Pursuit Attractions and Hospitality, Inc. (PRSU) Annual Report (Form 10-K) for the fiscal year ended December 31, 2024
Pursuit Attractions and Hospitality, Inc. filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The company reported total revenues of $691.4 million, with a net income of $123.4 million. The company’s assets increased by 10% to $1.2 billion, while its liabilities decreased by 5% to $543.8 million. The company’s cash and cash equivalents increased by 15% to $243.6 million. The company’s common stock, with a par value of $1.50, had 28,149,602 outstanding shares as of March 10, 2025. The company’s auditor, Deloitte & Touche LLP, has expressed an unqualified opinion on the company’s financial statements.
Overview of Pursuit Attractions and Hospitality, Inc.
Pursuit Attractions and Hospitality, Inc. is an attractions and hospitality company that owns and operates a collection of experiences in iconic destinations across the United States, Canada, and Iceland. The company’s portfolio includes 15 world-class point-of-interest attractions and 28 distinctive lodges, along with integrated restaurants, retail, and transportation services.
In December 2024, Pursuit (formerly known as Viad Corp) completed the sale of its GES business unit for $535 million. This strategic divestment allowed the company to relaunch as a standalone attractions and hospitality company with a singular focus on delivering unforgettable experiences. Pursuit began trading on the New York Stock Exchange under the new ticker symbol PRSU on January 2, 2025.
Financial Performance
Pursuit’s total revenue increased 4.6% in 2024 compared to 2023, reaching $366.5 million. This growth was driven by a 9.4% increase in attractions revenue, which offset a 0.6% decline in hospitality revenue.
The attractions business saw a 6.1% increase in the number of visitors, as well as a 3.1% rise in revenue per attraction visitor. Key contributors to the attractions segment’s performance included the new Flyover Chicago attraction, which generated $8.5 million in revenue during its first year of operations, and strong demand at the Sky Lagoon attraction in Iceland.
In the hospitality segment, a 4.7% decrease in Revenue per Available Room (RevPAR) due to the Jasper wildfires led to a slight decline in overall hospitality revenue. However, on a same-store basis, hospitality revenue increased 9.9% in 2023 compared to 2022, driven by a 9.1% increase in RevPAR and a 0.4% rise in room nights available.
Strengths and Weaknesses
Strengths:
- Diversified portfolio of high-quality attractions and hospitality offerings in iconic destinations
- Strong brand recognition and customer loyalty
- Successful integration of new attractions like Flyover Chicago
- Ability to drive revenue growth through pricing and operational improvements
Weaknesses:
- Vulnerability to external events like the Jasper wildfires, which can disrupt operations and impact financial performance
- Concentration of assets in Western Canada and Iceland, making the company susceptible to regional economic conditions
- Impairment charges related to the Flyover attractions, indicating potential challenges in this business segment
Outlook and Future Prospects
Pursuit’s future outlook appears promising, as the company focuses on its “Refresh, Build, Buy” growth strategy. The company has planned capital expenditures of $70-$75 million over the next 12 months, including approximately $38-$43 million for select growth projects.
The sale of the GES business has strengthened Pursuit’s balance sheet and liquidity position. As of December 31, 2024, the company had $49.7 million in unrestricted cash and cash equivalents, and on January 3, 2025, it entered into a new $200 million revolving credit facility with a maturity of January 3, 2030. This additional financial flexibility will support Pursuit’s efforts to expand its attractions and hospitality offerings through organic growth and strategic acquisitions.
However, the company’s future performance will continue to be influenced by external factors, such as the recovery of international tourism, the impact of economic conditions on consumer spending, and the potential for further disruptions from natural disasters or other events. Pursuit’s ability to effectively manage these risks and capitalize on growth opportunities will be crucial in determining its long-term success.
Key Takeaways
- Pursuit Attractions and Hospitality, Inc. is a focused attractions and hospitality company following the sale of its GES business unit.
- The company’s financial performance in 2024 was mixed, with strong growth in the attractions segment offset by a decline in hospitality revenue due to the Jasper wildfires.
- Pursuit’s strengths include its diversified portfolio of high-quality experiences, strong brand recognition, and ability to drive revenue growth. Weaknesses include vulnerability to external events and concentration of assets in certain regions.
- The company’s future outlook is positive, with a focus on strategic growth initiatives and a strengthened balance sheet and liquidity position following the GES sale.
- Pursuit’s long-term success will depend on its ability to effectively manage risks and capitalize on growth opportunities in the attractions and hospitality sectors.
