Executive Summary

Q1 2024 delivered record total revenue of $297.4M and record Adjusted EBITDA of $79.2M; diluted EPS was -$0.17 as net loss improved to $11.2M from -$16.5M YoY .
Attendance rose 2.1% to ~3.45M, aided by Easter/spring break calendar shift, though unusually wet/cold weather (particularly in Florida) offset much of the benefit .
Management expects new records in revenue and Adjusted EBITDA for 2024; share repurchases totaled ~$100.8M through May 6 (375K shares in Q1 for ~$20.2M; ~1.5M more post-Q1), and debt was refinanced via a $380M Term B-2 add-on with redemption of $227.5M first‑priority notes due May 2025 .
S&P Global consensus estimates were unavailable for Q1 2024 during this request window; beat/miss vs Street cannot be determined and should be rechecked when data access is restored.

What Went Well and What Went Wrong

What Went Well

Record revenue ($297.4M) and record Adjusted EBITDA ($79.2M) with attendance growth of ~72K; net loss improved by $5.3M YoY .
In-park per capita spending grew 4.0% excluding one-time Abu Dhabi-related revenue; CEO: “In-park per capita revenue, excluding the impact of certain one-time revenue, increased 4.0%… representing the 16th consecutive quarter of growth.” .
Aggressive capital return and balance sheet actions: $500M buyback approved and ~$100.8M executed through 5/6; $380M debt add-on and redemption of $227.5M secured notes reduced near-term maturities .

What Went Wrong

Weather headwinds reduced attendance on peak days, largely offsetting calendar benefits; management highlighted “unusually wet and cold weather… mainly in our Florida parks” .
Revenue per capita and admission per capita declined YoY including one-time Abu Dhabi impacts: total revenue per capita down 0.7% to $86.21, admission per capita down 0.9% to $48.06, in-park per capita down 0.5% to $38.15 .
Marketing-related costs increased, and interest expense rose to $38.8M (+6.5% YoY), pressuring profitability despite revenue records .

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$548.2	$389.0	$297.4
Net Income ($USD Millions)	$123.6	$40.1	$(11.2)
Diluted EPS ($USD)	$1.92	$0.62	$(0.17)
Operating Income ($USD Millions)	$203.3	$89.3	$22.1
EBIT Margin % (calc)	37.1% (from $203.3M/$548.2M)	22.9% (from $89.3M/$389.0M)	7.4% (from $22.1M/$297.4M)
Adjusted EBITDA ($USD Millions)	$266.4	$150.4	$79.2

KPI	Q3 2023	Q4 2023	Q1 2024
Attendance (Millions)	7.13	4.96	3.45
Total Revenue per Capita ($)	$76.90	$78.42	$86.21
Admission per Capita ($)	$42.05	$44.46	$48.06
In‑Park Per Capita ($)	$34.85	$33.96	$38.15

Notes: Q1 2024 per-capita metrics include one-time Abu Dhabi impacts (ex-one-time, in-park per capita +4.0% YoY) .

Estimates comparison: Unavailable from S&P Global for Q1 2024 at time of request; recheck to assess beat/miss.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	Not provided	Management expects new record revenue in 2024	Raised (qualitative)
Adjusted EBITDA	FY 2024	Not provided	Management expects new record Adjusted EBITDA in 2024	Raised (qualitative)
Capex (Core)	FY 2024	Not provided	~$175M core capex (CFO, call)	New disclosure
Capex (Growth/ROI)	FY 2024	Not provided	~$50M growth/ROI capex (CFO, call)	New disclosure
Share Repurchase	Authorization	$250M (prior)	$500M authorization approved; ~$100.8M repurchased through 5/6	Increased
Debt	Near-term maturities	$227.5M first‑priority notes due May 2025 outstanding	$380M add‑on to Term B‑2; redeemed $227.5M 2025 notes	Refinanced
Deferred Revenue	As of Apr-2024	Not provided	$217.7M; +~1.4% YoY ex one-time (CFO, call)	Positive trend

No numeric guidance provided for margins, OpEx, OI&E, or tax rate in the press release/call; management reiterated qualitative expectations of record FY 2024 revenue and Adjusted EBITDA .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2023)	Previous Mentions (Q4 2023)	Current Period (Q1 2024)	Trend
Weather impacts	Significant adverse weather impacted peak visitation; attendance down 2.8% YoY	Adverse weather, especially Florida markets, and calendar shift; attendance modestly up	“Unusually wet and cold weather… mainly in our Florida parks” offset calendar benefit	Persistent headwind
Per-capita growth	In‑park per capita +1.6% to record; total per capita -0.2%	In‑park per capita +1.5% to record; total per capita -0.9%	Ex-one-time, in‑park per capita +4.0%; total per capita +1.2% ex one-time	Improving ex one-time
Pricing/mix	Pricing initiatives aided in‑park per capita; admissions mix a headwind	Admissions per capita decline due to mix; in-park improved via pricing	Admission per capita down 0.9%; pricing contributed to in-park ex one-time growth	Mixed, pricing helps
Bookings/group sales	2024 bookings trending up double-digits for groups/Discovery Cove	Not specified	Discovery Cove and group bookings well ahead of 2023; int’l visitation improved vs 2023	Positive
Capital allocation	$3.9M repurchases; $38.5M remaining	Board recommended $500M authorization	$500M program approved; ~$100.8M repurchased by 5/6	Accelerating
Debt strategy	Leverage and interest expense noted as risks -	Interest expense elevated; no refi disclosed -	$380M Term B‑2 add‑on; redeemed $227.5M 2025 notes	Proactive refi
International expansion	Abu Dhabi performing ahead of expectations	Abu Dhabi opened; performing well	One-time Abu Dhabi revenue impacts per-capita comps; int’l visitation improved vs 2023	Stabilizing
New attractions/60th anniversary	2024 line-up previewed (Penguin Trek, Phoenix Rising, etc.) -	2024 slate reiterated; 60th anniversary starting Mar 21 -	Multiple openings in Q1 and into spring/summer; 60th anniversary celebration launched -	Execution underway

Management Commentary

CEO: “We are pleased to report record financial results this quarter including record revenue and Adjusted EBITDA… [benefit of] positive calendar shift… almost entirely offset by unusually wet and cold weather… mainly in our Florida parks.” .
CEO: “We continue to expect to deliver new records in revenue and Adjusted EBITDA for 2024.” .
CFO (call): “We spent $87.3 million on CapEx in the first quarter… ~$56.3M core and ~$31M expansion/ROI… For 2024, we expect ~$175M core CapEx and ~$50M growth/ROI.” .
CFO (call): “Deferred revenue balance as of the end of April was $217.7 million… excluding certain one-time items deferred revenue increased ~1.4% YoY.” .

Q&A Highlights

Traffic normalization and calendar shift: Management explained Easter/spring break shift boosted March, normalizing in April; avoided park-level detail for competitive reasons .
Margin trajectory: With revenues “pretty flat” and margins up, management reiterated multi-driver opportunities for margin growth through 2024 (pricing, cost management, mix) .
Capex and attractions timing: 2024 slate targeted to open before peak summer; core and ROI capex plans detailed by CFO .
Pass program and bookings: “Best pass benefits program ever” expected to drive pass base; Discovery Cove and group bookings ahead of 2023 .
Capital returns: Rationale for accelerating buybacks given perceived undervaluation; ~$100.8M repurchased through 5/6 .

Estimates Context

S&P Global Wall Street consensus for Q1 2024 EPS and revenue was unavailable due to access limits during this request. Re-run S&P Global queries to assess beat/miss and update models accordingly.
Given management’s qualitative stance (record FY revenue/Adjusted EBITDA), Street models may need to reflect stronger in-park per capita trends ex one-time items, continued cost discipline, and incremental attendance from new attractions/60th anniversary events -.

Key Takeaways for Investors

Weather was the primary headwind; underlying demand indicators (attendance, bookings, pass program, int’l visitation improvement) remain constructive, supporting FY targets for record revenue/Adjusted EBITDA .
Per-capita strength ex one-time items and ongoing pricing power continue to be core levers; watch admission mix effects and marketing cost intensity near peak season .
Capital deployment is decidedly shareholder‑friendly: accelerated buybacks (~$100.8M by 5/6) and proactive refi to mitigate near-term maturities; these actions can support EPS accretion and reduce balance sheet risk .
2024 attraction slate and 60th anniversary programming are catalysts for attendance and in-park monetization; execution timing into summer is key -.
Track Q2 trends for normalization post-Easter shift and weather variability; deferred revenue and group bookings suggest supportive forward demand .
Revisit consensus comparisons once S&P Global data becomes available to quantify beat/miss for Q1 and recalibrate FY trajectory, especially margin path amid cost initiatives.
Near-term trading: Narrative around buybacks, debt actions, and strong ex-one-time per-capita growth should be supportive; medium term, attendance recovery (int’l, group) and slate execution underpin thesis.

United Parks & Resorts Inc. (SEAS)·Q1 2024 Earnings Summary