SEAS - Earnings call transcript Q1 2021 | United Parks & Resorts Inc.

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Operator

Good day and welcome to the SeaWorld First Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please to Stroud, Vice like now turn Matthew to over conference President the I'd of Relations. Investor ahead. go Please

Matthew Stroud

will Thank press on call for be everyone. available earnings morning, website was Replay issued be recorded. you, information SeaWorld's and release release Relations and quarter is found following website morning first www.seaworldinvestors.com. available A Welcome press can conference Investor our being in this call. is to Today's and call this the webcast our and on call. the good at

morning to Officer; And review results. this and questions. your our Chief me Treasurer. are Elizabeth Officer call financial quarter then Joining Marc we Swanson, Executive Financial will first and will Chief This open we morning, the Gulacsy, up

any remind to of securities the risks number the Exchange forward-looking forward-looking in to our section website. These be like begin, today included comments Form would undertake from identified different subject contain Annual federal and Report and quarterly statements. statements, meaning Risk Factors to We that Before cause our we those with including are statements a I are the and those on statements forward-looking Risk in Factors update XX-Q actual time everyone that results no within the could be of materially time and our filings filed uncertainties will These the updated on our to laws. Securities XX-K from will Form may with obligation that available of reports on Commission. be to SEC

is as free and found which net flow, our and and call, forward-looking financial on the the net reconciliations filings cash also and cash financial flow, flow be SEC. we adjusted earnings in non-GAAP on cash measures In free other comparable cash the to non-GAAP most our and non-GAAP in GAAP can information available our such financial metrics, More EBITDA, of website measures reference included measures adjusted regarding measure our are burn adjusted metrics. statements addition, release may with

Now to over call I'd Chief Swanson. Marc? Marc like to Executive turn Officer, the our

Marc Swanson

morning, I we everyone, appointed us. to these been on will joining for of as prior that Elizabeth be release, announced effective our to basis. company, CEO Good and on as thank Matthew. roles have taken earnings This serve We're and immediately. you, Thank you CFO a permanent new thrilled morning the

quarter taken and success strategies the cost combined refining developed, the we that our parks, capacity marketing, where for in to expected encouraged actions of forced we not prior capital helped pricing, and and we season onset Had pandemic, these limitations management ambassadors, XXXX. the with that parks for EBITDA the higher indicator generated what total Over the quarter. to tirelessly adjusted first are board, to the this quarter XX the in robust closures, open team years, consistent year and our the first the adjusted have for not operations, been We're proud by implementing. to have of was us with dedicated been initiatives on we of And and the with of proud past The several with good Park our net our execute excited this our worked began together We and but California. capacity higher guests of compares seven it I'm the our We extremely believe working opened including our first we we strategic days limited desire in the We're about of the year been parks EBITDA at the and and prior on our opened parks developed pandemic prior-year. accomplishments parks these Break a had strategic with we believe, deliver initiatives the and to and our during flow future our quarter. that, COVID-XX the demand eight reach per for trends visit investment which the of a first and period we at XX positive I'm top-line open, saw pleased in continued With in line adjusted is the with parks report closed environment. attendance quarter, our the in both peak current achieved The We're our in XXXX. the all turn compared the which XX dynamic me our was notably that cash is attendance excited to and/or Spring one for SeaWorld this our have bottom let in spend to quarter that have modified release. in quarter season. company. earnings improvement we XX and our COVID-XX limitations would results. have that capita same limitations experienced operating period holds revenue across capacity several only beginning to been of in in park was during finished summer

the As a we response closed parks temporarily COVID-XX our March pandemic. on XX, of XXXX, reminder, all to in

for will to to guidelines peak We local, be summer parks all COVID-XX. subject related the XXXX expect federal state, of and our season, open

XXXX. in by in improved the XXXX, monthly the attendance which the COVID-XX impacted January, improving excluding was the the each second parks company's in in quarter, were in period continued March. monthly into attendance to same to XX% in down The and was April, compared first significantly recent Relative California, the Pennsylvania, subject capacity in down during attendance quarter, XX% factors, to same Virginia, down attendance with monthly While the significant on trend and/or operating down quarter XX% February, and basis. restrictions XX%

XX, the Williamsburg our park to theme a Let Diego resumed on limited for for operations me Virginia. guidance San capacity guidelines SeaWorld revised State On capacity of with on the Gardens Park accordance were quick on with based theme State for in XX,XXX increase with and April limitations And Busch California. of guests, we April parks. California capacity update to Virginia provide you approximately X, able for

last calendars mentioned in based of at permitting year-round In implemented have XXXX and primarily the began at Place. open learnings on holidays, San quarter, Antonio, Sesame XX As this our particular, their new over parks across we more SeaWorld several our Gardens San operating at operations now of San water These and operations of Diego, change, and months. in not parks in our past operating on this advance with weekends strategic ability were have we parks our Williamsburg Williamsburg, weather Busch year-round. and parks. parks year-round Only Tampa, add year-round. to and We're we operate seasons. days With Antonio, operating decision profitably traditional pleased XX open eight are of also our

and financial prior-year our relative we admissions in quarter both continued to first spending. to Turning strong saw total performance, the the per in revenue growth in-park capita

days spending. several helping expanded as working, parks. Our are launched new We've reimagined pricing or good product event contribute are first strategies spending seen beverage, venues initiatives guests pricing our the food, and well and they success and our dynamic at visit clearly of our increased with quarter our to as our quarter, including some more or guest we when new the during events, parks, and music

to products On improving and adding the which the refreshed our spending. added guests have the merchandize retail is product increased side, we offerings new mix, by

time have have adding we to and the be in late visitation, experienced, and to months. seasonal there as been company in other this personnel, a increase performance sharp like as hiring encouraging staff possible. assuring March April. the few especially break With our challenges improve during been an in While But it's unprecedented see over to companies and our Spring have quickly our period guests been continues challenging last visiting for our industry, and see parks

of Diego, as year the to We're our and summer both get progresses. the more open With events COVID-XX that outside of all XXXX. are have public, again. our weeks in distribution operating San planning environment visit about more optimistic more believe increasing parks in summer and where even including parks few we of our willing Williamsburg, were vaccines We're return will upcoming and parks parks season travel closed starting immunization normalized to which peak and in we guests we're short our widespread the the rates a all a the to expect water season

profitability. Our increased teams growth, have worked hard revenue to better and this company position for

improved have the significantly Elizabeth the Elizabeth? As more been company. we've first believe, demonstrated to we financial few the I'd lead past like for the past we actions strategies over with the to discuss quarter, continue over financial to taken refining the the turn in on, throughout along detail. and results in results we call our will have to With to years, year working that,

Elizabeth Gulacsy

you, good Marc, and everyone. morning, Thank

forward and CFO; board take to wanted with becoming just I express continue to results, financial excitement permanent significant moment our our fully look my the the about view our Marc, we Before management on opportunities team ahead. a capitalize to working to I

let's Now for the quarter. financial our results review

our know, discuss comparison As year's we you results the for in quarter. to each normally prior quarter

provides on experienced of on a the a insight temporarily XXXX, XXXX, comparison meaningful our we we of disruption first in we March of more when XXth, all Given and trajectory. the parks closed operating quarter performance our to our believe results

commentary I'll quarter the our to XXXX. compared financial provide As around such, of results first

to in and a XXXX versus For release, those earnings we both as we so XXXX plan our provide XX-Q tomorrow. file well and comparison which Form our interested, in do will

Our to the pandemic. be business continues impacted COVID-XX by

have However, continued we improvement of first seen XXXX. quarter during our results the in

to quarter $XXX.X is XX.X%. we declined including in XX.X% parks. the revenue revenue and/or COVID-XX impacts, increase generated an the XX.X% and first XXXX, all partially per total primarily our when million, offset decrease a due open to of million, modified of compared due in limitations, to limited During of of $XX.X first operations of compared of quarter XXXX. The at a to of When related capacity capita the decline attendance or by in revenue attendance primarily quarter, decline

compared an improvements during of increased XXXX. the XX% quarter per total was increase per products, generated increase efforts. spending We of mix, of and positive XX.X% $XX.XX reduction first $XX.XX successful to well $XX.XX by million in $XX.X primarily first revenue quarter increased and We million, per quarter. of million, of in the in of of higher pricing a XXXX admissions spending in prices to The capita decline to first per admission the the of improvement of first In improved prices compared increased from per capita capita, in a and XXXX. or capita spending. our quarter to to the an both that to due EBITDA in as quarter EBITA in capita loss when increased in total our part quarter, the fees per million, per adjusted execution a admissions efforts, relates COVID-XX. strategic to compared part of $XX.XX generated Admissions of combination attendance XX.X% driven XXXX our revenue first the primarily a The capita expense XX.X% $X.X increased First $XX adjusted increase realized of of by as result spending, net capita to quarter the and net product first as resulted in by together in impact the of guest capita occurred quarter part, primarily and compared higher resulting realization loss of XXXX, the which offset the from of per $XX.X XXXX. for

and from costs, the limited of modified primarily marketing-related reductions resulting to and and/or cost reduction costs, initiatives operations. operating expense in related Our impact other costs, structural COVID-XX a savings labor

March Now an sheet, and million, $XXX.X as XXXX, XXXX. an balance revenue balance March very with increase encouraged of increase XX.X% the of end of seeing turning deferred quarter first in to pass from base. approximately current of what from we're our XX.X% was our of We're our of the

April, the X% XXXX and yet and approximately April end higher of is our premium between with only value our biggest a our our break compared Our mix sales pass seeing to the to selling strong of tiered pass continue had holders pass part at April base, down also as products. due of period. in base season the the XX% approximately At in pass base approximately to peak the higher tax XXXX, our we XXXX over come. of benefits of passes XX% pass grew to Spring fourth and We're was in quarter base recognize

realized XXXX. prices continue we pricing and the pass to see sales versus stronger taking of our impact strategy our Additionally, with hold, XXXX on

certain XX, approximately XXXX. $XXX available $XXX approximately of order cash as March click quarter million deferred total $X.X was average net equivalents vendor deferred at we payments manage excludes previously of XX, net we average of payments, As XXXX, Including cash March month. of in We and our per cash the million was cash these monthly balance liquidity to million, approximately capacity estimate burn liquidity. which monthly approximately revolver including first generated adjusted our which vendor during our a flow, $X.X million

be the of core to which million million first approximately comfortably expect year. cash on expansion CapEx, We over We and XXXX, projects. on CapEx the of million was $X.X $XX.X of $XX.X quarter remainder spent and ROI type positive the was on in approximately

opportunities. As we we enhancing expansions parks our non-core revenue Sesame and find our meet discussed, on and return in that ROI expansions, incremental projects, we'll including like California, when hurdles, reducing cost other previously on similar Place have spend opportunistically projects, opportunities CapEx and new Park

we the million spending the For pace on plan impact, $XXX XXXX, depending and our capital million COVID-XX recovery expenditures. from $XXX the between on of

back will share turn final Marc? who me let Marc thoughts. Now, to the over some call

Marc Swanson

Thank you, Elizabeth.

your employee in efforts organizations. Before and over while be the protect to one our over participated we closing call dedication company's and first In to accordance proud want the history. proud operating save guests, in we the very XX,XXX have in questions, our and I our and leading to of We're safety health continued welcome exceeded parks wildlife. quarter, open to of comments. And for rescue the XXX animal with world's have our rescues effort latest their animal protocols. to some the I rescues thank we're ambassadors

at line-up the outstanding our kids' the also We and weekend our Street Electric such Parks There believe including the Busch in SeaWorld our festivals, parks. cultural will and enjoy of summer Craft as to at well Summer Gardens of events, an Nights Beer Sesame We as something for several there's as return our parks. everyone summer favorites, of guest at have Ocean Parks.

new safety innovative guidelines. we're guests we're confident more providing events successfully stronger our our established and parks, we're environment focused and emerging with guest enjoy to through still and and on safe events offer before, profitable this special an and experience complying while creating As a fun continuing to health enterprise. for We're extraordinary even while navigating

have our stakeholders. to and confidence We will long-term high then improved our to deliver value for continue to in operating increased and ability results financial that significantly lead strategy, meaningfully

questions. Now it to up your open let's take

Operator

the Instructions]. session. will We now question-and-answer [Operator begin

Wieczynski Stifel. The from first question comes from Steve

Steven Wieczynski

all, days when you Hey put guys, good your around you morning. titles new down potential, that go put still quarter want presentation were road both and I that first at, that attendance EBITDA guess, right when can versus XXXX, move that point don't in what we with in seeing there the But understand very mean, per the embedded look assume is? to and there. to those that when you're assumption Congratulations, the guess But of to at company attendance my make for first the around of I and more question on is back caps to done. it's the I be costs I given out out metrics there I your all attendance But events, is you today. it a this said assuming to sure you real is, operating fair. certain last last component now, all incorporating have what quarter around you that around, low assumptions, I fair and probably it's plus that flattish going

Marc Swanson

question. Steve. Yes, comment for hey, and Thanks the the

for on well cost. tell caps, clearly you out makes what business expansion is the we there, showing see where for good obviously we revenue headed. per our total it illustration, that the that And I'll look, still margin So, clearly, think you about we're can example, doing that we the feel illustration efforts quarter, still last on put that sense

open our more As I as to are I those do yes, attendance, going being showed I the year-round implied certainly think XXXX events goal And attendance what we all far -- parks, is good things be with you is is things, we to us. than for at that. better our think the mentioned things there think of you've level,

purposes we So potential But we you But showed the the it based would obviously. certainly illustration, can would think, to if or overachieve levels. in we you the our of the earning just I will, like attendance better. look for just reaching obviously, on mind of do do XXXX look what business, on

Steven Wieczynski

And point, second it tight and Okay, labor it's got how seen at expensive pool be you. the question this around and would the is about, a your side we've lot labor things; of of getting. talk certainly how the peers

So -- and the labor, the of not trying you're terms I these balance the you days in amount are versus out in impacting seeing what front parks are question guess putting to the experience? labor there you how is, of how customer

Marc Swanson

Yes.

kind else, efforts our is, we history what We type that, just improvements, everybody drive certainly we well. and pressures Obviously, cost confidence other expense a wage good cost have know things. if attendance savings and that's wage back have Steve, automation, other look, thing look inflationary things more you a our have things like said of Having obviously a as pressures normalized to can level, savings are we and technology that's, get is, to to of around grow tell goal for that, and like couple and we of about, pressures that. is and do that and So that, of recipe. in I'll then we've revenue, the then pressures, going seeing and our like inflationary ability of One the think the company, that. lot I we talked over

about good that. think power, is we are seeing obviously, other we're thing we pricing feel the and I getting

obviously. know times wasn't improve other just feel certain our experience, to it break, fact, question we event in second and certainly best about look of is good ability guest the working obviously good up history our spring to some price, hard that your in had and our and of the guest to very extent company. as So around offset I And And week, day we're mean far impacting costs, pressures what to there's experience. that we provide we as our with about fact last a to goal at Look, would or on expect. hiring in costs outsized we three

things, approach headed the obviously, we some types So we in right those to that we're to at that. all to will we going going be a optimistic to we're I'm we're capacity right on creates expect in certainly of are that, now bit forward better of also headed COVID some things protocols we're when would shape, finally, much protocols way guest right got the and know it or I'm We working those and little I of there's and as some to summer. forecasting direction. parks But the more like we get a capacity such But a direction, know going think and capacity. those changing change and especially in And change do that, the in better close friction stadium experience. with optimistic; around positive the continue

Operator

The SunTrust Robinson of Swartz from next comes Michael question Humphrey.

Michael Swartz

and Hey great and congrats, then good morning news. Elizabeth, everyone, both Marc

where during quarter, attendance and maybe on would could limitations? limitations capacity some you of those you looked Just capacity to lost of what maybe how parks have to like? much little attendance wanted comments, Or context you us had more touch a the you maybe give due that the faced

Marc Swanson

hey Michael, I it's take that Yes, question. Marc. can

the So it I in notable. that said look, was I think remarks

apply, might you a year, XX,XXX, where take a can Saturdays, want on hard that. over some you that you if right? me that. pretty can like have that there insight big a park we're or multiple of look March when well that's cap XX,XXX, attendance, only is Williamsburg you of you the one something, you their they especially like of would as on at XX,XXX, a if you this capacity but they're lower give a specific multiply in grow. there's well, California mean than maybe now delta days, where do, if XX,XXX there's do have example, weekends. on weekend, in number attendance, weekends So much again, Saturdays, going some done they just to And start And of let XX,XXX that see maybe on So range I to look their at kind on into But to would pretty that like, more a park, cap hitting

see that's, hit gives at So obviously, would color. dynamic I demand some you had Florida, our where of capacity. also hopefully some that a we such say, we similar have would in we parks we

eventually would for a as excited notable us think, for that be And limitation those limitations, is it's moderate gets good over those you know, things time, So of expect to us. we the I would us. one of as a that certainly kind thing

Michael Swartz

your XX I color. savings in Okay, us great. and you I have quarter, on just million question about and the seeing time, cost EBITDA for gave over EBITDA that two? anticipated think then for months, Thanks release, fixed that here you've this savings, in reconcile maybe so your help second a next typically press last for in you And breakout add-back zero those know bridge talked $XX that cost an

Marc Swanson

a efficiencies the I we QX would start with our in have And range. last that more we're you think as saw cost of by the we the of credit the me give we I'll to point by key of we've that business of XXXX, XX.XX%, of quarter cost let hit progress X.XX% you XXXX, stand agreement did We margin margin roughly how still Elizabeth confidence technical making let the is identified. margin we QX answer of that, I you laid of But a about illustration this that, that. improvements, earning savings power on and a out then a of works. lot kind Yes, plan. in takeaway an

that due growth. a that So per to And lot we've identified. efficiencies the And certainly lot a we doubled expense basically margin. more of capita to obviously that is of the than due is

that talk So, Elizabeth, agreement? about to credit want you

Elizabeth Gulacsy

question. great a that's Yes,

you. Let for asking Thank you me clarify that. for just

accordance adjusted with adjusted in Our our definitions EBITDA reporting we're within the table, credit EBITDA agreement.

do our at that it a look footnote up LTM is to press explained add-back that in right that next XX% you we of estimated cost to have how on can release, If much we and the EBITDA. savings limitation adjusted line item, for

a really agreement, So anything items number credit can't start back line But we per still see makes because come our positive add into LTM then line, negative adjusted territory, we EBITDA if back. that into that once going the you'll that is sense.

Operator

of The next Paul comes question from Macquarie. Golding

Paul Golding

thanks the so Great, the guess much. have way. ask you in around I to jump Congrats this great per to you wanted through I around your and where a caps the can we has in congrats both revenue is new of per go? on any mean titles here, there you think management XX% substantial; the quarter. on saw caps, give I obviously can been commentary jumps come total

Just you we looking as that evolving? to far see can tapering or see how what any as expect

Marc Swanson

now all that take capital can heard Look we've I work things. talk for effectiveness, few those communications, our around we're about Marc. pricing, line-up, all you've been, promotional our years line-up, event me it's Paul, the question. a hey, Yes, doing

the And clearly benefiting so few revenue the ramped from done more years, the that, even we we're up work clearly benefiting management group. we've we're from those, last over

dynamically not, for priced, effectiveness, how selling, have as we smart being well. react what's example, we tickets, those at and about our all people what's our getting to So more things looking every pricing, those things, day, we're our

than where kind per basis, reasons we better there's before, products. you nature able business, a a feel of compelling upgrading better new at quarters the have heard think venues that number that's and confidence talk better caps, can people product for grow park, and we things to of be visit in get this being that spend, come you've be of very going mix, go-forward our on to that. with do parks, a at confident new around about And just look to certainly, our lot our events, done to long-term I least But we've So can, basis. on of of this an in we inflationary going venues, more us I when

stages So And benefit those a you're this do little in a without that's CRM, then now. also, bit performance talked that when outsized process. last I very, see very where of the types early what of we're with of doing is, of that the I things we you would seeing the leave we're about we this kind quarter,

And than to of caps maybe the something that beta that again, to ready in could testing think mobile we're else I I could that's growth, road. And down then so driver be a caps. be another again, meaningful, And new getting start think obviously our app. again, inflationary per also, just part higher in per

we're about per the all excited excited part emissions execution and about on here things in that. We're So pricing caps. like and doing we're

Paul Golding

you hit cap, don't you of turning people That's great. presumably, some manage Could the then the And how around you the there, overflow. and around a follow-up capped dynamic. away, cap perfectly park you there's color hit give some sort

be pricing that's generally, I'm that the as there's And any, that so to with maybe curious managing you're customer. incentive just managed? future being And factored process the whether periods, any how in to how has

Marc Swanson

Yes.

generally are to too people and of try occurs there still credit gives to midafternoon. our a going look are us generally But have you park like, need of you we like a there's obviously, things there's to is, one. tell of show they And who run have give but point, a we what who at throughout lot guys that but I capacity so to if our in system, room, limit couple your reservation if I we visibility day, able that have realizing obviously. up what we kind people the a know like there's So your may got will obviously, not into to them, that accommodate peak parks to kind points days of we different

we early what or do let came enough, an might look exit to we've at make and social and let two, hour can So we then maybe we have it on like, people is, tried times, we close in who think little a if bit, in. the down media know enough to morning you for it will to of try note be or people

the lot a there clear I being that. cases, I if is ways So communication. with what's think certainly the going upfront with And on, of appreciate key if you're kind just of in people, in people think most

them is, that to our to obviously, we that at got in being not parks. want people with want disappointed get capacity goal balance but about. have Our be We we the day able by to see fun a talked obviously don't you to just

Operator

from Janney comes of Markets. The Capital next Batory Tyler question

Jonathan Jenkins

for that you morning. well. wanted is for taking Good and you Thank to congratulations I This congrats questions as Tyler. quarter. too, on the Jonathan reiterate to my on

So the you sales, if that pick-up been color but prepared and how remarks more some you has on ramped? selling spring the compared there's there as season curious could to pass attendance if just highlighted and expectations noticeable provide has in the been wondering any

Marc Swanson

Yes, at hey believe you've XXXX. us we're indicator, X% in think from where comments I really pass for can to we strongly heard you if this as to Jonathan, a good down I we say only And and heard it's can. time in were Well, program. she our some that give time really then Elizabeth, you that it's some Marc. wants Elizabeth anything add

is as So great the reasons, I of have that festivals, think demand is the line-up to to the well. our for great shows, rides visit the X% our XXXX. indicator reasons value a of things, only a our product events, of people tremendous parks, all a offer we we those the pass good base That who down program with And come park. have, the the very

us. ahead continue kind of optimistic season the And on that, to to we're selling we're going summer about focus that, especially with so. of So key

Elizabeth Gulacsy

give I as color, more sales, Marc, just that, to a especially look spring thanks to our they little as Yes, would the break pass just throughout you add period. into accelerated we quarter, went at the we and

sales both sales, that XXXX. we pass of we in March volumes and and when So look April April at had March exceeded

pricing actually as obviously metric. outpacing a both So XXXX XXXX, said, our those as to us busy as that of is of prior good obviously, a of being And note factors lot it season is so well, selling and bigger summer strong for encouragement, it look year we us. But how I'd positive. really ahead gives combination season, peaked also which a in Marc a the is

Jonathan Jenkins

CapEx me, great. correctly. $XXX from clarification appreciate quarter? million I was And just to $XXX $XXX up heard all due to then that over strength I And to Okay, I could, year seen believe if for $XXX was we spoke the million to a spend February, million. question there that the simply the if it I delta the Is when the last color. million

Elizabeth Gulacsy

do a of think to I to But refine we're your for in to to provide you my range you. I that little And our bit million as you seeing tighter is the $XXX tighter quarter, a be use I is we're little the prepared go of preface we're just million, with $XXX more trying said bit is what should kind going we obviously, that for spreads there. to range now, able purposes. for the remarks strategies in for as I forward. modeling dependent a on But a think

Operator

James Wedbush. comes Hardiman The from next question from

Sean Wagner

for is Sean this James. Wagner on Hi,

travel about year? and of current long a when domestic local it tell to range compare or favoring kind typical business trends visitors, international versus It's international domestic us you Given from XXXX you can a what travel, them?

Marc Swanson

that Yes, hey I Marc. it's question. Sean, can take

obviously in look XXXX. attendance five the we kind -- of of categories we of have the company across to when total, that compared local is up but attendance, QX So, slightly,

good then a as amount. very And our driving generally whatnot. no Those other and category. up driving are really up. kind categories, domestic, small are people our into those have and same day, Those are parks very, three We international is overnight, of attendance, what's

decline some international local, it's well. and they're as the in helping So of offsetting

like mix. we So the

And some for of I I time, about to a spenders to isn't bigger do mix. it's think over think what's pattern in because return normalized amount But start is, be of our XX%. folks get us think I attendance the tailwind, generally those are a that'll good right huge more international maybe us travel park. a when a we encouraging again, we to as they

does excited we're that when So happen.

Sean Wagner

Okay, thank you.

like competitors travelers, in with than years, some enough more of the past. the around parks And is they your focusing is guess is attendance a Orlando seems yours go recent the Do completely kind that's capped of of international the maybe at always it of little quite potential market, general not in so the these there to in that that’s been a attendees up? there? those you velocity until kind international So focus of think in I kind of picks had growth travelers domestic on particularly domestic offsetting

Marc Swanson

because little understood. just clarify I is local so a Yes, Sean to sure let up want you hey, The make bit. me

a other U.S. decline. are of part They're So large and offsetting international categories the that up. up they are

to So feel about do the parks coming, visit non-local. people we choosing that are to and in our good drive

things or continue. offer. only our good line-up, products about that'll think the We I we So, all feel our

Operator

The next Ben from Chaiken Credit of question Suisse. comes

Ben Chaiken

Hey, unit And seasonal the typically two the labor if labor? that this. then I the I'm much not thoughts because brand, J-X of asking side, unique? just on pretty how's is thoughts Visa was seems if program, missed Just the I'm that's I think on, it on sorry, future part it going? Sesame you mistaken. I'm just reinstated then recently growth one Place leveraging how and How

Marc Swanson

on me maybe Sesame. a it’s heavily our all good feel can Visa, I that high Yes, you that to rely maybe spot. And I one What then, you've mention at tell have don't partially really hey we But program that without more, on a don't students have but range, question second your really that of does J-X reliance on the in heard on that about East mean we obviously. in very we on little feel good that, location a we're Marc. rely couple hundred We the Coast on ability Ben, hire a program.

building in far have, brand. Future San as We we XXXX. second Park be a great the excited as Place to it's Sesame in opening think Parks, we're currently here that and And Diego

And much in Sesame have Land. all that even parks, have non-water other we our our parks. pretty We brand

we're to at down opened that, believe parks San there's the focused we But more to right evaluate one we're now a to we the going Diego. that's think opportunities be continue road. obviously on going is So great most second for getting brand. And certainly,

Ben Chaiken

do sense to just could water more parks, you doing you Got make to that if like more too you. some and or path. what you're some And conversions go and But pick-up far don't M&As maybe via down in them. makes think then it sense not to California know convert I some,

Just you how that? think do about

Marc Swanson

open like San one parks. quicker of I Greenfield in that Yes, or own either a probably want a conversion either. we're like to anything our certainly that, multiple think But a more, but little But doing do. of that's Diego scenarios, little certainly what to say we're against is to a I we're

something building right we're converting on, location? new, so. what's buying or right and whether focused So venue, the What's the that's from

Operator

This question-and-answer Swanson, any conference closing turn concludes I'd like to session. over the our CEO, Marc for back remarks. to

Marc Swanson

Hey, On rest team for thank Entertainment, you, of Parks this for of Jared, and Elizabeth want you everybody thank and joining. here joining morning. SeaWorld thanks the to the at management behalf we again

normalized value operating and forward stakeholders. more operations resuming today, financial look drive to heard for which you've a strategy we're and sincerely As long-term confident our business will improved and results in

you speaking So you quarter. and again, forward with we thank to next look

Operator

for attending concluded. The now you conference today's presentation. is Thank

now You disconnect. may

United Parks & Resorts (PRKS) 9 May 212021 Q1 Earnings call transcript