Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 23. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. We made no changes to the Pursuit reportable segment.

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges, impairment charges, multi-employer pension plan withdrawal, and certain other corporate expenses that are not allocated to the reportable segments. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations.

Our reportable segments, with reconciliations to consolidated totals, are as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2022			2021			2022			2021
Revenue:
Pursuit	$	77,599		$	36,313		$	101,383		$	46,103
GES:
Spiro		89,425			11,944			132,241			24,003
GES Exhibitions		154,600			13,057			266,431			20,209
GES intersegment eliminations		(2,421	)		(81	)		(3,492	)		(147	)
Total GES		241,604			24,920			395,180			44,065
Total revenue	$	319,203		$	61,233		$	496,563		$	90,168
Segment operating income (loss):
Pursuit	$	5,571		$	(8,097	)	$	(15,627	)	$	(26,418	)
GES:
Spiro		14,847			(7,211	)		14,608			(14,380	)
GES Exhibitions		16,273			(19,686	)		14,918			(32,421	)
Total GES		31,120			(26,897	)		29,526			(46,801	)
Segment operating income (loss)		36,691			(34,994	)		13,899			(73,219	)
Corporate eliminations (1)		17			18			34			35
Corporate activities		(3,440	)		(3,006	)		(6,113	)		(5,011	)
Interest expense, net		(7,761	)		(5,565	)		(13,638	)		(10,650	)
Multi-employer pension plan withdrawal		—			(57	)		—			(57	)
Other expense, net		(612	)		(680	)		(1,250	)		(1,040	)
Restructuring charges:
Pursuit		—			—			—			(23	)
Spiro		(808	)		(126	)		(1,226	)		(176	)
GES Exhibitions		(588	)		(661	)		(824	)		(3,394	)
Corporate		(30	)		—			(30	)		(20	)
Impairment charges:
GES Exhibitions		—			—			(583	)		—
Income (loss) from continuing operations before income taxes	$	23,469		$	(45,071	)	$	(9,731	)	$	(93,555	)

(1)Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.

Additional information of our reportable segments is as follows:

	Three Months Ended				Six Months Ended June 30,
	June 30,				June 30,
(in thousands)	2022		2021		2022		2021
Depreciation:
Pursuit	$	7,866	$	6,546	$	15,648	$	13,003
Spiro		852		1,032		1,781		2,529
GES Exhibitions		2,070		3,084		4,361		6,020
Corporate		14		12		18		24
	$	10,802	$	10,674	$	21,808	$	21,576
Amortization:
Pursuit	$	1,316	$	1,439	$	2,495	$	2,469
Spiro		51		122		103		252
GES Exhibitions		1,038		1,098		2,080		2,213
	$	2,405	$	2,659	$	4,678	$	4,934
Capital expenditures:
Pursuit	$	17,219	$	14,396	$	28,710	$	23,619
Spiro		442		146		586		294
GES Exhibitions		1,383		702		2,248		702
Corporate and other		25		148		95		148
	$	19,069	$	15,392	$	31,639	$	24,763

No asset information has been provided for our reportable segments as our CODM no longer reviews asset information by reportable segment.