Kyle Miller
Chief Park Operations Officer – Florida Parks at PRKS
Executive
About Kyle Miller
Kyle R. Miller is Chief Park Operations Officer – Florida Parks at United Parks & Resorts (PRKS), serving in this role since January 2023; age 48 . He has 30 years of park operations experience across SeaWorld/Busch Entertainment, including leadership of SeaWorld Orlando, Discovery Cove, and Aquatica Orlando . Company performance during his tenure includes FY2024 total revenues of $1,725.3 million, Adjusted EBITDA of $700.2 million, and diluted EPS of $3.79; management noted five-year stock performance “in line with relevant U.S. equity markets” . Compensation design emphasizes pay-for-performance with substantial equity and strict clawbacks/no hedging or pledging .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SeaWorld Orlando, Discovery Cove, Aquatica Orlando | Park President | 2018–2023 | Led operations across Orlando parks complex, driving guest experience and revenue operations |
| SeaWorld Orlando, Discovery Cove, Aquatica Orlando | Vice President, Culinary Operations | 2016–2018 | Oversaw in-park culinary revenue and cost management |
| SeaWorld Orlando, Discovery Cove, Aquatica Orlando | Director, Merchandise Revenue Operations | 2007–2012 | Managed merchandise strategy and execution to optimize in-park per capita spend |
| Busch Entertainment Corporation/Company parks | Various roles of increasing responsibility | 1995–2018 | Progressive park operations leadership across multiple parks |
External Roles
| Organization | Role | Years |
|---|---|---|
| Visit Orlando | Board Member | Since 2019 |
Fixed Compensation
| Metric | 2023 |
|---|---|
| Base Salary ($) | $250,000 |
| Target Bonus (% of Salary) | 80% |
| Actual Annual Bonus – Cash ($) | $12,030 |
| Actual Annual Bonus – Stock ($) | $12,429 |
| Actual Annual Bonus – Total ($) | $24,459 |
2023 Summary Compensation (company-reported):
| Component | 2023 ($) |
|---|---|
| Salary | $247,500 |
| Bonus (discretionary; includes one-time stay bonus) | $16,250 |
| Stock Awards (RSUs/PSUs grant-date fair value) | $499,932 |
| Option Awards (grant-date fair value) | $179,262 |
| Non-Equity Incentive Plan Compensation | $780 |
| All Other Compensation | $740 |
| Total | $944,464 |
Notes:
- Annual bonus structure paid 50% in cash and 50% in stock, with stock PSUs settled post-performance .
- Company prohibits hedging/pledging and provides no excise tax gross-ups .
Performance Compensation
2023 Annual Bonus Structure and Outcomes (Corporate participants including Miller):
| Metric | Weight | Target | Actual | Payout (% of Target) | Weighted Payout |
|---|---|---|---|---|---|
| Adjusted EBITDA (pre-bonus basis) | 60% | $899.0m | $715.1m | 0.0% | 0.0% |
| Guest Satisfaction | 20% | Company goals | Achieved minimal level | 1.0% | 0.2% |
| Discretionary & Individual Objectives | 20% | Committee-defined | Approved 15% | 15.0% | 3.0% |
| Subtotal Before Cost Objectives | — | — | — | — | 16.0% |
| Cost Objectives Adjustment | — | +/-25% | Not met | -25.0% | — |
| Final Bonus Earned (% of Target) | — | — | — | — | 12.0% |
2023 Long-Term Incentive Plan (LTIP) Design (Performance Period 2023–2025):
| Metric | Weight | Vesting Mechanics |
|---|---|---|
| Adjusted EBITDA target | 75% | Vests based on predefined FY2025 Adjusted EBITDA |
| Adjusted EBITDA – growth initiatives | 12.5% | Vests based on predefined initiative EBITDA target |
| Other non-EBITDA growth objectives | 12.5% | Vests on predefined operational growth objectives |
2023 Equity Grants (Plan-Based Awards):
| Award Type | Grant Date | Units/Shares | Terms |
|---|---|---|---|
| Time-Vesting RSUs | 3/2/2023 | 6,159 | Vests in equal annual installments over 4 years |
| PSUs (LTIP tranche A) | 5/11/2023 | Target 3,513; Max 5,269 | Vests per LTIP performance objectives |
| PSUs (LTIP tranche B) | 5/11/2023 | Target 4,941; Max 7,411 | Vests per LTIP performance objectives |
| Annual Equity Incentive (PSUs) | 8/10/2023 | Target 1,954; Max 2,442 | Annual PSU award |
| Stock Options | 3/2/2023 | 3,079 | $64.94 strike; expire 3/2/2033; vests over 4 years |
| Stock Options | 5/11/2023 | 1,647 | $56.92 strike; expire 5/11/2033; vests over 3 years (LTIP) |
Vesting Schedules (Select Outstanding Awards; company-confirmed):
| Award | Specific Vesting Dates |
|---|---|
| 2019 LTIP PSUs | 13,356 vested on March 8, 2024 (based on 2023 performance) |
| 2021 LTIP PSUs | 1,228 vested on March 8, 2024 (based on 2023 performance) |
| 2023 Annual Bonus PSUs | 235 vested on April 23, 2024 |
| RSUs (3/2/2023 grant) | 1,539 vested on March 2, 2024; remaining vests March 2, 2025–2027 |
| RSUs (5/9/2023 grant) | 1,076 vest on May 9, 2024; 1,076 on May 9, 2025; remainder on May 9, 2026 |
| RSUs (5/10/2023 grant) | 574 vested on May 10, 2024 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (as of 4/15/2024) | 28,132 shares |
| Options Exercisable on/within 60 days | 3,504 shares |
| Time-Vesting RSUs Outstanding | 12,568 units |
| PSUs Outstanding | 10,493 units (performance-based, not included in beneficial count) |
| RSUs Converting to Stock on/within 60 days (as of 3/15/2024) | 1,650 shares |
| Ownership Guidelines | Executives must hold 3x base salary; 50% post-net shares retention |
| Hedging/Pledging Policy | Prohibited; no hedging or pledging company stock |
| Clawback Policy | Robust clawbacks for fraud/misconduct/mistakes per NYSE/Dodd-Frank/SOX |
Insider Trading Plans:
- Rule 10b5-1 Plan: Kyle Miller entered a plan on June 12, 2023 to potentially sell up to 12,000 shares between July 14, 2023 and July 12, 2024, subject to a minimum price condition .
Outstanding Equity (12/31/2023 snapshot):
| Category | Quantity | Market/Value Reference |
|---|---|---|
| Unexercised Options (exercisable) | 692 @ $50.74; 226 @ $64.71 | Options detail per table |
| Unexercised Options (unearned) | 3,079 @ $64.94; 1,647 @ $56.92 | Options detail per table |
| Unvested RSUs | 25,856 units (market value $1,365,972) | As of 12/31/2023 |
| Unearned PSUs | 2,622 units (market value $138,520) | As of 12/31/2023 |
Employment Terms
| Term | Provision |
|---|---|
| Current Role Start Date | January 2023 (Chief Park Operations Officer – Florida Parks) |
| Severance (termination under severance plan, as of 12/29/2023) | Cash severance $262,030; health continuation $15,000 |
| Change-in-Control (double trigger; within 12 months post-CoC) | Cash severance $262,030; health $15,000; accelerated vesting value $1,368,150; total $1,645,180 |
| Change-in-Control (good reason) | Accelerated vesting value $1,355,735 (no cash/health shown) |
| Death/Disability | Cash $12,030; accelerated vesting value $898,158; total $910,188 |
| Equity Vesting on CoC | Double-trigger vesting for options/time-vested RSUs; PSUs vest per actual performance through change-in-control |
| Clawbacks | Company clawback policy applies to all incentive awards |
| Tax Gross-Ups | No excise tax gross-ups upon change in control |
| Non-Compete/Non-Solicit | Not disclosed (no specific provisions identified in filings) |
Performance & Track Record
| Metric | FY2024 | FY2023 |
|---|---|---|
| Total Revenues ($mm) | $1,725.3 | $1,726.6 |
| Adjusted EBITDA ($mm) | $700.2 | $713.5 |
| Diluted EPS ($) | $3.79 | $3.63 |
| Attendance (mm) | 21.6 | 21.6 |
| Total Revenue per Capita ($) | $80.07 | $79.91 |
Additional governance/feedback:
- 2024 Say-on-Pay approval: 99.1% support (excluding abstentions/broker non-votes) .
Compensation Structure Analysis
| Observation | Details |
|---|---|
| Equity-heavy, at-risk mix | Significant RSUs/PSUs/options tied to EBITDA and growth metrics; annual bonus 50% PSUs |
| 2023 bonus outcome | Company missed EBITDA target materially; Miller’s final payout was 12% of target (cash $12,030; stock $12,429) |
| Special 2023 promotion grants | As part of promotion to CPO – Florida: $200k options (4-year vest), $400k RSUs (4-year vest), $200k PSUs under LTIP |
| Policies limiting risk | No hedging/pledging; no option repricing; clawbacks; double-trigger CoC vesting |
Related Party & Governance Context
- Hill Path ownership and governance constraints: large shareholder with voting limitations above 24.9% per 2024 amendment; special committees and disinterested stockholder approvals required for certain actions (contextual governance environment) .
- Director Compensation and Omnibus Plan updates in 2025 (not specific to Miller): expanded plan shares carried over, director limit proposal, clawbacks strengthened .
Investment Implications
- Alignment: Miller’s compensation is predominantly performance-based with PSUs tied to Adjusted EBITDA and growth, and options requiring stock appreciation; his 2023 bonus paid only 12% due to EBITDA shortfall, signaling tight pay-for-performance linkage .
- Selling pressure: Multiple RSU tranches vest on a defined schedule and he had a Rule 10b5-1 plan to potentially sell up to 12,000 shares over 7/14/2023–7/12/2024, pointing to predictable windows of potential selling pressure; company policy forbids hedging/pledging .
- Retention risk mitigants: Double-trigger CoC vesting and severance protect against opportunistic turnover; absence of tax gross-ups and presence of robust clawbacks reflect shareholder-friendly governance .
- Performance sensitivity: With FY2024 EBITDA down modestly and bonus plans emphasizing EBITDA and cost objectives, future payouts—and thus realized compensation—remain sensitive to operational execution and cost control across Florida parks .