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Segment Information | 6 Months Ended
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Jun. 30, 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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 101,201 |  |  | $ | 88,474 |  |  | $ | 138,432 |  |  | $ | 121,137 |
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 99,132 |  |  |  | 80,368 |  |  |  | 160,380 |  |  |  | 140,730 |
GES Exhibitions |  |  | 180,977 |  |  |  | 154,534 |  |  |  | 356,817 |  |  |  | 324,031 |
GES intersegment eliminations |  |  | (2,772 | ) |  |  | (3,065 | ) |  |  | (3,594 | ) |  |  | (4,796 | )
Total GES |  |  | 277,337 |  |  |  | 231,837 |  |  |  | 513,603 |  |  |  | 459,965 |
Total revenue |  | $ | 378,538 |  |  | $ | 320,311 |  |  | $ | 652,035 |  |  | $ | 581,102 |
Segment operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 12,638 |  |  | $ | 9,811 |  |  | $ | (11,193 | ) |  | $ | (9,301 | )
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 17,517 |  |  |  | 8,279 |  |  |  | 21,518 |  |  |  | 11,453 |
GES Exhibitions |  |  | 23,282 |  |  |  | 15,354 |  |  |  | 34,639 |  |  |  | 25,764 |
Total GES |  |  | 40,799 |  |  |  | 23,633 |  |  |  | 56,157 |  |  |  | 37,217 |
Total |  |  | 53,437 |  |  |  | 33,444 |  |  |  | 44,964 |  |  |  | 27,916 |
Corporate eliminations (1) |  |  | 16 |  |  |  | 16 |  |  |  | 32 |  |  |  | 32 |
Corporate activities |  |  | (5,422 | ) |  |  | (3,511 | ) |  |  | (9,855 | ) |  |  | (6,676 | )
Gain on sale of ON Services |  |  | — |  |  |  | (204 | ) |  |  | — |  |  |  | (204 | )
Interest expense, net |  |  | (12,585 | ) |  |  | (12,356 | ) |  |  | (24,430 | ) |  |  | (24,605 | )
Other expense, net |  |  | (442 | ) |  |  | (448 | ) |  |  | (880 | ) |  |  | (979 | )
Restructuring (charges) recoveries: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  |  | (1 | ) |  |  | (2 | ) |  |  | (1 | ) |  |  | (9 | )
Spiro |  |  | (148 | ) |  |  | (39 | ) |  |  | (190 | ) |  |  | (176 | )
GES Exhibitions |  |  | 974 |  |  |  | (151 | ) |  |  | 900 |  |  |  | (460 | )
Income (loss) from continuing operations before income taxes |  | $ | 35,829 |  |  | $ | 16,749 |  |  | $ | 10,540 |  |  | $ | (5,161 | )
(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 |  |  | Six Months Ended June 30, |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 9,942 |  |  | $ | 8,279 |  |  | $ | 18,565 |  |  | $ | 16,413 |
Spiro |  |  | 508 |  |  |  | 600 |  |  |  | 1,069 |  |  |  | 1,100 |
GES Exhibitions |  |  | 2,244 |  |  |  | 1,640 |  |  |  | 4,365 |  |  |  | 3,318 |
Corporate |  |  | 29 |  |  |  | 19 |  |  |  | 56 |  |  |  | 39 |
|  | $ | 12,723 |  |  | $ | 10,538 |  |  | $ | 24,055 |  |  | $ | 20,870 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 1,211 |  |  | $ | 1,294 |  |  | $ | 2,324 |  |  | $ | 2,455 |
Spiro |  |  | 76 |  |  |  | 62 |  |  |  | 154 |  |  |  | 125 |
GES Exhibitions |  |  | 787 |  |  |  | 910 |  |  |  | 1,584 |  |  |  | 1,829 |
|  | $ | 2,074 |  |  | $ | 2,266 |  |  | $ | 4,062 |  |  | $ | 4,409 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 14,443 |  |  | $ | 17,588 |  |  | $ | 30,830 |  |  | $ | 25,315 |
Spiro |  |  | 560 |  |  |  | 618 |  |  |  | 940 |  |  |  | 1,265 |
GES Exhibitions |  |  | 2,132 |  |  |  | 2,590 |  |  |  | 6,083 |  |  |  | 5,598 |
Corporate |  |  | 6 |  |  |  | 13 |  |  |  | 9 |  |  |  | 15 |
|  | $ | 17,141 |  |  | $ | 20,809 |  |  | $ | 37,862 |  |  | $ | 32,193 |
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.

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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