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Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information

Note 23. 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 CODM in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. We made no changes to the Pursuit reportable segment.

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

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Pursuit

 

$

23,784

 

 

$

9,790

 

GES:

 

 

 

 

 

 

Spiro

 

 

42,816

 

 

 

12,059

 

GES Exhibitions

 

 

111,831

 

 

 

7,152

 

GES intersegment eliminations

 

 

(1,071

)

 

 

(66

)

Total GES

 

 

153,576

 

 

 

19,145

 

Total revenue

 

$

177,360

 

 

$

28,935

 

 

 

 

 

 

 

 

Segment operating loss:

 

 

 

 

 

 

Pursuit

 

$

(21,198

)

 

$

(18,321

)

GES:

 

 

 

 

 

 

Spiro

 

 

(239

)

 

 

(7,169

)

GES Exhibitions

 

 

(1,355

)

 

 

(12,735

)

Total GES

 

 

(1,594

)

 

 

(19,904

)

Segment operating loss

 

 

(22,792

)

 

 

(38,225

)

Corporate eliminations (1)

 

 

17

 

 

 

17

 

Corporate activities

 

 

(2,673

)

 

 

(2,005

)

Interest expense, net

 

 

(5,877

)

 

 

(5,085

)

Other expense, net

 

 

(638

)

 

 

(360

)

Restructuring charges:

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

(23

)

Spiro

 

 

(418

)

 

 

(50

)

GES Exhibitions

 

 

(236

)

 

 

(2,733

)

Corporate

 

 

—

 

 

 

(20

)

Impairment charges:

 

 

 

 

 

 

GES Exhibitions

 

 

(583

)

 

 

—

 

Loss from continuing operations before income taxes

 

$

(33,200

)

 

$

(48,484

)

 

(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)

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

Pursuit

 

$

7,782

 

 

$

6,457

 

Spiro

 

 

929

 

 

 

1,497

 

GES Exhibitions

 

 

2,291

 

 

 

2,936

 

Corporate

 

 

4

 

 

 

12

 

 

 

$

11,006

 

 

$

10,902

 

Amortization:

 

 

 

 

 

 

Pursuit

 

$

1,179

 

 

$

1,030

 

Spiro

 

 

52

 

 

 

130

 

GES Exhibitions

 

 

1,042

 

 

 

1,115

 

 

 

$

2,273

 

 

$

2,275

 

Capital expenditures:

 

 

 

 

 

 

Pursuit

 

$

11,491

 

 

$

9,223

 

Spiro

 

 

144

 

 

 

148

 

GES Exhibitions

 

 

865

 

 

 

—

 

Corporate and other

 

 

70

 

 

 

—

 

 

 

$

12,570

 

 

$

9,371

 

No asset information has been provided for our reportable segments as our CODM no longer reviews asset information by reportable segment.