Pursuit Reports 2025 First Quarter Results

DENVER--(BUSINESS WIRE)--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* 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. 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. 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 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 and the related underlying assumptions; 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 and geopolitical 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 our inability to realize the full strategic, financial or operational benefits 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. 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 Reports 2025 First Quarter Results

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