Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “SEAS.” As of February 19, 2021, there were approximately 191 holders of record of our outstanding common stock. This does not include persons who hold our common stock in nominee or “street name” accounts through brokers or banks.
Dividends
We currently do not pay a dividend. In connection with Amendment No. 12 to our Amended Credit Agreement, we are restricted from paying any dividends or making restricted payments, including share repurchases, through the third quarter of 2022 unless certain conditions are met. See Note 11–Long-Term Debt in the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
Stock Price Performance
This performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference into any filing of SeaWorld under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The following graph shows a comparison of the five-year cumulative total stockholder return for our common stock, the Standard & Poor’s (“S&P”) 500 Index, the S&P Midcap 400 Index and the S&P 400 Movies & Entertainment Index. The graph assumes that $100 was invested in our common stock and in each index at the market close on December 31, 2015 and assumes that all dividends, if any, were reinvested. The stock price performance of the following graph is not necessarily indicative of future stock price performance.
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
SeaWorld Entertainment, Inc.
$
100.00
$
100.48
$
72.03
$
117.25
$
168.31
$
167.68
S&P 500 Index - Total Return
$
100.00
$
111.96
$
136.40
$
130.42
$
171.49
$
203.04
S&P Midcap 400 Index
$
100.00
$
120.74
$
140.35
$
124.80
$
157.49
$
179.00
S&P 400 Movies & Entertainment Index
$
100.00
$
122.81
$
153.18
$
169.23
$
198.80
$
124.90
40
Note: Data complete through last fiscal year. Prepared by Zacks Investment Research, Inc. Used with permission. All rights reserved. Copyright 1980-2021.
Index Data: Copyright Standard and Poor’s Inc. Used with permission. All rights reserved.
Unregistered Sales of Equity Securities
There were no unregistered sales of equity securities by us during the year ended December 31, 2020.
Purchases of Equity Securities by the Issuer
The following table sets forth information with respect to shares of our common stock purchased by us during the periods indicated:
Period Beginning
Period Ended
Total Number
of Shares
Purchased (1)
Average
Price Paid
per Share
Total Number of
Shares
Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum Number
(or Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
Under the Plans
or Programs (2)
October 1, 2020
October 31, 2020
24,007
$
20.22
—
$
237,594,184
November 1, 2020
November 30, 2020
513
$
26.09
—
$
237,594,184
December 1, 2020
December 31, 2020
2,270
$
28.80
—
$
237,594,184
Total
26,790
—
$
237,594,184
(1)
All purchases were made pursuant to our Omnibus Incentive Plan, under which participants may satisfy tax withholding obligations incurred upon the vesting of restricted stock by requesting that we withhold shares with a value equal to the amount of the withholding obligation.
(2)
Our Board of Directors previously authorized a share repurchase program of up to $250.0 million of our common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we are 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. Through December 31, 2020, prior to the COVID-19 temporary park closures, we repurchased an aggregate total of approximately $12.4 million, leaving approximately $237.6 million available under the Share Repurchase Program as of December 31, 2020. All of the common stock is held as treasury shares as of December 31, 2020. In connection with Amendment No. 12 to our Amended Credit Agreement, we are restricted from making restricted payments, including share repurchases, through the third quarter of 2022 unless certain conditions are met. See Note 11–Long-Term Debt in the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
Item 6. Selected Financial Data
The following tables set forth our selected historical consolidated financial and operating data as of the dates and for each of the fiscal years ended December 31, 2020, 2019, 2018, 2017 and 2016.
The selected financial data as of December 31, 2020 and 2019 and for each of the fiscal years ended December 31, 2020, 2019 and 2018 has been derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected financial data as of December 31, 2018, 2017 and 2016 and for the fiscal years ended December 31, 2017 and 2016 have been derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K.
The following tables should be read in conjunction with “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” and the consolidated financial statements and the notes thereto included in “ Financial Statements and Supplementary Data .” The COVID-19 pandemic has materially impacted our revenue and results of operations for the year ended December 31, 2020. See the “ Business” and “ Risk Factors ” sections included elsewhere in this Annual Report on Form 10-K for further discussion of the adverse impacts of the COVID-19 pandemic on our business.
41
SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES
SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA
Year Ended December 31,
2020
2019
2018
2017
2016
Selected Statements of Comprehensive (Loss) Income Data:
(In thousands, except per share and per capita amounts)
Net revenues:
Admissions
$
255,376
$
802,834
$
798,793
$
765,072
$
817,793
Food, merchandise and other
176,403
595,410
573,497
498,252
526,499
Total revenues
431,779
1,398,244
1,372,290
1,263,324
1,344,292
Costs and expenses:
Cost of food, merchandise and other revenues
36,712
108,953
106,604
95,914
100,643
Operating expenses (exclusive of depreciation and
amortization shown separately below)
388,473
649,657
705,954
702,111
736,842
Selling, general and administrative expenses
94,885
261,701
229,724
228,836
238,557
Goodwill impairment charge
—
—
—
269,332
—
Severance and other separation costs (a)
2,826
4,176
17,386
5,200
9,016
Depreciation and amortization
150,546
160,557
160,955
163,294
199,649
Total costs and expenses
673,442
1,185,044
1,220,623
1,464,687
1,284,707
Operating (loss) income
(241,663
)
213,200
151,667
(201,363
)
59,585
Other expense (income), net
276
18
(100
)
(115
)
125
Interest expense
100,907
84,178
80,914
78,001
62,661
Loss on early extinguishment of debt and write-off
of discounts and debt issuance costs
—
—
8,150
8,143
—
(Loss) income before income taxes
(342,846
)
129,004
62,703
(287,392
)
(3,201
)
(Benefit from) provision for income taxes
(30,525
)
39,528
17,915
(85,006
)
9,330
Net (loss) income
$
(312,321
)
$
89,476
$
44,788
$
(202,386
)
$
(12,531
)
Per share data:
(Loss) earnings per share, basic
$
(3.99
)
$
1.11
$
0.52
$
(2.36
)
$
(0.15
)
(Loss) earnings per share, diluted
$
(3.99
)
$
1.10
$
0.52
$
(2.36
)
$
(0.15
)
Cash dividends declared per share
$
—
$
—
$
—
$
—
$
0.73
Weighted average common shares outstanding:
Basic
78,194
80,309
86,170
85,811
84,925
Diluted
78,194
81,044
86,910
85,811
84,925
Other financial and operating data:
Cash capital expenditures
$
109,175
$
195,217
$
179,770
$
172,517
$
160,518
Attendance
6,373
22,624
22,582
20,798
22,000
Total revenue per capita (b)
$
67.75
$
61.80
$
60.77
$
60.74
$
61.10
As of December 31,
2020
2019
2018
2017
2016
Consolidated balance sheet data:
(In thousands)
Cash and cash equivalents
$
433,909
$
39,946
$
34,073
$
33,178
$
68,958
Total assets (c)
$
2,566,358
$
2,300,518
$
2,115,602
$
2,085,782
$
2,378,771
Total long-term debt, net
$
2,192,642
$
1,548,124
$
1,540,184
$
1,542,316
$
1,582,782
Total (deficit) equity
$
(105,803
)
$
210,892
$
265,194
$
287,466
$
461,215
(a)
During the year ended December 31, 2016, $2.6 million of separation costs have been reclassified to severance and other separation costs to conform with the 2020 presentation.
( b )
Calculated as total revenue divided by total attendance.
( c )
Total assets as of December 31, 2020 and 2019 includes the impact from the adoption of Accounting Standards Codification (“ASC”) 842, Leases , which required right of use assets associated with the Company’s leases to be recorded on the balance sheet. Right of use assets–operating leases of approximately $136.6 million and $141.4 million are included in total assets as of December 31, 2020 and 2019, respectively.
42