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- **Revenue decline**: Q3 2025 revenue down 6.2% YoY to $511.9M
- **Operational challenges**: 240,000 attendance decline driven by weather, calendar shifts, and international macro factors
- **Positive trends**: 
  - In-park spending growth (1.1% QoQ)
  - Record-breaking Howl-O-Scream event attendance
  - Mobile app driving 37% transaction value uplift
- **Strategic initiatives**: 
  - $500M share repurchase program underway
  - 2026 pass program showing early sales momentum

**【CEO Summary Section】**
- Q3 2025 revenue decreased 6.2% YoY to $511.9 million, driven by a 3.4% attendance decline and unfavorable calendar shifts (e.g., 4th of July timing). 
- In-park per capita spending grew 1.1%, offsetting a 6.3% decline in admissions per capita.
- Key challenges included: 
  - 150,000 visits lost due to poor weather during peak holidays
  - 90,000 decline in international visitation
  - 240,000 total attendance decrease
- Positive trends: 
  - SeaWorld Orlando year-to-date attendance growth
  - Record-breaking Howl-O-Scream event attendance in Orlando and San Diego
  - Mobile app-driven 37% increase in food/beverage transaction value
  - $500M share repurchase program launched, with $32.2M executed to date

**【CFO Financial Commentary】**
- Net loss of $89.3M vs. $119.7M YoY, reflecting operational challenges
- Adjusted EBITDA of $216.3M in Q3, $490M year-to-date
- Strong balance sheet with: 
  - $872M total liquidity
  - $221M cash on hand
  - 3.2x net leverage ratio
- 2026 capital expenditure guidance: 
  - Core CapEx: $175-200M
  - Growth projects: $50M

**【Q&A Highlights】**
- International visitation decline attributed to macro factors (visa/immigration challenges)
- 2026 pass program shows early Black Friday sales momentum
- Discovery Cove bookings up >20% YoY for 2026

United Parks & Resorts Inc. (PRKS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PRKS

PRKS fundamentals

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