United Parks & Resorts (PRKS) FY2023 results: revenue $1.7 billion, down 0.3% on the year

United Parks & Resorts Inc. (PRKS) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, down 0.3% on the year before. Net income was $234 million, down 19.6%, and diluted earnings per share $3.63. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.7 billion

-0.3% on the year

FY2016FY2023

Operating margin

26.6%

29.3% a year earlier

FY2016FY2023

Net income

$234 million

-19.6% on the year

FY2016FY2023

Diluted EPS

$3.63

-12.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,727	1,731	1,504	-0.3%
Selling, general and administrative	221	200	185	+10.6%
Operating income	460	508	432	-9.4%
Operating margin	26.6%	29.3%	28.7%
Interest expense	147	118	117	+24.8%
Pre-tax income	313	390	256	-19.7%
Income tax	78.9	98.9	-0.2	-20.2%
Effective tax rate	25.2%	25.3%	-0.1%
Net income	234	291	257	-19.6%
Net margin	13.6%	16.8%	17.1%
Diluted EPS	$3.63	$4.14	$3.22	-12.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	505	565	503	-10.6%
Capital expenditure	305	201	129	+51.9%
Free cash flow	200	364	374	-45.0%
Free cash flow margin	11.6%	21.0%	24.9%
Cash from investing	-306	-201	-129
Cash from financing	-34.7	-726	-365
Depreciation and amortisation	154	153	149	+1.0%
Share-based compensation	17.0	18.2	39.7	-6.2%
Buybacks	17.9	694	216	-97.4%
Diluted shares, weighted	64m	70m	80m	-8.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-208	-438	-33.9
Debt	2,105	2,111	2,117	-0.3%
Operating lease liabilities	113	115	117	-2.3%
Finance lease liabilities	3.3	2.3	2.5	+46.6%
Other liabilities	612	535	408	+14.5%
Total liabilities and equity	2,625	2,326	2,610	+12.9%
Fixed assets	1,842	1,707	1,645	+7.9%
Goodwill	66.3	66.3	66.3	0.0%
Cash and equivalents	247	79.2	444	+211.8%
Receivables	73.8	71.0	76.9	+3.9%
Inventory	49.2	55.2	29.5	-10.8%
Other assets	347	347	349	-0.2%
Total assets	2,625	2,326	2,610	+12.9%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.