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