Pursuit Attractions and Hospitality, Inc. (PRSU) Annual Report (Form 10-K) for the fiscal year ended December 31, 2024

Pursuit Attractions and Hospitality, Inc. Transforms into a Focused Attractions and Hospitality Company

Pursuit Attractions and Hospitality, Inc., formerly known as Viad Corp, has undergone a major transformation in 2024. The company has sold its GES business and is now solely focused on its attractions and hospitality operations.

Sale of the GES Business In October 2024, Pursuit entered into an agreement to sell its GES business to Truelink Capital for $535 million. The sale was completed on December 31, 2024. This divestiture represents a strategic shift for the company, allowing it to concentrate solely on its attractions and hospitality segment, which the company believes will drive higher shareholder value.

Financial Performance Pursuit’s total revenue increased by 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% increase in revenue per attraction visitor. Key drivers of this growth included the new Flyover Chicago attraction, which opened in March 2024, and strong performance at the Sky Lagoon attraction in Iceland.

In the hospitality segment, revenue declined slightly by 0.6% due to a 4.7% decrease in Revenue per Available Room (RevPAR) as a result of fewer room nights sold during the Jasper wildfires in 2024.

Strengths and Weaknesses One of Pursuit’s key strengths is its diverse portfolio of world-class attractions and hospitality experiences in iconic destinations across North America and Iceland. The company’s “Refresh, Build, Buy” growth strategy allows it to selectively invest in high-return projects to enhance the guest experience.

However, the company faces some challenges, including the impact of the Jasper wildfires in 2024, which resulted in asset impairment charges and business interruption losses. Additionally, the company recorded a $14.0 million goodwill impairment charge related to its Flyover attractions reporting unit.

Outlook and Future Plans Looking ahead, Pursuit is well-positioned to capitalize on the growing demand for experiential travel. The company plans to invest approximately $70-75 million in capital expenditures over the next 12 months, including $38-43 million on select growth projects.

To fund these initiatives and support general corporate purposes, Pursuit has entered into a new $200 million revolving credit facility with a 5-year term. This provides the company with additional liquidity and financial flexibility as it focuses on scaling its investments in high-return, unforgettable experiences.

The company’s management team is also undergoing some changes, with the appointment of Michael “Bo” Heitz as the new Chief Financial Officer, effective upon the filing of the 2024 Form 10-K. Additionally, Chief Accounting Officer Leslie Striedel will step down from her role in June 2025, and the company will provide updates on her succession plan at a later date.

Conclusion Pursuit Attractions and Hospitality, Inc. has emerged as a focused attractions and hospitality company following the sale of its GES business. While the company faced some challenges in 2024, including the impact of the Jasper wildfires and a goodwill impairment charge, its diverse portfolio of high-quality experiences and strategic growth initiatives position it well for the future. With a new $200 million credit facility and a talented management team, Pursuit is poised to capitalize on the growing demand for experiential travel and deliver value for its shareholders.