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Segment Reporting
 9 Months Ended
Sep. 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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

268,650

 

 

$

296,954

 

 

$

680,505

 

 

$

726,766

 

Food, merchandise and other

 

 

243,201

 

 

 

248,947

 

 

 

608,507

 

 

 

614,151

 

Total revenues

 

 

511,851

 

 

 

545,901

 

 

 

1,289,012

 

 

 

1,340,917

 

Segment costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

39,917

 

 

 

39,909

 

 

 

100,027

 

 

 

101,563

 

Operating labor-related expenses

 

 

111,749

 

 

 

108,633

 

 

 

299,064

 

 

 

291,219

 

Other operating expenses

 

 

71,835

 

 

 

71,816

 

 

 

194,486

 

 

 

194,049

 

Marketing expenses

 

 

33,366

 

 

 

32,450

 

 

 

90,358

 

 

 

87,408

 

Other segment items

 

 

12,353

 

 

 

10,874

 

 

 

35,747

 

 

 

32,073

 

Operating Segment Adjusted EBITDA

 

$

242,631

 

 

$

282,219

 

 

$

569,330

 

 

$

634,605

 

Other expenses(a)

 

 

(46,072

)

 

 

(39,686

)

 

 

(130,941

)

 

 

(126,117

)

Provision for income taxes

 

 

(29,017

)

 

 

(41,597

)

 

 

(54,145

)

 

 

(67,551

)

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,452

)

Interest expense

 

 

(33,515

)

 

 

(39,682

)

 

 

(101,573

)

 

 

(117,845

)

Depreciation and amortization

 

 

(44,702

)

 

 

(41,577

)

 

 

(129,371

)

 

 

(121,040

)

Net Income

 

$

89,325

 

 

$

119,677

 

 

$

153,300

 

 

$

199,600

 
(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.