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SeaWorld generates record total revenue, adjusted EBITDA in Q3 2022
By Devika Patel
Knoxville, Tenn., Nov. 10 – SeaWorld Entertainment, Inc. saw $565.2 million of total revenue and a record $274.2 million of adjusted EBITDA last quarter, due to higher attendance and revenue per capita.
Total revenue for the third quarter increased by $44 million or 8.4% from the third quarter of 2021. Compared to the third quarter of 2019, total revenue increased by $91.5 million or 19.3%.
Adjusted EBITDA for the third quarter increased by $8.9 million or 3.4% from the third quarter of 2021. Compared to the third quarter of 2019, adjusted EBITDA increased by $67.3 million or 32.5%.
“The increase in revenue is due to an increase in total revenue per capita of 6.8% and an increase in attendance of 1.5%,” treasurer and chief financial officer Michelle F. Adams said on the company’s third quarter ended Sept. 30 earnings conference call on Wednesday.
“The improvement in adjusted EBITDA for the third quarter of 2022 was primarily driven by an increase in attendance and total revenue per capita when compared to the third quarter of 2021,” she said.
The increased revenue and adjusted EBITDA have helped the balance sheet.
“We have a very strong balance sheet position,” Adams said.
Cash and cash equivalents were $109,572,000 as of Sept. 30, 2022, compared to $443,707,000 as of Dec. 31, 2021.
Long-term debt, including current maturities, was $2,140,500,000 as of Sept. 30, 2022, compared to $2,149,500,000 as of Dec. 31, 2021.
As of Sept. 30, the company’s total net leverage ratio was 2.71x and total available liquidity was $479.9 million.
SeaWorld is an Orlando, Fla.-based theme park and entertainment company.
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