XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Revenue and Related Contract Costs and Contract Liabilities | 9 Months Ended
--- | ---
Sep. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue and Related Contract Costs and Contract Liabilities | Note 2. Revenue and Related Contract Costs and Contract Liabilities Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with a live event. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. We recognize revenue for services generally at the close of the live event. We recognize revenue for products either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice. In circumstances where a customer cancels a contract, we generally have the right to bill the customer for costs incurred to date. Payment terms are generally within 30-60 days and contain no significant financing components. Contract Liabilities Pursuit and GES typically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that we recognize as a reduction of revenue. We include these amounts in “Contract liabilities” and “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets. Changes to contract liabilities are as follows:
(in thousands) |  |  |
Balance at December 31, 2021 |  | $ | 39,662 |
Cash additions |  |  | 134,090 |
Revenue recognized |  |  | (107,479 | )
Foreign exchange translation adjustment |  |  | (3,093 | )
Balance at September 30, 2022 |  | $ | 63,180 |
Contract Costs GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future live events, and also include up-front incentives and commissions incurred upon contract signing. We expense costs associated with preliminary contract activities (i.e. proposal activities) as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in “Costs of services” or “Costs of products” as applicable. We include the deferred incremental costs of obtaining and fulfilling contracts in “Current contract costs” and “Other investments and assets” in the Condensed Consolidated Balance Sheets. Changes to contract costs are as follows:
(in thousands) |  |  |
Balance at December 31, 2021 |  | $ | 13,790 |
Additions |  |  | 51,930 |
Expenses |  |  | (36,448 | )
Foreign exchange translation adjustment |  |  | (1,089 | )
Balance at September 30, 2022 |  | $ | 28,183 |
As of September 30, 2022, capitalized contract costs consisted of $0.3 million to obtain contracts and $27.9 million to fulfill contracts. We did no t recognize an impairment loss with respect to capitalized contract costs during the three and nine months ended September 30, 2022 or 2021. Disaggregation of Revenue 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Services: |  |  |  |  |  |  |  |  |  |  |  |
Ticket revenue |  | $ | 60,825 |  |  | $ | 39,480 |  |  | $ | 99,364 |  |  | $ | 51,069 |
Rooms revenue |  |  | 42,453 |  |  |  | 35,413 |  |  |  | 69,915 |  |  |  | 51,552 |
Transportation |  |  | 6,251 |  |  |  | 3,453 |  |  |  | 11,185 |  |  |  | 4,913 |
Other |  |  | 7,581 |  |  |  | 3,753 |  |  |  | 11,968 |  |  |  | 7,395 |
Total services revenue |  |  | 117,110 |  |  |  | 82,099 |  |  |  | 192,432 |  |  |  | 114,929 |
Products: |  |  |  |  |  |  |  |  |  |  |  |
Food and beverage |  |  | 25,105 |  |  |  | 18,029 |  |  |  | 41,369 |  |  |  | 25,152 |
Retail operations |  |  | 21,581 |  |  |  | 17,427 |  |  |  | 31,378 |  |  |  | 23,577 |
Total products revenue |  |  | 46,686 |  |  |  | 35,456 |  |  |  | 72,747 |  |  |  | 48,729 |
Total revenue |  | $ | 163,796 |  |  | $ | 117,555 |  |  | $ | 265,179 |  |  | $ | 163,658 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 117,110 |  |  | $ | 82,099 |  |  | $ | 192,432 |  |  | $ | 114,929 |
Products transferred at a point in time |  |  | 46,686 |  |  |  | 35,456 |  |  |  | 72,747 |  |  |  | 48,729 |
Total revenue |  | $ | 163,796 |  |  | $ | 117,555 |  |  | $ | 265,179 |  |  | $ | 163,658 |
Markets: |  |  |  |  |  |  |  |  |  |  |  |
Banff Jasper Collection |  | $ | 80,829 |  |  | $ | 52,602 |  |  | $ | 134,121 |  |  | $ | 71,720 |
Alaska Collection |  |  | 25,591 |  |  |  | 25,932 |  |  |  | 39,407 |  |  |  | 37,279 |
Glacier Park Collection |  |  | 41,080 |  |  |  | 32,081 |  |  |  | 55,670 |  |  |  | 43,627 |
FlyOver |  |  | 8,276 |  |  |  | 2,296 |  |  |  | 18,285 |  |  |  | 3,494 |
Sky Lagoon |  |  | 8,020 |  |  |  | 4,644 |  |  |  | 17,696 |  |  |  | 7,538 |
Total revenue |  | $ | 163,796 |  |  | $ | 117,555 |  |  | $ | 265,179 |  |  | $ | 163,658 |
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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service lines: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  | $ | 73,277 |  |  | $ | 37,866 |  |  | $ | 205,518 |  |  | $ | 61,869 |
GES Exhibitions |  |  | 147,872 |  |  |  | 81,138 |  |  |  | 414,303 |  |  |  | 101,347 |
Intersegment eliminations |  |  | (2,224 | ) |  |  | (2,960 | ) |  |  | (5,716 | ) |  |  | (3,107 | )
Total revenue |  | $ | 218,925 |  |  | $ | 116,044 |  |  | $ | 614,105 |  |  | $ | 160,109 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 189,089 |  |  | $ | 100,865 |  |  | $ | 519,036 |  |  | $ | 139,241 |
Products transferred over time(1) |  |  | 11,231 |  |  |  | 6,509 |  |  |  | 35,194 |  |  |  | 7,659 |
Products transferred at a point in time |  |  | 18,605 |  |  |  | 8,670 |  |  |  | 59,875 |  |  |  | 13,209 |
Total revenue |  | $ | 218,925 |  |  | $ | 116,044 |  |  | $ | 614,105 |  |  | $ | 160,109 |
Geographical markets: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 186,787 |  |  | $ | 92,648 |  |  | $ | 505,484 |  |  | $ | 127,978 |
EMEA |  |  | 43,088 |  |  |  | 24,084 |  |  |  | 127,435 |  |  |  | 34,061 |
Intersegment eliminations |  |  | (10,950 | ) |  |  | (688 | ) |  |  | (18,814 | ) |  |  | (1,930 | )
Total revenue |  | $ | 218,925 |  |  | $ | 116,044 |  |  | $ | 614,105 |  |  | $ | 160,109 |
(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.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration