Total Revenue

–$2.3 million (–0.4%)

Q3 2024 total revenue fell from the previous period largely due to a 1.4% (100,000 guests) decline in attendance—caused by a negative calendar shift and adverse weather (Hurricanes Debby and Helene)—which offset modest gains from a 1.0% increase in revenue per capita; previous periods had higher attendance that boosted overall revenues. " " "

Attendance

–100,000 guests (–1.4%)

Attendance dropped by 100,000 guests primarily due to weather disruptions and negative calendar effects in Q3 2024, contrasting with higher visitor numbers in the previous period that benefited from more favorable conditions. " "

Total Revenue per Capita

+1.0% to $77.66

Despite lower visitor counts, revenue per capita improved due to pricing initiatives that increased admission per capita by 0.5% (to $42.24) and in-park spending by 1.6% (to $35.42), partially compensating for the overall drop in attendance compared to the prior period. " " "

Operating Expenses

+$1.5 million (+0.7%)

Operating expenses rose due to higher labor-related costs and an additional $2.6 million in third-party consulting costs for strategic initiatives, even though there was a partial offset from lower noncash fixed asset write-offs; earlier periods had lower expense pressure from these items. " " "

SG&A Expenses

–$4.3 million (–7.3%)

SG&A expenses decreased significantly by $4.3 million as a result of a $6.6 million reduction in third-party consulting costs (including a $4.2 million cut in nonrecurring strategic initiative expenses), despite partially higher marketing costs compared to the prior period. " " "

Net Income

–$3.9 million (–3.1%)

Net income declined to $119.7 million due to the combined effects of lower total revenue from reduced attendance and increased operating and interest expenses, a trend that contrasts with stronger profitability in the previous period when weather and calendar conditions were more favorable. " " "

Adjusted EBITDA

–$8.0 million (–3.0%)

Adjusted EBITDA dropped to $258.4 million as a result of the revenue decline driven by lower attendance, partially counterbalanced by improved per capita metrics; however, increased expenses in cost categories contributed to the net decline compared to the previous year. " " "

Interest Expense

+$2.6 million (+7.1%)

Interest expenses increased to $39.7 million, reflecting higher costs on variable-rate debt following refinancing transactions—a factor less pronounced in the previous period when the average debt balance was lower. "

Operating Cash Flow

–$30.8 million

Operating cash flow decreased from $398.5 million to $367.7 million, largely due to increased cash outflows for interest and taxes, a shift from previous periods where operating performance generated stronger cash flows. "

Financing Cash Activities

+$284.2 million increase

Financing cash usage escalated from $31.3 million to $315.5 million, driven by significantly higher repayments of long-term debt and increased treasury stock repurchases, reflecting a more aggressive balance sheet management stance compared to the preceding period. "

Revenue and Adjusted EBITDA Growth

FY 2025

Confidence in returning to record performance in 2025 "

Meaningful growth and new records in revenue and adjusted EBITDA in FY 2025 "

no change

Cost Savings Initiatives

FY 2025

no prior guidance

$50 million of realized cost savings in FY 2025 "

no prior guidance

Capital Expenditures

FY 2025

Plan to spend $150M–$175M on core CapEx and up to $50M on ROI/growth CapEx "

Approximately $225M total, with $175M on core CapEx and $50M on growth projects in FY 2025 "

no change

Pass Base Growth

FY 2025

New premium pass program strong sales up over 10% "

Strong pass base, supported by low single-digit increases in pass prices "

lowered

International Sales

FY 2025

no prior guidance

Mid-single-digit growth "

no prior guidance

Group Bookings

FY 2025

Trending up by double-digit percentages "

Double-digit growth "

no change

New attractions and ride expansions

Q3 2024 highlighted several new attractions and ride expansions planned for 2025, including immersive rides at SeaWorld Orlando, redesigned coasters at Busch Gardens Williamsburg, and family-oriented experiences at SeaWorld San Antonio and SeaWorld San Diego. "

Q4 2024 provided even richer detail and confirmation of new attractions across multiple parks – such as SeaWorld Orlando’s immersive flying experience; SeaWorld San Diego’s Jewels of the Sea and reinvented Journey to Atlantis; new experiences at SeaWorld San Antonio, Busch Gardens Williamsburg, Busch Gardens Tampa Bay, Sesame Place, and Water Country USA. " "

Increased focus and detail: The company has deepened its commitment to new attractions and ride expansions, elaborating on features and emphasizing the 2025 lineup as one of its best ever.

Attendance and demand trends

Q3 2024 discussed a decline in attendance due to weather and calendar shifts while noting record in-park per capita spending and positive forward demand indicators (e.g., intended date ticket sales and group bookings). " "

Q4 2024 continued to acknowledge attendance challenges due to adverse weather (including Hurricane Milton) with specific impacts quoted, while also highlighting early Q1 trends (day‐to‐day improvement and recovery signals) and outlining long‐term opportunities to return to historical attendance levels. " " " " " "

Persistent challenge with cautious optimism: Weather-induced attendance issues remain a concern, yet there is a growing narrative around recovery and strategic growth opportunities.

Weather-related risks and impacts

In Q3 2024, adverse weather from hurricanes such as Debby, Helene, and Milton was cited as significantly reducing attendance and impacting revenue/EBITDA, with detailed quantification of guest losses and operational disruptions. " " " "

Q4 2024 similarly noted the negative impact due to severe weather (including Hurricane Milton) with quantified guest losses and similar adjustments for weather effects, but also shared expectations for eventual normalization and recovery in attendance trends. " " "

Steady concern with adjustments: Weather continues to be a major risk factor, though the discussion now includes more about mitigating actions and forward-looking adjustments.

Competitive pressures in the Orlando market

Q3 2024 acknowledged new Orlando competition (with references to historical resilience, distinctive value propositions, and positive impact from market expansion) that the company felt positioned it well against competitors. "

Q4 2024 also addressed competitive pressures, particularly in light of Universal’s Epic Universe Park, but maintained a positive outlook by emphasizing strategic preparations, differentiated offerings, and the broader market benefit from increased visitation in Orlando. " " "

Consistently optimistic despite competition: While acknowledging rising competitive pressures, the tone remains upbeat with clear strategies to capture market share.

Pricing strategies and revenue management challenges

Q3 2024 focused on dynamic pricing initiatives, with pricing adjustments for in-park purchases and admission tickets leading to modest improvements in revenue per capita, despite challenges from attendance declines due to adverse weather. " " " "

Q4 2024 continued to underscore the emphasis on dynamic pricing and highlighted efforts to balance pricing growth with attendance; it noted that promotional pricing led to a slight dip in admission per capita while in-park per capita spending improved, underlining ongoing efforts to enhance overall revenue management. " " " "

Consistent strategy with nuanced results: The approach remains steadfast in utilizing dynamic pricing, though Q4 details reveal a tighter balancing act between revenue and attendance growth.

Cost pressures and labor expense management

Q3 2024 mentioned inflationary pressures and labor challenges including increased costs, while also noting initiatives aimed at driving cost efficiencies and labor optimizations through technology and targeted spending cuts. " "

Q4 2024 reiterated cost pressures—highlighting challenges such as minimum wage increases—but also pointed to effective labor management and specific cost-saving initiatives (e.g., $50 million savings for 2025), underscoring progress in refining operational efficiencies. " "

Steady management with enhanced initiatives: The company continues to face cost pressures but is increasingly successful in executing targeted labor and cost-saving strategies.

Digital engagement and mobile app integration

Q3 2024 featured robust discussion on digital engagement, noting that the company’s mobile app had reached over 12 million downloads, driven a significant increase in transaction values for F&B, and was pivotal in implementing dynamic pricing strategies. " "

Q4 2024 did not mention digital engagement or mobile app integration, marking an absence of this topic in the current period’s discussion.

Omission in current discussion: Previously a focus area in Q3, digital engagement is not referenced in Q4, possibly suggesting a temporary shift in strategic priorities.