Business Segments

3 Months Ended

Mar. 31, 2020

Business Segments

Business Segments

9.  Business Segments

We manage our operations on an individual park location basis, including operations from parks owned, managed and branded. 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 measure used to allocate resources is Park EBITDA (defined as park-related operating earnings, excluding the impact of interest, taxes, depreciation, amortization and any other non-cash income or expenditures). In general, 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. Based on these factors, we have only one reportable segment—parks.

The following table presents segment financial information and a reconciliation of net loss to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses.

	Three Months Ended
(Amounts in thousands)	March 31, 2020		March 31, 2019
Net loss	$	(84,546)	$	(69,132)
Interest expense, net		27,157		28,348
Income tax benefit		(22,049)		(24,657)
Depreciation and amortization		30,664		29,073
Corporate expenses		12,041		16,904
Stock-based compensation		4,280		3,891
Non-operating park level expense, net:
(Gain) loss on disposal of assets		(120)		1,136
Loss on debt extinguishment, net		1,019		—
Other expense (income), net		1,560		(427)
Park EBITDA	$	(29,994)	$	(14,864)

All of our owned or managed parks are located in the United States with the exception of two parks in Mexico and one park in Montreal, Canada. We also have revenue and expenses related to the development of Six Flags-branded parks outside of North America. The following information reflects our long-lived assets (which consists of property and equipment, right-of-use operating leases and intangible assets), revenues and loss before income taxes by domestic and foreign categories as of or for the three months ended March 31, 2020 and March 31, 2019:

	Domestic		Foreign		Total
2020	(Amounts in thousands)
Long-lived assets	$	2,368,183	$	122,239	$	2,490,422
Revenues		89,496		13,007		102,503
Loss before income taxes		(102,362)		(4,233)		(106,595)
2019
Long-lived assets	$	2,351,751	$	138,302	$	2,490,053
Revenues		111,814		16,379		128,193
Loss before income taxes		(91,553)		(2,236)		(93,789)