Segment Information

9 Months Ended

Sep. 30, 2019

Note 22. Segment Information

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring 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.

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA. We made no changes to the Pursuit reportable segment.

Our reportable segments, with reconciliations to consolidated totals, are as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)	2019			2018			2019			2018
Revenue:
GES:
North America	$	191,983		$	200,855		$	698,906		$	683,810
EMEA		41,186			47,634			165,067			157,216
Intersegment eliminations		(5,724	)		(2,379	)		(14,731	)		(11,888	)
Total GES		227,445			246,110			849,242			829,138
Pursuit		135,043			112,053			201,119			170,130
Total revenue	$	362,488		$	358,163		$	1,050,361		$	999,268
Segment operating income (loss):
GES:
North America	$	(8,562	)	$	1,367		$	22,635		$	25,055
EMEA		(3,024	)		(207	)		2,775			5,690
Total GES		(11,586	)		1,160			25,410			30,745
Pursuit		66,392			55,408			64,710			53,770
Segment operating income		54,806			56,568			90,120			84,515
Corporate eliminations ⁽¹⁾		16			18			49			51
Corporate activities		(2,680	)		(3,777	)		(7,795	)		(8,529	)
Operating income		52,142			52,809			82,374			76,037
Interest income		79			101			260			238
Interest expense		(3,740	)		(2,608	)		(9,612	)		(7,031	)
Multi-employer pension plan withdrawal		—			—			(15,508	)		—
Other expense		(281	)		(527	)		(1,192	)		(1,308	)
Restructuring recoveries (charges):
GES North America		(881	)		(162	)		(5,139	)		(402	)
GES EMEA		(759	)		(13	)		(1,501	)		(467	)
Pursuit		—			—			—			(140	)
Corporate		(62	)		—			(205	)		10
Impairment recoveries:
Pursuit		—			—			—			35
Legal settlement:
GES		—			—			(8,500	)		—
Income from continuing operations before income taxes	$	46,498		$	49,600		$	40,977		$	66,972

⁽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.}