Company Quick10K Filing
Seaworld Entertainment
Price26.32 EPS1
Shares82 P/E21
MCap2,151 P/FCF7
Net Debt1,509 EBIT208
TEV3,661 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-21
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-23
8-K 2020-11-05
8-K 2020-09-04
8-K 2020-08-10
8-K 2020-08-05
8-K 2020-07-29
8-K 2020-07-29
8-K 2020-06-10
8-K 2020-05-08
8-K 2020-04-30
8-K 2020-04-21
8-K 2020-04-19
8-K 2020-04-12
8-K 2020-04-02
8-K 2020-03-27
8-K 2020-03-27
8-K 2020-03-17
8-K 2020-03-13
8-K 2020-03-10
8-K 2020-02-26
8-K 2020-02-11
8-K 2020-01-07
8-K 2019-12-27
8-K 2019-11-07
8-K 2019-11-06
8-K 2019-10-03
8-K 2019-09-13
8-K 2019-08-06
8-K 2019-07-24
8-K 2019-07-19
8-K 2019-06-12
8-K 2019-05-30
8-K 2019-05-27
8-K 2019-05-07
8-K 2019-05-03
8-K 2019-04-09
8-K 2019-03-14
8-K 2019-02-28
8-K 2019-02-02
8-K 2018-12-11
8-K 2018-11-05
8-K 2018-10-31
8-K 2018-10-01
8-K 2018-09-18
8-K 2018-08-06
8-K 2018-06-26
8-K 2018-06-13
8-K 2018-06-06
8-K 2018-05-08
8-K 2018-04-06
8-K 2018-03-26
8-K 2018-02-27
8-K 2018-02-25
8-K 2018-01-08
8-K 2017-12-31

SEAS 10Q Quarterly Report

Part I - Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-4.1 seas-ex41_226.htm
EX-4.2 seas-ex42_227.htm
EX-10.1 seas-ex101_225.htm
EX-10.2 seas-ex102_223.htm
EX-10.3 seas-ex103_224.htm
EX-31.1 seas-ex311_11.htm
EX-31.2 seas-ex312_13.htm
EX-32.1 seas-ex321_8.htm
EX-32.2 seas-ex322_6.htm

Seaworld Entertainment Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
2.72.21.61.10.50.02012201420172020
Assets, Equity
0.60.40.30.1-0.0-0.22012201420172020
Rev, G Profit, Net Income
0.30.20.10.1-0.0-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to            

Commission File Number: 001-35883

 

SeaWorld Entertainment, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-1220297

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

6240 Sea Harbor Drive 

Orlando, Florida

 

 

32821

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (407) 226-5011

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SEAS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The registrant had outstanding 79,062,182 shares of Common Stock, par value $0.01 per share as of May 3, 2021.

 

 

 


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page No.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

1

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Unaudited Condensed Consolidated Financial Statements

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss

 

4

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity

 

5

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows

 

6

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

20

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

31

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

32

 

 

 

 

 

Item 1A.

 

Risk Factors

 

32

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

32

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

32

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

32

 

 

 

 

 

Item 5.

 

Other Information

 

32

 

 

 

 

 

Item 6.

 

Exhibits

 

33

 

 

Signatures

 

34

 

 

 

 


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. Words such as “might,” “will,” “may,” “should,” “estimates,” “expects,” “continues,” “contemplates,” “anticipates,” “projects,” “plans,” “potential,” “predicts,” “intends,” “believes,” “forecasts,” “future,” “targeted,” “goal” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ materially include, among others, the risks, uncertainties and factors set forth under “Item 1A.  Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report on Form 10-K”), filed with the Securities and Exchange Commission (the “SEC”), and under “Part II, Item 1A., Risk Factors” in this Quarterly Report on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC, including this report, and are accessible on the SEC’s website at www.sec.gov, including the following:

 

the effects of the global Coronavirus (“COVID-19”) pandemic, or any related mutations of the virus, on our business and the economy in general;

 

complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts;

 

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;

 

various factors beyond our control adversely affecting attendance and guest spending at our 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 our theme parks, the theme park industry and/or zoological facilities;

 

a decline in discretionary consumer spending or consumer confidence;

 

a significant portion of our revenues have historically been generated in the States of Florida, California and Virginia, and any risks affecting such markets, such as natural disasters, closures due to pandemics, severe weather and travel-related disruptions or incidents;

 

seasonal fluctuations in operating results;

 

inability to compete effectively in the highly competitive theme park industry;

 

interactions between animals and our employees and our guests at attractions at our theme parks;

 

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 our websites and/or information technology systems;

 

increased labor costs, including minimum wage increases, and employee health and welfare benefits;

 

inability to grow our business or fund theme park capital expenditures;

 

adverse litigation judgments or settlements;

 

inability to protect our 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 and/or labor disputes;

 

inability to meet workforce needs;

 

inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities;

 

inability to maintain certain commercial licenses;

1


 

restrictions in our debt agreements limiting flexibility in operating our business;

 

changes in the method for determining LIBOR and the potential replacement of LIBOR may affect our cost of capital;

 

inability to retain our current credit ratings;

 

our substantial leverage;

 

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 our 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 and/or other policies;

 

inability to realize the full value of our intangible assets;

 

changes in tax laws;

 

tariffs or other trade restrictions;

 

actions of activist stockholders;

 

the ability of Hill Path Capital LP to significantly influence our decisions;

 

changes or declines in our stock price, as well as the risk that securities analysts could downgrade our stock or our sector; and

 

risks associated with our capital allocation plans and share repurchases, including the risk that our share repurchase program could increase volatility and fail to enhance stockholder value.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our 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) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this Quarterly Report on Form 10-Q apply only as of the date of this Quarterly Report on Form 10-Q or as of the date they were made or as otherwise specified herein and, except as required by applicable law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

All references to “we,” “us,” “our,” “Company” or “SeaWorld” in this Quarterly Report on Form 10-Q mean SeaWorld Entertainment, Inc., its subsidiaries and affiliates. 

Website and Social Media Disclosure

We use our websites (www.seaworldentertainment.com and www.seaworldinvestors.com) and our corporate Twitter account (@SeaWorld) as channels of distribution of Company information.  The information we post through these channels may be deemed material.  Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about SeaWorld when you enroll your e-mail address by visiting the “E-mail Alerts” section of our website at www.seaworldinvestors.com. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q.

Trademarks, Service Marks and Trade Names

We own or have rights to use a number of registered and common law trademarks, service marks and trade names in connection with our business in the United States and in certain foreign jurisdictions, including SeaWorld Entertainment, SeaWorld Parks & Entertainment, SeaWorld®, Shamu®, Busch Gardens®, Aquatica®, Discovery Cove®, Sea Rescue® and other names and marks that identify our theme parks, characters, rides, attractions and other businesses. In addition, we have certain rights to use Sesame Street® marks, characters and related indicia through our license agreement with Sesame Workshop.

Solely for convenience, the trademarks, service marks, and trade names referred to hereafter in this Quarterly Report on Form 10-Q are without the ® and ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, and trade names. This Quarterly Report on Form 10-Q may contain additional trademarks, service marks and trade names of others, which are the property of their respective owners. All trademarks, service marks and trade names appearing in this Quarterly Report on Form 10-Q are, to our knowledge, the property of their respective owners.

2


PART I — FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

430,567

 

 

$

433,909

 

Accounts receivable, net

 

 

52,978

 

 

 

30,410

 

Inventories

 

 

28,850

 

 

 

30,700

 

Prepaid expenses and other current assets

 

 

19,908

 

 

 

12,418

 

Total current assets

 

 

532,303

 

 

 

507,437

 

Property and equipment, at cost

 

 

3,289,307

 

 

 

3,272,705

 

Accumulated depreciation

 

 

(1,646,260

)

 

 

(1,611,745

)

Property and equipment, net

 

 

1,643,047

 

 

 

1,660,960

 

Goodwill

 

 

66,278

 

 

 

66,278

 

Trade names/trademarks, net

 

 

157,000

 

 

 

157,000

 

Right of use assets-operating leases

 

 

134,846

 

 

 

136,572

 

Deferred tax assets, net

 

 

24,442

 

 

 

22,847

 

Other assets, net

 

 

15,451

 

 

 

15,264

 

Total assets

 

$

2,573,367

 

 

$

2,566,358

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

102,803

 

 

$

105,369

 

Current maturities of long-term debt

 

 

15,505

 

 

 

15,505

 

Operating lease liabilities

 

 

3,287

 

 

 

3,757

 

Accrued salaries, wages and benefits

 

 

15,027

 

 

 

10,781

 

Deferred revenue

 

 

193,374

 

 

 

130,759

 

Other accrued liabilities

 

 

41,348

 

 

 

50,950

 

Total current liabilities

 

 

371,344

 

 

 

317,121

 

Long-term debt, net

 

 

2,174,978

 

 

 

2,177,137

 

Long-term operating lease liabilities

 

 

119,003

 

 

 

120,144

 

Deferred tax liabilities, net

 

 

11,595

 

 

 

15,772

 

Other liabilities

 

 

42,239

 

 

 

41,987

 

Total liabilities

 

 

2,719,159

 

 

 

2,672,161

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders’ Deficit:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued

   or outstanding at March 31, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,858,445 and 94,652,248 shares issued at March 31, 2021 and December 31, 2020, respectively

 

 

948

 

 

 

946

 

Additional paid-in capital

 

 

685,253

 

 

 

680,360

 

Accumulated deficit

 

 

(416,684

)

 

 

(371,800

)

Treasury stock, at cost (16,260,248 shares at March 31, 2021 and December 31, 2020)

 

 

(415,309

)

 

 

(415,309

)

Total stockholders’ deficit

 

 

(145,792

)

 

 

(105,803

)

Total liabilities and stockholders’ deficit

 

$

2,573,367

 

 

$

2,566,358

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

3


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS

(In thousands, except per share amounts)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net revenues:

 

 

 

 

 

 

 

 

Admissions

 

$

95,780

 

 

$

90,506

 

Food, merchandise and other

 

 

76,140

 

 

 

63,055

 

Total revenues

 

 

171,920

 

 

 

153,561

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

14,942

 

 

 

13,104

 

Operating expenses (exclusive of depreciation and amortization shown

   separately below)

 

 

107,772

 

 

 

132,999

 

Selling, general and administrative expenses

 

 

31,464

 

 

 

26,954

 

Severance and other separation costs

 

 

86

 

 

 

65

 

Depreciation and amortization

 

 

36,558

 

 

 

38,013

 

Total costs and expenses

 

 

190,822

 

 

 

211,135

 

Operating loss

 

 

(18,902

)

 

 

(57,574

)

Other expense (income), net

 

 

174

 

 

 

(12

)

Interest expense

 

 

30,956

 

 

 

19,153

 

Loss before income taxes

 

 

(50,032

)

 

 

(76,715

)

Benefit from income taxes

 

 

(5,148

)

 

 

(20,196

)

Net loss

 

$

(44,884

)

 

$

(56,519

)

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized income on derivatives, net of tax

 

 

 

 

 

704

 

Comprehensive loss

 

$

(44,884

)

 

$

(55,815

)

Loss per share:

 

 

 

 

 

 

 

 

Net loss per share, basic

 

$

(0.57

)

 

$

(0.72

)

Net loss per share, diluted

 

$

(0.57

)

 

$

(0.72

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

78,458

 

 

 

78,213

 

Diluted

 

 

78,458

 

 

 

78,213

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

4


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY

(In thousands, except share amounts)

 

 

 

Shares of

Common

Stock

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated Deficit

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Treasury

Stock,

at Cost

 

 

Total

Stockholders' Deficit

 

Balance at December 31, 2020

 

 

94,652,248

 

 

$

946

 

 

$

680,360

 

 

$

(371,800

)

 

$

 

 

$

(415,309

)

 

$

(105,803

)

Equity-based compensation

 

 

 

 

 

 

 

 

4,473

 

 

 

 

 

 

 

 

 

 

 

 

4,473

 

Vesting of restricted shares

 

 

130,834

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(41,271

)

 

 

 

 

 

(1,971

)

 

 

 

 

 

 

 

 

 

 

 

(1,971

)

Exercise of stock options

 

 

116,634

 

 

 

1

 

 

 

2,392

 

 

 

 

 

 

 

 

 

 

 

 

2,393

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(44,884

)

 

 

 

 

 

 

 

 

(44,884

)

Balance at March 31, 2021

 

 

94,858,445

 

 

$

948

 

 

$

685,253

 

 

$

(416,684

)

 

$

 

 

$

(415,309

)

 

$

(145,792

)

 

 

 

Shares of

Common

Stock

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated Deficit

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Treasury

Stock,

at Cost

 

 

Total

Stockholders'

Equity

 

Balance at December 31, 2019

 

 

94,044,203

 

 

$

940

 

 

$

673,893

 

 

$

(59,479

)

 

$

(1,559

)

 

$

(402,903

)

 

$

210,892

 

Equity-based compensation

 

 

 

 

 

 

 

 

(3,601

)

 

 

 

 

 

 

 

 

 

 

 

(3,601

)

Unrealized gain on derivatives, net of tax expense of $254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

704

 

 

 

 

 

 

704

 

Vesting of restricted shares

 

 

410,807

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(121,089

)

 

 

(1

)

 

 

(3,159

)

 

 

 

 

 

 

 

 

 

 

 

(3,160

)

Exercise of stock options

 

 

11,096

 

 

 

 

 

 

203

 

 

 

 

 

 

 

 

 

 

 

 

203

 

Adjustments to previous dividend declarations

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Repurchase of 469,785 shares of treasury stock, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,406

)

 

 

(12,406

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(56,519

)

 

 

 

 

 

 

 

 

(56,519

)

Balance at March 31, 2020

 

 

94,345,017

 

 

$

943

 

 

$

667,333

 

 

$

(115,998

)

 

$

(855

)

 

$

(415,309

)

 

$

136,114

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

5


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(44,884

)

 

$

(56,519

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

36,558

 

 

 

38,013

 

Amortization of debt issuance costs and discounts

 

 

1,717

 

 

 

822

 

Deferred income tax benefit

 

 

(5,773

)

 

 

(20,805

)

Equity-based compensation

 

 

4,473

 

 

 

(3,601

)

Other, including loss on sale or disposal of assets, net

 

 

487

 

 

 

(594

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(28,548

)

 

 

7,005

 

Inventories

 

 

1,854

 

 

 

(1,459

)

Prepaid expenses and other current assets

 

 

(2,533

)

 

 

(9,586

)

Accounts payable and accrued expenses

 

 

(2,226

)

 

 

13,720

 

Accrued salaries, wages and benefits

 

 

4,246

 

 

 

(3,156

)

Deferred revenue

 

 

66,386

 

 

 

25,875

 

Other accrued liabilities

 

 

(11,887

)

 

 

(28,349

)

Right of use assets and operating lease liabilities

 

 

115

 

 

 

133

 

Other assets and liabilities

 

 

(1,592

)

 

 

(2,266

)

Net cash provided by (used in) operating activities

 

 

18,393

 

 

 

(40,767

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(15,298

)

 

 

(49,249

)

Net cash used in investing activities

 

 

(15,298

)

 

 

(49,249

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

Repayments of long-term debt

 

 

(3,876

)

 

 

(3,876

)

Proceeds from draws on revolving credit facility

 

 

 

 

 

272,500

 

Repayments of revolving credit facility

 

 

 

 

 

(10,000

)

Purchase of treasury stock

 

 

 

 

 

(12,406

)

Payment of tax withholdings on equity-based compensation through shares withheld

 

 

(1,971

)

 

 

(3,160

)

Exercise of stock options

 

 

2,393

 

 

 

203

 

Debt issuance costs

 

 

 

 

 

(234

)

Other financing activities

 

 

(2,158

)

 

 

(208

)

Net cash (used in) provided by financing activities

 

 

(5,612

)

 

 

242,819

 

Change in Cash and Cash Equivalents, including Restricted Cash

 

 

(2,517

)

 

 

152,803

 

Cash and Cash Equivalents, including Restricted Cash—Beginning of period

 

 

435,225

 

 

 

40,925

 

Cash and Cash Equivalents, including Restricted Cash—End of period

 

$

432,708

 

 

$

193,728

 

Supplemental Disclosure of Noncash Investing and Financing Activities

 

 

 

 

 

 

 

 

Capital expenditures in accounts payable

 

$

15,763

 

 

$

41,208

 

Other financing arrangements

 

$

4,239

 

 

$

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

6


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates twelve theme parks within the United States. The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California; and Busch Gardens theme parks in Tampa, Florida; and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Antonio, Texas (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park in Orlando, Florida (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place).

Impact of Global COVID-19 Pandemic

In response to the global COVID-19 pandemic, and in compliance with government restrictions, the Company temporarily closed all of its theme parks effective March 16, 2020. Beginning in June 2020, the Company began the phased reopening of some of its parks with enhanced health, safety and cleaning measures, capacity limitations and modified/limited operations, which at times included reduced hours and/or reduced operating days.  By August 2020, the Company had reopened 10 of its 12 parks on a limited basis. The Company was unable to reopen its Aquatica water park in California and its Water Country USA water park in Virginia for the 2020 operating season but currently expects to open both parks for their 2021 operating season.  

The Company’s SeaWorld park in California initially reopened in August 2020 on a limited basis, following the State of California’s guidance for reopening zoos.  In compliance with revised guidance issued late in the fourth quarter of 2020, the Company once again had to close this park effective December 7, 2020.  On January 15, 2021, the Company introduced a limited time drive-through only experience for guests at this park. Based on updated State of California guidance, the Company reopened this park on February 6, 2021 on a limited basis, once again following California guidance for reopening zoos. Subsequently, on April 12, 2021, in accordance with California guidance, this park resumed operations as a theme park with restricted capacity.

Attendance for the Company’s Busch Gardens park in Virginia has also been significantly impacted by state restrictions. Initially the State of Virginia had a state mandated capacity restriction of 1,000 guests at a time. On October 29, 2020, the state revised its theme park guidance and modified the methodology for calculating capacity at theme parks.  As a result, capacity at this park increased from 1,000 guests to approximately 4,000 guests at a time. On February 1, 2021, in consultation with the State of Virginia, the Company further increased capacity to approximately 6,000 guests at a time based on further revisions to the methodology for calculating restricted capacity at theme parks.  The Company was able to further increase capacity for this park on April 1, 2021 to approximately 13,000 guests.

The Company continues to operate all of its open parks with capacity limitations and modified/limited operations in accordance with local laws applicable to each park. The Company continuously monitors guidance from federal, state and local authorities and engages with governmental authorities as well as medical/scientific consultants. The Company may adjust its plans accordingly as laws change and new information and guidance becomes available.  The COVID-19 pandemic, resulting park closures and limited park reopenings have had, and are likely to continue to have, a material impact on the Company’s financial results.  

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC.  The unaudited condensed consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2021 or any future period due to the seasonal nature of the Company’s operations.  Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because seven of its theme parks were historically only open for a portion of the year.  However, during the first quarter of 2021, the Company added additional operating days for three of these parks.  In particular, the Company began year-round operations at its SeaWorld park in Texas and began to operate on select days at its Busch Gardens park in Virginia and its Sesame Place park in Pennsylvania.

7


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

The Company’s results of operations for the three months ended March 31, 2020 were materially impacted by the COVID-19 pandemic which ultimately led to temporary park closures effective on March 16, 2020. The timing of these park closures fell during historically high-volume spring break weeks for most of the Company’s parks. The Company’s results of operations for the three months ended March 31, 2021 continue to be impacted by the COVID-19 pandemic due in part to capacity limitations and modified/limited operations.  

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation, and the valuation of goodwill and other indefinite-lived intangible assets. Estimates are based on various factors including current and historical trends, as well as other pertinent industry data.  The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes.  Actual results could differ from those estimates. Based on the uncertainty relating to the COVID-19 pandemic, including but not limited to the extent, duration and impact of government restrictions, capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, travel restrictions, effectiveness and adoption of vaccines, potential supply chain disruptions and additional actions which could be taken by government authorities to manage the pandemic, the Company is not certain of the ultimate impact the COVID-19 pandemic could have on its estimates, business or results of operations.

Segment Reporting

The Company maintains discrete financial information for each of its twelve theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, or equivalent role, as a basis for allocating resources and assessing performance. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the Company’s theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment.

Restricted Cash

Restricted cash is recorded in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities.

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

430,567

 

 

$

433,909

 

Restricted cash, included in prepaid expenses and other current assets

 

 

2,141

 

 

 

1,316

 

Total cash, cash equivalents and restricted cash

 

$

432,708

 

 

$