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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Note 24. 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 chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer. We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges, impairment charges, gain (loss) from disposition of strategic assets, and certain other corporate expenses 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:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue: |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 350,285 |  |  | $ | 299,327 |  |  | $ | 187,048 |
GES: |  |  |  |  |  |  |  |  |
Spiro |  |  | 283,171 |  |  |  | 277,641 |  |  |  | 116,587 |
GES Exhibitions |  |  | 614,418 |  |  |  | 557,880 |  |  |  | 209,529 |
GES intersegment eliminations |  |  | (9,194 | ) |  |  | (7,537 | ) |  |  | (5,824 | )
Total GES |  |  | 888,395 |  |  |  | 827,984 |  |  |  | 320,292 |
Total revenue |  | $ | 1,238,680 |  |  | $ | 1,127,311 |  |  | $ | 507,340 |
Segment operating income (loss): |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 53,381 |  |  | $ | 24,031 |  |  | $ | 4,609 |
GES: |  |  |  |  |  |  |  |  |
Spiro |  |  | 23,723 |  |  |  | 23,133 |  |  |  | (9,556 | )
GES Exhibitions |  |  | 31,339 |  |  |  | 21,780 |  |  |  | (42,055 | )
Total GES |  |  | 55,062 |  |  |  | 44,913 |  |  |  | (51,611 | )
Segment operating income (loss) |  |  | 108,443 |  |  |  | 68,944 |  |  |  | (47,002 | )
Corporate eliminations (1) |  |  | 59 |  |  |  | 67 |  |  |  | 70 |
Corporate activities |  |  | (14,040 | ) |  |  | (13,418 | ) |  |  | (11,689 | )
Gain on sale of ON Services |  |  | (204 | ) |  |  | 19,637 |  |  |  | — |
Interest expense, net |  |  | (47,978 | ) |  |  | (34,891 | ) |  |  | (28,324 | )
Other expense, net |  |  | (2,033 | ) |  |  | (2,077 | ) |  |  | (2,070 | )
Restructuring charges: |  |  |  |  |  |  |  |  |
Pursuit |  |  | (199 | ) |  |  | (55 | ) |  |  | (85 | )
Spiro |  |  | (329 | ) |  |  | (1,015 | ) |  |  | (575 | )
GES Exhibitions |  |  | (646 | ) |  |  | (1,960 | ) |  |  | (5,361 | )
Corporate |  |  | — |  |  |  | (29 | ) |  |  | (45 | )
Impairment charges: |  |  |  |  |  |  |  |  |
GES Exhibitions |  |  | — |  |  |  | (583 | ) |  |  | — |
Income (loss) from continuing operations before income taxes |  | $ | 43,073 |  |  | $ | 34,620 |  |  | $ | (95,081 | )
(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:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation: |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 32,937 |  |  | $ | 31,075 |  |  | $ | 27,360 |
Spiro |  |  | 1,922 |  |  |  | 3,599 |  |  |  | 4,769 |
GES Exhibitions |  |  | 7,280 |  |  |  | 8,315 |  |  |  | 11,550 |
Corporate |  |  | 85 |  |  |  | 43 |  |  |  | 34 |
|  | $ | 42,224 |  |  | $ | 43,032 |  |  | $ | 43,713 |
Amortization: |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 4,907 |  |  | $ | 5,021 |  |  | $ | 5,108 |
Spiro |  |  | 258 |  |  |  | 242 |  |  |  | 509 |
GES Exhibitions |  |  | 3,654 |  |  |  | 4,188 |  |  |  | 4,420 |
|  | $ | 8,819 |  |  | $ | 9,451 |  |  | $ | 10,037 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 62,339 |  |  | $ | 56,775 |  |  | $ | 54,325 |
Spiro |  |  | 3,309 |  |  |  | 2,923 |  |  |  | 578 |
GES Exhibitions |  |  | 10,337 |  |  |  | 7,342 |  |  |  | 2,557 |
Corporate and other |  |  | 104 |  |  |  | 130 |  |  |  | 476 |
|  | $ | 76,089 |  |  | $ | 67,170 |  |  | $ | 57,936 |
We do not report total assets by segment because this is not a metric used to allocate resources or evaluate segment performance by our CODM. Geographic Areas Our foreign operations are primarily in Canada, the United Kingdom, Iceland, the Netherlands, Germany, and to a lesser extent, in certain other countries. GES revenue is designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue: |  |  |  |  |  |  |  |  |
United States |  | $ | 693,097 |  |  | $ | 703,379 |  |  | $ | 312,265 |
EMEA |  |  | 279,892 |  |  |  | 207,339 |  |  |  | 96,603 |
Canada |  |  | 265,691 |  |  |  | 216,593 |  |  |  | 98,472 |
Total revenue |  | $ | 1,238,680 |  |  | $ | 1,127,311 |  |  | $ | 507,340 |
Long-lived assets: |  |  |  |  |  |  |  |  |
United States |  | $ | 235,421 |  |  | $ | 190,917 |  |  | $ | 179,756 |
EMEA |  |  | 72,651 |  |  |  | 85,680 |  |  |  | 91,877 |
Canada |  |  | 301,866 |  |  |  | 290,438 |  |  |  | 294,193 |
Total long-lived assets |  | $ | 609,938 |  |  | $ | 567,035 |  |  | $ | 565,826 |

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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