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Pursuit Attractions and Hospitality Inc. (PRSU-7.46%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's transformation following the sale of its GES Business to Truelink Capital for $535 million. This transaction was completed on December 31, 2024, and Pursuit now operates as a standalone attractions and hospitality company.
Pursuit reported total revenue of $366.5 million for 2024, an increase from $350.3 million in 2023. The increase was primarily driven by higher attractions revenue, which rose by 9.4% to $208.4 million.
The company recorded a net income of $373.8 million for 2024, significantly up from $23.5 million in 2023, largely due to the gain from the sale of the GES Business.
Cost of services increased by 12.7% to $239.3 million, while cost of products rose by 2.6% to $86.6 million, reflecting higher business volume and start-up costs for new attractions.
During 2024, Pursuit incurred impairment charges totaling $47.6 million, including a $14.0 million goodwill impairment related to its Flyover attractions reporting unit.
The company completed the acquisition of the Jasper SkyTram attraction for approximately $16.5 million, expanding its portfolio in Jasper National Park.
Pursuit's liquidity position was bolstered by the repayment of its 2021 Credit Facility and the establishment of a new $200 million revolving credit facility in January 2025.
The filing also discusses the impact of the Jasper wildfires, which resulted in a $3.8 million impairment charge on the Wilderness Kitchen, fully covered by insurance.
Pursuit's growth strategy focuses on expanding its portfolio through its 'Refresh, Build, Buy' initiatives, aiming to enhance guest experiences and maximize returns.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pursuit Attractions and Hospitality Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.