UNITED PARKS & RESORTS INC., 10-Q filed on 8/8/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Trading Symbol PRKS  
Entity Registrant Name United Parks & Resorts Inc.  
Entity Central Index Key 0001564902  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   55,013,897
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Security Exchange Name NYSE  
Entity File Number 001-35883  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-1220297  
Entity Address, Address Line One 6240 Sea Harbor Drive  
Entity Address, City or Town Orlando  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 32821  
City Area Code 407  
Local Phone Number 226-5011  
Document Quarterly Report true  
Document Transition Report false  
v3.25.2
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 193,921 $ 115,893
Accounts receivable, net 94,043 79,442
Inventories 53,354 45,846
Prepaid expenses and other current assets 57,868 29,247
Total current assets 399,186 270,428
Property and equipment, at cost 4,057,758 3,959,943
Accumulated depreciation (2,146,823) (2,072,660)
Property and equipment, net 1,910,935 1,887,283
Goodwill 66,278 66,278
Trade names/trademarks, net 157,846 157,846
Right of use assets-operating leases 127,626 129,875
Deferred tax assets, net 7,233 5,694
Other assets, net 61,369 56,174
Total assets 2,730,473 2,573,578
Current liabilities:    
Accounts payable and accrued expenses 169,364 163,552
Current maturities of long-term debt 15,423 15,423
Operating lease liabilities 4,209 4,079
Accrued salaries, wages and benefits 24,248 22,666
Deferred revenue 207,753 152,655
Other accrued liabilities 61,687 54,493
Total current liabilities 482,684 412,868
Long-term debt, net 2,223,252 2,228,746
Long-term operating lease liabilities 112,947 115,117
Deferred tax liabilities, net 234,253 213,319
Other liabilities 72,188 65,068
Total liabilities 3,125,324 3,035,118
Commitments and contingencies (Note 8)
Stockholders’ Deficit:    
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at June 30, 2025 and December 31, 2024
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 97,169,186 and 97,080,628 shares issued at June 30, 2025 and December 31, 2024, respectively 972 971
Additional paid-in capital 737,277 729,965
Retained earnings 701,571 637,596
Treasury stock, at cost (42,155,289 and 42,055,289 shares at June 30, 2025 and December 31, 2024, respectively) (1,834,671) (1,830,072)
Total stockholders’ deficit (394,851) (461,540)
Total liabilities and stockholders’ deficit $ 2,730,473 $ 2,573,578
v3.25.2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 97,169,186 97,080,628
Treasury stock, shares 42,155,289 42,055,289
v3.25.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net revenues:        
Total revenues $ 490,212 $ 497,593 $ 777,161 $ 795,016
Costs and expenses:        
Cost of food, merchandise and other revenues 37,173 38,645 60,132 61,692
Operating expenses (exclusive of depreciation and amortization shown separately below) 204,789 190,199 366,059 355,082
Selling, general and administrative expenses 64,402 63,788 108,539 111,665
Severance and other separation costs 408 296 408 589
Depreciation and amortization 42,974 40,281 84,669 79,463
Total costs and expenses 349,746 333,209 619,807 608,491
Operating income 140,466 164,384 157,354 186,525
Other expense (income), net 216 (147) 193 33
Interest expense 33,951 39,386 68,058 78,163
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts   2,452   2,452
Income before income taxes 106,299 122,693 89,103 105,877
Provision for income taxes 26,191 31,569 25,128 25,954
Net income $ 80,108 $ 91,124 $ 63,975 $ 79,923
Earnings per share:        
Earnings per share, basic $ 1.46 $ 1.47 $ 1.16 $ 1.27
Earnings per share, diluted $ 1.45 $ 1.46 $ 1.15 $ 1.26
Weighted average common shares outstanding:        
Basic 54,991 61,890 55,005 62,953
Diluted 55,411 62,268 55,436 63,488
Admissions [Member]        
Net revenues:        
Total revenues $ 255,740 $ 264,003 $ 411,855 $ 429,812
Food, Merchandise and Other [Member]        
Net revenues:        
Total revenues $ 234,472 $ 233,590 $ 365,306 $ 365,204
v3.25.2
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock, at Cost [Member]
Beginning Balance at Dec. 31, 2023 $ (208,216) $ 967 $ 723,260 $ 410,099 $ (1,342,542)
Beginning Balance, shares at Dec. 31, 2023   96,660,357      
Equity-based compensation 3,520   3,520    
Vesting of restricted shares   $ 4 (4)    
Vesting of restricted shares, shares   425,904      
Shares withheld for tax withholdings (7,460) $ (1) (7,459)    
Shares withheld for tax withholdings, shares   (142,136)      
Exercise of stock options 455   455    
Exercise of stock options, shares   17,611      
Repurchase of shares of treasury stock, at cost (20,162)       (20,162)
Net (loss) income (11,201)     (11,201)  
Ending Balance at Mar. 31, 2024 (243,064) $ 970 719,772 398,898 (1,362,704)
Ending Balance, shares at Mar. 31, 2024   96,961,736      
Beginning Balance at Dec. 31, 2023 (208,216) $ 967 723,260 410,099 (1,342,542)
Beginning Balance, shares at Dec. 31, 2023   96,660,357      
Net (loss) income 79,923        
Ending Balance at Jun. 30, 2024 (364,940) $ 970 722,347 490,022 (1,578,279)
Ending Balance, shares at Jun. 30, 2024   97,031,598      
Beginning Balance at Mar. 31, 2024 (243,064) $ 970 719,772 398,898 (1,362,704)
Beginning Balance, shares at Mar. 31, 2024   96,961,736      
Equity-based compensation 2,848   2,848    
Vesting of restricted shares   $ 1 (1)    
Vesting of restricted shares, shares   69,257      
Shares withheld for tax withholdings (937) $ (1) (936)    
Shares withheld for tax withholdings, shares   (17,627)      
Exercise of stock options 664   664    
Exercise of stock options, shares   18,232      
Repurchase of shares of treasury stock, at cost (215,575)       (215,575)
Net (loss) income 91,124     91,124  
Ending Balance at Jun. 30, 2024 (364,940) $ 970 722,347 490,022 (1,578,279)
Ending Balance, shares at Jun. 30, 2024   97,031,598      
Beginning Balance at Dec. 31, 2024 $ (461,540) $ 971 729,965 637,596 (1,830,072)
Beginning Balance, shares at Dec. 31, 2024 97,080,628 97,080,628      
Equity-based compensation $ 4,210   4,210    
Vesting of restricted shares, shares   37,740      
Shares withheld for tax withholdings (574)   (574)    
Shares withheld for tax withholdings, shares   (11,439)      
Exercise of stock options 351   351    
Exercise of stock options, shares   14,477      
Repurchase of shares of treasury stock, at cost (4,599)       (4,599)
Net (loss) income (16,133)     (16,133)  
Ending Balance at Mar. 31, 2025 (478,285) $ 971 733,952 621,463 (1,834,671)
Ending Balance, shares at Mar. 31, 2025   97,121,406      
Beginning Balance at Dec. 31, 2024 $ (461,540) $ 971 729,965 637,596 (1,830,072)
Beginning Balance, shares at Dec. 31, 2024 97,080,628 97,080,628      
Net (loss) income $ 63,975        
Ending Balance at Jun. 30, 2025 $ (394,851) $ 972 737,277 701,571 (1,834,671)
Ending Balance, shares at Jun. 30, 2025 97,169,186 97,169,186      
Beginning Balance at Mar. 31, 2025 $ (478,285) $ 971 733,952 621,463 (1,834,671)
Beginning Balance, shares at Mar. 31, 2025   97,121,406      
Equity-based compensation 3,886   3,886    
Vesting of restricted shares   $ 1 (1)    
Vesting of restricted shares, shares   59,409      
Shares withheld for tax withholdings (604)   (604)    
Shares withheld for tax withholdings, shares   (13,331)      
Exercise of stock options 44   44    
Exercise of stock options, shares   1,702      
Net (loss) income 80,108     80,108  
Ending Balance at Jun. 30, 2025 $ (394,851) $ 972 $ 737,277 $ 701,571 $ (1,834,671)
Ending Balance, shares at Jun. 30, 2025 97,169,186 97,169,186      
v3.25.2
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit (Parenthetical) - shares
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]      
Repurchase of treasury shares, shares 100,000 4,105,110 375,000
v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net income $ 63,975 $ 79,923
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 84,669 79,463
Amortization of debt issuance costs and discounts 2,217 2,707
Loss on early extinguishment and modification of debt and write-off of debt issuance costs and discounts 0 3,406
Deferred income tax provision 19,396 16,436
Equity-based compensation 8,096 6,368
Other, including loss on sale or disposal of assets, net 12,994 7,893
Changes in assets and liabilities:    
Accounts receivable (17,875) (36,059)
Inventories (7,689) (3,483)
Prepaid expenses and other current assets (23,978) (24,588)
Accounts payable and accrued expenses 6,398 28,212
Accrued salaries, wages and benefits 1,582 1,572
Deferred revenue 58,019 83,254
Other accrued liabilities 1,576 953
Right of use assets and operating lease liabilities 209 272
Other assets and liabilities (2,678) (1,656)
Net cash provided by operating activities 206,911 244,673
Cash Flows From Investing Activities:    
Capital expenditures (110,464) (166,814)
Other investing activities, net 0 (78)
Net cash used in investing activities (110,464) (166,892)
Cash Flows From Financing Activities:    
Repayments of long-term debt (7,711) (234,317)
Proceeds from the issuance of debt, net 0 379,295
Purchase of treasury stock, including related excise tax paid (9,195) (228,890)
Payment of tax withholdings on equity-based compensation through shares withheld (1,178) (8,397)
Exercise of stock options 395 1,119
Debt issuance costs 0 (895)
Other financing activities (730) (566)
Net cash used in financing activities (18,419) (92,651)
Change in Cash and Cash Equivalents 78,028 (14,870)
Cash and Cash Equivalents - Beginning of period 115,893 246,922
Cash and Cash Equivalents - End of period 193,921 232,052
Supplemental Information:    
Capital expenditures in accounts payable 44,431 45,727
Cash paid for income taxes, net $ 14,720 8,627
Treasury stock purchases not yet settled in other accrued liabilities   $ 4,706
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net Income (Loss) $ 80,108 $ (16,133) $ 91,124 $ (11,201) $ 63,975 $ 79,923
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.2
Description of the Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Description of the Business and Basis of Presentation

1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

United Parks & Resorts Inc., previously SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates twelve theme parks within the United States. The Company operates and/or licenses SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; San Diego, California; and Abu Dhabi, United Arab Emirates and Busch Gardens theme parks in Tampa, Florida and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Antonio, Texas (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park in Orlando, Florida (Discovery Cove) and Sesame Place theme parks in Langhorne, Pennsylvania and Chula Vista, California.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2025 or any future period due in part to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first quarter, in part because three of its theme parks are only open for a portion of the year.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance reserves, income taxes, revenue recognition and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data. The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Actual results could differ from those estimates.

Share Repurchase Programs and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are currently held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at June 30, 2025 and December 31, 2024 is reflected within stockholders’ deficit. See further discussion of the Company’s share repurchase programs in Note 10–Stockholders’ Deficit.

Revenue Recognition

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying Accounting Standards Codification ("ASC") 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes, or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates redemption rates using historical and forecasted attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. These estimated redemption rates impact the timing of when revenue is recognized on these products. Actual results could materially differ from these

estimates based on actual attendance patterns. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For pass products purchased on an installment plan that have met their initial commitment period and have transitioned to a month-to-month basis, monthly charges are recognized as revenue as payments are received each month. For certain multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

Food, merchandise and other revenue primarily consists of food and beverage, retail, merchandise, parking, other in-park products and service fees, and other miscellaneous revenue, including online transaction fees and revenue from the Company’s international agreements, not necessarily generated in our parks, which is not significant in the periods presented. The Company recognizes revenue for food and beverage, merchandise and other in-park products when the related products or services are received by the guests.

Deferred revenue primarily includes revenue associated with pass products, admission or in-park products or services with a future intended use date and contract liability balances related to licensing and international agreements collected in advance of the Company satisfying its performance obligations and is expected to be recognized in future periods. At June 30, 2025 and December 31, 2024, the long-term portion of deferred revenue included in other liabilities in the accompanying unaudited condensed consolidated balance sheets primarily relates to the Company’s international agreements.

The following table reflects the Company’s deferred revenue balance as of June 30, 2025 and December 31, 2024:

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

220,962

 

 

$

166,177

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

13,209

 

 

 

13,522

 

Deferred revenue, short-term portion

 

$

207,753

 

 

$

152,655

 

The Company estimates approximately $112.6 million of the deferred revenue, short term portion, balance outstanding as of December 31, 2024 was recognized as revenue during the six months ended June 30, 2025. For certain admission products, the Company estimated timing of redemption using average historical redemption rates.
v3.25.2
Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

2. RECENT ACCOUNTING PRONOUNCEMENTS

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Issued Accounting Standards

In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses that requires disclosures about significant expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.

In March 2024, the SEC issued its final rule on the enhancement and standardization of climate-related disclosures for investors. These wide-ranging disclosures require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather. Outside of the financial statements, the final rule requires qualitative and quantitative disclosures about material scope 1 and scope 2 greenhouse gas emissions. Also required is disclosure of the risk management process and the oversight practices of the Board of Directors and management related to climate-related risks.

In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. In March 2025, the SEC voted to end its defense of the rules and withdrew from the litigation. The new rules, absent the results of pending legal challenges, are currently expected to be effective beginning with the Company’s fiscal year starting January 1, 2025, except for those relating to greenhouse gas emissions, which are expected to be effective starting January 1, 2026. The Company is currently evaluating the rule to determine the impact on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

v3.25.2
Earnings per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share

3. EARNINGS PER SHARE

Earnings per share is computed as follows:

 

 

For the Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

80,108

 

 

 

54,991

 

 

$

1.46

 

 

$

91,124

 

 

 

61,890

 

 

$

1.47

 

Effect of dilutive incentive-based awards

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

378

 

 

 

 

Diluted earnings per share

 

$

80,108

 

 

 

55,411

 

 

$

1.45

 

 

$

91,124

 

 

 

62,268

 

 

$

1.46

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

63,975

 

 

 

55,005

 

 

$

1.16

 

 

$

79,923

 

 

 

62,953

 

 

$

1.27

 

Effect of dilutive incentive-based awards

 

 

 

 

 

431

 

 

 

 

 

 

 

 

 

535

 

 

 

 

Diluted earnings per share

 

$

63,975

 

 

 

55,436

 

 

$

1.15

 

 

$

79,923

 

 

 

63,488

 

 

$

1.26

 

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the three and six months ended June 30, 2025, there were approximately 686,000 and 671,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. During the three and six months ended June 30, 2024, there were approximately 524,000 and 513,000 anti-dilutive shares excluded from the computation of diluted earnings per share, respectively. The Company’s outstanding performance-vesting restricted awards of approximately 397,000 and 594,000 as of June 30, 2025 and 2024, respectively, are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period.

v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

4. INCOME TAXES

Income tax expense or benefit and the Company’s effective tax rate is based upon the tax rate expected for the full calendar year applied to the year-to-date pretax income or loss of the interim period, plus the tax effect of any year-to-date discrete tax items. The Company’s consolidated effective tax rate for the three and six months ended June 30, 2025 was 24.6% and 28.2%, respectively, and for the three and six months ended June 30, 2024 was 25.7% and 24.5%, respectively. The effective tax rate differs from the statutory federal income tax rate of 21.0% for the periods ended June 30, 2025 primarily due to state income taxes. The six months ended June 30, 2025 was also impacted by a deferred revaluation due to state filing changes as of January 1, 2025. The effective tax rate differs from the statutory federal income tax rate of 21% for the periods ended June 30, 2024 primarily due to 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.

Due to the uncertainty of realizing the benefit from deferred tax assets, tax positions are reviewed at least quarterly by assessing future expected taxable income from all sources. Realization of deferred tax assets, primarily arising from net operating loss carryforwards and charitable contribution carryforwards, is dependent upon generating sufficient taxable income prior to expiration of the carryforwards. Based on its analysis, the Company believes that some of its deferred tax assets may not be realized. As of June 30, 2025 and December 31, 2024, the Company’s valuation allowance consisted of approximately $4.8 million and $5.0 million, net of federal tax benefit, respectively, on the deferred tax assets related to state net operating loss carryforwards.

The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an unrecognized tax benefit. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision (benefit) in the applicable period.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in 2025. The Act provides for significant U.S. tax law changes and modifications including provisions allowing for accelerated tax deductions on qualified property and qualified research expenditures. The Company is evaluating the impact of the Act and the results of such evaluation will be reflected beginning with the Company’s Form 10-Q for the nine months ended September 30, 2025 as the Act was signed into law during our 3rd quarter.

v3.25.2
Other Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Other Accrued Liabilities

5. OTHER ACCRUED LIABILITIES

Other accrued liabilities at June 30, 2025 and December 31, 2024, consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued interest

 

$

14,309

 

 

$

14,571

 

Accrued taxes

 

 

10,281

 

 

 

6,179

 

Self-insurance reserve

 

 

21,811

 

 

 

19,958

 

Other

 

 

15,286

 

 

 

13,785

 

Total other accrued liabilities

 

$

61,687

 

 

$

54,493

 

 

As of June 30, 2025 and December 31, 2024, other accrued liabilities above includes approximately $12.7 million and $12.3 million, respectively, related to certain legal matters, contractual liabilities and respective assessments arising from the previously disclosed temporary COVID-19 park closures.

As of June 30, 2025 and December 31, 2024, accrued interest above primarily relates to interest associated with the Company’s senior notes issued in August 2021, for which interest is paid bi-annually in February and August. See further discussion in Note 6–Long-Term Debt.
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

6. LONG-TERM DEBT

Long-term debt, net, as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Term B-3 Loans (effective interest rate of 6.33% and 6.36% at June 30, 2025 and December 31, 2024, respectively)

 

$

1,530,731

 

 

$

1,538,442

 

Senior Notes due 2029 (interest rate of 5.25%)

 

 

725,000

 

 

 

725,000

 

Total long-term debt

 

 

2,255,731

 

 

 

2,263,442

 

Less: unamortized debt issuance costs and discounts

 

 

(17,056

)

 

 

(19,273

)

Less: current maturities

 

 

(15,423

)

 

 

(15,423

)

Total long-term debt, net

 

$

2,223,252

 

 

$

2,228,746

 

Refinancing Transactions

On August 25, 2021, SEA entered into a Restatement Agreement (the “Restatement Agreement”) pursuant to which SEA amended and restated its existing senior secured credit agreement dated as of December 1, 2009 (as amended, restated, supplemented or otherwise modified from time to time, and the senior secured credit facilities thereunder (the “Existing Secured Credit Facilities”), and, as amended and restated by the Restatement Agreement and certain amendments (the “Amended and Restated Credit Agreement”). On June 9, 2022, SEA entered into an incremental amendment to the Amended and Restated Credit Agreement to increase the revolving facility commitments under the Revolving Credit Facility by $5.0 million bringing the aggregate committed principal amount to $390.0 million as of such date.

On June 12, 2023, SEA further amended the Amended and Restated Credit Agreement to replace the LIBOR-based benchmark rates with Term SOFR-based benchmark rates plus credit spread adjustments of 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively, due to reference rate reform. The Term SOFR-based benchmark rate became effective as of July 1, 2023. There were no changes to any material terms of the Amended and Restated Credit Agreement that were unrelated to the replacement of the LIBOR-based benchmark rates.

On January 22, 2024, SEA further amended the Amended and Restated Credit Agreement to incur an aggregate principal amount of approximately $1,173 million of Term B-2 Loans under the Amended and Restated Credit Agreement (the “Initial Term B-2 Loans”) to refinance the first lien term loan facility (the “Term Loan Facility” and the loans thereunder, the “Term B Loans”). Borrowings under the Initial Term B-2 Loans bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (as defined below)(provided that in no event would such ABR rate with respect to the Initial Term B-2 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.50% or (ii) Term SOFR-based benchmark rate ("Term SOFR") (provided that in no event would such Term SOFR rate with respect to the Initial Term B-2 Loans be less than 0.50%) plus an applicable margin equal to 2.50%.

On May 2, 2024, SEA further amended the Amended and Restated Credit Agreement to incur an aggregate principal amount of $380.0 million of Incremental Term B-2 Loans under the Credit Agreement (the “Incremental Term B-2 Loans”) to finance the redemption of the First-Priority Senior Secured Notes (as defined below) and for general corporate purposes. Also on May 2, 2024, SEA completed the redemption for all of the $227.5 million aggregate principal amount of the First-Priority Senior Secured Notes.

On August 23, 2024, SEA further amended the Amended and Restated Credit Agreement to, among other things, increase the Revolving Credit Facility (as defined below) from $390.0 million to $700.0 million and extend the maturity thereof from August 25, 2026 to the earlier of (x) August 23, 2029 and (y) May 26, 2028, if at least $225,000,000 of Term Loans (or any debt refinancing, refunding or replacing any Term Loans that mature on or prior to November 22, 2029 ) are outstanding on the date that is 91 days prior to the Term Facility Maturity Date of August 25, 2028 (as such date may be extended consistent with the terms of the Amended and Restated Credit Agreement). Borrowings under the Revolving Credit Facility bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event would such ABR rate with respect to the Revolving Loans (as defined below) be less than 1.00% per annum) plus an applicable margin equal to 1.25% or (ii) Term SOFR (provided that in no event would such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 2.25%.

On December 4, 2024, SEA further amended the Amended and Restated Credit Agreement to, among other things, provide for the incurrence of an aggregate principal amount of approximately $1,542.3 million of Term B-3 Loans under the Amended and Restated Credit Agreement (the “Term B-3 Loans”) to refinance the existing Term B-2 Loans under the Amended and Restated Credit Agreement. Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.00% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans

be less than 0.50%) plus an applicable margin equal to 2.00%. The Term B-3 Loans require scheduled amortization payments on the term loans in quarterly amounts equal to 0.25% of the aggregate original principal amount of the Term B-3 Loans, payable quarterly, with the balance to be paid at maturity on December 4, 2031. Borrowings under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the revolving loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 1.75%. The maturity dates of both the Revolving Loans and Term B-3 Loans were extended as noted below.

As of June 30, 2025, the Amended and Restated Credit Agreement provides for senior secured financing of up to $2,230.7 million, consisting of:

(i)
the “Term B-3 Loans”, in an aggregate principal amount of $1,530.7 million which are fully drawn. The Term B-3 Loans will mature on December 4, 2031; and
(ii)
a first lien revolving credit facility (the “Revolving Credit Facility” (and the loans thereunder, the “Revolving Loans”) and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”), in an aggregate committed principal amount of $700.0 million, including both a letter of credit sub-facility and a swingline loan sub-facility. The Revolving Credit Facility will mature on August 23, 2029.

Debt Issuance Costs and Discounts

In connection with the recent Refinancing Transactions, SEA recorded debt issuance costs of $0.9 million, of which $0.7 million were paid directly to lenders, during the six months ended June 30, 2024. Additionally, SEA wrote-off debt issuance costs and discounts of $2.5 million which is included in loss on early extinguishment of debt and write-off of debt issuance costs and discounts in the accompanying consolidated statement of operations for the six months ended June 30, 2024.

Senior Secured Credit Facilities

Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1%, (b) the rate of interest quoted in the print edition of the Wall Street Journal Money Rates Section as the prime rate as in effect from time to time and (c) one-month Term SOFR plus 1% per annum ("ABR")(provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum), in each case, plus an applicable margin of 1.00% or (ii) an Term SOFR rate for the applicable interest period (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50% per annum) plus an applicable margin of 2.00%.

Borrowings under the Revolving Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Revolving Loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin of 1.75%.

In addition to paying interest on the outstanding principal under the Senior Secured Credit Facilities, SEA is required to pay a commitment fee equal to 0.20% per annum to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. SEA will also be required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for Term SOFR rate borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee computed at a rate equal to 0.125% per annum on the daily stated amount of each letter of credit.

The Senior Secured Credit Facilities require scheduled amortization payments on the term loans in quarterly amounts equal to 0.25% of the original principal amount of the Term B-3 Loans, payable quarterly, with the balance to be paid at maturity.

In addition, the Senior Secured Credit Facilities require SEA to prepay outstanding term loan borrowings, subject to certain exceptions, with:

-
50% (which percentage will be reduced to 25% and 0% if the Company satisfies certain net first lien leverage ratios) of annual excess cash flow, as defined under the Senior Secured Credit Facilities;
-
100% (which percentage will be reduced to 50% and 0% if the Company satisfies certain net first lien leverage ratios) of the net cash proceeds of all non-ordinary course asset sales or other non-ordinary course dispositions of property, in each case subject to certain exceptions and reinvestment rights;
-
100% of the net cash proceeds of any issuance or incurrence of debt, other than proceeds from debt permitted under the Senior Secured Credit Facilities.

SEA may voluntarily repay outstanding loans under the Senior Secured Credit Facilities at any time, without prepayment premium or penalty, except in connection with a repricing event in respect to the term loans as described below, subject to customary “breakage” costs with respect to Term SOFR rate loans.

Any refinancing through the issuance of certain debt or any repricing amendment, in either case, that constitutes a “repricing event” applicable to the term loans resulting in a lower yield occurring at any time during the first six months after the closing date of the Term B-3 Loans will be accompanied by a 1.00% prepayment premium or fee, as applicable.

All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including the absence of a default or event of default and the accuracy of representations and warranties in all material respects.

All obligations under the Senior Secured Credit Facilities are unconditionally guaranteed by the Company on a limited-recourse basis and each of SEA’s existing and future direct and indirect wholly owned material domestic subsidiaries, subject to certain exceptions. The obligations are secured by a pledge of SEA’s capital stock directly held by the Company and substantially all of SEA’s assets and those of each guarantor (other than the Company), including a pledge of the capital stock of all entities directly held by SEA or the guarantors, in each case subject to exceptions. Such security interests consist of a first-priority lien with respect to the collateral.

As of June 30, 2025, SEA had approximately $10.9 million of outstanding letters of credit, leaving approximately $689.1 million available under the Revolving Credit Facility, which was not drawn upon as of June 30, 2025.

Senior Notes

On August 25, 2021, SEA completed a private offering of $725.0 million aggregate principal amount of 5.250% senior notes which mature on August 15, 2029 (the “Senior Notes”). Interest on the Senior Notes accrues at 5.250% per annum and is paid semi-annually, in arrears on February 15 and August 15 of each year.

On or after August 15, 2024, SEA may redeem the Senior Notes, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on August 15 of the years as follows: (i) in 2024 at 102.625%; (ii) in 2025 at 101.313%; and (iii) in 2026 and thereafter at 100%. Additionally, upon the occurrence of specified change of control events, each holder will have the right to require SEA to repurchase all or any part of such holder’s notes at a purchase price in cash equal to 101%.

SEA’s obligations under the Senior Notes and related indenture are guaranteed, jointly and severally, on a senior secured basis, by the Guarantors, as defined, in accordance with the provisions of the indenture.

First-Priority Senior Secured Notes

On April 30, 2020, SEA completed a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes (the “First-Priority Senior Secured Notes”). The First-Priority Senior Secured Notes were scheduled to mature on May 1, 2025 and had interest payment dates of May 1 and November 1. See additional discussion regarding the full redemption of the First-Priority Senior Secured Notes in the preceding Refinancing Transactions section.

Restrictive Covenants

The Amended and Restated Credit Agreement governing the Senior Secured Credit Facilities and the indentures governing the Senior Notes and First-Priority Senior Secured Notes (collectively, the “Debt Agreements”), contain covenants that limit the ability of the Company, SEA and its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue certain preferred shares; (ii) make dividend payments on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on assets; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; and (viii) enter into certain transactions with their affiliates. These covenants are subject to a number of important limitations and exceptions and are based, in part on the Company’s ability to satisfy certain tests and engage in certain transactions based on Covenant Adjusted EBITDA. Covenant Adjusted EBITDA differs from Adjusted EBITDA due to certain adjustments permitted under the relevant agreements, including but not limited to estimated cost savings, recruiting and retention costs, public company compliance costs, litigation and arbitration costs and other costs and adjustments as permitted under the Debt Agreements.

The Debt Agreements contain certain customary events of default, including relating to a change of control. If an event of default occurs, the lenders under the Debt Agreements will be entitled to take various actions, including the acceleration of amounts due under the Debt Agreements and all actions permitted to be taken by a secured creditor in respect of the collateral securing the Debt Agreements.

The Revolving Credit Facility requires that the Company, subject to a testing threshold, comply on a quarterly basis with a maximum net first lien leverage ratio of 6.25 to 1.00. The testing threshold will be satisfied (and therefore the covenant must be complied with at the end of such quarter) if the aggregate amount of funded loans and issued letters of credit (excluding up to $30.0 million of undrawn

letters of credit under the Revolving Credit Facility and letters of credit that are cash collateralized) under the Revolving Credit Facility on such date exceeds an amount equal to 35% of the then-outstanding commitments under the Revolving Credit Facility.

The Debt Agreements permit an unlimited capacity for restricted payments if the net total leverage ratio on a pro forma basis does not exceed 4.25 to 1.00 after giving effect to the payment of any such restricted payment. As of June 30, 2025, the net total leverage ratio as calculated under the Debt Agreements was 2.96 to 1.00.

Long-term debt at June 30, 2025 is repayable as follows and does not include the impact of any future voluntary prepayments:

 

Years Ending December 31:

 

(In thousands)

 

Remainder of 2025

 

$

7,712

 

2026

 

 

15,423

 

2027

 

 

15,423

 

2028

 

 

15,423

 

2029

 

 

740,423

 

Thereafter

 

 

1,461,327

 

Total

 

$

2,255,731

 

Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes, and the First-Priority Senior Secured Notes, net of amounts capitalized, as applicable, was $67.1 million and $78.4 million in the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

7. FAIR VALUE MEASUREMENTS

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 – Quoted prices for identical instruments in active markets.

Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Of the Company’s long-term obligations as of June 30, 2025 and December 31, 2024, the Term B-3 Loans are classified in Level 2 of the fair value hierarchy, and the Senior Notes are classified in Level 1 of the fair value hierarchy. The fair value of the Term B-3 Loans approximates their carrying value, excluding unamortized debt issuance costs and discounts, due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The fair value of the Senior Notes was determined using quoted prices in active markets for identical instruments. See Note 6–Long-Term Debt for further details.

The Company did not have any assets measured on a recurring basis at fair value at June 30, 2025 and December 31, 2024. The Company maintains its long-term liabilities at carrying value, net of unamortized debt issuance costs and discounts in the unaudited condensed consolidated balance sheet.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of June 30, 2025.

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

June 30,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2025

 

 

(In thousands)

 

Long-term obligations (a)

$

706,875

 

 

$

1,530,731

 

 

$

—

 

 

$

2,237,606

 

 

 

(a) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the unaudited condensed consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net, of $2.223 billion as of June 30, 2025.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2024:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2024

 

 

(In thousands)

 

Long-term obligations (a)

$

690,113

 

 

$

1,538,442

 

 

$

—

 

 

$

2,228,555

 

(a) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the unaudited condensed consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net, of $2.229 billion as of December 31, 2024.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Sesame Workshop Arbitration

On February 4, 2022, Sesame Workshop delivered notice asserting that the Company failed to pay an additional royalty payment for 2021 under its licensing agreement with the Company (the “License Agreement”). The Company had previously accrued for the additional amount claimed in other accrued liabilities during the year ended December 31, 2022. On June 27, 2022, pursuant to the License Agreement, Sesame Workshop initiated arbitration seeking a finding that its calculation of the amount of the 2021 royalty payment was correct. Sesame Workshop did not seek any modification or termination of the Licensing Agreement in the arbitration. The arbitration panel made an award on May 22, 2023 to Sesame Workshop for royalties, interest on the award, arbitration fees and expenses, which amounts are accrued for in other accrued liabilities in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. On August 7, 2023, Sesame Workshop filed a Petition to Confirm Arbitration Award in the United States District Court for the Middle District of Florida, and in response, the Company filed a Cross Motion to Vacate. On August 27, 2024, the Court confirmed the arbitration award and entered final judgment on such award on September 30, 2024. At this time, the Company does not anticipate any exposure to loss in excess of amounts accrued to be material.

Other Matters

The Company is a party to various other claims and legal proceedings arising in the normal course of business. In addition, from time to time the Company is subject to audits, inspections and investigations by, or receives requests for information from, various federal and state regulatory agencies, including, but not limited to, the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (“APHIS”), the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”), the California Occupational Safety and Health Administration (“Cal-OSHA”), the Florida Fish & Wildlife Commission (“FWC”), the Equal Employment Opportunity Commission (“EEOC”), the Internal Revenue Service (“IRS”) the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”).

Other than those matters discussed above, from time to time, various parties also bring other lawsuits against the Company. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. At this time, management does not expect any such known claims, legal proceedings or regulatory matters to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

License Commitments

Pursuant to the License Agreement with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second standalone park (“Standalone Park”) (the Company opened the Standalone Park in San Diego on March 26, 2022) and minimum annual capital and marketing thresholds. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five-year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of June 30, 2025, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $20.0 million over the remaining term of the agreement. See further discussion concerning royalty payments for the year 2021 in the "Sesame Workshop Arbitration" section above.

Anheuser-Busch, Incorporated ("ABI") has granted the Company a perpetual, exclusive, worldwide, royalty-free license to use the Busch Gardens trademark and certain related domain names in connection with the operation, marketing, promotion and advertising of certain of the Company’s theme parks, as well as in connection with the production, use, distribution and sale of merchandise sold in connection with such theme parks. Under the license, the Company is required to indemnify ABI against losses related to the use of the marks.
v3.25.2
Equity-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

9. EQUITY-BASED COMPENSATION

The Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company recognizes the impact of forfeitures as they occur.

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations as follows:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

415

 

 

$

383

 

 

$

836

 

 

$

626

 

Equity compensation expense included in selling, general and administrative expenses

 

 

3,471

 

 

 

2,465

 

 

 

7,260

 

 

 

5,742

 

Total equity compensation expense

 

$

3,886

 

 

$

2,848

 

 

$

8,096

 

 

$

6,368

 

Omnibus Incentive Plan

Prior to June 13, 2025, the Company had reserved 7,079,237 shares of common stock for issuance under the Company’s 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). On June 13, 2025 (the “Approval Date”), the stockholders of the Company approved the 2025 Omnibus Incentive Plan (the “2025 Omnibus Incentive Plan”). The number of shares of common stock for which awards may be granted under the 2025 Omnibus Incentive Plan is 6,320,680 shares of common stock, which were previously available for issuance under the 2017 Omnibus Incentive Plan and, pursuant to the terms of the 2025 Omnibus Incentive Plan, have become available for issuance under the 2025 Omnibus Incentive Plan, plus the number of shares of common stock underlying any award granted under the 2017 Omnibus Incentive Plan that expires, terminates or is canceled or forfeited for any reason whatsoever under the terms of the 2017 Omnibus Incentive Plan. No new awards may be granted under the 2017 Omnibus Incentive Plan (although awards made under the 2017 Omnibus Incentive Plan prior to the Approval Date will remain outstanding in accordance with their terms).

Bonus Performance Restricted Units

The Company had an annual bonus plan for the fiscal year ended December 31, 2024 (“Fiscal 2024”), under which certain employees were eligible to vest in Bonus Performance Restricted Units based upon the Company’s achievement of certain performance goals with respect to Fiscal 2024. Based on the Company’s actual Fiscal 2024 results, a portion of these Bonus Performance Restricted Units vested and were converted into approximately 15,000 shares in the six months ended June 30, 2025 and the remaining unvested units forfeited in accordance with their terms.

Other

The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period, if the performance condition is probable of being achieved. If the probability of vesting changes for performance-vesting restricted awards in a subsequent period, all equity compensation expense related to those awards that would have been recorded, if any, over the requisite service period had the new percentage been applied from inception, will be recorded as a cumulative catch-up or reduction at such subsequent date.

v3.25.2
Stockholders' Deficit
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Deficit

10. STOCKHOLDERS’ DEFICIT

As of June 30, 2025, 97,169,186 shares of common stock were issued in the accompanying unaudited condensed consolidated balance sheet, which includes 42,155,289 shares of treasury stock held by the Company (see Share Repurchase Programs discussion which follows) and excludes 1,109,014 unvested restricted stock awards held by certain participants in the Company’s equity compensation plans or members of the Board (see Note 9–Equity-Based Compensation).

Share Repurchase Programs

In August 2022, the Board of Directors approved a $250.0 million share repurchase program (the “Former Share Repurchase Program”) of which approximately $38.5 million remained available as of December 31, 2023. During the year ended December 31, 2024, the Company repurchased 375,000 shares for an aggregate total of approximately $20.2 million, leaving approximately $18.3 million remaining under the Former Share Repurchase Program as of June 30, 2025.

In March 2024, the Company announced that its Stockholders and Board of Directors approved a new $500.0 million share repurchase program (the "Share Repurchase Program"). During the year ended December 31, 2024, the Company repurchased 8,990,000 shares for an aggregate total of approximately $462.8 million, leaving approximately $37.2 million remaining under the Share Repurchase Program as of December 31, 2024. During the six months ended June 30, 2025, the Company repurchased 100,000 shares for an aggregate total of approximately $4.6 million, leaving approximately $32.6 million remaining under the Share Repurchase Program as of June 30, 2025.

Under the Former Share Repurchase Program and Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Former Share Repurchase Program and Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, share ownership thresholds, debt covenant restrictions, future tax implications and alternative investment opportunities.


 
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

11. SEGMENT REPORTING

The Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources based on Operating Segment Adjusted EBITDA. The Company defines Operating Segment Adjusted EBITDA as net income (loss) plus (i) other unallocated expenses, (ii) income tax provision (benefit), (iii) loss on extinguishment of debt and write-off of discounts and debt issuance costs, (iv) interest expense, consent fees and similar financing costs, and (v) depreciation and amortization.

Operating Segment Adjusted EBITDA is used by the CODM and management to evaluate operations and operating performance. In particular, the CODM and management utilize Operating Segment Adjusted EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. The CODM evaluates asset information as presented in the Company’s accompanying consolidated balance sheets. Segment asset information is not provided to or reviewed by the CODM.

The following table presents significant operating segment revenue and expenses, and Operating Segment Adjusted EBITDA:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

255,740

 

 

$

264,003

 

 

$

411,855

 

 

$

429,812

 

Food, merchandise and other

 

 

234,472

 

 

 

233,590

 

 

 

365,306

 

 

 

365,204

 

Total revenues

 

 

490,212

 

 

 

497,593

 

 

 

777,161

 

 

 

795,016

 

Segment costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

37,161

 

 

 

38,625

 

 

 

60,110

 

 

 

61,654

 

Operating labor-related expenses

 

 

104,382

 

 

 

99,888

 

 

 

187,315

 

 

 

182,586

 

Other operating expenses

 

 

65,361

 

 

 

67,878

 

 

 

122,651

 

 

 

122,233

 

Marketing expenses

 

 

34,278

 

 

 

34,274

 

 

 

56,992

 

 

 

54,958

 

Other segment items

 

 

11,742

 

 

 

10,345

 

 

 

23,394

 

 

 

21,199

 

Operating Segment Adjusted EBITDA

 

$

237,288

 

 

$

246,583

 

 

$

326,699

 

 

$

352,386

 

Other expenses(a)

 

 

(54,064

)

 

 

(41,771

)

 

 

(84,869

)

 

 

(86,431

)

Provision for income taxes

 

 

(26,191

)

 

 

(31,569

)

 

 

(25,128

)

 

 

(25,954

)

Loss on early extinguishment of debt and write-off of discounts and debt issuance costs

 

 

—

 

 

 

(2,452

)

 

 

—

 

 

 

(2,452

)

Interest expense

 

 

(33,951

)

 

 

(39,386

)

 

 

(68,058

)

 

 

(78,163

)

Depreciation and amortization

 

 

(42,974

)

 

 

(40,281

)

 

 

(84,669

)

 

 

(79,463

)

Net Income

 

$

80,108

 

 

$

91,124

 

 

$

63,975

 

 

$

79,923

 
(a)
Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.
v3.25.2
Description of the Business and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Description of the Business

Description of the Business

United Parks & Resorts Inc., previously SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates twelve theme parks within the United States. The Company operates and/or licenses SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; San Diego, California; and Abu Dhabi, United Arab Emirates and Busch Gardens theme parks in Tampa, Florida and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Antonio, Texas (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park in Orlando, Florida (Discovery Cove) and Sesame Place theme parks in Langhorne, Pennsylvania and Chula Vista, California.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K.

In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2025 or any future period due in part to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first quarter, in part because three of its theme parks are only open for a portion of the year.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.
Use of Estimates

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance reserves, income taxes, revenue recognition and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data. The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Actual results could differ from those estimates.

Share Repurchase Programs and Treasury Stock

Share Repurchase Programs and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are currently held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at June 30, 2025 and December 31, 2024 is reflected within stockholders’ deficit. See further discussion of the Company’s share repurchase programs in Note 10–Stockholders’ Deficit.
Revenue Recognition

Revenue Recognition

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying Accounting Standards Codification ("ASC") 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes, or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates redemption rates using historical and forecasted attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. These estimated redemption rates impact the timing of when revenue is recognized on these products. Actual results could materially differ from these

estimates based on actual attendance patterns. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For pass products purchased on an installment plan that have met their initial commitment period and have transitioned to a month-to-month basis, monthly charges are recognized as revenue as payments are received each month. For certain multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

Food, merchandise and other revenue primarily consists of food and beverage, retail, merchandise, parking, other in-park products and service fees, and other miscellaneous revenue, including online transaction fees and revenue from the Company’s international agreements, not necessarily generated in our parks, which is not significant in the periods presented. The Company recognizes revenue for food and beverage, merchandise and other in-park products when the related products or services are received by the guests.

Deferred revenue primarily includes revenue associated with pass products, admission or in-park products or services with a future intended use date and contract liability balances related to licensing and international agreements collected in advance of the Company satisfying its performance obligations and is expected to be recognized in future periods. At June 30, 2025 and December 31, 2024, the long-term portion of deferred revenue included in other liabilities in the accompanying unaudited condensed consolidated balance sheets primarily relates to the Company’s international agreements.

The following table reflects the Company’s deferred revenue balance as of June 30, 2025 and December 31, 2024:

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

220,962

 

 

$

166,177

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

13,209

 

 

 

13,522

 

Deferred revenue, short-term portion

 

$

207,753

 

 

$

152,655

 

The Company estimates approximately $112.6 million of the deferred revenue, short term portion, balance outstanding as of December 31, 2024 was recognized as revenue during the six months ended June 30, 2025. For certain admission products, the Company estimated timing of redemption using average historical redemption rates.
Recently Issued Accounting Standards

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Issued Accounting Standards

In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses that requires disclosures about significant expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.

In March 2024, the SEC issued its final rule on the enhancement and standardization of climate-related disclosures for investors. These wide-ranging disclosures require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. Within the notes to financial statements, the final rule requires disclosure of expenditures recognized, subject to certain thresholds, attributable to severe weather. Outside of the financial statements, the final rule requires qualitative and quantitative disclosures about material scope 1 and scope 2 greenhouse gas emissions. Also required is disclosure of the risk management process and the oversight practices of the Board of Directors and management related to climate-related risks.

In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. In March 2025, the SEC voted to end its defense of the rules and withdrew from the litigation. The new rules, absent the results of pending legal challenges, are currently expected to be effective beginning with the Company’s fiscal year starting January 1, 2025, except for those relating to greenhouse gas emissions, which are expected to be effective starting January 1, 2026. The Company is currently evaluating the rule to determine the impact on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

v3.25.2
Description of the Business and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Deferred Revenue Balances

The following table reflects the Company’s deferred revenue balance as of June 30, 2025 and December 31, 2024:

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

220,962

 

 

$

166,177

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

13,209

 

 

 

13,522

 

Deferred revenue, short-term portion

 

$

207,753

 

 

$

152,655

 
v3.25.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Share

Earnings per share is computed as follows:

 

 

For the Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

80,108

 

 

 

54,991

 

 

$

1.46

 

 

$

91,124

 

 

 

61,890

 

 

$

1.47

 

Effect of dilutive incentive-based awards

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

378

 

 

 

 

Diluted earnings per share

 

$

80,108

 

 

 

55,411

 

 

$

1.45

 

 

$

91,124

 

 

 

62,268

 

 

$

1.46

 

 

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

63,975

 

 

 

55,005

 

 

$

1.16

 

 

$

79,923

 

 

 

62,953

 

 

$

1.27

 

Effect of dilutive incentive-based awards

 

 

 

 

 

431

 

 

 

 

 

 

 

 

 

535

 

 

 

 

Diluted earnings per share

 

$

63,975

 

 

 

55,436

 

 

$

1.15

 

 

$

79,923

 

 

 

63,488

 

 

$

1.26

 
v3.25.2
Other Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Other Accrued Liabilities

Other accrued liabilities at June 30, 2025 and December 31, 2024, consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued interest

 

$

14,309

 

 

$

14,571

 

Accrued taxes

 

 

10,281

 

 

 

6,179

 

Self-insurance reserve

 

 

21,811

 

 

 

19,958

 

Other

 

 

15,286

 

 

 

13,785

 

Total other accrued liabilities

 

$

61,687

 

 

$

54,493

 
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Long-Term Debt, Net

Long-term debt, net, as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Term B-3 Loans (effective interest rate of 6.33% and 6.36% at June 30, 2025 and December 31, 2024, respectively)

 

$

1,530,731

 

 

$

1,538,442

 

Senior Notes due 2029 (interest rate of 5.25%)

 

 

725,000

 

 

 

725,000

 

Total long-term debt

 

 

2,255,731

 

 

 

2,263,442

 

Less: unamortized debt issuance costs and discounts

 

 

(17,056

)

 

 

(19,273

)

Less: current maturities

 

 

(15,423

)

 

 

(15,423

)

Total long-term debt, net

 

$

2,223,252

 

 

$

2,228,746

 
Summary of Long-Term Debt Repayable

Long-term debt at June 30, 2025 is repayable as follows and does not include the impact of any future voluntary prepayments:

 

Years Ending December 31:

 

(In thousands)

 

Remainder of 2025

 

$

7,712

 

2026

 

 

15,423

 

2027

 

 

15,423

 

2028

 

 

15,423

 

2029

 

 

740,423

 

Thereafter

 

 

1,461,327

 

Total

 

$

2,255,731

 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of June 30, 2025.

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

June 30,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2025

 

 

(In thousands)

 

Long-term obligations (a)

$

706,875

 

 

$

1,530,731

 

 

$

—

 

 

$

2,237,606

 

 

 

(a) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the unaudited condensed consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net, of $2.223 billion as of June 30, 2025.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2024:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2024

 

 

(In thousands)

 

Long-term obligations (a)

$

690,113

 

 

$

1,538,442

 

 

$

—

 

 

$

2,228,555

 

(a) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the unaudited condensed consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net, of $2.229 billion as of December 31, 2024.
v3.25.2
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity Compensation Expense

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations as follows:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

415

 

 

$

383

 

 

$

836

 

 

$

626

 

Equity compensation expense included in selling, general and administrative expenses

 

 

3,471

 

 

 

2,465

 

 

 

7,260

 

 

 

5,742

 

Total equity compensation expense

 

$

3,886

 

 

$

2,848

 

 

$

8,096

 

 

$

6,368

 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Significant Operating Segment Revenue and Expenses, and Operating Segment Adjusted EBITDA

The following table presents significant operating segment revenue and expenses, and Operating Segment Adjusted EBITDA:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

255,740

 

 

$

264,003

 

 

$

411,855

 

 

$

429,812

 

Food, merchandise and other

 

 

234,472

 

 

 

233,590

 

 

 

365,306

 

 

 

365,204

 

Total revenues

 

 

490,212

 

 

 

497,593

 

 

 

777,161

 

 

 

795,016

 

Segment costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

37,161

 

 

 

38,625

 

 

 

60,110

 

 

 

61,654

 

Operating labor-related expenses

 

 

104,382

 

 

 

99,888

 

 

 

187,315

 

 

 

182,586

 

Other operating expenses

 

 

65,361

 

 

 

67,878

 

 

 

122,651

 

 

 

122,233

 

Marketing expenses

 

 

34,278

 

 

 

34,274

 

 

 

56,992

 

 

 

54,958

 

Other segment items

 

 

11,742

 

 

 

10,345

 

 

 

23,394

 

 

 

21,199

 

Operating Segment Adjusted EBITDA

 

$

237,288

 

 

$

246,583

 

 

$

326,699

 

 

$

352,386

 

Other expenses(a)

 

 

(54,064

)

 

 

(41,771

)

 

 

(84,869

)

 

 

(86,431

)

Provision for income taxes

 

 

(26,191

)

 

 

(31,569

)

 

 

(25,128

)

 

 

(25,954

)

Loss on early extinguishment of debt and write-off of discounts and debt issuance costs

 

 

—

 

 

 

(2,452

)

 

 

—

 

 

 

(2,452

)

Interest expense

 

 

(33,951

)

 

 

(39,386

)

 

 

(68,058

)

 

 

(78,163

)

Depreciation and amortization

 

 

(42,974

)

 

 

(40,281

)

 

 

(84,669

)

 

 

(79,463

)

Net Income

 

$

80,108

 

 

$

91,124

 

 

$

63,975

 

 

$

79,923

 
(a)
Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.
v3.25.2
Description of the Business and Basis of Presentation - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Business
Business Description And Basis Of Presentation [Line Items]  
Number of theme parks owned and operated | Business 12
Deferred revenue recognized | $ $ 112.6
v3.25.2
Description of the Business and Basis of Presentation - Deferred Revenue Balances (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Revenue Disclosure [Abstract]    
Deferred revenue, including long-term portion $ 220,962 $ 166,177
Less: Deferred revenue, long-term portion, included in other liabilities 13,209 13,522
Deferred revenue, short-term portion $ 207,753 $ 152,655
v3.25.2
Earnings per Share - Schedule of Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Basic earnings per share $ 80,108 $ 91,124 $ 63,975 $ 79,923
Diluted earnings per share $ 80,108 $ 91,124 $ 63,975 $ 79,923
Basic earnings, shares 54,991 61,890 55,005 62,953
Effect of dilutive incentive-based awards, shares 420 378 431 535
Diluted earnings, shares 55,411 62,268 55,436 63,488
Earnings per share, basic $ 1.46 $ 1.47 $ 1.16 $ 1.27
Earnings per share, diluted $ 1.45 $ 1.46 $ 1.15 $ 1.26
v3.25.2
Earnings per Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Line Items]        
Anti-dilutive shares excluded from the computation of diluted earnings per share 686,000 524,000 671,000 513,000
Performance-vesting Restricted Stock Awards [Member]        
Earnings Per Share [Line Items]        
Contingently issuable shares excluded from the calculation of diluted earnings per share     397,000 594,000
v3.25.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Line Items]          
Effective tax rate 24.60% 25.70% 28.20% 24.50%  
Income tax rate at federal statutory rates     21.00% 21.00%  
State Tax Credit Carry Forwards [Member]          
Income Tax Disclosure [Line Items]          
Deferred tax assets, valuation allowance $ 4.8   $ 4.8   $ 5.0
v3.25.2
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued interest $ 14,309 $ 14,571
Accrued taxes 10,281 6,179
Self-insurance reserve 21,811 19,958
Other 15,286 13,785
Total other accrued liabilities $ 61,687 $ 54,493
v3.25.2
Other Accrued Liabilities - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Certain legal matters, contractual obligations and respective assessments from temporary COVID-19 park closures $ 12.7 $ 12.3
v3.25.2
Long-Term Debt - Summary of Long-Term Debt, Net (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 04, 2024
Debt Instrument [Line Items]      
Long-term debt $ 2,255,731 $ 2,263,442  
Less: unamortized debt issuance costs and discounts (17,056) (19,273)  
Less: current maturities (15,423) (15,423)  
Total long-term debt, net 2,223,252 2,228,746  
Senior Notes [Member]      
Debt Instrument [Line Items]      
Long-term debt 725,000 725,000  
Term B-3 Loans [Member]      
Debt Instrument [Line Items]      
Long-term debt $ 1,530,731 $ 1,538,442 $ 1,542,300
v3.25.2
Long-Term Debt - Summary of Long-Term Debt, Net (Parenthetical) (Detail)
Jun. 30, 2025
Dec. 31, 2024
Aug. 25, 2021
Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate percentage 5.25% 5.25% 5.25%
Term B-3 Loans [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate effective percentage 6.33% 6.36%  
v3.25.2
Long-Term Debt - Additional Information (Detail) - USD ($)
 6 Months Ended
Dec. 04, 2024
Aug. 23, 2024
Aug. 22, 2024
May 02, 2024
Jan. 22, 2024
Jun. 12, 2023
Jun. 09, 2022
Aug. 25, 2021
Apr. 30, 2020
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]                        
Debt issuance costs                     $ 900,000  
Payment to lenders                     700,000  
Write-off of debt issuance costs and discounts                     2,500,000  
Outstanding letters of credit                   $ 10,900,000    
Aggregate principal amount                   $ 2,255,731,000   $ 2,263,442,000
Debt Instrument Redemption Period One                        
Debt Instrument [Line Items]                        
Debt instrument, maturity date   Nov. 22, 2029                    
Debt Instrument Redemption Period One | SOFR                        
Debt Instrument [Line Items]                        
Credit spread adjustment rate           0.11448%            
Debt Instrument, Redemption, Period Two                        
Debt Instrument [Line Items]                        
Debt instrument, maturity date   Aug. 25, 2028                    
Debt Instrument, Redemption, Period Two | SOFR                        
Debt Instrument [Line Items]                        
Credit spread adjustment rate           0.26161%            
Debt Instrument, Redemption, Period Three | SOFR                        
Debt Instrument [Line Items]                        
Credit spread adjustment rate           0.42826%            
Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument Redemption Description                   In addition, the Senior Secured Credit Facilities require SEA to prepay outstanding term loan borrowings, subject to certain exceptions, with:-50% (which percentage will be reduced to 25% and 0% if the Company satisfies certain net first lien leverage ratios) of annual excess cash flow, as defined under the Senior Secured Credit Facilities;-100% (which percentage will be reduced to 50% and 0% if the Company satisfies certain net first lien leverage ratios) of the net cash proceeds of all non-ordinary course asset sales or other non-ordinary course dispositions of property, in each case subject to certain exceptions and reinvestment rights;-100% of the net cash proceeds of any issuance or incurrence of debt, other than proceeds from debt permitted under the Senior Secured Credit Facilities.    
Letter of credit participation fees                   0.125%    
Cash paid for interest                   $ 67,100,000 $ 78,400,000  
Senior Notes [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, maturity date               Aug. 15, 2029        
Senior debt               $ 725,000,000        
Debt instrument interest rate percentage               5.25%   5.25%   5.25%
Debt Instrument Redemption Description               On or after August 15, 2024, SEA may redeem the Senior Notes, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on August 15 of the years as follows: (i) in 2024 at 102.625%; (ii) in 2025 at 101.313%; and (iii) in 2026 and thereafter at 100%. Additionally, upon the occurrence of specified change of control events, each holder will have the right to require SEA to repurchase all or any part of such holder’s notes at a purchase price in cash equal to 101%.        
Interest accrue on senior notes               5.25%        
Aggregate principal amount                   $ 725,000,000   $ 725,000,000
Percentage Of notes redeemable after change of control               101.00%        
Senior Notes [Member] | Debt Instrument Redemption Period One                        
Debt Instrument [Line Items]                        
Redemption percentage               102.625%        
Senior Notes [Member] | Debt Instrument, Redemption, Period Two                        
Debt Instrument [Line Items]                        
Redemption percentage               101.313%        
Senior Notes [Member] | Debt Instrument, Redemption, Period Three                        
Debt Instrument [Line Items]                        
Redemption percentage               100.00%        
First-Priority Senior Secured Notes [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, maturity date                 May 01, 2025      
Redemption of First-Priority senior secured notes       $ 227,500,000                
Senior debt                 $ 227,500,000      
Debt instrument interest rate percentage                 8.75%      
Revolving Credit Facility [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, maturity date     Aug. 25, 2026                  
Increase of commitments   $ 700,000,000 $ 390,000,000                  
Credit facility earlier maturity date   Aug. 23, 2029                    
Credit facility maturity date   May 26, 2028                    
Incremental amendment to revolving facility commitments             $ 5,000,000          
Debt Instrument Redemption Description                   Borrowings under the Revolving Credit Facility bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event would such ABR rate with respect to the Revolving Loans (as defined below) be less than 1.00% per annum) plus an applicable margin equal to 1.25% or (ii) Term SOFR (provided that in no event would such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 2.25%.    
Long term debt, outstanding amount                   $ 689,100,000    
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Aggregate principal amount             $ 390,000,000     $ 700,000,000    
Commitment fee payable by the company                   0.20%    
Restrictive Covenants [Member]                        
Debt Instrument [Line Items]                        
Total net leverage ratio not to be exceeded                   425.00%    
Restrictive Covenants [Member] | Debt Agreement [Member]                        
Debt Instrument [Line Items]                        
Total net leverage ratio, as calculated                   296.00%    
Maximum [Member] | Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Credit facility agreement maximum required first lien secured leverage ratio                   625.00%    
Excludable letters of credit under maximum required first lien secured leverage ratio                   $ 30,000,000    
Minimum [Member] | Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Credit facility agreement maximum required first lien secured leverage ratio                   100.00%    
Minimum percentage of funded loan and letters of credit for covenant to apply                   35.00%    
Initial Term B-2 Loans [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument Redemption Description                   Borrowings under the Initial Term B-2 Loans bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (as defined below)(provided that in no event would such ABR rate with respect to the Initial Term B-2 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.50% or (ii) Term SOFR-based benchmark rate ("Term SOFR") (provided that in no event would such Term SOFR rate with respect to the Initial Term B-2 Loans be less than 0.50%) plus an applicable margin equal to 2.50%    
Aggregate principal amount         $ 1,173,000,000              
Term Loan [Member] | Minimum [Member] | Revolving Credit Facility [Member]                        
Debt Instrument [Line Items]                        
Aggregate principal amount   $ 225,000,000                    
Incremental Term B-2 Loans [Member]                        
Debt Instrument [Line Items]                        
Aggregate principal amount       $ 380,000,000                
Term B-3 Loans [Member]                        
Debt Instrument [Line Items]                        
Aggregate principal amount drawn         $ 1,530,700,000              
Debt instrument, maturity date Dec. 04, 2031                      
Prepayment premium or fee percentage                   1.00%    
Debt Instrument Redemption Description                   Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.00% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50%) plus an applicable margin equal to 2.00%.    
Amortization Payments of Term Loan 0.25%                      
Aggregate principal amount $ 1,542,300,000                 $ 1,530,731,000   $ 1,538,442,000
Term B-3 Loans [Member] | Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument Redemption Description                   Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1%, (b) the rate of interest quoted in the print edition of the Wall Street Journal Money Rates Section as the prime rate as in effect from time to time and (c) one-month Term SOFR plus 1% per annum ("ABR")(provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum), in each case, plus an applicable margin of 1.00% or (ii) an Term SOFR rate for the applicable interest period (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50% per annum) plus an applicable margin of 2.00%.    
Amortization Payments of Term Loan               0.25%        
Term B-3 Loans [Member] | Revolving Credit Facility [Member]                        
Debt Instrument [Line Items]                        
Credit facility earlier maturity date                   Aug. 23, 2029    
Debt Instrument Redemption Description                   Borrowings under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the revolving loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 1.75%.    
Restatement Agreement [Member] | Maximum [Member]                        
Debt Instrument [Line Items]                        
Senior secured financing                   $ 2,230,700,000    
Revolving Loans [Member] | Senior Secured Credit Facilities [Member]                        
Debt Instrument [Line Items]                        
Debt Instrument Redemption Description                   Borrowings under the Revolving Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Revolving Loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin of 1.75%.    
v3.25.2
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]    
Remainder of 2025 $ 7,712  
2026 15,423  
2027 15,423  
2028 15,423  
2029 740,423  
Thereafter 1,461,327  
Long-term debt $ 2,255,731 $ 2,263,442
v3.25.2
Fair Value Measurements - Additional Information (Detail) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Assets measured at fair value $ 0 $ 0
v3.25.2
Fair Value Measurements - Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations $ 2,237,606 $ 2,228,555
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations 706,875 690,113
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations $ 1,530,731 $ 1,538,442
v3.25.2
Fair Value Measurements - Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Current maturities of long-term debt $ 15,423 $ 15,423
Total long-term debt, net $ 2,223,252 $ 2,228,746
v3.25.2
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Loss Contingencies [Line Items]  
Remaining liabilities and obligations for license agreement commitment $ 20.0
License agreement term, description Pursuant to the License Agreement with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second standalone park (“Standalone Park”) (the Company opened the Standalone Park in San Diego on March 26, 2022) and minimum annual capital and marketing thresholds. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five-year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of June 30, 2025, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $20.0 million over the remaining term of the agreement. See further discussion concerning royalty payments for the year 2021 in the "Sesame Workshop Arbitration" section above.
v3.25.2
Equity-Based Compensation - Schedule of Equity Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total equity compensation expense $ 3,886 $ 2,848 $ 8,096 $ 6,368
Operating Expense [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total equity compensation expense 415 383 836 626
Selling, General and Administrative Expenses [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total equity compensation expense $ 3,471 $ 2,465 $ 7,260 $ 5,742
v3.25.2
Equity-Based Compensation - Additional Information (Detail) - shares
 6 Months Ended
Jun. 30, 2025
Jun. 13, 2025
Jun. 12, 2025
Bonus Performance Restricted Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Performance restricted units vested 15,000    
2017 Omnibus Incentive Plan [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock reserved for future issuance     7,079,237
2025 Omnibus Incentive Plan [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock reserved for future issuance   6,320,680  
v3.25.2
Stockholders' Deficit - Additional Information (Detail) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Aug. 31, 2022
Stockholders Equity [Line Items]              
Common stock, shares issued 97,169,186 97,080,628          
Treasury stock, shares 42,155,289            
Share Repurchase Program [Member]              
Stockholders Equity [Line Items]              
Share Repurchase Programs, authorized amount         $ 500,000,000    
Stock Repurchase Program, number of shares repurchased 100,000 8,990,000          
Stock repurchases under Share Repurchase Program $ 4,600,000 $ 462,800,000          
Share Repurchase Program, remaining authorized repurchase amount 32,600,000 $ 37,200,000          
Former Share Repurchase Program [Member]              
Stockholders Equity [Line Items]              
Share Repurchase Programs, authorized amount           $ 38,500,000 $ 250,000,000
Stock Repurchase Program, number of shares repurchased   375,000          
Stock repurchases under Share Repurchase Program   $ 20,200,000          
Share Repurchase Program, remaining authorized repurchase amount $ 18,300,000            
Common Stock [Member]              
Stockholders Equity [Line Items]              
Common stock, shares issued 97,169,186 97,080,628 97,121,406 97,031,598 96,961,736 96,660,357  
Restricted Stock Units [Member]              
Stockholders Equity [Line Items]              
Number of unvested shares 1,109,014            
v3.25.2
Segment Reporting - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources based on Operating Segment Adjusted EBITDA. The Company defines Operating Segment Adjusted EBITDA as net income (loss) plus (i) other unallocated expenses, (ii) income tax provision (benefit), (iii) loss on extinguishment of debt and write-off of discounts and debt issuance costs, (iv) interest expense, consent fees and similar financing costs, and (v) depreciation and amortization. Operating Segment Adjusted EBITDA is used by the CODM and management to evaluate operations and operating performance. In particular, the CODM and management utilize Operating Segment Adjusted EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.
v3.25.2
Segment Reporting - Schedule of Significant Operating Segment Revenue and Expenses, and Operating Segment Adjusted EBITDA (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net revenues:        
Total revenues $ 490,212 $ 497,593 $ 777,161 $ 795,016
Segment costs and expenses:        
Cost of food, merchandise and other revenues 37,173 38,645 60,132 61,692
Other operating expenses 204,789 190,199 366,059 355,082
Other expenses (216) 147 (193) (33)
Provision for income taxes (26,191) (31,569) (25,128) (25,954)
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts   2,452   2,452
Interest expense 33,951 39,386 68,058 78,163
Depreciation and amortization (42,974) (40,281) (84,669) (79,463)
Net income     63,975 79,923
Admissions [Member]        
Net revenues:        
Total revenues 255,740 264,003 411,855 429,812
Operating Segments [Member]        
Net revenues:        
Total revenues 490,212 497,593 777,161 795,016
Segment costs and expenses:        
Cost of food, merchandise and other revenues 37,161 38,625 60,110 61,654
Operating labor-related expenses 104,382 99,888 187,315 182,586
Other operating expenses 65,361 67,878 122,651 122,233
Marketing expenses 34,278 34,274 56,992 54,958
Other segment items 11,742 10,345 23,394 21,199
Operating Segment Adjusted EBITDA 237,288 246,583 326,699 352,386
Other expenses [1] (54,064) (41,771) (84,869) (86,431)
Provision for income taxes (26,191) (31,569) (25,128) (25,954)
Loss on early extinguishment of debt and write-off of debt issuance costs and discounts   (2,452)   (2,452)
Interest expense (33,951) (39,386) (68,058) (78,163)
Depreciation and amortization (42,974) (40,281) (84,669) (79,463)
Net income 80,108 91,124 63,975 79,923
Operating Segments [Member] | Admissions [Member]        
Net revenues:        
Total revenues 255,740 264,003 411,855 429,812
Operating Segments [Member] | Food, Merchandise and Other [Member]        
Net revenues:        
Total revenues $ 234,472 $ 233,590 $ 365,306 $ 365,204
[1] Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.