Headlines:SeaWorld Entertainment, Inc. Announces Q2 2023 Financial Results: Attendance Decline and Revenue Impact
SeaWorld Entertainment, Inc. has announced its preliminary financial results for the second quarter of 2023. The company reported a decline in attendance, with approximately 6.1 million guests compared to 6.3 million guests in the same quarter of the previous year.
Total revenues for the quarter are expected to be approximately $494-$497 million, a decrease from $504.8 million in the second quarter of 2022. This decline was primarily a result of lower attendance, partially offset by an increase in total revenue per capita.
Net income for the quarter is estimated to be approximately $85-$88 million, down from $116.6 million in the second quarter of 2022. The decrease in net income is attributed to an increase in interest expense and a reduction in total revenues.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter is expected to be approximately $222-$225 million, compared to $234.4 million in the second quarter of 2022.
As of June 30, 2023, the company's cash and cash equivalents balance is expected to be approximately $147 million.
It is important to note that these financial results are preliminary and unaudited, and may be subject to change as the company completes its financial statements for the quarter. The company expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, no later than August 9, 2023.
Additionally, the company provided an unaudited reconciliation of non-GAAP financial measures, including Adjusted EBITDA, which is a non-GAAP financial measure used by management to evaluate the company's operating performance.