Business Segments

3 Months Ended

Mar. 31, 2013

Business Segments

Business Segments

10. Business Segments

We manage our operations on an individual park location basis.  Discrete financial information is maintained for each park and provided to our corporate management for review and as a basis for decision making.  The primary performance measures used to allocate resources are park earnings before interest, tax expense, depreciation and amortization (Park EBITDA) and Park Free Cash Flow (Park EBITDA less park capital expenditures).  All of our parks provide similar products and services through a similar process to the same class of customer through a consistent method.  We also believe that the parks share common economic characteristics.  As such, we have only one reportable segment — theme parks.  The following table presents segment financial information and a reconciliation of the primary segment performance measure to loss from continuing operations before income taxes and discontinued operations (in thousands).  Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses.

	Three Months EndedMarch 31,
	2013			2012
Theme park revenues	$	87,521		$	66,358
Theme park cash expenses	(113,558		)	(102,965		)
Aggregate park EBITDA	(26,037		)	(36,607		)
Equity in operations of investee—EBITDA	—			1,913
Corporate expenses	(11,187		)	(10,554		)
Stock-based compensation	(7,097		)	(17,009		)
Other income, net	242			781
Loss on disposal of assets	(1,070		)	(1,643		)
Reorganization items, net	180			(554		)
Equity in operations of investee — depreciation and other expense	—			(2,233		)
Depreciation and amortization	(35,146		)	(41,495		)
Interest expense	(18,722		)	(11,594		)
Interest income	325			231
Loss from continuing operations before income taxes and discontinued operations	$	(98,512	)	$	(118,764	)

All of our parks are located in the United States except one park is located in Mexico City, Mexico and one is located in Montreal, Canada.  The following information reflects our long-lived assets, revenues and loss from continuing operations by domestic and foreign categories as of and for the first three months of 2013 and 2012 (in thousands):

	Domestic			Foreign		Total
2013
Long-lived assets	$	2,148,396		113,193		2,261,589
Revenue	68,701			18,820		87,521
(Loss) income from continuing operations before income taxes and discontinued operations	(98,990		)	478		(98,512	)
2012
Long-lived assets	$	2,199,803		111,095		2,310,898
Revenue	52,063			14,295		66,358
Loss from continuing operations before income taxes and discontinued operations	(117,237		)	(1,527	)	(118,764	)

Long-lived assets include property and equipment and intangible assets.