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Seaworld Entertainment, Inc. Form 8-K Current Event Report Filed

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Seaworld Entertainment, Inc. Form 8-K Current Event Report Filed SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-08-05 | Period of Report: 2021-08-05 SEC Accession No. 0001564590-21-041150 (HTML Version on secdatabase.com) FILER SeaWorld Entertainment, Inc. Mailing Address Business Address 6240 SEA HARBOR DRIVE 6240 SEA HARBOR DRIVE CIK:1564902| IRS No.: 271220297 | State of Incorp.:DE | Fiscal Year End: 1231 ORLANDO FL 32821 ORLANDO FL 32821 Type: 8-K | Act: 34 | File No.: 001-35883 | Film No.: 211146162 (407) 226-5011 SIC: 7990 Miscellaneous amusement & recreation Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 5, 2021 SeaWorld Entertainment, Inc. (Exact name of Registrant as Specified in Its Charter) Delaware 001-35883 27-1220297 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐ Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 2.02 Results of Operations and Financial Condition. On August 5, 2021, SeaWorld Entertainment, Inc. (the “Company”) issued a press release announcing the results of the Company’s operations for the second quarter ended June 30, 2021. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in this Item 2.02. The information in this Current Report on Form 8-K and Exhibit 99.1 is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release of SeaWorld Entertainment, Inc., dated August 5, 2021, announcing results for the quarter ended June 30, 2021. 104 Cover page interactive data filed (embedded within the Inline XBRL document). Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SEAWORLD ENTERTAINMENT, INC. Date: August 5, 2021 By: /s/ G. Anthony (Tony) Taylor Name: G. Anthony (Tony) Taylor Title: Chief Legal Officer, General Counsel and Corporate Secretary Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Exhibit 99.1 SeaWorld Entertainment, Inc. Reports Second Quarter and First Six Months 2021 Results ORLANDO, FL, August 5, 2021 - SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2021.[1] Second Quarter 2021 Highlights • Attendance was 5.8 million guests, an increase of 5.5 million guests from the second quarter of 2020. Compared to the second quarter of 2019, attendance declined by 0.7 million guests or 10.1%. • Total revenue was a record $439.8 million, an increase of $421.8 million from the second quarter of 2020. Compared to the second quarter of 2019, total revenue increased by $33.8 million or 8.3%. • Net income was a record $127.8 million, an increase of $258.8 million from the second quarter of 2020. Compared to the second quarter of 2019, net income increased by $75.1 million or 142.7%. • Adjusted EBITDA[2] was a record $218.8 million, an increase of $272.7 million from the second quarter of 2020. Compared to the second quarter of 2019, Adjusted EBITDA increased by $69.1 million or 46.2%. • Total revenue per capita increased 14.2% to a record $75.71 from the second quarter of 2020. Admission per capita increased 16.5% to $41.87 while in-park per capita spending increased 11.6% to $33.84 from the second quarter of 2020. Compared to the second quarter of 2019, total revenue per capita increased 20.5%, admission per capita increased 18.8%, while in-park per capita spending increased 22.7%. First Six Months 2021 Highlights • Attendance was 8.0 million guests, an increase of 5.4 million guests from the first six months of 2020. Compared to the first six months of 2019, attendance declined by 1.8 million guests or 18.1%. • Total revenue was $611.7 million, an increase of $440.1 million from the first six months of 2020. Compared to the first six months of 2019, total revenue declined by $14.9 million or 2.4%. • Net income was a record $82.9 million, an increase of $270.4 million from the first six months of 2020. Compared to the first six months of 2019, net income increased by $67.2 million. • Adjusted EBITDA was a record $244.0 million, an increase of $328.7 million from the first six months of 2020. Compared to the first six months of 2019, Adjusted EBITDA increased by $77.9 million or 46.9%. • Total revenue per capita increased 15.1% to a record $76.24 from the first six months of 2020. Admission per capita increased 9.2% to $42.25 while in-park per capita spending increased 23.5% to $33.99 from the first six months of 2020. Compared to the first six months of 2019, total revenue per capita increased 19.3%, admission per capita increased 16.1%, while in-park per capita spending increased 23.5%. Other Highlights • As of June 30, 2021, the Company’s total available liquidity was $927.8 million, including $615.8 million of cash and cash equivalents on its balance sheet and $312.0 million available on its revolving credit facility. • Cash flow from operations was a record $229.7 million and $248.1 million for the three and six months ended June 30, 2021, respectively. Free Cash Flow[2] was a record $200.0 million and $203.1 million for the three and six months ended June 30, 2021, respectively. • As of June 30, 2021, all the Company’s parks were open and operating without COVID-19-related capacity limitations. • In the second quarter of 2021, the Company helped rescue almost 500 animals bringing total rescues over its history to over 39,100. “I am pleased to report that, despite continuing to operate in a highly challenging and COVID-19 impacted environment, momentum from the first quarter continued into the second quarter and we delivered strong second quarter financial results – including record revenue, net income and Adjusted EBITDA,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “Our strong financial performance through the first half of the year underscores both the resilience of our business and our commitment to emerge from this extraordinary environment an even stronger and more profitable business. During the second quarter we also generated record Free Cash Flow that further bolsters our already strong balance sheet. Our pricing and product strategies, along with the strong consumer demand environment, continued to drive higher realized pricing and strong guest spending resulting in record Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document [1 ] Given the disruption the Company experienced in 2020, when it temporarily closed all its parks on March 16th, the Company believes a comparison of its results to the second quarter and first six months of 2019 provides a more meaningful insight on its performance and operating trajectory. The Company provides a comparison versus both 2019 and 2020 in this release and will do so as well in its Form 10-Q, which it plans to file tomorrow on August 6, 2021.
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