Seaworld (NYSE:SEAS)

Theme park business.

Balance sheet (2014): $44M cash, $335M goodwill, $1.6B LT debt.$579M equity. Not a great balance sheet.

On the other hand, the business is quite good and there is not a big risk of interest not getting paid.

Compensation bonus tied to adjusted EBITDA. There is also a severance package for each manager. But this is not too much < $1M for each.



Theme park business. Has moat and competitive advantage.


New IPO (2013)
Animal abuse?
CEO resigned (Dec 2015).


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