Q1 2021 SeaWorld Entertainment Inc Earnings Call
[music].
Good day and welcome to the Seaworld first quarter 2021 earnings Conference call.
Participants will be and listen only mode should you need assistance. Please signal conference specialists like pressing Starkey followed by zero. After today's presentation there'll be an opportunity to ask questions to ask a question you may price star than one. Please note. This event is being recorded I would like to now turn the conference over to.
Matthew Straw Vice President of Investor Relations. Please go ahead.
Thank you and good morning, everyone. Welcome to Seaworld first quarter earnings Conference call today's call is being webcast and recorded Ah.
Press release was issued this morning and is available on our Investor Relations website at Www Dot Seaworld investors Dot com.
Recently information for this call can be found in the press release and will be available on our website following the call.
Joining me this morning, or Mark Swanson, Chief Executive Officer, and Elizabeth Gallazzi, Chief Financial Officer, and Treasurer. This morning, We will review our first quarter financial results and then we will open the call to your questions.
Before we begin I would like to remind everyone that our comments today will contain forward looking statements within the meaning of the federal securities laws.
These statements are subject to a number of risks and uncertainties that could could cause actual results to be materially different from those forward looking statements, including those identified in the risk factors section of our annual report on form 10-K, and quarterly reports on form 10-Q filed with the Securities and Exchange Commission.
These risk factors may be updated from time to time and will be included in our filings with the SEC that are available on our website.
We undertake no obligation to update any forward looking statements.
In addition on the call we may referenced non-GAAP financial measures and other financial metrics, such as adjusted EBITDA free cash flow adjusted free cash flow net cash burned and adjusted net cash flow, which are non-GAAP financial measures and metrics.
And our force closures, we believe our attendance would have been notably higher in the quarter.
We are encouraged by our guests' desire to visit and spend at our parks.
And believe this is a good indicator for expected demand for our peak summer season.
We began the first quarter with seven of our 12 parks open.
All with capacity limitations.
And modified <unk> limited operations.
Which compares to eight of the 12 parks opened in the prior year.
The one part debt was closed at the beginning of this year that was opened in the prior year was our Seaworld Park in California.
We finished the quarter with 10 of our 12 parks open which is consistent with the same period in 2019.
As a reminder, we temporarily closed all of our parks on March 16th 2020 in response to the COVID-19 pandemic.
We expect all of our parks will be open for the peak 2021 summer season.
Subject to local state and federal guidelines related to COVID-19.
While attendance in the first quarter was significantly impacted by the COVID-19 factors.
Recent monthly attendance improved compared to the same period in 2019.
Relative to 2019.
Monthly attendance, excluding the company's parks in Virginia, California, and Pennsylvania.
Which each were subject to significant capacity and are operating restrictions during the quarter.
It was down 37% in January.
Down 39% in February.
And down 18% in March.
The improving trend continued into the second quarter with monthly attendance down 15% in April on the same basis.
Let me provide you with a quick update on capacity limitations for Virginia and California.
On April one.
We were able to increase capacity for our Busch Gardens Williamsburg Park to approximately 13000 guests based on revised guidance from the state of Virginia.
Our pricing and product strategies are clearly working and our guests are spending more when they visit our parks.
We've seen good success with our dynamic pricing initiatives.
And our first quarter events.
Including new or expanded food beverage and music event days at some of our parks as.
As well as several new <unk> venues, we launched during the quarter helped.
Helping contribute to the increased guest spending.
On the merchandise side, we have refreshed our retail offerings by adding new products and improving the product mix, which is added to the increased guest spending.
While this continues to be an unprecedented and challenging time for our company and industry, it's been encouraging to see our performance improve and assuring to see our guests visiting our parks over the last few months.
With the sharp increase in visitation, we've been adding staff as quickly as possible.
But like other companies have experience there have been challenges in hiring seasonal personnel, especially during the spring break period in late March and April.
With the widespread distribution of COVID-19, 19, vaccines, and increasing immunization rates of the public.
We believe guests are more willing to get outside travel and visit our parks again.
As you know, we normally discuss our results for each quarter in comparison to the prior year's quarter.
Given the disruption we experienced in 2020, when we temporarily closed all of our parks on March 16th we believe a comparison of our results for the first quarter of 2019 provides a more meaningful insight on our performance and operating for trajectory.
As such I'll provide commentary around our financial results compared to the first quarter of 2019.
For those interested we provide a comparison versus both 2019 and 2020 and our earnings release, and we will do so as well in our form 10-Q, which we plan to file tomorrow.
Our business continues to be impacted by the COVID-19 pandemic. However, we have seen continued improvement in our results during the first quarter of 2021.
During the quarter, we generated revenue of 171 $9 million.
A decline of $48 $7 million or 22, 1% when compared to the first quarter of 2019.
The decrease in revenue is primarily due to a decline in attendance of 33, 7%.
Partially offset by an increase in total revenue per capita of 17, 6%.
When compared to the first quarter of 2019 attendance declined primarily due to COVID-19 related impacts, including capacity limitations and modified Android limited operations at all of our open parks.
First quarter total revenue per capita was $77 and 63.
Compared to $66.04 in the first quarter of 2019.
An increase of 17, 6% driven.
Driven by improvements in both admissions per capita and in park per capita spending.
Admissions per capita increased by 12% to $43 25.
And in Park per capita spending increased by 25, 3% to $34 38 in the first quarter of 2021 compared to the first quarter of 2019.
The increase in admissions per capita primarily relates to the realization of higher prices and our admission products, resulting from our strategic pricing efforts.
In Park per capita spending increased primarily due to increased guest spending and improved product mix and higher realized prices and fees during the quarter.
We generated a net loss of $44 $9 million compared to a net loss of $37 million in the first quarter of 2019.
We generated positive adjusted EBITDA for the first quarter of 2021 of $25 $2 million.
An increase of $8 $8 million for 53, 4% when compared to the first quarter of 2019.
The improvement in adjusted EBITDA resulted primarily from the combination of increased total revenue per capita.
As well as the successful execution of our expense reduction efforts.
Which together offset a decline in attendance that occurred as a result of the impact of COVID-19.
Our expense reductions primarily related to a reduction in labor costs and marketing related costs and other operating costs, resulting from structural cost savings initiatives and the impact of COVID-19 modified <unk> limited operations.
Now turning to our balance sheet, our current deferred revenue balance as of the end of the first quarter was $193 $4 million.
An increase of approximately 27, 8% from March of 2019.
And an increase of 66% from March of 2020.
We are very encouraged with what we're seeing in our past dates.
Our pass base grew approximately 21% between the fourth quarter and April.
In part due to strong sales over the spring break period.
At the end of April 2021, our pass base was only down approximately 3% compared to April of 2019.
And is that approximately 82% of the peak pass base, we had in 2019 with our biggest pack selling season yet to come.
We're also seeing a higher mix of premium passes and our pass base as our pass holders continue to recognize the value and benefits of our higher tiered products.
Additionally, we continue to see the impact of our pricing strategy is taking hold with stronger realized prices on our pass sales versus 2019 and 2020.
As of March 31, 2021.
Our cash and cash equivalents balance was approximately $431 million.
Which puts our total liquidity, including our available revolver capacity at approximately $743 million as of March 31 2021.
We generated a monthly average of approximately $5 $1 million of adjusted net cash flow, which excludes certain vendor payments, we previously deferred in order to manage liquidity.
Including these deferred vendor payments, we estimate the average monthly net cash burn during the first quarter was approximately $1 $1 million per month.
We expect to be comfortably cash positive over the remainder of the year.
We spent $15 3 million on Capex in the first quarter of 2021.
With approximately $10 $9 million was on core Capex and approximately $4 $4 million was on expansion and ROI type projects.
As we have previously discussed we will spend opportunistically on non core expansion in ROI capex, when we find opportunities that meet our return hurdles.
Including on new parks and expansion like our Sesame place Park in California.
Incremental revenue enhancing projects cost reducing projects and other similar opportunities.
For 2021.
Depending on the pace of the recovery from the COVID-19 impacts.
We plan on spending between $120 million and $150 million on capital expenditures.
Now, let me turn the call back over to Mark who will share some final thoughts Marc.
Thank you Elizabeth.
Before we open the call to your questions I have some closing comments.
In the first quarter.
We participated in over 530 <unk>.
<unk> and have exceeded 38600 animal rescues over the company's history.
We're very proud.
We are very proud to be one of the world's leading animal rescue organizations and we are proud of our efforts to protect and save wildlife.
I want to thank our employee ambassadors for their continued dedication and effort to welcome our guests while operating our parks in accordance with the latest health and safety protocols.
We have an outstanding lineup of summer events, including the return of guest favorites, such as electric Ocean at our Seaworld parks and summer nights at our Busch Gardens parks.
There'll also be craft beer and cultural festivals as well as Sesame Street Kids weekend at several of our parks.
We believe there is something for everyone to enjoy this summer at our parks.
As before we are focused on providing a safe and fun guest experience, while continuing to offer innovative for special events.
And creating new events for our guests to enjoy our parks, while still complying with established health and safety guidelines.
Yeah.
We are successfully navigating through this extraordinary environment.
And we are confident we are emerging and even stronger and more profitable enterprise.
We continue to have high confidence in our long term strategy and then our ability to deliver significantly improved operating and financial results that will lead to meaningfully increase value for stakeholders.
Now, let's let's open it up to take your questions.
Yes.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone you are using a speaker phone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two we ask for participants limit themselves to one question and one follow up at this time, we will pause momentarily.
To assemble our roster.
The first question comes from Steve <unk> from Stifel.
Hey, guys good morning.
Congratulations first of all to you both on on your new your new titles today.
But I want to go back to your presentation that you did you put out last quarter around the EBITDA potential for this company down the road and I guess.
First of all I want to make sure that what you put out there last quarter is still fair.
But I guess my real question is around attendance metrics that you were incorporating at that point in those assumptions and I understand that the per caps can move around and you don't have certain costs embedded in there but.
When we look at it assuming a flattish tenants versus.
2019, given what Youre seeing right now plus with more operating days and events is it fair to assume that that assumption around the attendance component there is I.
I mean, it's probably going to be very low when it's all said and done.
Yeah, Hey, Steve.
Thanks for the comment and the question so look what.
What I will tell you that illustration that we put out last quarter, we still we still obviously you feel if.
Feel good about that illustration, we still think it makes it makes sense for for the business is headed and clearly you can see for example on debt on the total revenue per caps were doing well there are margin expansion clearly showing the efforts on cost as.
As far as attendance.
What what I think implied there is we showed you the 2019 attendance level certainly our goal.
Is to do better than that and I think with the things you've mentioned events.
Being open year round at more of our parks all of those things.
Youre going to be good good things for us. So I do think certainly we can do better but for the purposes of illustration. We just showed you what what it would look like.
Our my or the earning potential of the business. If you will based on just reaching 2019 levels, but obviously, we would look to overachieve on the attendants obviously.
Okay.
Okay got you and then the second question would be around the labor side of things.
We've seen a lot of your peers talk about the labor pool at this point and how tight it is and how expensive it is.
Getting so yes, I guess the question is how what are you seeing out there in terms of in terms of labor front and how are you trying to balance the amount of labor you are putting in the parks these days versus not impacting the customer experience.
Yes, so look Steve.
What I will tell you is a couple of things. One is we have certainly inflationary pressures and wage pressures and things like that going back over the history of the company in.
Just like everybody else I think we are seeing that having said that we have a lot of confidence in our ability to to drive the other cost savings. We've talked about we have efforts around automation technology improvements things like that obviously our goal is to is to get.
Get expense and wage pressures and cost pressures that type of thing to a more normalized kind of inflationary level and then look for other other savings.
Well, we know that if we can do that and then obviously grow our attendance and revenue.
That's a good recipe I think the other thing we're seeing is obviously, we are getting pricing power and we feel feel good about that so to the extent there is there is outsized.
Pressures on other costs or certain costs, we could we feel good about our ability to offset some of that with price obviously.
Look as far as your second question about impacting guest the guest experience.
Our goal is to obviously provide a very good guest experience and we know.
Certainly at times around around spring break it wasn't up to what we would expect and we're working hard and in fact.
To improve that and in fact, we just last week had our best three day hiring.
Event in the history of our company. So I'm optimistic we're headed in the right direction and we're gonna be in much better shape, obviously, as especially as we approach the summer and finally, we also know so.
When the parks get a little bit closer at capacity or close to capacity. We know there is some friction with some of the COVID-19 protocols around stadium capacity and things like that.
Those types of things those protocols are changing right now and we will change I think going in we would expect some of those to change going forward in such a way that it creates a more positive guest experience, but certainly we're working on that we got we got to continue to do better forecasting and all that but I'm optimistic we're headed.
And the right for us.
Right direction.
Okay, great. Thanks, guys. Appreciate it thank you.
The next question comes from Michael Swartz of Suntrust Robinson Humphrey.
Okay.
Hey, everyone. Good morning.
And then congrats Mark and Elizabeth Brett that's great news.
Just wanted to touch on some of the capacity comments from the limitations that you faced during the quarter.
Maybe give us a little more for maybe what the attendance would have looked like or maybe how much attendance you loss due to parks, where you had those capacity limitation.
Yeah, Hey, Michael It's Marc I can take that question. So look I think I said in the remarks that debt. It was notable so let me let me give you maybe some some some more insight on that but if you look at lake, especially weekends Saturdays I mean, we're hitting capacity on a number of days that you want.
To kind of specific example, if you take apart for like California or something.
Where they might have done.
'twenty, one 'twenty 2000 23000 in attendance.
On a weekend and in March of this year. They can only do maybe 10000, you start to multiply that over multiple weekends and you can see that theres, a theres a pretty big Delta there that would grow and that's just one part right. So that would apply if you look at Williamsburg, as well where there is a.
Pretty hard cap on attendance again on some other Saturdays theyre going to do well under the 20000 range.
Now, they're much lower than that so.
That's hopefully it gives you some color I would say we would also see a similar dynamic at some of our parks in Florida, Obviously, where we're we have we had such demand that we had capacity. So it's a notable notable limitation for us and I think as one of the things that.
That gets us excited is as those R. R.
Those limitations, we expect those to.
Two eventually you know kind of moderate over time that would certainly be a good thing for us.
Okay, great. Thanks for that color and then just a second question here on <unk>.
Typically in your in your EBITDA break out in your press release, you have an add back for I think anticipated cost savings.
Zero this time and I know you've talked about $50 million in fixed cost savings for the next 12 months for that EBITDA Bridge, you gave us last quarter. So maybe help maybe help reconcile those two.
Yeah, Let me, let me start and then I'll.
Elizabeth kind of give you a more technical answer on how the credit agreement where expense.
I think the key takeaway.
Is that we have a lot of confidence in our in our cost savings plan.
We laid out last last quarter as an illustration of the earning power of this business with the cost efficiencies that we've identified and we still standby that we're making progress with that I would point you to the margin improvement you saw Q1 of 2021, we did a margin of about 14.
<unk> <unk> six.
<unk> six Q1 of 19, we hit our margin of seven for three roughly in that range. So we basically more than doubled doubled the margin.
Certainly a lot a lot of that is due to a per cap growth, but a lot of that is obviously due to the expense.
Efficiencies that we've identified so Elizabeth you want to talk about their credit agreement Yeah. That's a great question. Let me just clarify for you. Thank you for asking that.
Our adjusted EBITDA table, we're reporting adjusted EBITDA in accordance with the definitions within our credit agreement if you've looked at the footnote in our press release right next to that line item and explained that we do have a limitation on how much we can add back for estimated cost savings and that is up to 25% of <unk>.
<unk> adjusted EBITDA, so because our LTM adjusted EBITDA was still a negative number per our credit agreement, we really can't add anything back into that line if that makes sense, but once we start going into the positive territory, then youll see that line line items on line item come back.
Okay, Great. That's fantastic. Thank you so much thank you.
The next question comes from Paul Golding of Macquarie.
Okay, great. Thanks, so much congrats to both of you on the on the new titles and congrats on the quarter.
I wanted to ask around per caps here, we saw a 17% jump.
In total our per caps.
Yes.
Is there any commentary you can give around where you think this can go I mean, we the jumps have been substantial your revenue management has obviously come through and a great way.
Just looking to see.
What we can expect as far as any tapering or how you see that evolving.
Yeah, Hey, Paul It's Marc I can take that question look we've we.
We've been you've heard me talk for for a few years now about all the work we're doing around pricing.
Communications promotional effectiveness our event lineup.
Our capital lineup all of those things and so we're clearly benefiting from those the work we've done over the last few years were clearly benefiting from that.
<unk>.
We've ramped up even more of the revenue management group. So we have people every day looking at our our pricing and our tickets are effectiveness, what's selling what's not all of those things and being smart about how we how we react to those things and we're getting more dynamically price for example, as well so I have a lot of confidence that.
When you look at kind of the long term nature of this business you've heard US talk about this before we feel very confident being able to grow our per caps at least on an inflationary basis.
On a go forward basis.
There's going to be quarters, where I think we can we can do better than that and certainly that's going to be around better events new venues in our parks, we've done a number of things within using our park.
Just give more compelling reasons for people to come and visit and spend better product mix upgrading our product. So when we do those type of things, that's where we see the the outsized performance that debt Youre kind of seeing now and then also what I would leave you with us.
We're doing we're doing this without the benefit of our CRM I talked about this a little bit last quarter. We're in the very very early stages of that process and so again, I think thats something else that could be meaningful to per caps down down the road and then also we're just.
Getting ready to start beta testing, a new M Park mobile App and again I think.
That could be again, another driver of of maybe higher than inflationary growth obviously in our per cap. So we're excited about things like that we're excited about all of the execution. We're doing here on pricing in emissions and in park per caps.
That's great and then a follow up around the capped park dynamic.
Could you give some color around how you manage sort of turning people away, presumably you hit the cash you don't perfectly hits account there theres some overflow and so on.
Curious as to how you're managing that process with the customer.
And whether theres any any pricing incentives that maybe has.
It has to be factored into future periods, just generally how that's being managed.
Yeah. So so there is there is a couple of things there.
And I got to give a lot of credit to our guys who run our parks obviously, but.
We have a we.
We have a reservation system, obviously that gives us visibility into what days are going to look like but still we know there's people, who who may show up not realizing they need one and if we have room, we try to accommodate them, obviously, but what I will tell you too is if.
If we are able to.
To your point there is a capacity limit.
That occurs.
At different points throughout the day, so you're kind of generally have your your peak.
People in park generally like kind of mid afternoon. So what we've tried to do is if we have to if we have to close down for a little bit we try to make note of it on social media at times or let people know like look we think it might be an hour or two and then enough enough people who may be came early in the morning, we'll exit.
And we can let you in so I think the key there and a lot of ways is just being upfront with the communication and.
Certainly I think in most cases.
If people if you are clear with kind of what what's going on people.
People appreciate that our our goal obviously is.
We want to we want to see people have a fun day at our parks, we don't want them to be disappointed by not being able to get in but obviously, we got to balance that with the capacity that you just talked about.
Great. Thanks, so much and congrats again.
Thanks, Paul Thank you.
The next question comes from Tyler Batori of Janney capital markets.
Good morning. This is Jonathan on for Tyler. Thank you for taking my questions and congrats on the quarter I wanted to reiterate the congratulations to you too as well.
So you highlighted in <unk>.
In the prepared remarks for past sales, but I'm wondering if you could provide some more color on that and how the spring selling season has been compared to expectations and just curious if there's been any noticeable pick up there as attendance grants.
Yeah, Hey, Jonathan This is mark I can I can I can give you some comments and then.
And then Elizabeth wants to add anything she can we you've heard us say for some time that we are.
We really believe strongly in our pass program and I think it's a really good indicator as you heard from Elizabeth that we're at we're down only 3% to where we were at this time in 2019, so that base of people who have a product is only down 3% for 2018 that is a very good indicator of.
Of the demand for our parks the great events. The great lineup of rights. We have the shows all of those things the reasons. The festivals the reasons to come visit our park and I think we offer a tremendous value with our pass program as well. So we're going to continue to focus on that especially with the key kind of.
Some are selling our summer selling season ahead of us and we're optimistic about that so yes. Thanks, Marc I would just add to that just to give you a little more color as we look at our pass sales eight day accelerated throughout the quarter and especially as it related to the spring break period.
Net sales when we look at both March and April exceeded sales volume that we had in March and April of 2019. So obviously I think the really strong metric.
It gives us a lot of encouragement as we look ahead to two like Mark said, the busy summer season, which is actually a bigger selling season for us.
But I would also note our pricing is outpacing prior year as well as our fleet in 2019 and 2020. So obviously a good combination of both of those factors are being positive.
Okay, Great I appreciate all that color and then just a clarification question from me if I could the capex spend for the year was up to 120 million for 150 million, if I heard that correctly and when we spoke last in February I believe it was 100 to 150.
Is the Delta there is simply due to the strength seen over the quarter.
I think what we're trying to do is just kind of refine that a little bit more for you, but obviously with it for interesting in the quarter. We were able to provide you a little bit tighter other range, there and that I should preface as I said in my prepared remarks. This is going to be dependent on an R. R.
Strategies as we go for it but for now the 120 to $1 50, I think is a tighter range for you to use for your modeling purposes.
Okay, great. Thank you for all the color I appreciate it.
Thank you.
The next question comes from James Hardiman from Wedbush.
Hi, This is Sean Wagner on for James.
Given current travel trends stay from domestic versus international travel.
Can you tell us about the mix of business from local long range domestic and international visitors when you compare it to kind of 2019 or a typical year.
Yeah, Hey, Sean its Marty I can I can take that question. So.
When we look across the company in total.
We kind of have five categories of attendance, but local attendance is up slightly obviously compared to Q1 of 19.
We have really no international attendance very very small amount and then what what's good is our other kind of three categories same day driving overnight and domestic.
People generally driving into our parks and whatnot.
Those are up.
Those are up as a category. So there are there offsetting some of the decline in international and local is helping as well so we like the mix.
It's a it's a good mix and I think whats.
Encouraging to us.
Is.
As we return to a more maybe normalized pattern over time, we get.
International isn't a huge amount of attendance for us about 10%, but that'll be I think a tailwind right because those folks when they do start to travel again generally or some of our bigger spenders in the park. So.
We're excited when that does happen.
Okay. Thank you.
It seems like the growth in domestic travelers is quite completely offsetting the philosophy international travel for so.
Particularly in the Orlando market I guess because.
With some of your maybe your some of your competitors.
Focusing on these domestic attendees a little more than they have in the past I know that's always.
Kind of a focus of yours.
In recent years is there enough to go around there.
The general attendance kind of a potential at those parts is kind of capped until the cash.
Okay.
Yeah, Hey, Sean Let me, let me clarify.
Want to make sure you understood that.
Local is up just a little bit so the other U S categories are are up.
We are up and they are offsetting a large part of that international decline. So we do feel good about the people.
Coming you know choosing to drive in to our parks and visit that are non local so.
I think that will only continue we feel good about our lineup.
Our products are all the things we offer.
Okay understood. Thank you.
The next question comes from Ben Chaiken with Credit Suisse.
Hey, How's it going.
Just on the labor side I'm, sorry, if I missed it how much is the J one visa program typically part of your seasonal labor.
I'm asking just because I think that was recently reinstated if I'm not mistaken.
And then that's one and then two just thoughts on high level thoughts on our future unit growth leveraging the Sesame place brand, it's pretty neat.
Yeah, Hey, Matt its mark what I can tell you on the.
On the J, one visa I mean, we don't rely very heavily at all on that we have.
One location on the East coast that does rely partially on that program, but we feel we're in a really good spot.
We don't have a high reliance on that program.
Maybe a couple of hundred students.
And in that range, maybe a little more but feel really good about our ability to hire without that obviously and then.
You've heard me mentioned your second question on the Sesame.
We have we're excited to be for.
Building the second Sesame place Park.
In San Diego and opening that here in 2022 and as far as future parks. We think it's a great brand we have that brand pretty much in all our other parks are non water parks and we have sesame land. So we're going to obviously continue to evaluate but we think thats.
For a great brand and certainly we believe there's going to be opportunities for for more parks down the road, but we're most focused on right now is getting the second one opened in San Diego.
Gotcha, and just not the not to go too far down that path, but do you think it makes more sense to do conversions like Youre doing and in California, where you think it makes more sense to maybe pick up some via M&A from what some I don't know water parks and then convert them.
Do you think about that.
Yes, I think we're open to multiple scenarios, but certainly like what we're doing in San Diego is a conversion of one of our own parks, but certainly that's a little more.
Probably a little a little quicker to do but I wouldn't say that we're we're we're against either a greenfield or anything like that either so we're.
We're focused on.
What's the right location whats the right venue, whether that's buying something in converting or building from from new.
Well. Thank you I appreciate it sure.
This concludes our question and answer session I would like to turn the conference back over to Marc Swanson CEO for any closing remarks.
Hey, Thank you Gary and thanks, everybody for joining on behalf.
Elizabeth and the rest of the management team here at Seaworld Parks Entertainment want to again. Thank you for joining this morning as you've heard today, we are confident in our business and strategy and sincerely look forward to resuming more normalized operations, which will drive.
Improved operating and financial results and long term value for stakeholders. So thank you again and we look forward to speaking with you next quarter.
Okay.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.