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Segment Information
 9 Months Ended
Sep. 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 (recoveries), 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

 

 

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.

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

 

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.