<p>联合公园与度假村公司（United Parks &amp; Resorts Inc.，股票代码：PRKS）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>联合公园与度假村公司在最新的财报电话会议上传达了谨慎但充满希望的语气，尽管公园内消费创下新高，强劲的通行证销售与第一季度较弱的业绩形成对比。管理层承认受天气影响的出勤损失、国际需求疲软以及更大的净亏损，但强调了管道投资、成本节约和市场营销变化是对 2026 年其余时间保持乐观的理由。</p>
<h2>公园内人均消费创纪录</h2>
<p>公园内人均消费同比增长 5.3%，达到创纪录的 40.62 美元，突显了公司更有效地实现每位客人的货币化能力。这一表现帮助推动人均总收入上升 2.1%，部分抵消了出勤率下降，并显示出定价能力和更强的附加销售。</p>
<h2>强劲的通行证销售势头</h2>
<p>在本季度，付费通行证销售增长约 10%，截至 2026 年 4 月 30 日增长约 12%，为公司提供了稳定的忠实访客基础。管理层指出，付费通行证的基础比去年同期更高，这是未来公园流量和经常性收入的积极指标。</p>
<h2>递延收入增长预示未来需求</h2>
<p>截至 3 月，递延收入达到 2.038 亿美元，同比增长约 4.1%，反映出更健康的提前预订情况。余额包括门票、通行证、团体业务和附加产品，表明未来访问和消费的坚实基础已经锁定。</p>
<h2>积极的股票回购持续进行</h2>
<p>公司在第一季度回购了约 260 万股股票，花费约 9270 万美元，季度结束后又回购了约 180 万股，花费约 6480 万美元。约 1.98 亿美元仍在 5 亿美元的授权额度内，表明即使在短期波动中，公司仍愿意向股东返还资本。</p>
<h2>Sponsorship 和合作伙伴关系管道不断增长</h2>
<p>联合公园在本季度签署了两项赞助协议，预计在 2026 年产生超过 1500 万美元的赞助收入。管理层的目标是逐步实现每年约 3000 万美元的收入，并积极洽谈国际和知识产权合作伙伴关系，旨在将收入多样化，超越门票和公园内消费。</p>
<h2>资本投资和技术推动</h2>
<p>第一季度资本支出总计 6960 万美元，其中核心支出为 6270 万美元，700 万美元用于扩展和回报导向项目。公司预计全年核心资本支出在 1.05 亿至 2 亿美元之间，另有约 5000 万美元用于增长计划，包括人工智能摄像头、自动清洁机器人、数字自助服务机和自动化通行系统，以提高效率。</p>
<h2>计划中的运营和市场营销改进</h2>
<p>管理层正在推进一项 5000 万美元的总成本节约计划，并启动全国性的海洋世界市场营销活动。计划推出一系列新的游乐设施、表演、活动以及扩展的食品和零售产品，以重新激发访客量并推动更高的客人消费。</p>
<h2>品牌认知和救助工作提升了品牌形象</h2>
<p>发现湾（Discovery Cove）在《新闻周刊》的 2026 年读者选择排名中被评为最佳主题公园，提升了公司旗舰资产的声望。公司还强调了其动物救助工作，指出今年迄今已援助 211 只动物，历史上超过 43000 只，强化了其围绕保护和关怀的品牌叙事。</p>
<h2>第一季度收入下降</h2>
<p>第一季度总收入为 2.783 亿美元，同比下降 870 万美元，反映出较弱的收入表现。尽管人均消费创下新高，但出勤率下降对季度业绩造成了压力，突显了业务对流量波动的敏感性。</p>
<h2>出勤率受天气和国际疲软影响</h2>
<p>报告的出勤人数同比减少约 171,000 人，其中约 140,000 人归因于不利天气，约 80,000 人归因于国际游客减少。管理层表示，如果没有这些不利因素，出勤率将增长超过 1%，这表明潜在需求依然存在。</p>
<h2>扩大的净亏损凸显压力</h2>
<p>公司第一季度净亏损扩大至 3410 万美元，而去年同期为 1610 万美元，突显了利润压力。更大的亏损反映了收入下降、成本增加和一些非现金项目的组合，提高了对计划中的成本控制和市场营销举措的关注。</p>
<h2>调整后的 EBITDA 下降和费用增长</h2>
<p>调整后的 EBITDA 降至 5800 万美元，比 2025 年下降 950 万美元，因适度上升的费用加重了收入疲软。运营费用增加约 1000 万美元，其中包括约 370 万美元的非现金自保调整和约 330 万美元的一次性咨询及其他费用。</p>
<h2>SG&amp;A 和 ERP 摊销增加</h2>
<p>销售、一般和行政费用同比增加约 390 万美元，主要由约 310 万美元的非现金 ERP 摊销推动。这些在系统和基础设施上的投资预计将支持未来的效率，但也增加了短期的利润压力。</p>
<h2>季节性、现金状况和流动性空间</h2>
<p>管理层提醒投资者，第一季度在现金生成上季节性较弱，季度末现金余额接近 2900 万美元。这个相对薄弱的缓冲，加上持续的股票回购，使得短期流动性空间有限，即使现金流预计将在繁忙季度恢复。</p>
<h2>运营中断和失去的运营天数</h2>
<p>不利的天气和寒冷的条件导致了关闭和失去营业天数，特别是在佛罗里达州的水上乐园和加利福尼亚州一个从一月到三月未开放的公园。这些干扰减少了游客量和收入，突显了天气风险如何对季节性公园运营商的业绩产生实质性影响。</p>
<h2>指导和前景展望</h2>
<p>管理层重申了对 2026 年收入和调整后 EBITDA 增长的预期，指出新的游乐设施和表演、改进的营销计划以及改善的领先指标。随着付费通行证销售增长两位数，递延收入增加，Discovery Cove 和团体预订超出去年，且有 5000 万美元的成本节约目标，公司计划继续投资于增长资本支出、赞助和回购，同时保持对杠杆的舒适度。</p>
<p>United Parks &amp; Resorts 最近的财报电话会议描绘了一个在短期天气和旅游挫折中挣扎的业务，但受益于强劲的客人消费和忠实的通行证持有者。投资者将密切关注计划中的景点、营销推动和成本削减是否足以将这些鼓舞人心的信号转化为 2026 年剩余时间的持续盈利增长。</p>

PRKS

<p>United Parks & Resorts Inc. 在其第一季度财报电话会议中报告了混合的业绩，园内消费创下新高，强劲的通行证销售抵消了较弱的出勤率和 3410 万美元的更大净亏损。尽管面临天气和国际需求的挑战，管理层仍对未来持乐观态度，原因在于管道投资和节省成本的措施。主要亮点包括人均消费增长 5.3%，付费通行证销售增长 10%，递延收入增长 4.1%。该公司还专注于资本投资和市场营销的改善，以推动未来的增长</p>

<p>United Parks &amp; Resorts Inc. ((PRKS)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>联合公园与度假村公司（United Parks &amp; Resorts Inc.，股票代码：PRKS）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>United Parks &amp; Resorts Inc. delivered a cautious but hopeful tone on its latest earnings call, as record in‑park spending and strong pass sales clashed with weaker first‑quarter results. Management acknowledged weather‑driven attendance losses, softer international demand and a wider net loss, yet emphasized pipeline investments, cost savings and marketing changes as reasons to stay optimistic about the rest of 2026.</p>
<div class="lb-trans"><p>联合公园与度假村公司在最新的财报电话会议上传达了谨慎但充满希望的语气，尽管公园内消费创下新高，强劲的通行证销售与第一季度较弱的业绩形成对比。管理层承认受天气影响的出勤损失、国际需求疲软以及更大的净亏损，但强调了管道投资、成本节约和市场营销变化是对 2026 年其余时间保持乐观的理由。</p>
</div><h2>Record In‑Park Per Capita Spending</h2>
<div class="lb-trans"><h2>公园内人均消费创纪录</h2>
</div><p>In‑park per capita spending climbed 5.3% year over year to a record $40.62, underscoring the company’s ability to monetize each guest more effectively. That performance helped push total revenue per capita up 2.1%, partially offsetting lower attendance and signaling pricing power and stronger ancillary sales.</p>
<div class="lb-trans"><p>公园内人均消费同比增长 5.3%，达到创纪录的 40.62 美元，突显了公司更有效地实现每位客人的货币化能力。这一表现帮助推动人均总收入上升 2.1%，部分抵消了出勤率下降，并显示出定价能力和更强的附加销售。</p>
</div><h2>Strong Pass Sales Momentum</h2>
<div class="lb-trans"><h2>强劲的通行证销售势头</h2>
</div><p>Paid pass sales rose about 10% during the quarter and roughly 12% through April 30, 2026, giving the company a solid base of committed visitors. Management noted that the paid pass base was higher than a year ago through April, a positive indicator for future park traffic and recurring revenue.</p>
<div class="lb-trans"><p>在本季度，付费通行证销售增长约 10%，截至 2026 年 4 月 30 日增长约 12%，为公司提供了稳定的忠实访客基础。管理层指出，付费通行证的基础比去年同期更高，这是未来公园流量和经常性收入的积极指标。</p>
</div><h2>Deferred Revenue Growth Signals Future Demand</h2>
<div class="lb-trans"><h2>递延收入增长预示未来需求</h2>
</div><p>Deferred revenue reached $203.8 million as of March, up approximately 4.1% from the prior year, reflecting healthier advance bookings. The balance includes tickets, passes, group business and ancillary products, suggesting a firm foundation of future visits and spending already locked in.</p>
<div class="lb-trans"><p>截至 3 月，递延收入达到 2.038 亿美元，同比增长约 4.1%，反映出更健康的提前预订情况。余额包括门票、通行证、团体业务和附加产品，表明未来访问和消费的坚实基础已经锁定。</p>
</div><h2>Aggressive Share Repurchases Continue</h2>
<div class="lb-trans"><h2>积极的股票回购持续进行</h2>
</div><p>The company repurchased about 2.6 million shares for roughly $92.7 million in the first quarter and another 1.8 million shares for about $64.8 million after quarter end. Roughly $198 million remains under the $500 million authorization, indicating continued willingness to return capital to shareholders even amid near‑term volatility.</p>
<div class="lb-trans"><p>公司在第一季度回购了约 260 万股股票，花费约 9270 万美元，季度结束后又回购了约 180 万股，花费约 6480 万美元。约 1.98 亿美元仍在 5 亿美元的授权额度内，表明即使在短期波动中，公司仍愿意向股东返还资本。</p>
</div><h2>Growing Sponsorship and Partnership Pipeline</h2>
<div class="lb-trans"><h2>Sponsorship 和合作伙伴关系管道不断增长</h2>
</div><p>United Parks signed two sponsorship deals in the quarter and expects to generate more than $15 million in sponsorship revenue in 2026. Management is targeting at least about $30 million annually over time and is in active talks around international and intellectual‑property partnerships, aiming to diversify revenue beyond gate and in‑park spend.</p>
<div class="lb-trans"><p>联合公园在本季度签署了两项赞助协议，预计在 2026 年产生超过 1500 万美元的赞助收入。管理层的目标是逐步实现每年约 3000 万美元的收入，并积极洽谈国际和知识产权合作伙伴关系，旨在将收入多样化，超越门票和公园内消费。</p>
</div><h2>Capital Investment and Technology Push</h2>
<div class="lb-trans"><h2>资本投资和技术推动</h2>
</div><p>First‑quarter capital expenditures totaled $69.6 million, with $62.7 million in core spending and $7.0 million earmarked for expansion and return‑focused projects. For the full year, the company guided to $105 million–$200 million in core CapEx plus around $50 million for growth initiatives, including AI cameras, autonomous cleaning robots, digital kiosks and automated access systems to boost efficiency.</p>
<div class="lb-trans"><p>第一季度资本支出总计 6960 万美元，其中核心支出为 6270 万美元，700 万美元用于扩展和回报导向项目。公司预计全年核心资本支出在 1.05 亿至 2 亿美元之间，另有约 5000 万美元用于增长计划，包括人工智能摄像头、自动清洁机器人、数字自助服务机和自动化通行系统，以提高效率。</p>
</div><h2>Operational and Marketing Improvements Planned</h2>
<div class="lb-trans"><h2>计划中的运营和市场营销改进</h2>
</div><p>Management is pursuing a $50 million gross cost‑savings program for 2026 while launching a national SeaWorld marketing campaign. A robust slate of new rides, shows, events and expanded food and retail offerings is planned to reignite visitation and drive higher guest spending across the portfolio.</p>
<div class="lb-trans"><p>管理层正在推进一项 5000 万美元的总成本节约计划，并启动全国性的海洋世界市场营销活动。计划推出一系列新的游乐设施、表演、活动以及扩展的食品和零售产品，以重新激发访客量并推动更高的客人消费。</p>
</div><h2>Brand Recognition and Rescue Efforts Boost Goodwill</h2>
<div class="lb-trans"><h2>品牌认知和救助工作提升了品牌形象</h2>
</div><p>Discovery Cove was named Newsweek’s number one best theme park for 2026 in its Reader’s Choice rankings, adding prestige to the company’s flagship assets. The firm also highlighted its animal rescue work, noting aid to 211 animals so far this year and more than 43,000 historically, reinforcing its brand narrative around conservation and care.</p>
<div class="lb-trans"><p>发现湾（Discovery Cove）在《新闻周刊》的 2026 年读者选择排名中被评为最佳主题公园，提升了公司旗舰资产的声望。公司还强调了其动物救助工作，指出今年迄今已援助 211 只动物，历史上超过 43000 只，强化了其围绕保护和关怀的品牌叙事。</p>
</div><h2>Revenue Decline in the First Quarter</h2>
<div class="lb-trans"><h2>第一季度收入下降</h2>
</div><p>Total revenue for the first quarter came in at $278.3 million, down $8.7 million compared with 2025, reflecting softer top‑line performance. Despite record per‑capita spending, reduced attendance weighed on the quarter’s results and highlighted the sensitivity of the business to volume swings.</p>
<div class="lb-trans"><p>第一季度总收入为 2.783 亿美元，同比下降 870 万美元，反映出较弱的收入表现。尽管人均消费创下新高，但出勤率下降对季度业绩造成了压力，突显了业务对流量波动的敏感性。</p>
</div><h2>Attendance Hit by Weather and International Weakness</h2>
<div class="lb-trans"><h2>出勤率受天气和国际疲软影响</h2>
</div><p>Reported attendance fell by about 171,000 guests year over year, with roughly 140,000 attributed to unfavorable weather and around 80,000 to weaker international visitation. Management said attendance would have grown by more than 1% if not for these headwinds, suggesting underlying demand remains intact.</p>
<div class="lb-trans"><p>报告的出勤人数同比减少约 171,000 人，其中约 140,000 人归因于不利天气，约 80,000 人归因于国际游客减少。管理层表示，如果没有这些不利因素，出勤率将增长超过 1%，这表明潜在需求依然存在。</p>
</div><h2>Wider Net Loss Highlights Pressure</h2>
<div class="lb-trans"><h2>扩大的净亏损凸显压力</h2>
</div><p>The company’s net loss widened to $34.1 million in the first quarter, compared with a $16.1 million loss a year earlier, underscoring profit pressure. The larger loss reflects the combination of lower revenue, cost increases and some non‑cash items, raising the stakes for planned cost controls and marketing initiatives.</p>
<div class="lb-trans"><p>公司第一季度净亏损扩大至 3410 万美元，而去年同期为 1610 万美元，突显了利润压力。更大的亏损反映了收入下降、成本增加和一些非现金项目的组合，提高了对计划中的成本控制和市场营销举措的关注。</p>
</div><h2>Adjusted EBITDA Decline and Expense Growth</h2>
<div class="lb-trans"><h2>调整后的 EBITDA 下降和费用增长</h2>
</div><p>Adjusted EBITDA fell to $58.0 million, a $9.5 million decline from 2025, as modestly higher expenses compounded softer revenue. Operating expenses rose by about $10.0 million, including a roughly $3.7 million non‑cash self‑insurance adjustment and about $3.3 million of one‑time consulting and other costs.</p>
<div class="lb-trans"><p>调整后的 EBITDA 降至 5800 万美元，比 2025 年下降 950 万美元，因适度上升的费用加重了收入疲软。运营费用增加约 1000 万美元，其中包括约 370 万美元的非现金自保调整和约 330 万美元的一次性咨询及其他费用。</p>
</div><h2>Higher SG&amp;A and ERP Amortization</h2>
<div class="lb-trans"><h2>SG&amp;A 和 ERP 摊销增加</h2>
</div><p>Selling, general and administrative expenses increased by approximately $3.9 million year over year, driven mainly by around $3.1 million in non‑cash ERP amortization. These investments in systems and infrastructure are expected to support future efficiency, but they added to near‑term margin pressure.</p>
<div class="lb-trans"><p>销售、一般和行政费用同比增加约 390 万美元，主要由约 310 万美元的非现金 ERP 摊销推动。这些在系统和基础设施上的投资预计将支持未来的效率，但也增加了短期的利润压力。</p>
</div><h2>Seasonality, Cash Position and Liquidity Headroom</h2>
<div class="lb-trans"><h2>季节性、现金状况和流动性空间</h2>
</div><p>Management reminded investors that the first quarter is seasonally weak for cash generation, and the cash balance sat near $29 million at quarter end. That relatively thin cushion, paired with ongoing share buybacks, leaves limited near‑term liquidity headroom even as cash flows are expected to recover in busier quarters.</p>
<div class="lb-trans"><p>管理层提醒投资者，第一季度在现金生成上季节性较弱，季度末现金余额接近 2900 万美元。这个相对薄弱的缓冲，加上持续的股票回购，使得短期流动性空间有限，即使现金流预计将在繁忙季度恢复。</p>
</div><h2>Operational Disruptions and Lost Operating Days</h2>
<div class="lb-trans"><h2>运营中断和失去的运营天数</h2>
</div><p>Unfavorable weather and cold conditions led to closures and lost operating days, particularly at water parks in Florida and a California park that did not open from January through March. These disruptions reduced visitation and revenue, highlighting how weather risk can materially affect performance for a seasonal park operator.</p>
<div class="lb-trans"><p>不利的天气和寒冷的条件导致了关闭和失去营业天数，特别是在佛罗里达州的水上乐园和加利福尼亚州一个从一月到三月未开放的公园。这些干扰减少了游客量和收入，突显了天气风险如何对季节性公园运营商的业绩产生实质性影响。</p>
</div><h2>Guidance and Forward Outlook</h2>
<div class="lb-trans"><h2>指导和前景展望</h2>
</div><p>Management reiterated expectations for growth in both revenue and adjusted EBITDA in 2026, pointing to new rides and shows, a revamped marketing plan and improving leading indicators. With paid pass sales up double digits, deferred revenue higher, Discovery Cove and group bookings running ahead of last year and a $50 million cost‑savings target, the company plans to keep investing in growth CapEx, sponsorships and buybacks while staying comfortable with leverage.</p>
<div class="lb-trans"><p>管理层重申了对 2026 年收入和调整后 EBITDA 增长的预期，指出新的游乐设施和表演、改进的营销计划以及改善的领先指标。随着付费通行证销售增长两位数，递延收入增加，Discovery Cove 和团体预订超出去年，且有 5000 万美元的成本节约目标，公司计划继续投资于增长资本支出、赞助和回购，同时保持对杠杆的舒适度。</p>
</div><p>United Parks &amp; Resorts’ latest earnings call painted a picture of a business wrestling with near‑term weather and tourism setbacks yet benefiting from strong guest spending and loyal pass holders. Investors will watch closely to see if the planned attractions, marketing push and cost cuts are enough to turn those encouraging signals into sustained earnings growth through the rest of 2026.</p>
<div class="lb-trans"><p>United Parks &amp; Resorts 最近的财报电话会议描绘了一个在短期天气和旅游挫折中挣扎的业务，但受益于强劲的客人消费和忠实的通行证持有者。投资者将密切关注计划中的景点、营销推动和成本削减是否足以将这些鼓舞人心的信号转化为 2026 年剩余时间的持续盈利增长。</p>
</div>

United Parks & Resorts 在挫折与增长之间取得平衡