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Revenue and Related Contract Costs and Contract Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Summary of Changes in Contract Liabilities | Changes to contract liabilities are as follows:
(in thousands) |  |  |
Balance at December 31, 2023 |  | $ | 53,322 |
Cash additions |  |  | 266,582 |
Revenue recognized |  |  | (252,230 | )
Foreign exchange translation adjustment |  |  | 693 |
Balance at September 30, 2024 |  | $ | 68,367 |
Summary of Changes in Contract Costs | Changes to contract costs are as follows:
(in thousands) |  |  |
Balance at December 31, 2023 |  | $ | 21,974 |
Additions |  |  | 76,206 |
Expenses |  |  | (65,989 | )
Foreign exchange translation adjustment |  |  | 629 |
Balance at September 30, 2024 |  | $ | 32,820 |
Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served | The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served: Pursuit
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Services: |  |  |  |  |  |  |  |  |  |  |  |
Ticket revenue |  | $ | 75,330 |  |  | $ | 71,741 |  |  | $ | 136,842 |  |  | $ | 122,545 |
Rooms revenue |  |  | 42,020 |  |  |  | 48,674 |  |  |  | 74,202 |  |  |  | 78,370 |
Transportation |  |  | 4,990 |  |  |  | 6,010 |  |  |  | 10,183 |  |  |  | 11,644 |
Other |  |  | 10,648 |  |  |  | 8,994 |  |  |  | 16,795 |  |  |  | 13,694 |
Total services revenue |  |  | 132,988 |  |  |  | 135,419 |  |  |  | 238,022 |  |  |  | 226,253 |
Products: |  |  |  |  |  |  |  |  |  |  |  |
Food and beverage |  |  | 26,135 |  |  |  | 28,394 |  |  |  | 47,703 |  |  |  | 47,897 |
Retail operations |  |  | 23,134 |  |  |  | 23,127 |  |  |  | 34,964 |  |  |  | 33,927 |
Total products revenue |  |  | 49,269 |  |  |  | 51,521 |  |  |  | 82,667 |  |  |  | 81,824 |
Total revenue |  | $ | 182,257 |  |  | $ | 186,940 |  |  | $ | 320,689 |  |  | $ | 308,077 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 132,988 |  |  | $ | 135,419 |  |  | $ | 238,022 |  |  | $ | 226,253 |
Products transferred at a point in time |  |  | 49,269 |  |  |  | 51,521 |  |  |  | 82,667 |  |  |  | 81,824 |
Total revenue |  | $ | 182,257 |  |  | $ | 186,940 |  |  | $ | 320,689 |  |  | $ | 308,077 |
Markets: |  |  |  |  |  |  |  |  |  |  |  |
Banff Jasper Collection |  | $ | 80,700 |  |  | $ | 96,503 |  |  | $ | 152,502 |  |  | $ | 161,022 |
Alaska Collection |  |  | 29,238 |  |  |  | 26,846 |  |  |  | 43,897 |  |  |  | 40,000 |
Glacier Park Collection |  |  | 46,408 |  |  |  | 42,806 |  |  |  | 63,152 |  |  |  | 57,991 |
FlyOver |  |  | 12,426 |  |  |  | 9,675 |  |  |  | 27,148 |  |  |  | 22,550 |
Sky Lagoon |  |  | 13,485 |  |  |  | 11,110 |  |  |  | 33,990 |  |  |  | 26,514 |
Total revenue |  | $ | 182,257 |  |  | $ | 186,940 |  |  | $ | 320,689 |  |  | $ | 308,077 |
GES
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service lines: |  |  |  |  |  |  |  |  |  |  |  |
Spiro |  | $ | 82,205 |  |  | $ | 58,887 |  |  | $ | 242,585 |  |  | $ | 199,617 |
GES Exhibitions |  |  | 194,806 |  |  |  | 122,115 |  |  |  | 551,623 |  |  |  | 446,146 |
Intersegment eliminations |  |  | (3,564 | ) |  |  | (2,043 | ) |  |  | (7,158 | ) |  |  | (6,839 | )
Total revenue |  | $ | 273,447 |  |  | $ | 178,959 |  |  | $ | 787,050 |  |  | $ | 638,924 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 242,248 |  |  | $ | 149,700 |  |  | $ | 674,104 |  |  | $ | 539,345 |
Products transferred over time (1) |  |  | 15,137 |  |  |  | 13,518 |  |  |  | 48,108 |  |  |  | 42,497 |
Products transferred at a point in time |  |  | 16,062 |  |  |  | 15,741 |  |  |  | 64,838 |  |  |  | 57,082 |
Total revenue |  | $ | 273,447 |  |  | $ | 178,959 |  |  | $ | 787,050 |  |  | $ | 638,924 |
Geographical markets: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 237,484 |  |  | $ | 148,569 |  |  | $ | 647,465 |  |  | $ | 506,816 |
EMEA |  |  | 52,406 |  |  |  | 42,325 |  |  |  | 182,542 |  |  |  | 154,506 |
Intersegment eliminations |  |  | (16,443 | ) |  |  | (11,935 | ) |  |  | (42,957 | ) |  |  | (22,398 | )
Total revenue |  | $ | 273,447 |  |  | $ | 178,959 |  |  | $ | 787,050 |  |  | $ | 638,924 |
(1) GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.

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