| Segment Information |
Note 22. Segment Information
We measure the profit and performance of our operations on the basis of segment operating income which excludes restructuring charges and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments.
Our reportable segments, with reconciliations to consolidated totals, are as follows:
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
(in thousands) |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
872,154 |
|
|
$ |
826,408 |
|
|
$ |
720,882 |
|
|
International |
|
|
282,712 |
|
|
|
248,503 |
|
|
|
272,634 |
|
|
Intersegment eliminations |
|
|
(21,769 |
) |
|
|
(20,172 |
) |
|
|
(16,638 |
) |
|
Total GES |
|
|
1,133,097 |
|
|
|
1,054,739 |
|
|
|
976,878 |
|
|
Pursuit |
|
|
173,868 |
|
|
|
153,364 |
|
|
|
112,170 |
|
|
Corporate eliminations (1) |
|
|
— |
|
|
|
(3,133 |
) |
|
|
— |
|
|
Total revenue |
|
$ |
1,306,965 |
|
|
$ |
1,204,970 |
|
|
$ |
1,089,048 |
|
|
Segment operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
34,494 |
|
|
$ |
40,524 |
|
|
$ |
14,563 |
|
|
International |
|
|
15,475 |
|
|
|
9,699 |
|
|
|
12,211 |
|
|
Total GES |
|
|
49,969 |
|
|
|
50,223 |
|
|
|
26,774 |
|
|
Pursuit |
|
|
47,082 |
|
|
|
35,705 |
|
|
|
27,810 |
|
|
Segment operating income |
|
|
97,051 |
|
|
|
85,928 |
|
|
|
54,584 |
|
|
Corporate eliminations (1) |
|
|
67 |
|
|
|
(743 |
) |
|
|
— |
|
|
Corporate activities |
|
|
(12,877 |
) |
|
|
(10,322 |
) |
|
|
(9,720 |
) |
|
Operating income |
|
|
84,241 |
|
|
|
74,863 |
|
|
|
44,864 |
|
|
Interest income |
|
|
319 |
|
|
|
1,165 |
|
|
|
658 |
|
|
Interest expense |
|
|
(8,304 |
) |
|
|
(5,898 |
) |
|
|
(4,535 |
) |
|
Restructuring recoveries (charges): |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES U.S. |
|
|
354 |
|
|
|
(2,893 |
) |
|
|
(541 |
) |
|
GES International |
|
|
(1,061 |
) |
|
|
(1,559 |
) |
|
|
(1,813 |
) |
|
Pursuit |
|
|
(86 |
) |
|
|
(171 |
) |
|
|
(200 |
) |
|
Corporate |
|
|
(211 |
) |
|
|
(560 |
) |
|
|
(402 |
) |
|
Impairment recoveries (charges): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pursuit |
|
|
29,098 |
|
|
|
(218 |
) |
|
|
(96 |
) |
|
Income from continuing operations before income taxes |
|
$ |
104,350 |
|
|
$ |
64,729 |
|
|
$ |
37,935 |
|
|
(1) |
Corporate eliminations during 2017 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. Corporate eliminations recorded during 2016 represent the elimination of intercompany revenue and profit realized by GES for work completed on renovations to Pursuit’s Banff Gondola. |
|
|
|
December 31, |
|
|
(in thousands) |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
380,909 |
|
|
$ |
380,951 |
|
|
$ |
294,618 |
|
|
International |
|
|
135,917 |
|
|
|
109,705 |
|
|
|
115,494 |
|
|
Pursuit |
|
|
350,256 |
|
|
|
301,941 |
|
|
|
195,527 |
|
|
Corporate and other |
|
|
52,817 |
|
|
|
77,219 |
|
|
|
85,084 |
|
|
|
|
$ |
919,899 |
|
|
$ |
869,816 |
|
|
$ |
690,723 |
|
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
29,088 |
|
|
$ |
21,473 |
|
|
$ |
18,658 |
|
|
International |
|
|
8,176 |
|
|
|
8,092 |
|
|
|
8,435 |
|
|
Pursuit |
|
|
17,653 |
|
|
|
12,967 |
|
|
|
7,974 |
|
|
Corporate and other |
|
|
197 |
|
|
|
211 |
|
|
|
164 |
|
|
|
|
$ |
55,114 |
|
|
$ |
42,743 |
|
|
$ |
35,231 |
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
17,337 |
|
|
$ |
14,291 |
|
|
$ |
8,066 |
|
|
International |
|
|
8,084 |
|
|
|
5,033 |
|
|
|
8,366 |
|
|
Pursuit |
|
|
30,786 |
|
|
|
31,861 |
|
|
|
13,107 |
|
|
Corporate and other(1) |
|
|
414 |
|
|
|
(1,370 |
) |
|
|
300 |
|
|
|
|
$ |
56,621 |
|
|
$ |
49,815 |
|
|
$ |
29,839 |
|
|
(1) |
The 2016 amount includes an intercompany elimination for work completed by GES on renovations to Pursuit’s Banff Gondola. |
Geographic Areas
Our foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. 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) |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
913,210 |
|
|
$ |
855,304 |
|
|
$ |
726,436 |
|
|
EMEA |
|
|
209,824 |
|
|
|
205,028 |
|
|
|
220,046 |
|
|
Canada |
|
|
183,931 |
|
|
|
144,638 |
|
|
|
142,566 |
|
|
Total revenue |
|
$ |
1,306,965 |
|
|
$ |
1,204,970 |
|
|
$ |
1,089,048 |
|
|
Long-lived assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
180,345 |
|
|
$ |
182,611 |
|
|
$ |
139,479 |
|
|
EMEA |
|
|
43,630 |
|
|
|
37,083 |
|
|
|
15,714 |
|
|
Canada |
|
|
129,108 |
|
|
|
104,461 |
|
|
|
71,677 |
|
|
Total long-lived assets |
|
$ |
353,083 |
|
|
$ |
324,155 |
|
|
$ |
226,870 |
|
|