Viad(US:VVI)2025-05-08 20:10Financial 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]