Summary Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary Quarterly Financial Data

22. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED)

Unaudited summary quarterly financial data for the years ended December 31, 2019 and 2018 was as follows:

	2019
	First			Second		Third		Fourth
	Quarter (a)			Quarter (b)		Quarter		Quarter (c)
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	220,575		$	405,992	$	473,666	$	298,011
Operating (loss) income	$	(31,303	)	$	96,264	$	153,528	$	(5,289	)
Net (loss) income	$	(37,020	)	$	52,651	$	98,028	$	(24,183	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.44	)	$	0.65	$	1.25	$	(0.31	)
(Loss) earnings per share, diluted	$	(0.44	)	$	0.64	$	1.24	$	(0.31	)

	2018
	First			Second		Third		Fourth
	Quarter (d)			Quarter (e)		Quarter (f)		Quarter (g)
	(Unaudited, in thousands, except per share amounts)
Total revenues	$	217,166		$	391,921	$	483,175	$	280,028
Operating (loss) income	$	(66,147	)	$	55,210	$	151,730	$	10,874
Net (loss) income	$	(62,844	)	$	22,697	$	95,988	$	(11,053	)
(Loss) earnings per share:
(Loss) earnings per share, basic	$	(0.73	)	$	0.26	$	1.11	$	(0.13	)
(Loss) earnings per share, diluted	$	(0.73	)	$	0.26	$	1.10	$	(0.13	)

(a) During the first quarter of 2019, the Company recorded $2.6 million of pre-tax expenses associated with separation-related costs.  See Note 21–Severance and Other Separation Costs for further details.

(b) During the second quarter of 2019, the Company recorded $4.3 million of pre-tax expenses associated with a previously disclosed transfer of shares and HP Agreements. See Note 17–Related-Party Transactions for further details.   

(c) ^{During the fourth quarter of 2019, the Company recorded $32.1 million of pre-tax expenses associated with a legal settlement accrual, net of insurance recoveries.  See Note 15–Commitments and Contingencies for further details.}

(d) ^{During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual.  See Note 15–Commitments and Contingencies and Note 21–Severance and Other Separation Costs for further details.}

(e) ^{During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual.  See Note 15–Commitments and Contingencies and Note 21–Severance and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.}

(f) ^{During the third quarter of 2018, the Company recorded $3.9 million in severance and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Severance and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.}

(g) During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 11–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details.

Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because seven of its theme parks are only open for a portion of the year.