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Business Segments
9 Months Ended
Sep. 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

Nine Months Ended

(Amounts in thousands)

September 30, 2020

    

September 30, 2019

    

September 30, 2020

    

September 30, 2019

Net (loss) income

 

$

(95,528)

$

200,209

 

$

(296,324)

 

$

230,973

Interest expense, net

 

38,392

 

28,336

 

116,596

 

86,256

Income tax (benefit) expense

 

(36,243)

 

61,626

 

(113,953)

 

70,644

Depreciation and amortization

 

28,785

 

30,685

 

88,883

 

89,033

Corporate expenses

 

9,576

 

10,060

 

34,971

 

39,984

Stock-based compensation

 

7,907

 

3,903

 

18,207

 

11,347

Non-operating park level expense, net:

Loss (gain) on disposal of assets

 

10,065

 

2,659

 

10,458

 

3,105

Loss on debt extinguishment, net

 

 

 

6,106

 

6,231

Other expense (income), net

 

13,470

 

231

 

19,282

 

(1,474)

Park EBITDA

 

$

(23,576)

$

337,709

 

$

(115,774)

 

$

536,099

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) as of September 30, 2020 and December 31, 2019, and revenues and (loss) income before income taxes by domestic and foreign categories for the nine months ended September 30, 2020 and September 30, 2019:

    

Domestic

    

Foreign

    

Total

2020

(Amounts in thousands)

Long-lived assets

 

$

2,341,345

 

$

126,170

 

$

2,467,515

Revenues

 

231,254

 

16,719

 

247,973

Loss before income taxes

 

(385,764)

 

(24,513)

 

(410,277)

2019

Long-lived assets

 

$

2,347,577

 

$

142,377

 

$

2,489,954

Revenues

 

1,138,640

 

87,943

 

1,226,583

Income before income taxes

 

284,868

 

16,749

 

301,617