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Revenue and Related Contract Costs and Contract Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:


(in thousands)
Balance at December 31, 2021		$	39,662
Cash additions			42,092
Revenue recognized			(19,037	)
Foreign exchange translation adjustment			(1,656	)
Balance at March 31, 2022		$	61,061

Summary of Changes in Contract Costs

Changes to contract costs are as follows:


(in thousands)
Balance at December 31, 2021		$	13,790
Additions			16,017
Expenses			(6,694	)
Foreign exchange translation adjustment			36
Balance at March 31, 2022		$	23,149

Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served

The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served:

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.


		Three Months Ended
		March 31,
(in thousands)		2022				2021
Services:
Ticket revenue		$	9,202			$	1,484
Rooms revenue			6,903				4,769
Transportation			1,179				537
Other			1,370				1,095
Total services revenue			18,654				7,885
Products:
Food and beverage			4,093				1,224
Retail operations			1,037				681
Total products revenue			5,130				1,905
Total revenue		$	23,784			$	9,790

Timing of revenue recognition:
Services transferred over time		$	18,654			$	7,885
Products transferred at a point in time			5,130				1,905
Total revenue		$	23,784			$	9,790

Markets:
Banff Jasper Collection		$	14,330			$	8,460
Alaska Collection			497				289
Glacier Park Collection			1,009				578
FlyOver			4,139				463
Sky Lagoon(1)			3,809				—
Total revenue		$	23,784			$	9,790

(1)

We opened Pursuit’s Sky Lagoon attraction in Reykjavik, Iceland on April 30, 2021.

GES

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. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.


		Three Months Ended
		March 31,
(in thousands)		2022				2021
Service lines:
Spiro		$	42,816			$	12,059
GES Exhibitions			111,831				7,152
Intersegment eliminations			(1,071	)			(66	)
Total revenue		$	153,576			$	19,145

Timing of revenue recognition:
Services transferred over time		$	132,483			$	17,015
Products transferred over time(1)			7,938				417
Products transferred at a point in time			13,155				1,713
Total revenue		$	153,576			$	19,145

Geographical markets:
North America		$	129,027			$	15,858
EMEA			25,813				3,903
Intersegment eliminations			(1,264	)			(616	)
Total revenue		$	153,576			$	19,145

(1)

GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.