PRSU 10-Q
Pursuit Attractions & Hospitality, Inc. (PRSU)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________ to____________
Commission file number:
(Exact name of registrant as specified in its charter)
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Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of May 4, 2026, there were
INDEX
For periods presented in this report, unless otherwise stated or as the context otherwise requires, references to, “we,” “us,” “our,” “the Company,” and “Pursuit” refer to Pursuit Attractions and Hospitality, Inc. and our consolidated subsidiaries.
PART I – FINANCIAL INFORMATION
ITEM 1. Financial Statements
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except per share data) |
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March 31, 2026 |
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December 31, 2025 |
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March 31, 2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
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$ |
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$ |
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Accounts receivable, net of allowances |
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Inventories |
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Prepaid assets |
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Current assets held for sale |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Other investments and assets |
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Operating lease right-of-use assets |
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Goodwill |
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Other intangible assets, net |
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Total Assets |
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$ |
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$ |
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$ |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
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$ |
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$ |
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Contract liabilities |
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Accrued compensation |
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Current liabilities held for sale |
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Other current liabilities |
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Total current liabilities |
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Long-term debt and finance lease obligations |
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Long-term operating lease obligations |
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Other deferred items and liabilities |
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Total liabilities |
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Stockholders’ equity |
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Pursuit stockholders’ equity: |
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Common stock, $ |
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Additional capital |
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Retained earnings |
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Accumulated other comprehensive loss |
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Common stock in treasury, at cost, |
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Total Pursuit stockholders’ equity |
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Non-redeemable noncontrolling interests |
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Total stockholders’ equity |
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Total Liabilities and Stockholders’ Equity |
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$ |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements.
1
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended March 31, |
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(in thousands, except per share data) |
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2026 |
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2025 |
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Revenue: |
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Ticket, rooms, transportation, and other services revenue |
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$ |
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$ |
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Food, beverage, and retail products revenue |
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Total revenue |
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Costs and expenses: |
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Cost of food, beverage, and retail products sold |
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Operating expenses (exclusive of depreciation and amortization shown separately below) |
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Selling, general, and administrative expenses |
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Depreciation and amortization |
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Interest expense, net |
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Other expense, net |
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Total costs and expenses |
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Loss from continuing operations before income taxes |
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Income tax benefit |
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Loss from continuing operations |
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Loss from discontinued operations, net of tax |
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Net loss |
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Net (income) loss attributable to non-redeemable noncontrolling interests |
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Net loss attributable to Pursuit |
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$ |
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$ |
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Basic loss per common share: |
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Continuing operations attributable to Pursuit common stockholders |
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$ |
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$ |
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Discontinued operations attributable to Pursuit common stockholders |
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Net loss attributable to Pursuit common stockholders |
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$ |
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$ |
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Weighted-average outstanding common shares |
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Diluted loss per common share: |
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Continuing operations attributable to Pursuit common stockholders |
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$ |
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$ |
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Discontinued operations attributable to Pursuit common stockholders |
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Net loss attributable to Pursuit common stockholders |
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$ |
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$ |
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Weighted-average outstanding and potentially dilutive common shares |
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See accompanying Notes to Condensed Consolidated Financial Statements.
2
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
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Three Months Ended March 31, |
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(in thousands) |
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2026 |
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2025 |
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Net loss |
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$ |
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$ |
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Other comprehensive income (loss): |
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Unrealized foreign currency translation adjustments |
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Change in net actuarial loss, net of tax |
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Change in prior service credit, net of tax |
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Comprehensive loss |
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Comprehensive loss (income) attributable to non-redeemable noncontrolling interests |
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( |
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Comprehensive loss attributable to Pursuit |
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$ |
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$ |
( |
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See accompanying Notes to Condensed Consolidated Financial Statements.
3
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands) |
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Common |
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Additional |
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Retained Earnings |
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Accumulated |
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Common |
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Total |
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Non-Redeemable |
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Total |
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Balance, December 31, 2025 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net (loss) income |
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— |
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— |
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( |
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— |
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— |
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( |
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( |
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Common stock repurchases |
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— |
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— |
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— |
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— |
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( |
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( |
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— |
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( |
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Employee benefit plans |
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— |
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( |
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— |
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— |
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( |
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— |
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( |
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Share-based compensation |
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— |
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— |
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— |
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— |
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— |
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Unrealized foreign currency translation adjustments |
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— |
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— |
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— |
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— |
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( |
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Change in net actuarial loss, net of tax |
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— |
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— |
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— |
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— |
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— |
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Change in prior service credit, net of tax |
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— |
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— |
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— |
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( |
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— |
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( |
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— |
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Balance, March 31, 2026 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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(in thousands) |
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Common |
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Additional |
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Retained Earnings |
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Accumulated |
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Common |
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Total |
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Non-Redeemable |
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Total |
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Balance, December 31, 2024 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Net loss |
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— |
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— |
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( |
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— |
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— |
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( |
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( |
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( |
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Employee benefit plans |
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— |
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( |
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— |
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— |
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— |
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Share-based compensation |
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— |
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— |
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— |
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— |
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— |
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Unrealized foreign currency translation adjustments |
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— |
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— |
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— |
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( |
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— |
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( |
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Change in net actuarial loss, net of tax |
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— |
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— |
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— |
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— |
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— |
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Change in prior service credit, net of tax |
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— |
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— |
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— |
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( |
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— |
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( |
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— |
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( |
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Other, net |
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— |
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( |
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— |
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— |
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— |
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( |
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— |
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( |
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Balance, March 31, 2025 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements.
4
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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Three Months Ended March 31, |
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(in thousands) |
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2026 |
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2025 |
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Cash flows from operating activities |
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Net loss |
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$ |
( |
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$ |
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Loss from discontinued operations, net of tax |
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Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation and amortization |
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Share-based compensation expense |
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Other non-cash items, net |
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Change in operating assets and liabilities (excluding the impacts of acquisitions and dispositions): |
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Prepaid assets |
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( |
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Contract liabilities |
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Other assets and liabilities, net |
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( |
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Net cash used in operating activities |
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( |
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( |
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Cash flows from investing activities |
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Capital expenditures |
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( |
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Proceeds from insurance |
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Other investing activities |
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Net cash used in investing activities |
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Cash flows from financing activities |
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Proceeds from borrowings |
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Payments on debt and finance lease obligations |
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( |
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( |
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Repurchases of common stock |
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( |
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Other financing activities |
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( |
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( |
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Net cash provided by financing activities |
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
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( |
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Net change in cash, cash equivalents, and restricted cash |
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Cash, cash equivalents, and restricted cash, beginning of year |
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Cash, cash equivalents, and restricted cash, end of period |
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$ |
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$ |
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See accompanying Notes to Condensed Consolidated Financial Statements.
5
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. OVERVIEW AND BASIS OF PRESENTATION
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements (Condensed Consolidated Financial Statements) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026 (the “2025 Form 10-K”).
The Condensed Consolidated Financial Statements include the accounts of Pursuit and all of its majority-owned subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.
Certain prior year amounts have been reclassified in order to conform to current year presentation. The Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2025, includes a reclassification of expense of $
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue, costs, and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill, intangible assets, and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provision for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the allocation of purchase price of acquired businesses; and the estimated purchase price of the Flyover Attractions, as defined below, less costs to sell. These estimates are inherently based on judgment and information currently available. Actual results could differ from these and other estimates. The Company believes the assumptions underlying these financial statements are reasonable.
Nature of Business and Recent Developments
We are a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations. We are managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, we are deemed to be a operating segment.
Flyover Attractions Sale
On January 21, 2026, Pursuit entered into an Equity Purchase Agreement (the “Flyover Sale Agreement”) to sell all of its equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. (“Brogent”) for approximately $
Tabacón Acquisition
On July 1, 2025, Pursuit entered into a Share Purchase Agreement (the “Tabacón Purchase Agreement”) with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which the Company acquired all of the issued and outstanding shares of ITA.
6
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Impact of Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements:
Standard |
|
Description |
|
Date of adoption |
|
Effect on the financial statements |
Standards Not Yet Adopted |
||||||
ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses |
|
The amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. |
|
January 1, 2027 |
|
This new guidance will expand the Company's footnote disclosures within the scope of this new standard with no impact to the Company's Consolidated Financial Statements. |
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software |
|
The amendment updates the accounting guidance for costs incurred to develop or obtain software solely for internal use and costs incurred to implement cloud computing arrangements. Under current guidance, costs are accounted for based on distinct project stages, and that concept is removed under the ASU, which instead clarifies that eligible costs may be capitalized upon meeting specific capitalization thresholds and overcoming significant development uncertainty. |
|
January 1, 2028, with early adoption permitted |
|
The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. |
ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements |
|
The amendment creates a comprehensive list of interim disclosures required under U.S. GAAP and outlines a principle that requires disclosures at interim periods when an event or change that has a material effect has occurred since the previous year end. The goal of the amendment is to provide clarity regarding the current interim requirements, rather than changing the requirements. |
|
January 1, 2028, with early adoption permitted |
|
The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. |
7
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Immaterial Correction to Prior Period Financial Statements
During the year ended December 31, 2025, the Company identified a multi-year error in the presentation of the Condensed Consolidated Statements of Comprehensive Loss, which resulted from the inclusion of incorrect amounts of unrealized foreign currency translation adjustments. The error had no impact on any of the other Condensed Consolidated Financial Statements. The Company evaluated the error and concluded it was not material to prior periods, individually or in the aggregate. However, the Company corrected the Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2025, to conform to the current year presentation. The following table reflects the effects of the correction on all affected line items:
|
|
Three Months Ended March 31, 2025 |
|
|||||||||
(in thousands) |
|
As previously reported |
|
|
Adjustment |
|
|
As corrected |
|
|||
Unrealized foreign currency translation adjustments |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||
Comprehensive loss |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Comprehensive loss (income) attributable to non-redeemable noncontrolling interests (1) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
Comprehensive loss attributable to Pursuit |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
(1)
8
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES
Contract Liabilities
A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product(s) or service(s) to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The Company’s performance obligations are short-term in nature. The contract liabilities as of December 31, 2025, will be primarily recognized in revenue during the year ending December 31, 2026.
Disaggregation of Revenue
The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and geographical regions served for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Services: |
|
|
|
|
|
|
||
Ticket revenue |
|
$ |
|
|
$ |
|
||
Rooms revenue |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Transportation |
|
|
|
|
|
|
||
Total services revenue |
|
|
|
|
|
|
||
Products: |
|
|
|
|
|
|
||
Food and beverage |
|
|
|
|
|
|
||
Retail operations |
|
|
|
|
|
|
||
Total products revenue |
|
|
|
|
|
|
||
Total revenue |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Timing of revenue recognition: |
|
|
|
|
|
|
||
Services transferred over time |
|
$ |
|
|
$ |
|
||
Products transferred at a point in time |
|
|
|
|
|
|
||
Total revenue |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Geographical regions: |
|
|
|
|
|
|
||
Canada |
|
$ |
|
|
$ |
|
||
Iceland |
|
|
|
|
|
|
||
Costa Rica ⁽¹⁾ |
|
|
|
|
|
|
||
U.S. |
|
|
|
|
|
|
||
Total revenue |
|
$ |
|
|
$ |
|
||
(1)
9
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 3. SHARE-BASED COMPENSATION
The Company grants share-based compensation awards to its officers, directors, and certain key employees pursuant to the 2017 Pursuit Attractions and Hospitality, Inc. Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a
The following table summarizes share-based compensation expense for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Restricted stock units |
|
$ |
|
|
$ |
|
||
Performance-based restricted stock units |
|
|
|
|
|
|
||
Stock options |
|
|
|
|
|
|
||
Share-based compensation expense before income tax |
|
|
|
|
|
|
||
Income tax benefit (1) |
|
|
( |
) |
|
|
( |
) |
Share-based compensation expense, net of income tax |
|
$ |
|
|
$ |
|
||
NOTE 4. ACQUISITIONS AND DISPOSITIONS
Flyover Attractions
On January 21, 2026, Pursuit entered into the Flyover Sale Agreement to sell all of its equity in the Flyover Attractions to Brogent for approximately $
As of March 31, 2026, the total assets and liabilities of the Flyover Attractions (which, when combined with the related accumulated other comprehensive loss comprise the “Disposal Group”) were recorded at their historical carrying values because the Disposal Group did not exceed the purchase price for the Flyover Attractions less costs to sell. The Company does not report the Flyover Attractions as a discontinued operation. The major classes of assets and liabilities of the Disposal Group at historical carrying values as of March 31, 2026, consisted of the following:
(in thousands) |
|
March 31, 2026 |
|
|
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
|
|
Property and equipment, net |
|
|
|
|
Operating lease right-of-use assets |
|
|
|
|
Goodwill |
|
|
|
|
Other assets |
|
|
|
|
Total current assets held for sale |
|
$ |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Long-term debt and finance lease obligations |
|
$ |
|
|
Long-term operating lease obligations |
|
|
|
|
Other liabilities |
|
|
|
|
Total current liabilities held for sale |
|
$ |
|
|
10
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Tabacón Thermal Resort & Spa
On July 1, 2025, the Company entered into the Tabacón Purchase Agreement with the shareholders of ITA, pursuant to which the Company acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $
The following table summarizes the preliminary allocation of the aggregate purchase price and amounts of assets acquired based upon the estimated fair value at the date of acquisition. The purchase price allocation is not yet final and is subject to change within the measurement period (up to one year from the acquisition date) as the valuation of property and equipment and intangible assets is finalized:
(in thousands) |
|
Acquisition Date Estimated Fair Value |
|
|
Total cash consideration paid by Pursuit Attractions and Hospitality, Inc. |
|
$ |
|
|
|
|
|
|
|
Allocation of total estimated purchase consideration: |
|
|
|
|
Current assets |
|
$ |
|
|
Property and equipment |
|
|
|
|
Goodwill |
|
|
|
|
Identifiable intangible assets |
|
|
|
|
Liabilities |
|
|
( |
) |
Net assets acquired |
|
$ |
|
|
Under the acquisition method of accounting, the cash consideration the Company paid, as shown in the table above, is allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values. The process of estimating the fair value of the property and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess purchase price over the fair value of net assets acquired was recorded as goodwill. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to the opportunity for the Company to expand into a new geography with future growth opportunities when combined with other businesses. Additionally, Costa Rica represents an operation which the Company expects will generate revenue more evenly over the course of the calendar year to complement the Company’s existing North American operations. Goodwill is not deductible for tax purposes.
Intangible assets acquired include $
NOTE 5. SUPPLEMENTARY BALANCE SHEET INFORMATION
Cash, cash equivalents and restricted cash balances as presented in the Condensed Consolidated Statements of Cash Flows as of March 31, 2026, December 31, 2025, and March 31, 2025, included:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|||
|
|
|
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash reported in current assets held for sale |
|
|
|
|
|
|
|
|
|
|||
Cash, cash equivalents, and restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Other current assets as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Other |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Deferred proceeds from GES Sale |
|
|
|
|
|
|
|
|
|
|||
Other current assets |
|
$ |
|
|
$ |
|
|
$ |
|
|||
11
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other current liabilities as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Continuing operations: |
|
|
|
|
|
|
|
|
|
|||
Accrued concession fees |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Income taxes payable |
|
|
|
|
|
|
|
|
|
|||
Current portion of pension and postretirement liabilities |
|
|
|
|
|
|
|
|
|
|||
Operating lease obligations |
|
|
|
|
|
|
|
|
|
|||
Current portion of debt and finance lease obligations |
|
|
|
|
|
|
|
|
|
|||
Other |
|
|
|
|
|
|
|
|
|
|||
Total continuing operations |
|
|
|
|
|
|
|
|
|
|||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|||
Taxes payable |
|
|
|
|
|
|
|
|
|
|||
Self-insured liability |
|
|
|
|
|
|
|
|
|
|||
Environmental remediation liabilities |
|
|
|
|
|
|
|
|
|
|||
Total discontinued operations |
|
|
|
|
|
|
|
|
|
|||
Total other current liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Other deferred items and liabilities as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Continuing operations: |
|
|
|
|
|
|
|
|
|
|||
Foreign deferred tax liability |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Pension and postretirement benefits |
|
|
|
|
|
|
|
|
|
|||
Other |
|
|
|
|
|
|
|
|
|
|||
Total continuing operations |
|
|
|
|
|
|
|
|
|
|||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|||
Environmental remediation liabilities |
|
|
|
|
|
|
|
|
|
|||
Self-insured liability |
|
|
|
|
|
|
|
|
|
|||
Total discontinued operations |
|
|
|
|
|
|
|
|
|
|||
Total other deferred items and liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|||
NOTE 6. PROPERTY AND EQUIPMENT, NET
Property and equipment, net as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Land and land interests |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Buildings and leasehold improvements |
|
|
|
|
|
|
|
|
|
|||
Equipment and other |
|
|
|
|
|
|
|
|
|
|||
Gross property and equipment |
|
|
|
|
|
|
|
|
|
|||
Accumulated depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Property and equipment, net (excluding finance leases) |
|
|
|
|
|
|
|
|
|
|||
Finance lease right-of-use assets, net |
|
|
|
|
|
|
|
|
|
|||
Property and equipment, net |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Depreciation expense was $
12
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The changes in the goodwill carrying amount during the three months ended March 31, 2026, included:
(in thousands) |
|
|
|
Balance as of December 31, 2025 |
$ |
|
|
Foreign currency translation adjustments(1) |
|
|
|
Goodwill reported in current assets held for sale |
|
( |
) |
Balance as of March 31, 2026 |
$ |
|
|
Other intangible assets as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||||||||||||||
(in thousands) |
|
Remaining Useful Life |
|
Gross Carrying |
|
|
Accumulated |
|
|
Gross Carrying |
|
|
Accumulated |
|
|
Gross Carrying |
|
|
Accumulated |
|
||||||
Intangible assets subject to amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating contracts and licenses |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||||
In-place lease |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Customer contracts and relationships |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Tradenames and other |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Total amortized intangible assets |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tradenames |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|||
Business licenses |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|||
Other intangible assets |
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|||
Intangible asset amortization expense (excluding amortization expense of right-of-use assets) was $
As of March 31, 2026, the estimated future definite-lived intangible asset amortization expense includes:
(in thousands) |
|
|
|
|
Year ending December 31, |
|
|
|
|
Remainder of 2026 |
|
$ |
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
Thereafter |
|
|
|
|
Total |
|
$ |
|
|
13
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8. DEBT AND FINANCE LEASE OBLIGATIONS
Debt and finance lease obligations as of March 31, 2026, December 31, 2025, and March 31, 2025, consisted of the following:
(in thousands, except interest rates) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
2025 Revolving Credit Facility - Pursuit borrowings |
|
$ |
|
|
$ |
|
|
$ |
|
|||
2025 Revolving Credit Facility - Brewster, Inc. borrowings |
|
|
|
|
|
|
|
|
|
|||
Jasper Term Loan - |
|
|
|
|
|
|
|
|
|
|||
Forest Park Hotel Renovation Construction Loan - |
|
|
|
|
|
|
|
|
|
|||
Flyover Iceland Credit Facility |
|
|
|
|
|
|
|
|
|
|||
Total debt |
|
|
|
|
|
|
|
|
|
|||
Finance lease obligations, due through 2067 (2) |
|
|
|
|
|
|
|
|
|
|||
Total debt and finance lease obligations (3) |
|
|
|
|
|
|
|
|
|
|||
Less: unamortized debt issuance costs |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Less: current portion |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Long-term debt and finance lease obligations |
|
$ |
|
|
$ |
|
|
$ |
|
|||
2025 Credit Agreement
The 2025 Credit Agreement carries financial covenants as follows:
As of March 31, 2026, the Company was in compliance with all financial covenants under the 2025 Credit Agreement.
As of March 31, 2026, capacity remaining under the 2025 Revolving Credit Facility was $
Jasper Credit Facility
The Jasper Credit Facility provides for a CAD $
The Jasper Credit Facility carries financial covenants as follows:
As of March 31, 2026, there were no outstanding borrowings, and capacity remaining under the Jasper Revolving Credit Facility was CAD $
Forest Park Hotel Renovation Construction Loan
On January 6, 2026, the Company, through its indirect majority-owned subsidiary Sawridge MPL Jasper Limited Partnership, entered into a construction loan facility with ATB Financial, as borrower, for up to CAD $
14
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
related to the renovation of the Forest Park Hotel’s Woodland Wing in Jasper National Park, for which renovations were ongoing as of March 31, 2026. The construction loan facility requires interest payments at Canadian Prime Rate plus
NOTE 9. LOSS PER SHARE
The components of basic and diluted loss per share for the three months ended March 31, 2026 and 2025, are as follows:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands, except per share data) |
|
2026 |
|
|
2025 |
|
||
Net loss from continuing operations attributable to Pursuit |
|
$ |
( |
) |
|
$ |
( |
) |
Loss from discontinued operations, net of tax |
|
|
( |
) |
|
|
( |
) |
Net loss attributable to Pursuit |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
||
Basic and diluted weighted-average outstanding common shares |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Loss per common share: |
|
|
|
|
|
|
||
Basic: |
|
|
|
|
|
|
||
Continuing operations |
|
$ |
( |
) |
|
$ |
( |
) |
Discontinued operations |
|
|
— |
|
|
|
( |
) |
Basic loss attributable to Pursuit common stockholders: |
|
$ |
( |
) |
|
$ |
( |
) |
Diluted: |
|
|
|
|
|
|
||
Continuing operations |
|
$ |
( |
) |
|
$ |
( |
) |
Discontinued operations |
|
|
— |
|
|
|
( |
) |
Diluted loss attributable to Pursuit common stockholders: |
|
$ |
( |
) |
|
$ |
( |
) |
The Company excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Unvested performance share-based awards |
|
|
|
|
|
|
||
Unvested restricted share-based awards |
|
|
|
|
|
|
||
Stock options |
|
|
|
|
|
|
||
NOTE 10. ACCUMULATED OTHER COMPREHENSIVE LOSS
Changes in accumulated other comprehensive loss (“AOCL”) by component for the three months ended March 31, 2026 and 2025, included:
(in thousands) |
|
Cumulative |
|
|
Pension and Postretirement Benefits, Net |
|
|
Accumulated |
|
|||
Balance as of December 31, 2025 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Other comprehensive gain before reclassifications |
|
|
|
|
|
|
|
|
|
|||
Amounts reclassified from AOCL, net of tax |
|
|
|
|
|
|
|
|
|
|||
Net other comprehensive income |
|
|
|
|
|
|
|
|
|
|||
Balance as of March 31, 2026 |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
15
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands) |
|
Cumulative |
|
|
Pension and Postretirement Benefits, Net |
|
|
Accumulated |
|
|||
Balance as of December 31, 2024 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Other comprehensive loss before reclassifications |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Amounts reclassified from AOCL, net of tax |
|
|
|
|
|
|
|
|
|
|||
Net other comprehensive (loss) income |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Balance as of March 31, 2025 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Amounts reclassified from AOCL that relate to our defined benefit pension and other postretirement plans include the amortization of prior service (credits) costs and actuarial net losses (gains) recognized during each period presented. The Company recorded these amounts as components of net periodic cost (gain) for each period presented. See Note 12 –Pension and Postretirement Benefits for additional information.
NOTE 11. INCOME TAXES
The Company’s effective tax rate was
The income tax provision was computed based on the Company’s estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the three months ended March 31, 2026, as the Company does not recognize a tax benefit primarily on losses in the United States where the Company has a valuation allowance, while recognizing tax expense in Canada, Costa Rica, and Iceland.
During the three months ended March 31, 2026, the Company recognized tax expense of $
The Company paid net cash for income taxes of $
NOTE 12. PENSION AND POSTRETIREMENT BENEFITS
The components of net periodic benefit cost (gain) of the Company’s pension and other postretirement benefit plans for the three months ended March 31, 2026 and 2025, consisted of the following:
|
|
Domestic Plans |
|
|
|
|
|
|
|
|||||||||||||||
|
|
Pension Plans |
|
|
Postretirement Benefit Plans |
|
|
Foreign Pension Plans |
|
|||||||||||||||
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||
Service cost |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Expected return on plan assets |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|||
Amortization of prior service (credit) cost |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
Recognized net actuarial loss (gain) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
||||
Net periodic benefit cost (gain) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||
During the three months ended March 31, 2026, the Company terminated the foreign Retirement Plan for Management Employees of Brewster, Inc. for applicable participants.
16
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13. LEASES AND OTHER
The balance sheet presentation of the Company’s operating and finance leases as of March 31, 2026, December 31, 2025, and March 31, 2025, was as follows:
(in thousands) |
|
Classification on the Condensed Consolidated Balance Sheets |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating lease right-of-use assets |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Finance lease right-of-use assets, net |
|
|
|
|
|
|
|
|
|
|
||||
Total lease right-of-use assets |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|||
Current: |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating lease obligations |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Finance lease obligations |
|
|
|
|
|
|
|
|
|
|
||||
Noncurrent: |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating lease obligations |
|
|
|
|
|
|
|
|
|
|
||||
Finance lease obligations |
|
|
|
|
|
|
|
|
|
|
||||
Total lease liabilities |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
The components of lease expense for the three months ended March 31, 2026 and 2025, consisted of the following:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Finance lease cost: |
|
|
|
|
|
|
||
Amortization of right-of-use assets |
|
$ |
|
|
$ |
|
||
Interest on lease liabilities |
|
|
|
|
|
|
||
Operating lease cost |
|
|
|
|
|
|
||
Short-term lease cost |
|
|
|
|
|
|
||
Variable lease cost |
|
|
|
|
|
|
||
Total lease cost, net |
|
$ |
|
|
$ |
|
||
Other information related to operating and finance leases for the three months ended March 31, 2026 and 2025, consisted of the following:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
||
Operating cash flows from operating leases |
|
$ |
|
|
$ |
|
||
Operating cash flows from finance leases |
|
$ |
|
|
$ |
|
||
Financing cash flows from finance leases |
|
$ |
|
|
$ |
|
||
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
||
Operating leases |
|
$ |
|
|
$ |
|
||
17
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The weighted-average remaining lease terms and discount rates for operating and finance leases as of March 31, 2026, December 31, 2025, and March 31, 2025, were:
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Weighted-average remaining lease term (years): |
|
|
|
|
|
|
|
|
|
|||
Operating leases |
|
|
|
|
|
|
|
|
|
|||
Finance leases |
|
|
|
|
|
|
|
|
|
|||
Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|||
Operating leases |
|
|
% |
|
|
% |
|
|
% |
|||
Finance leases |
|
|
% |
|
|
% |
|
|
% |
|||
As of March 31, 2026, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, included:
(in thousands) |
|
Operating Leases |
|
|
Finance Leases |
|
|
Total |
|
|||
Remainder of 2026 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
2027 |
|
|
|
|
|
|
|
|
|
|||
2028 |
|
|
|
|
|
|
|
|
|
|||
2029 |
|
|
|
|
|
|
|
|
|
|||
2030 |
|
|
|
|
|
|
|
|
|
|||
Thereafter |
|
|
|
|
|
|
|
|
|
|||
Total future lease payments |
|
|
|
|
|
|
|
|
|
|||
Less: Amount representing interest |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Present value of minimum lease payments |
|
|
|
|
|
|
|
|
|
|||
Current portion |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Long-term portion |
|
$ |
|
|
$ |
|
|
$ |
|
|||
As of March 31, 2026, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that the Company owns, included:
(in thousands) |
|
|
|
|
Remainder of 2026 |
|
$ |
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030 |
|
|
|
|
Thereafter |
|
|
|
|
Total minimum rental income |
|
$ |
|
|
NOTE 14. LITIGATION, CLAIMS, CONTINGENCIES, AND OTHER
Litigation and Regulatory Proceedings
The Company is a plaintiff or defendant in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against the Company. Although the amount of liability as of March 31, 2026, with respect to unresolved legal matters is not ascertainable, the Company believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on its business, financial position, or results of operations.
On July 18, 2020, one of the Company’s off-road Ice Explorers was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. The Company immediately reported the accident to its relevant insurance carriers, who have supported the investigation and subsequent claims relating to the accident. In May 2023, the Company resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of approximately $
18
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
victims and their families. In addition, the Company believes that its reserves and, subject to customary deductibles, insurance coverage is sufficient to cover potential claims related to this accident.
The Company is subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which it has or had operations. If the Company were to fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and it could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, the Company also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. As of March 31, 2026, the Company had environmental remediation liabilities of $
Guarantees
As of March 31, 2026, the Company had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the Condensed Consolidated Financial Statements and relate to leased facilities and equipment leases entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary cannot meet its own payment obligations. The maximum potential amount of future payments that would be required under all guarantees existing as of March 31, 2026, would be approximately $
NOTE 15. SEGMENT INFORMATION
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM manages the business on a consolidated basis for the purposes of allocating resources and assessing performance, and accordingly, the Company has a operating and reportable segment. Revenue is derived through the Company’s collection of travel experiences, including attractions and hospitality, along with integrated restaurants, retail, and transportation.
The Company’s CODM assesses performance of its single reportable segment and decides how to allocate resources based on loss from continuing operations, which is reported on the Condensed Consolidated Statements of Operations. The Company’s CODM also uses loss from continuing operations to monitor actual results versus internal forecasts to help assess performance and establish management compensation. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources.
19
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The financial information, including significant single segment expense categories, regularly provided to the Company’s CODM is included in the following table, including a reconciliation to loss from continuing operations for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Total revenue |
|
$ |
|
|
$ |
|
||
Costs and expenses: |
|
|
|
|
|
|
||
Cost of food, beverage, and retail products sold |
|
$ |
|
|
$ |
|
||
Operating labor expenses (1) |
|
|
|
|
|
|
||
Other segment expenses (2) |
|
|
|
|
|
|
||
Selling, general, and administrative expenses |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
|
|
|
|
||
Interest expense, net |
|
|
|
|
|
|
||
Other expense, net |
|
|
|
|
|
|
||
Total costs and expenses |
|
|
|
|
|
|
||
Loss from continuing operations before income taxes |
|
|
( |
) |
|
|
( |
) |
Income tax benefit |
|
|
|
|
|
|
||
Loss from continuing operations |
|
$ |
( |
) |
|
$ |
( |
) |
(1)
(2)
NOTE 16. SUBSEQUENT EVENT
Increase in Share Repurchase Authorization
On May 1, 2026, the Company’s Board of Directors approved a $
20
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Except for any historical information contained herein, the matters discussed or incorporated by reference in this Quarterly Report on Form 10-Q (this “Form 10-Q”) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies.
Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and 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:
For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this Form 10-Q are made as of the date hereof and reflect our current views. We expressly disclaim and do not undertake any obligation to update or revise any forward-looking statement in this Form 10-Q for any reason, even if new information becomes available in the future, except as required by applicable law or regulation.
21
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our 2025 Form 10-K and the Condensed Consolidated Financial Statements and related notes included in this Form 10-Q. The MD&A is intended to assist in understanding our financial condition and results of operations.
Overview
We are an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States (“U.S.”), Canada, Iceland, and Costa Rica. Our elevated hospitality experiences include 17 world-class point-of-interest attractions and 29 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.
Flyover Attractions Sale
On January 21, 2026, Pursuit entered into an Equity Purchase Agreement (the “Flyover Sale Agreement”) to sell all of its equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. (“Brogent”) for approximately $78.4 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). As of March 31, 2026, the assets and liabilities of the Flyover Attractions are presented as current assets held for sale and current liabilities held for sale on the Company’s Condensed Consolidated Balance Sheet. The Flyover Attractions Sale is expected to close in May 2026, subject to regulatory approvals and customary closing conditions. The Company does not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions for additional information.
Tabacón Acquisition
On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions and Dispositions for additional information. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition.
Seasonality
Peak activity for the majority of our operations has historically occurred during the summer months. However, our recent acquisition of Tabacón represents an operation which we expect will generate revenue more evenly over the course of the calendar year. During 2025, 79% of our revenue was earned in the second and third quarters.
Results of Operations
The following table presents total revenue by lines of business for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended March 31, |
|
|
|
|
||||||
(in thousands) |
|
2026 |
|
|
2025 |
|
|
% Change |
|
|||
Revenue (1): |
|
|
|
|
|
|
|
|
|
|||
Attractions |
|
$ |
28,744 |
|
|
$ |
23,992 |
|
|
|
19.8 |
% |
Hospitality |
|
|
19,984 |
|
|
|
11,194 |
|
|
|
78.5 |
% |
Transportation |
|
|
2,093 |
|
|
|
1,795 |
|
|
|
16.6 |
% |
Other |
|
|
821 |
|
|
|
598 |
|
|
|
37.3 |
% |
Total revenue |
|
$ |
51,642 |
|
|
$ |
37,579 |
|
|
|
37.4 |
% |
Attractions revenue increased $4.8 million due primarily to a 5.0% increase in the number of visitors, as well as a 14.2% increase in revenue per attraction visitor, including the impact of Tabacón (acquired in July 2025), which contributed incremental attractions revenue of $1.9 million.
Hospitality revenue increased $8.8 million primarily due to incremental hospitality revenue of $8.1 million from Tabacón, as well as an increase in ADR at our other lodging properties.
22
Performance Measures
We use the following key business metrics to evaluate the performance of Pursuit’s attractions business:
We use the following key business metrics, common in the hospitality industry, to evaluate Pursuit’s hospitality business:
The following table provides our key performance indicators for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
|
|
|
|
||||||||||||
|
|
March 31, 2026 |
|
|
March 31, 2025 |
|
|
% Change |
|
|||||||||||||||
|
|
As |
|
|
Same-Store (1) |
|
|
As |
|
|
Same-Store (1) |
|
|
As |
|
|
Same-Store (1) |
|
||||||
Attractions Key Performance Indicators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Number of visitors (in thousands) |
|
|
482 |
|
|
|
458 |
|
|
|
459 |
|
|
|
459 |
|
|
|
5.0 |
% |
|
|
(0.2 |
)% |
Ticket revenue (in thousands) |
|
$ |
23,146 |
|
|
$ |
21,350 |
|
|
$ |
18,952 |
|
|
$ |
20,398 |
|
|
|
22.1 |
% |
|
|
4.7 |
% |
Effective ticket price |
|
$ |
48.02 |
|
|
$ |
46.62 |
|
|
$ |
41.25 |
|
|
$ |
44.44 |
|
|
|
16.4 |
% |
|
|
4.9 |
% |
Attractions revenue (in thousands) |
|
$ |
28,744 |
|
|
$ |
26,881 |
|
|
$ |
23,992 |
|
|
$ |
25,824 |
|
|
|
19.8 |
% |
|
|
4.1 |
% |
Revenue per attraction visitor |
|
$ |
59.63 |
|
|
$ |
58.69 |
|
|
$ |
52.22 |
|
|
$ |
56.26 |
|
|
|
14.2 |
% |
|
|
4.3 |
% |
Hospitality Key Performance Indicators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Room nights available (in thousands) |
|
|
111 |
|
|
|
89 |
|
|
|
109 |
|
|
|
89 |
|
|
|
1.8 |
% |
|
|
— |
|
Rooms revenue (in thousands) |
|
$ |
13,090 |
|
|
$ |
7,064 |
|
|
$ |
7,339 |
|
|
$ |
6,635 |
|
|
|
78.4 |
% |
|
|
6.5 |
% |
RevPAR |
|
$ |
117.93 |
|
|
$ |
79.37 |
|
|
$ |
67.26 |
|
|
$ |
74.55 |
|
|
|
75.3 |
% |
|
|
6.5 |
% |
Occupancy |
|
|
64.4 |
% |
|
|
62.6 |
% |
|
|
59.3 |
% |
|
|
62.3 |
% |
|
5.1 pts |
|
|
0.3 pts |
|
||
ADR |
|
$ |
183.12 |
|
|
$ |
126.79 |
|
|
$ |
113.38 |
|
|
$ |
119.66 |
|
|
|
61.5 |
% |
|
|
6.0 |
% |
Hospitality revenue (in thousands) |
|
$ |
19,984 |
|
|
$ |
10,576 |
|
|
$ |
11,194 |
|
|
$ |
9,706 |
|
|
|
78.5 |
% |
|
|
9.0 |
% |
(1) Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Tabacón (acquired on July 1, 2025), Forest Park Hotel Woodland Wing (renovation), and Grouse Mountain Lodge (renovation) are excluded for the first quarter. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis.
Attractions. Attractions ticket revenue on a same-store basis increased $1.0 million, driven by a 4.9% increase in effective ticket price. These increases were primarily driven by our focus on enhancing the guest experience.
Hospitality. Rooms revenue on a same-store basis increased $0.4 million on a 6.5% increase in RevPAR. The increase in RevPAR was primarily due to an increase in ADR and supported by strong perennial demand for our renowned experiential travel destinations.
23
Expenses
|
|
Three Months Ended March 31, |
|
|
|
|
||||||
(in thousands) |
|
2026 |
|
|
2025 |
|
|
% Change |
|
|||
Cost of food, beverage, and retail products sold |
|
$ |
2,988 |
|
|
$ |
2,285 |
|
|
|
30.8 |
% |
Operating expenses (exclusive of depreciation and amortization shown separately below) |
|
$ |
42,212 |
|
|
$ |
34,906 |
|
|
|
20.9 |
% |
Selling, general, and administrative expenses |
|
$ |
19,213 |
|
|
$ |
20,686 |
|
|
|
(7.1 |
)% |
Depreciation and amortization |
|
$ |
9,676 |
|
|
$ |
10,968 |
|
|
|
(11.8 |
)% |
Interest expense, net |
|
$ |
2,655 |
|
|
$ |
1,464 |
|
|
|
81.4 |
% |
Other expense, net |
|
$ |
834 |
|
|
$ |
357 |
|
|
** |
|
|
Income tax benefit |
|
$ |
1,219 |
|
|
$ |
1,866 |
|
|
|
(34.7 |
)% |
** Change is greater than +/- 100%.
Operating expenses (exclusive of depreciation and amortization) – The increase in operating expenses was primarily due to increases in variable costs associated with increased transaction volumes and revenue, including increases of $3.2 million in labor expense, $0.9 million in operating supplies and services, $0.8 million in commission and other variable revenue-based fees, and other inflationary cost increases.
Selling, general, and administrative expenses – The decrease in selling, general, and administrative expenses was primarily due to higher transaction-related costs during the three months ended March 31, 2025, of $4.9 million (primarily related to our transition to a standalone publicly-traded operating company in connection with the sale of the GES business), partially offset by higher labor and variable compensation costs of $1.1 million, higher information technology costs of $0.8 million associated with completing our transition to a standalone company, and other inflationary cost increases. Additionally, Tabacón contributed incremental expenses of approximately $0.7 million.
Income tax benefit – The effective tax rate was 4.7% for the three months ended March 31, 2026, compared to 5.6% for the three months ended March 31, 2025. The decrease in the effective rate for the three months ended March 31, 2026, compared to the prior year period was primarily attributable to improved United States financial performance, the inclusion of Tabacón, and additional valuation allowance recorded due to the Flyover Attractions Sale.
Liquidity and Capital Resources
We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital expenditures for at least the next 12 months and the longer term.
When assessing our current sources of liquidity, we include the following:
(in thousands) |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
March 31, 2025 |
|
|||
Unrestricted cash and cash equivalents (1) |
|
$ |
34,500 |
|
|
$ |
31,118 |
|
|
$ |
22,801 |
|
Available capacity under 2025 Revolving Credit Facility (2) |
|
|
134,905 |
|
|
|
207,007 |
|
|
|
189,348 |
|
Cash and cash equivalents reported in current assets held for sale |
|
|
909 |
|
|
|
— |
|
|
|
— |
|
Total available liquidity |
|
$ |
170,314 |
|
|
$ |
238,125 |
|
|
$ |
212,149 |
|
Cash provided by operating activities, supplemented by our existing unrestricted cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. A net cash outflow from operating activities is regularly observed in the condensed consolidated statements of cash flows during the three months ended March 31 due to seasonality.
Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in high-return, unforgettable, inspiring experiences through our growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment.
24
Capital Expenditures
For 2026, we have planned capital expenditures of approximately $103 million to $114 million, including approximately $70 million to $80 million on select growth projects. We intend to continue making disciplined growth investments while maintaining a sufficient liquidity position.
Other Obligations
We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. See Note 12 – Pension and Postretirement Benefits and Note 13 – Leases and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.
Cash Flows
|
|
Three Months Ended March 31, |
|
|||||
(in thousands) |
|
2026 |
|
|
2025 |
|
||
Net cash used in operating activities |
|
$ |
(29,493 |
) |
|
$ |
(24,405 |
) |
Net cash used in investing activities |
|
|
(16,843 |
) |
|
|
(5,198 |
) |
Net cash provided by financing activities |
|
|
50,006 |
|
|
|
3,687 |
|
Net cash used in operating activities was $29.5 million in the three months ended March 31, 2026, an increase of $5.1 million compared to the same period in 2025, primarily driven by the timing of cash payments for working capital, which resulted in a $7.4 million increase, partially offset by improved results from operations across our network of attractions and hospitality properties.
Net cash used in investing activities was $16.8 million in the three months ended March 31, 2026, an increase of $11.6 million compared to the same period in 2025. The increase was primarily driven by an increase in capital expenditures of $7.0 million and a decrease in proceeds from insurance of $4.6 million.
Net cash provided by financing activities was $50.0 million in the three months ended March 31, 2026, an increase of $46.3 million compared to the same period in 2025, primarily driven by an increase of net proceeds from borrowings of $73.6 million, partially offset by $25.2 million for repurchases of our common stock.
Share Repurchases
On August 6, 2025, we announced that our Board of Directors approved a share repurchase authorization for up to $50.0 million of Pursuit’s common stock, which replaced and superseded the Company’s previously suspended share repurchase authorization. During the three months ended March 31, 2026, we repurchased shares of our common stock worth $25.2 million. As of March 31, 2026, approximately $14.6 million remained authorized and available for common stock repurchases.
Additionally, on May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing share repurchase authorization, for which $9.6 million was still available to repurchase, which reflects $5.0 million of repurchases that occurred subsequent to March 31, 2026. As a result, $59.6 million is available to repurchase our common stock as of May 1, 2026. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.
Critical Accounting Estimates
See Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K for a discussion of our critical accounting estimates.
Impact of Recent Accounting Pronouncements
See Note 1 – Overview and Basis of Presentation to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
Our market risk exposures relate to fluctuations in foreign exchange rates and interest rates. Foreign exchange risk is the risk that fluctuating exchange rates will adversely affect our financial condition or results of operations. The foreign exchange risk is composed
25
of both potential losses from the translation of foreign currency financial information and the remeasurement of foreign currency transactions. Interest rate risk is the risk that changing interest rates will adversely affect our financial position or results of operations.
Our foreign operations are in Canada, Costa Rica, and Iceland. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. As a result, significant fluctuations in foreign exchange rates relative to the U.S. dollar may result in material changes to our net equity position reported in the Condensed Consolidated Balance Sheets. We do not currently hedge our equity risk arising from the translation of foreign denominated assets and liabilities. Pursuit’s stockholders’ equity includes cumulative unrealized foreign currency translation losses of $43.3 million, $46.4 million, and $63.0 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. We recorded an unrealized foreign currency translation gain attributable to Pursuit of $3.1 million and a loss of $0.1 million during the three months ended March 31, 2026 and 2025, respectively, in the Condensed Consolidated Statements of Comprehensive Loss.
For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. As a result, our consolidated results of operations are exposed to fluctuations in foreign exchange rates as revenue and net income (loss) from our foreign operations, when translated, may vary from period to period, even when the functional currency amounts have not changed. Such fluctuations may adversely impact overall expected profitability and historical period-to-period comparisons. We do not currently hedge our net earnings exposure arising from the translation of our foreign revenue and net income (loss).
We are exposed to foreign exchange transaction risk, as our foreign subsidiaries have certain loans and leases denominated in currencies other than the functional currency of the respective subsidiary. As of March 31, 2026, we had long-term contractual liabilities that were denominated in nonfunctional currencies of $42.4 million. Additionally, we are party to an intercompany debt agreement with our wholly-owned subsidiary that operates Tabacón Thermal Resort & Spa, and the balance of the debt outstanding as of March 31, 2026, was $32.6 million. As foreign exchange rates fluctuate, these liabilities are remeasured, and the corresponding adjustment is recorded in the Condensed Consolidated Statements of Operations.
We are exposed to short-term and long-term variable interest rate risk on certain of our debt obligations, which we do not hedge.
There have been no material changes since our 2025 Form 10-K related to our market risk exposure to currency exchange rates, foreign currency rates or interest rates.
ITEM 4. Controls and Procedures
We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management, together with our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2026.
There were no changes in our internal control over financial reporting during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
26
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
See Note 14 – Litigation, Claims, Contingencies, and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for information regarding litigation and regulatory proceedings related to Pursuit, which information is incorporated by reference herein.
ITEM 1A. Risk Factors
There are various risks associated with the operations of Pursuit’s businesses. In addition to information in this Form 10-Q, careful consideration should be given to the factors discussed in Part I, Item 1A – Risk Factors and Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. This information provides a framework to understand our operating environment and an explanation of the significant risks associated with Pursuit’s businesses. There have been no material changes to our previously disclosed risk factors.
ITEM 2. Unregistered Sales of Equity Securities AND Use of Proceeds
During the three months ended March 31, 2026, we repurchased the following shares:
Issuer Purchases of Equity Securities |
|
|||||||||||||||
Period |
|
Total Number of Shares |
|
|
Average Price Paid |
|
|
Total Number of Shares |
|
|
Approximate Dollar Value of Shares That May Yet Be |
|
||||
January 1, 2026 - January 31, 2026 |
|
|
127,222 |
|
|
$ |
33.54 |
|
|
|
127,222 |
|
|
$ |
35,531 |
|
February 1, 2026 - February 28, 2026 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
35,531 |
|
March 1, 2026 - March 31, 2026 |
|
|
575,504 |
|
|
$ |
36.32 |
|
|
|
575,504 |
|
|
$ |
14,631 |
|
Total |
|
|
702,726 |
|
|
|
|
|
|
702,726 |
|
|
|
|
||
(1) On August 6, 2025, we announced that our Board of Directors approved a share repurchase authorization for up to $50.0 million of Pursuit’s common stock, which replaced and superseded the Company’s previously suspended share repurchase authorization. As of March 31, 2026, approximately $14.6 million remained authorized and available for common stock repurchases. Additionally, on May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing share repurchase authorization, for which $9.6 million was still available to repurchase, which reflects $5.0 million of repurchases that occurred subsequent to March 31, 2026. As a result, $59.6 million is available to repurchase our common stock as of May 1, 2026. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.
(2) Average price paid per share excludes any commission fees or excise tax imposed on share repurchases.
ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During the three months ended March 31, 2026, no director or officer of the Company
27
ITEM 6. Exhibits
|
|
|
|
|
|
Incorporated by Reference |
||||||
Exhibit Number |
|
|
|
Exhibit Description |
|
Form |
|
Period Ending |
|
Exhibit |
|
Filing Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1 |
|
|
|
Restated Certificate of Incorporation of Viad Corp, as amended through July 1, 2004 |
|
10-Q |
|
6/30/2004 |
|
3.A |
|
8/9/2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
|
|
Amendment to the Restated Certificate of Incorporation of Pursuit Attractions and Hospitality, Inc. |
|
8-K |
|
|
|
3.1 |
|
1/3/2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3 |
|
|
|
Amended and Restated Bylaws of Pursuit Attractions and Hospitality, Inc. |
|
8-K |
|
|
|
3.2 |
|
1/3/2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1 |
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1 |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2 |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1 |
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS |
|
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH |
|
|
|
Inline XBRL Taxonomy Extension Schema with embedded Linkbase Documents. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104 |
|
|
|
Cover Page formatted as Inline XBRL and contained in Exhibit 101 |
|
|
|
|
|
|
|
|
* |
|
Filed herewith. |
** |
|
Furnished herewith. |
28
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
PURSUIT ATTRACTIONS AND HOSPITALITY, INC. |
||
|
|
|
(Registrant) |
||
|
|
|
|
|
|
May 6, 2026 |
|
|
By: |
|
/s/ Michael L. Bosco |
(Date) |
|
|
|
|
Michael L. Bosco |
|
|
|
|
|
Chief Accounting Officer |
|
|
|
|
|
(Duly Authorized Officer) |
29