Revenue Performance - Total revenue for Fiscal 2025 reached $452.4 million, a 23.4% increase compared to $366.5 million in Fiscal 2024[159] - Attractions revenue increased by $49.1 million to $257.5 million, driven by a 12.3% rise in visitors and a 10.1% increase in revenue per attraction visitor[160] - Hospitality revenue rose by $37.3 million to $180.4 million, primarily due to a 28.6% increase in Revenue per Available Room (RevPAR) and a 10.1% increase in occupancy[161] - The number of visitors to attractions increased to 4.2 million, a 12.3% increase from the previous year, with ticket revenue on a same-store basis rising by $14.4 million[162][165] - The effective ticket price for attractions increased to $47.57, reflecting a 10.1% rise compared to the previous year[162] Financial Operations - The company completed the sale of its GES Business for $535 million, which was classified as a discontinued operation[154] - The acquisition of Tabacón Thermal Resort & Spa contributed $11.4 million in hospitality revenue during Fiscal 2025[161] - The company received approximately $24.0 million in total insurance proceeds related to losses from the Jasper wildfires, with $6.8 million received in Fiscal 2025[158] - A new $300 million revolving credit facility was established with a maturity date of September 25, 2030, to support operations and growth initiatives[156] - The company’s debt structure was improved by repaying approximately $393 million under the previous credit facility, enhancing financial flexibility[155] Expenses and Cash Flow - Operating expenses (excluding depreciation and amortization) rose to $226.1 million, a 5.6% increase from Fiscal 2024, driven by a $10.7 million increase in labor expenses and $5.7 million in variable revenue-based fees[168] - Selling, general, and administrative expenses increased by 38.6% to $80.1 million, largely due to higher transaction-related costs associated with the GES Sale and the acquisition of Tabacón[169] - Net cash provided by operating activities attributable to continuing operations was $86.2 million, an increase of $29.2 million compared to Fiscal 2024, driven by improved operating results[181] - Net cash used in investing activities was $151.1 million, a decrease of $520.2 million compared to Fiscal 2024, primarily due to reduced proceeds from the sale of businesses and increased acquisitions[182] Capital Expenditures and Liquidity - Total available liquidity as of December 31, 2025, was $238.1 million, including $31.1 million in unrestricted cash and $207.0 million available under the 2025 Revolving Credit Facility[174] - Planned capital expenditures for the year ending December 31, 2026, are approximately $121 million to $127 million, with $88 million to $93 million allocated for select growth projects[178] Tax and Shareholder Returns - The effective income tax rate for Fiscal 2025 was 30.0%, reflecting the absence of tax benefits on U.S. losses due to a valuation allowance[171] - The company repurchased shares worth $10.2 million during Fiscal 2025, with approximately $39.8 million remaining authorized for future repurchases[186] Pension and Retirement Plans - The company anticipates contributing $0.5 million to funded pension plans and $4.3 million to unfunded pension plans in 2026[197] - The termination of the Giltspur, Inc. Employees' Pension Plan resulted in a reclassification of net expense of approximately $5.4 million to other expense in Fiscal 2025[198] Foreign Exchange and Interest Rate Exposure - A hypothetical adverse change of 10% in currency exchange rates would have resulted in an approximately $8 million reduction in income from continuing operations before income taxes for Fiscal 2025[206] - As of December 31, 2025, long-term contractual liabilities denominated in nonfunctional currencies totaled $42.6 million, with an intercompany debt agreement balance of $32.6 million[207] - A hypothetical change of 100 basis points in interest rates would result in a change to interest expense of approximately $1 million based on outstanding long-term debt as of December 31, 2025[208] - The company recorded cumulative unrealized foreign currency translation losses of $46.4 million and $62.9 million as of December 31, 2025 and 2024, respectively[205] - The company has significant exposure to foreign exchange rates, with potential material impacts on financial results due to fluctuations[204] Estimates and Assumptions - The company has made significant estimates and assumptions regarding the fair values of assets acquired in business combinations, which are inherently uncertain[201]

Financial Performance - Pursuit reported record revenue of $452.4 million for the full year 2025, a 23.4% increase year-over-year, and $57.1 million for the fourth quarter, a 24.6% increase year-over-year [4]. - Adjusted EBITDA for the full year 2025 was $117.1 million, reflecting a year-over-year growth of $40.1 million, primarily due to higher revenue and strong margin flow-through [11]. - For 2026, Pursuit expects Adjusted EBITDA to be approximately $123 million to $133 million, representing a growth of about 9% at the mid-point compared to 2025 [9]. - Pursuit's long-term financial targets for 2030 include revenue exceeding $845 million and Adjusted EBITDA greater than $265 million, indicating a growth strategy focused on organic growth and strategic acquisitions [19]. - Pursuit's total liquidity was $238.1 million at the end of 2025, with cash and cash equivalents of $31.1 million and $207.0 million available on its revolving credit facility [11]. - Pursuit's net income for the full year 2025 was $22.7 million, with a fourth quarter net loss of $25.7 million, primarily impacted by the sale of GES in 2024 [11]. - Adjusted net income for the year ended December 31, 2025, was $33,526 thousand, a decrease of $29,799 thousand compared to $3,727 thousand in 2024 [54]. - The adjusted EPS for the year ended December 31, 2025, was $1.18, a decrease of $0.15 compared to $1.33 in 2024 [54]. Revenue Breakdown - Pursuit reported total revenue of $57.1 million for Q4 2025, a 24.6% increase from $45.8 million in Q4 2024 [41]. - For the full year 2025, total revenue reached $452.4 million, up 23.4% from $366.5 million in 2024 [41]. - Ticket, rooms, transportation, and other services revenue increased by 22.9% to $44.7 million in Q4 2025, compared to $36.4 million in Q4 2024 [41]. - Food and beverage and retail products revenue rose by 31.3% to $12.4 million in Q4 2025, compared to $9.4 million in Q4 2024 [41]. - Adjusted EBITDA attributable to Pursuit for the year 2025 was $94,163,000, up 54.6% from $60,912,000 in 2024 [61]. Expenses and Losses - Operating expenses for the full year 2025 were $226.1 million, a 5.6% increase from $214.2 million in 2024 [41]. - Selling, general, and administrative expenses increased by 38.6% to $80.1 million for the full year 2025, compared to $57.8 million in 2024 [41]. - The company recorded a net loss of $26.2 million in Q4 2025, compared to a net income of $313.3 million in Q4 2024 [41]. - Basic loss per share for Q4 2025 was $(0.91), a decrease of 93.8% from earnings of $10.81 per share in Q4 2024 [41]. - The company incurred a net loss from discontinued operations of $330,000 in Q4 2025, a recovery from a loss of $386,918,000 in Q4 2024 [61]. Strategic Investments and Acquisitions - The company plans to invest approximately $88 million to $93 million in organic growth capital expenditures in 2026, with a total investment commitment of around $200 million for large-scale projects [23]. - The company has identified over $300 million in Refresh and Build growth investments to drive long-term growth from 2026 to 2030 [22]. - Pursuit plans to enhance geographic and seasonal diversification with the acquisition of Tabacón Thermal Resort & Spa for $111 million, expected to close in July 2025 [33]. - The company aims to simplify its capital structure by acquiring full ownership of Glacier Park Inc. and Flyover Iceland for a total of $15 million, expected to close in September and December 2025 [33]. Financial Health and Ratios - Pursuit's net leverage ratio was 1.0x at the end of 2025, below the target range of 2.0x to 3.5x, indicating strong financial health [11]. - Interest expense decreased by 32.8% to $2,596,000 in Q4 2025 from $3,862,000 in Q4 2024 [61]. - Depreciation and amortization expenses increased by 11.6% to $11,987,000 in Q4 2025 compared to $10,738,000 in Q4 2024 [61]. Charges and Gains - The company reported a significant reduction in restructuring charges, which decreased by 99.1% to $28 thousand for the three months ended December 31, 2025, compared to $3,156 thousand in 2024 [54]. - Impairment charges were eliminated in 2025, down from $41,462 thousand in 2024, indicating a significant improvement in asset management [54]. - Transaction-related costs for the three months ended December 31, 2025, were $1,551 thousand, a decrease of 82.6% from $8,900 thousand in 2024 [54]. - A business interruption gain of $4.2 million was recognized in Q3'25, related to insurance proceeds from lost profits due to the Jasper wildfire in 2024 [58].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $241.0 million, a 32.2% increase from $182.3 million in the same period of 2024[148] - For the nine months ended September 30, 2025, total revenue was $395.3 million, reflecting a 23.3% increase from $320.7 million in the same period of 2024[148] - Ticket revenue reached $172,543,000 for the nine months ended September 30, 2025, up 26.1% from $134,243,000 in 2024[152] Attractions and Hospitality Performance - Attractions revenue increased by $31.7 million (32.6%) in Q3 2025, driven by a 21.9% increase in visitors and an 8.7% rise in revenue per visitor[148] - Hospitality revenue rose by $26.7 million (33.7%) in Q3 2025, primarily due to a 35.0% increase in Revenue per Available Room (RevPAR) and a 5.2% increase in available room nights[149] - The number of visitors to attractions reached 1,980,681 in Q3 2025, a 21.9% increase compared to 1,195,856 in Q3 2024[150] - RevPAR for hospitality properties was $280.56 in Q3 2025, a 35.0% increase from $207.85 in Q3 2024[150] - The effective ticket price for attractions was $50.69 in Q3 2025, reflecting a 9.3% increase from $46.37 in Q3 2024[150] - Total visitors increased to 3,575,285 for the nine months ended September 30, 2025, a 14.2% increase compared to 2,588,952 in the same period of 2024[152] Expenses and Operating Costs - Operating expenses increased by 26.3% to $86,592,000 for the three months ended September 30, 2025, primarily due to higher variable costs[154] - Selling, general, and administrative expenses rose by 20.0% to $17,445,000 for the three months ended September 30, 2025, driven by transaction-related costs[156] Cash Flow and Liquidity - Net cash provided by operating activities attributable to continuing operations increased by $40.2 million to $99.783 million for the nine months ended September 30, 2025, compared to $59.566 million in the prior year[168] - Net cash used in investing activities attributable to continuing operations increased by $107.9 million to $145.077 million for the nine months ended September 30, 2025, primarily due to cash paid for the acquisition of Tabacón[169] - Net cash provided by financing activities attributable to continuing operations increased by $108.4 million to $33.953 million for the nine months ended September 30, 2025, compared to a net cash used of $74.469 million in the prior year[170] - As of September 30, 2025, total available liquidity was $274,409,000, significantly up from $49,702,000 at the end of 2024[161] Foreign Currency and Liabilities - The company recorded cumulative unrealized foreign currency translation losses of $51.5 million as of September 30, 2025, down from $62.9 million as of December 31, 2024[174] - The company had long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.4 million as of September 30, 2025[176] - The company experienced an unrealized foreign currency translation gain of $15.5 million during the nine months ended September 30, 2025, compared to a loss of $7.7 million in the prior year[174] Capital Expenditures and Investments - The company has planned capital expenditures of approximately $71 million to $76 million for 2025, including $38 million to $43 million on growth projects[166] - Capital expenditures increased to $44.097 million for the nine months ended September 30, 2025, compared to $40.659 million in the prior year[169] Corporate Developments - The company completed the sale of the GES Business for an aggregate purchase price of $535 million on December 31, 2024[143] - The acquisition of Tabacón Thermal Resort & Spa on July 1, 2025, is expected to generate more evenly distributed revenue throughout the year[146] - The company began trading under the new NYSE ticker symbol PRSU on January 2, 2025, following the transformation into Pursuit Attractions and Hospitality, Inc.[144] Tax and Gains - The effective tax rate decreased to 16.8% for the three months ended September 30, 2025, compared to 17.2% in the same period of 2024[159] - The company recorded a gain of $4.2 million related to business interruption proceeds from the Jasper wildfires during the three months ended September 30, 2025[157]

Revenue Performance - Revenue for Q3 2025 was $241.0 million, an increase of $58.8 million (32.2%) compared to Q3 2024, driven by strong recovery in Jasper properties and new experiences[3] - Total revenue for the three months ended September 30, 2025, was $241,022,000, representing a 32.2% increase from $182,257,000 in the same period of 2024[28] - Revenue growth excluding Jasper properties and new experiences was $17.7 million (12%), driven by yield optimization and increased visitation[9] - Revenue from ticket, rooms, transportation, and other services increased by 34.0% to $178,140,000, while food and beverage and retail products revenue rose by 27.6% to $62,882,000[28] Net Income and Earnings - Net income attributable to Pursuit for Q3 2025 was $73.9 million, up from $48.6 million in the prior year, reflecting a 51.9% increase[3] - Net income for the three months ended September 30, 2025, was $85,101,000, a 52.3% increase compared to $55,864,000 in the prior year[28] - Net income attributable to Pursuit for the three months ended September 30, 2025, was $73,853,000, representing a $25,238,000 increase or 51.9% compared to $48,615,000 in 2024[37] - Adjusted net income for the three months ended September 30, 2025, was $75,316,000, an increase of $24,616,000 or 48.6% from $50,700,000 in 2024[42] - Basic income per common share for the three months ended September 30, 2025, was $2.61, a 55.4% increase from $1.68 in the prior year[28] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $117.4 million, representing a year-over-year increase of $34.4 million (41.5%)[3] - Adjusted EBITDA for the three months ended September 30, 2025, was $117,355,000, reflecting a 41.5% increase from $82,931,000 in the same period of 2024[48] - Full year 2025 adjusted EBITDA guidance raised to a range of $116 million to $122 million, an increase of $6 million at the midpoint compared to previous guidance[14] - Adjusted EBITDA margin improved to 48.7% for Q3 2025, up from 45.5% in Q3 2024, indicating enhanced operational efficiency[48] Financial Health and Liquidity - Pursuit's total liquidity was $274.4 million as of September 30, 2025, including $33.8 million in cash and $240.6 million available on its revolving credit facility[9] - The net leverage ratio was 0.7x at the end of Q3 2025, significantly below the target range of 2.5x to 3.5x, indicating strong financial health[9] Expenses and Costs - Operating expenses for the three months ended September 30, 2025, increased by 26.3% to $86,592,000, primarily due to higher variable costs associated with increased transaction volumes[30] - Selling, general, and administrative expenses rose by 20.0% to $17,445,000, driven by transaction-related costs and higher variable compensation accruals[31] - Interest expense decreased by 18.1% to $2,835,000 in Q3 2025 from $3,461,000 in Q3 2024[48] - Income tax expense increased by 69.1% to $17,771,000 in Q3 2025 compared to $10,507,000 in Q3 2024[48] Strategic Initiatives and Growth - The company has identified over $250 million in organic growth investments planned from 2025 to 2030 to fuel long-term growth[11] - Pursuit completed the $111 million acquisition of Tabacón Thermal Resort & Spa in July 2025, enhancing its portfolio in Costa Rica[13] - Pursuit's Refresh, Build, Buy strategy continues to drive growth, with a robust pipeline of acquisition opportunities and organic investments[10] - The company anticipates continued growth in the travel industry and plans to focus on capital expenditures and acquisitions to support its growth strategies[27] - The company is developing a new Flyover attraction in Chicago, which is part of its market expansion strategy[49] Other Financial Metrics - Income from continuing operations before income taxes increased by 73.2% to $105,754,000, up from $61,048,000 in the same quarter of 2024[28] - Income from continuing operations attributable to Pursuit for the three months ended September 30, 2025, was $76,735,000, a significant increase of $33,443,000 or 77.2% from $43,292,000 in 2024[42] - The effective tax rate for the three months ended September 30, 2025, was 16.8%, down from 17.2% in the same period of 2024[34] - The company recorded a gain of $4.2 million for business interruption proceeds related to the Jasper wildfires during the three months ended September 30, 2025[33] - The company reported a $4.2 million gain from business interruption insurance proceeds in Q3 2025 related to lost profits from the Jasper wildfire in 2024[45] - Restructuring charges for the three months ended September 30, 2025, amounted to $424,000, indicating a new expense category for the company[42] - The company experienced a $6,110,000 impairment charge in 2024, which was not present in 2025, reflecting improved asset management[42] - Transaction-related costs and other non-recurring items for the three months ended September 30, 2025, were $(82,000), a decrease of $1,975,000 compared to $1,893,000 in 2024[42] - Net income attributable to non-redeemable noncontrolling interest increased by 56.7% to $11,248,000 in Q3 2025 from $7,178,000 in Q3 2024[48] - Transaction-related costs increased by 68.0% to $1,102,000 in Q3 2025, reflecting ongoing corporate development activities[48]

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].