ORLANDO, Florida, July 29, 2020 / PRNewswire / – SeaWorld Entertainment, Inc. (NYSE: SEAS), (the “Company”), a leading theme park and entertainment company, announced its economic effects of the initial quarter and provided some updates on the company’s operations.
The park can be reopened
In reaction to the COVID-19 global pandemic, and in accordance with government restrictions, the Corporation temporarily closed all its theme parks, starting on March 16, 2020. Beginning in June 2020, the Corporation began the slow reopening of some of its fleets with Reduction of opening days and capping of capatown. In particular, on June 6, Compabig’s apple water park reopened in Texas; On June 11, the five apple parks in Florida reopened; On June 19, it reopened its SeaWorld park in Texas and on July 24, reopened its Sesame Place park in Pennsylvania. The combined apple expects its Busch Gardens theme park in Virginia to begin a steady reopening in early August 2020 and continues to monitor federal, state and local government rules for when it can reopen in California.
As a component of the park’s reopening, the combined apple implemented advanced fitness and defense protocols, adding greater cleanliness and disinfection, capacity limitations, physical distance practices, policy essentials, and consistent temperature controls for staff and guests. In addition, the Compabig apple has implemented a net reserve formula to help manage capacity and manage inconsistent day diversity consistently with the fleet to maximize currency flow.
Attendance because the reopening of parks in June has been suffering from self-imposed limitations of capatown, fewer opening days per week compared to the previous year, limited marketing expenses and a limited list of events.
Despite the limitations described above, for parks that revel in reopening, general assistance trends have taken a step forward due to reopening. Total park attendance at the reopened parks1 increased by 14% at the park’s similar base between the week ended June 28 (the first full week of opening those parks) until the week ended July 26.
Assistance compared to the previous year’s era ranged from about 10% to 15% at the lower end and to about 50% at the end of h8, discontinuing in the park and the day. Compabig apple stipes that, without self-imposed limitations of capatown, assistance compared directly to the previous year would probably have exceeded 50% in some parks on the days limit.
The company’s Discovery Cove Park, which accepts bookings up to 18 months in advance, has solid reserves for 2021 and exceeds the previous year to date. In particular, the 2021 terms for Discovery Cove from July 19, 2020 are 169% more consistent than 2020 bookings at the same time a year ago.
The Compabig apple expects the best degrees of attendance from friends to continue as they begin to reintroduce special events, interactive activities and other offers in the park that have been temporarily suspended. In addition, the combined apple reduced its marketing by completing the initial reopening phase and hopes that a measured design in final marketing will also help in the continued growth of the friend trend.
Preliminary effects for the time being a quarter of 2020
Compabig Apple’s economic declarations for the 3 and six months ended June 30, 2020 still do not seem complete. As a result, the combined apple has the following initial stipes. Given the time of these stipulaters, the Compabig apple has not completed the same tax and last review procedures and, as a result, its stipulaters are likely to change.
Cash and cash equivalents balance of approximately $376 million as of June 30, 2020.
Attendance was 0.3 million, a decrease of 6.2 million since a quarter of 2019. Minimum quarter attendance was a giant component due to the reality that all of the Corporation’s parks were closed for most of the quarter.
Total coins are expected to be approximately $18 million, directly compared to $406 million at the time of the fourth quarter of 2019. The minimization of general sales was the result of minimization of attendance, due to the closure of all its parks, most of the quarter, slightly compensated through design according to the capita spfinishing in the park (explained as food, goods and other sources of coins divided through general assistance) and improvement in allocations consistent with capital (explained as allocation gains divided through general assistance) )
Per capita admissions are expected to continue to a top-rated friend, tending to be around 2% to $3 five.9 four compared to $3 five. The net influence of the composition of the duration of friendship on the continuous test applicable with a greater tendency of friendship in the continuous test compared to the previous period of the previous year.
The per capita termination in the park is expected to remain about 10% to $30.33 compared to $27.57 at the time of one quarter of 2019, is best friend due to higher sales of bound products in the park and according to the costs and costs learned, The largest friend offset through a token at the park. offerings in the neighborhood.
The company’s annual open park pass base has an increase of 13% at the end of May (the month before the park reopens) and, in all parks, has an 8% increase over the same period.
The net loss will be approximately $10 million.
Adjusted EBITDA2 is expected to be approximately $5four million.
The initial economic data presented above have been prepared through the control of the Compabig apple and it is your responsibility. The above initial stipulaters are subject to review, as the Compabig apple prepares its economic and informational declarations for the 3 and six months ended June 30, 2020, and such revisions may be material, in components, the Compabig apple has not finalized its provision of taxes or deferred tax balances and similar impairments. As a result, and as a component of the last quarterly and review procedure of the Compabig apple for the time being one quarter of 2020, the Compabig apple could identify parts that would require changes in the initial stipesters as noted above. As a result, the final effects and other data as of June 30, 2020 and for the 3 and six months ended June 30, 2020 may differ from a more important friend of the initial stipulaters. Preliminary estimated economic knowledge should not be considered as an alterlocal to economic statements prepared in accordance with accounting principles accepted by friends who are instinctively better in the United States. The Compabig apple expects to record its quarterly report on Form 10-Q for the 3 months ended June 30, 2020 through August 10, 2020. Compabig Apple auditors did not audit, review, compile or apply the agreed procedures for the estimated initial calculation. economic knowledge presented above. As a result, Apple Compabig’s auditors do not explicitly express Apple’s opinion or other warranty in this regard.
COVID-19 response
Since the birth of the global PANdemic COVID-1nine, the comparative apple has taken a proactive gaming station to its guests, staff and animals, to properly manage costs and expenses, and to produce liquidity in reaction to the transitional park closures applicable with COVID-1nine. Some of these measures included, but were not limited to:
increased its revolving credit commitments on 10 March and borrowed the remaining amount;
issued $227.five million guaranteed senior promissory note liquidity;
modified its existing guaranteed credit services for the elderly to amend their economic agreements;
the use of friends of initigreatest leaves about 95% of its staff when all its fleets were closed;
obtained payroll tax credits and deferred payroll taxes under the CARES Act;
Reduces the salary of high-level executives by 20% until theme parks transfer their main friends to general operations;
Removed and/or deferred all non-operating expenses for all of its parks and headquarters while the parks were closed;
eliminated substantially all advertising and marketing spend while the parks were closed;
significantly reduced or deferred all capital expenditures as of March 2020 (minimum capital expenditures);
postponed the opening of the suntil walks under design and planned for 2020 until 2021;
worked with suppliers and other business partners to manage, defer and/or reduce costs and consolidated debts due to interruptions caused by the COVID-1nine pandemic; And
has installed a rigorous and strict procedure for reviewing and approving invoices and disbursements.
Liquidity update
As of June 30, 2020, the equivalent balance of the Company’s coins and currencies is approximately $376 million, compared to a balance of approximately $400 million as of April 30, 2020, which corresponds to an average consistent with the monthly intake of approximately $12 million consistent with the month.
Adjusted for the notes offering announced by the Company on July 29, 2020 and related transactions, as of June 30, 2020, the Company would have had approximately $465 million of cash and cash equivalents on the balance sheet and $311 million available on its revolving credit facility resulting in total liquidity of $776 million.
Declaration on Non-GAAP Economic Measures
This launch and the accompanying economic tables come with several additional non-GAAP economic means, which add Adjusted EBITDA. Adjusted EBITDA is never very well identified as GAAP, is not considered an isolated or alternative concept to a large amount of economic functionality or liquidity prepared according to GAAP, and is never the best indicative friend of the net source of coins at or loss like We decide through GAAP. Adjusted EBITDA and other non-GAAP economic means have limitations that should be taken into account before using such means to assess a company’s economic functionality or liquidity. Adjusted EBITDA, as presented, may not be comparable to average values with similar titles through other corporations due to alternative calculation methods.
Management believes that the presentation of Adjusted EBITDA is supported, as it eliminates the effect of non-currency bound parts and other parts that do not necessarily seem representative of an apple’s underlying score performance. Management uses adjusted EBITDA for linked elements of its executive payment program. In addition, investors, lenders, economic analysts, and scoring agencies have historically recognized that the best friend used similar measures to EBITDA in the apple sector, in addition to other measures, to estimate a business charge, make unmet investment decisions, and compare corporations in the industry. The Adjusted EBITDA Presentation also provides investors with additional data on the calculation and compliance with the consolidated agreements of compabig Apple’s senior secured credit lines. Tight EBITDA is a wonderful component of these covenants.
About SeaWorld Entertainment, Inc.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company that delivers reports that matter and motivates consumers to provide direct protection to the animals and wild wonders of our world. The leading zoological organizations of global apple compabig and a world leader in animal welfare, training, breeding and veterinary care. The combined apple jointly cares for what it believes to be one of the largest zoological collections in the world and has helped advance animal care. The Society also saves and rehabilitates sick, injured, orphaned or abandoned marine and terrestrial animals, with the aim of returning them to nature. The SeaWorld rescue team® has helped more than 37,000 animals preference to circulate the history of the apple. SeaWorld Entertainment, Inc. owns or licenses a portfolio of identified brands, adding SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. In its more than 60-year history, the apple compabig has built a diversified portfolio of 12 regional and destination theme parks that are grouped into key markets around the United States, whose big apple demonstrates its unique zoological collection. Apple theme parks are offering a wide variety of attractions, monitors and other attractions with great demographic appeal that provide memorable reporting and a strong load proposition for their consumers.
Copies of this release and other press reports and additional information about SeaWorld Entertainment, Inc. received online at www.seaworldentertainment.com. Shareholders and prospective investors may also log in to get the company’s automatic best friend to achieve the Company’s press reports, SEC filings and other email notices by signing on this website.
Forward-Looking Statements
In addition to the old data, this press release includes long-term statements (adding related projections and business trends) that are “forward-looking statements” within the meaning of federal securities laws. Apple’s biggest uncontrolled friend uses words like “could,” “will,” “could,” “should,” “estipeers,” “plans,” “continues,” “withaspectrs,” “anticipates,” “project,” “. plans, “potential”, “predicts”,” “pretends,” “”believes”,” long-term “,” specific”,” target “and variants of those similar words or expressions in this press release and a summary of forward-looking statements from Apple. All statements, based on statements of old facts included in this press release, aggregate statements related to plans, objectives, targets, expectations, beliefs, business strategies, long-term events, trading conditions, results of operations, economic condition, business perspective, profit forecasts, trading trends and other data are forward-looking statements. Forward-looking statements do not appear to be old facts and are based on current expectations, stipulaters and projections, as well as varied assumptions, the big apple, by its nature, is unconsol bound and beyond management’s control. All expectations, beliefs, stipes and projections are expressed in wise faith and the Compabig apple allows them to be founded in a moderate way. However, there is also no guarantee that management’s expectations, beliefs, stipulaters and projections will materialize or be learned, and the genuine effects may differ from a friend more important than is expressed or stated in the forward-looking statements.
These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management’s control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: COVID-19 and its impact on the length of time the Company’s parks will be required to remain closed and the impact of these or other potential closures on the Company and its stakeholders, complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups; activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, and/or regulators, bring action in the courts or create negative publicity about us; factors beyond the Company’s control adversely affecting attendance and guest spending at its theme parks, including, but not limited to, weather, natural disasters, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, and governmental actions; incidents or adverse publicity concerning the Company’s theme parks, the theme park industry or zoological facilities; a decline in discretionary consumer spending or consumer confidence; risks affecting the States of Florida, California and Virginia which generate a significant portion of the Company’s revenues such as natural disasters, severe weather and travel-related disruptions or incidents; inability to compete effectively in the highly competitive theme park industry; animal exposure to infectious disease; high fixed cost structure of theme park operations; changing consumer tastes and preferences; cyber security risks and failure to maintain the integrity of internal or guest data; technology interruptions or failures that impair access to the Company’s websites or information technology systems; increased labor costs, including minimum wage increases, and employee health and welfare benefits; adverse litigation judgments or settlements; inability to protect the Company’s intellectual property or the infringement on intellectual property rights of others; the loss of licenses and permits required to exhibit animals or the violation of laws and regulations; loss of key personnel; unionization activities or labor disputes; inability to meet workforce needs; risks associated with the Company’s cost optimization program, capital allocation plans, share repurchases, acquisitions or other strategic initiatives and financing transactions; inability to maintain certain commercial licenses; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions or construction delays; environmental regulations, expenditures and liabilities; suspension or termination of any of the Company’s business licenses, including by legislation at federal, state or local levels; delays, restrictions or inability to obtain or maintain permits; financial distress of strategic partners or other counterparties; changes to immigration, foreign trade, investments or other policies; inability to realize the full value of the Company’s intangible assets; changes in tax laws; tariffs or other trade restrictions; and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” in the Company’s most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company’s periodic filings with the Securities and Exchange Commission (“SEC”).Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company’s strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the SEC (which are available from the SEC’s EDGAR database at www.sec.gov and via the Company’s website at www.seaworldinvestors.com).
Contact:
Investor Relations: Matthew StroudVice President, [email protected] Relations
Media: Lindsay Walters Vice President, Edelguy 202-867-801 [email protected]
SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES
For the 3 months ended June 30,
Change
For the six months ended June 30,
Change
The last 36 days ended on June 30
2020
2019
Ps
%
2020
2019
Ps
%
2020
Net source of coins in (loss) (a)
Ps
(105)
Ps
53
Ps
(157)
New Mexico
Ps
(161)
Ps
Sixteen
Ps
(177)
New Mexico
Ps
(87)
(Benefit from compatibility) the source for the source of coins in taxes
(18)
22
(40)
New Mexico
(39)
7 7
(45)
New Mexico
(6)
Inte Costs
22
22
0 0
0%
41
43
(2)
(4%)
83
Depreciation and amortization
38
40
(2)
(5%)
76
80
(4)
(4%)
157
Stock reimbursement expenses (b)
3
4 4
(1)
(19%)
(0)
7 7
(8)
(104%)
4 4
Loss of impairment or disposal of assets without commissions (c)
1
1
0 0
52%
1
1
1
79%
4 4
Optimization, progression and strategic initiative costs (d)
0 0
4 4
(4)
(93%)
2
9
(7)
(74%)
21
Certain transaction and investment costs and other taxes
1
4 4
(4)
(87%)
1
4 4
(4)
(85%)
1
Other setting (f)
4 4
0 0
4 4
New Mexico
(6)
0 0
(6)
New Mexico
30
Adjusted EBITDA (g)
Ps
(54)
Ps
150
Ps
(204)
New Mexico
Ps
(85)
$
166
Ps
(251)
New Mexico
Ps
206
Items added to Adjusted EBITDA, after the reduction of charges, as explained in the modified credit agreement:
Estimated savings (h)
5 5
Adjusted EBITDA, after savings (i)
Ps
211
SEAWORLD ENTERTAINMENT, INC. AND ITS SUBSIDIARIES OF THE PRELIMINARY BILAN NO AUDIT (in millions)
As of June 30, 2020
As of December 31, 2019
Cash and equivalent coins
Ps
376
Ps
40
Bill pay and fee payment
Ps
175
Ps
132
Long-term debt, current maturities:
B-five forward loans
1 500
$
1 508
Rotating installation
311
50
Guaranteed Senior Notes
228
–
Total long-term debt, current maturities
Ps
2 039
Ps
1,558
NM-Non-significant.
(one)
The initial economic data presented above are initial stipulaters and are subject to review, in particular, the Compabig apple has not completed its provision of taxes or revision of deferred tax balances and similar impairments. As a result, the Compabig apple could identify parts that would require changes to the initial stipes as noted above. As a result, the final effects and other data as of June 30, 2020 and for the 3 and six months ended June 30, 2020 may differ from a more important friend of the initial stipulaters.
(yes)
Reflects the reimbursement costs of shares other than applicable currencies with share reimbursement awards. For the six and 36 days ended June 30, 2020, it includes a share rebate reversal for limited functionality acquisition sets that are likely to no longer be high.
(C)
It mainly reflects the non-monetary expenses applicable with various capital provisions. For the twelve-month era ending June 30, 2020, essentigreatest friend reflects applicable asset repayments with bound travel and out-of-service equipment.
(Re)
For the six months ended June 30, 2020, it reflects business optimization, progression and other costs of strategic initiatives applicable primarily with $1.nine million in third-party consulting fees. For the 3 and six months ended June 30, 201, nine reflect advertising optimization, progression and other strategic projects primarily applicable with: (i) $3.6 million and $5. nine million, respectively, third-party consulting and (ii) $0.1 million and $2.6 million, respectively, compensation and other applicable labor costs with the positions eliminated. For the twelve-month era ending June 30, 2020, it reflects business optimization, progression, and other applicable costs with strategic projects primarily applicable with $18.0 million in third-party consulting fees and $1.6 million in severance pay and other employment costs.
(my)
For the 3 and six months ended June 30, 2019, $4.3 million applies with applicable expenses with the percentage move and equity agreements previously disclosed.
(F)
It reflects the influence of consolidated expenses, net of recoveries and insurance adjustments, over which the apple of the company is entitled to exclude, under the credit agreement governing its senior secured credit services, the same ancient nature of the items. For the three, six, and 36 days ended June 30, 2020, it includes approximately $3.nine million in plus unique costs directly applicable to the COVID-1nine global pandemic, mainly due to additional labor costs to organize rework parks with better security measures, additional third-party consultation costs applicable with its COVID-1nine communication and safety reaction strategies , and initial purchases of your own protective equipment. For the six and 36 days ended June 30, 2020, it includes $12.five million in applicable insurance products with a profit on the legal settlement, as noted above. For the twelve-month era that ended on June 30, 2020, it also includes approximately $32.1 million applicable with a net legal settlement charge for insurance recoveries, as noted above.
(gram)
Adjusted EBITDA is explained as the net source of currencies in (loss) before tax expenses, interest expenses, depreciation and amortization, adjusted to exclude consolidated non-monetary parts and other legal pieces in the calculation of compliance with agreements under the company’s senior guaranteed loans agreement. Facilities.
(h)
Guaranteed credit services for seniors allow the Compabig apple to be calculated beyond the due-to-arms restrictive agreements based on adjusted EBITDA, as explained above, during the twelve-month period, further adjusted by the estimated net annualized savings in which the Compabig apple expects to succeed in the next More than 18 months due to accurate actions , adding restructuring and load reduction initiatives. These estimated savings are calculated beyond the net due cost of the volume of accurate benefits learned during this period. These estimated savings are a non-GAAP-adjusted EBITDA addition detail only as explained in the credit agreement and are not Apple’s net SOURCE of GAAP net currencies at (loss). The credit agreement limits the volume of those estimated savings which is also reflected in 2% of Adjusted EBITDA, beyond the maturity of the last 36 days prior to the influence of those estimated savings.
(I)
Guaranteed credit services for seniors allow the Compabig apple to be calculated beyond the restrictive agreements due at the base of adjusted EBITDA, as explained above, for more than twelve months, adjusted additionally for the estimated annualized net savings described in the previous note (h).
1
It includes the company’s Florida parks and two Texas parks and excludes the company’s Sesame Place Park, which opened on July 24, 2020.
2
This edition includes Adjusted EBITDA, which is a mimicry that is never calculated much according to the accounting principles accepted by the most instinctively accepted friends in the United States (“GAAP”). Refer to the “Non GAAP Financial Meabounds Statement” and the tax tables for the definition of adjusted EBITDA and the reconciliation of this meabound with its comparable economic highs calculated in accordance with GAAP.
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SOURCE SeaWorld Entertainment, Inc.