Segment Information

3 Months Ended

Mar. 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, 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
	March 31,
(in thousands)	2023			2022
Revenue:
Pursuit	$	32,663		$	23,784
GES:
Spiro		60,362			42,816
GES Exhibitions		169,497			111,831
GES intersegment eliminations		(1,731	)		(1,071	)
Total GES		228,128			153,576
Total revenue	$	260,791		$	177,360
Segment operating income (loss):
Pursuit	$	(19,112	)	$	(21,198	)
GES:
Spiro		3,174			(239	)
GES Exhibitions		10,410			(1,355	)
Total GES		13,584			(1,594	)
Segment operating loss		(5,528	)		(22,792	)
Corporate eliminations (1)		16			17
Corporate activities		(3,165	)		(2,673	)
Interest expense, net		(12,249	)		(5,877	)
Other expense, net		(531	)		(638	)
Restructuring charges:
Pursuit		(7	)		—
Spiro		(137	)		(418	)
GES Exhibitions		(309	)		(236	)
Impairment charges:
GES Exhibitions		—			(583	)
Loss from continuing operations before income taxes	$	(21,910	)	$	(33,200	)

(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 March 31,
	March 31,
(in thousands)	2023		2022
Depreciation:
Pursuit	$	8,134	$	7,782
Spiro		500		929
GES Exhibitions		1,678		2,291
Corporate		20		4
	$	10,332	$	11,006
Amortization:
Pursuit	$	1,161	$	1,179
Spiro		63		52
GES Exhibitions		919		1,042
	$	2,143	$	2,273
Capital expenditures:
Pursuit	$	7,727	$	11,491
Spiro		647		144
GES Exhibitions		3,008		865
Corporate and other		2		70
	$	11,384	$	12,570

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.