Executive Summary

Q4 2024 revenue was $384.4M (-1.2% YoY) and diluted EPS was $0.50 (-19.4% YoY); Adjusted EBITDA was $144.5M (-4.0% YoY). Management highlighted weather headwinds (Hurricane Milton) as the primary driver of attendance (-1.6% YoY) and profitability pressure .
Per-capita metrics remained resilient: total revenue per capita rose to $78.75 (+0.4% YoY), with in-park per capita spending a record $35.14 (+3.5% YoY), offsetting softer admissions per capita (-1.9% YoY) .
2025 outlook: Company expects “meaningful growth and new records” in revenue and Adjusted EBITDA, contingent on weather normalizing; 2025 CapEx guided to ~$225M ($175M core, $50M ROI) and ~$50M gross cost savings planned, with $8M annual interest savings from refinancing .
Stock reaction catalysts: sustained per-cap growth, execution on $50M cost efficiencies, and evidence that Epic Universe’s May opening lifts Orlando visitation without materially diluting PRKS attendance or pricing power (management argues Epic is a net positive and PRKS is differentiated on value and experience) .

What Went Well and What Went Wrong

What Went Well

In-park per capita spending hit a quarterly record ($35.14, +3.5% YoY), demonstrating continued pricing power and ancillary monetization despite attendance headwinds .
Management reiterated confidence in 2025 growth with bookings momentum: international sales growth “up mid-single digits” and group bookings “up double digits,” supporting expected revenue and Adjusted EBITDA records (weather-normalized) .
Quote: “We have high confidence in our ability to continue to deliver operational and financial improvements that will lead to meaningful increases in shareholder value” .

What Went Wrong

Weather materially impacted attendance: Q4 attendance down ~79k (-1.6%) with an estimated 167k guests lost due to Hurricane Milton; revenues fell modestly (-1.2% YoY) and Adjusted EBITDA declined (-4.0% YoY) .
Admissions per capita decreased (-1.9% YoY) as promotional pricing mix weighed on ticket yield; SG&A rose (+10.6% YoY) driven by increased marketing initiatives, pressuring margins .
Transcript discrepancy: CFO remarks referenced prior-year Q4 net income at ~$2M, but press release shows $40.1M for Q4 2023 (likely a transcript error); investors should anchor to press-release financials .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$497.6	$545.9	$384.4
Diluted EPS ($)	$1.46	$2.08	$0.50
Adjusted EBITDA ($USD Millions)	$218.2	$258.4	$144.5
Adjusted EBITDA Margin (%)	43.8% (calc from rev/EBITDA)	47.4% (calc)	37.6% (calc)
Attendance (Millions)	6.19	7.03	4.88
Revenue YoY (%)	+0.3%	-0.4%	-1.2%
Diluted EPS YoY (%)	+8.1%	+8.3%	-19.4%
Adjusted EBITDA YoY (%)	-2.7%	-3.0%	-4.0%

Segment/Mix (Net revenues):

Metric	Q2 2024	Q3 2024	Q4 2024
Admissions ($USD Millions)	$264.0	$296.95	$212.86
Food, Merchandise & Other ($USD Millions)	$233.59	$248.95	$171.52
Total ($USD Millions)	$497.59	$545.90	$384.38

KPIs:

KPI	Q2 2024	Q3 2024	Q4 2024
Total Revenue per Capita ($)	$80.44	$77.66	$78.75
Admissions per Capita ($)	$42.68	$42.24	$43.61
In-Park per Capita Spending ($)	$37.76	$35.42	$35.14
Attendance (Millions)	6.19	7.03	4.88

Cash Flow and Leverage (quarterly highlights):

Q4 2024: Net cash from operations $112.5M; CapEx $26.2M; Free Cash Flow $86.2M; Net total leverage 2.94x; liquidity ~$798.4M .

Note on estimates: S&P Global Wall Street consensus for Q4 2024 EPS and revenue was unavailable due to access limits; no estimate comparison included (see “Estimates Context”) [GetEstimates error].

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	N/A numeric; management criticized consensus and expects outperformance	“Meaningful growth and new records” (assumes weather not worse than 2024)	Raised qualitatively
Adjusted EBITDA	FY 2025	Wall Street consensus cited at ~$701M (management view: “totally unacceptable”)	“Meaningful growth and new records” (weather-normalized)	Raised qualitatively vs consensus
CapEx	FY 2024	~$250M (core ~$180M, ROI ~$70M)	Actual FY24: $248.4M (core $177.7M, ROI $70.7M)	In-line/achieved
CapEx	FY 2025	N/A prior	~$225M (core ~$175M; ROI ~$50M)	Lower vs FY24
Cost Savings (gross)	FY 2025	Prior talk $25–$30M flowing in 2025	~$50M realized in 2025; total identified ~$75M with remainder in 2026	Raised
Interest Expense	Ongoing	N/A	~$8M annual interest savings from Dec-2024 refinancing	New savings
Pass Pricing	FY 2025	N/A	Low single-digit pass price increases with enhanced benefits	New initiative

No explicit guidance provided for OpEx, OI&E beyond interest savings, tax rate, or dividends in Q4 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
Weather impact & normalization	Q2: weather still adverse but attendance grew; Q3: calendar shift + hurricanes reduced attendance; 320k guest impact	Q4: Hurricane Milton drove 167k guest impact; attendance -1.6% YoY; management expects records in 2025 if weather normalizes	Persistent headwind; plan assumes normalization
Epic Universe opening (Orlando)	Not detailed in Q2; Q3: general competitive stance	Detailed view: Epic as positive for market; PRKS aims to capture share via differentiation/value	Confidence in coexistence
Pricing & dynamic pricing	Q2/Q3: per-cap growth, dynamic pricing referenced	Continued: aim to grow pricing but prioritize total revenue; app-enabled dynamic offers (Quick Queue)	Ongoing optimization
International visitation	Q2: up vs PY, still below 2019	Q4: 2025 international sales growth mid-single digits; pathway to attendance via international recovery	Improving but still below ’19
Cost efficiency	Q3: $20M new initiatives planned; run-rate carryover into 2025	Q4: ~$50M realizable in 2025 (gross), ~$75M identified; labor/utilities/programmatic savings	Increased ambition
CapEx discipline	Q2: normalized capex cadence; Q3: 2024 ~$250M mix	Q4: 2025 ~$225M (core $175M, ROI $50M) with high conviction projects	Normalizing lower vs 2024
App/technology monetization	Q3: 35% higher F&B ATV via app; ~<1/3 transaction penetration	Q4: continued early innings, aim wider availability and dynamic commerce	Growing adoption
Real estate monetization & hotels	Q3: progressing hotels & land monetization talks	Q4: hotels no longer expected 2026; evaluating sale/leaseback/land value unlock	Exploring alternatives

Management Commentary

“We have now grown in park per capita for 18 of the last 19 quarters and total revenue per capita for 7 straight years. Our revenue strategies are working and continue to demonstrate our pricing power and the strength of consumer spending in our parks.” — CEO Marc Swanson .
“Assuming no worse weather than we experienced in 2024, we expect meaningful growth and new records in revenue and Adjusted EBITDA in 2025.” — CEO Marc Swanson .
“We are comfortable with current leverage levels… In 2025, we currently expect to spend approximately $225 million of CapEx, split between $175 million of core CapEx and $50 million of expansion in ROI CapEx.” — CEO Marc Swanson .
“As of December 31, 2024, we had approximately $798.4 million in total available liquidity… In December, we refinanced our Term Loan B… that will save the company approximately $8 million in annual interest expense.” — CFO James Mikolaichik .

Q&A Highlights

2025 record potential vs weather and Epic: Management reiterated expectation for record Adjusted EBITDA with normalized weather; Epic believed to expand market visitation with PRKS positioned to capture share via differentiated product/value .
Consensus gap: Management stated 2025 Street Adjusted EBITDA consensus at ~$701M and intends to outperform materially; investors should note this is management’s characterization of consensus, not formal guidance .
Early 1Q trends: January Florida cold snap; attendance up on a day-to-day basis through the Sunday prior to the call; Easter timing shift expected to hurt Q1 and benefit Q2 by ~150–175k visits .
Pricing strategy: Aim to grow pricing over time, but will prioritize total revenue; dynamic pricing on app (e.g., front-of-line) and across admissions; confidence supported by investment in new attractions/venues .
Cost savings: ~$50M gross in 2025 (labor optimization, utilities, purchasing); some savings redeployed into marketing to drive growth .
Real estate monetization: Exploring underlying land value unlock (e.g., sale-leaseback); Board receiving inbound interest; hotels timeline pushed beyond 2026 .

Estimates Context

S&P Global consensus EPS and revenue estimates for Q4 2024 were unavailable due to access limitations; therefore, no formal comparison vs Street is included here [GetEstimates error].
Management referenced 2025 Adjusted EBITDA Street consensus at ~$701M and indicated internal plans are “significantly higher,” but provided no numeric guidance; treat this as qualitative context rather than company guidance .

Key Takeaways for Investors

Weather was the primary Q4 headwind; excluding Hurricane Milton’s impact, attendance would have increased ~2% YoY, supporting the resilience thesis and setting a baseline for 2025 normalization .
Per-cap strength remains intact, with record in-park spending; pricing power and mix initiatives continue to offset admissions yield pressure, implying durable monetization levers .
2025 plan prioritizes disciplined capital deployment ($225M CapEx) and ~$50M cost savings with tangible $8M interest savings, offering multiple paths to margin expansion and FCF growth .
Epic Universe likely expands the Orlando demand pool; PRKS expects to capture share via differentiated SeaWorld experiences and value-oriented passes—watch for evidence in spring/summer traffic and per-cap trends .
Near-term trading: Positive catalysts include confirmation of Q1/Q2 attendance growth (post-Easter shift), sponsorship revenue ramps, and progress on real estate monetization; risks include continued adverse weather and promotional mix pressuring admissions per cap .
Medium-term thesis: Attendance recovery toward historical levels (2019/2008) plus sustained per-cap growth and cost discipline underpin management’s illustrative EBITDA potential; execution on hotels/IP partnerships/sponsorships offers further optionality .

Supporting detail and source tables (press release and transcript):

Q4 press release with detailed P&L, KPIs, non-GAAP reconciliations and balance sheet .
Q4 earnings call transcript with strategic themes, 2025 framework, and Q&A clarifications .
Prior quarter materials used for trend analysis (Q3 press release and transcript; Q2 press release) .

United Parks & Resorts Inc. (PRKS)·Q4 2024 Earnings Summary