Segment Information

12 Months Ended

Dec. 31, 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, 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)	2023			2022			2021
Revenue:
Pursuit	$	350,285		$	299,327		$	187,048
GES:
Spiro		283,171			277,641			116,587
GES Exhibitions		614,418			557,880			209,529
GES intersegment eliminations		(9,194	)		(7,537	)		(5,824	)
Total GES		888,395			827,984			320,292
Total revenue	$	1,238,680		$	1,127,311		$	507,340
Segment operating income (loss):
Pursuit	$	53,381		$	24,031		$	4,609
GES:
Spiro		23,723			23,133			(9,556	)
GES Exhibitions		31,339			21,780			(42,055	)
Total GES		55,062			44,913			(51,611	)
Segment operating income (loss)		108,443			68,944			(47,002	)
Corporate eliminations (1)		59			67			70
Corporate activities		(14,040	)		(13,418	)		(11,689	)
Gain on sale of ON Services		(204	)		19,637			—
Interest expense, net		(47,978	)		(34,891	)		(28,324	)
Other expense, net		(2,033	)		(2,077	)		(2,070	)
Restructuring charges:
Pursuit		(199	)		(55	)		(85	)
Spiro		(329	)		(1,015	)		(575	)
GES Exhibitions		(646	)		(1,960	)		(5,361	)
Corporate		—			(29	)		(45	)
Impairment charges:
GES Exhibitions		—			(583	)		—
Income (loss) from continuing operations before income taxes	$	43,073		$	34,620		$	(95,081	)

(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)	2023		2022		2021
Depreciation:
Pursuit	$	32,937	$	31,075	$	27,360
Spiro		1,922		3,599		4,769
GES Exhibitions		7,280		8,315		11,550
Corporate		85		43		34
	$	42,224	$	43,032	$	43,713
Amortization:
Pursuit	$	4,907	$	5,021	$	5,108
Spiro		258		242		509
GES Exhibitions		3,654		4,188		4,420
	$	8,819	$	9,451	$	10,037
Capital expenditures:
Pursuit	$	62,339	$	56,775	$	54,325
Spiro		3,309		2,923		578
GES Exhibitions		10,337		7,342		2,557
Corporate and other		104		130		476
	$	76,089	$	67,170	$	57,936

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.

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)	2023		2022		2021
Revenue:
United States	$	693,097	$	703,379	$	312,265
EMEA		279,892		207,339		96,603
Canada		265,691		216,593		98,472
Total revenue	$	1,238,680	$	1,127,311	$	507,340
Long-lived assets:
United States	$	235,421	$	190,917	$	179,756
EMEA		72,651		85,680		91,877
Canada		301,866		290,438		294,193
Total long-lived assets	$	609,938	$	567,035	$	565,826