ORLANDO,
Fla., March 27, 2024 /PRNewswire/ -- United
Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and
entertainment company, today reported that on Monday, March 25, 2024, its stockholders
overwhelmingly approved a $500.0
million buyback authorization and the amendment of the
stockholders agreement with Hill Path Capital LP ("Hill Path").
"We thank our stockholders for their quick consideration and
vote on this important matter," said Marc
Swanson, Chief Executive Officer of United Parks &
Resorts Inc. "We are grateful to confirm the strong alignment
between our board and our stockholders on our capital allocation
priorities."
On March 25, 2024, United Parks
& Resorts Inc. held a Special Meeting of Stockholders to: (1)
approve the amendment, entered into on February 27, 2024, to the Stockholders Agreement,
dated May 27, 2019, by and between
Hill Path Capital LP and the Company; and (2) if the Amendment
Proposal was approved, to approve and authorize a new $500.0 million share repurchase program of the
Company's common stock, subject to the qualification that the
Company will not repurchase additional shares if Hill Path's common
stock ownership interest percentage would, as a result of any such
repurchase, equal or exceed 50%. Each of the Amendment
Proposal and the Share Repurchase Proposal required approval by the
holders of a majority of the shares of the Company's common stock
outstanding and entitled to vote as of the record date other than
shares beneficially owned by Hill Path and its affiliates.
Each proposal received over 97% approval.
Under the Share Repurchase Program, the Company is 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. The Share Repurchase Program has no time limit
and may be suspended or discontinued completely at any time. The
number of shares to be purchased and the timing of purchases will
be based on the Company's trading windows and available liquidity,
general business and market conditions, and other factors,
including legal requirements, debt covenant restrictions and
alternative investment opportunities.
About United Parks & Resorts Inc.
United Parks & Resorts Inc. (NYSE: PRKS) is a global theme
park and entertainment company that owns or licenses a diverse
portfolio of award-winning park brands and experiences, including
SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water
Country USA, Adventure Island, and
Aquatica®. The Company's seven world-class brands span 13 parks in
seven markets across the United
States and Abu Dhabi,
offering experiences that matter with exhilarating thrill and
family-friendly rides, coasters, and experiences, inspiring
up-close and educational presentations with wildlife, and other
various special events throughout the year. In addition, the
Company collectively cares for one of the largest zoological
collections in the world, is a global leader in animal welfare,
training, and veterinary care, and is one of the leading marine
animal rescue organizations in the world with a legacy of rescuing
and caring for animals that spans nearly 60 years, including coming
to the aid of over 41,000 animals in need. To learn more, visit
www.UnitedParks.com.
Copies of this and other news releases as well as additional
information about United Parks & Resorts Inc. can be obtained
online at www.unitedparks.com. Shareholders and prospective
investors can also register to automatically receive the Company's
press releases, SEC filings and other notices by e-mail by
registering at that website.
Forward-Looking Statements
In addition to historical information, this press release
contains statements relating to future results (including certain
projections and business trends) that are "forward-looking
statements" within the meaning of the federal securities laws. The
Company generally uses the words such as "might," "will," "may,"
"should," "estimates," "expects," "continues," "contemplates,"
"anticipates," "projects," "plans," "potential," "predicts,"
"intends," "believes," "forecasts," "future," "guidance,"
"targeted," "goal" and variations of such words or similar
expressions in this press release and any attachment to identify
forward-looking statements. All statements, other than statements
of historical facts included in this press release, including
statements concerning plans, objectives, goals, expectations,
beliefs, business strategies, future events, business conditions,
results of operations, financial position, business outlook,
earnings guidance, business trends and other information are
forward-looking statements. The forward-looking statements are not
historical facts, and are based upon current expectations, beliefs,
estimates and projections, and various assumptions, many of which,
by their nature, are inherently uncertain and beyond management's
control. All expectations, beliefs, estimates and projections are
expressed in good faith and the Company believes there is a
reasonable basis for them. However, there can be no assurance that
management's expectations, beliefs, estimates and projections will
result or be achieved and actual results may vary materially from
what is expressed in or indicated by the forward-looking
statements. These forward-looking statements are subject to a
number of risks, uncertainties and other important factors, many of
which are beyond management's control, that could cause actual
results to differ materially from the forward-looking statements
contained in this press release, including among others: various
factors beyond the Company's control adversely affecting attendance
and guest spending at the Company's theme parks, including, but not
limited to, weather, natural disasters, labor shortages,
inflationary pressures, supply chain delays or shortages, foreign
exchange rates, consumer confidence, the potential spread of
travel-related health concerns including pandemics and epidemics,
travel related concerns, adverse general economic related factors
including increasing interest rates, economic uncertainty, and
recent geopolitical events outside of the
United States, and governmental actions; failure to retain
and/or hire employees; a decline in discretionary consumer spending
or consumer confidence, including any unfavorable impacts from
Federal Reserve interest rate actions and inflation which may
influence discretionary spending, unemployment or the overall
economy; the ability of Hill Path Capital LP and its affiliates to
significantly influence the Company's decisions and their interests
may conflict with ours or yours in the future; increased labor
costs, including minimum wage increases, and employee health and
welfare benefit costs; complex federal and state regulations
governing the treatment of animals, which can change, and claims
and lawsuits by activist groups before government regulators and in
the courts; activist and other third-party groups and/or media can
pressure governmental agencies, vendors, partners, guests and/or
regulators, bring action in the courts or create negative publicity
about us; incidents or adverse publicity concerning the Company's
theme parks, the theme park industry and/or zoological facilities;
a significant portion of the Company's revenues have historically
been generated in the States of Florida, California and Virginia, and any risks affecting such
markets, such as natural disasters, closures due to pandemics,
severe weather and travel-related disruptions or incidents;
technology interruptions or failures that impair access to the
Company's websites and/or information technology systems; cyber
security risks to us or the Company's third-party service
providers, failure to maintain or protect the integrity of
internal, employee or guest data, and/or failure to abide by the
evolving cyber security regulatory environment; inability to
compete effectively in the highly competitive theme park industry;
interactions between animals and the Company's employees and the
Company's guests at attractions at the Company's theme parks;
animal exposure to infectious disease; high fixed cost structure of
theme park operations; seasonal fluctuations in operating results;
changing consumer tastes and preferences; inability to grow the
Company's business or fund theme park capital expenditures;
inability to realize the benefits of developments, restructurings,
acquisitions or other strategic initiatives, and the impact of the
costs associated with such activities; the effects of public health
events on the Company's business and the economy in general;
adverse litigation judgments or settlements; inability to protect
the Company's intellectual property or the infringement on
intellectual property rights of others; the loss of licenses and
permits required to exhibit animals or the violation of laws and
regulations; unionization activities and/or labor disputes;
inability to maintain certain commercial licenses; restrictions in
the Company's debt agreements limiting flexibility in operating the
Company's business; inability to retain the Company's current
credit ratings; the Company's leverage and interest rate risk;
inadequate insurance coverage; inability to purchase or contract
with third party manufacturers for rides and attractions,
construction delays or impacts of supply chain disruptions on
existing or new rides and attractions; environmental regulations,
expenditures and liabilities; suspension or termination of any of
the Company's business licenses, including by legislation at
federal, state or local levels; delays, restrictions or inability
to obtain or maintain permits; inability to remediate an identified
material weakness; financial distress of strategic partners or
other counterparties; tariffs or other trade restrictions; actions
of activist stockholders; the policies of the U.S. President and
his administration or any changes to tax laws; changes or declines
in the Company's stock price, as well as the risk that securities
analysts could downgrade the Company's stock or the Company's
sector; risks associated with the Company's capital allocation
plans and share repurchases, including the risk that the Company's
share repurchase program could increase volatility and fail to
enhance stockholder value, uncertainties and factors set forth in
the section entitled "Risk Factors" in the Company's most recently
available Annual Report on Form 10-K, as such risks, uncertainties
and factors may be updated in the Company's periodic filings with
the Securities and Exchange Commission ("SEC"). Although the
Company believes that these statements are based upon reasonable
assumptions, it cannot guarantee future results and readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's opinions only as of the date
of this press release. There can be no assurance that (i) the
Company has correctly measured or identified all of the factors
affecting its business or the extent of these factors' likely
impact, (ii) the available information with respect to these
factors on which such analysis is based is complete or accurate,
(iii) such analysis is correct or (iv) the Company's strategy,
which is based in part on this analysis, will be successful. Except
as required by law, the Company undertakes no obligation to update
or revise forward-looking statements to reflect new information or
events or circumstances that occur after the date of this press
release or to reflect the occurrence of unanticipated events or
otherwise. Readers are advised to review the Company's filings with
the SEC (which are available from the SEC's EDGAR database at
www.sec.gov and via the Company's website at
www.unitedparks.com).
CONTACT:
Investor Relations:
Matthew
Stroud
Investor Relations
(888) 410-1812
Investors@unitedparks.com
Media:
Libby Panke
FleishmanHillard
(314) 719-7521
Libby.Panke@fleishman.com
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SOURCE United Parks and Resorts Inc.