Financial Data and Key Metrics Changes - In Q1 2025, total revenue was 10.5 million or 3.5% compared to Q1 2024, primarily due to decreases in admissions per capita and attendance [18][21] - Attendance decreased by approximately 59,000 guests or 1.7% year-over-year, with the Easter shift impacting attendance by about 140,000 guests [19][21] - Adjusted EBITDA was 11.7 million compared to the prior year, influenced by revenue declines and timing-related expenses [21][22] - The net loss for Q1 2025 was 11.2 million in Q1 2024 [21] Business Line Data and Key Metrics Changes - In-park per capita spending increased by 1.1%, marking growth for 19 of the last 20 quarters [6][21] - Total revenue per capita decreased by 1.8%, with admissions per capita down 4.2% due to a shift in peak visitation days [19][21] Market Data and Key Metrics Changes - April 2025 attendance was up 8.1% compared to April 2024, indicating a positive trend despite the Q1 challenges [6][21] - Year-to-date attendance through April showed approximately 1.3% growth on a fiscal basis [19] Company Strategy and Development Direction - The company is focused on significant investments in new rides, attractions, and events to enhance guest experience and drive revenue [6][10] - There are ongoing discussions regarding integrating branded hotels into parks and unlocking the value of owned real estate [11][12] - The company is pursuing sponsorship opportunities, expecting to generate over 764 million in total available liquidity [14][22] - The company repurchased 100,000 shares for approximately $4.6 million during the first quarter, indicating confidence in the stock's valuation [16][22] Q&A Session Summary Question: How does the company plan to bridge the Q1 EBITDA loss to expected record levels? - Management highlighted strong April performance, with attendance up over 8%, and emphasized upcoming new rides and attractions as key drivers for growth [31][33] Question: What was the impact of Easter on April attendance? - Management noted that April's attendance benefited from the Easter shift, with additional attendance beyond that expected from the holiday [43] Question: How are international sales performing? - International ticket sales are up low single digits year-over-year, with group bookings also running ahead of last year [50][53] Question: What are the expectations regarding labor costs due to competition from Epic? - Management acknowledged planned labor increases but stated they have effectively managed costs and matched labor needs to attendance forecasts [82][83] Question: What is the company's strategy regarding capital allocation and buybacks? - Management indicated a focus on maximizing shareholder returns and mentioned that they are comfortable with the current leverage ratio while considering future buybacks [87][89]
United Parks & Resorts(PRKS) - 2025 Q1 - Earnings Call Transcript