Pursuit Reports 2024 Fourth Quarter and Full Year Results
-- Completed transformation into pure-play Pursuit with sale of GES
-- Transaction eliminated high-cost debt and established substantial
liquidity to support the acceleration of Refresh, Build, Buy growth
strategy
-- Delivered solid fourth quarter and full year 2024 performance
-- Guiding for strong growth in 2025
DENVER--(BUSINESS WIRE)--March 11, 2025--
Pursuit Attractions and Hospitality, Inc. ("Pursuit") (NYSE: PRSU) today reported results for the 2024 fourth quarter and full year, and provided guidance for the 2025 full year.
David Barry, Pursuit's President and Chief Executive Officer, commented, "2024 was a pivotal year for Pursuit, as we delivered strong operational and financial results and took actions to position the Company for long-term success. The strategic sale of GES enabled us to reset our balance sheet, yielding nearly $40 million in annual cash savings and bolstering our investment capacity. With approximately zero net leverage and a new undrawn revolver, our balance sheet is now optimized to accelerate our proven Refresh, Build, Buy growth strategy. Our team demonstrated outstanding operational execution in 2024, including opening a new world-class Flyover attraction and expanding the experience at Sky Lagoon, completing three strategic tuck-in acquisitions, responding to the Jasper wildfire, and delivering solid financial performance."
Barry continued, "This is an exciting time for our company, team members, and shareholders. We are entering 2025 in a position of strength with the expected return of leisure travel to Jasper, our unrelenting focus on delivering exceptional guest experiences, and a strong balance sheet to fund high-return growth investments. For 2025, we expect to deliver double digit year-over-year revenue and adjusted EBITDA growth."
GES Transaction and Discontinued Operations Presentation
On December 31, 2024, we completed the sale of our GES business to Truelink Capital for $535 million and relaunched as Pursuit, a standalone pure-play attractions and hospitality company. The total GES purchase price of $535 million comprised $510 million payable at closing, which was subject to customary adjustments for GES' levels of cash, indebtedness, net working capital and certain transaction expenses, and $25 million payable one year from the closing date. The net cash proceeds received at closing were approximately $410 million.
We have accounted for the GES business as a discontinued operation. All amounts and disclosures for all periods presented in this press release and supplemental earnings presentation reflect only the continuing operations unless otherwise noted.
Financial Highlights
Year ended December 31,
-------------------------------------------
(in millions,
except per share
data) 2024 2023 $ Change % Change
----------- ------- ---------- ---------
Revenue $ 366.5 $350.3 $ 16.2 4.6%
Net Income
Attributable to
Pursuit $ 368.5 $ 16.0 $ 352.5 **
Income (Loss)
from
Continuing
Operations (57.1) 6.9 (64.0) **
Income from
Discontinued
Operations 425.6 9.1 416.5 **
Adjusted Net
Income* 3.7 14.2 (10.5) (73.8%)
Diluted EPS
Attributable to
Pursuit $ 12.84 $ 0.30 $ 12.54 **
Adjusted Diluted
EPS* (0.15) 0.23 (0.38) **
Consolidated
Adjusted
EBITDA* $ 77.1 $ 78.9 $ (1.8) (2.3%)
Legacy Pursuit
Segment
Adjusted
EBITDA* 91.3 92.6 (1.3) (1.4%)
Legacy
Corporate
Adjusted
EBITDA* (14.2) (13.8) (0.5) (3.6%)
* Refer to Table Two of this press release for a discussion
and reconciliation of this non-GAAP financial measure to its
most directly comparable GAAP financial measure. Legacy
Pursuit Segment Adjusted EBITDA represents Adjusted EBITDA of
the former Pursuit segment of company as defined prior to the
sale of GES.
** Change is greater than +/- 100 percent
In addition to the commentary below, further information regarding our financial results, trends, and outlook are available in a supplemental earnings presentation, which can be accessed on the "Investors" section of our website, and in the financial tables accompanying this press release.
Full Year Results
-- Pursuit revenue of $366.5 million increased $16.2 million (4.6%)
year-over-year primarily due to growth in attractions ticket revenue,
partially offset by the temporary closures and lower visitation to Jasper
National Park caused by a wildfire that damaged a portion of the Jasper
townsite in the 2024 third quarter.
-- Excluding our Jasper properties in the third and fourth quarters,
Pursuit revenue increased $39.5 million (13.9%). All of our Jasper
hotels were fully open by the end of 2024.
-- Net income attributable to Pursuit of $368.5 million increased $352.5
million from the 2023 full year primarily due to the sale of the GES
business.
-- We realized a gain on the sale of GES of $421.9 million (pre-tax),
which is included in income from discontinued operations along
with GES' operational results.
-- Net loss from continuing operations attributable to Pursuit of
$57.1 million included non-cash impairment charges of $47.6
million and restructuring charges of $3.2 million.
-- Our adjusted net income* of $3.7 million declined $10.5 million
year-over-year primarily due to higher interest and depreciation
expenses. This adjusted net income excludes income from
discontinued operations, impairment and restructuring charges, and
other non-recurring expenses as detailed in the non-GAAP
reconciliation tables that accompany this press release.
-- Pursuit consolidated adjusted EBITDA* of $77.1 million, which includes
$14.2 million of corporate costs, decreased $1.8 million year-over-year
primarily due to an adjusted EBITDA decline of approximately $15 million
from the impact of the Jasper wildfire on our Jasper properties,
partially offset by underlying growth at other locations.
Fourth Quarter Results
-- Pursuit revenue of $45.8 million increased $3.6 million (8.5%)
year-over-year primarily due to growth in attractions ticket revenue,
partially offset by temporary closures and lower visitation to Jasper
National Park caused by the trailing impact from the 2024 third quarter
Jasper wildfire.
-- Excluding our Jasper properties, Pursuit revenue increased $4.9
million (15.3%).
-- Net income attributable to Pursuit of $315.7 million increased $331.1
million from the 2023 fourth quarter primarily due to the sale of the GES
business.
-- Net loss from continuing operations attributable to Pursuit of
$65.1 million included non-cash impairment charges of $41.5
million and restructuring charges of $3.2 million. The fourth
quarter impairment charges included a $27.5 million asset
write-down related to Flyover Las Vegas and a $14.0 million
goodwill write-off related to the Flyover Collection.
-- Adjusted net loss* of $21.8 million was essentially in line with
the 2023 fourth quarter.
-- Pursuit consolidated adjusted EBITDA* of negative $11.2 million improved
by $0.9 million year-over-year primarily due to higher revenues.
Balance Sheet and Liquidity Highlights
-- Cash and cash equivalents were $49.7 million as of December 31, 2024.
-- Debt was $73.6 million, and our net leverage ratio was approximately zero
at the end of the year.
-- On December 31, 2024, we terminated and repaid in full all
outstanding obligations under our 2021 Credit Facility, which
included $318 million outstanding on the Term Loan B and $75
million outstanding on the revolving credit facility, using
proceeds from the GES sale transaction. The repayment of the Term
Loan B is expected to yield annual interest savings of
approximately $30 million.
-- Remaining debt as of December 31, 2024 comprises $58.6 million in
financing lease obligations and $15.0 million of term debt at
non-wholly owned entities.
-- On December 31, 2024, we effected the mandatory conversion of our 135,000
shares of 5.5% Convertible Series A Preferred Stock into approximately
6.7 million shares of common stock, bringing the total number of common
shares outstanding to approximately 28 million shares.
-- The final quarterly dividend of approximately $2 million on the
preferred stock was paid on December 31, 2024. No additional
dividends will be payable on the preferred stock, which will yield
annual cash savings of approximately $8 million.
-- On January 3, 2025, we entered into a new credit agreement for a $200
million revolving credit facility.
-- Our total liquidity, inclusive of the new undrawn $200 million
revolver and our December 31, 2024 balance sheet cash, was $249.7
million.
Refresh, Build, Buy Growth Investments
In 2024, we completed three strategic tuck-in acquisitions for approximately $34 million, and we invested approximately $20 million in refresh and build growth capital expenditures. Significant growth investments completed in 2024 are below.
-- The Flyover Chicago attraction opened in March 2024. The exhilarating,
multi-sensory flight ride attraction has an ideal location on Navy Pier.
The experience has received favorable reviews and recently secured the #3
spot in the Top 10 of USA Today's 10Best Readers' Choice Awards for Best
New Attraction.
-- The Sky Lagoon attraction in Iceland is an unforgettable oceanside
geothermal lagoon that has surpassed our expectations and was expanded in
August 2024 to capture the robust demand for the premium ritual
experience. The improved guest experience and increased capacity are
driving incremental revenue from growth in visitation and effective
ticket prices.
-- The Eddie's Cafe & Mercantile and Apgar Lookout Retreat, acquired in
November 2024, and Montana House, acquired in December 2024, are both
located on rare privately-owned land inside the west entrance of Glacier
National Park along the renowned Going-to-the-Sun Road. The properties
are adjacent to our existing Apgar Village operations, expanding our
offering and unlocking future growth levers in an iconic location.
-- The Jasper SkyTram attraction, including a renewable long-term lease with
Parks Canada with nearly 30 years remaining, was acquired in December
2024. The experience provides visitors of all ages and abilities the
chance to ascend 2,263 meters (8,081 feet) up Whistlers Mountain via tram
while taking in spectacular 360-degree Jasper National Park views. We
plan to transform the guest experience through meaningful future refresh
investments.
In 2025, we expect to invest approximately $38 million to $43 million in growth capital expenditures, including:
-- The transformation and repositioning of our Forest Park Hotel Woodland
Wing in Jasper National Park, which is already underway. The large-scale
refresh of this property, which operates alongside our recently built
Forest Park Alpine Hotel, will dramatically improve the guest experience
and create a compelling upscale offering. The project is occurring in
three phases to continue certain operations during construction, and we
anticipate completion in 2026.
2025 Outlook
For full year 2025, we expect Adjusted EBITDA of approximately $98 million to $108 million, representing substantial growth of approximately $21 million to $31 million relative to 2024.
Our guidance is below.
(in millions) Full Year 2025 Guidance Full Year 2024 Actual
------------------------------ ----------------------- ---------------------
Up low-double digits
Revenue vs. 2024 $366.5
Consolidated Adjusted
EBITDA $98 to $108 $77.1
$29 - $34
Maintenance Capex (7-8% of Revenue) $30.4
Growth Capex $38 to $43 $20.2
Total Capex $70 - $75 $50.6
------------------------------ ----------------------- ---------------------
Our guidance is based on certain assumptions, including (1) recovery of Jasper leisure travel, (2) approximately $5 million to $7 million of Adjusted EBITDA from the three tuck-in acquisitions completed during the fourth quarter 2024, (3) strong organic growth from continued guest experience improvements, demand for authentic experiential travel in iconic places, and focus on revenue and cost management, and (4) an exchange rate of $0.69 between the Canadian Dollar and the U.S. Dollar for our operations in Canada, which presents a translation headwind of approximately $7 million to Adjusted EBITDA compared to 2024 exchange rates.
Conference Call Details
Management will host a conference call to review fourth quarter and full year 2024 results on Tuesday, March 11, 2025, at 5 p.m. (Eastern Time).
A live audio webcast of the call will be available in listen-only mode through the "Events & Presentations" section of our website, where we will also post our earnings press release and an earnings presentation prior to the call.
The live call can also be accessed by dialing (404) 975-4839 or (833) 470-1428 and entering the access code 328134. To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link: https://www.netroadshow.com/events/login?show=9c907cb8&confId=77034. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. We recommend that you register in advance to ensure access for the full call.
A replay of the call will be available on our website shortly after the conference call and, for a limited time, by dialing (929) 458-6194 or (866) 813-9403 and entering the access code 131587.
Additionally, we posted a supplemental earnings presentation, containing our financial results, trends and outlook, on the "Investors" section of our website prior to the conference call. We will refer to this presentation during the call.
About Pursuit
Pursuit Attractions and Hospitality, Inc. (NYSE: PRSU) is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States, Canada, and Iceland. Pursuit's elevated hospitality experiences include 15 world-class point-of-interest attractions and 28 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.
For more information, visit pursuitcollection.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as "will," "can," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "estimate," "anticipate," "deliver," "seek," "aim," "potential," "target," "outlook, " and similar expressions are intended to identify our forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Pursuit or its management believes or anticipates may occur in the future, including all statements regarding our expectations concerning the travel industry and the markets in which we operate; our expectations concerning our future financial performance, including our 2025 outlook; our growth plans and strategies, including with respect to investments and acquisitions; and other statements that are not historical fact. These forward-looking statements are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:
-- general economic uncertainty in key global markets and a worsening of
global economic conditions;
-- seasonality of our businesses;
-- the competitive nature of the industries in which we operate;
-- travel industry disruptions;
-- changes in consumer tastes and preferences for recreational activities;
-- natural disasters, weather conditions, accidents, and other catastrophic
events;
-- accidents and adverse incidents at our hotels and attractions;
-- sufficiency and cost of insurance coverage;
-- the impact of financial covenants on our operational and financial
flexibility;
-- risks of new capital projects not being commercially successful;
-- our ability to fund capital expenditures;
-- our ability to successfully integrate and achieve established financial
and strategic goals from acquisitions;
-- failure to adapt to technological developments or industry trends
-- we may not realize the full strategic, financial or operational benefits
that are expected to result from the sale of the GES Business;
-- conducting business globally;
-- our exposure to currency exchange rate fluctuations;
-- liabilities relating to prior and discontinued operations;
-- the importance of key members to our business;
-- labor shortages;
-- our exposure to higher labor costs and work stoppages due to
union-represented labor;
-- our exposure to cybersecurity attacks and threats;
-- compliance with laws governing the storage, collection, handling, and
transfer of personal data and our exposure to legal claims and fines for
data breaches or improper handling of such data;
-- our exposure to litigation in the ordinary course of business;
-- changes in federal, state, local or foreign tax laws;
-- extensive environmental requirements;
-- volatility in our stock price; and
-- stock price and trading volumes affected by reports issued by securities
industry analysts.
For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, "Risk Factors," of our most recent annual report on Form 10-K and our most recent Current Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), as well as any future reports we file with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.
Forward-Looking Non-GAAP Measures
The company has not quantitatively reconciled its guidance for adjusted EBITDA to its most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the company's control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company's results as reported under GAAP.
Availability of Information on Pursuit Website
Pursuit routinely uses its investor relations website (investors.pursuitcollection.com) to post presentations to investors and other important information, including information that may be material. Accordingly, Pursuit encourages investors and others interested in Pursuit to review the information it makes public on its investor relations website.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE ONE - QUARTERLY RESULTS (UNAUDITED)
Three months ended December 31, Year ended December 31,
----------------------------------------- -------------------------------------------
(in thousands,
except per share
data) 2024 2023 $ Change % Change 2024 2023 $ Change % Change
--------- --------- --------- -------- ---------- ---------- --------- --------
Pursuit revenue $ 45,799 $ 42,208 $ 3,591 8.5% $ 366,488 $ 350,285 $ 16,203 4.6%
Cost of services
and products (69,995) (60,891) (9,104) (15.0%) (325,929) (296,845) (29,084) -9.8%
Corporate
activities (Note
A) (28) (4,777) 4,749 99.4% (20,167) (18,655) (1,512) -8.1%
Restructuring
(charges)
recoveries (Note
B) (3,156) 10 (3,166) ** (3,157) (199) (2,958) **
Impairment charges
(Note C) (41,462) - (41,462) ** (47,572) - (47,572) **
Other expense, net (43) (338) 295 87.3% (916) (1,345) 429 31.9%
Net interest
expense (Note D) (3,862) (1,249) (2,613) ** (14,182) (5,963) (8,219) **
------- ------- ------- -------- -------- -------- ------- --------
Income (loss) from
continuing
operations before
income taxes (72,747) (25,037) (47,710) ** (45,435) 27,278 (72,713) **
Income tax
(expense) benefit
(Note E) 5,300 993 4,307 ** (6,325) (12,929) 6,604 51.1%
------- ------- ------- -------- -------- -------- ------- --------
Income (loss) from
continuing
operations (67,447) (24,044) (43,403) ** (51,760) 14,349 (66,109) **
Income from
discontinued
operations (Note
F) 380,791 8,182 372,609 ** 425,603 9,103 416,500 **
------- ------- ------- -------- -------- -------- ------- --------
Net income (loss) 313,344 (15,862) 329,206 ** 373,843 23,452 350,391 **
Net (income) loss
attributable to
noncontrolling
interest 1,505 385 1,120 ** (6,557) (7,836) 1,279 16.3%
Net loss
attributable to
redeemable
noncontrolling
interest 886 131 755 ** 1,258 401 857 **
------- ------- ------- -------- -------- -------- ------- --------
Net income (loss)
attributable to
Pursuit $315,735 $(15,346) $331,081 ** $ 368,544 $ 16,017 $352,527 **
======= ======= ======= ======== ======== ======== ======= ========
Amounts
Attributable to
Pursuit:
Income (loss) from
continuing
operations $(65,056) $(23,528) $(41,528) ** $ (57,059) $ 6,914 $(63,973) **
Income from
discontinued
operations (Note
F) 380,791 8,182 372,609 ** 425,603 9,103 416,500 **
------- ------- ------- -------- -------- -------- ------- --------
Net income (loss) $315,735 $(15,346) $331,081 ** $ 368,544 $ 16,017 $352,527 **
======= ======= ======= ======== ======== ======== ======= ========
Income per common
share
attributable to
Pursuit (Note
G):
Basic income
(loss) per common
share $ 10.81 $ (0.83) $ 11.64 ** $ 12.84 $ 0.30 $ 12.54 **
======= ======= ======= ======== ======== ======== ======= ========
Diluted income
(loss) per common
share $ 10.81 $ (0.83) $ 11.64 ** $ 12.84 $ 0.30 $ 12.54 **
======= ======= ======= ======== ======== ======== ======= ========
Weighted-average
common shares
outstanding:
Basic
weighted-average
outstanding
common shares 22,356 20,942 1,414 6.8% 21,419 20,855 564 2.7%
Additional
dilutive shares
related to
share-based
compensation - - - ** - - - **
------- ------- ------- -------- -------- -------- ------- --------
Diluted
weighted-average
outstanding
common shares 22,356 20,942 1,414 6.8% 21,419 20,855 564 2.7%
======= ======= ======= ======== ======== ======== ======= ========
Components of
Consolidated
Adjusted
EBITDA*:
Legacy Pursuit
Segment Adjusted
EBITDA $ (7,528) $ (8,332) $ 804 9.6% $ 91,315 $ 92,623 $ (1,308) -1.4%
Legacy Corporate
Adjusted EBITDA (3,647) (3,717) 70 1.9% (14,249) (13,754) (495) -3.6%
------- ------- ------- -------- -------- -------- ------- --------
Consolidated
Adjusted EBITDA $(11,175) $(12,049) $ 874 7.3% $ 77,066 $ 78,869 $ (1,803) -2.3%
======= ======= ======= ======== ======== ======== ======= ========
* Refer to Table Two for a discussion and reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
** Change is greater than +/- 100 percent
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE ONE - NOTES TO QUARTERLY AND FULL YEAR RESULTS (UNAUDITED)
$(A)$ Corporate activities - The decrease in corporate activities expense in the 2024 fourth quarter
relative to the 2023 fourth quarter is due to the reclassification of approximately $6.1 million of GES
transaction-related expenses that were incurred during the first nine months of 2024 to discontinued
operations. Additionally, in connection with the discontinued operations reporting of GES, corporate
activities expense presented herein includes certain expenses that were previously allocated to GES
that did not qualify for discontinued operations accounting treatment. Accordingly, corporate
activities expense presented in this press release varies from amounts historically reported.
(B) Restructuring (charges) recoveries - Restructuring charges recorded during the fourth quarter and
full year 2024 were primarily due to the transition of certain key positions as a result of the sale of
the GES business.
(C) Impairment charges - As a result of our most recent long-lived assets and goodwill impairment
analysis performed as of October 31, 2024, we determined that the carrying value of certain assets at
our Las Vegas Flyover attraction asset group was in excess of fair value, and we recorded a non-cash
asset impairment charge of $27.5 million and a non-cash goodwill impairment charge of $14.0 million
related to the Flyover Collection. On July 2, 2019, we executed a facility lease with the intent of
building a new Flyover attraction, Flyover Canada Toronto. Effective August 6, 2024, this facility
lease was terminated. During the year ended December 31, 2024, we recorded an asset impairment charge
of $5.5 million related to site-specific engineering plans developed for this attraction. Additionally,
during July 2024, a wildfire entered Jasper National Park and Pursuit's Wilderness Kitchen was lost to
the wildfire. During the year ended December 31, 2024, we recorded an impairment charge of $0.6 million
against intangible assets (trademark and favorable lease) related to this loss.
$(D)$ Net interest expense - In connection with the sale of the GES business, we terminated and repaid in
full all outstanding obligations (approximately $393 million) due under our previous 2021 Credit
Facility and all related liens and security interests were terminated, discharged and released. The
increases in interest expense from the prior periods are primarily due to higher revolving credit
balances, the write-off of debt issuance costs related to the $170 million revolving credit facility,
and lower capitalized interest.
$(E)$ Income tax (expense) benefit -- The effective tax rate was 7.3% for the three months ended December
31, 2024, 4.0% for the three months ended December 31, 2023, negative 13.9% for the year ended December
31, 2024, and 47.4% for year ended December 31, 2023. The effective tax rates differed from the 21%
federal rate as we do not recognize a tax benefit primarily on losses in the United States where we
have a valuation allowance. $(F)$ Income from discontinued operations - On December 31, 2024, we completed the sale of the GES business. The operating results of the GES business have been included within discontinued operations for all periods presented. The increases in income from discontinued operations from the prior periods were primarily due to the gain on sale of $421.9 million realized in the 2024 fourth quarter. $(G)$ Income (loss) per common share -- We apply the two-class method in calculating income (loss) per common share as preferred stock and unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than participating securities. The as-converted method uses net income (loss) available to common shareholders and assumes conversion of all potential shares including participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. The components of basic and diluted income (loss) per share are as follows: Three months ended December 31, Year ended December 31, ----------------------------------------- ---------------------------------------- (in thousands) 2024 2023 $ Change % Change 2024 2023 $ Change % Change --------- --------- --------- -------- --------- -------- --------- -------- Net income (loss) attributable to Pursuit $315,735 $(15,346) $331,081 ** $368,544 $16,017 $352,527 ** Convertible preferred stock dividends (1,951) (1,951) - 0.0% (7,801) (7,801) - 0.0% ------- ------- ------- -------- ------- ------ ------- -------- Undistributed income (loss) attributable to Pursuit 313,784 (17,297) 331,081 ** 360,743 8,216 352,527 ** Less: Allocation to participating securities (72,141) - (72,141) ** (85,703) (1,993) (83,710) ** ------- ------- ------- -------- ------- ------ ------- -------- Net income (loss) allocated to Pursuit common shareholders (basic) $241,643 $(17,297) $258,940 ** $275,040 $ 6,223 $268,817 ** ======= ======= ======= ======== ======= ====== ======= ======== Add: Allocation to participating securities - - - ** - - - ** ------- ------- ------- -------- ------- ------ ------- -------- Net income (loss) allocated to Pursuit common shareholders (diluted) $241,643 $(17,297) $258,940 ** $275,040 $ 6,223 $268,817 ** ======= ======= ======= ======== ======= ====== ======= ======== Basic weighted-average outstanding common shares 22,356 20,942 1,414 6.8% 21,419 20,855 564 2.7% Additional dilutive shares related to share-based compensation - - - ** - - - ** ------- ------- ------- -------- ------- ------ ------- -------- Diluted weighted-average outstanding common shares 22,356 20,942 1,414 6.8% 21,419 20,855 564 2.7% ======= ======= ======= ======== ======= ====== ======= ======== ** Change is greater than +/- 100 percent PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT") TABLE TWO - NON-GAAP FINANCIAL MEASURES (UNAUDITED) IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES This document includes the presentation of "Adjusted Net Income (Loss)" and "Adjusted EBITDA", which are supplemental to results presented under accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Pursuit's operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Pursuit, because they do not consider a variety of items affecting Pursuit's consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Pursuit's consolidated financial performance, a user of Pursuit's financial information should consider net income attributable to Pursuit as an important measure of financial performance because it provides a more complete measure of the Company's performance. Adjusted Net Income (Loss) is considered useful operating metrics, in addition to net income attributable to Pursuit, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Pursuit's performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Pursuit's results of operations for trending, analyzing and benchmarking the performance and value of Pursuit's business. Management also believes that the presentation of Adjusted EBITDA for acquisitions and other major capital projects enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective. Three months ended December 31, Year ended December 31, ------------------------------------------- ------------------------------------------ (in thousands, except per share data) 2024 2023 $ Change % Change 2024 2023 $ Change % Change ---------- --------- ---------- -------- ---------- -------- ---------- -------- Adjusted net income (loss): Net income (loss) attributable to Pursuit $ 315,735 $(15,346) $ 331,081 ** $ 368,544 $16,017 $ 352,527 ** Income from discontinued operations attributable to Pursuit (380,791) (8,182) (372,609) ** (425,603) (9,103) (416,500) ** -------- ------- -------- -------- -------- ------ -------- -------- Income (loss) from continuing operations attributable to Pursuit (65,056) (23,528) (41,528) ** (57,059) 6,914 (63,973) ** Restructuring charges (recoveries), pre-tax 3,156 (10) 3,166 ** 3,157 199 2,958 ** Impairment charges, pre-tax 41,462 - 41,462 ** 47,572 - 47,572 ** Transaction-related costs and other non-recurring expenses, pre-tax (Note A) 2,773 1,994 779 39.1% 14,467 7,852 6,615 84.2% Remeasurement of finance lease obligation attributable to Pursuit, pre-tax (Note B) 1,167 (523) 1,690 ** 876 (1,697) 2,573 ** Tax expense (benefit) on above items (3,913) 46 (3,959) ** (4,035) 138 (4,173) ** Portion of above amounts attributable to non-controlling interests (1,394) 256 (1,650) ** (1,251) 832 (2,083) ** -------- ------- -------- -------- -------- ------ -------- -------- Adjusted net income (loss) $ (21,805) $(21,765) $ (40) (0.2%) $ 3,727 $14,238 $ (10,511) -73.8% ======== ======= ======== ======== ======== ====== ======== ======== Adjusted diluted EPS: Adjusted net income (as reconciled above) $ (21,805) $(21,765) $ (40) (0.2%) $ 3,727 $14,238 $ (10,511) -73.8% Convertible preferred stock dividends (1,951) (1,951) - 0.0% (7,801) (7,801) - 0.0% -------- ------- -------- -------- -------- ------ -------- -------- Undistributed adjusted net income attributable to Pursuit (23,756) (23,716) (40) (0.2%) (4,074) 6,437 (10,511) ** Less: Allocation to participating securities (Note C) 5,462 - 5,462 ** 968 (1,547) 2,515 ** -------- ------- -------- -------- -------- ------ -------- -------- Diluted adjusted net income allocated to Pursuit common shareholders $ (18,294) $(23,716) $ 5,422 22.9% $ (3,106) $ 4,890 $ (7,996) ** ======== ======= ======== ======== ======== ====== ======== ======== Diluted weighted-average outstanding common
shares 22,356 20,942 1,414 6.8% 21,419 21,097 322 1.5%
-------- ------- -------- -------- -------- ------ -------- --------
Adjusted diluted EPS $ (0.82) $ (1.13) $ 0.31 27.4% $ (0.15) $ 0.23 $ (0.38) **
======== ======= ======== ======== ======== ====== ======== ========
** Change is greater than +/- 100 percent
(A) Transaction-related costs and other non-recurring
expenses include:
Three months ended Year ended
December 31, December 31,
------------------- -----------------
(in thousands) 2024 2023 2024 2023
----------- ------ ------- --------
Acquisition
integration costs -
Pursuit(1) $ (2) $ - $ - $ 30
Transaction-related
costs - Pursuit(1) 740 158 870 342
Transaction-related
costs -
Corporate(2) (4,708) 26 2,005 43
Attraction start-up
costs(1, 3) 99 814 2,266 2,723
SG&A costs previously
allocated to GES(4) 1,049 992 3,576 4,615
Other non-recurring
expenses(5) 3,966 4 4,121 99
Write-off of debt
issuance costs
related to revolving
credit facility 1,629 - 1,629 -
------ ----- ------ -----
Transaction-related
and other
non-recurring
expenses, pre-tax $ 2,773 $1,994 $14,467 $7,852
====== ===== ====== =====
(1) Included in cost of services.
(2) Included in corporate activities
(3) Includes costs primarily related to the development of
Pursuit's new Flyover attraction in Chicago and trailing
costs related to the Flyover Toronto lease exit.
(4) Represents net expenses previously allocated to/from GES.
In connection with the discontinued operations accounting
treatment for GES, the allocation of these costs was reversed
resulting in an increase to corporate activities expense as
compared to our prior reporting.
(5) Includes a charitable pledge to support Jasper's recovery
and certain non-recoverable wildfire-related costs in 2024,
non-capitalizable fees and expenses related to Pursuit's
shelf registration in 2024 and Pursuit's credit facility
refinancing efforts in 2023.
(B) Remeasurement of finance lease obligation
attributable to Pursuit represents the non-cash foreign
exchange loss/(gain) included within cost of services
related to the periodic remeasurement of the Sky Lagoon
finance lease obligation that is attributed to Pursuit's
51% interest in Sky Lagoon.
(C) Preferred stock and unvested share-based payment
awards that contain nonforfeitable rights to dividends
are considered participating securities. Accordingly,
such securities are included in the earnings allocation
in calculating adjusted net income (loss) per common
share unless the effect of such inclusion is
anti-dilutive to total undistributed income attributable
to Pursuit. The following table provides the share data
used for calculating the allocation to participating
securities if applicable:
Three months
ended December Year ended
31, December 31,
---------------- ------------------
(in thousands) 2024 2023 2024 2023
------- ------- ------- ---------
Weighted-average
outstanding common
shares 22,356 20,942 21,419 21,097
Effect of
participating
convertible
preferred shares
(if applicable) 6,674 - 6,674 6,674
Effect of
participating
non-vested shares
(if applicable) - - - 2
------ ------- ------- -------
Weighted-average
shares including
effect of
participating
interests (if
applicable) 29,030 20,942 28,093 27,773
====== ======= ======= =======
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED)
Three months ended December 31, Year ended December 31,
------------------------------------------- --------------------------------------------
($ in thousands) 2024 2023 $ Change % Change 2024 2023 $ Change % Change
---------- --------- ---------- -------- ---------- ---------- ---------- --------
Pursuit Consolidated:
Pursuit revenue $ 45,799 $ 42,208 $ 3,591 8.5% $ 366,488 $ 350,285 $ 16,203 4.6%
======== ======= ======== ======== ======== ======== ======== ========
Net income (loss)
attributable to Pursuit $ 315,735 $(15,346) $ 331,081 ** $ 368,544 $ 16,017 $ 352,527 **
Net income (loss)
attributable to
noncontrolling interest (1,505) (385) (1,120) ** 6,557 7,836 (1,279) -16.3%
Net loss attributable to
redeemable noncontrolling
interest (886) (131) (755) ** (1,258) (401) (857) **
Income from discontinued
operations (380,791) (8,182) (372,609) ** (425,603) (9,103) (416,500) **
Net interest expense 3,862 1,249 2,613 ** 14,182 5,963 8,219 **
Income tax expense
(benefit) (5,300) (993) (4,307) ** 6,325 12,929 (6,604) -51.1%
Depreciation and
amortization 10,738 9,940 798 8.0% 42,960 37,929 5,031 13.3%
Restructuring charges
(recoveries) 3,156 (10) 3,166 ** 3,157 199 2,958 **
Impairment charges 41,462 - 41,462 ** 47,572 - 47,572 **
Other expense, net 43 338 (295) (87.3%) 916 1,345 (429) -31.9%
Start-up costs (A) 99 814 (715) (87.8%) 2,266 2,723 (457) -16.8%
Transaction-related costs (3,968) 184 (4,152) ** 2,875 385 2,490 **
Integration costs (2) - (2) ** - 30 (30) -100.0%
SG&A costs previously
allocated to GES (B) 1,049 992 57 5.7% 3,576 4,615 (1,039) -22.5%
Other non-recurring
expenses (C) 3,966 4 3,962 ** 4,121 99 4,022 **
Remeasurement of finance
lease obligation (D) 1,167 (523) 1,690 ** 876 (1,697) 2,573 **
-------- ------- -------- -------- -------- -------- -------- --------
Consolidated Adjusted
EBITDA $ (11,175) $(12,049) $ 874 7.3% $ 77,066 $ 78,869 $ (1,803) -2.3%
======== ======= ======== ======== ======== ======== ======== ========
Adjusted EBITDA
attributable to
noncontrolling interest (1,592) (1,131) (461) (40.8%) (16,154) (15,903) (251) -1.6%
-------- ------- -------- -------- -------- -------- -------- --------
Consolidated Adjusted
EBITDA attributable to
Pursuit $ (12,767) $(13,180) $ 413 3.1% $ 60,912 $ 62,966 $ (2,054) -3.3%
======== ======= ======== ======== ======== ======== ======== ========
Consolidated Adjusted
EBITDA Margin (24.4%) (28.5%) 4.1% 21.0% 22.5% -1.5%
Components of
Consolidated Adjusted
EBITDA:
Legacy Pursuit Segment
Adjusted EBITDA $ (7,528) $ (8,332) $ 804 9.6% $ 91,315 $ 92,623 $ (1,308) -1.4%
Legacy Corporate Adjusted
EBITDA (3,647) (3,717) 70 1.9% (14,249) (13,754) (495) -3.6%
-------- ------- -------- -------- -------- -------- -------- --------
Consolidated Adjusted
EBITDA $ (11,175) $(12,049) $ 874 7.3% $ 77,066 $ 78,869 $ (1,803) -2.3%
======== ======= ======== ======== ======== ======== ======== ========
Legacy Pursuit Segment
Adjusted EBITDA:
Revenue $ 45,799 $ 42,208 $ 3,591 8.5% $ 366,488 $ 350,285 $ 16,203 4.6%
Cost of services and
products (70,001) (60,901) (9,100) (14.9%) (325,980) (296,904) (29,076) -9.8%
Depreciation 9,631 8,816 815 9.2% 38,263 32,937 5,326 16.2%
Amortization 1,056 1,096 (40) (3.6%) 4,549 4,907 (358) -7.3%
Start-up costs (A) 99 814 (715) (87.8%) 2,266 2,723 (457) -16.8%
Transaction-related costs 740 158 582 ** 870 342 528 **
Integration costs (2) - (2) ** - 30 (30) -100.0%
Other non-recurring
expenses (C) 3,983 - 3,983 ** 3,983 - 3,983 **
Remeasurement of finance
lease obligation (D) 1,167 (523) 1,690 ** 876 (1,697) 2,573 **
-------- ------- -------- -------- -------- -------- -------- --------
Legacy Pursuit Segment
Adjusted EBITDA $ (7,528) $ (8,332) $ 804 9.6% $ 91,315 $ 92,623 $ (1,308) -1.4%
======== ======= ======== ======== ======== ======== ======== ========
Adjusted EBITDA
attributable to
noncontrolling interest (1,592) (1,131) (461) (40.8%) (16,154) (15,903) (251) -1.6%
-------- ------- -------- -------- -------- -------- -------- --------
Adjusted EBITDA
attributable to
Pursuit $ (9,120) $ (9,463) $ 343 3.6% $ 75,161 $ 76,720 $ (1,559) -2.0%
======== ======= ======== ======== ======== ======== ======== ========
Legacy Pursuit Segment
Adjusted EBITDA
Margin (16.4%) (19.7%) 3.3% 24.9% 26.4% -1.5%
Legacy Corporate Adjusted
EBITDA:
Corporate activities (28) (4,777) 4,749 99.4% (20,167) (18,655) (1,512) -8.1%
Cost of services and
products (corporate
eliminations) 6 10 (4) -40.0% 51 59 (8) -13.6%
Depreciation 51 28 23 82.1% 148 85 63 74.1%
Transaction-related costs (4,708) 26 (4,734) ** 2,005 43 1,962 **
SG&A costs previously
allocated to GES (B) 1,049 992 57 5.7% 3,576 4,615 (1,039) -22.5%
Other non-recurring
expenses (C) (17) 4 (21) ** 138 99 39 39.4%
-------- ------- -------- -------- -------- -------- -------- --------
Legacy Corporate
Adjusted EBITDA $ (3,647) $ (3,717) $ 70 1.9% $ (14,249) $ (13,754) $ (495) -3.6%
======== ======= ======== ======== ======== ======== ======== ========
** Change is greater than +/- 100 percent
Note: Legacy Pursuit Segment Adjusted EBITDA represents Adjusted EBITDA of the former Pursuit segment of the company
as defined prior to the sale of GES. Legacy Corporate Adjusted EBITDA represents Adjusted EBITDA of the former
Corporate activities of the company as defined prior to the sale of GES.
(A) Includes costs primarily related to the development of Pursuit's new Flyover attraction in Chicago and trailing
costs related to the Flyover Toronto lease exit.
(B) Represents net expenses previously allocated to/from GES. In connection with the discontinued operations
accounting treatment for GES, the allocation of these costs was reversed resulting in an increase to corporate
activities expense as compared to our prior reporting.
(C) Includes a charitable pledge to support Jasper's recovery and certain non-recoverable wildfire-related costs in
2024, non-capitalizable fees and expenses related to Pursuit's shelf registration in 2024 and Pursuit's credit
facility refinancing efforts in 2023.
(D) Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within
cost of services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. ("PURSUIT")
TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED)
2024
---------------------------------------------------------
($ in thousands) Q1 Q2 Q3 Q4 FY
--------- --------- --------- ---------- ------------
Pursuit
Consolidated:
Pursuit revenue $ 37,231 $101,201 $182,257 $ 45,799 $ 366,488
======= ======= ======= ======== ========
Net income (loss)
attributable to
Pursuit $(25,117) $ 29,311 $ 48,615 $ 315,735 $ 368,544
Net income (loss)
attributable to
noncontrolling
interest (923) 1,807 7,178 (1,505) 6,557
Net income (loss)
attributable to
redeemable
noncontrolling
interest (203) (240) 71 (886) (1,258)
Income from
discontinued
operations (4,475) (31,286) (9,051) (380,791) (425,603)
Net interest expense 2,922 3,937 3,461 3,862 14,182
Income tax expense
(benefit) (1,654) 2,772 10,507 (5,300) 6,325
Depreciation and
amortization 9,763 11,182 11,277 10,738 42,960
Restructuring charges - 1 - 3,156 3,157
Impairment charges - - 6,110 41,462 47,572
Other expense, net 310 308 255 43 916
Start-up costs (A) 1,940 20 207 99 2,266
Transaction-related
costs 862 1,599 4,382 (3,968) 2,875
Integration costs - - 2 (2) -
SG&A costs previously
allocated to GES
(B) 892 622 1,013 1,049 3,576
Other non-recurring
expenses (C) 75 63 17 3,966 4,121
Remeasurement of
finance lease
obligation (D) 1,004 (182) (1,113) 1,167 876
------- ------- ------- -------- --------
Consolidated
Adjusted EBITDA $(14,604) $ 19,914 $ 82,931 $ (11,175) $ 77,066
======= ======= ======= ======== ========
Consolidated
Adjusted EBITDA
Margin (39.2%) 19.7% 45.5% (24.4%) 21.0%
2023
---------------------------------------------------------
Q1 Q2 Q3 Q4 FY
--------- --------- --------- ---------- ------------
Pursuit
Consolidated:
Pursuit revenue $ 32,663 $ 88,474 $186,940 $ 42,208 $ 350,285
======= ======= ======= ======== ========
Net income (loss)
attributable to
Pursuit $(20,869) $ 10,961 $ 41,271 $ (15,346) $ 16,017
Net income (loss)
attributable to
noncontrolling
interest (398) 903 7,716 (385) 7,836
Net income (loss)
attributable to
redeemable
noncontrolling
interest (123) (286) 139 (131) (401)
(Income) loss from
discontinued
operations (2,294) (11,317) 12,690 (8,182) (9,103)
Net interest expense 1,471 1,663 1,580 1,249 5,963
Income tax expense
(benefit) (1,486) 2,793 12,615 (993) 12,929
Depreciation and
amortization 9,315 9,592 9,082 9,940 37,929
Restructuring charges
(recoveries) 7 2 200 (10) 199
Other expense, net 357 267 383 338 1,345
Start-up costs (A) 692 417 800 814 2,723
Transaction-related
costs 29 48 124 184 385
Integration costs 30 - - - 30
SG&A costs previously
allocated to GES
(B) 1,074 1,330 1,219 992 4,615
Other non-recurring
expenses (C) 95 - - 4 99
Remeasurement of
finance lease
obligation (D) (1,252) (361) 439 (523) (1,697)
------- ------- ------- -------- --------
Consolidated
Adjusted EBITDA $(13,352) $ 16,012 $ 88,258 $ (12,049) $ 78,869
======= ======= ======= ======== ========
Consolidated
Adjusted EBITDA
Margin (40.9%) 18.1% 47.2% (28.5%) 22.5%
(A) Includes costs primarily related to the development of Pursuit's new Flyover
attraction in Chicago and trailing costs related to the Flyover Toronto lease
exit.
(B) Represents net expenses previously allocated to/from GES. In connection with
the discontinued operations accounting treatment for GES, the allocation of
these costs was reversed resulting in an increase to corporate activities
expense as compared to our prior reporting.
(C) Includes a charitable pledge to support Jasper's recovery and certain
non-recoverable wildfire-related costs in 2024, non-capitalizable fees and
expenses related to Pursuit's shelf registration in 2024 and Pursuit's credit
facility refinancing efforts in 2023.
(D) Remeasurement of finance lease obligation represents the non-cash foreign
exchange loss/(gain) included within cost of services related to the periodic
remeasurement of the Sky Lagoon finance lease obligation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311919010/en/
CONTACT: Investor Relations
Carrie Long or Michelle Porhola
(602) 207-2681
ir@pursuitcollection.com
Media Relations
Tanya Otis
totis@pursuitcollection.com
Scott Bisang or Nick Lamplough
Pursuit-CS@collectedstrategies.com
(END) Dow Jones Newswires
March 11, 2025 16:10 ET (20:10 GMT)
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