operational and financial improvements and expects strong second-half financial results to offset the challenges from the first half[9](index=9&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) [Second Quarter 2025 Results](index=3&type=section&id=Second%20Quarter%202025%20Results) In Q2 2025, attendance increased by 0.8% to 6.2 million due to a favorable calendar shift, but total revenues decreased by 1.5% to $490.2 million, driven by lower per capita spending, resulting in a 12.1% fall in net income to $80.1 million | (In millions, except per capita amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $490.2 | $497.6 | (1.5%) | | Net income | $80.1 | $91.1 | (12.1%) | | Adjusted EBITDA | $206.3 | $218.2 | (5.4%) | | Attendance | 6.2 | 6.2 | 0.8% | | Total revenue per capita | $78.64 | $80.44 | (2.2%) | - The increase in attendance was attributed to a favorable calendar shift of holidays, which was partially offset by the impact of significantly worse weather compared to the prior year quarter[10](index=10&type=chunk) - The decrease in total revenue was primarily a result of a decrease in total revenue per capita, which stemmed from declines in both admissions per capita and in-park per capita spending[11](index=11&type=chunk) [First Six Months 2025 Results](index=3&type=section&id=First%20Six%20Months%202025%20Results) For the first six months of 2025, attendance slightly decreased by 0.1% to 9.6 million due to worse weather, leading to a 2.2% decline in total revenues to $777.2 million and a significant 20.0% drop in net income to $64.0 million | (In millions, except per capita amounts) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $777.2 | $795.0 | (2.2%) | | Net income | $64.0 | $79.9 | (20.0%) | | Adjusted EBITDA | $273.7 | $297.3 | (7.9%) | | Attendance | 9.6 | 9.6 | (0.1%) | | Total revenue per capita | $80.74 | $82.50 | (2.1%) | - The decrease in attendance was primarily due to the impact of meaningfully worse weather, including during peak visitation periods, compared to the first six months of 2024[13](index=13&type=chunk) - The decrease in total revenue was a result of a decrease in total revenue per capita and a decrease in attendance[14](index=14&type=chunk) [Capital Allocation and Corporate Initiatives](index=4&type=section&id=Capital%20Allocation%20and%20Corporate%20Initiatives) [Share Repurchases](index=4&type=section&id=Share%20Repurchases) The Board of Directors recommended a new **$500 million** share repurchase authorization, pending approval by non-Hill Path stockholders, as an attractive opportunity to return capital - The Board of Directors voted to recommend a new **$500 million** share buyback authorization[16](index=16&type=chunk) - The share repurchase program is subject to approval by non-Hill Path shareholders, with a special meeting expected within 30 days[9](index=9&type=chunk) [Rescue Efforts](index=4&type=section&id=Rescue%20Efforts) As a leading marine animal rescue organization, the company aided **500 animals** in Q2 2025, bringing the historical total to over **42,000**, demonstrating its ongoing commitment to wildlife conservation - In Q2 2025, the company rescued **500 animals** in need, increasing the total number of animals helped in its history to over **42,000**[17](index=17&type=chunk) - The company's rescue teams are on call 24/7, working with federal, state, and local agencies to help ill, injured, orphaned, or abandoned wild animals with the goal of returning them to their natural habitat[18](index=18&type=chunk) [Financial Statements and Reconciliations](index=9&type=section&id=Financial%20Statements%20and%20Reconciliations) [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the first half of 2025, total revenues were **$777.2 million**, operating income fell to **$157.4 million**, and net income decreased **20%** to **$64.0 million** compared to the prior year | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $777,161 | $795,016 | | Operating income | $157,354 | $186,525 | | Income before income taxes | $89,103 | $105,877 | | Net income | $63,975 | $79,923 | | Earnings per share, diluted | $1.15 | $1.26 | [Unaudited Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net income to non-GAAP Adjusted EBITDA and Free Cash Flow, with LTM Covenant Adjusted EBITDA at **$697.6 million** and H1 2025 Free Cash Flow at **$96.4 million** | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income | $63,975 | $79,923 | | Adjusted EBITDA | $273,705 | $297,307 | | Net cash provided by operating activities | $206,911 | $244,673 | | Capital expenditures | ($110,464) | ($166,814) | | Free Cash Flow | $96,447 | $77,859 | - For the last twelve months ended June 30, 2025, Covenant Adjusted EBITDA, a key metric for debt agreements, was **$697.6 million**[32](index=32&type=chunk) [Unaudited Balance Sheet Data](index=11&type=section&id=Unaudited%20Balance%20Sheet%20Data) As of June 30, 2025, the company reported **$193.9 million** in cash, **$2.26 billion** in total long-term debt, and a total stockholders' deficit of **$394.9 million** | (In thousands) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $193,921 | $115,893 | | Total assets | $2,730,473 | $2,573,578 | | Total long-term debt, including current maturities | $2,255,731 | $2,263,442 | | Total stockholders' deficit | $(394,851) | $(461,540) | [Unaudited Capital Expenditures Data](index=11&type=section&id=Unaudited%20Capital%20Expenditures%20Data) For the first six months of 2025, total capital expenditures decreased **33.8%** to **$110.5 million**, primarily due to a **73.2%** reduction in expansion and ROI projects | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Core Capital Expenditures | $97,997 | $120,275 | (18.5%) | | Expansion/ROI projects | $12,467 | $46,539 | (73.2%) | | **Capital expenditures, total** | **$110,464** | **$166,814** | **(33.8%)** | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) [Statement Regarding Non-GAAP Financial Measures](index=4&type=section&id=Statement%20Regarding%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Free Cash Flow, along with per capita metrics, to provide a clearer view of operating performance and for internal and external evaluation - The company uses non-GAAP measures like Adjusted EBITDA because it believes they eliminate the effect of certain non-cash and other items not indicative of underlying operating performance[20](index=20&type=chunk)[22](index=22&type=chunk) - Key performance metrics such as total revenue per capita, admission per capita, and in-park per capita spending are used by management to assess operating performance on a per-attendee basis[25](index=25&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to inherent uncertainties and risks, including weather, consumer spending, and labor costs, and the company does not commit to updating them - The report contains "forward-looking statements" based on current expectations, which are inherently uncertain and subject to various risks[28](index=28&type=chunk) - Key risks include factors affecting attendance and spending (weather, inflation, economic uncertainty), labor costs, regulatory changes, and competition[28](index=28&type=chunk)[29](index=29&type=chunk)

Core Insights - Royal Caribbean is set to enhance its offerings in 2026 with the introduction of three newly amplified ships: Ovation, Harmony, and Liberty of the Seas, featuring bold new experiences and expanded dining options [1][6][14] Group 1: Ship Enhancements - Ovation of the Seas will include a revamped pool deck, new whirlpool, and a variety of international dining options, alongside returning favorites like the FlowRider surf simulator and SeaPlex [7][8] - Harmony of the Seas will feature a Caribbean-inspired pool deck, over 20 dining venues, and an expanded nightlife experience with the largest Casino Royale in the fleet [9][10] - Liberty of the Seas will offer a reimagined pool deck, new Royal Escape Room concept, and diverse dining options including a new Starbucks [12][13] Group 2: Destinations and Experiences - Ovation will provide 7- to 13-night Alaskan adventures starting in spring 2026, including immersive land experiences [8] - Harmony will operate 5- and 7-night Caribbean vacations starting winter 2026, visiting locations such as St. Thomas and Jamaica [10][11] - Liberty will sail from Southampton in summer 2026, offering 7-night adventures to European destinations like the Norwegian fjords and Bruges [13] Group 3: Royal Amplified Program - The enhancements are part of Royal Caribbean's Royal Amplified program, which aims to elevate guest experiences through innovative ship designs and exclusive culinary offerings [6][14] - The program has seen success with previous amplifications, leading to increased guest satisfaction and a commitment to expanding the fleet and destination offerings [6][14]

Revenue Performance - Total revenues for Q1 2025 decreased by $10.5 million, or 3.5%, to $286.9 million compared to $297.4 million in Q1 2024[116] - Admissions revenue fell by $9.7 million, or 5.8%, to $156.1 million in Q1 2025, primarily due to a decrease in attendance and admissions per capita[117] - Total attendance decreased by approximately 59,000 guests, or 1.7%, in Q1 2025 compared to the prior year, impacted by a calendar shift of holidays[117] - Admission per capita decreased by 4.2% to $46.04 in Q1 2025 from $48.06 in Q1 2024, influenced by the admissions product mix and lower pricing[117] - Total revenue per capita decreased by 1.8% to $84.62 in Q1 2025 from $86.21 in Q1 2024[116] Operating Expenses - Operating expenses decreased by $3.6 million, or 2.2%, to $161.3 million in Q1 2025, primarily due to a reduction in non-cash self-insurance adjustments[120] - Selling, general and administrative expenses decreased by $3.7 million, or 7.8%, to $44.1 million in Q1 2025, mainly due to lower third-party consulting costs[121] Net Loss and EBITDA - Net loss for Q1 2025 was $16.1 million, compared to a net loss of $11.2 million in Q1 2024, representing a 44.0% increase in losses[116] - Adjusted EBITDA for the three months ended March 31, 2025, was $67,440 thousand, down from $79,154 thousand in the prior year[145] - Covenant Adjusted EBITDA for the last twelve months ended March 31, 2025, was $703,698 thousand[145] Interest and Tax Expenses - Interest expense decreased by $4.7 million, or 12.0%, to $34.1 million in Q1 2025 compared to $38.8 million in Q1 2024[116] - Benefit from income taxes was $1.1 million for the three months ended March 31, 2025, down from $5.6 million in the same period in 2024, with an effective tax rate of 6.2% compared to 33.4%[124] - The company reported a benefit from income taxes of $(1,063) thousand for the three months ended March 31, 2025[145] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $25.7 million for the three months ended March 31, 2025, a decrease from $71.4 million in the same period in 2024, primarily due to changes in working capital[129] - Net cash used in investing activities was $56.9 million for the three months ended March 31, 2025, compared to $87.3 million in the same period in 2024, reflecting capital expenditures related to future attractions[130] - Total capital expenditures for the three months ended March 31, 2025, were $56.9 million, with $49.9 million for core projects and $7.1 million for expansion/ROI projects[132] - Net cash used in financing activities was $9.0 million for the three months ended March 31, 2025, compared to $27.3 million in the same period in 2024, primarily due to share repurchases[134] Debt and Financial Position - As of March 31, 2025, the company had $1.535 billion in Term B-3 Loans and a $700 million Revolving Credit Facility, with approximately $688.6 million available for borrowing[137] - The company had outstanding $725 million in Senior Notes due on August 15, 2029, as of March 31, 2025[138] - The company believes existing cash, cash flow from operations, and available borrowings will be adequate to meet capital expenditures and working capital requirements for at least the next 12 months[128] - The company has approximately $1.5 billion of outstanding long-term debt representing variable-rate debt as of March 31, 2025[153] - A hypothetical 100 bps increase in Term SOFR would increase annual interest expense by approximately $22.3 million with an average balance of $700 million in revolving credit borrowings[153] Other Financial Metrics - Depreciation and amortization expense increased by $2.5 million, or 6.4%, to $41.7 million for the three months ended March 31, 2025, compared to $39.2 million for the same period in 2024[122] - Interest expense for the three months ended March 31, 2025, was $34,107 thousand, compared to $38,777 thousand for the same period in 2024[145] - Depreciation and amortization for the three months ended March 31, 2025, was $41,695 thousand, an increase from $39,182 thousand in 2024[145] - Business optimization, development, and strategic initiative costs for the three months ended March 31, 2025, were $1,264 thousand[145] - The company had no material off-balance sheet arrangements as of March 31, 2025[148]