UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from ____________ to____________ Commission file number: 001-11015 Pursuit Attractions and Hospitality, Inc. (Exact name of registrant as specified in its charter) Delaware 36-1169950 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANG ...

PURSUIT REPORTS 2025 THIRD QUARTER RESULTS DENVER, November 5, 2025 -- Pursuit Attractions and Hospitality, Inc. ("Pursuit") (NYSE: PRSU) today reported results for the third quarter 2025 and raised guidance for the full year 2025. David Barry, Pursuit's President and Chief Executive Officer, commented, "We delivered record third quarter results with strong revenue growth compared to the prior year across all geographies, including exceptionally strong growth from Jasper's recovery, paired with margin expan ...

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $116.743 million, a 15.4% increase from $101.201 million in the same period of 2024[140] - For the six months ended June 30, 2025, total revenue was $154.322 million, an 11.5% increase from $138.432 million in the same period of 2024[140] - Attractions ticket revenue rose by 17.3% to $72,152,000, driven by a 5.2% increase in visitors and an 11.2% increase in effective ticket price[148] Visitor Statistics - The number of visitors to attractions increased to 1,135,144 for the three months ended June 30, 2025, compared to 1,002,312 in the same period of 2024, reflecting a 7.7% growth[145] - For the six months ended June 30, 2025, the number of visitors increased by 5.9% to 1,594,604 compared to 1,393,096 in the same period of 2024[147] Hospitality Performance - Hospitality revenue rose by $3.9 million, driven by a 9.0% increase in Revenue per Available Room (RevPAR), despite a 3.1% decrease in available room nights due to renovations[142] - RevPAR for hospitality properties was $163.11, a 9.0% increase from $149.66 in the same period of 2024[145] - Hospitality revenue increased by 6.8% to $55,679,000, with RevPAR rising by 8.6% to $124.12 due to higher occupancy rates[149] Operating Expenses - Operating expenses (excluding depreciation and amortization) increased by 4.6% to $62,563,000, primarily due to higher variable costs associated with increased transaction volumes[150] - Selling, general, and administrative expenses rose by 14.9% to $15,729,000, largely due to higher transaction-related costs[152] Cash Flow and Liquidity - The company reported a net cash used in operating activities attributable to continuing operations of $2.8 million for the six months ended June 30, 2025[158] - Total available liquidity as of June 30, 2025, was $208,601,000, significantly up from $49,702,000 at the end of 2024[156] - Net cash provided by financing activities attributable to continuing operations decreased by $15.9 million, from $29.8 million in the six months ended June 30, 2024 to $10.1 million in the six months ended June 30, 2025[165] Capital Expenditures and Acquisitions - Capital expenditures for 2025 are planned to be between $71 million and $76 million, including $38 million to $43 million for growth projects[160] - The company acquired ITA for $111 million, funded primarily through $105 million in borrowings under the 2025 Revolving Credit Facility[157] - The acquisition of Tabacón Thermal Resort & Spa was finalized on July 1, 2025, expanding the company's portfolio in Costa Rica[138] Tax and Foreign Currency - The effective tax rate decreased to 28.5% for the three months ended June 30, 2025, compared to 70.9% for the same period in 2024[154] - Cumulative unrealized foreign currency translation losses in stockholders' equity were $44.9 million as of June 30, 2025, down from $62.9 million as of December 31, 2024[169] - An unrealized foreign currency translation gain of $23.5 million was recorded during the six months ended June 30, 2025, compared to a loss of $13.1 million during the same period in 2024[169] Foreign Exchange and Interest Rate Risks - The company is exposed to fluctuations in foreign exchange rates, which may adversely impact overall expected profitability[170] - The company is exposed to short-term and long-term interest rate risk on certain debt obligations[172] - Foreign exchange risk includes potential losses from the translation of foreign currency financial information and remeasurement of foreign currency transactions[168] - The company does not currently hedge its equity risk arising from the translation of foreign-denominated assets and liabilities[169] - The company does not currently hedge its net earnings exposure arising from the translation of foreign revenue and net income[170]

Revenue Performance - Revenue for Q2 2025 was $116.7 million, an increase of $15.5 million (15.4%) compared to Q2 2024[3] - Total revenue for Q2 2025 was $116,743,000, an increase of 15.4% compared to $101,201,000 in Q2 2024[30] - Ticket, rooms, transportation, and other services revenue rose to $88,063,000, reflecting a 15.8% increase from $76,050,000 in the same period last year[30] - Food and beverage and retail products revenue increased by 14.0% to $28,680,000, up from $25,151,000 in Q2 2024[30] - The company reported a total revenue of $154,322 for the six months ended June 30, 2025, an 11.5% increase from $138,432 in the same period of 2024[49] Profitability Metrics - Adjusted EBITDA for Q2 2025 was $29.7 million, reflecting a year-over-year increase of $9.8 million (49.2%) due to higher revenue and cost discipline[3] - Adjusted EBITDA for Q2 2025 was $29,708, representing a 49.2% increase from $19,914 in Q2 2024[49] - Adjusted EBITDA margin improved to 25.4% in Q2 2025, up from 19.7% in Q2 2024[49] - Net income attributable to Pursuit was $5.6 million, down from $29.3 million in the prior year, primarily due to the sale of the GES business[3] - Net income for Q2 2025 was $8,731,000, a decrease of 71.7% compared to $30,878,000 in Q2 2024[30] - Net income attributable to Pursuit for Q2 2025 was $5,646, down 80.7% from $29,311 in Q2 2024[49] Expenses and Costs - Selling, general, and administrative expenses increased by 14.9% to $15,729,000 in Q2 2025, driven by higher transaction-related costs[33] - Operating expenses (excluding depreciation and amortization) rose to $62,563,000, a 4.6% increase from $59,793,000 in Q2 2024[32] - Interest expense decreased by 51.0% to $1,928 in Q2 2025 from $3,937 in Q2 2024[49] - Transaction-related costs for Q2 2025 were $3,364, a substantial increase from $55 in Q2 2024, reflecting ongoing corporate development activities[49] - Other expenses, net, surged to $5,962 in Q2 2025 from $309 in Q2 2024, indicating significant changes in operational costs[49] Guidance and Future Outlook - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $108 million to $118 million, an increase of $10 million from previous guidance[2] - Pursuit's revenue is expected to grow by approximately 20% at the midpoint compared to 2024, with total capital expenditures projected between $71 million and $76 million[18] - The company plans to invest approximately $38 million to $43 million in organic growth capital expenditures during 2025[15] - The company anticipates continued growth in the travel industry and plans to focus on capital expenditures and acquisitions to support its growth strategy[25] Shareholder Metrics - Basic income per share for Q2 2025 was $0.20, down 79.6% from $0.98 in Q2 2024[30] - Basic weighted-average outstanding common shares increased by 7,130 shares or 33.7% to 28,256 for the three months ended June 30, 2025, compared to 21,126 in 2024[38] - The diluted weighted-average outstanding common shares for the three months ended June 30, 2025, increased by 7,266 shares or 34.4% to 28,392 compared to 21,126 in 2024[43] - Diluted adjusted earnings per share (EPS) for the three months ended June 30, 2025, was $0.36, compared to a loss of $0.06 in 2024, representing a change of $0.42[43] Discontinued Operations - The company reported a loss from discontinued operations attributable to Pursuit of $1,135 for the three months ended June 30, 2025, a decrease of $28,607 or 96.2% compared to a loss of $29,742 in 2024[43] - Income from discontinued operations improved significantly, with a net loss of $(1,135) in Q2 2025 compared to $(29,742) in Q2 2024, a 96.2% change[49] Other Notable Items - The acquisition of Tabacón Thermal Resort & Spa was completed for approximately $111 million, enhancing Pursuit's portfolio in Costa Rica[14] - The net leverage ratio was 0.6x at the end of Q2 2025, projected to be 1.5x on a pro forma basis after the Tabacón acquisition[11] - The legacy pension termination resulted in a non-cash settlement charge of $5.4 million associated with the termination of the legacy Giltspur Inc. Employees' Pension Plan[46] - The company experienced a significant restructuring charge of $259 for the three months ended June 30, 2025, compared to only $1 in 2024, indicating a substantial increase in restructuring activities[43]

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $37,579,000, representing a 0.9% increase from $37,231,000 in the same period of 2024[143]. - Attractions revenue increased by $1,012,000, primarily due to a 1.7% increase in the number of visitors and a 2.7% increase in revenue per attraction visitor, despite a $1,300,000 negative impact from foreign exchange[143]. - Hospitality revenue decreased by $386,000, driven by a 3.5% decrease in rooms revenue due to fewer room nights available from renovations[144]. - The number of visitors to attractions increased to 459,460 in Q1 2025, up from 390,784 in Q1 2024, marking a 17.6% increase[146]. Operating Expenses - Operating expenses (excluding depreciation and amortization) decreased by 4.8% to $38,427,000, primarily due to a remeasurement of the Sky Lagoon finance lease obligation[150][151]. - Selling, general, and administrative expenses increased by 33.7% to $17,165,000, largely due to higher transaction-related costs associated with the transition to a standalone company[152]. Tax and Seasonality - The effective tax rate for Q1 2025 was 5.6%, compared to 5.2% in Q1 2024, reflecting the company's valuation allowance on losses in the U.S.[153]. - 77% of the company's revenue was earned during the second and third quarters, indicating significant seasonality in operations[142]. Cash Flow and Liquidity - As of March 31, 2025, total available liquidity was $212.1 million, significantly up from $49.7 million on December 31, 2024[155]. - Net cash used in operating activities attributable to continuing operations was $24.4 million for the three months ended March 31, 2025, compared to $22.4 million for the same period in 2024[160]. - Net cash used in investing activities attributable to continuing operations decreased by $11.2 million to $5.2 million for the three months ended March 31, 2025, primarily due to reduced capital expenditures[161]. - Net cash provided by financing activities attributable to continuing operations decreased by $22.2 million to $3.7 million for the three months ended March 31, 2025, compared to $25.9 million in the same period of 2024[162]. Losses and Liabilities - The company recorded a net loss of $31.4 million for the three months ended March 31, 2025, compared to a net loss of $26.2 million for the same period in 2024[160]. - The company has long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.1 million as of March 31, 2025[168]. - Cumulative unrealized foreign currency translation losses in stockholders' equity were $63.0 million as of March 31, 2025[166]. Future Plans - Capital expenditures for 2025 are planned to be approximately $70 million to $75 million, including $38 million to $43 million for select growth projects[158]. - The company plans to utilize proceeds from the $200 million 2025 Revolving Credit Facility for operations, growth initiatives, and acquisitions[155]. - The company expects to adjust projected capital outlays based on changes in the operating environment[157]. Business Transactions - The sale of the GES Business was completed for an aggregate purchase price of $535 million, with $510 million as the base price and $25 million deferred[139][140]. - Revenue per available room (RevPAR) for hospitality properties was $67.26 in Q1 2025, a slight decrease from $67.56 in Q1 2024, despite an 8.6% increase in RevPAR on a same-store basis[146][148].

Financial Performance - Pursuit reported Q1 2025 revenue of $37.6 million, a 0.9% increase from $37.2 million in Q1 2024[3] - Total revenue for the three months ended March 31, 2025, was $37,579,000, an increase of $348,000 or 0.9% compared to $37,231,000 in 2024[26] - Revenue for Q1 2025 was $37,579, a 0.9% increase from $37,231 in Q1 2024, representing a $348 increase[42] - Revenue from ticket, rooms, transportation, and other services increased by $750,000 or 2.6% to $29,734,000, while food and beverage and retail products revenue decreased by $402,000 or 4.9% to $7,845,000[26] Net Loss and Adjusted Metrics - Net loss attributable to Pursuit was $31.1 million, compared to a loss of $25.1 million in the prior year, reflecting a 24.0% increase in losses[3] - Net loss attributable to Pursuit for the first quarter of 2025 was $31,136,000, an increase of $6,019,000 or 24.0% compared to $25,117,000 in 2024[33] - Adjusted net loss for the first quarter of 2025 was $26,884,000, compared to $25,418,000 in 2024, reflecting a decrease of $1,465,000 or 5.8%[38] - Adjusted EBITDA for Q1 2025 was negative $17.5 million, a decline of $2.9 million year-over-year, primarily due to inflationary cost increases[12] - Adjusted EBITDA for Q1 2025 was $(17,477), a 19.7% decline from $(14,604) in Q1 2024[42] - Adjusted EBITDA margin decreased to (46.5%) in Q1 2025 from (39.2%) in Q1 2024, reflecting a 7.3% decline[42] Expenses and Costs - Operating expenses (excluding depreciation and amortization) decreased by $1,947,000 or 4.8% to $38,427,000, primarily due to a foreign exchange gain related to the Sky Lagoon finance lease obligation[28] - Selling, general, and administrative expenses increased by $3,468,000 or 25.3% to $17,165,000, mainly due to higher transaction-related costs totaling $4.9 million[29] - Transaction-related costs rose significantly to $4,910 in Q1 2025 from $862 in Q1 2024[42] - Depreciation and amortization increased by 12.3% to $10,968 in Q1 2025 from $9,763 in Q1 2024[42] - Start-up costs were eliminated in Q1 2025, down from $1,940 in Q1 2024[42] Future Outlook - The company expects full year 2025 revenue growth in the low double digits compared to $366.5 million in 2024[11] - Adjusted EBITDA guidance for 2025 is set at approximately $98 million to $108 million, representing a growth of $21 million to $31 million relative to 2024[10] - Pursuit plans to invest approximately $38 million to $43 million in growth capital expenditures in 2025, including the Refresh of the Forest Park Hotel[9] - The company completed three tuck-in acquisitions in late 2024, which are expected to contribute approximately $5 million to $7 million of Adjusted EBITDA in 2025[11] Liquidity and Leverage - Total liquidity as of March 31, 2025, was $212.1 million, consisting of $22.8 million in cash and $189.3 million available on a revolving credit facility[12] - Pursuit's net leverage ratio was less than 1x at the end of Q1 2025, with total debt reported at $78.9 million[12] Shareholder Metrics - Basic loss per common share improved to $(1.11) from $(1.29), a change of $0.18 or 13.9%[26] - Adjusted EPS for the first quarter of 2025 was $(0.96), an improvement of $0.34 or 26.2% compared to $(1.30) in 2024[38] - The weighted-average common shares outstanding increased by 7,084,000 or 33.7% to 28,113,000 shares in the first quarter of 2025[33] Tax and Interest - The effective tax rate for the three months ended March 31, 2025, was 5.6%, compared to 5.1% for the same period in 2024[30] - Net interest expense decreased by 49.9% to $1,464 in Q1 2025 from $2,922 in Q1 2024[42] - Income tax benefit for Q1 2025 was $(1,866), a 12.8% increase from $(1,654) in Q1 2024[42] Restructuring and Charges - Restructuring charges were recorded at $38 in Q1 2025, compared to $0 in Q1 2024[42]

Financial Performance - Total revenue for the year ended December 31, 2024, was $366.5 million, representing a 4.6% increase compared to $350.3 million in 2023[153]. - Revenue from attractions increased by 9.4% to $208.4 million in 2024, up from $190.4 million in 2023[153]. - Hospitality revenue decreased by $0.9 million in 2024, primarily due to a 4.7% decrease in Revenue per Available Room (RevPAR) caused by fewer room nights sold due to the Jasper wildfires[155]. - The number of visitors to attractions in 2024 reached 3,757,464, a 6.1% increase from 2023[158]. - Interest expense increased to $14.2 million in 2024, primarily due to higher revolving credit balances and the write-off of debt issuance costs[166]. - The effective income tax rate was negative 13.9% for 2024, compared to 47.4% for 2023, due to a valuation allowance on losses in the United States[171][174]. - Net cash provided by operating activities attributable to continuing operations was $56.9 million for the year ended December 31, 2024, a decrease of $23.8 million from the previous year[177][183]. - Total available liquidity as of December 31, 2024, was $49.7 million, down from $135.5 million in 2023, following the termination of the previous credit facility[176]. Business Operations - Pursuit (formerly Viad Corp) completed the sale of the GES Business for an aggregate purchase price of $535 million, consisting of a base price of $510 million and a deferred price of $25 million[16]. - The company relaunched as Pursuit Attractions and Hospitality, Inc., focusing on delivering unforgettable experiences in iconic destinations, and began trading under the new NYSE ticker symbol PRSU on January 2, 2025[17]. - The growth strategy includes Refresh, Build, and Buy initiatives aimed at acquiring or building high-return tourism assets in iconic destinations[56]. - The Jasper SkyTram attraction was acquired on December 31, 2024, offering visitors the opportunity to ascend 2,263 meters (8,081 feet) for breathtaking views[58]. - The Flyover Chicago attraction opened on March 1, 2024, and secured the 3 spot in USA Today's 10Best Readers' Choice Awards for Best New Attraction[43]. - The company operates attractions and hospitality experiences in the Canadian Rockies, Alaska, and Glacier Park, with a focus on unique offerings such as glacier explorations and immersive experiences[20][22][24]. - The Columbia Icefield Adventure and Columbia Icefield Skywalk attractions reopened on August 9, 2024, after being temporarily closed due to wildfire activity[58]. - The company acquired the assets of Eddie's Café & Mercantile and Apgar Lookout Retreat for expansion in Glacier National Park, enhancing its food and beverage services and accommodation offerings[67]. Community Engagement - The company collected and distributed over $215,000 and more than $120,000 in in-kind donations to communities in Canmore, Banff, Jasper, and Golden in 2023[75]. - A group of tourism companies, including the company, pledged over $5.5 million Canadian dollars to support the recovery of the Jasper community following the 2024 wildfires, with the company's pledge being $3.0 million Canadian dollars (approximately $2.1 million U.S. dollars)[75]. Challenges and Risks - The company reported that the 2024 wildfire activity in Jasper National Park negatively impacted visitation to its lodging properties and attractions during the peak tourist season[80]. - The company is vulnerable to economic fluctuations, which could materially affect consumer spending on leisure travel and related attractions[79]. - The company operates in a highly competitive industry, where brand recognition and service quality are critical for maintaining market share[81]. - The company’s insurance coverage may not be adequate to cover all possible losses, which could materially affect its business and results of operations[88]. - Labor shortages have resulted in increased labor costs, which could reduce profits and impact the ability to manage and grow the business[102]. - The company is subject to risks associated with global operations, including unstable local economic conditions and regulatory compliance costs[97]. - Cybersecurity risks are heightened due to reliance on IT infrastructure support from GES following the sale of the GES Business[103]. - The company may face challenges in funding capital expenditures due to reliance on cash flow from operations and external financing[93]. - The company faces ongoing litigation risks that could divert management's attention and resources, potentially leading to material adverse effects on operations[105]. - Changes in tax laws, such as California's 2024 law preventing the use of prior year net operating losses, could adversely affect the company's effective tax rate and financial performance[106]. - Extensive environmental regulations may increase costs and liabilities, impacting profitability and operational capabilities[107]. Financial Strategy and Investments - The company entered into a $200 million revolving credit facility on January 3, 2025, which is subject to financial covenants that could limit operational flexibility[89]. - Planned capital expenditures for the next 12 months are approximately $70 million to $75 million, including $38 million to $43 million on growth projects[179]. - The company plans to continue selective investments to advance its Refresh, Build, Buy growth strategy while maintaining a solid liquidity position[178]. Governance and Management - Michael "Bo" Heitz was appointed as the new Chief Financial Officer effective December 16, 2024, succeeding Ellen Ingersoll[126]. - The company maintains a comprehensive cybersecurity risk management strategy, integrating material risks into its enterprise risk management processes[111]. - The cybersecurity governance structure includes oversight by the Board of Directors and regular reporting on significant threats and risks[117]. - The company utilizes third-party service providers for cybersecurity risk management, including incident response and vendor risk assessments[115]. Asset Management - The company primarily owns its properties, which include attractions, hotels, and retail stores, ensuring adequate capacity for current operations[120]. - The company recorded asset impairment charges of $27.5 million and a non-cash goodwill impairment charge of $14.0 million related to its Flyover attractions as of October 31, 2024[92]. - The company recorded total tax benefits related to share-based compensation costs of $0.2 million in 2024, $0.1 million in 2023, and $0.1 million in 2022[212]. - The company recorded a non-cash impairment charge of $27.5 million on certain assets and a non-cash goodwill impairment charge of $14.0 million as of October 31, 2024[170][202].

Revenue and Income - Pursuit reported a revenue of $366.5 million for 2024, an increase of $16.2 million (4.6%) year-over-year, primarily driven by growth in attractions ticket revenue[6]. - Net income attributable to Pursuit for 2024 was $368.5 million, a significant increase of $352.5 million from 2023, largely due to the sale of the GES business[10]. - Pursuit's revenue for Q4 2024 was $45,799,000, an increase of 8.5% from $42,208,000 in Q4 2023[29]. - Net income attributable to Pursuit for Q4 2024 was $315,735,000, compared to a net loss of $15,346,000 in Q4 2023, representing a change of $331,081,000[29]. - Pursuit's revenue for Q2 2024 was $37,231,000, compared to $32,663,000 in Q1 2023, reflecting a 14.3% increase quarter-over-quarter[55]. - Pursuit's consolidated revenue for FY 2023 was $350,285,000, with a net income of $16,017,000[55]. Business Transactions and Acquisitions - The company completed the sale of its GES business for $535 million, resulting in net cash proceeds of approximately $410 million at closing[3]. - The company completed three strategic tuck-in acquisitions in 2024 for approximately $34 million, enhancing its growth strategy[12]. - The company terminated and repaid approximately $393 million in obligations under its previous credit facility following the sale of the GES business[35]. - The company anticipates annual interest savings of approximately $30 million following the repayment of its Term Loan B using proceeds from the GES sale[13]. EBITDA and Financial Performance - Pursuit's consolidated adjusted EBITDA for 2024 was $77.1 million, a decrease of $1.8 million (2.3%) year-over-year, impacted by the Jasper wildfire[10]. - Consolidated adjusted EBITDA for the year ended December 31, 2024, was $77,066,000, a decrease of 2.3% from $78,869,000 in 2023[29]. - Adjusted EBITDA for the year ended December 31, 2024, was $368,544, up from $352,527 in 2023, reflecting a $16,017 increase[44]. - Consolidated Adjusted EBITDA for Q2 2024 was $(14,604,000), with a margin of (39.2%), compared to $16,012,000 and a margin of 18.1% in Q1 2023[55]. Expenses and Charges - The cost of services and products increased by 15.0% to $69,995,000 in Q4 2024 from $60,891,000 in Q4 2023[29]. - Pursuit recorded an impairment charge of $41,462,000 in Q4 2024 related to long-lived assets and goodwill[34]. - The company incurred impairment charges of $41,462,000 in Q4 2024, with total impairment charges for the year reaching $47,572,000[50]. - The company reported a restructuring charge of $3,156 in Q4 2024, compared to a recovery of $(10) in Q4 2023[44]. - Pursuit's restructuring charges for Q4 2024 were $3,156,000, compared to a recovery of $(10,000) in Q4 2023, indicating a significant shift in operational costs[50]. Future Outlook and Investments - For 2025, Pursuit expects revenue growth in the low double digits compared to 2024, with adjusted EBITDA projected to be between $98 million and $108 million[15]. - Pursuit plans to invest approximately $38 million to $43 million in growth capital expenditures in 2025, focusing on enhancing guest experiences[14]. - The company plans to continue developing new attractions, including the Flyover attraction in Chicago, which is part of their market expansion strategy[57]. Shareholder Information - Basic income per common share for Q4 2024 was $10.81, compared to a loss of $0.83 per share in Q4 2023, a change of $11.64[29]. - Pursuit's basic weighted-average outstanding common shares increased by 6.8% to 22,356,000 in Q4 2024 from 20,942,000 in Q4 2023[40]. - The weighted-average outstanding common shares increased to 22,356 in Q4 2024, up 6.8% from 20,942 in Q4 2023[48]. Tax and Interest - The effective tax rate for Q4 2024 was 7.3%, compared to 4.0% in Q4 2023[36]. - Income tax expense for Q4 2024 was $(5,300,000), a decrease of $4,307,000 or 433.5% compared to $(993,000) in Q4 2023[50]. - The company reported a net interest expense of $3,862,000 for Q4 2024, an increase of $2,613,000 or 209.2% from $1,249,000 in Q4 2023[50]. - The company reported a net interest expense of $2,922,000 in Q2 2024, down from $1,471,000 in Q1 2023[55].

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $455.7 million, a 25% increase year-over-year [7] - Consolidated adjusted EBITDA was $103.1 million, up $16.9 million from the previous year [7] - GAAP net income attributable to Viad was $48.6 million, reflecting a $7.3 million increase compared to Q3 2023 [7] Business Line Data and Key Metrics Changes - Pursuit reported Q3 revenue of $182.3 million and adjusted EBITDA of $86.3 million, with a margin of 47.4%. Revenue decreased by $4.7 million year-over-year due to wildfire impacts [8] - GES achieved consolidated revenue of $273.4 million and adjusted EBITDA of $20.2 million, marking increases of $94.5 million and $22.2 million respectively from the prior year [9] Market Data and Key Metrics Changes - Jasper Lodges & Attractions experienced a revenue decline of $21.9 million year-over-year, while attractions outside Jasper saw a 13% revenue growth [8] - Year-to-date total attractions ticket revenue grew 12% year-over-year, with a 5% increase in visitors [16] Company Strategy and Development Direction - The company is focused on a "Refresh, Build, Buy" growth strategy, aiming to capitalize on high-margin opportunities in the hospitality and attraction sectors [6][20] - A recent acquisition of Glacier Park Collection for $15.9 million is expected to enhance Pursuit's offerings [6][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of Jasper's tourism, anticipating a 12% increase in travel trade revenue for 2025 compared to 2023 [33] - The company expects to achieve adjusted EBITDA greater than $100 million in 2025, despite the challenges faced in 2024 [18] Other Important Information - The pending sale of GES is expected to be completed by December 31, 2024, allowing Pursuit to operate as a standalone high-growth entity [27] - Total liquidity at the end of Q3 was nearly $230 million, with no borrowings on the revolver [10] Q&A Session Summary Question: Update on FlyOver attractions - Management confirmed that FlyOver Chicago is performing positively and is not planning to deploy capital for new locations currently [30][31] Question: Impact of wildfire on tour and travel - Management anticipates a strong recovery in demand for Jasper, with no significant drop in interest from tour operators [33] Question: Future EBITDA margins for Pursuit - Management expects EBITDA margins to stabilize around 30% for 2025, excluding public company costs [37] Question: Occupancy rates in Jasper - Management indicated that occupancy rates will be high due to the loss of hotel rooms, leading to market compression [38] Question: Transaction-related costs from GES sale - Most transaction-related costs will occur in 2024, with an estimated total of $20 million [40][42]

Core Viewpoint - Viad (VVI) reported quarterly earnings of $2.01 per share, exceeding the Zacks Consensus Estimate of $1.87 per share, and showing an increase from $1.49 per share a year ago, indicating a strong performance in the trade show sector [1] Financial Performance - The company achieved revenues of $455.7 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.26% and up from $365.9 million year-over-year [2] - Over the last four quarters, Viad has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Performance - Viad shares have increased approximately 18.7% since the beginning of the year, while the S&P 500 has gained 24.3%, indicating underperformance relative to the broader market [3] Future Outlook - The company's earnings outlook will be crucial for determining future stock performance, with current consensus EPS estimates at -$1.20 for the upcoming quarter and $1.10 for the current fiscal year [4][7] - The estimate revisions trend for Viad is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Business - Services industry, to which Viad belongs, is currently in the top 33% of over 250 Zacks industries, indicating a favorable industry outlook that could positively impact stock performance [8]