| Segment Information |
Note 24. 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 chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. 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 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:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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(in thousands) |
|
2023 |
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2022 |
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2023 |
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|
2022 |
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Revenue: |
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Pursuit |
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$ |
88,474 |
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$ |
77,599 |
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$ |
121,137 |
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$ |
101,383 |
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GES: |
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Spiro |
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|
80,368 |
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|
89,425 |
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|
140,730 |
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|
132,241 |
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GES Exhibitions |
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154,534 |
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|
154,600 |
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|
324,031 |
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|
266,431 |
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GES intersegment eliminations |
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(3,065 |
) |
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(2,421 |
) |
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(4,796 |
) |
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(3,492 |
) |
Total GES |
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231,837 |
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241,604 |
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459,965 |
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|
395,180 |
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Total revenue |
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$ |
320,311 |
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$ |
319,203 |
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$ |
581,102 |
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$ |
496,563 |
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Segment operating income (loss): |
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Pursuit |
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$ |
9,811 |
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$ |
5,571 |
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$ |
(9,301 |
) |
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$ |
(15,627 |
) |
GES: |
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Spiro |
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8,279 |
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14,847 |
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11,453 |
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|
14,608 |
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GES Exhibitions |
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15,354 |
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16,273 |
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25,764 |
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14,918 |
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Total GES |
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23,633 |
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31,120 |
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37,217 |
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29,526 |
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Segment operating income |
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33,444 |
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36,691 |
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27,916 |
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|
13,899 |
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Corporate eliminations (1) |
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16 |
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17 |
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32 |
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34 |
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Corporate activities |
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(3,511 |
) |
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(3,440 |
) |
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(6,676 |
) |
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(6,113 |
) |
ON Services sale purchase price adjustment |
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(204 |
) |
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— |
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(204 |
) |
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— |
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Interest expense, net |
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(12,356 |
) |
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(7,761 |
) |
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(24,605 |
) |
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(13,638 |
) |
Other expense, net |
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(448 |
) |
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(612 |
) |
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(979 |
) |
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(1,250 |
) |
Restructuring charges: |
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Pursuit |
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(2 |
) |
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— |
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(9 |
) |
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— |
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Spiro |
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(39 |
) |
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(808 |
) |
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(176 |
) |
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(1,226 |
) |
GES Exhibitions |
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(151 |
) |
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(588 |
) |
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(460 |
) |
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|
(824 |
) |
Corporate |
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— |
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(30 |
) |
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— |
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(30 |
) |
Impairment charges: |
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GES Exhibitions |
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— |
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— |
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— |
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(583 |
) |
Income (loss) from continuing operations before income taxes |
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$ |
16,749 |
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$ |
23,469 |
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$ |
(5,161 |
) |
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$ |
(9,731 |
) |
(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:
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Three Months Ended |
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Six Months Ended June 30, |
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June 30, |
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June 30, |
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(in thousands) |
|
2023 |
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|
2022 |
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2023 |
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|
2022 |
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Depreciation: |
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Pursuit |
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$ |
8,279 |
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$ |
7,866 |
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$ |
16,413 |
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$ |
15,648 |
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Spiro |
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|
600 |
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|
852 |
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|
1,100 |
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|
1,781 |
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GES Exhibitions |
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|
1,640 |
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|
2,070 |
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|
3,318 |
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|
4,361 |
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Corporate |
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19 |
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14 |
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|
39 |
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18 |
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$ |
10,538 |
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$ |
10,802 |
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$ |
20,870 |
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$ |
21,808 |
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Amortization: |
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Pursuit |
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$ |
1,294 |
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$ |
1,316 |
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$ |
2,455 |
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$ |
2,495 |
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Spiro |
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|
62 |
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51 |
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|
125 |
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|
103 |
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GES Exhibitions |
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|
910 |
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|
1,038 |
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1,829 |
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2,080 |
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$ |
2,266 |
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$ |
2,405 |
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$ |
4,409 |
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$ |
4,678 |
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Capital expenditures: |
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Pursuit |
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$ |
17,588 |
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$ |
17,219 |
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$ |
25,315 |
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$ |
28,710 |
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Spiro |
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|
618 |
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|
442 |
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|
1,265 |
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|
586 |
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GES Exhibitions |
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2,590 |
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1,383 |
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5,598 |
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|
2,248 |
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Corporate and other |
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13 |
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25 |
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15 |
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|
95 |
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$ |
20,809 |
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$ |
19,069 |
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$ |
32,193 |
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$ |
31,639 |
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We do not report total assets by segment because this is not a metric used to allocate resources or evaluate segment performance by our CODM.
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