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]