Pursuit Attractions & Hospitality, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 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.
Jun 30, 2025 · Filed Aug 7, 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 2025-03-31; filed 2025-05-09.
0000950170-25-068127
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-104958
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 89 previous paragraphs and 97 current paragraphs.
67 unchanged; 17 reworded; 13 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 8 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 (13)
Current report
Acquisition of Tabacón Thermal Resort & Spa
Current report
On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón, a five-star eco-luxury resort located in the Arenal region of Costa Rica, which spans 570 acres of rainforest. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. Refer to Note 22 –Subsequent Events of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information. The financial results of Tabacón will be consolidated in our financial statements prospectively from the date of acquisition and, as such, there is no financial impact from Tabacón included in the results of operations for the three and six months ended June 30, 2025.
Current report
Three months ended June 30, 2025 compared to the three months ended June 30, 2024
Current report
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Current report
Attractions revenue increased $12.6 million primarily due to a 5.9% increase in the number of visitors as well as higher revenue per attraction visitor of 9.4%. Additionally, our Jasper SkyTram attraction, which we acquired on December 31, 2024 and Flyover Chicago attraction, which opened on March 1, 2024, contributed incremental revenue of $3.0 million during the six months ended June 30, 2025.
Current report
Hospitality revenue increased $3.6 million primarily due to an 8.6% increase in RevPAR driven by revenue management efforts and increased guest demand, partially offset by a decrease in available room nights of 4.7% due to ongoing renovations work at the Forest Park Woodland Wing.
Current report
Attractions. The increase in the same-store number of attraction visitors during the three and six months ended June 30, 2025 was primarily driven by continued momentum in guest demand.
Current report
Hospitality. The increase in RevPAR on a same-store basis during both the three and six months ended June 30, 2025 was due to higher occupancy and an increase in ADR.
Current report
Rooms revenue on a same-store basis for the three months ended June 30, 2025 increased $2.2 million on an 8.9% increase in RevPAR. Rooms revenue on a same-store basis for the six months ended June 30, 2025 increased $2.6 million on a 9.3% increase in RevPAR.
Current report
Operating expenses (exclusive of depreciation and amortization) -The increase in operating expenses for the three months ended June 30, 2025 compared to the prior year period was primarily due to increases in variable costs associated with increased transaction volumes and revenues, including royalty and concession fees, labor expense, and cost of goods, as well as other inflationary cost increases, including an increase in allocated administrative expenses, $1.0 million of increased repairs and maintenance expense, and a $0.7 million increase in professional services. These increases were partially offset by the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $3.9 million in the second quarter of 2025 as compared to an unrealized gain of $0.2 million in the second quarter of 2024.
Current report
Other expense, net -The increase in other expense, net is primarily due to a $5.4 million settlement charge associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from AOCL.
Current report
Income tax expense–The effective tax rate was 28.5% for the three months ended June 30, 2025 compared to 70.9% for the three months ended June 30, 2024, and a negative 5.1% for the six months ended June 30, 2025 compared to a negative 4.0% for the six months ended June 30, 2024. The decrease in the effective rate for the three months ended June 30, 2025 compared to the prior year period was primarily attributable to a tax benefit recorded during the three and six months ended June 30, 2025 of $3.2 million associated with the release of valuation allowances recorded against Canadian net operating losses, as well as the termination of the Giltspur, Inc. Employees’ Pension Plan.
Current report
On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of ITA, pursuant to which we acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $111.0 million. We funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility of $105.0 million. Refer to Note 12 –Debt and Finance Lease Obligations and Note 22 –Subsequent Events of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information.
Removed paragraphs (5)
Previous report
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.
Previous report
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.
Previous 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.
Previous 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.
Previous report
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.
Reworded paragraphs (17)
Previous wording
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 wording
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, Iceland, and Costa Rica (as of July 1, 2025, in conjunction with our recent acquisition of Tabacón Thermal Resort & Spa (“Tabacón”), as further discussed below). Our elevated hospitality experiences include 17 world-class point-of-interest attractions and 29 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.
Previous wording
Our peak activity occurs during the summer months. During 2024, 77% of our revenue was earned in the second and third quarters.
Current wording
Our peak activity historically occurs during the summer months. During 2024, 77% of our revenue was earned in the second and third quarters.
Previous wording
The following table presents total revenue by lines of business:
Current wording
The following table presents total revenue by line of business:
Previous wording
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 wording
Attractions revenue increased $11.5 million primarily due to a 7.7% increase in the number of visitors as well as higher revenue per attraction visitor of 11.9%. Additionally, our Jasper SkyTram attraction, which we acquired on December 31, 2024, contributed incremental revenue of $1.7 million during the three months ended June 30, 2025.
Previous wording
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 wording
Hospitality revenue increased $3.9 million primarily due to a 9.0% increase in Revenue per Available Room (“RevPAR”) driven by revenue management efforts and increased guest demand, partially offset by a decrease in available room nights of 3.1% due to ongoing renovations work at the Forest Park Woodland Wing.
Previous 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.
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, 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 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 wording
During the three months ended June 30, 2025, attractions ticket revenue on a same-store basis increased $7.2 million, driven by a 5.2% increase in visitors and an 11.2% increase in effective ticket price. During the six months ended June 30, 2025, attractions ticket revenue on a same-store basis increased $7.6 million, driven by a 1.8% increase in visitors and a 11.0% increase in effective ticket price. These increases were primarily 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.
Previous wording
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 wording
Selling, general, and administrative expenses -The increase in selling, general and administrative expenses is primarily due to higher transaction-related costs of $3.4 million during the three months ended June 30, 2025 and $8.3 million during the six months ended June 30, 2025 (primarily related to our transition to a standalone publicly-traded operating company in connection with the sale of the GES Business, as well as expenses associated with our acquisition of Tabacón), offset in part by a decrease in corporate overhead costs.
Previous wording
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 wording
Income 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 2024.
Previous wording
As of March 31, 2025, we held $21.5 million of our cash and cash equivalents outside of the United States.
Current wording
As of June 30, 2025, we held $21.2 million of our cash and cash equivalents outside of the United States.
Previous 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.
Current wording
As of June 30, 2025, the available capacity of our 2025 Revolving Credit Facility (as defined below) was $200 million less $10.5 million of outstanding borrowings and $5.6 million in outstanding letters of credit.
Previous 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.
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 six months ended June 30, 2025, net cash used in operating activities attributable to continuing operations was $2.8 million.
Previous 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.
Current wording
For 2025, we have planned capital expenditures of approximately $71 million to $76 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
We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. Refer to Note 20 –Leases and Other and Note 18 –Pension and Postretirement Benefits of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.
Current wording
We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. Refer to Note 17 –Pension and Postretirement Benefits and Note 18 –Leases and Other of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.
Previous wording
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.
Current wording
Net cash used by operating activities attributable to continuing operations remained relatively flat as compared to the prior year.
Previous 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.
Current wording
Net cash used in investing activities attributable to continuing operations decreased $9.5 million compared to the prior year period, primarily due to a decrease in capital expenditures combined with insurance proceeds received of $6.4 million for the Jasper wildfires in the 2025 period.
Previous 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.
Current wording
Net cash provided by financing activities attributable to continuing operations decreased $15.9 million, primarily due to net borrowings of $10.1 million during the six months ended June 30, 2025 compared to $29.8 million during the six months ended June 30, 2024.