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Segment Information
 3 Months Ended
Mar. 31, 2024
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 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, 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:

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Pursuit

 

$

37,231

 

 

$

32,663

 

GES:

 

 

 

 

 

 

Spiro

 

 

61,248

 

 

 

60,362

 

GES Exhibitions

 

 

175,840

 

 

 

169,497

 

GES intersegment eliminations

 

 

(822

)

 

 

(1,731

)

Total GES

 

 

236,266

 

 

 

228,128

 

Total revenue

 

$

273,497

 

 

$

260,791

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

Pursuit

 

$

(23,831

)

 

$

(19,112

)

GES:

 

 

 

 

 

 

Spiro

 

 

4,001

 

 

 

3,174

 

GES Exhibitions

 

 

11,357

 

 

 

10,410

 

Total GES

 

 

15,358

 

 

 

13,584

 

Segment operating loss

 

 

(8,473

)

 

 

(5,528

)

Corporate eliminations (1)

 

 

16

 

 

 

16

 

Corporate activities

 

 

(4,433

)

 

 

(3,165

)

Interest expense, net

 

 

(11,845

)

 

 

(12,249

)

Other expense, net

 

 

(438

)

 

 

(531

)

Restructuring charges:

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

(7

)

Spiro

 

 

(42

)

 

 

(137

)

GES Exhibitions

 

 

(74

)

 

 

(309

)

Loss from continuing operations before income taxes

 

$

(25,289

)

 

$

(21,910

)

 

(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)

 

2024

 

 

2023

 

Depreciation:

 

 

 

 

 

 

Pursuit

 

$

8,623

 

 

$

8,134

 

Spiro

 

 

561

 

 

 

500

 

GES Exhibitions

 

 

2,121

 

 

 

1,678

 

Corporate

 

 

27

 

 

 

20

 

 

 

$

11,332

 

 

$

10,332

 

Amortization:

 

 

 

 

 

 

Pursuit

 

$

1,113

 

 

$

1,161

 

Spiro

 

 

78

 

 

 

63

 

GES Exhibitions

 

 

797

 

 

 

919

 

 

 

$

1,988

 

 

$

2,143

 

Capital expenditures:

 

 

 

 

 

 

Pursuit

 

$

16,387

 

 

$

7,727

 

Spiro

 

 

380

 

 

 

647

 

GES Exhibitions

 

 

3,951

 

 

 

3,008

 

Corporate and other

 

 

3

 

 

 

2

 

 

 

$

20,721

 

 

$

11,384

 

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.