v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 March 31,

 

 

 

2026

 

 

2025

 

Net revenues:

 

 

 

 

 

 

Admissions

 

$

147,503

 

 

$

156,115

 

Food, merchandise and other

 

 

130,791

 

 

 

130,834

 

Total revenues

 

 

278,294

 

 

 

286,949

 

Segment costs and expenses:

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

22,275

 

 

 

22,949

 

Operating labor-related expenses

 

 

82,844

 

 

 

82,933

 

Other operating expenses

 

 

59,115

 

 

 

57,290

 

Marketing expenses

 

 

22,300

 

 

 

22,714

 

Other segment items

 

 

13,486

 

 

 

11,652

 

Operating Segment Adjusted EBITDA

 

$

78,274

 

 

$

89,411

 

Other expenses(a)

 

 

(41,466

)

 

 

(30,805

)

Benefit from income taxes

 

 

5,926

 

 

 

1,063

 

Interest expense

 

 

(31,735

)

 

 

(34,107

)

Depreciation and amortization

 

 

(45,067

)

 

 

(41,695

)

Net loss

 

$

(34,068

)

 

$

(16,133

)
(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.