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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

11. SEGMENT REPORTING

The Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources based on Operating Segment Adjusted EBITDA. The Company defines Operating Segment Adjusted EBITDA as net income (loss) plus (i) other unallocated expenses, (ii) income tax provision (benefit), (iii) loss on extinguishment of debt and write-off of discounts and debt issuance costs, (iv) interest expense, consent fees and similar financing costs, and (v) depreciation and amortization.

Operating Segment Adjusted EBITDA is used by the CODM and management to evaluate operations and operating performance. In particular, the CODM and management utilize Operating Segment Adjusted EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. The CODM evaluates asset information as presented in the Company’s accompanying consolidated balance sheets. Segment asset information is not provided to or reviewed by the CODM.

The following table presents significant operating segment revenue and expenses, and Operating Segment Adjusted EBITDA:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

255,740

 

 

$

264,003

 

 

$

411,855

 

 

$

429,812

 

Food, merchandise and other

 

 

234,472

 

 

 

233,590

 

 

 

365,306

 

 

 

365,204

 

Total revenues

 

 

490,212

 

 

 

497,593

 

 

 

777,161

 

 

 

795,016

 

Segment costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

37,161

 

 

 

38,625

 

 

 

60,110

 

 

 

61,654

 

Operating labor-related expenses

 

 

104,382

 

 

 

99,888

 

 

 

187,315

 

 

 

182,586

 

Other operating expenses

 

 

65,361

 

 

 

67,878

 

 

 

122,651

 

 

 

122,233

 

Marketing expenses

 

 

34,278

 

 

 

34,274

 

 

 

56,992

 

 

 

54,958

 

Other segment items

 

 

11,742

 

 

 

10,345

 

 

 

23,394

 

 

 

21,199

 

Operating Segment Adjusted EBITDA

 

$

237,288

 

 

$

246,583

 

 

$

326,699

 

 

$

352,386

 

Other expenses(a)

 

 

(54,064

)

 

 

(41,771

)

 

 

(84,869

)

 

 

(86,431

)

Provision for income taxes

 

 

(26,191

)

 

 

(31,569

)

 

 

(25,128

)

 

 

(25,954

)

Loss on early extinguishment of debt and write-off of discounts and debt issuance costs

 

 

—

 

 

 

(2,452

)

 

 

—

 

 

 

(2,452

)

Interest expense

 

 

(33,951

)

 

 

(39,386

)

 

 

(68,058

)

 

 

(78,163

)

Depreciation and amortization

 

 

(42,974

)

 

 

(40,281

)

 

 

(84,669

)

 

 

(79,463

)

Net Income

 

$

80,108

 

 

$

91,124

 

 

$

63,975

 

 

$

79,923

 
(a)
Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.