The following is a summary of the United Parks & Resorts Inc (PRKS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• United Parks & Resorts Inc reported Q3 revenue of $545.9 million, a slight decrease of 0.4% from the previous year.

• Net income for Q3 was lower at $119.7 million compared to $123.6 million in the previous year.

• Adjusted EBITDA declined by $8 million to $258.4 million, reflecting increased operating expenses primarily from labor and third-party consulting costs.

• Attendance decreased by 100,000 guests or 1.4% primarily due to negative calendar shifts and adverse weather, adjusting for which attendance would have increased by 3%.

• Per capita revenue increased by 1.0%, with admission per capita up by 0.5% and in-park spending per capita rising by 1.6%.

Business Progress:

• Announced a lineup of new rides, attractions, and events for 2025, including immersive experiences at various parks and the overhaul of SeaWorld San Diego's Journey to Atlantis.

• Advanced mobile app functionality leading to higher transaction values and better guest experience, with food and beverage transactions made through the app seeing approximately 35% higher average transaction value.

• Progressed in international project discussions and strategic real estate development plans, expanding the company's operational and revenue-generating capabilities.

Opportunities:

• Launched a new premium pass program with substantial benefits, seeing sales up over 10%, enhancing brand loyalty and revenue from committed customers.

• Increased focus on group bookings, which are trending up significantly for 2025, representing a considerable growth opportunity for both revenue and profits.

Risks:

• Experiences severe weather conditions such as hurricanes impacting operational days and overall attendance, particularly in Florida parks. Extended impacts from weather conditions pose ongoing operational disruptions.

• Increased competition expected in Orlando with new theme park openings in 2025 could pressure attendance and revenue.

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