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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Reconciliation of income statement items from reportable segments | Our reportable segments, with reconciliations to consolidated totals, are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 182,257 |  |  | $ | 186,940 |  |  | $ | 320,689 |  |  | $ | 308,077 |
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 82,205 |  |  |  | 58,887 |  |  |  | 242,585 |  |  |  | 199,617 |
GES Exhibitions |  |  | 194,806 |  |  |  | 122,115 |  |  |  | 551,623 |  |  |  | 446,146 |
GES intersegment eliminations |  |  | (3,564 | ) |  |  | (2,043 | ) |  |  | (7,158 | ) |  |  | (6,839 | )
Total GES |  |  | 273,447 |  |  |  | 178,959 |  |  |  | 787,050 |  |  |  | 638,924 |
Total revenue |  | $ | 455,704 |  |  | $ | 365,899 |  |  | $ | 1,107,739 |  |  | $ | 947,001 |
Segment operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 75,903 |  |  | $ | 81,375 |  |  | $ | 64,710 |  |  | $ | 72,074 |
GES: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  |  | 6,918 |  |  |  | 179 |  |  |  | 28,436 |  |  |  | 11,632 |
GES Exhibitions |  |  | 9,714 |  |  |  | (5,529 | ) |  |  | 44,353 |  |  |  | 20,235 |
Total GES |  |  | 16,632 |  |  |  | (5,350 | ) |  |  | 72,789 |  |  |  | 31,867 |
Total |  |  | 92,535 |  |  |  | 76,025 |  |  |  | 137,499 |  |  |  | 103,941 |
Corporate eliminations (1) |  |  | 13 |  |  |  | 17 |  |  |  | 45 |  |  |  | 49 |
Corporate activities |  |  | (7,757 | ) |  |  | (3,579 | ) |  |  | (17,612 | ) |  |  | (10,255 | )
Gain on sale of ON Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (204 | )
Interest expense, net |  |  | (11,428 | ) |  |  | (12,476 | ) |  |  | (35,858 | ) |  |  | (37,081 | )
Other expense, net |  |  | (407 | ) |  |  | (554 | ) |  |  | (1,287 | ) |  |  | (1,533 | )
Restructuring (charges) recoveries: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  |  | — |  |  |  | (192 | ) |  |  | (1 | ) |  |  | (201 | )
Spiro |  |  | (329 | ) |  |  | (155 | ) |  |  | (519 | ) |  |  | (331 | )
GES Exhibitions |  |  | (54 | ) |  |  | (125 | ) |  |  | 846 |  |  |  | (585 | )
Corporate |  |  | — |  |  |  | (8 | ) |  |  | — |  |  |  | (8 | )
Impairment charges: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  |  | (6,110 | ) |  |  | — |  |  |  | (6,110 | ) |  |  | — |
Income from continuing operations before income taxes |  | $ | 66,463 |  |  | $ | 58,953 |  |  | $ | 77,003 |  |  | $ | 53,792 |
(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.
Reconciliation of assets from reportable segments | Additional information of our reportable segments is as follows:
|  | Three Months Ended |  |  | Nine Months Ended September 30, |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 10,067 |  |  | $ | 7,708 |  |  | $ | 28,632 |  |  | $ | 24,121 |
Spiro |  |  | 572 |  |  |  | 527 |  |  |  | 1,641 |  |  |  | 1,627 |
GES Exhibitions |  |  | 2,175 |  |  |  | 1,830 |  |  |  | 6,540 |  |  |  | 5,148 |
Corporate |  |  | 41 |  |  |  | 18 |  |  |  | 97 |  |  |  | 57 |
|  | $ | 12,855 |  |  | $ | 10,083 |  |  | $ | 36,910 |  |  | $ | 30,953 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 1,169 |  |  | $ | 1,356 |  |  | $ | 3,493 |  |  | $ | 3,811 |
Spiro |  |  | 76 |  |  |  | 69 |  |  |  | 230 |  |  |  | 194 |
GES Exhibitions |  |  | 744 |  |  |  | 920 |  |  |  | 2,328 |  |  |  | 2,749 |
|  | $ | 1,989 |  |  | $ | 2,345 |  |  | $ | 6,051 |  |  | $ | 6,754 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Pursuit |  | $ | 9,717 |  |  | $ | 18,945 |  |  | $ | 40,547 |  |  | $ | 44,260 |
Spiro |  |  | 1,345 |  |  |  | 892 |  |  |  | 2,285 |  |  |  | 2,157 |
GES Exhibitions |  |  | 3,760 |  |  |  | 2,703 |  |  |  | 9,843 |  |  |  | 8,301 |
Corporate |  |  | 103 |  |  |  | 6 |  |  |  | 112 |  |  |  | 21 |
|  | $ | 14,925 |  |  | $ | 22,546 |  |  | $ | 52,787 |  |  | $ | 54,739 |

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