XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 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, impairment charges, and certain other corporate expenses (including multi-employer pension plan withdrawals) 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 163,796 |  |  | $ | 117,555 |  |  | $ | 265,179 |  |  | $ | 163,658 |
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 73,277 |  |  |  | 37,866 |  |  |  | 205,518 |  |  |  | 61,869 |
GES Exhibitions |  |  | 147,872 |  |  |  | 81,138 |  |  |  | 414,303 |  |  |  | 101,347 |
GES intersegment eliminations |  |  | (2,224 | ) |  |  | (2,960 | ) |  |  | (5,716 | ) |  |  | (3,107 | )
Total GES |  |  | 218,925 |  |  |  | 116,044 |  |  |  | 614,105 |  |  |  | 160,109 |
Total revenue |  | $ | 382,721 |  |  | $ | 233,599 |  |  | $ | 879,284 |  |  | $ | 323,767 |
Segment operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Pursuit(1) |  | $ | 59,749 |  |  | $ | 49,601 |  |  | $ | 44,122 |  |  | $ | 23,183 |
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 3,720 |  |  |  | (399 | ) |  |  | 18,328 |  |  |  | (14,779 | )
GES Exhibitions |  |  | 2,870 |  |  |  | (9,100 | ) |  |  | 17,788 |  |  |  | (41,521 | )
Total GES |  |  | 6,590 |  |  |  | (9,499 | ) |  |  | 36,116 |  |  |  | (56,300 | )
Segment operating income (loss) |  |  | 66,339 |  |  |  | 40,102 |  |  |  | 80,238 |  |  |  | (33,117 | )
Corporate eliminations (2) |  |  | 17 |  |  |  | 17 |  |  |  | 51 |  |  |  | 52 |
Corporate activities |  |  | (3,768 | ) |  |  | (3,093 | ) |  |  | (9,881 | ) |  |  | (8,104 | )
Interest expense, net |  |  | (10,252 | ) |  |  | (9,518 | ) |  |  | (23,890 | ) |  |  | (20,168 | )
Other expense, net |  |  | (280 | ) |  |  | (466 | ) |  |  | (1,530 | ) |  |  | (1,563 | )
Restructuring charges: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  |  | — |  |  |  | (32 | ) |  |  | — |  |  |  | (55 | )
Spiro |  |  | (71 | ) |  |  | (422 | ) |  |  | (1,297 | ) |  |  | (598 | )
GES Exhibitions |  |  | (1,316 | ) |  |  | (1,707 | ) |  |  | (2,140 | ) |  |  | (5,101 | )
Corporate |  |  | — |  |  |  | (25 | ) |  |  | (30 | ) |  |  | (45 | )
Impairment charges: |  |  |  |  |  |  |  |  |  |  |  |
GES Exhibitions |  |  | — |  |  |  | — |  |  |  | (583 | ) |  |  | — |
Income (loss) from continuing operations before income taxes |  | $ | 50,669 |  |  | $ | 24,856 |  |  | $ | 40,938 |  |  | $ | (68,699 | )
(1) Refer to Note 1 – Overview and Basis of Presentation under the heading “Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements” for additional information. (2) 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 |  |  | Nine Months Ended September 30, |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 7,501 |  |  | $ | 6,734 |  |  | $ | 23,149 |  |  | $ | 19,737 |
Spiro |  |  | 912 |  |  |  | 1,158 |  |  |  | 2,693 |  |  |  | 3,687 |
GES Exhibitions |  |  | 2,058 |  |  |  | 2,866 |  |  |  | 6,419 |  |  |  | 8,886 |
Corporate |  |  | 9 |  |  |  | 6 |  |  |  | 27 |  |  |  | 30 |
|  | $ | 10,480 |  |  | $ | 10,764 |  |  | $ | 32,288 |  |  | $ | 32,340 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 1,351 |  |  | $ | 1,462 |  |  | $ | 3,846 |  |  | $ | 3,931 |
Spiro |  |  | 57 |  |  |  | 131 |  |  |  | 160 |  |  |  | 383 |
GES Exhibitions |  |  | 1,068 |  |  |  | 1,119 |  |  |  | 3,148 |  |  |  | 3,332 |
|  | $ | 2,476 |  |  | $ | 2,712 |  |  | $ | 7,154 |  |  | $ | 7,646 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 20,178 |  |  | $ | 19,121 |  |  | $ | 48,888 |  |  | $ | 42,740 |
Spiro |  |  | 1,042 |  |  |  | 107 |  |  |  | 1,628 |  |  |  | 401 |
GES Exhibitions |  |  | 1,898 |  |  |  | 1,059 |  |  |  | 4,146 |  |  |  | 1,761 |
Corporate and other |  |  | 13 |  |  |  | 137 |  |  |  | 108 |  |  |  | 285 |
|  | $ | 23,131 |  |  | $ | 20,424 |  |  | $ | 54,770 |  |  | $ | 45,187 |
No asset information has been provided for our reportable segments as our CODM does not review asset information by reportable segment.

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration