On Wednesday, United Parks & Resorts Inc. (NYSE:PRKS), formerly known as SeaWorld (NYSE:PRKS) Entertainment, Inc., announced the appointment of Bill Myers as the company's new Chief Accounting Officer. Myers, who brings extensive experience from various financial leadership roles, will assume his position immediately.
With a career spanning over two decades, Myers has held positions such as the Chief Financial Officer of MobilityWorks and TravelCenters (NASDAQ:TA) of America Inc. His background also includes senior roles in financial reporting and accounting at notable companies like Eaton (NYSE:ETN) Corporation and Whirlpool Corporation (NYSE:WHR), as well as experience with major accounting firms.
In his new role at United Parks & Resorts, Myers will be responsible for overseeing the company's accounting operations and will serve as the principal accounting officer for compliance with the Securities Act of 1933 and the Securities Exchange Act of 1934.
The company disclosed the terms of Myers' employment, which include an annual base salary of $260,000, potential annual and long-term bonuses, and various stock-related incentives. These incentives are part of the company's 2017 Omnibus Incentive Plan and include options, restricted stock units, and performance stock units, all subject to vesting conditions.
United Parks & Resorts highlighted that there are no familial ties between Myers and any current directors or executive officers, nor are there any relevant transactions that would necessitate further disclosure under SEC regulations.
This article is based on information from a recent SEC filing by the company.
In other recent news, United Parks & Resorts has expanded its credit facility from $390 million to $700 million, a move that enhances its financial flexibility. The company also reported a slight rise in Q2 attendance, reaching approximately 6.2 million guests.
Projected revenues for the quarter are estimated to be between $495 million and $500 million, with anticipated net income falling between $87 million and $95 million. Despite these promising figures, a decrease in Adjusted EBITDA is expected, ranging from $215 million to $220 million.
In the realm of analyst ratings, Goldman Sachs (NYSE:GS) downgraded United Parks & Resorts from "Buy" to "Neutral", while Truist Securities and B.Riley raised their price targets on the company's shares. These recent developments reflect the dynamic state of affairs at United Parks & Resorts.
InvestingPro Insights
As United Parks & Resorts Inc. (NYSE:PRKS) welcomes Bill Myers as the new Chief Accounting Officer, investors may be interested in the latest financial metrics and market performance of the company. According to InvestingPro data, United Parks & Resorts has a market capitalization of $2.97 billion, with a P/E ratio of 13.26 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 10.85. These valuations come at a time when the company's revenue shows slight contraction, with a -0.74% change over the last twelve months as of Q2 2024, though it managed a marginal quarterly revenue growth of 0.32% in Q2 2024.
InvestingPro Tips highlight that management's aggressive share buybacks and the positive sentiment from analysts, who have revised their earnings upwards for the upcoming period, could signal confidence in the company's financial strategy. Additionally, the company is expected to be profitable this year, as it has been over the last twelve months. However, potential investors should be aware of the company's liquidity concerns, as short term obligations currently exceed liquid assets. For those interested in diving deeper into the company's financials and market performance, InvestingPro offers additional tips and insights at https://www.investing.com/pro/PRKS.
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