Maximizing Shareholder Value
NON-GAAP FINANCIAL RECONCILIATION
PURSUIT ($M)
Revenue
2018
Operating Income (Loss)
Depreciation
Amortization
Start-up Costs (A)
Fire-related Business Interruption Matters
Acquisition Integration & Transaction Costs
Remeasurement of Finance lease obligation (B)
Adjusted EBITDA
Less: Capital Expenditures
Free Cash Flow
Cumulative Free Cash Flow
Adjusted EBITDA Margin
GES ($M)
Revenue
Operating Income (Loss)
Depreciation
Amortization
Restructuring Related Inventory Write-Off (C)
Acquisition Integration & Transaction Costs
Adjusted EBITDA
Less: Capital Expenditures
Free Cash Flow
Cumulative Free Cash Flow
Adjusted EBITDA Margin
2015
2016
2017
112.2 $
2019
153.4 $ 173.9 $ 185.3 $ 222.8 $
2020
2021
2022
2023
76.8 $ 187.0
$
299.3 $ 350.3
27.8 $
35.8 $ 47.9
48.9
54.3 $
(42.3) $
4.6
$
24.0
53.4
7.7
12.1
16.1
17.2
20.4
24.8
27.4
31.1
32.9
0.3
0.9
1.6
1.5
2.7
3.6
5.1
5.0
4.9
0.1
0.9
2.3
4.2
4.7
2.2
2.7
0.1
1.1
0.4
0.1
1.4
0.1
0.9
1.5
0.4
4.2
(1.7)
35.8 $
49.9
66.0
68.6
81.1
(9.7) $
42.7
$
67.9
92.6
(13.1)
(31.9)
(30.8)
(56.9)
(49.9)
(43.2)
(54.3)
(56.8)
(62.3)
$
22.7 $
18.0 $
$
22.7 $
40.7 $
35.2
$
75.9 $
11.7 $
31.3 $
(52.9) $
(11.6) $
11.2 $
30.2
87.7 $
119.0 $
66.1 $
54.4 $
65.6 $
95.8
31.9%
2015
32.5%
2016
38.0%
2017
37.0%
2018
36.4%
2019
-12.7%
2020
22.8%
22.7%
26.4%
2021
2022
2023
976.9 $ 1,054.7 $ 1,133.1 $ 1,052.0 $ 1,079.9 $ 338.6
320.3 $
828.0 $
888.4
27.6 $ 51.1
50.7 $
39.6
35.9
(73.9) $
(51.6) $
44.9
55.1
20.2
21.3
26.4
28.5
24.9
21.6
16.3
11.9
9.2
6.9
8.3
10.8
9.5
10.6
6.5
4.9
4.4
3.9
5.3
0.9
0.5
0.2
0.2
55.6
$
81.2 $
88.1 $
77.7 $
71.5 $
(40.5) $
(30.4) $
61.3
$
68.2
$
$
(16.4)
39.2 $
39.2 $
(19.3)
(25.4)
(26.3)
61.9
101.1
62.7 $
$
163.8 $
51.4 $
215.2 $
(26.2)
45.3 $
260.5 $
(10.4)
(50.9) $
209.6 $ 176.1
(3.1)
(33.5) $
$
(10.3)
51.0 $
227.0 $
(13.6)
54.5
281.6
5.7%
7.7%
7.8%
7.4%
6.6%
-12.0%
-9.5%
7.4%
7.7%
(B)
(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Alpine Hotel in Canada.
Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.
(C) Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
29
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