Business Segments

6 Months Ended

Jun. 30, 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) income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses.

	Three Months Ended				Six Months Ended
(Amounts in thousands)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Net (loss) income	$	(116,250)	$	99,896	$	(200,796)	$	30,764
Interest expense, net		51,047		29,572		78,204		57,920
Income tax (benefit) expense		(55,661)		33,675		(77,710)		9,018
Depreciation and amortization		29,434		29,275		60,098		58,348
Corporate expenses		13,354		13,020		25,395		29,924
Stock-based compensation		6,020		3,553		10,300		7,444
Non-operating park level expense, net:
Loss (gain) on disposal of assets		513		(690)		393		446
Loss on debt extinguishment, net		5,087		6,231		6,106		6,231
Other expense (income), net		4,252		(1,278)		5,812		(1,705)
Park EBITDA	$	(62,204)	$	213,254	$	(92,198)	$	198,390

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) income before income taxes by domestic and foreign categories as of or for the six months ended June 30, 2020 and June 30, 2019:

	Domestic		Foreign		Total
2020	(Amounts in thousands)
Long-lived assets	$	2,363,884	$	124,715	$	2,488,599
Revenues		108,601		13,045		121,646
Loss before income taxes		(266,914)		(11,592)		(278,506)
2019
Long-lived assets	$	2,372,797	$	140,546	$	2,513,343
Revenues		558,821		46,582		605,403
Income before income taxes		36,047		3,735		39,782