Segment Information

9 Months Ended

Sep. 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, and certain other corporate expenses (including multi-employer pension plan withdrawals) 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						Nine Months Ended
	September 30,						September 30,
(in thousands)	2022			2021			2022			2021
Revenue:
Pursuit	$	163,796		$	117,555		$	265,179		$	163,658
GES:
Spiro		73,277			37,866			205,518			61,869
GES Exhibitions		147,872			81,138			414,303			101,347
GES intersegment eliminations		(2,224	)		(2,960	)		(5,716	)		(3,107	)
Total GES		218,925			116,044			614,105			160,109
Total revenue	$	382,721		$	233,599		$	879,284		$	323,767
Segment operating income (loss):
Pursuit(1)	$	59,749		$	49,601		$	44,122		$	23,183
GES:
Spiro		3,720			(399	)		18,328			(14,779	)
GES Exhibitions		2,870			(9,100	)		17,788			(41,521	)
Total GES		6,590			(9,499	)		36,116			(56,300	)
Segment operating income (loss)		66,339			40,102			80,238			(33,117	)
Corporate eliminations (2)		17			17			51			52
Corporate activities		(3,768	)		(3,093	)		(9,881	)		(8,104	)
Interest expense, net		(10,252	)		(9,518	)		(23,890	)		(20,168	)
Other expense, net		(280	)		(466	)		(1,530	)		(1,563	)
Restructuring charges:
Pursuit		—			(32	)		—			(55	)
Spiro		(71	)		(422	)		(1,297	)		(598	)
GES Exhibitions		(1,316	)		(1,707	)		(2,140	)		(5,101	)
Corporate		—			(25	)		(30	)		(45	)
Impairment charges:
GES Exhibitions		—			—			(583	)		—
Income (loss) from continuing operations before income taxes	$	50,669		$	24,856		$	40,938		$	(68,699	)

(1)Refer to Note 1 – Overview and Basis of Presentation under the heading “Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements” for additional information.

(2)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				Nine Months Ended September 30,
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Depreciation:
Pursuit	$	7,501	$	6,734	$	23,149	$	19,737
Spiro		912		1,158		2,693		3,687
GES Exhibitions		2,058		2,866		6,419		8,886
Corporate		9		6		27		30
	$	10,480	$	10,764	$	32,288	$	32,340
Amortization:
Pursuit	$	1,351	$	1,462	$	3,846	$	3,931
Spiro		57		131		160		383
GES Exhibitions		1,068		1,119		3,148		3,332
	$	2,476	$	2,712	$	7,154	$	7,646
Capital expenditures:
Pursuit	$	20,178	$	19,121	$	48,888	$	42,740
Spiro		1,042		107		1,628		401
GES Exhibitions		1,898		1,059		4,146		1,761
Corporate and other		13		137		108		285
	$	23,131	$	20,424	$	54,770	$	45,187

No asset information has been provided for our reportable segments as our CODM does not review asset information by reportable segment.