On this page of StockholderLetter.com we present the latest annual shareholder letter from United Parks & Resorts Inc. — ticker symbol SEAS. Reading current and past SEAS letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
April 30, 2025 To Our Shareholders, We are pleased to report another fiscal year of strong financial results. For the full year, we delivered near record revenue, record in park per capita and record total revenue per capita despite unfavorable weather during the year. We have now grown in park per capita for 18 of the last 19 quarters and total revenue per capita for 7 straight years. Our revenue strategies are working and continue to demonstrate our pricing power and the strength of consumer spending in our parks. We repurchased 9.4 million shares or approximately 15% of our total shares outstanding last year underscoring our history of returning excess cash to our shareholders, our strong belief in the highly compelling value of our shares and our strong cash flow generation. In 2024, we received numerous industry accolades including SeaWorld Orlando being voted as #3 Nation s Best Amusement Park by USA Today readers; Aquatica Orlando voted as #2 for the Nation s Best Outdoor Water Park by USA Today readers; Discovery Cove was awarded the 2024 Best Family Travel Award by Good Housekeeping; and Busch Gardens Williamsburg was named World s Most Beautiful Theme Park for the 34th consecutive year by the National Amusement Park Historical Association. We are excited about our plans for 2025, including the meaningful investments we have made across our parks and business and an incredible line-up of new, one-of-a kind rides and attractions, popular events, improved in park venues and offerings across our parks, including SeaWorld San Diego s Jewels of the Sea: The Jellyfish Experience, the largest standalone jellyfish exhibit in the United States and SeaWorld Orlando s Expedition Odyssey, which will transport guests on a thrilling expedition across the Arctic where cutting-edge ride and video technology meets the raw beauty of one of Earth s most extreme environments. Other new rides and attractions include Rescue Jr.at SeaWorld San Antonio: An all-new kid friendly realm featuring animal rescue-themed rides and a water play area. The Big Bad Wolf: The Wolf s Revenge at Busch Gardens Williamsburg: The longest family inverted coaster in North America. Wild Oasis at Busch Gardens Tampa Bay: An all-new realm featuring the sights and sounds of the rainforest, a newly reimagined drop tower featuring digital and sound effects, an interactive water-play wonderland, a multi-level climbing canopy and an all-new, multi-species animal habitat for up-close encounters. Sesame Place s 45th Birthday Celebration at Sesame Place Philadelphia: This birthday celebration will kick off in Spring 2025, featuring furry birthday fun all spring and summer long. And High Tide Harbor at Water Country USA: An all-new multi-level water play structure designed for families to explore together. We are excited about 2025 and the actions we are taking to improve our execution, take advantage of clear growth opportunities and continue to drive meaningful long-term growth in both revenue and Adjusted EBITDA that we will lead to meaningfully increased value for stakeholders. Thank you for your investment in United Parks & Resorts Inc. Sincerely, Marc G. Swanson Chief Executive Officer
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 • shareholder letter icon 5/2/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/1/2023 SEAS Stockholder Letter
 • stockholder letter icon 4/29/2024 SEAS Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


SEAS Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT


April 30, 2025
To Our Shareholders,
We are pleased to report another fiscal year of strong financial results. For the full year, we delivered
near record revenue, record in park per capita and record total revenue per capita despite unfavorable
weather during the year. We have now grown in park per capita for 18 of the last 19 quarters and total
revenue per capita for 7 straight years. Our revenue strategies are working and continue to
demonstrate our pricing power and the strength of consumer spending in our parks.
We repurchased 9.4 million shares or approximately 15% of our total shares outstanding last year
underscoring our history of returning excess cash to our shareholders, our strong belief in the highly
compelling value of our shares and our strong cash flow generation.
In 2024, we received numerous industry accolades including SeaWorld Orlando being voted as #3
Nation   s Best Amusement Park by USA Today readers; Aquatica Orlando voted as #2 for the Nation   s
Best Outdoor Water Park by USA Today readers; Discovery Cove was awarded the 2024 Best Family
Travel Award by Good Housekeeping; and Busch Gardens Williamsburg was named World   s Most
Beautiful Theme Park for the 34th consecutive year by the National Amusement Park Historical
Association.
We are excited about our plans for 2025, including the meaningful investments we have made across
our parks and business and an incredible line-up of new, one-of-a kind rides and attractions, popular
events, improved in park venues and offerings across our parks, including SeaWorld San Diego   s
Jewels of the Sea: The Jellyfish Experience, the largest standalone jellyfish exhibit in the United States
and SeaWorld Orlando   s Expedition Odyssey, which will transport guests on a thrilling expedition
across the Arctic     where cutting-edge ride and video technology meets the raw beauty of one of
Earth   s most extreme environments.
Other new rides and attractions include Rescue Jr.at SeaWorld San Antonio: An all-new kid friendly
realm featuring animal rescue-themed rides and a water play area. The Big Bad Wolf: The Wolf   s
Revenge at Busch Gardens Williamsburg: The longest family inverted coaster in North America. Wild
Oasis at Busch Gardens Tampa Bay: An all-new realm featuring the sights and sounds of the
rainforest, a newly reimagined drop tower featuring digital and sound effects, an interactive water-play
wonderland, a multi-level climbing canopy and an all-new, multi-species animal habitat for up-close
encounters. Sesame Place   s 45th Birthday Celebration at Sesame Place Philadelphia: This birthday
celebration will kick off in Spring 2025, featuring furry birthday fun all spring and summer long. And
High Tide Harbor at Water Country USA: An all-new multi-level water play structure designed for
families to explore together.
We are excited about 2025 and the actions we are taking to improve our execution, take advantage of
clear growth opportunities and continue to drive meaningful long-term growth in both revenue and
Adjusted EBITDA that we will lead to meaningfully increased value for stakeholders.
Thank you for your investment in United Parks & Resorts Inc.
Sincerely,
Marc G. Swanson
Chief Executive Officer

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