SeaWorld Entertainment, Inc Reports Third Quarter and First Nine Months 2022 Results.

ORLANDO, Fla: SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the third quarter and first nine months of fiscal year 2022[1].

Third Quarter 2022 Highlights

Attendance was 7.3 million guests, an increase of 0.1 million guests or 1.5% from the third quarter of 2021. Compared to the third quarter of 2019, attendance decreased by 0.8 million guests or 9.7%. Excluding international guest visitation, group-related attendance, adverse weather impact (including Hurricane Ian), and calendar shift, attendance increased by approximately 2% when compared to the third quarter of 2019.

Total revenue was a record of $565.2 million, an increase of $44.0 million or 8.4% from the third quarter of 2021. Compared to the third quarter of 2019, total revenue increased by $91.5 million or 19.3%.

Net income was a record of $134.6 million, an increase of $32.5 million or 31.8% from the third quarter of 2021. Compared to the third quarter of 2019, net income increased by $36.5 million or 37.3%.

Adjusted EBITDA[2] was a record of $274.2 million, an increase of $8.9 million or 3.4% from the third quarter of 2021. Compared to the third quarter of 2019, Adjusted EBITDA increased by $67.3 million or 32.5%.

Total revenue per capita[3] increased 6.8% to a record $77.05 from the third quarter of 2021. Admission per capita[3] increased 4.1% to a record $42.75, while in-park per capita spending[3] increased 10.4% to a record $34.30 from the third quarter of 2021. Compared to the third quarter of 2019, total revenue per capita increased 32.1%, admission per capita increased 29.5%, and in-park per capita spending increased 35.5%.

First Nine Months 2022 Highlights

Attendance was 17.0 million guests, an increase of 1.8 million guests or 11.5% from the first nine months of 2021. Compared to the first nine months of 2019, attendance decreased by 0.9 million guests or 5.1%. Excluding international guest visitation and group-related attendance, attendance increased by approximately 2.2% when compared to the first nine months of 2019.

Total revenue was a record of $1,340.7 million, an increase of $207.8 million or 18.3% from the first nine months of 2021. Compared to the first nine months of 2019, total revenue increased by $240.5 million or 21.9%.

Net income was a record of $242.2 million, an increase of $57.2 million or 30.9% from the first nine months of 2021. Compared to the first nine months of 2019, net income increased by $128.5 million or 113.1%.

Adjusted EBITDA[2] was a record $574.6 million, an increase of $65.3 million or 12.8% from the first nine months of 2021. Compared to the first nine months of 2019, Adjusted EBITDA increased by $201.6 million or 54.0%.

Total revenue per capita[3] increased 6.2% to a record $78.86 from the first nine months of 2021. Admission per capita[3] increased 4.4% to a record $43.52, while in-park per capita spending[3] increased 8.4% to a record $35.34 from the first nine months of 2021. Compared to the first nine months of 2019, total revenue per capita increased 28.5%, admission per capita increased 24.8%, and in-park per capita spending increased 33.3%.

Other Highlights

The Company repurchased approximately 3.6 million shares of common stock at a total cost of approximately $183.9 million from August 2022 through October 2022. For the year-to-date period through October 2022, the Company has repurchased 12.3 million shares of common stock (or approximately 16% of total shares outstanding)[4] at a total cost of approximately $683.9 million.

In the third quarter of 2022, the Company came to the aid of 229 animals in need in the wild. The total number of animals the Company has helped over its history is more than 40,000.

"I am happy to report our sixth consecutive quarter of record financial results," said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. "While we achieved records for revenue, net income and Adjusted EBITDA in the quarter, these results still do not reflect a normalized operating environment and we still have significant scope to improve our execution and our financial results. We had a meaningful impact from adverse weather in the quarter, including Hurricane Ian, that we estimate led to 90,000 less guest visits during the quarter; international and group visitation are still not back to pre-Covid levels; our staffing is still not at optimized levels; and inflationary pressures continue to impact our costs. We are pleased with the growth in total revenue and total...