PRKS

United Parks & Resorts’ Q2 results fell short of analyst expectations as both revenue and adjusted earnings per share missed Wall Street’s consensus. Management highlighted that the quarter was impacted by the earlier timing of Easter, unfavorable weather, and a continued decline in international visitors. CEO Marc Swanson noted that, after accounting for the holiday shift and lower international attendance, overall park attendance would have been flat, with in-park per capita spending reaching a new high for the quarter. Swanson acknowledged the company’s “less than stellar execution in our marketing activities this year,” calling it “frankly, quite frustrating,” but emphasized ongoing efforts to strengthen awareness and guest engagement. Is now the time to buy PRKS? Find out in our full research report (it’s free). Revenue: $483.3 million vs analyst estimates of $490.4 million (1.4% year-on-year decline, 1.4% miss) Adjusted EPS: $1.78 vs analyst expectations of $1.93 (8% miss) Adjusted EBITDA: $195.5 million vs analyst estimates of $194.5 million (40.4% margin, in line) Operating Margin: 24.2%, down from 28.7% in the same quarter last year Visitors: down 145,000 year on year Market Capitalization: $2.00 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Steven Wieczynski (Stifel) asked how United Parks could grow EBITDA in the back half given first-half declines. CEO Marc Swanson clarified that growth expectations are focused on the next five months, not a full-year increase over 2025 levels. Arpine Kocharyan (UBS) probed the timing of attendance declines and the impact of new sponsorship revenue. CFO James Forrester explained most attendance decline was in April due to the Easter shift, while sponsorship revenue is expected to ramp up through the year. Benjamin Chaiken (Mizuho) questioned the implications of higher deferred revenue despite lower attendance. Swanson said this likely reflects higher pricing and bodes well for future per-capita revenue, with new pass strategies set to launch for 2027. James Hardiman (Citi) inquired about the long-term outlook for international visitation and the potential for real estate transactions. Swanson said international trends are largely macro-driven but expects to participate in a rebound, while real estate deals could take multiple forms. Chris Woronka (Deutsche Bank) focused on steps to improve underperforming marketing. Swanson described ongoing changes to creative strategy, audience targeting, and awareness-building, particularly for parks outside Orlando. In the upcoming quarters, the StockStory team will be watching (1) the impact of new seasonal events and intellectual property partnerships on both attendance and in-park revenue, (2) progress in marketing execution and growth in the passholder base, and (3) any developments regarding real estate monetization or cost savings initiatives. Additionally, trends in international visitation and weather-related disruptions remain important variables to track. United Parks & Resorts currently trades at $43.99, down from $45.51 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 9 a.m. ET Chief Executive Officer - Marc Swanson Interim Chief Financial Officer and Treasurer - Jim Forrester Investor Relations - Matthew Stroud Operator: Hello, and welcome to the United Parks Second Quarter Earnings Conference Call. [Operator Instructions] I'll now turn the conference over to Matthew Stroud, Investor Relations. Please go ahead. Matthew Stroud: Thank you, and good morning, everyone. Welcome to United Parks and Resorts Second Quarter Earnings Conference Call. Today's call is being webcast and recorded. A press release was issued this morning and is available on our Investor Relations website at www.unitedparksinvestors.com. Replay information for this call can be found in the press release and will be available on our website following the call. Joining me this morning are Marc Swanson, Chief Executive Officer; and Jim Forrester, Interim Chief Financial Officer and Treasurer. This morning, we will review our second quarter financial results, and then we will open the call to your questions. Before we begin, I would like to remind everyone that our comments today will contain forward-looking statements within the meaning of the federal securities laws. These statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements, including those identified in the Risk Factors section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. These risk factors may be updated from time to time and will be included in our filings with the SEC that are available on our website. We undertake no obligation to update any forward-looking statements. In addition, on the call, we may reference non-GAAP financial measures and other financial metrics, such as adjusted EBITDA and free cash flow. More information regarding our forward-looking statements and reconciliations of non-GAAP measures to the most comparable GAAP measure is included in our earnings release available on our website and can also be found in our filings with the SEC. Now I'd like to turn the call over to our Chief Executive Officer, Marc Swanson. Marc? Marc Swanson: Thank you, Matthew. Good morning, everyone, and thank you for joining us. We are pleased with the continued progress we are making across certain initiatives. Results in the second quarter were impacted, as expected, by the shift in the timing of Easter. The earlier holiday meant fewer holiday days in Q2 compared to the prior year quarter and a continued decline in international visitation. Adjusting for these impacts, attendance would have been flat for the quarter. We delivered another quarter of growth in total revenue per capita, driven by continued strong in-park execution. During the quarter, we again grew in-park per capita spending to a record for the quarter. Looking ahead, we continue to see strength in our forward indicators for Discovery Cove and our group business with advanced bookings revenue for both up double digits versus prior year. We continue to repurchase shares in the second quarter, buying approximately 3.3 million shares for nearly $125 million. These buybacks emphasize our strong cash flow generation, our long-standing commitment to returning excess cash to our shareholders and our belief that our shares are materially undervalued. While we faced first half headwinds across international visitation, weather impacts and holiday shifts, we are fully focused on executing against our strategic priorities and driving growth in revenue, adjusted EBITDA and total shareholder value. Our exciting summer event lineup continues for the next several weeks as we close out the season with Red, White, & BBQ at SeaWorld Orlando and SeaWorld San Antonio. Summer Spectacular at SeaWorld San Diego and Bier Fest Brews & BBQ at both Busch Gardens Tampa Bay and Busch Gardens Williamsburg. In September, we will kick off our award-winning Halloween events, which will run through October, followed by our Christmas celebrations in November and December. These seasonal offerings continue to resonate with our guests, and we are excited to introduce new intellectual property elements to our Howl-O-Scream event, something we have done very little of historically, but believe represents a significant opportunity for the business. This year, we have partnered with Sony Pictures to introduce popular horror films, I Know What You Did Last Summer and Anaconda to our Howl-O-Scream lineup at our SeaWorld and Busch Gardens parks, respectively. Early forward booking ticket sales for our Howl-O-Scream events are already running ahead of last year's across our parks. I want to thank all of our ambassadors for their hard work and dedicated efforts to produce these events and deliver memorable guest experiences. Before I move to some updates on strategic initiatives, let me briefly provide an update on July performance. As you all likely know, the weather in July was pretty tough across the country, including in some of our markets, including wildfires and related air quality issues, excessive heat, untimely and extended rain. We had a little bit of everything. This poor weather, not surprisingly, impacted our attendances in the month. Fortunately, though, we saw good admissions and in-park per capita growth during the month. Our preliminary view has revenue being down approximately 2% in the month of July. We have a little more than half the quarter ahead of ourselves and amongst other things, are looking forward to hopefully more normalized weather. Now let me give a brief update on just some of our strategic initiatives. On real estate, we are happy to have received significant interest from serious parties to acquire some or most of our real estate. We have been actively engaged with these parties over the past months to clarify and negotiate terms that can meet our requirements. While we don't want to share too much as we are in current discussions, I can tell you that the valuation being offered for our real estate compares very favorably to the valuation in the public equity markets assigned to our enterprise. When and if we transact with one or more of these counterparties will be determined by the ultimate terms we negotiate, our view of the future value of the business as currently situated, general market conditions and other relevant factors. A key takeaway from this exercise to date is that multiple highly credible third parties assign significant value to our real estate that we do not believe is currently reflected in the public market price of our common equity. On sponsorships, based on our current pipeline, we still expect to realize over $15 million in sponsorship revenue in 2026. As previously discussed, we expect this business to be at least a $30 million line of business in the coming years. We are very excited for this opportunity. On international, we have continued discussions with multiple partners, and we expect to be able to share more in the coming quarters. On IP partnerships, we -- recently announced a partnership with Sony Pictures to bring two of their horror IPs to our Howl-O-Scream events across our parks. We are in multiple active discussions to bring additional compelling and well-recognized IP into our parks to innovate in innovative and exciting ways. We expect to have more to share related to these opportunities in 2027 and beyond. On marketing, as we've previously communicated, we have had less than stellar execution in our marketing activities this year. It's an area that has been, frankly, quite frustrating. We are evolving our strategy, our partners and our teams. We are making investments to reach new and incremental audiences and to provide more compelling visuals and messaging and related awareness. There's more work to do, but we are confident the changes we are making will help strengthen how we communicate and position us to engage a broader audience more effectively. On cost, we continue to be on pace to achieve our $50 million gross cost savings target for 2026, and we are actively working on our 2027 objectives. Regarding capital allocation, as we've discussed in the past, our strong balance sheet provides us with the flexibility to allocate capital to maximize the long-term value of our enterprise. Our Board is focused on maximizing long-term value for shareholders and we'll act dynamically with that objective as opportunities are presented. Let me briefly comment on our balance sheet. As of June 30, 2026, we had approximately $658 million of total available liquidity, including approximately $19 million of cash on the balance sheet as we head into the peak of our summer season where we generate a significant amount of our cash flow. The strong balance sheet gives us flexibility to continue to invest in and grow our business and to opportunistically allocate capital with the goal to maximize long-term value for shareholders. During the second quarter, we repurchased 3.3 million shares for an aggregate total of approximately $125 million. I'm excited about the opportunities we see ahead, the significant investments we are making and the many initiatives we have underway across our business that we expect will improve the guest experience, allow us to generate more revenue and make us a more efficient and more profitable enterprise. We are building an even stronger and more resilient business that we are confident will deliver improved operational and financial results and increases in value for our stakeholders. With that, Jim will discuss our financial results in more detail. Jim? Thank you, Marc. James Forrester: During the second quarter, we generated total revenue of $483.3 million, a decrease of $6.9 million or 1.4% when compared to the second quarter of 2025. The decrease in total revenue compared to the second quarter of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Attendance for the second quarter of 2026 decreased by approximately 179,000 guests or 2.9% when compared to the prior year quarter. The decrease in attendance was primarily due to an unfavorable calendar shift, including the timing of the Easter holiday and a decrease in international visitation compared to the same prior year quarter. Adjusting for these impacts, attendance would have been flat for the quarter. In the second quarter of 2026, total revenue per capita increased 1.5%. Admission per capita decreased 1.8% and in-park per capita spending increased 5.1%. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the same prior year quarter. In-park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives compared to the same prior year quarter. Operating expenses increased $10.9 million or 5.3% when compared to the second quarter of 2025. Selling, general and administrative expenses increased $2.2 million or 3.4% compared to the second quarter of 2025. We reported net income of $63.3 million for the second quarter compared to net income of $80.1 million in the second quarter of 2025. We generated adjusted EBITDA of $195.5 million, a decrease of $10.8 million when compared to the second quarter of 2025. Looking at our results for the first half of 2026 compared to 2025. Total revenue was $761.6 million, a decrease of $15.5 million or 2%. Total attendance was 9.3 million guests, a decrease of approximately 350,000 guests or 3.6%. Net income for the period was $29.2 million, a decrease of $34.8 million and adjusted EBITDA was $253.4 million, a decrease of $20.3 million. Now turning to our balance sheet. As of June 30, 2026, we had approximately $658 million of total available liquidity, including approximately $19 million of cash on the balance sheet. The strong balance sheet gives us flexibility to continue to invest in and grow our business and to opportunistically allocate capital with the goal to maximize long-term value for our shareholders. During the second quarter, we repurchased 3.3 million shares for an aggregate total of approximately $125 million. For the first half of the year, we bought back approximately 5.9 million shares or 12.1% of total shares outstanding for approximately $217.7 million. Our deferred revenue balance as of the end of June was $211.9 million. Deferred revenue increased approximately 2% when compared to June of 2025. Our deferred revenue balance contains a number of products that include ticketing, vacation packages, annual and seasonal passes and ancillary products. We also continue to see many pass holders who have been with us for at least a year who transitioned to month-to-month payments at the completion of their initial pass commitment. This month-to-month revenue does not show up as deferred revenue but demonstrates continued pass holder loyalty. Through June 2026, our paid pass base was down 1% compared to June 2025. We're now starting to launch our pass product for 2027, which will include our best benefits ever. We have a new dedicated team, a new strategy and approach to pass that we expect will lead to a meaningful increase in pass base for 2027 and beyond. We spent approximately $68.6 million on CapEx in the second quarter of 2026, of which approximately $65.3 million was on core CapEx and approximately $3.2 million was on expansion or ROI projects. For 2026, we expect to spend approximately $180 million to $190 million on core CapEx and approximately $75 million to $85 million of CapEx on growth and ROI projects. Now let me turn the call back over to Marc, who will share some final thoughts. Marc? Marc Swanson: Thank you, Jim. Before we open the call to your questions, I have some closing comments. In the second quarter of 2026, we came to the aid of 331 animals in need. Over our history, we have helped over 43,000 animals including bottlenose dolphins, manatees, sea lions, seals, sea turtles, sharks, birds and more. And just a few weeks ago, our animal care experts from SeaWorld helped lead an important and inspirational international effort to rescue beluga whales from Marineland of Canada. SeaWorld San Antonio received the first of these beluga whales rescued from Marineland of Canada, and they along with SeaWorld San Diego are set to receive more whales as part of the ongoing multi-facility collaboration and rescue effort. I'm really proud of the team's hard work and their continued dedication to these important rescue efforts. Moving forward, our focus remains on building an even more resilient business, driving guest engagement and delivering meaningful value to our stakeholders. Our growth strategy centers on several key initiatives, including a compelling lineup of new rides and attractions alongside an updated and evolving events calendar, infrastructure upgrades such as improving and monetizing our food and retail locations to enhance on-site spending and finally, a tailored marketing program to increase awareness, engagement and visitation. We operate in a growing industry with a favorable competitive structure. Backed by our irreplaceable brands, strong business model and well-capitalized assets, we are confident in the substantial opportunities ahead to create long-term shareholder value. With that, we can now take your questions. Operator: [Operator Instructions] Your first question comes from the line of Steve Wieczynski of Stifel. Steven Wieczynski: So Marc, I guess this is probably going to be kind of the same question I asked you guys three months ago. But at this point, I'm probably a little bit surprised you guys think you can still grow EBITDA this year, given what you produced so far in the first half, coupled with your comments around July and how that didn't turn out to be the way you wanted to just due to wildfires and weather and stuff like that. So with international visitation still kind of below ideal levels as well, it seems to us like you would need to kind of have really almost perfect weather between now and year-end to beat last year's EBITDA base. So am I way off on that thinking or are there other factors we aren't properly accounting for at this point? Marc Swanson: Yes. Steve, I can help you with the question. I think what we were trying to point out is from here going forward, we like to set up to be able to grow the business. What -- whether that growth will be enough to offset the revenue and the EBITDA decline year-to-date, we'll have to see. So I wasn't necessarily saying we're going to grow this year for the full year. I think what we're saying is we expect to grow the business kind of these next five months going forward, and we'll have to see where that ends up for the full year. Hopefully, that's a little bit of a clarification for you. But in general, just to talk about growth for a minute, I think what gives us confident that we can grow in these next five months really is the lineup of things we've got coming up in the parks with our Halloween and Christmas products. We're really excited to be introducing the new IP at Howl-O-Scream with -- supported by Sony Pictures with I know what she did last summer in Anaconda. That's something we've not historically done. And we're excited potentially the opportunity there to grow that event more. And so far, when we look at the combined ticket sales for that event, it looks good. It's still a ways to go, obviously. And then our per cap growth in-park has been strong, and I expect that will continue to be strong going forward. And our preliminary view on July looks like admissions per cap moved into the positive territory. So I'm optimistic we can see that in a better place as well. And I think we've done a reasonably good job of managing our EBITDA cost over the year. So putting all that together, that provides the backdrop to how I think we can achieve some growth here in these next several months. Obviously, if we can get some sort of better weather, that would be great. If we'll have to see I don't control the weather, obviously, but that would be helpful as well, as you know. So hopefully, that provides you some more color on your question. Steven Wieczynski: Yes, exactly. So to summarize that, you're basically saying like the full -- you might not be able to beat the -- you might not be able to grow off the '25 EBITDA base, but the back half of the year, you're kind of expecting growth relative to 3Q and 4Q '25. Is that kind of the right way to think about it? Marc Swanson: Yes. I think that's the right way to think about it. We have -- I gave you a little bit of color on July with the revenue down. It's a preliminary number, right? So I would -- I don't have an EBITDA number. We have a revenue number that was down about 2%. That may move around a little bit, maybe -- but I think we're comfortable saying 2%. So we've got to grow now in August and September to see if we can offset that. And then we'd have to grow in Q4 as well. But we like -- I think what I want to stress is that the per cap growth is helping to offset, obviously, some of the attendance decline. So that's something we have not had as much lately. Steven Wieczynski: Yes. And that was my second question. You kind of touched on a little bit, Marc, but it sounds like the admission per cap, you said turned positive for July. And I guess as we think about that over the next couple of months, over the next two quarters or so, maybe wondering if you could give a little more color about how you're kind of thinking that admission per cap line should look given it's -- you start to come off a pretty easy year-over-year comparisons? Marc Swanson: Yes, I think a couple of things. One, so you're right. I mean the comparison going forward should be something that we can manage better against than last year, obviously. But look, we like the pricing environment as far as opportunities to grow price. Now as you know, we're always focused on driving total revenue. So there may be times we do things that are at odds with per cap, we like the total revenue play. But in general, as we think about the business over a period of time, we like the pricing opportunities. I think that's strengthened even more so moving into Halloween and Christmas, which are both popular programs with our guests. Having the new IP in the parks, I think gives you another reason to be able to hopefully drive more pricing for Howl-O-Scream as well because you have something new to be able to talk about and people generally are okay paying more for new things that are well done. So there's then -- there's an element of that as well. The thing I want to point out on the admissions per cap though for Q2 is we did have a higher percentage of our attendance was from pass holders than last year. So just as you know, from covering the business for so long, if you have a greater mix of pass holders, that generally just naturally puts a little bit of tension on your admissions per cap. And so controlling for that, that could influence things going forward one way or the other. But we -- we'd rather have more pass visits than less, obviously. Operator: Your next question comes from the line of Arpine Kocharyan of UBS. Arpine Kocharyan: I was hoping you could give a little bit more detail on the cadence of the quarter. It seems like we knew before today that April was obviously down with the calendar shift. And then I'm calculating that international maybe drove like 1.5% of decline for the quarter. Does that mean that May and June were up in visitation in attendance? And then just one quick follow-up. Did any sponsorship revenue help admissions and revenue per cap this quarter? And if so, can you quantify it really quickly? And then I have a quick follow-up. Marc Swanson: Yes. As far as the cadence on attendance, I mean, you -- I think you've pointed out appropriately that the bulk of the decline was in April. And then -- you had obviously some additional negative in the two months of May and June combined. But the biggest piece was in April. So -- and now it's mainly, as we noted, the Easter shift. The international drag, if you will, kind of occurs throughout all three months. So hopefully, that's helpful. As far as the sponsorship revenue, if any of that is in admissions per cap, I think. James Forrester: Yes, there's some -- I would say it's a ramp-up. We've entered into some new agreements that will have more impact as the year progresses. There was some in the quarter, but not... Marc Swanson: I think she's asking was it in the admissions per cap, right? James Forrester: There is some in there, but it will grow over time as some of our sponsors purchase some of our tickets for use. Arpine Kocharyan: That's helpful. I'm sorry for three questions. I just have one quick follow-up. Addbacks to EBITDA were quite sizable this quarter, I think 3x year-over-year to be back. What is in those buckets? It seems like it's recurring every quarter and not subsiding. And why did it accelerate so much this quarter? James Forrester: Yes. I would say the biggest driver we had, and I think we mentioned this in our last earnings call was the historic freeze in the Florida markets drove a significant amount of damage to our properties in Orlando, specifically in Tampa. And so we've had to do a lot of replacements of materials, plant materials and equipment and repairs for that period of time. We've also engaged in a number of strategic initiatives that have support that are onetime in nature. And then on some of them, we have our continued amortization, non-cash of our SAP implementation from last quarter. Operator: Our next question comes from the line of Ben Chaiken of Mizuho. Benjamin Chaiken: Think about deferred revenue, it's up but the implications of deferred revenue rather, which is up for the first half of the year for the first time in a few years, juxtaposed against first half revenue that's down. Does that kind of suggest some type of pent-up revenue you should get in 2H? Or is there some timing dynamic I'm missing? And then related to this, I guess, somewhat, I think I caught you say that you have a new dedicated pass team. You suggested 27 passes should be up meaningfully. Can you just expand on that or maybe the rationale? Marc Swanson: Yes. So your question on deferred revenue, it's kind of how I think about it as well, what I think you described as if your deferred revenue is up, your attendance is down, it would kind of imply, right, you got a higher price on things. Now keep in mind, our deferred revenue bucket has a lot of things in it. So there's all sorts of things in there. But the fact that it's positive is a good sign to your point, and will only help with revenue and the admissions per cap on a go-forward basis. And then as far as the pass question, I mean, look, pass is an important part of our business, right? It's about 40% of our attendance or so across the company comes on some sort of pass. I think we recognize you got to build a really solid team around that, people that kind of live and breathe pass every day of the week. And so we've beefed that up. We've hired some new people that I think are doing a relatively good job. We're going to be kicking off, as Jim noted, that process kind of for 2027 starts kind of now and it starts to ramp up. The first big milestone is really around Black Friday, but we start to sell passes now for next year and then -- but we sell them year-round. And kind of the peak selling season is really spring and the summer. But we're launching for next year. We're excited about the benefits and the attractions we're going to have to support those in the events and things like that. So we're excited about the opportunity to grow an important part of our business. Benjamin Chaiken: Okay. And then maybe just a quick one on the July results. It sounds like attendance down the per caps higher with both admissions and in-park higher. I guess what are you seeing on the per cap side that's not translating to attendance? I guess simplistically, you would think that both your admission and in-park is higher, that would lead to attendance being higher as well – directionally. Maybe the answer is just weather and the items you referenced. I mean, how do you think about those variables? Marc Swanson: Yes. There's a lot of factors. I don't know that I can point to any one thing. I think the good news is what you alluded to, the people that are coming at least in July and even before that on in-park, they're spending money in the park. And so we've been able to grow in-park again here in the second quarter. It's up in July as well. So I like that backdrop, and we'll continue to try to drive more guests, obviously. But certainly, weather is an impact. There's always different factors, but weather was certainly one in July that I think several of you guys have already kind of telegraphed and written about. But we like the setup we're seeing on the per caps. Operator: Your next question comes from the line of James Hardiman of Citi. James Hardiman: So I wanted to circle back to sort of the two call-outs, right? Easter and international, I guess, pretty flattish ex those impacts. I guess help me understand the Easter shift. I just assume that it was a shift from 2Q into 1Q, but there's some discussion that it was a negative for the first half of the year. Maybe first, help me sort of understand that. And then on the international side, I guess, thoughts on when you think that piece may ultimately begin to improve? Is that something we should be thinking about -- we should be thinking about your business ex the international business because there's sort of temporary pressures -- and maybe it might help to think about that, is that sort of a macro United States or Orlando issue or more of a sort of SeaWorld issue? You guys aren't sort of keeping your fair share of the international customers that come to town. Marc Swanson: Sure. So I can try to help you on both of those, and Jim can add anything he'd like. So on Easter, the way we think about it, typically kind of the nine days before the actual Easter holiday which was April 5 this year. So if you back up to March 28, that kind of starts like one of the big peak Easter weeks starts kind of that Saturday. So the 28th, 29th, 30th and 31st were in Q1 this year. Last year, with Easter being on, I think it was April 20, all those days were in Q2. So we lost those four days, which are pretty meaningful days, obviously, to lose. And so that drove kind of the impact for the quarter. As far as I think your next question on kind of international, where we started to see the falloff was really this time last year, kind of more the second half of the year. So others, I think, have talked about this. Most of our international attendance is in the state of Florida. And so there's obviously things I'm sure we can be doing better, but I think there's obviously a big component that is more macro related. When that wanes, I'm not for certain. But until then, we've got to do a better job of filling that gap with other attendances. And then when international does rebound, make sure we're getting our share of it. Just to be clear, I mean, I like our setup in Orlando, and I'm confident that when international comes back, we will be in a position to, like we've done for over 50 years here, share in any sort of rebound in international. James Hardiman: Got it. That's helpful. And then there was -- there were some very specific remarks as part of the prepared remarks on the real estate piece, the idea that there are parties that are interested in acquiring, I think you said some or most of your real estate. I guess I'm curious, I don't know how much more you can add to that, probably not much. But curious what's on the table here? Are we talking sort of the sale of unused or undeveloped land? Or are we -- is the idea of a broader sort of REIT spin-off PropCo/OpCo actually on the table as you talk to some of these interested parties? Marc Swanson: Yes, James, I'll try to show what I can. I mean just -- I want to be sensitive to just the fact that we're kind of as I said in my prepared remarks, we don't want to share too much, obviously. But -- so we did try to give you guys some more color. But I think what you could have there is anything from one property to multiple properties. And we've heard from people who like the idea of something along that spectrum. Maybe you sell one to demonstrate the value, maybe you sell multiple ones if you can get a really strong value. So I think the point we are making is there could be multiple ways to think about it. And that's probably all we can share now. I mean what I was trying to emphasize in the remarks is that there are people out there, names you would recognize who recognize the value of our real estate. And that doesn't seem to translate to the public equity value. So the valuation they're ascribing to our real estate or how to think about our real estate doesn't -- it compares very favorably, I guess, to the public market value of our stock. So if nothing else, even if we don't do anything, and who knows if we will do anything, there's no guarantee, obviously. But a good part of this exercise is that there are people who are now recognizing the value of our real estate, but we need to -- we'd like to see more of that transfer over, obviously, to our stock price. Operator: Your next question comes from the line of Patrick Scholes of Truist Securities. Charles Scholes: First question, unless I missed it, I didn't hear or see in the press release that 3Q saw continued share repurchases. I know the last couple of quarters, you called out that share repurchases continued after the most recent quarter. So question is, have they continued into 3Q? Marc Swanson: Yes. I guess -- I'm not going to comment on the third quarter. So if we do anything in the third quarter, it will be in the third quarter press release. Charles Scholes: Okay. And shifting gears here regarding the comments on international. Do you think you lost some international visitation due to the World Cup, specifically Orlando, not holding World Cup, San Diego, not World Cup, Tampa, not World Cup. And I'd have to just theoretically think if I was from England or Argentina that's going to a game -- coming in the United States going to a game or even staying home watching games probably is a priority than visiting theme parks. What are your thoughts on sort of that theory and --as it relates to June, July visitation? Marc Swanson: Yes. I mean I think it's great that the United States hosted the World Cup, obviously, and did a really good job with that. But I don't think we saw, to your point, more people visiting our parks because of that. And so to your point, did people decide to spend their money going to the soccer games in other cities instead of Orlando. I'm sure that's a very good possibility because we did not see an improvement in international visitation from those people being at soccer games. Operator: Your next question comes from the line of Jordan Bender of Citizens. Jordan Bender: In-park spending continues to be a bright spot. We've touched on a few times on the call, but maybe just to kind of opine there a little bit. I mean, are you seeing consumers trading up in higher value offerings? Is it growth being driven by the mix in guest spending? Is it purely just pricing initiatives? Any color there would be helpful. Marc Swanson: Yes, Jordan, I can help you. Look, I think it's a multiple of things that we're executing well on. And certainly, you've got things around pricing, penetration, new facilities. We talk a lot about like investing in the business with capital to upgrade parts of our parks, whether it's retail or culinary locations or other things that people, frankly, spend money on. And I think that is showing through as well. So I don't think there's one singular thing. We've got a good team leading that group, and I think they're doing a good job of executing on some different things. So probably a lot of things just working well now. James Forrester: Yes. The only thing I might add, Marc, is we continue to, as you mentioned, invest in technology and some of the things that we have delivered like our self-order kiosks for food and beverage have shown significant improvement in our operation as well as our strategies on things like our photo business and our continued drive on our catering events, I think, are all coming into play to really improve that in-park per cap. Jordan Bender: Great. And then my follow-up maybe actually is related to that. I believe your expansion or ROI CapEx budget for '26 went up this quarter. Is that a function of timing, like a pull forward from '27? Or is there kind of incremental spend that you guys just layered in for the year? Marc Swanson: Yes. Let me start, and then Jim can add some things. But one of the things I think is important to get across is our Board -- and you obviously know we're significantly owned by a private equity firm, Hill Path, and they have three board seats and exercise a lot of involvement in the company and tremendously involved, obviously. And one of the things they and others on the Board encourage us to do is when we have high conviction ROI projects, whether it's revenue-generating or cost savings opportunities to bring those forward for discussion. And if they make sense and we can demonstrate the return, we will pull the trigger on those type of things. So I think what you're seeing is the spirit of that where we have opportunities to return either expense savings or revenue opportunities with additional CapEx. They're supportive of that. And that's what you're seeing for the most part. But Jim can add anything there as well. James Forrester: Yes. There -- we have a variety of attractions and sometimes there's timing of those that we have to have going all the way out to 2029 and beyond. And sometimes we have to think about when we make those investments in deposits. But primarily, as Marc mentioned, our biggest focus, as you saw, was the large increase in ROA capital that the Board provided us on. And that's going to take and address things like eliminating many of our lease costs that we have been incurring for equipment we could purchase, the Howl-O-Scream IP that Marc mentioned in his remarks, there is some investment there. And most importantly, the engine to continue to fuel that in-park revenue growth, we've got a variety of technology and in-park improvements that will continue to improve our per caps on the in-park side. Operator: [Operator Instructions] Your next question comes from the line of Chris Woronka of Deutsche Bank. Chris Woronka: Marc, I know you mentioned back earlier in the prepared comments about marketing mixed execution. I'm curious as to whether you -- if you could share with us what steps you've taken to remedy that if you brought in any new partners [indiscernible] whether I don't know if it could be external third-party consultants? But just give us a sense for kind of where you are in trying to get that turnaround. Marc Swanson: Yes. I think, again, as I noted, we're disappointed with what -- how we've done this year. We've made a series of changes really around -- when I step back, like increasing awareness. So one of the, I think, neat things about our parks is they have a tremendous amount of things to do. And whether that's rides or the animal attractions or behind the scenes tours and rescue areas, whatever it may be, the awareness is not -- I think people still don't know all the things we have, and it gets very frustrating at times. So we're taking steps to increase that awareness, reach new people, make sure they understand what we have. And there's multiple ways you can do that with either creative or storytelling and how we market on social media, those type of things. So really just revamping that. I know the marketing world kind of changes often, right? And there's, I think, a lot of people who are learning how to market in this age of AI and other ways people consume media and things like that. So ours is some of the things I just talked about. And I'm confident that going forward, hopefully, this will be a better setup for us. But if we can get more awareness of our parks and what we offer, I think that will be a big step in the right direction for us. Chris Woronka: Okay. I appreciate that, Marc. And then a follow-up question on the real estate front. Obviously, not want to commit to anything today, but use of proceeds, I mean, I think we would probably almost assume that if you get anything done, you might look to share repurchase. Is that a fair general directional statement? And if it's not, what else might be on the table that you'd consider? Marc Swanson: Yes. I don't -- Chris, I don't know that I can really comment other than that would be something clearly we would work with the Board on. And I think what -- obviously, we would do what we believe was the best return for shareholders. So it could be a number of things, and I don't want to commit to any one thing. Obviously, we've done buybacks in the past, but not to say that we wouldn't do something different going forward. It would really be a discussion with the Board and driven by them. Operator: Your next question comes from the line of Lizzie Dove of Goldman Sachs. Elizabeth Dove: I just wanted to ask about kind of more specifically on the Orlando market kind of beyond what we've talked about from the international side of things, just given some of the comments we had from Comcast a week or two ago and how you see the market there, whether it's more competitive, less competitive and just how you see things generally? Marc Swanson: Yes. We in Orlando. And so -- if you look at our performance in Q2, the performance of the three Orlando parks on a combined basis relative to some of our other locations, we were pleased with. So we like the setup in Orlando. We continue, as we've said for some time now, believe that more high-quality investment in this market is good for everybody. And so the -- having more investment is a good thing. And what I like about this market, a couple of more things. We've been here for 50 years, but us and others in the area are continuing to make investments, and they are high-quality investments. The county supports things around like airport expansion and trying to make transportation improvements. There's an effort. I don't know if it will be successful. There's an effort around trying to bring a Major League Baseball team to Orlando. So everyone in this market, I think, kind of rose in the same direction as far as making this a great market to be in. And I think of all the places we want to be and have three of our parks, I think Orlando is -- it'd be hard to find any place better where everybody is kind of rowing together to support this market. We'll continue to support it. We have a different product and a lot of the other people in the market. We have a different value proposition. And we've been here for over 50 years and have had success over that time. So we are definitely still very bullish on Orlando and like the setup and I'm glad we're here. I think it's going to be a great market for years to come. Elizabeth Dove: Great. And then just on that topic, I guess, as my follow-up, I think you've made some comments in the past about Tampa and I think some of the foot traffic data we all look at. It does show that kind of Orlando has actually been more of a bright spot and some of the attendance at the non-Orlando parks has maybe been weaker. Could you maybe talk more about what you think is driving that? And what's the kind of gating factor there of kind of getting back to some more growth? Marc Swanson: Sure. It's a good question. So one of the things -- the question that Chris asked around marketing, I think, clearly, like a park like Busch Gardens Tampa, for example, a lot of people have no idea that, that park has phenomenal roller coasters and a whole zoo component to it. So you can get great rides and animals and shows and all sorts of things. The name naturally doesn't lend itself to describing what it is. So we have to raise more awareness. It's a great name. It's a great equity, but we have to make sure people are aware of what's at that park. There's other factors there as well. We have to obviously deliver on a good experience. We have to make sure people are having opportunities to do things and all that. So those are just things that I'm confident we can turn around. When I look at some of our other parks, you've got a mix of different impacts. Some are impacted at times by weather factors, some are impacted by promotions we may or may not run intentionally. So -- but we like the setup in the regions we're in. We like outside of Florida, the states we're in, the markets we're in generally are markets where growth is occurring. So I think a lot of it comes down to just we've got to market ourselves better and make sure people are aware of what's in our parks and the strong value proposition we offer. Operator: There are no further questions at this time. I will now turn the call back over to CEO, Marc Swanson, for closing remarks. Marc Swanson: All right. Thank you. On behalf of Jim and the rest of the management team here at United Parks Resorts, I want to thank you for joining us this morning. As you heard today, we are confident in our long-term strategy, which we believe will drive improved operating and financial results and long-term value for stakeholders. We invite everyone to join us at our parks this year to experience the energy and excitement we are offering. Thank you, and we look forward to talking to you next quarter. Operator: This concludes today's conference call. You may now disconnect. Before you buy stock in United Parks & Resorts, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and United Parks & Resorts wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends United Parks & Resorts. The Motley Fool has a disclosure policy. United Parks & Resorts (PRKS) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in United Parks & Resorts Inc.? Here are five stocks we like better. Second-quarter results weakened: Revenue fell 1.4% to $483.3 million, attendance declined 2.9%, net income dropped to $63.3 million, and adjusted EBITDA decreased to $195.5 million. Management attributed much of the attendance pressure to Easter timing and lower international visitation. Per-capita spending provided support, but July was challenging: In-park spending per guest rose a record 5.1%, partly offsetting lower attendance, while unfavorable weather, wildfires and air-quality issues contributed to an estimated 2% revenue decline in July. The company expects growth in the remaining months but is not forecasting full-year adjusted EBITDA growth. Management is pursuing growth and shareholder returns: United Parks is targeting $50 million in 2026 cost savings, expanding Halloween intellectual-property partnerships, and exploring potential real-estate sales. It repurchased about $217.7 million of shares in the first half, equal to 12.1% of shares outstanding, while maintaining approximately $658 million in liquidity. United Parks & Resorts (NYSE:PRKS) reported lower second-quarter revenue and earnings as attendance declined following an unfavorable Easter calendar shift and reduced international visitation, while higher in-park spending partly offset the pressure. Total revenue for the second quarter was $483.3 million, down $6.9 million, or 1.4%, from the year-earlier period, Interim Chief Financial Officer and Treasurer Jim Forrester said. Attendance fell about 179,000 guests, or 2.9%, to the prior-year quarter. The company said attendance would have been flat excluding the Easter timing effect and international visitation decline. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Net income declined to $63.3 million from $80.1 million a year earlier, while adjusted EBITDA fell $10.8 million to $195.5 million. Operating expenses rose $10.9 million, or 5.3%, and selling, general and administrative expenses increased $2.2 million, or 3.4%. Total revenue per capita increased 1.5% in the quarter. Admission revenue per capita declined 1.8%, primarily due to admissions-product mix, while in-park spending per capita rose 5.1%, reaching a second-quarter record, according to management. → 3 Drone Stocks That Should Soar After the Summer Slump Forrester attributed the gain in in-park spending to higher guest penetration and pricing initiatives. CEO Marc Swanson said the company is also benefiting from investments in food, retail and other park facilities, while Forrester cited self-order food-and-beverage kiosks, photo operations and catering events as contributors. For the first half of 2026, United Parks reported revenue of $761.6 million, down 2% from a year earlier. Attendance fell 3.6% to 9.3 million guests, net income decreased $34.8 million to $29.2 million, and adjusted EBITDA declined $20.3 million to $253.4 million. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Deferred revenue totaled $211.9 million at the end of June, up approximately 2% from June 2025. The company’s paid pass base was down 1% year over year through June. Management said it has created a dedicated pass team and is launching 2027 passes with what it described as its “best benefits ever,” aiming for a meaningful pass-base increase in 2027 and beyond. Swanson said July weather conditions, including wildfires and air-quality issues, excessive heat and extended rain in certain markets, hurt attendance. The company’s preliminary view is that July revenue declined approximately 2%. However, Swanson said both admissions and in-park spending per capita increased during July, with admissions per capita moving into positive territory. He said the company expects to grow the business during the final five months of the year, though he clarified that management was not forecasting full-year adjusted EBITDA growth over 2025. “We’ve got to grow now in August and September” to offset July’s revenue decline, Swanson said, adding that the company would also need growth in the fourth quarter. He pointed to per-capita performance, cost management, Halloween and Christmas events, and stronger comparisons later in the year as supportive factors. The company is preparing for fall Halloween events and year-end Christmas celebrations after wrapping up summer programming across its SeaWorld and Busch Gardens parks. Swanson said early forward ticket sales for Howl-O-Scream are ahead of last year across the parks. United Parks has partnered with Sony Pictures to bring the horror films I Know What You Did Last Summer and Anaconda to Howl-O-Scream events at SeaWorld and Busch Gardens parks, respectively. Swanson said the company has historically done little with intellectual property at the events and sees the new partnership as a potential growth opportunity. Management also said it is in discussions regarding additional recognized intellectual-property partnerships, with more information potentially available for 2027 and beyond. Advanced-booking revenue for Discovery Cove and group business was up double digits from the prior year, Swanson said. Swanson said United Parks has received significant interest from “serious parties” seeking to acquire some or most of its real estate. The company is negotiating terms but did not disclose potential counterparties or identify properties under consideration. According to Swanson, proposed real-estate valuations compare favorably with the value public markets assign to the company’s enterprise. He said the process has demonstrated that multiple credible third parties place significant value on the real estate that management believes is not reflected in the public market value of its equity. The company remains on pace to achieve its $50 million gross cost-savings target for 2026 and is developing objectives for 2027. It expects sponsorship revenue to exceed $15 million in 2026 and said it expects sponsorships to become at least a $30 million business in coming years. United Parks spent approximately $68.6 million on capital expenditures in the second quarter, including $65.3 million of core spending and $3.2 million for expansion or return-on-investment projects. For the full year, it expects $180 million to $190 million in core capital expenditures and $75 million to $85 million for growth and ROI projects. Management said added ROI spending includes efforts to reduce equipment lease costs, support the Howl-O-Scream intellectual-property initiative, and fund technology and in-park improvements intended to support per-capita growth. As of June 30, the company had approximately $658 million of available liquidity, including about $19 million of cash. During the second quarter, United Parks repurchased approximately 3.3 million shares for nearly $125 million. In the first half, it repurchased about 5.9 million shares, representing 12.1% of shares outstanding, for approximately $217.7 million. Swanson said the buybacks reflect the company’s cash-flow generation, its commitment to returning excess cash to shareholders and management’s belief that the shares are materially undervalued. He did not comment on whether repurchases continued in the third quarter. United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "United Parks & Resorts Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

United Parks & Resorts Inc. recently reported past second-quarter 2026 results showing revenue of US$483.32 million and net income of US$63.27 million, both slightly below the prior year, while also completing several share repurchase tranches totaling hundreds of millions of US dollars. Despite softer attendance and earnings missing analyst expectations, the company continued to boost in-park per capita spending and invested in new attractions such as Busch Gardens Tampa Bay’s Lion & Hyena Ridge, part of a US$200 million enhancement plan. We’ll now examine how the earnings miss, despite higher in-park spending, affects United Parks & Resorts’ existing investment narrative and longer-term assumptions. Uncover the next big thing with 20 elite penny stocks that balance risk and reward. To stay invested in United Parks & Resorts, you need to believe that new attractions, pricing initiatives, and real estate opportunities can offset softer attendance and margin pressure. The latest earnings miss and lower year-on-year net income sharpen the focus on near term execution risk, while the most important short term catalyst remains the company’s ability to convert new investments and seasonal events into steadier attendance and profitability. At this stage, the Q2 results do not fundamentally alter that thesis. The recent opening of Busch Gardens Tampa Bay’s Lion & Hyena Ridge, as part of a US$200 million enhancement plan, is directly relevant here. It underlines management’s commitment to driving guest engagement and in-park spending even as attendance softens and weather remains a swing factor. How effectively attractions like this support higher per capita revenue, alongside the large share repurchase activity, will be central to whether the current earnings softness proves temporary or more persistent. Yet beneath the investment story, investors should also be aware of how weather driven attendance volatility could... Read the full narrative on United Parks & Resorts (it's free!) United Parks & Resorts' narrative projects $1.8 billion revenue and $284.5 million earnings by 2028. This requires 2.1% yearly revenue growth and about a $73 million earnings increase from $211.5 million. Uncover how United Parks & Resorts' forecasts yield a $44.09 fair value, a 5% downside to its current price. Some bullish analysts were assuming revenue of about US$1.8 billion and earnings of roughly US$241 million by 2029, which is a much more optimistic path than consensus and could look stretched if recent earnings softness and weather driven attendance risks continue to weigh on results. Explore another fair value estimate on United Parks & Resorts - why the stock might be worth as much as $44.09! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your United Parks & Resorts research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision. Our free United Parks & Resorts research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate United Parks & Resorts' overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: Find 52 companies with promising cash flow potential yet trading below their fair value. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PRKS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

ORLANDO, Fla., Aug. 4, 2026 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme parks and entertainment company, today reported its financial results for the second quarter and first six months of fiscal year 2026. Second Quarter 2026 Highlights Attendance was 6.1 million guests, a decrease of approximately 0.2 million guests or 2.9% from the second quarter of 2025. Total revenue was $483.3 million, a decrease of $6.9 million or 1.4% from the second quarter of 2025. Net income was $63.3 million, a decrease of $16.8 million or 21.0% from the second quarter of 2025. Adjusted EBITDA[1] was $195.5 million, a decrease of $10.8 million or 5.2% from the second quarter of 2025. Total revenue per capita[2] increased 1.5% to $79.82 compared to the second quarter of 2025. Admission per capita[2] decreased 1.8% to $40.31 while in-park per capita spending[2] increased 5.1% to a record $39.51 compared to the second quarter of 2025. First Six Months 2026 Highlights Attendance was 9.3 million guests, a decrease of approximately 0.3 million guests or 3.6% from the first six months of 2025. Total revenue was $761.6 million, a decrease of $15.5 million or 2.0% from the first six months of 2025. Net income was $29.2 million, a decrease of $34.8 million or 54.4% from the first six months of 2025. Adjusted EBITDA[1] was $253.4 million, a decrease of $20.3 million or 7.4% from the first six months of 2025. Total revenue per capita[2] increased 1.7% to $82.11 from the first six months of 2025. Admission per capita[2] decreased 1.4% to $42.21, while in-park per capita spending[2] increased 5.1% to a record $39.90 from the first six months of 2025. Other Highlights In the second quarter, the Company repurchased approximately 3.3 million shares for an aggregate total of approximately $125 million. For the first half of the year, the Company repurchased approximately 5.9 million shares (or 12.1% of total outstanding shares)[3] for an aggregate total of approximately $217.7 million. During the second quarter of 2026, the Company came to the aid of 331 animals in need in the wild. The total number of animals the Company has helped over its history is more than 43,000. "We are pleased with the continued progress we are making across certain initiatives. Results in the second quarter were impacted, as expected, by the shift in the timing of Easter (earlier holiday meant fewer holiday days in the second quarter compared to prior year quarter) and a continued decline in international visitation. Adjusting for these impacts, attendance would have been flat for the quarter." said Marc Swanson, CEO of United Parks & Resorts Inc. "We delivered another quarter of growth in total revenue per capita, driven by continued strong in-park execution. During the quarter, we again grew in-park per capita spending to a record for the quarter." "Looking ahead, we continue to see strength in our forward indicators for Discovery Cove and our group business with advanced bookings revenue for both up double-digits versus prior year. We continued to repurchase shares in the second quarter buying approximately 3.3 million shares for nearly $125 million. These buybacks emphasize our strong cash flow generation, our longstanding commitment to returning excess cash to our shareholders and our belief that our shares are materially undervalued. While we faced first-half headwinds across international visitation, weather impacts and holiday shifts, we are fully focused on executing against our strategic priorities and driving growth in revenue, Adjusted EBITDA, and total shareholder value," continued Swanson. "Our exciting summer event lineup continues for the next several weeks as we close out the season with Red, White & BBQ at SeaWorld Orlando and SeaWorld San Antonio, Summer Spectacular at SeaWorld San Diego, and Bier Fest Brews & BBQ at both Busch Gardens Tampa Bay and Busch Gardens Williamsburg. In September, we will kick off our award-winning Halloween events, which will run through October, followed by our Christmas celebrations in November and December. These seasonal offerings continue to resonate with our guests, and we're excited to introduce new intellectual property elements to our Howl O'Scream event, something we have done very little of historically but believe represents a significant opportunity for the business. This year, we have partnered with Sony Pictures to introduce popular horror films "I Know What You Did Last Summer", and "Anaconda" to our Halloween lineup at our SeaWorld and Busch Gardens parks respectively. Early forward booking ticket sales for our Howl O' Scream events are already running ahead of last year across our parks. I want to thank all of our ambassadors for their hard work and dedicated efforts to produce these events and deliver memorable guest experiences," concluded Swanson. Second Quarter 2026 Results In the second quarter of 2026, the Company hosted approximately 6.1 million guests, generated total revenues of $483.3 million, net income of $63.3 million and Adjusted EBITDA of $195.5 million. Attendance decreased approximately 179,000 guests when compared to the second quarter of 2025. The decrease in attendance was primarily due to an unfavorable calendar shift including the timing of the Easter holiday and a decrease in international visitation compared to the same prior year quarter. The decrease in total revenue of $6.9 million compared to the second quarter of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the same prior year quarter. In park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives compared to the same prior year quarter. Adjusted EBITDA was negatively impacted by a decrease in total revenue and an increase in operating expenses. First Six Months 2026 Results In the first six months of 2026, the Company hosted approximately 9.3 million guests, generated total revenues of $761.6 million, net income of $29.2 million and Adjusted EBITDA of $253.4 million. Attendance decreased approximately 350,000 guests when compared to the first six months of 2025. The decrease in attendance was primarily due to unfavorable weather conditions versus prior year, a decline in visitation from international markets, and the Easter holiday shift compared to the first six months of 2025. The decrease in total revenue of $15.5 million compared to the first six months of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Admission per capita decreased primarily due to the net impact of the admissions product mix when compared to the first six months of 2025. In park per capita spending increased primarily due to penetration and the impact of pricing initiatives compared to the first six months of 2025. Adjusted EBITDA was negatively impacted by a decrease in total revenue. Share Repurchases In the second quarter, the Company repurchased approximately 3.3 million shares for an aggregate total of approximately $125 million. For the first half of the year, the Company repurchased approximately 5.9 million shares (or 12.1% of total outstanding shares) for an aggregate total of approximately $217.7 million. Rescue Efforts In the second quarter of 2026, the Company came to the aid of 331 animals in need in the wild. The total number of animals the Company has helped over its history is more than 43,000. The Company is one of the largest marine animal rescue organizations in the world. Working in partnership with state, local and federal agencies, the Company's rescue teams are on call 24 hours a day, seven days a week, 365 days a year. Consistent with its mission to protect animals and their ecosystems, rescue teams mobilize and often travel hundreds of miles to help ill, injured, orphaned or abandoned wild animals in need of the Company's expert care, with the goal of returning them to their natural habitat. Conference Call The Company will hold a conference call today, Tuesday, August 4, 2026, at 9 a.m. Eastern Time to discuss its second quarter and first six months of fiscal 2026 financial results. The conference call will be broadcast live on the Internet and the release and conference call can be accessed via the Company's website at www.UnitedParksInvestors.com. For those unable to participate in the live webcast, a replay will be available beginning at approximately 12 p.m. Eastern Time on August 4, 2026, under the "Events & Presentations" tab of www.UnitedParksInvestors.com. A replay of the call can also be accessed telephonically from 12 p.m. Eastern Time on August 4, 2026, through 11:59 p.m. Eastern Time on August 11, 2026, by dialing (800) 770-2030 from anywhere in the U.S. or Canada, or (609) 800-9909 from international locations and entering the conference code 5841517. Statement Regarding Non-GAAP Financial Measures This earnings release and accompanying financial statement tables include several non-GAAP financial measures, including Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow are not recognized terms under GAAP, should not be considered in isolation or as a substitute for a measure of financial performance or liquidity prepared in accordance with GAAP and are not indicative of net income or loss or net cash provided by operating activities as determined under GAAP. Adjusted EBITDA, Covenant Adjusted EBITDA, Free Cash Flow and other non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance or liquidity. Adjusted EBITDA, Covenant Adjusted EBITDA and Free Cash Flow as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. Management believes the presentation of Adjusted EBITDA is appropriate as it eliminates the effect of certain non-cash and other items not necessarily indicative of the Company's underlying operating performance. Management uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA-related measures in the Company's industry, along with other measures, to estimate the value of a company, to make informed investment decisions and to evaluate companies in the industry. Management believes the presentation of Covenant Adjusted EBITDA for the last twelve months is appropriate as it provides additional information to investors about the calculation of, and compliance with, certain financial covenants in the Company's credit agreement governing its Senior Secured Credit Facilities and the indentures governing its Senior Notes and First-Priority Senior Secured Notes (collectively, the "Debt Agreements"). Covenant Adjusted EBITDA is a material component of these covenants. Management believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a liquidity measure. The Company uses Free Cash Flow to evaluate its ability to generate cash flow from business operations. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures, as it excludes certain expenditures such as mandatory debt service requirements, which are significant. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP. Free Cash Flow as defined above may differ from similarly titled measures presented by other companies. This earnings release includes several key performance metrics including total revenue per capita (defined as total revenue divided by attendance), admission per capita (defined as admissions revenue divided by attendance) and in-park per capita spending (defined as food, merchandise and other revenue divided by attendance). These performance metrics are used by management to assess the operating performance of its parks on a per attendee basis and to make strategic operating decisions. Management believes the presentation of these performance metrics is useful and relevant for investors as it provides investors the ability to review financial performance in the same manner as management and provides investors with a consistent methodology to analyze revenue between periods on a per attendee basis. In addition, investors, lenders, financial analysts and rating agencies have historically used similar per-capita related performance metrics to evaluate companies in the industry. About United Parks & Resorts Inc. United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company that owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country USA, Adventure Island, and Aquatica®. The Company's seven world-class brands span 13 parks in seven markets across the United States and Abu Dhabi, offering experiences that matter with exhilarating thrill and family-friendly rides, coasters, and experiences, inspiring up-close and educational presentations with wildlife, and other various special events throughout the year. In addition, the Company collectively cares for one of the largest zoological collections in the world, is a global leader in animal welfare, training, and veterinary care, and is one of the leading marine animal rescue organizations in the world with a legacy of rescuing and caring for animals that spans over 60 years, including coming to the aid of over 43,000 animals in need. To learn more, visit www.UnitedParks.com. Copies of this and other news releases as well as additional information about United Parks & Resorts Inc. can be obtained online at www.unitedparks.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website. Forward-Looking Statements In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes 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. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond our control adversely affecting attendance and guest spending at our theme parks, including, but not limited to, weather, natural disasters, labor shortages, inflationary pressures, supply chain delays or shortages, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, adverse general economic related factors including increasing interest rates, economic uncertainty, and recent geopolitical events outside of the United States, and governmental actions; failure to retain and/or hire employees; a decline in discretionary consumer spending or consumer confidence, including any unfavorable impacts from Federal Reserve interest rate actions and inflation which may influence discretionary spending, unemployment or the overall economy; the ability of Hill Path Capital LP and its affiliates to significantly influence our decisions and their interests may conflict with ours or yours in the future; increased labor costs, including minimum wage increases, and employee health and welfare benefit costs; 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, guests and/or regulators, bring action in the courts or create negative publicity about us; incidents or adverse publicity concerning our theme parks, the theme park industry and/or zoological facilities; 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; technology interruptions or failures that impair access to our websites and/or information technology systems; cyber security risks to us or our third-party service providers, failure to maintain or protect the integrity of internal, employee or guest data, and/or failure to abide by the evolving cyber security regulatory environment; 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; seasonal fluctuations in operating results; changing consumer tastes and preferences; adverse litigation judgments or settlements; inability to grow our business or fund theme park capital expenditures; inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities; the effects of public health events on our business and the economy in general; unionization activities and/or labor disputes; 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; inability to maintain certain commercial licenses; restrictions in our debt agreements limiting flexibility in operating our business; inability to retain our current credit ratings; our leverage and interest rate risk; inadequate insurance coverage; inability to purchase or contract with third party manufacturers for rides and attractions, construction delays or impacts of supply chain disruptions on existing or new rides and attractions; tariffs or other trade restrictions; 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; inability to remediate an identified material weakness; financial distress of strategic partners or other counterparties; actions of activist stockholders; the policies of the U.S. President and their administration or any changes to tax laws; changes or declines in our stock price, as well as the risk that securities analysts could downgrade our stock or our sector; risks associated with the Company's capital allocation plans and share repurchases, including the risk that the Company's share repurchase program could increase volatility and fail to enhance stockholder value, uncertainties and factors set forth in the section entitled "Risk Factors" in the Company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the Company's periodic filings with the Securities and Exchange Commission ("SEC"). Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its 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) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.unitedparksinvestors.com). CONTACT: Investor Relations:Matthew StroudInvestor [email protected] Media:AnneMarie IturrizagaUnited Parks & Resorts [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/united-parks--resorts-inc-reports-second-quarter-and-first-six-months-2026-results-302842310.html

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Second quarter attendance was primarily impacted by the unfavorable timing of the Easter holiday and a persistent decline in international visitation, particularly in the Florida markets. Management attributed record in-park per capita spending to successful pricing initiatives, higher penetration of ancillary products, and strategic investments in self-order technology and retail facilities. The company acknowledged 'less than stellar' marketing execution throughout the year and is currently revamping its strategy to improve brand awareness and reach incremental audiences. Strategic positioning is being enhanced through new intellectual property partnerships with Sony Pictures, introducing horror films like 'Anaconda' to seasonal events to drive ticket sales. Management noted that while July attendance was hampered by wildfires, air quality issues, and extreme heat, admissions per capita showed positive momentum during the month. The company is actively negotiating with multiple credible third parties regarding its real estate, noting that private valuations for these assets significantly exceed current public market equity pricing. Management expects to achieve growth in the final five months of the year, driven by strong forward bookings for Discovery Cove and the group business. The company is launching a new 2027 pass product strategy with a dedicated team, aiming for a meaningful increase in the paid pass base through enhanced benefits. Cost-saving initiatives remain on track to reach a $50 million gross target by 2026, with planning for 2027 objectives already underway. Capital allocation will remain dynamic, with a focus on high-conviction ROI projects that eliminate lease costs or enhance in-park revenue through technology. Future international expansion remains a core pillar, with management expecting to share more details on partner discussions in the coming quarters. EBITDA add-backs increased significantly due to repair costs from a historic freeze in Florida and non-cash amortization related to a major SAP implementation. The company repurchased 3.3 million shares in Q2, representing a 12.1% reduction in total shares outstanding for the first half of the year. International visitation remains a macro-driven headwind in Orlando, with management focused on filling the gap with domestic attendance until global travel patterns normalize. Operational risks in July included extreme weather volatility, ranging from wildfires and air quality issues to untimely extended rain across key markets. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while they expect growth in the back half of the year, it may not be enough to fully offset the revenue and EBITDA declines seen in the first half. Growth confidence is rooted in new IP-driven Halloween events and continued strength in per capita spending. The company is exploring options ranging from selling a single property to demonstrate value to larger portfolio transactions. Management declined to commit to specific uses for potential proceeds, stating that the Board would determine the best return for shareholders, including potential buybacks. Management noted that the World Cup did not provide a boost to their parks, as international travelers likely prioritized host cities over Orlando. They remain bullish on the Orlando market long-term, citing its unique value proposition and ongoing regional infrastructure investments. Growth is being driven by a combination of pricing, higher penetration, and capital investments in culinary and retail locations. Technology investments, such as self-order kiosks, have significantly improved operational efficiency and transaction volume.

United Parks & Resorts (PRKS) came out with quarterly earnings of $1.34 per share, missing the Zacks Consensus Estimate of $1.62 per share. This compares to earnings of $1.45 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -17.28%. A quarter ago, it was expected that this theme park operator would post a loss of $0.36 per share when it actually produced a loss of $0.69, delivering a surprise of -91.67%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. United Parks & Resorts, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $483.32 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.39%. This compares to year-ago revenues of $490.21 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. United Parks & Resorts shares have added about 25.4% since the beginning of the year versus the S&P 500's gain of 11%. While United Parks & Resorts has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for United Parks & Resorts was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $521.85 million in revenues for the coming quarter and $3.35 on $1.67 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Target Hospitality (TH), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +33.3%. The consensus EPS estimate for the quarter has been revised 13.6% higher over the last 30 days to the current level. Target Hospitality's revenues are expected to be $79.27 million, up 28.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Parks & Resorts Inc. (PRKS) : Free Stock Analysis Report Target Hospitality Corp. (TH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Total revenue of $483.3 million, a decrease of 1.4% compared to the second quarter of 2025. Attendance: Decreased by approximately 179,000 guests, or 2.9%, year-over-year, impacted by the Easter holiday shift and lower international visitation. Total Revenue Per Capita: Increased 1.5% in the second quarter. Admission Per Capita: Decreased 1.8% due to admissions product mix. In-Park Per Capita Spending: Increased 5.1%, driven by higher penetration and pricing initiatives. Net Income: $63.3 million for the second quarter, compared to $80.1 million in the prior-year quarter. Adjusted EBITDA: $195 million, a decrease of $10.8 million year-over-year. Operating Expenses: Increased $10.9 million, or 5.3%, compared to the second quarter of 2025. Selling, General, and Administrative Expenses: Increased $2.2 million, or 3.4%, year-over-year. Share Repurchases: Repurchased 3.3 million shares for approximately $125 million in the second quarter. Liquidity: Approximately $658 million in total available liquidity as of June 30, 2026. Capital Expenditures: Spent approximately $68.6 million in the second quarter, including $65.3 million on core CapEx and $3.2 million on expansion projects. Warning! GuruFocus has detected 6 Warning Signs with PRKS. Is PRKS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record in-park per capita spending growth of 5.1% in Q2, driven by strong execution and pricing initiatives. Total revenue per capita increased 1.5% in Q2, with July showing positive admissions per capita growth. Advanced bookings for Discovery Cove and group business are up double-digits year-over-year, indicating strong future demand. Successful share repurchase program, buying back 5.9 million shares (12.1% of shares outstanding) for $217.7 million in H1 2026. Significant interest from credible third parties in acquiring real estate at valuations favorably compared to public equity market, highlighting hidden asset value. Sponsorship revenue pipeline on track to exceed $15 million in 2026, with potential to grow to at least $30 million in coming years. New IP partnerships with Sony Pictures for Howl O' Scream events, with early ticket sales running ahead of last year. On track to achieve $50 million gross cost savings target for 2026. Strong balance sheet with $658 million in total liquidity, providing flexibility for capital allocation. Deferred revenue increased 2% year-over-year, signaling future revenue growth. Q2 attendance decreased 2.9% due to Easter timing shift and continued decline in international visitation. July revenue down approximately 2% due to poor weather conditions including wildfires, excessive heat, and rain. Admission per capita decreased 1.8% in Q2 due to product mix shift towards pass holders. Operating expenses increased 5.3% in Q2, driven by freeze damage repairs and strategic initiatives. Adjusted EBITDA decreased $10.8 million in Q2 and $20.3 million in H1 2026. Marketing execution has been subpar, requiring strategy and team changes to improve awareness. International visitation remains weak, with no clear timeline for recovery. Paid pass base down 1% compared to June 2025, though new strategies are being implemented for 2027. Full-year EBITDA growth uncertain, with management only expecting growth in the back half of the year. Expansion/ROI CapEx budget increased, potentially impacting near-term cash flow. Q: Can you clarify if you still expect to grow EBITDA for the full year given the first-half decline and the soft July performance impacted by weather?A: Marc Swanson, CEO, clarified that the company expects to grow the business over the next five months, but whether that growth will be enough to offset the year-to-date revenue and EBITDA decline remains to be seen. He highlighted the upcoming Halloween and Christmas events, including new Sony Pictures IP partnerships for Howl O' Scream, strong in-park per capita growth, and positive admissions per capita trends in July as key drivers for the expected back-half growth. Q: Can you provide more detail on the real estate monetization process and what types of transactions are being considered?A: Marc Swanson, CEO, stated that the company has received significant interest from credible parties to acquire some or most of its real estate. The valuation offered compares very favorably to the public equity market's valuation of the enterprise. He noted that potential transactions could range from selling one property to multiple properties, but there is no guarantee any deal will be completed. The key takeaway is that third parties recognize significant value in the real estate that is not reflected in the current stock price. Q: How should we think about the admission per capita trends going forward, especially given it turned positive in July?A: Marc Swanson, CEO, indicated that the company likes the pricing environment and sees opportunities to grow price, especially with new IP at Halloween events. However, he noted that the Q2 admissions per capita decline was partly due to a higher mix of pass holder attendance, which naturally pressures the metric. The company remains focused on driving total revenue rather than just per capita metrics. Q: Can you explain the cadence of attendance during the quarter and whether sponsorship revenue impacted admissions per capita?A: Marc Swanson, CEO, explained that the bulk of the attendance decline was in April due to the Easter shift, with international visitation drag occurring throughout all three months. Jim Forrester, Interim CFO, added that there was some sponsorship revenue in the quarter, but it was not material and will grow over time as new agreements ramp up. Q: What drove the significant increase in EBITDA add-backs this quarter, and is this recurring?A: Jim Forrester, Interim CFO, attributed the increase primarily to damage from the historic freeze in Florida markets, requiring replacements of plant materials and equipment. He also cited one-time strategic initiatives and non-cash amortization from the SAP implementation. These items are not expected to be recurring at the same level. Q: What are the implications of deferred revenue being up for the first time in a few years, and can you expand on the new pass strategy?A: Marc Swanson, CEO, said the increase in deferred revenue is a positive sign, implying higher pricing on products and should help revenue and admissions per capita going forward. Regarding passes, he noted the company has built a new dedicated team and strategy, launching the 2027 pass product with the best benefits ever, which they expect will lead to a meaningful increase in the pass base. Q: Can you provide more color on the international visitation decline and when it might improve?A: Marc Swanson, CEO, noted that the decline began in the second half of last year and is primarily concentrated in Florida. He believes there is a significant macro component to the decline, but the company is focused on filling the gap with other attendance sources and is confident they will capture their share when international visitation rebounds. He also acknowledged that the World Cup may have diverted some international visitors to other cities. Q: What is driving the strong in-park per capita spending growth, and is it sustainable?A: Marc Swanson, CEO, attributed the growth to a combination of pricing, penetration, and new facilities, including upgraded retail and culinary locations. Jim Forrester, Interim CFO, added that investments in technology, such as self-order kiosks, and strategies around the photo business and catering events are also contributing. The company expects this trend to continue. Q: Can you elaborate on the steps being taken to address the marketing mis-execution mentioned in the prepared remarks?A: Marc Swanson, CEO, acknowledged the disappointing marketing performance this year and said the company is evolving its strategy, partners, and teams. The focus is on increasing awareness of the parks' offerings, reaching new audiences, and improving creative and messaging. He expressed confidence that these changes will strengthen communication and engagement with a broader audience. Q: How do you view the competitive landscape in Orlando, and what is driving the relative weakness at non-Orlando parks?A: Marc Swanson, CEO, expressed continued bullishness on Orlando, noting that the combined performance of the three Orlando parks in Q2 was pleasing relative to other locations. He believes more high-quality investment in the market benefits everyone. For non-Orlando parks, he cited a lack of awareness as a key issue, using Busch Gardens Tampa as an example where guests may not know about its roller coasters and zoo offerings. He emphasized the need for better marketing to communicate the value proposition. For the complete transcript of the earnings call, please refer to the full earnings call transcript.