Segment Information

12 Months Ended

Dec. 31, 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, gain (loss) from disposition of strategic assets, 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:

	Year Ended December 31,
(in thousands)	2022			2021			2020
Revenue:
Pursuit	$	299,327		$	187,048		$	76,810
GES:
Spiro		277,641			116,587			102,027
GES Exhibitions		557,880			209,529			238,705
GES intersegment eliminations		(7,537	)		(5,824	)		(2,107	)
Total GES		827,984			320,292			338,625
Total revenue	$	1,127,311		$	507,340		$	415,435
Segment operating income (loss):
Pursuit	$	24,031		$	4,609		$	(42,343	)
GES:
Spiro		23,133			(9,556	)		(41,217	)
GES Exhibitions		21,780			(42,055	)		(32,680	)
Total GES		44,913			(51,611	)		(73,897	)
Segment operating income (loss)		68,944			(47,002	)		(116,240	)
Corporate eliminations (1)		67			70			65
Corporate activities		(13,418	)		(11,689	)		(8,687	)
Gain on sale of ON Services		19,637			—			—
Interest expense, net		(34,891	)		(28,324	)		(17,887	)
Other expense, net		(2,077	)		(2,070	)		(1,594	)
Restructuring charges:
Pursuit		(55	)		(85	)		(132	)
Spiro		(1,015	)		(575	)		(1,011	)
GES Exhibitions		(1,960	)		(5,361	)		(11,336	)
Corporate		(29	)		(45	)		(961	)
Impairment charges:
Pursuit		—			—			(1,758	)
Spiro		—			—			(43,403	)
GES Exhibitions		(583	)		—			(157,915	)
Income (loss) from continuing operations before income taxes	$	34,620		$	(95,081	)	$	(360,859	)

(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:

	December 31,
(in thousands)	2022		2021		2020
Depreciation:
Pursuit	$	31,075	$	27,360	$	24,761
Spiro		3,599		4,769		6,975
GES Exhibitions		8,315		11,550		14,634
Corporate		43		34		97
	$	43,032	$	43,713	$	46,467
Amortization:
Pursuit	$	5,021	$	5,108	$	3,633
Spiro		242		509		1,306
GES Exhibitions		4,188		4,420		5,159
	$	9,451	$	10,037	$	10,098
Capital expenditures:
Pursuit	$	56,775	$	54,325	$	43,177
Spiro		2,923		578		1,570
GES Exhibitions		7,342		2,557		8,820
Corporate and other		130		476		—
	$	67,170	$	57,936	$	53,567

We do not report total assets by segment because this is not a metric used to allocate resources or evaluate segment performance.

Geographic Areas

Our foreign operations are primarily in Canada, the United Kingdom, Iceland, the Netherlands, Germany, and to a lesser extent, in certain other countries. GES revenue is designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:

	December 31,
(in thousands)	2022		2021		2020
Revenue:
United States	$	703,379	$	312,265	$	290,541
EMEA		207,339		96,603		56,656
Canada		216,593		98,472		68,238
Total revenue	$	1,127,311	$	507,340	$	415,435
Long-lived assets:
United States	$	190,917	$	179,756	$	173,790
EMEA		85,680		91,877		56,996
Canada		290,438		294,193		276,860
Total long-lived assets	$	567,035	$	565,826	$	507,646