Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2023			2022			2023			2022
Revenue:
Pursuit	$	88,474		$	77,599		$	121,137		$	101,383
GES:
Spiro		80,368			89,425			140,730			132,241
GES Exhibitions		154,534			154,600			324,031			266,431
GES intersegment eliminations		(3,065	)		(2,421	)		(4,796	)		(3,492	)
Total GES		231,837			241,604			459,965			395,180
Total revenue	$	320,311		$	319,203		$	581,102		$	496,563
Segment operating income (loss):
Pursuit	$	9,811		$	5,571		$	(9,301	)	$	(15,627	)
GES:
Spiro		8,279			14,847			11,453			14,608
GES Exhibitions		15,354			16,273			25,764			14,918
Total GES		23,633			31,120			37,217			29,526
Segment operating income		33,444			36,691			27,916			13,899
Corporate eliminations (1)		16			17			32			34
Corporate activities		(3,511	)		(3,440	)		(6,676	)		(6,113	)
ON Services sale purchase price adjustment		(204	)		—			(204	)		—
Interest expense, net		(12,356	)		(7,761	)		(24,605	)		(13,638	)
Other expense, net		(448	)		(612	)		(979	)		(1,250	)
Restructuring charges:
Pursuit		(2	)		—			(9	)		—
Spiro		(39	)		(808	)		(176	)		(1,226	)
GES Exhibitions		(151	)		(588	)		(460	)		(824	)
Corporate		—			(30	)		—			(30	)
Impairment charges:
GES Exhibitions		—			—			—			(583	)
Income (loss) from continuing operations before income taxes	$	16,749		$	23,469		$	(5,161	)	$	(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:

	Three Months Ended				Six Months Ended June 30,
	June 30,				June 30,
(in thousands)	2023		2022		2023		2022
Depreciation:
Pursuit	$	8,279	$	7,866	$	16,413	$	15,648
Spiro		600		852		1,100		1,781
GES Exhibitions		1,640		2,070		3,318		4,361
Corporate		19		14		39		18
	$	10,538	$	10,802	$	20,870	$	21,808
Amortization:
Pursuit	$	1,294	$	1,316	$	2,455	$	2,495
Spiro		62		51		125		103
GES Exhibitions		910		1,038		1,829		2,080
	$	2,266	$	2,405	$	4,409	$	4,678
Capital expenditures:
Pursuit	$	17,588	$	17,219	$	25,315	$	28,710
Spiro		618		442		1,265		586
GES Exhibitions		2,590		1,383		5,598		2,248
Corporate and other		13		25		15		95
	$	20,809	$	19,069	$	32,193	$	31,639

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.