Has anyone noticed a PDF exported from ArcGIS Pro (v2.2.2), which has the 'Export map georeferenced information' option enabled, not holding the georeferencing information when being pulled into a PDF viewer like Avenza? My client has tried this workflow when exporting using both a map view and a layout view, and neither situation works.
I'm on 2.4.1 and just discovered I'm having this problem. Turns out I had the "output as image" checkbox checked in the export dialogue. Not sure if that's the default but you want it unchecked to maintain the spatial information.