Pursuit Reports 2025 First Quarter Results
-- Delivered solid first quarter 2025 performance -- Key performance indicators remain strong -- Maintaining outlook for strong full year 2025 growth DENVER--(BUSINESS WIRE)--May 08, 2025--
Pursuit Attractions and Hospitality, Inc. ("Pursuit") (NYSE: PRSU) today reported results for the 2025 first quarter and reaffirmed guidance for the 2025 full year.
David Barry, Pursuit's President and Chief Executive Officer, commented, "We delivered solid performance during the seasonally slower first quarter, achieving approximately 9% increases year-over-year in both our attraction effective ticket price and lodging RevPAR metrics on a same-store constant-currency basis. Our advance booking pace remains strong, and we continue to expect to deliver double-digit growth in full year revenue and adjusted EBITDA."
Barry continued, "Across Pursuit, our team is preparing to welcome guests and deliver exceptional guest experiences during a strong peak summer season. We are excited for our first season operating the Jasper SkyTram and the two tuck-in acquisitions in Montana that we completed in late 2024. We remain focused on delivering high-quality guest experiences at our one-of-a-kind attractions and hospitality properties and driving meaningful growth through our proven Refresh, Build, Buy strategy and strong balance sheet."
Financial Highlights*
Three months ended March 31,
-------------------------------------------
(in millions,
except per share
data) 2025 2024 $ Change % Change
---------- ------ ---------- --------
Revenue $ 37.6 $ 37.2 $ 0.3 0.9%
Net Loss
Attributable to
Pursuit $ (31.1) $(25.1) $ (6.0) (24.0%)
Loss from
Continuing
Operations (31.0) (29.6) (1.4) (4.8%)
Income (Loss)
from
Discontinued
Operations (0.1) 4.5 (4.6) ***
Adjusted Net
Loss** (26.9) (25.4) (1.5) (5.8%)
Diluted EPS
Attributable to
Pursuit $ (1.11) $(1.29) $ 0.18 13.9%
Adjusted EPS** (0.96) (1.30) 0.34 26.2%
Adjusted EBITDA** $ (17.5) $(14.6) $ (2.9) (19.7%)
* In December 2024, we completed the sale of our GES business
and, as a result, 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.
** 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.
*** 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.
First Quarter Results
-- Pursuit revenue of $37.6 million increased $0.3 million (0.9%) from the
2024 first quarter primarily due to growth in ticket revenue at our
year-round attractions, including the opening of Flyover Chicago on March
1, 2024 and higher effective ticket prices, largely offset by a $1.3
million reduction in revenue due to the translation of foreign revenues
to U.S. dollars at lower exchange rates year-over-year.
-- Net loss attributable to Pursuit was $31.1 million as compared to $25.1
million in the prior year. The year-over-year change was primarily driven
by the discontinued operations treatment of GES results in 2024. Our loss
from continuing operations attributable to Pursuit was $31.0 million as
compared to $29.6 million in the prior year.
-- Our Adjusted net loss* was $26.9 million as compared to $25.4
million in the prior year. This adjusted net loss excludes income
(loss) from discontinued operations and other non-recurring
expenses as detailed in the non-GAAP reconciliation tables that
accompany this press release. The year-over-year change primarily
reflects lower adjusted EBITDA, partially offset by lower interest
expense.
-- Adjusted EBITDA* of negative $17.5 million declined by $2.9 million
year-over-year primarily due to inflationary cost increases to support
year-round operations as well as seasonal operating losses from new
businesses.
* 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.
Balance Sheet and Liquidity Highlights
-- Our total liquidity was $212.1 million at March 31, 2025, comprising cash
and cash equivalents of $22.8 million and $189.3 million of capacity
available on our $200 million revolving credit facility.
-- Debt was $78.9 million, and our net leverage ratio was less than 1x at
the end of the first quarter.
Refresh, Build, Buy Growth Investments
The three tuck-in acquisitions that we completed during the 2024 fourth quarter, the Jasper SkyTram, Eddie's Cafe & Mercantile and Apgar Lookout Retreat, and Montana House, are successfully being integrated into Pursuit and are ready for the upcoming peak summer season. The Jasper SkyTram seasonally opened as planned in March.
In 2025, we continue to expect to invest approximately $38 million to $43 million in growth capital expenditures, including the Refresh of the Forest Park Hotel's Woodland Wing. The transformation and repositioning of this property in Jasper National Park 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 continue to expect Adjusted EBITDA* of approximately $98 million to $108 million, representing substantial growth of approximately $21 million to $31 million relative to 2024.
Our reaffirmed guidance is below.
(in millions) Full Year 2025 Guidance Full Year 2024 Actual
------------------ ----------------------- ---------------------
Up low-double digits
Revenue vs. 2024 $366.5
Adjusted EBITDA* $98 to $108 $77.1
$29 to $34
Maintenance Capex (7-8% of Revenue) $36.1
Growth Capex $38 to $43 $20.2
Total Capex $70 to $75 $56.2
------------------ ----------------------- ---------------------
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) no change to our prior exchange rate assumption 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. There continues to be uncertainty around the economic and geopolitical outlook, and the impact that may have on travel and consumer behavior as we head into our primary operating season.
*We have not quantitatively reconciled our guidance for Adjusted EBITDA to our 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 start-up costs have not occurred, are out of our 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 our results as reported under GAAP.
Conference Call Details
Management will host a conference call to review first quarter 2025 results on Thursday, May 8, 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 015320. 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=b75d9476&confId=81206. 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 639824.
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
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