SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first half of 2018.
Second Quarter 2018 Highlights
Total revenue increased by $18.2 million, or 4.9%, to $391.9 million from the second quarter of 2017.
Attendance increased by 0.3 million, or 4.8%, to 6.4 million guests from the second quarter of 2017.
Net income was $22.7 million, compared to a net loss of $175.9 million in the second quarter of 2017. Net income for the second quarter of 2018 includes approximately $8.7 million of certain pre-tax expenses as discussed further below. Net loss in the second quarter of 2017 includes approximately $280.4 million of certain pre-tax expenses, including a non-cash goodwill impairment charge, as discussed further below.
Adjusted EBITDA[1] was $117.6 million, an improvement of $13.4 million, or 12.9%, over the second quarter of 2017. Adjusted EBITDA does not reflect certain add-back adjustments due to limitations in the Company’s credit agreement (see accompanying tables at end of release).
First Half 2018 Highlights
Total revenue increased by $49.0 million, or 8.7%, to $609.1 million from the first half of 2017.
Attendance increased by 0.7 million, or 8.0%, to 9.6 million guests from the first half of 2017.
Net loss was $40.1 million, compared to a net loss of $237.0 million in the second quarter of 2017. Net loss for the first half of 2018 includes approximately $30.2 million of certain pre-tax expenses as discussed further below. Net loss in the first half of 2017 includes approximately $288.4 millionof certain pre-tax expenses, including a non-cash goodwill impairment charge, as discussed further below.
Adjusted EBITDA[1] was $117.5 million, an improvement of $43.6 million, or 59.1%, over the first half of 2017. Adjusted EBITDA does not reflect certain add-back adjustments due to limitations in the Company’s credit agreement (see accompanying tables at end of release).
“We are pleased with our strong second quarter financial results and the continued momentum we see in the business,” said John Reilly, Interim Chief Executive Officer of SeaWorld Entertainment, Inc. “The results were driven by our new strategic pricing strategies, new marketing and communications initiatives and the positive reception of our new rides, attractions and events. In addition, we continued to experience a double-digit increase in season pass sales revenue and an increase in total revenue per capita driven by a 6.5% increase in in-park per capita spending. We are particularly pleased with our second quarter attendance growth, which more than offset the negative impacts from unfavorable weather across several of our markets in the quarter, and the earlier timing of the Easter holiday in 2018, which benefitted the first quarter at the expense of the second quarter.”