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  • Q3 2014 Investor Presentation

    as of September 30, 2014

  • Cautionary Statements

    2

    Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. All statements contained in this presentation other than statements of historical facts are forward-looking statements. Words such as “might,” “will,” “may,” “should,” “estimates,” “expects,” “continues,” “contemplates,” “anticipates,” “projects,” “plans,” “potential,” “predicts,” “intends,” “believes,” “forecasts,” “future” and variations of such words or similar expressions are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond our control. Such expectations, beliefs, estimates and projections are expressed in good faith and management believes there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will be achieved and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including risks detailed in SeaWorld Entertainment, Inc.’s (“SeaWorld” or the “Company”). Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the U.S. Securities and Exchange Commission (the “SEC”), as such risk factors may be updated from time to time in our periodic filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws. Statement Regarding Non-GAAP Financial Measures This presentation includes several metrics which are not calculated in accordance with the generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow. These metrics have important limitations and should not be considered in isolation or as a substitute for measures of the Company’s financial performance or liquidity prepared in accordance with GAAP. In addition, these metrics, as presented by the Company, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, as further adjusted to exclude certain unusual, non-cash and other items permitted in calculating covenant compliance under the indenture governing the Company’s existing senior notes and the credit agreement governing the Company’s senior secured credit facilities. The Company believes that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about the calculation of, and compliance with, certain financial covenants in the indenture and the credit agreement. Adjusted EBITDA is a material component of these covenants. The Company also uses Adjusted EBITDA in connection with certain components of its executive compensation program. In addition, investors, lenders, financial analysts and rating agencies have historically used EBITDA-related measures in the Company’s theme park and entertainment industry, along with other measures to evaluate the Company’s ability to meet its debt service requirement, to estimate the value of a company and to make informed investment decisions. Free Cash Flow is defined as net cash provided by operating activities less capital expenditures. Adjusted Free Cash Flow is defined as Free Cash Flow reduced by the one-time cash payment of the 2009 Advisory Agreement termination fee. For a reconciliation of Adjusted EBITDA to net income and Free Cash Flow and Adjusted Free Cash Flow to cash flow from operating activities, please refer to the Appendix in this presentation or our Quarterly Earnings Release, which can be found at our website www.seaworldentertainment.com. Statement Regarding Use of Registered Trademarks The Company owns or has rights to use a number of registered and common law trademarks, service marks and trade names in connection with its business in the United States and in certain foreign jurisdictions, including SeaWorld Entertainment, Inc.SM, SeaWorld Parks & Entertainment®, SeaWorld®, Shamu®, Busch Gardens®, Aquatica SeaWorld’s Waterpark®, Discovery Cove®, Sea Rescue™, and other names and marks that identify our theme parks, characters, rides, attractions and other businesses. In addition, the Company has certain rights to use Sesame Street® marks, characters and related indicia through certain license agreements with Sesame Workshop (f/k/a Children’s Television Workshop). Solely for convenience, trademarks, service marks and trade names referred to in this presentation may be without the ® and ™ symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensors to these trademarks, service marks, and trade names.

    http://www.seaworldentertainment.com/

  • 3

    Company Overview & Investment Highlights

  • 4

    A Leading Theme Park and Entertainment Company

    We inspire people, through the power of entertainment, to celebrate, connect with and care for the natural world we share.

    4

  • SeaWorld Entertainment, Inc. At a Glance…

    5

    • 22.5 million in Attendance • $1.4 billion of Revenue • $367 million of Adjusted EBITDA • $120 million of Free Cash Flow

    • 11 parks in 5 states • 4 of top 20 theme parks by attendance in

    North America1

    • Over 50 year operating history • Approximately 86,000 animals2

    • Over 600 rides and attractions2

    • Approximately 2,000 acres of owned land, with nearly 400 acres available for future development3

    2014 LTM4 Results

    Operations

    • Large scale parks • Located in key markets: warm weather, sizable

    local populations, tourist destinations • Park clusters in 5 of 6 markets • Distinct animal collection • Strong brands and intellectual property

    SeaWorld’s Differentiation

    1 Source: Theme Index: The Global Attractions Attendance Report TEA / AECOM, 2014. 2 As of December 31, 2013. 3 Developable land defined as unimproved acreage outside park perimeter, including unpaved guest parking lots. 4 2014 LTM results represent latest twelve months through September 30, 2014.

  • Investment Highlights

    6

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Globally Recognized Parks, Brands and Intellectual Property

    7

    • Differentiated brands and intellectual property (IP) – Drives attendance – Enhances guest experience – Creates monetizable value in and out of parks

    • Demonstrated ability to create new IP

    • Opportunity to leverage owned brands and IP across multiple platforms

    • Brands that transcend cultures

    • Library of IP includes over1: – 200 brands & marks – 700 active U.S. trademarks – 400 foreign trademarks registrations in over 60

    countries

    Strong Brands and Intellectual Property Drive Value

    1 As of December 31, 2013.

  • Among the World’s Largest Zoological Collections

    8

    • One-of-a-kind collection of approximately 86,000 marine and terrestrial animals1

    • More than 80% of our marine mammals were born in human care1

    • Successful and innovative breeding programs that have produced 31 killer whales, 159 dolphins and 135 sea lions, among other species1

    • Our marine animal populations are characterized by their substantial genetic diversity

    • One of the world’s largest penguin collections

    Inspiring Guests to Care for the Natural World through Up-Close Animal Experiences

    1 As of December 31, 2013.

  • Care for Our Community and the Natural World

    9

    • More than 1,500 employees dedicated to the welfare, enrichment, husbandry and veterinary care of our animals1

    • Our animal experts have helped animals in need – ill, injured, orphaned or abandoned – for more than four decades

    • Thus far in 2014 we have assisted over 1,200 animals, bringing our total rescues to date to more than 24,000 animals2

    • We contribute to wildlife research, habitat protection, animal rescue and conservation education through the SeaWorld & Busch Gardens Conservation Fund and other environmental organizations

    A Global Leader in Animal Husbandry, Veterinary Care, Enrichment and Animal Behavior

    1 As of December 31, 2013. 2 As of November 3, 2014.

  • Investment Highlights

    10

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Well-Capitalized Parks Positioned for Sustained Growth

    11

    • In 2014, TripAdvisor ranked 9 of our 11 theme parks among the best 25 attractions in North America, including Discovery Cove, which was voted the Number 1 amusement park in the world for the second consecutive year1

    • Busch Gardens Williamsburg named the most beautiful theme park in the world for 23 consecutive years2

    • Winner of the top three spots in Amusement Today’s Golden Ticket Award for Best Marine Life Park since 20063

    • Busch Gardens Williamsburg has been recognized with the Golden Ticket Award for Best Landscaping each year since the award’s inception in 19983

    Well-Maintained and Industry Recognized Theme Parks and Attractions

    Busch Gardens Williamsburg

    Discovery Cove

    1 TripAdvisor Traveler’s Choice Awards, 2014. 2 National Amusement Park Historical Association, 2013. 3 Amusement Today Inc. Golden Ticket Awards, 2014.

    SeaWorld Orlando

  • New Attractions Opened in 9 of Our 11 Parks in 2014

    12

    Ihu’s Breakaway Falls Aquatica Orlando

    Explorer’s Reef SeaWorld San Diego

    Falcon’s Fury & Pantopia Busch Gardens Tampa

    Colossal Curl Water Country USA

    Taumata Racer Aquatica San Diego

    50th Anniversary Celebration All 3 SeaWorld Parks

    London Rocks show Busch Gardens Williamsburg

    Cookie’s Monster Land Sesame Place

    Roa’s Aviary Aquatica San Antonio

  • Blue World Project

    13

    • New, first-of-its-kind killer whale environments will open at all three SeaWorld parks – The first realm will open at SeaWorld San Diego in 2018 – Nearly doubles the volume of water in existing facilities, with a

    maximum depth of 50 feet and surface area of nearly 1.5 acres – Transforms how our guests experience killer whales through up-

    close and personal encounters – Investment of approximately $100 million per park

    • Also announced $10 million in matching funds for research focused on identifying threats to killer whales in the wild and a multi-million dollar partnership on ocean health

    • Visit http://blueworldproject.seaworld.com to learn more

    http://blueworldproject.seaworld.com/

  • Investment Highlights

    14

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Diversified Revenue Base1

    15

    FL CA

    VA Other

    2013 Revenue by State

    2013 Attendance by Guest Origin

    • Our parks are near large metro areas, with over 60 million people located within 150 miles

    Domestic

    International

    • Our diversified guest base is comprised of local visitors, non-local domestic visitors and international tourists

    • Our parks operate more than 100 culinary outlets and over 200 specialty retail shops

    • Our parks have broad demographic appeal, with an average party size of 3.8 people

    Family Adult Only

    2013 Revenue by Line of Business

    2013 Attendance by Family Demographic

    Admissions

    All Other

    1 As of December 31, 2013.

  • Investment Highlights

    16

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Ongoing Margin Expansion Opportunities

    17

    Adj. EBITDA and Contribution Margin Opportunities

    • High flow-through margin revenue

    • Fixed cost as revenue grows, semi-variable as volume decreases

    • Park clustering to leverage efficiencies

    • Continued cost and labor management

    – Review of existing cost structure, with the intent to drive $50 million in cost savings by the end of 2015

    • Management of operating calendars and operating hours

    • Addition of higher margin businesses

    • Strategic sourcing / cooperative buying

    ($ in millions)

    1 2014 LTM results represent latest twelve months through September 30, 2014. 2 Revenue includes add-back of $17M for deferred revenue write-downs in 2010.

    Adj. EBITDA Margin 28.3%2 28.7% 29.2% 30.1% 26.5%

    $343 $382

    $415 $439

    $367

    2010 2011 2012 2013 2014 LTM1

  • Aligning Costs for Future Growth

    18

    • $50 million of annual cost savings realized by the end of 2015

    • $10 million of cost savings recognized in 2014 on a pro forma basis (included in guidance)

    • Expect a charge of approximately $13 million in the fourth quarter of 2014 (excluded from Adjusted EBITDA)

    • Benefit of cost reductions offset by add-backs in 2015, normal inflationary cost increases, and an anticipated increase in marketing

    • Net 2015 Adjusted EBITDA expenses expected to be flat to down slightly versus 2014

    Execute a $50 million Cost Savings Plan by the End of 2015

    ($ in millions)

    Estimated EBITDA Expense Savings by Category

    Organization redesign $15

    Park Operations $30

    Other reductions $5

    Total $50

    Estimated EBITDA Expense Impact by Year

    2014 – Pro Forma ($10)

    2015 - Remainder ($40)

    2015 – Total ($50)

    2015 versus 2014 Impact ($40)

    2015 Add-backs $35 – $40

    Net 2015 vs. 2014 Expenses ($5 to Flat)

  • Investment Highlights

    19

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Strong Free Cash Flow Generation

    20

    ($ in millions)

    Strong Free Cash Flow Generation with Substantial Visible Growth in the Future

    $367

    $283

    $120

    $163

    $75

    Cash Taxes

    Working Capital and

    Other2

    Deleveraging over time and

    refinancing opportunities

    Revenue growth and

    margin expansion

    ~$660M in Federal

    NOLs

    Minimal working capital needs

    Capital Expenditures

    Disciplined and flexible

    capital spending

    Cash flow available for discretionary investment

    LTM Adjusted EBITDA1

    Cash Interest Expense

    Adjusted Cash Flow

    from Operations 2014 LTM

    Free Cash Flow1

    1 2014 LTM results represent latest twelve months through September 30, 2014. 2 Excludes other non-cash items.

  • Investment Highlights

    21

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution–Focused Management Team

  • Continued Growth Opportunities

    22

    Increasing Admissions Revenue and In-Park Spending1

    1 In-Park Spending represents total food, merchandise and other revenue.

    • Expand application of variable pricing to additional markets • Optimize pricing and benefits for tiered pass products • Promote in-park product offerings and special events

    – Quick Queue, PhotoKey and All-Day Dining Deal – Cashless Wristband Program

    • Refresh restaurant concepts to market style, away from traditional cafeteria style service

    • Create premium in-park experiences utilizing mobile technology to drive higher in-park spending

    Multi-year Focus on Digital Innovation

    • “Discovery Guide” mobile apps put the parks into guests’ pockets – In-app purchasing, mobile ticketing, and ability to redeem

    special offers – At certain dining locations, guests can use a mobile device to

    pre-order meals or to order their meals for table delivery

    Expedition Café (market style) SeaWorld Orlando

  • Expansion Opportunities

    23

    • Capital-light joint ventures leverage Company’s brands and expertise while generating royalties and management fees – Memorandum of Understanding to build a multi-park

    development in the Middle East; first phase expected to open in 2020

    – Letter of Intent with Village Roadshow Theme Parks to co-develop parks in Pan-Asia, India and Russia

    • Ability to replicate proven park formats and attractions • Significant owned and available land for development • Variety of park formats and sizes expands opportunity set

    • Opportunistic acquisition and expansion opportunities, particularly for smaller park formats

    • Ability to rebrand acquired parks with Company brands

    International Expansion

    New Businesses

    Self-Funded New Parks

    (2000: Discovery Cove)

    • Extend Company-branded entertainment outside of parks • Possible opportunities may include lodging, cruise and

    entertainment districts

    Opportunities

    Opportunistic Acquisitions

    (2012: Aquatica San Diego)

  • Brand Extensions Provide Additional Awareness

    24

    Theme Parks Provide a Platform to Create and Showcase Intellectual Property

    Media, Film, TV & Music

    Consumer Products & Licensing

    Digital, Mobile & Apps

    • Builds awareness of the Company’s brands and parks

    • Live-action and animated television programs based on owned IP & content

    • New properties in development and production

    • Enhances and extends in-park experiences • New collection of mobile games designed to

    engage the imaginations of children • Empowers and engages users to help wildlife

    and nature

    • Product can be sold in and out of parks • Allows guests to take park experience home • Can include toys, apparel, games, movies,

    and back-to-school items, among others • High-margin licensing opportunities

  • 25

    • Sea Rescue™ focuses on the rescue, rehab, and return of sea life back into their natural habitat – Nominated for a 2014 Daytime Emmy® Award for

    “Outstanding Children's Series” – Premiered in April 2012 and began its fourth season on

    October 4; also renewed for its fifth season – Top-rated Saturday morning show in most major U.S. markets – Total viewership of nearly 175 million

    • The Wildlife Docs™ gives a behind the scenes look at Busch Gardens Tampa’s elite zoological team as they care for more than 12,000 animals – Much of the show takes place in the park's Animal Care

    Center, an innovative medical center that brings park guests into the animal care experience

    – Premiered in October 2013 and began its second season on October 4; also renewed for its third season

    – Almost 70 million viewers have tuned in since its debut

    1 Viewership data from April 7, 2012 through September 28, 2014.

    More than 244 Million Viewers have Watched these Two Television Series1

  • Investment Highlights

    26

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution-Focused Management Team

  • Experienced and Execution-Focused Management Team

    27

    Name Title Years with SEAS Years in Industry

    Jim Atchison Chief Executive Officer, President & Director 27 27

    Jim Heaney Chief Financial Officer 2 24

    Dan Brown Chief Operating Officer, SeaWorld & Discovery Cove 39 39

    Donnie Mills Chief Operating Officer, Busch Gardens & Sesame Place 40 40

    Scott Helmstedter Chief Creative Officer 3 28

    Dave Hammer Chief Human Resources Officer 34 34

    Brad Andrews Chief Zoological Officer 42 42

    Tony Taylor Chief Legal & Corporate Affairs Officer, General Counsel & Corporate Secretary 14 14

    Marc Swanson Chief Accounting Officer 14 14

  • 28

    Financial Summary

  • Financial Performance1

    29

    1 Certain prior year amounts included in this presentation have been revised. Refer to the Company’s Quarterly Report on Form 10Q to be filed on November 13, 2014 for additional information. 2 2014 LTM results represent latest twelve months through September 30, 2014. 3 Calculated as total revenue divided by attendance. 4 Excludes a one-time fee of $46.3 million paid to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement in Q2 2013.

    (In millions except per capita data)

    2010 2011 2012 2013 2010 – 2013 CAGR 2014 LTM2

    Attendance 22.4 23.6 24.4 23.4 1.5% 22.5

    Total Revenue per Capita3 $53.32 $56.31 $58.37 $62.43 5.4% $61.57

    Revenue $1,196 $1,331 $1,424 $1,460 6.9% $1,385

    Adjusted EBITDA $343 $382 $415 $439 8.6% $367

    Capital Expenditures $120 $225 $192 $166 11.4% $163

    Adjusted Free Cash Flow $82 $39 $108 $1674 26.7% $120

  • Disciplined Capital Spending

    30

    • Expected full-year 2014 capital expenditures to be in the range of $155 to $165 million and 2015 capital expenditures to be in the range of $185 to $195 million

    • Capital re-investment program that will bring new attractions to destination parks in the coming years

    • Blue World Project brings new, first-of-its-kind killer whale environments to all three SeaWorld parks, the first to open at SeaWorld San Diego in 2018

    Pursue Disciplined Investment and Expansion Opportunities

    1 2014 and 2015 capital spending guidance as of November 12, 2014.

    (In $ millions)

    $120

    $225 $192 $166

    2010 2011 2012 2013

    $155 to $165

    $185 to $195

    2015 Guidance

    2014 Guidance

    Capital Spending

  • Efficient Capital Structure

    31

    • March 2014 swap: increased interest rate swap position on term loan to $1B – Effectively converts over 70% of variable rate debt to fixed rate through September 2016

    • Voluntary prepayment of $31.5 million on Term B2 Loan during the third quarter of 2014 • Ability to call Senior Notes in December 2014 at a reduced premium

    Key Highlights

    1 Excludes unamortized debt discount. 2 Represents September 30, 2014 net debt divided by 2014 LTM Adjusted EBITDA.

    (In $ millions)

    Tranche (as of 9/30/2014) Amount Coupon (bps) Maturity x EBITDA

    Total cash & equivalents $115

    $192.5M revolver -- L+225 4/24/2018

    Term B2 Loan $1,356 L+225 / 0.75% 5/14/2020

    Total secured debt $1,356

    Senior Notes $260 11.00% 12/1/2016

    Total debt1 $1,616

    Net debt1 $1,501 4.09x2

  • Returning Value to Shareholders

    32

    Capital Allocation Priorities 1. Grow the Company through opportunistic acquisitions and brand extensions What we did: Acquired eleventh theme park in 2012; expansion into media, digital and licensing 2. Provide a stable dividend which grows over time What we did: Increased the dividend 5% in 2014 3. Opportunistically buy back our own stock What we did: Bought 1.75 million shares in April 2014 and 1.5 million shares in December 2013

    and the Board of Directors authorized a share repurchase program of up to $250 million, effective January 1, 2015

    4. Pay down long-term liabilities What we did: Paid $42 million toward our Term B2 Loan thus far in 2014

    Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Total Dividends Declared

    $0.20 $0.20 $0.20 $0.20 $0.21 $0.21 4.6% Yield1

    $18 $18 $18 $18 $18 $18 $108

    Share Buybacks

    -- -- 1.5 -- 1.75 -- 3.25 -- -- $43 -- $51 -- $94

    (In millions except per share amounts)

    Over $200 Million in Net Value Returned to Shareholders since April 2013

    per share

    $ value

    total shares

    net $ value

    1 Calculated as current annualized dividend payout divided by stock price per share at close of business on November 10, 2014.

    Total Value $202

  • Investment Summary

    33

    Diversified Revenue Base

    Globally Recognized Parks, Brands and Intellectual Property

    Well-Capitalized Parks Positioned for Sustained Growth

    Ongoing Margin Expansion Opportunities

    Strong Free Cash Flow Generation

    Continued Growth Opportunities

    Experienced and Execution-Focused Management Team

  • 34

    Appendix

  • 35

    2010 2011 2012 2013 2014 LTM2

    Net (loss) income ($45) $15 $74 $52 $62 (Benefit from) provision for income taxes (29) 11 37 26 40

    Loss on early extinguishment of debt -- 15 2 30 --

    Interest expense 134 98 111 90 81

    Depreciation & amortization 207 214 167 166 171

    Secondary offering costs -- -- -- 1 2

    Termination of advisory agreement -- -- -- 50 --

    Advisory fees 5 6 6 3 --

    Equity based compensation expense -- 1 2 6 3

    Debt refinancing costs -- 4 5 4 --

    Other adjusting items -- -- 1 1 4

    Other non-cash expenses 9 12 10 10 3

    Carve-out costs 45 6 -- -- --

    Deferred revenue write-down 17 -- -- -- --

    Adjusted EBITDA3 $343 $382 $415 $439 $367 1 Certain prior year amounts included in this presentation have been revised. Refer to the Company’s Quarterly Report on Form 10Q to be filed on November 13, 2014 for additional information. 2 2014 LTM results represent latest twelve months through September 30, 2014. 3 Column may not foot due to rounding.

    (In $ millions)

    Reconciliation of Adjusted EBITDA to Net (Loss) Income1

  • 36

    2010 2011 2012 2013 2014 LTM2

    Net cash provided by operating activities $202 $264 $299 $286 $283 Capital expenditures 120 225 192 166 163

    Free Cash Flow 82 39 108 120 120

    Advisory termination fee cash payment -- -- -- 46 --

    Adjusted Free Cash Flow3 $82 $39 $108 $167 $120

    (In $ millions)

    1 Certain prior year amounts included in this presentation have been revised. Refer to the Company’s Quarterly Report on Form 10Q to be filed on November 13, 2014 for additional information. 2 2014 LTM results represent latest twelve months through September 30, 2014. 3 Column may not foot due to rounding.

    Reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities1

  • Q3 2014 Investor Presentation

    as of September 30, 2014

    Q3 2014 �Investor PresentationCautionary StatementsSlide Number 3A Leading Theme Park and Entertainment CompanySeaWorld Entertainment, Inc.�At a Glance…Investment HighlightsGlobally Recognized Parks, Brands and Intellectual PropertyAmong the World’s Largest Zoological CollectionsCare for Our Community and the �Natural WorldInvestment HighlightsWell-Capitalized Parks Positioned for Sustained GrowthNew Attractions Opened in 9 of Our 11 Parks in 2014Blue World ProjectInvestment HighlightsDiversified Revenue Base1Investment HighlightsOngoing Margin Expansion OpportunitiesAligning Costs for Future GrowthInvestment HighlightsStrong Free Cash Flow GenerationInvestment HighlightsContinued Growth OpportunitiesExpansion OpportunitiesBrand Extensions Provide Additional AwarenessSlide Number 25Investment HighlightsExperienced and Execution-Focused Management TeamSlide Number 28Financial Performance1Disciplined Capital SpendingEfficient Capital StructureReturning Value to ShareholdersInvestment SummarySlide Number 34Reconciliation of Adjusted EBITDA to Net (Loss) Income1Reconciliation of Adjusted Free Cash Flow �to Cash Flow from Operating Activities1Q3 2014�Investor Presentation


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