Revenue and Related Contract Costs and Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2021	$	39,662
Cash additions		134,090
Revenue recognized		(107,479	)
Foreign exchange translation adjustment		(3,093	)
Balance at September 30, 2022	$	63,180

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2021	$	13,790
Additions		51,930
Expenses		(36,448	)
Foreign exchange translation adjustment		(1,089	)
Balance at September 30, 2022	$	28,183

Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served

The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served:

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Services:
Ticket revenue	$	60,825	$	39,480	$	99,364	$	51,069
Rooms revenue		42,453		35,413		69,915		51,552
Transportation		6,251		3,453		11,185		4,913
Other		7,581		3,753		11,968		7,395
Total services revenue		117,110		82,099		192,432		114,929
Products:
Food and beverage		25,105		18,029		41,369		25,152
Retail operations		21,581		17,427		31,378		23,577
Total products revenue		46,686		35,456		72,747		48,729
Total revenue	$	163,796	$	117,555	$	265,179	$	163,658
Timing of revenue recognition:
Services transferred over time	$	117,110	$	82,099	$	192,432	$	114,929
Products transferred at a point in time		46,686		35,456		72,747		48,729
Total revenue	$	163,796	$	117,555	$	265,179	$	163,658
Markets:
Banff Jasper Collection	$	80,829	$	52,602	$	134,121	$	71,720
Alaska Collection		25,591		25,932		39,407		37,279
Glacier Park Collection		41,080		32,081		55,670		43,627
FlyOver		8,276		2,296		18,285		3,494
Sky Lagoon		8,020		4,644		17,696		7,538
Total revenue	$	163,796	$	117,555	$	265,179	$	163,658

GES

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. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)	2022			2021			2022			2021
Service lines:
Spiro	$	73,277		$	37,866		$	205,518		$	61,869
GES Exhibitions		147,872			81,138			414,303			101,347
Intersegment eliminations		(2,224	)		(2,960	)		(5,716	)		(3,107	)
Total revenue	$	218,925		$	116,044		$	614,105		$	160,109
Timing of revenue recognition:
Services transferred over time	$	189,089		$	100,865		$	519,036		$	139,241
Products transferred over time(1)		11,231			6,509			35,194			7,659
Products transferred at a point in time		18,605			8,670			59,875			13,209
Total revenue	$	218,925		$	116,044		$	614,105		$	160,109
Geographical markets:
North America	$	186,787		$	92,648		$	505,484		$	127,978
EMEA		43,088			24,084			127,435			34,061
Intersegment eliminations		(10,950	)		(688	)		(18,814	)		(1,930	)
Total revenue	$	218,925		$	116,044		$	614,105		$	160,109

(1)GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.