- SeaWorld Entertainment Inc SEAS reported second-quarter FY22 sales growth of 14.8% year-on-year to $504.82 million, marginally beating the consensus of $504.32 million.
- Attendance was 6.3 million guests, an increase of 7.8% from last year. Attendance declined by 3.1% versus 2Q19.
- Attendance benefitted primarily from an increase in demand resulting from a return to more normalized operations when compared to 2Q21.
- Revenue per capita increased 6.4% Y/Y to $80.59, and in-park per capita spending rose 8.2% to $36.61.
- Total costs and expenses rose 20% Y/Y to $326.8 million. The operating margin was 35.3%, and operating income for the quarter was $178 million.
- Adjusted EBITDA of $234.4 million rose 56.6% compared to 2Q19.
- EPS of $1.62 beat the analyst consensus of $1.54.
- The company held $160.8 million in cash and equivalents as of June 30, 2022. Cash flow from operations totaled $228.8 million in the quarter, with a free cash flow of $162.9 million.
- Buyback: The company's board approved a new $250.0 million share repurchase program.
- Price Action: SEAS shares traded higher by 4.18% at $51.08 on the last check Thursday.
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