Pursuit Attractions & Hospitality, Inc.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
PRSU$54.56+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0000950170-24-123522
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000950170-25-068127
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 89 current paragraphs.
40 unchanged; 21 reworded; 28 added; 63 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
changes in consumer tastes and preferences for recreational activities;
Current report
accidents and adverse incidents at our hotels and attractions;
Current report
risks of new capital projects not being commercially successful;
Current report
our ability to fund capital expenditures;
Current report
failure to adapt to technological developments or industry trends
Current report
our inability to realize the strategic, financial or operational benefits from the sale of the Company’s former GES Exhibitions and Spiro reportable segments (the “GES Business”);
Current report
conducting business globally;
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labor shortages;
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our exposure to litigation in the ordinary course of business;
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changes in federal, state, local or foreign tax laws;
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extensive environmental requirements;
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volatility in our stock price; and
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stock price and trading volumes affected by reports issued by securities industry analysts.
Current report
We are 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. Our 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.
Current report
Sale of the GES Business and Viad Corp Transformation into Pursuit
Current report
On October 20, 2024, Pursuit (formerly known as Viad Corp) entered into an Equity Purchase Agreement (the “Purchase Agreement”) with TL Voltron, LLC, a Delaware limited liability company (“Truelink Capital”), pursuant to which Truelink Capital agreed to purchase all of the outstanding equity interests held by the Company in its subsidiaries comprising the GES Business. The aggregate purchase price was $535 million, consisting of a base purchase price of $510 million, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses, and a deferred purchase price of $25 million payable by Truelink Capital to the Company one year after the closing date.
Current report
On December 31, 2024, we completed the sale of the GES Business to Truelink Capital and relaunched Viad Corp as Pursuit Attractions and Hospitality, Inc., a standalone attractions and hospitality company with a singular focus on delivering unforgettable experiences in iconic destinations. We began trading under a new NYSE ticker symbol, PRSU, on January 2, 2025.
Current report
We determined that the sale of the GES Business met the criteria to be classified as a discontinued operation. Accordingly, we have accounted for the GES Business as a discontinued operation in this Quarterly Report on Form 10-Q. All amounts and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. Refer to Note 5 –Discontinued Operationsof the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.
Current report
The following table presents total revenue by lines of business:
Current report
Attractions revenue increased $1.0 million primarily due to a 1.7% increase in the number of visitors at our year-round attractions, as well as higher revenue per attraction visitor of 2.7%, offset in part by a $1.3 million foreign exchange negative impact. Our Flyover Chicago attraction, which opened on March 1, 2024, contributed incremental revenue of $1.0 million during the three months ended March 31, 2025.
Current report
Hospitality revenue decreased $0.4 million primarily due to a 3.5% decrease in rooms revenue. This decrease was driven by fewer room nights available at the Forest Park Woodland Wing resulting from refresh renovations and unfavorable foreign exchange impacts, offset in part by an increase in Revenue per Available Room (“RevPAR”).
Current report
Attractions ticket revenue on a same-store basis increased $0.5 million, primarily attributable to a 9.5% increase in effective ticket price. This increase was driven by the expansion of the Sky Lagoon experience, which included the addition of a larger ritual area and the debut of Skjól, a seven step ritual that opened in August 2024. These increases were offset in part by a 6.1% decrease in visitors, primarily attributable to the Sky Lagoon attraction, which had experienced exceptionally strong demand in the prior year.
Current report
Rooms revenue on a same-store basis increased $0.4 million on an 8.6% increase in RevPAR, offset in part by a 1.9% decrease in room nights available.
Current report
Operating expenses (exclusive of depreciation and amortization) -The decrease in operating expenses is primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $2.2 million in the first quarter of 2025 versus an unrealized loss of $1.0 million in the first quarter of 2024. This was partially offset by inflationary cost increases to support year-round operations as well as seasonal operating losses from new businesses.
Current report
Selling, general, and administrative expenses -The increase in selling, general and administrative expenses is primarily due to higher transaction-related costs totaling $4.9 million during the three months ended March 31, 2025 (primarily related to our transition to a standalone publicly-traded operating company in connection with the sale of the GES Business).
Current report
Income (loss) from discontinued operations, net of tax – On December 31, 2024, we completed the sale of the GES Business. Accordingly, the operating results of the GES Business are included within discontinued operations for the 2024 first quarter.
Current report
On January 3, 2025, Pursuit entered into the 2025 Credit Agreement (the “2025 Credit Agreement”) with Bank of America, N.A., as administrative agent, and the other lenders named in the agreement. The 2025 Credit Agreement provides for the $200 million revolving credit facility (the “2025 Revolving Credit Facility”), available in U.S. dollars, Canadian dollars, Euros and Pounds sterling, with a maturity of January 3, 2030. Proceeds from the 2025 Revolving Credit Facility will provide us with additional funds for operations, growth initiatives, acquisitions, and other general corporate purposes. Refer to Note 13 –Debt and Finance Lease Obligations of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.
Current report
Net cash used in operating activities attributable to continuing operations remained relatively flat as compared to the prior year during the seasonally soft first quarter.
Removed paragraphs (63)
Previous report
the pending sale of our GES business may not be completed in the timeframe or on the terms we anticipate (or at all);
Previous report
we may not realize the full strategic, financial, operational and other benefits that are expected to result from the pending sale of our GES business;
Previous report
unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;
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our ability to manage our business and continue our growth if we lose any of our key personnel;
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our dependence on large exhibition event clients;
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adverse effects of show rotation on our periodic results and operating margins;
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transportation disruptions and increases in transportation costs;
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our exposure to labor cost increases and work stoppages related to unionized employees;
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our multi-employer pension plan funding obligations;
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We are a leading provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions are both live event businesses, and are referred to collectively as “GES.”
Previous report
Recent Developments
Previous report
On October 20, 2024, we entered into a definitive agreement to sell our GES business to Truelink Capital for $535 million. The purchase price is subject to customary adjustments for cash, indebtedness, working capital and transaction expenses, and will be paid in cash. Of the total cash consideration, $25 million will be deferred for one year following the transaction closing date and is contingent only on the passage of time. The transaction is expected to close by the end of 2024, subject to regulatory approvals and customary closing conditions.
Previous report
Jasper Wildfires
Previous report
On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and a wildfire entered the Jasper townsite on July 24, 2024. All of Pursuit’s hotels and attractions in and near the Jasper townsite, as well as our Pyramid Lake Lodge, Miette Mountain Cabins, and Maligne Lake Cruise were not reached by the wildfire and remain intact except for Pursuit’s Wilderness Kitchen, a restaurant and retail operation located about three miles outside the town of Jasper. The town of Jasper re-opened to residents and local businesses on August 16, 2024. All of Pursuit’s hotels in Jasper are open with the exception of Pyramid Lake Lodge, which sustained superficial damage to areas of the roof and to the exterior facade.
Previous report
Pursuit’s Columbia Icefield Glacier Adventure and Skywalk re-opened on August 9, 2024. Maligne Lake Road re-opened on October 12, 2024, after the peak summer season. Due to this road closure, the Maligne Lake Cruises did not reopen during the remainder of the 2024 season.
Previous report
During the three months ended September 30, 2024, we received $4.7 million in insurance proceeds as a partial settlement. During October 2024, we received additional partial settlement payments of approximately $1.5 million. We are currently working with our insurance carriers to determine the extent of potential recoveries from our policies. Assessment of the full value of the loss is ongoing.
Previous report
Jasper SkyTram
Previous report
On June 26, 2024, we entered into an agreement to acquire the Jasper SkyTram attraction in Jasper National Park. All conditions precedent to the closing of the Jasper SkyTram acquisition have yet to be satisfied and have been delayed to an unknown extent by the Jasper wildfires as noted above.
Previous report
GES’ live event activity can vary significantly from quarter to quarter and year to year depending on the frequency and timing of shows. Some shows are not held annually and some shift between quarters.
Previous report
Financial Highlights
Previous report
Total revenue increased $89.8 million during the three months ended September 30, 2024 due to increased revenue at GES of $94.5 million, offset in part by decreased revenue at Pursuit of $4.7 million.
Previous report
Net income attributable to Viad increased $7.3 million during the three months ended September 30, 2024, primarily reflecting higher segment operating income at GES of $22.0 million, offset in part by: (i) impairment charges of $6.1 million of which $5.5 million was related to the facility lease termination of FlyOver Canada Toronto and $0.6 million was related to intangible assets of Pursuit’s Wilderness Kitchen, which was lost in the Jasper wildfires, (ii) lower segment operating income at Pursuit of $5.5 million, and (iii) higher corporate activities of $4.2 million, primarily due to transaction-related costs including consulting, accounting, and legal costs incurred related to the pending sale of the GES business.
Previous report
Total revenue increased $160.7 million during the nine months ended September 30, 2024 due to increased revenue at GES of $148.1 million and increased revenue at Pursuit of $12.6 million.
Previous report
Net income attributable to Viad increased $21.4 million during the nine months ended September 30, 2024, primarily reflecting higher segment operating income at GES of $40.9 million, offset in part by: (i) lower segment operating income at Pursuit of $7.4 million, (ii) higher corporate activities of $7.4 million primarily due to transaction-related costs including consulting, accounting, and legal costs incurred related to the pending sale of the GES business, and (iii) impairment charges of $6.1 million as discussed above.
Previous report
Analysis of Revenue and Operating Results by Reportable Segment
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Pursuit
Previous report
The following table presents a comparison of Pursuit’s reported revenue and segment operating income for the three and nine months ended September 30, 2024 and 2023:
Previous report
Pursuit revenue decreased $4.7 million driven primarily by a decrease in hospitality revenue of $5.3 million due to a 13.6% decrease in revenue per available room as a result of fewer room nights sold due to the Jasper wildfires, offset in part by an increase in attractions revenue of $1.4 million due to higher revenue per attraction visitor of 4.2%. FlyOver Chicago opened on March 1, 2024 and contributed revenue of $3.3 million during the three months ended September 30, 2024.
Previous report
Pursuit segment operating income decreased $5.5 million from the prior year period primarily due to decreased revenue as a result of the Jasper wildfires, higher depreciation expense of $2.4 million, as well as an increase in operating costs to support higher business volume during the three months ended September 30, 2024.
Previous report
Pursuit revenue increased $12.6 million driven primarily by an increase in attractions revenue of $13.8 million due to a 4.6% increase in the number of visitors as well as higher revenue per attraction visitor of 3.6%. Our Sky Lagoon attraction in Iceland had particularly strong demand with increased revenue of $7.5 million. FlyOver Chicago contributed revenue of $6.4 million during its first seven months of operations commencing on March 1, 2024.
Previous report
Pursuit segment operating income decreased $7.4 million from the prior year period primarily due to the Jasper wildfires and higher depreciation expense of $4.5 million, an increase in operating costs to support higher business volume during the nine months ended September 30, 2024, as well as start-up costs to open the FlyOver Chicago attraction, offset in part by an increase in revenue.
Previous report
New experiences include FlyOver Chicago (opened March 1, 2024).
Previous report
Foreign exchange rate variance effects (or “FX Impact”) represents the adjustments necessary to express prior financial metrics on a constant U.S. dollar basis, using the current year quarterly average exchange rates for previous periods to eliminate the impact of changes in exchange rates for same-store Pursuit experiences located outside of the United States.
Previous report
During the three months ended September 30, 2024, attractions ticket revenue on a same-store basis increased $8.1 million on a 2.2% increase in visitors and a 13.5% increase in effective ticket price. During the nine months ended September 30, 2024, attractions ticket revenue on a same-store basis increased $16.3 million on a 2.9% increase in visitors and a 12.9% increase in effective ticket price.
Previous report
During the three and nine months ended September 30, 2024, rooms revenue on a same-store basis increased 8.5% and 8.9%, respectively.
Previous report
Refer to “–Recent Developments” above for additional information on the Jasper wildfires.
Previous report
GES
Previous report
The following table presents a comparison of GES’ reported revenue and segment operating income during the three and nine months ended September 30, 2024 and 2023:
Previous report
Spiro revenue increased $23.3 million primarily due to strong client spending on major non-annual shows, which contributed $34 million of incremental revenue during the quarter, offset in part by the timing of shows.
Previous report
GES Exhibitions revenue increased $72.7 million primarily due to an increase of approximately $71 million related to the timing of major non-annual shows and same-show revenue growth of $1.2 million, or 3.2%.
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Reworded paragraphs (21)
Previous wording
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Viad or its management believes or anticipates may occur in the future, including all statements regarding the expected timing of the closing of the GES transaction, the use of proceeds of the transaction, potential benefits of the transaction, expectations concerning Pursuit’s opportunities and performance as a standalone public company, and the expected Chief Executive Officer transition in connection with the closing of the GES transaction. Similarly, statements that describe our go-forward business strategy, objectives, plans, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and 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.
Current wording
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and 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.
Previous wording
general economic uncertainty in key global markets and a worsening of global economic conditions;
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general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions;
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sufficiency and cost of insurance coverage; and
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sufficiency and cost of insurance coverage;
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the impact of our overall level of indebtedness, as well as our financial covenants, on our operational and financial flexibility;
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the impact of financial covenants on our operational and financial flexibility;
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the importance of key members of our account teams to our business relationships;
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the importance of key members to our business;
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For a more complete discussion of the risks and uncertainties that may affect our business or financial results, refer to Item 1A –Risk Factors of our 2023 Form 10-K. We disclaim and do not undertake any obligation to update or revise any forward-looking statement except as required by applicable law or regulation.
Current wording
For a more complete discussion of the risks and uncertainties that may affect our business or financial results, refer to Part 1, Item 1A –Risk Factors of our 2024 Form 10-K. We disclaim and do not undertake any obligation to update or revise any forward-looking statement except as required by applicable law or regulation.
Previous wording
Pursuit’s peak activity occurs during the summer months. During 2023, 79% of Pursuit’s revenue was earned in the second and third quarters.
Current wording
Our peak activity occurs during the summer months. During 2024, 77% of our revenue was earned in the second and third quarters.
Previous wording
Revenue by line of business does not agree to Note 2 –Revenue and Related Contract Costs and Contract Liabilities of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table include product revenue from food and beverage and retail operations within each line of business.
Current wording
Revenue by line of business does not agree to Note 2 –Revenue and Related Contract Liabilities of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table include product revenue from food and beverage and retail operations within each line of business.
Previous wording
Revenue per Available Room (“RevPAR”). RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.
Current wording
Revenue per Available Room RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.
Previous wording
The following table provides Pursuit’s key performance indicators:
Current wording
The following table provides our key performance indicators:
Previous wording
Same-Store metrics include only attractions and lodging properties that Pursuit operated at full capacity, considering seasonal closures, for the entirety of both periods presented. Attractions and lodging properties that were temporarily closed due the Jasper wildfire are excluded. For experiences located outside the United States, financial metric comparisons to the prior year are expressed on a constant U.S. dollar basis. The individual amounts do not sum across to the same-store metrics.
Current wording
Same-Store metrics include only attractions and lodging properties that we operated at full capacity, considering seasonal closures, for the entirety of the 2025 and 2024 periods presented. Apgar Lookout Retreat, Forest Park Hotel Woodland Wing, and Flyover Chicago, and the Jasper SkyTram are excluded from same-store metrics. For experiences located outside the United States, key performance indicator comparisons to the prior year are expressed on a constant U.S. dollar basis.
Previous wording
Attractions. The decrease in number of attractions visitors during the three months ended September 30, 2024 was primarily driven by decreased visitation at the Maligne Lake Cruise, Glacier Adventure, and the Columbia Icefield Skywalk attractions, which were temporarily closed during the peak 2024 season as a result of the Jasper wildfires. The increase in the number of attraction visitors during the nine months ended September 30, 2024 was primarily driven by higher visitation at FlyOver Chicago, which opened on March 1, 2024, and Sky Lagoon in Iceland. The increase in same-store effective ticket price during the three and nine months ended September 30, 2024 was driven primarily by revenue management efforts.
Current wording
Attractions. The increase in the number of attraction visitors during 2025 was primarily driven by higher visitation at the Flyover Chicago attraction, which opened on March 1, 2024.
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Hospitality. The decrease in RevPAR during the three and nine months ended September 30, 2024 was primarily driven by a decrease in rooms revenue as a result of the Jasper wildfires, offset in part by an increase in ADR.
Current wording
Hospitality. The increase in RevPAR during 2025 was primarily driven by higher occupancy and an increase in ADR, offset in part by a decrease in room nights available at the Forest Park Woodland Wing resulting from refresh renovations.
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Income Tax Expense –The effective tax rate was 15.8% for the three months ended September 30, 2024, 15.6% for the three months ended September 30, 2023, 22.4% for the nine months ended September 30, 2024, and 25.3% for nine months ended September 30, 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. During the three months ended September 30, 2024, we released a valuation allowance of $0.5 million recorded on deferred tax assets with certain separate states. During the nine months ended September 30, 2024, we also recorded a $1.1 million benefit for the release of the valuation allowance recorded on the United Kingdom’s tax loss carryforwards, offset by a $0.5 million expense during the first quarter of 2024 to record estimated withholding taxes associated with repatriating Sky Lagoon’s earnings and a valuation allowance against the tax credit generated from this withholding tax.
Current wording
Income tax benefit –The effective tax rate was 5.6% for the three months ended March 31, 2025, and 5.2% for three months ended March 31, 2024. The effective 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, while recognizing tax expense and benefit in Canada and Iceland.
Previous wording
As of September 30, 2024, we held $54.6 million of our cash and cash equivalents outside of the United States.
Current wording
As of March 31, 2025, we held $21.5 million of our cash and cash equivalents outside of the United States.
Previous wording
As of September 30, 2024, the available capacity includes our total Revolving Credit Facility size of $170 million less $5.7 million in outstanding letters of credit issued under the Revolving Credit Facility. As of December 31, 2023, the available capacity includes our total Revolving Credit Facility size of $170 million less $57.0 million of outstanding borrowings and $5.0 million in outstanding letters of credit issued under the Revolving Credit Facility.
Current wording
As of March 31, 2025, the available capacity includes our 2025 Revolving Credit Facility (as defined below) size of $200 million less $5.0 million of outstanding borrowings and $5.7 million in outstanding letters of credit.
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Cash provided by operating activities, supplemented by our revolving credit facility and existing cash and cash equivalents, is our primary source of liquidity for funding our business requirements. During the nine months ended September 30, 2024, net cash provided by operating activities was $133.1 million.
Current wording
Cash provided by operating activities, supplemented by our existing cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. During the three months ended March 31, 2025, net cash used in operating activities attributable to continuing operations was $24.4 million.
Previous wording
Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling Pursuit with investments in high-return unforgettable, inspiring experiences through its Refresh, Build, Buy growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment.
Current wording
Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in high-return unforgettable, inspiring experiences with high return potential through our Refresh, Build, Buy growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment.
Previous wording
As of September 30, 2024, we have planned capital expenditures of approximately $70 million to $80 million for the next 12 months, including approximately $30 million to $40 million on select growth projects. We intend to continue making selective investments to advance Pursuit’s Refresh, Build, Buy growth strategy while maintaining a solid liquidity position.
Current wording
For 2025, we have planned capital expenditures of approximately $70 million to $75 million. This includes approximately $38 million to $43 million on select growth projects, including the refresh of the Forest Park Hotel’s Woodland Wing. We expect to evaluate other selective investments to advance our Refresh, Build, Buy growth strategy while maintaining a solid liquidity position.
Previous wording
Net cash used in investing activities decreased $4.7 million primarily due to insurance proceeds received of $3.8 million for the Jasper wildfires.
Current wording
Net cash used in investing activities attributable to continuing operations decreased $11.2 million, primarily due to a decrease in capital expenditures and insurance proceeds received of $4.6 million for the Jasper wildfires in the 2025 period.
Previous wording
Net cash used in financing activities increased $63.1 million was primarily due to net debt payments of $64.9 million during the nine months ended September 30, 2024 compared $5.2 million during the nine months ended September 30, 2023.
Current wording
Net cash provided by financing activities attributable to continuing operations decreased $22.2 million, primarily due to net debt borrowings of $4.8 million during the three months ended March 31, 2025 compared $26.8 million during the three months ended March 31, 2024.