On Might 6, 2021, SeaWorld Leisure introduced the appointment of Marc Swanson as Chief Govt Officer (“CEO”) and Elizabeth Castro Gulacsy as Chief Monetary Officer (“CFO”) and Treasurer. Swanson was named CEO following his 20-year tenure with the corporate and after beforehand serving as Interim CEO. Gulacsy was named CFO and Treasurer after working with the corporate for eight years. Along with this earlier task, Gulacsy will even draw on the expertise she in-built her time period as interim CFO and Treasurer.
SeaWorld Leisure is a number one theme park and leisure firm centered on “offering experiences that matter” and galvanizing “friends to guard animals and the wild wonders of the world.” The corporate is without doubt one of the world’s foremost zoological organizations and a world chief in animal welfare, coaching, husbandry, and veterinary care. SeaWorld rescues and rehabilitates marine and terrestrial animals which might be sick, injured, orphaned, or deserted, with the aim of returning them to the wild. In collaboration with Busch Gardens, SeaWorld has cared for greater than 38,000 animals in want during the last 50 years.
At present, SeaWorld owns 12 vacation spot and regional theme parks, that are grouped in key markets throughout the USA. Moreover, the corporate owns or licenses a portfolio of iconic manufacturers, together with SeaWorld, Busch Gardens, Aquatica, Sesame Place, and Sea Rescue.
The corporate’s ongoing dedication to its mission, and its implementation of an efficient Govt workforce that collaborates with their Board, has offered a platform for SeaWorld Leisure to thrive, even via durations of financial uncertainty.
The corporate lately launched its Q1 2021 report, and then-Interim CEO Marc Swanson and Hill Path Capital Founder and Managing Associate and SeaWorld Entertainment, Inc.’s Chairman of the Board of Directors, Scott Ross, disclosed their perspective on what this report, in addition to what the promotion of Swanson and Gulacsy, signifies for the way forward for the corporate.
Elizabeth Castro Gulacsy Promoted to CFO and Treasurer of SeaWorld Leisure
Gulacsy lately accepted the title of CFO and Treasurer, which can comply with her profitable eight years serving the corporate in quite a few management positions. She joined the SeaWorld Leisure workforce in 2013, initially as Director of Monetary Reporting, and was later promoted to Company Vice President of Monetary Reporting in 2016. Since August 2017, Gulacsy had served as Chief Accounting Officer, aside from a interval between September 2019 and November 2019, throughout which, she additionally served because the Interim Chief Monetary Officer and Treasurer along with her position as Chief Accounting Officer.
Earlier than becoming a member of the corporate, Gulacsy labored with Cross Nation Healthcare Inc., a pacesetter in offering whole expertise administration, together with strategic workforce options, contingent staffing, everlasting placement, and different consultative providers for healthcare shoppers. She served as the corporate’s Accounting Officer and Company Controller from 2011 to 2013, Director of Company Accounting from 2006 to 2011, and Assistant Controller from 2002 to 2006. Previous to that point, Gulacsy was an Audit Supervisor for Ernst & Younger LLP. She holds each a Bachelor’s diploma and a Grasp’s diploma in Accounting from the College of Florida and is a Licensed Public Accountant.
At present, Gulacsy serves as a Board member and Treasurer for the SeaWorld and Busch Gardens Conservation Fund and is a member of the Audit Committee for the Worldwide Affiliation of Amusement Parks and Sights (IAAPA), the worldwide skilled affiliation for the theme park trade.
Upon accepting her most up-to-date place, Gulacsy mentioned the latest efforts the corporate has made to enhance profitability and what she hopes for the longer term: “Now we have labored laborious over the previous couple of years, together with previous to and in the course of the pandemic, to place this firm for a big enchancment in profitability. Our monetary place is powerful, our methods are working, our execution is bettering, and I sit up for persevering with working with our administration workforce and board to totally capitalize on the numerous alternatives forward.”
Marc Swanson Promoted to CEO of SeaWorld Leisure
Marc Swanson has labored with SeaWorld Leisure for over twenty years. He joined the workforce in 2004 as Vice President of Sesame Place. Swanson served as Company Controller of Busch Leisure Company from 2008 to 2011 and Efficiency Administration and Company Controller of SeaWorld Parks & Leisure from 2011 to 2012. Swanson served as Chief Accounting Officer since 2012, as interim Chief Monetary Officer from June 2015 till September 2015, and as interim Chief Govt Officer from August 1, 2017, till his latest everlasting appointment. He holds a Bachelor’s diploma in Accounting from Purdue College and a Grasp’s diploma in Enterprise Administration from DePaul College. He’s additionally a Licensed Public Accountant.
At present, Marc Swanson is a member of the Board of Trustees of the Orlando Science Middle.
He shared his enthusiasm relating to his new place, stating: “The previous yr has been a novel and extraordinary interval for our firm, our trade, and the world. The capabilities of our Administration Crew mixed with the complementary experience of our Board allowed us to make the revolutionary and essential choices to deal with an unthinkable and unprecedented actuality. At present, we’ve much more confidence in our long-term technique, and I sit up for persevering with to work with our devoted workforce and board to drive long-term worth for all stakeholders.”
Marc Swanson Speaks at 2021 IAAPA Digital Convention
Previous to accepting his everlasting appointment as CEO, Swanson was a featured keynote speaker at the IAAPA 2021 Virtual Conference on April 7-8. The occasion centered on the restoration and resilience of the points of interest trade in a post-COVID surroundings, and Swanson spoke immediately on how SeaWorld Entertainment has navigated through the challenges of 2020 and 2021. In his 30-minute speech, “Navigating the Covid-19 Disaster,” he highlighted how the corporate’s success is attributed to the collaborative efforts of the Administration Crew and Board members, together with Hill Path Capital Founder and Managing Associate and SeaWorld Leisure, Inc. Chairman of the Board of Administrators, Scott Ross.
Swanson recounted, “Our partnership with our Chairman and our different Board members allowed our firm to regulate and transfer ahead with extra creativity and nimbleness than we had earlier than.” He continued, “Having a big investor on the board permits us to align our targets and transfer much more confidently and decisively. We had been all on this collectively, and having our management workforce and board in fixed communication definitely allowed us to deal with this disaster head-on.” He added, “That collaboration allowed us to deal with our operational prices and maximize our monetary flexibility, giving us some respiratory room to make the troublesome choices with some extent of confidence.”
SeaWorld Leisure Excited About Current 2021 Q1 Incomes Report
On Might 6, 2021, SeaWorld Entertainment released its first-quarter 2021 results.
New CEO Marc Swanson mentioned the excessive factors: “Our first quarter occasions together with new or expanded occasion days at a few of our parks in addition to a number of new or reimagined venues which we launched in the course of the quarter and which helped contribute to the elevated visitor spending,” Swanson stated. “We’re excited to have skilled a sturdy Spring Break season throughout our parks, together with a number of days the place our parks reached capability limitations for the present working surroundings. To be clear, we imagine our attendance would have been notably increased, had been it not for capability limitations and closed parks.”
The corporate report included the next key takeaways:
- First-quarter 2021 peak attendance was 2.2 million friends, a decline of 0.1 million friends, or 4.5%, from the primary quarter of 2020. In comparison with the primary quarter of 2019, attendance declined by 1.1 million friends or 33.7%.
- Whole income was $171.9 million, a rise of $18.4 million, or 12.0% from the primary quarter of 2020. In comparison with the primary quarter of 2019, whole income declined by $48.7 million or 22.1%.
- Web loss was $44.9 million, an enchancment of $11.6 million or 20.6% from the primary quarter of 2020. In comparison with the primary quarter of 2019, internet loss elevated by $7.9 million or 21.2%.
- Adjusted EBITDA was $25.2 million, a rise of $56.0 million from the primary quarter of 2020. In comparison with the primary quarter of 2019, adjusted EBITDA elevated by $8.8 million or 53.4%.
- Whole income per capita elevated 17.2% to $77.63 from the primary quarter of 2020. Admission per capita elevated 10.8% to $43.25 whereas in-park per capita spending elevated 26.4% to $34.38 from the primary quarter of 2020. In comparison with the primary quarter of 2019, whole income per capita elevated 17.6%, admission per capita elevated 12.0%, whereas in-park per capita spending elevated 25.3%.
- As of March 31, 2021, the corporate had roughly $431 million of money and money equivalents on its steadiness sheet and roughly $312 million accessible on its revolving credit score facility leading to whole liquidity of roughly $743 million.
- The corporate estimates that its common month-to-month adjusted internet money circulate in the course of the quarter was roughly $5.1 million of internet constructive money flows, which excludes sure funds to distributors due in and deferred from earlier quarters.
- The corporate estimates that the common month-to-month internet money burn in the course of the quarter was roughly $1.1 million when together with these deferred funds.
- As of March 31, 2021, 10 of the Firm’s 12 parks had been open (which is in keeping with the identical interval in 2019). Parks proceed to function with capability limitations and modified/restricted operations as a result of COVID19 pandemic.
- Within the first quarter of 2021, the corporate helped rescue over 530 animals, bringing whole rescues over its historical past to greater than 38,600.
CEO Marc Swanson shared perception into the latest findings: “Our first quarter monetary outcomes proceed to reveal our potential to strategically function within the present surroundings.”
He continued, “I’m extraordinarily proud that we not solely generated constructive adjusted internet money circulate in the course of the quarter, however that we additionally achieved increased adjusted EBITDA within the first quarter in comparison with the primary quarter of 2019. The success of the strategic pricing, advertising, value, and capital funding initiatives that we developed and had been refining previous to the onset of the COVID-19 pandemic mixed with the methods we developed and actions we’ve taken in the course of the COVID-19 pandemic interval helped us ship meaningfully constructive first quarter adjusted EBITDA when in comparison with the primary quarters of each 2020 and 2019. Our pricing and product methods are clearly working, and our friends are spending extra after they go to our parks.”
Transferring additional into 2021, the SeaWorld Executive team and Board of Directors, together with Marc Swanson, Elizabeth Castro Gulacsy, and Scott Ross, are wanting ahead to a yr of progress.
Relating to development and earnings, CEO Swanson stated, “We’re inspired by our friends’ need to go to and spend at our parks and imagine it is a good indicator for anticipated demand throughout our peak summer time season.” He regarded ahead to the approaching season: “We count on that our parks will return to a extra normalized working surroundings because the yr progresses. Regardless of the progress we’ve made, we proceed to imagine there are important further alternatives to enhance our execution and drive significant development in income and adjusted EBITDA when our parks are not restricted by capability limitations and limitations on occasions. We’re efficiently navigating via this extraordinary surroundings, and we’re assured we’re rising an excellent stronger and extra worthwhile enterprise.”
Scott Ross wrapped up, attributing the corporate’s success and future potential development to the most recent members of the SeaWorld Leisure Govt workforce: “Over the previous yr, Marc and Elizabeth, alongside the board, have continued to execute the strategic initiatives we’ve been engaged on over the previous a number of years and have taken the required decisive actions to place the corporate for long-term success. We sit up for their continued management as we work collectively to emerge a stronger and extra environment friendly firm and notice the complete, long run potential of this nice firm and its irreplaceable property and types.”