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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

NOTE 23. SEGMENT INFORMATION

On December 31, 2024, we completed the sale of our GES Business (“GES Sale”). Prior to the GES Sale, our three operating segments comprised Pursuit, GES Exhibitions, and Spiro. As a result of the GES Sale, the operating results and cash flows for the GES Business have been classified as discontinued operations within the consolidated financial statements for all periods presented. Refer to Note 5 – Discontinued Operations for additional information. In connection with the GES Sale, our Board of Directors appointed a new President and Chief Executive Officer, who is our chief operating decision maker (“CODM”).

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 CODM in deciding how to allocate resources and assess performance. Our CODM manages the business on a consolidated basis and accordingly we have a single operating and reportable segment. We derive our revenue through our collection of travel experiences including attractions and hospitality, along with integrated restaurants, retail, and transportation.

Our CODM assesses performance of our single reportable segment and decides how to allocate resources based on income (loss) from continuing operations, which is also reported on the Condensed Consolidated Statements of Operations as “Income (loss) from continuing operations.” Our CODM uses income (loss) from continuing operations to monitor actual results to our forecasted plan, which is used in assessing performance and in establishing management’s compensation.

The financial information, including significant single segment expense categories regularly provided to our CODM, are included in the following table including a reconciliation to loss from continuing operations:

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2025

 

 

2024

 

Total revenue

 

$

37,579

 

 

$

37,231

 

Costs and expenses:

 

 

 

 

 

 

Cost of food, beverage, and retail products sold

 

$

2,285

 

 

$

2,537

 

Operating labor expenses (1)

 

 

16,178

 

 

 

17,085

 

Other segment expenses (2)

 

 

22,249

 

 

 

23,289

 

Selling, general, and administrative expenses

 

 

17,165

 

 

 

12,842

 

Depreciation and amortization

 

 

10,968

 

 

 

9,763

 

Interest expense, net

 

 

1,464

 

 

 

2,922

 

Other expense, net

 

 

319

 

 

 

310

 

Restructuring charges

 

 

38

 

 

 

—

 

Total costs and expenses

 

 

70,666

 

 

 

68,748

 

Loss from continuing operations before income taxes

 

 

(33,087

)

 

 

(31,517

)

Income tax benefit

 

 

(1,866

)

 

 

(1,654

)

Loss from continuing operations

 

$

(31,221

)

 

$

(29,863

)

(1) Operating labor expenses consist of wages, incentives, benefits, and employer taxes.

(2) Other segment expenses, exclusive of depreciation and amortization, primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, credit card fees and certain overhead expenses.

Additional information of our reportable segment is as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2025

 

 

2024

 

Total assets

 

$

832,564

 

 

$

845,008

 

Depreciation

 

$

9,800

 

 

$

8,650

 

Amortization

 

$

1,168

 

 

$

1,113

 

Capital expenditures

 

$

9,899

 

 

$

16,390