United Parks & Resorts Inc.

Previous wording

While conditions have improved in some markets and for various positions, the current condition of the overall labor market and the challenging current operating environment have led to turnover and hiring challenges for some positions and/or markets which could impact operations and the guest experience. We have also been impacted by higher interest rates and supply chain disruptions (which has, at times, impacted ride and/or in-park facility availability).

Current wording

While conditions have improved in some markets and for various positions, the current condition of the overall labor market and the challenging current operating environment have led to turnover and hiring challenges for some positions and/or markets which could impact operations and the guest experience.

Previous wording

See further discussion in the “Results of Operations” section which follows and in Note 1–Description of the Business and Basis of Presentation to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. For other factors affecting our revenues, see the “Risk Factors” section of our Annual Report on Form 10-K, as such risk factors may be updated from time to time in our periodic filings with the SEC.

Current wording

See further discussion in the “Results of Operations” section which follows and in Note 1–Description of the Business and Basis of Presentation to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

Admissions revenue. Admissions revenue for the three months ended June 30, 2024 decreased $5.9 million, or 2.2%, to $264.0 million as compared to $269.9 million for the three months ended June 30, 2023. The decline was a result of a decrease in admission per capita, partially offset by an increase in attendance. Total attendance for the second quarter of 2024 increased by approximately 47 thousand guests, or 0.8%, when compared to the prior year quarter. The increase in attendance was primarily due to increased demand. Admission per capita decreased by $1.28 to $42.68 for the second quarter of 2024 compared to $43.96 in the prior year quarter, primarily due to lower pricing on certain promotional admission products and the net impact of the admissions product and park mix when compared to the prior year quarter.

Current wording

Admissions revenue. Admissions revenue for the three months ended September 30, 2024 decreased $2.8 million, or 0.9%, to $297.0 million as compared to $299.8 million for the three months ended September 30, 2023. The decline was a result of a decrease in attendance, partially offset by an increase in admission per capita. Total attendance for the third quarter of 2024 decreased by approximately 100 thousand guests, or 1.4%, compared to the prior year quarter. The decrease in attendance was primarily due to a negative calendar shift and meaningfully worse weather, including related to Hurricanes Debby and Helene, during peak visitation periods, compared to the prior year quarter. Admission per capita increased by $0.19 to $42.24 for the third quarter of 2024 compared to $42.05 in the prior year quarter, primarily due to the net impact of the park mix, partially offset by lower pricing on certain promotional admission products compared to the prior year quarter.

Previous wording

Food, merchandise and other revenue. Food, merchandise and other revenue for the three months ended June 30, 2024 increased $7.5 million, or 3.3%, to $233.6 million as compared to $226.1 million for the three months ended June 30, 2023, as a result of an increase in in-park per capita spending and an increase in attendance, as discussed above. In-park per capita spending increased by 2.5% to $37.76 in the second quarter of 2024 compared to $36.84 in the second quarter of 2023. In park per capita spending improved primarily due to pricing initiatives when compared to the second quarter of 2023.

Current wording

Food, merchandise and other revenue. Food, merchandise and other revenue for the three months ended September 30, 2024 increased $0.5 million, or 0.2%, to $248.9 million as compared to $248.5 million for the three months ended September 30, 2023, as a result of an increase in in-park per capita spending, partially offset by a decrease in attendance, as discussed above. In-park per capita spending increased by 1.6% to $35.42 in the third quarter of 2024 compared to $34.85 in the third quarter of 2023. In park per capita spending improved primarily due to pricing initiatives compared to the third quarter of 2023.

Previous wording

Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the three months ended June 30, 2024 increased $0.4 million, or 1.1%, to $38.6 million as compared to $38.2 million for the three months ended June 30, 2023.

Current wording

Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the three months ended September 30, 2024 increased $0.2 million, or 0.5%, to $40.6 million as compared to $40.4 million for the three months ended September 30, 2023.

Previous wording

Selling, general and administrative expenses. Selling, general and administrative expenses for the six months ended June 30, 2024 decreased $4.8 million, or 4.1%, to $111.7 million as compared to $116.4 million for the six months ended June 30, 2023. The decrease in selling, general and administrative expenses is primarily due to an $11.3 million decrease in third-party consulting costs, including approximately $10.2 million of nonrecurring costs for strategic initiatives, partially offset by an increase in marketing related costs when compared to the first six months of 2023.

Current wording

Selling, general and administrative expenses. Selling, general and administrative expenses for the three months ended September 30, 2024 decreased $4.3 million, or 7.3%, to $55.4 million as compared to $59.7 million for the three months ended September 30, 2023. The decrease in selling, general and administrative expenses is primarily due to a $6.6 million decrease in third-party consulting costs, including approximately $4.2 million of nonrecurring costs for strategic initiatives, partially offset by an increase in marketing related costs compared to the third quarter of 2023.

Previous wording

Depreciation and amortization. Depreciation and amortization expense for the three months ended June 30, 2024 increased $2.5 million, or 6.5%, to $40.3 million as compared to $37.8 million for the three months ended June 30, 2023. The increase primarily relates to new asset additions, partially offset by the impact of asset retirements and fully depreciated assets.

Current wording

Depreciation and amortization. Depreciation and amortization expense for the three months ended September 30, 2024 increased $2.4 million, or 6.1%, to $41.6 million as compared to $39.2 million for the three months ended September 30, 2023. The increase primarily relates to new asset additions, partially offset by the impact of asset retirements and fully depreciated assets.

Previous wording

Interest expense. Interest expense for the three months ended June 30, 2024 increased $2.4 million, or 6.6%, to $39.4 million as compared to $37.0 million for the three months ended June 30, 2023. The increase primarily relates to the net impact of a higher average outstanding balance on our variable debt, partially offset by a lower average outstanding balance on our fixed debt, as a result of the Refinancing Transactions. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Current wording

Interest expense. Interest expense for the three months ended September 30, 2024 increased $2.6 million, or 7.1%, to $39.7 million as compared to $37.1 million for the three months ended September 30, 2023. The increase primarily relates to the net impact of the Refinancing Transactions which included a higher average outstanding balance on our variable debt, partially offset by a lower average outstanding balance on our fixed debt. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Previous wording

Provision for income taxes. Provision for income taxes in the three months ended June 30, 2024 was $31.6 million compared to $31.4 million for the three months ended June 30, 2023. Our consolidated effective tax rate was 25.7% for the three months ended June 30, 2024 compared to 26.5% for the three months ended June 30, 2023. The effective tax rate for the three months ended June 30, 2024 and 2023 was primarily impacted due to state income taxes and limits on certain compensation deductibility.

Current wording

Provision for income taxes. Provision for income taxes in the three months ended September 30, 2024 was $41.6 million compared to $42.7 million for the three months ended September 30, 2023. Our consolidated effective tax rate was 25.8% for the three months ended September 30, 2024 compared to 25.7% for the three months ended September 30, 2023. The effective tax rate for the three months ended September 30, 2024 and 2023 was primarily impacted due to state income taxes and limits on certain compensation deductibility.

Previous wording

The following table presents key operating and financial information for the six months ended June 30, 2024 and 2023:

Current wording

The following table presents key operating and financial information for the nine months ended September 30, 2024 and 2023:

Previous wording

Admissions revenue. Admissions revenue for the six months ended June 30, 2024 decreased $3.9 million, or 0.9%, to $429.8 million as compared to $433.8 million for the six months ended June 30, 2023. The decline was a result of a decrease in admissions per capita, partially offset by an increase in attendance. Total attendance for the first six months of 2024 increased by approximately 119 thousand guests, or 1.3%, when compared to the first six months of 2023. The increase in attendance was primarily due to an increase in demand, partially offset by the impact of adverse weather, particularly at our Florida parks, including during peak visitation periods. Admission per capita decreased by 2.1% to $44.60 for the six months ended June 30, 2024 compared to $45.57 for the six months ended June 30, 2023, primarily due to the net impact of the admissions product mix and lower pricing on certain promotional admission products when compared to the first six months of 2023.

Current wording

Admissions revenue. Admissions revenue for the nine months ended September 30, 2024 decreased $6.8 million, or 0.9%, to $726.8 million as compared to $733.5 million for the nine months ended September 30, 2023. The decline was a result of a decrease in admissions per capita, partially offset by an increase in attendance. Total attendance for the first nine months of 2024 increased by approximately 20 thousand guests, or 0.1%, compared to the first nine months of 2023. The increase in attendance was primarily due to an increase in demand, partially offset by the impact of significantly worse weather and hurricanes, particularly at our Florida parks, including during peak visitation periods compared to the first nine months of 2023. Admission per capita decreased by 1.0% to $43.61 for the nine months ended September 30, 2024 compared to $44.07 for the nine months ended September 30, 2023, primarily due to lower pricing on certain promotional admission products compared to the first nine months of 2023.

Previous wording

Food, merchandise and other revenue. Food, merchandise and other revenue for the six months ended June 30, 2024 increased $9.6 million, or 2.7%, to $365.2 million as compared to $355.6 million for the six months ended June 30, 2023 as a result of an increase in in-park per capita spending and an increase in attendance, as discussed above. In-park per capita spending increased by 1.4% to $37.90 for the six months ended June 30, 2024 compared to $37.37 for the six months ended June 30, 2023. In park per capita spending improved primarily due to pricing initiatives, partially offset by a decrease in revenue related to our international services agreements when compared to the first six months of 2023. See Note 1–Description of the Business and Basis of Presentation in our notes to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information on our international agreements.

Current wording

Food, merchandise and other revenue. Food, merchandise and other revenue for the nine months ended September 30, 2024 increased $10.1 million, or 1.7%, to $614.2 million as compared to $604.1 million for the nine months ended September 30, 2023 as a result of an increase in in-park per capita spending and an increase in attendance, as discussed above. In-park per capita spending increased by 1.5% to $36.85 for the nine months ended September 30, 2024 compared to $36.29 for the nine months ended September 30, 2023. In park per capita spending improved primarily due to pricing initiatives compared to the first nine months of 2023.

Previous wording

Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the six months ended June 30, 2024 increased $0.3 million, or 0.4%, to $61.7 million as compared to $61.4 million for the six months ended June 30, 2023.

Current wording

Costs of food, merchandise and other revenues. Costs of food, merchandise and other revenues for the nine months ended September 30, 2024 increased $0.5 million, or 0.5%, to $102.3 million as compared to $101.9 million for the nine months ended September 30, 2023.

Previous wording

Operating expenses. Operating expenses for the three months ended June 30, 2024 decreased $5.5 million, or 2.8%, to $190.2 million as compared to $195.7 million for the three months ended June 30, 2023. The decrease in operating expenses is primarily due to decreased non-cash self-insurance reserve adjustments, a decrease in non-cash asset write-offs, and a decrease in nonrecurring contractual liabilities and legal costs resulting from the previously disclosed temporary COVID-19 park closures when compared to the second quarter of 2023.

Current wording

Operating expenses. Operating expenses for the nine months ended September 30, 2024 decreased by $11.8 million, or 2.1%, to $562.4 million as compared to $574.2 million for the nine months ended September 30, 2023. The decrease in operating expenses is primarily due to a decrease in non-cash fixed asset write-offs and a decrease in nonrecurring legal costs and contractual liabilities resulting from the previously disclosed temporary COVID-19 park closures compared to the first nine months of 2023.

Previous wording

Selling, general and administrative expenses. Selling, general and administrative expenses for the three months ended June 30, 2024 decreased $4.4 million, or 6.4%, to $63.8 million as compared to $68.2 million for the three months ended June 30, 2023. The decrease in selling, general and administrative expenses is primarily due to a $8.6 million decrease in third-party consulting costs, including approximately $8.3 million of nonrecurring costs for strategic initiatives when compared to the second quarter of 2023.

Current wording

Selling, general and administrative expenses. Selling, general and administrative expenses for the nine months ended September 30, 2024 decreased $9.1 million, or 5.2%, to $167.0 million as compared to $176.2 million for the nine months ended September 30, 2023. The decrease in selling, general and administrative expenses is primarily due to a $17.9 million decrease in third-party consulting costs, including approximately $14.3 million of nonrecurring costs for strategic initiatives, and a decrease in labor-related costs, partially offset by an increase in marketing related costs compared to the first nine months of 2023.

Previous wording

Depreciation and amortization. Depreciation and amortization expense for the six months ended June 30, 2024 increased $4.2 million, or 5.6%, to $79.5 million as compared to $75.2 million for the six months ended June 30, 2023. The increase primarily relates to new asset additions, partially offset by the impact of asset retirements and fully depreciated assets.

Current wording

Depreciation and amortization. Depreciation and amortization expense for the nine months ended September 30, 2024 increased $6.6 million, or 5.8%, to $121.0 million as compared to $114.4 million for the nine months ended September 30, 2023. The increase primarily relates to new asset additions, partially offset by the impact of asset retirements and fully depreciated assets.

Previous wording

Interest expense. Interest expense for the six months ended June 30, 2024 increased $4.8 million, or 6.6%, to $78.2 million as compared to $73.4 million for the six months ended June 30, 2023. The increase primarily relates to write-offs of debt issuance costs and discounts and the net impact of a higher average outstanding balance on our variable debt as a result of the Refinancing Transactions. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Current wording

Interest expense. Interest expense for the nine months ended September 30, 2024 increased $7.4 million, or 6.7%, to $117.8 million as compared to $110.4 million for the nine months ended September 30, 2023. The increase primarily relates to the net impact of the Refinancing Transactions which included a higher average outstanding balance on our variable debt and write-offs of discounts and debt issuance costs, partially offset by a lower average outstanding balance on our fixed debt. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Previous wording

Loss on early extinguishment of debt and write-off of debt issuance costs and discounts. Loss on early extinguishment of debt and write-off of debt issuance costs and discounts for the three months ended June 30, 2024 primarily relate to a write-off of debt issuance costs and discounts resulting from the Refinancing Transactions during the three months ended June 30, 2024. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Current wording

Loss on early extinguishment of debt and write-off of debt issuance costs and discounts. Loss on early extinguishment of debt and write-off of debt issuance costs and discounts for the nine months ended September 30, 2024 primarily relate to a write-off of debt issuance costs and discounts resulting from the Refinancing Transactions during the nine months ended September 30, 2024. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Previous wording

Provision for income taxes. Provision for income taxes for the six months ended June 30, 2024 was $26.0 million compared to $23.2 million for the six months ended June 30, 2023. Our consolidated effective tax rate was 24.5% for the six months ended June 30, 2024 compared to 24.8% for the six months ended June 30, 2023. The effective tax rate in the six months ended June 30, 2024 and 2023 was primarily impacted by state income taxes and limits on certain compensation deductibility, partially offset by a tax benefit related to equity-based compensation which vested during the period. See Note 4–Income Taxes in our notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details.

Current wording

Provision for income taxes. Provision for income taxes for the nine months ended September 30, 2024 was $67.6 million compared to $65.9 million for the nine months ended September 30, 2023. Our consolidated effective tax rate was 25.3% for the nine months ended September 30, 2024 and 2023. The effective tax rate in the nine months ended September 30, 2024 and 2023 was primarily impacted by state income taxes and limits on certain compensation deductibility, partially offset by a tax benefit related to equity-based compensation which vested during the period. See Note 4–Income Taxes in our notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details.

Previous wording

Generally, our principal sources of liquidity are cash generated from operations, funds from borrowings and existing cash on hand. Our principal uses of cash typically include the funding of working capital obligations, debt service, investments in theme parks (including capital projects), share repurchases and/or other return of capital to stockholders, when permitted. As of June 30, 2024, we had a working capital ratio (defined as current assets divided by current liabilities) of 0.8. We typically have operated with a working capital ratio of near 1.0 due to a significant deferred revenue balance from revenues paid in advance for our theme park admissions products and high turnover of in-park products that result in limited inventory balances. Our cash flow from operations, along with our revolving credit facilities, have historically allowed us to meet our liquidity needs.

Current wording

Generally, our principal sources of liquidity are cash generated from operations, funds from borrowings under our revolving credit facility and existing cash on hand. Our principal uses of cash typically include the funding of working capital obligations, debt service, investments in theme parks (including capital projects), share repurchases and/or other return of capital to stockholders, when permitted. As of September 30, 2024, we had a working capital ratio (defined as current assets divided by current liabilities) of 0.6. We typically have operated with a working capital ratio of near 1.0 due to a significant deferred revenue balance from revenues paid in advance for our theme park admissions products and high turnover of in-park products that result in limited inventory balances. We believe our cash flow from operations, along with our revolving credit facility, will allow us to meet our liquidity needs.

Previous wording

The following table presents a summary of our cash flows provided by (used in) operating, investing, and financing activities for the periods indicated:

Current wording

The following table presents a summary of our cash flows (used in) provided by operating, investing, and financing activities for the periods indicated:

Previous wording

Net cash provided by operating activities was $244.7 million during the six months ended June 30, 2024 as compared to $234.9 million during the six months ended June 30, 2023. The change in net cash provided by operating activities was primarily impacted by improved operating performance.

Current wording

Net cash provided by operating activities was $367.7 million during the nine months ended September 30, 2024 as compared to $398.5 million during the nine months ended September 30, 2023. The change in net cash provided by operating activities was primarily impacted by an increase in cash paid for interest and income taxes.

Previous wording

Investing activities consist principally of capital investments we make in our theme parks for future attractions and infrastructure. Net cash used in investing activities during the six months ended June 30, 2024 consisted of capital expenditures of $166.8 million largely related to future attractions. Net cash used in investing activities during the six months ended June 30, 2023 consisted of $145.6 million of capital expenditures.

Current wording

Investing activities consist principally of capital investments we make in our theme parks for future attractions and infrastructure. Net cash used in investing activities during the nine months ended September 30, 2024 consisted primarily of capital expenditures of $222.2 million largely related to future attractions. Net cash used in investing activities during the nine months ended September 30, 2023 consisted of $234.2 million of capital expenditures.

Previous wording

Net cash used in financing activities during the six months ended June 30, 2024 primarily results from repayments of $234.3 million on long-term debt, $228.9 million used to repurchase shares and $8.4 million for payments of tax withholdings on equity-based compensation through shares withheld, partially offset by $379.3 million of net proceeds from the issuance of debt . Net cash used in financing activities during the six months ended June 30, 2023 results primarily from share repurchases of $13.9 million and payment of tax withholdings on equity-based compensation through shares withheld of $6.3 million. See Note 10–Stockholders’ Deficit in our notes to the unaudited condensed consolidated financial statements for further details.

Current wording

Net cash used in financing activities during the nine months ended September 30, 2024 primarily results from $445.3 million used to repurchase shares, repayments of $238.2 million on long-term debt and $8.6 million for payments of tax withholdings on equity-based compensation through shares withheld, partially offset by $379.3 million of net proceeds from the issuance of debt . Net cash used in financing activities during the nine months ended September 30, 2023 results primarily from share repurchases of $17.9 million, repayments of $9.0 million on our long-term debt, and payment of tax withholdings on equity-based compensation through shares withheld of $6.6 million

Previous wording

As of June 30, 2024, our Senior Secured Credit Facilities consisted of $1.546 billion in Term B-2 Loans which will mature in August 2028, along with a $390.0 million Revolving Credit Facility, which had no amounts outstanding as of June 30, 2024 and will mature in August 2026. As of June 30, 2024, SEA had approximately $17.5 million of outstanding letters of credit, leaving approximately $372.5 million available for borrowing under the Revolving Credit Facility.

Current wording

As of September 30, 2024, our Senior Secured Credit Facilities consisted of $1.542 billion in Term B-2 Loans which will mature in August 2028, along with a $700.0 million Revolving Credit Facility, which had no amounts outstanding as of September 30, 2024 and will mature on the earlier of (x) August 23, 2029 and (y) May 26, 2028, if at least $225,000,000 of Term B-2 Loans (or any debt refinancing, refunding or replacing any Term B-2 Loans that mature on or prior to November 22, 2029) are outstanding on the date that is 91 days prior to the Term B-2 Loans maturity date of August 25, 2028. As of September 30, 2024, SEA had approximately $17.5 million of outstanding letters of credit, leaving approximately $682.5 million available for borrowing under the Revolving Credit Facility.

Previous wording

As of June 30, 2024, we were in compliance with all covenants in the credit agreement governing the Senior Secured Credit Facilities and the indentures governing our Senior Notes. See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements for further details relating to our restrictive covenants.

Current wording

As of September 30, 2024, we were in compliance with all covenants in our credit agreement governing the Senior Secured Credit Facilities and the indentures governing our Senior Notes.

Previous wording

See discussion which follows and Note 6–Long-Term Debt in our notes to the unaudited condensed consolidated financial statements for further details related to our long-term debt.

Current wording

See Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements for further details related to our long-term debt and restrictive covenants.

Previous wording

(c) Reflects primarily non-cash expenses related to miscellaneous fixed asset disposals including asset write-offs and costs related to certain rides and equipment which were removed from service. Includes non-cash self-insurance reserve adjustments of: (i) approximately $4.6 million for the six months ended June 30, 2024; (ii) approximately $9.4 million for the twelve months ended June 30, 2024; and (iii) approximately $4.7 million and $7.0 million for the three and six months ended June 30, 2023, respectively.

Current wording

(c) Reflects primarily non-cash self-insurance reserve adjustments of: (i) approximately $4.1 million for the three months ended September 30, 2024; (ii) approximately $8.7 million for the nine and twelve months ended September 30, 2024; and (iii) approximately $4.8 million and $11.8 million for the three and nine months ended September 30, 2023, respectively. Also includes non-cash expenses related to miscellaneous fixed asset disposals including asset write-offs and costs related to certain rides and equipment which were removed from service.

Previous wording

(d) For the three, six, and twelve months ended June 30, 2024, reflects business optimization, development and other strategic initiative costs primarily related to: (i) $2.2 million, $4.0 million, and $13.0 million, respectively, of other business optimization costs and strategic initiative costs and (ii) $1.5 million, $3.0 million, and $5.9 million, respectively, of third-party consulting costs. Reflects business optimization, development and other strategic initiative costs primarily related to: (i) $11.2 million and $14.0 million of third-party consulting costs for the three and six months ended June 30, 2023, respectively, and (ii) $6.2 million of other business optimization costs and strategic initiative costs for the six months ended June 30, 2023.

Current wording

(d) For the three, nine, and twelve months ended September 30, 2024, reflects business optimization, development and other strategic initiative costs primarily related to: (i) $4.4 million, $7.4 million, and $7.2 million, respectively, of third-party consulting costs and (ii) $1.3 million, $5.3 million, and $10.8 million, respectively, of other business optimization costs and strategic initiative costs. Reflects business optimization, development and other strategic initiative costs primarily related to: (i) $3.1 million and $17.1 million of third-party consulting costs for the three and nine months ended September 30, 2023, respectively, and (ii) $3.6 million and $9.7 million of other business optimization costs and strategic initiative costs for the three and nine months ended September 30, 2023, respectively.

Previous wording

(e) For the three, six and twelve months ended June 30, 2024, primarily relates to expenses associated with the Amendment Proposal and the Share Repurchase Proposal.

Current wording

(e) For the nine and twelve months ended September 30, 2024, primarily relates to expenses associated with a stockholders' agreement amendment proposal and a share repurchase proposal.

Previous wording

(f) Primarily reflects costs associated with certain legal matters and nonrecurring contractual liabilities related to the previously disclosed temporary COVID-19 park closures.

Current wording

(f) Primarily reflects costs associated with nonrecurring contractual liabilities and certain legal matters related to the previously disclosed temporary COVID-19 park closures.

Previous wording

There have been no material changes to our contractual obligations as of June 30, 2024 from those previously disclosed in our Annual Report on Form 10-K other than the debt and interest obligations pursuant to the Refinancing Transactions (see Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details). As a result, our total long-term debt obligations as of June 30, 2024, not including any possible prepayments, are as follows for the remainder of 2024, 2025-2026, 2027-2028, and thereafter, respectively (in thousands): $7,770; $31,079; $1,507,334; and $725,000. Our estimated future interest payments based on interest rates in effect at June 30, 2024 are as follows for the remainder of 2024, 2025-2026, 2027-2028, and thereafter, respectively (in thousands): $135,506; $323,282; $274,992; and $25,375. Includes amounts attributable to the Senior Secured Credit Facilities and Senior Notes calculated as of June 30, 2024 using certain assumptions and excluding any possible principal prepayments.

Current wording

There have been no material changes to our contractual obligations as of September 30, 2024 from those previously disclosed in our Annual Report on Form 10-K other than the debt and interest obligations pursuant to the Refinancing Transactions (see Note 6–Long-Term Debt to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details). As a result, our total long-term debt obligations as of September 30, 2024, not including any possible prepayments, are as follows for the remainder of 2024, 2025-2026, 2027-2028, and thereafter, respectively (in thousands): $3,885; $31,080; $1,507,333; and $725,000. Our estimated future interest payments based on interest rates in effect at September 30, 2024 are as follows for the remainder of 2024, 2025-2026, 2027-2028, and thereafter, respectively (in thousands): $38,975; $308,027; $266,657; and $26,894. Includes amounts attributable to the Senior Secured Credit Facilities and Senior Notes calculated as of September 30, 2024 using certain assumptions and excluding any possible principal prepayments.