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Revenue and Related Contract Costs and Contract Liabilities (Tables)
12 Months Ended
Dec. 31, 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, 2020

 

$

18,618

 

Cash additions

 

 

147,814

 

Revenue recognized

 

 

(126,573

)

Foreign exchange translation adjustment

 

 

(197

)

Balance at December 31, 2021

 

 

39,662

 

Cash additions

 

 

158,567

 

Revenue recognized

 

 

(151,408

)

Foreign exchange translation adjustment

 

 

(2,064

)

Balance at December 31, 2022

 

$

44,757

 

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

(in thousands)

 

 

 

Balance at December 31, 2020

 

$

10,835

 

Additions

 

 

31,923

 

Expenses

 

 

(27,935

)

Cancelled

 

 

(976

)

Foreign exchange translation adjustment

 

 

(57

)

Balance at December 31, 2021

 

 

13,790

 

Additions

 

 

62,038

 

Expenses

 

 

(58,561

)

Foreign exchange translation adjustment

 

 

(699

)

Balance at December 31, 2022

 

$

16,568

 

Disaggregate Pursuit and GES 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.

 

 

 

Year Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Services:

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

114,936

 

 

$

61,166

 

 

$

19,939

 

Rooms revenue

 

 

77,019

 

 

 

57,603

 

 

 

26,383

 

Transportation

 

 

12,460

 

 

 

5,591

 

 

 

2,694

 

Other

 

 

14,143

 

 

 

8,564

 

 

 

3,567

 

Total services revenue

 

 

218,558

 

 

 

132,924

 

 

 

52,583

 

Products:

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

47,275

 

 

 

28,953

 

 

 

10,295

 

Retail operations

 

 

33,494

 

 

 

25,171

 

 

 

13,932

 

Total products revenue

 

 

80,769

 

 

 

54,124

 

 

 

24,227

 

Total revenue

 

$

299,327

 

 

$

187,048

 

 

$

76,810

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

218,558

 

 

$

132,924

 

 

$

52,583

 

Products transferred at a point in time

 

 

80,769

 

 

 

54,124

 

 

 

24,227

 

Total revenue

 

$

299,327

 

 

$

187,048

 

 

$

76,810

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

152,863

 

 

$

82,728

 

 

$

46,913

 

Alaska Collection

 

 

39,434

 

 

 

37,344

 

 

 

6,282

 

Glacier Park Collection

 

 

57,760

 

 

 

45,276

 

 

 

17,596

 

FlyOver

 

 

24,445

 

 

 

10,693

 

 

 

6,019

 

Sky Lagoon(1)

 

 

24,825

 

 

 

11,007

 

 

 

 

Total revenue

 

$

299,327

 

 

$

187,048

 

 

$

76,810

 

 

(1)
We opened Pursuit’s Sky Lagoon attraction in Reykjavik, Iceland on April 30, 2021.

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.

 

 

 

Year Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Service lines:

 

 

 

 

 

 

 

 

 

Spiro

 

$

277,641

 

 

$

116,587

 

 

$

102,027

 

GES Exhibitions

 

 

557,880

 

 

 

209,529

 

 

 

238,705

 

Intersegment eliminations

 

 

(7,537

)

 

 

(5,824

)

 

 

(2,107

)

Total revenue

 

$

827,984

 

 

$

320,292

 

 

$

338,625

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

693,482

 

 

$

268,218

 

 

$

298,945

 

Products transferred over time(1)

 

 

51,134

 

 

 

18,551

 

 

 

15,517

 

Products transferred at a point in time

 

 

83,368

 

 

 

33,523

 

 

 

24,163

 

Total revenue

 

$

827,984

 

 

$

320,292

 

 

$

338,625

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

North America

 

$

675,628

 

 

$

243,983

 

 

$

288,921

 

EMEA

 

 

176,086

 

 

 

82,242

 

 

 

53,384

 

Intersegment eliminations

 

 

(23,730

)

 

 

(5,933

)

 

 

(3,680

)

Total revenue

 

$

827,984

 

 

$

320,292

 

 

$

338,625

 

 

(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.