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Revenue and Related Contract Liabilities
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Related Contract Liabilities

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. Our performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, and a chartered or ticketed bus or van ride. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. We periodically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). We include customer deposits in “Contract liabilities” in the Condensed Consolidated Balance Sheets. As of March 31, 2025 contract liabilities were $22.1 million, compared to $12.4 million as of December 31, 2024. The contract liabilities as of December 31, 2024 will be primarily recognized in revenue during 2025.

Disaggregation of Revenue

The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and markets served:

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2025

 

 

2024

 

Services:

 

 

 

 

 

 

Ticket revenue

 

$

18,952

 

 

$

17,805

 

Rooms revenue

 

 

7,339

 

 

 

7,604

 

Transportation

 

 

1,835

 

 

 

1,855

 

Other

 

 

1,608

 

 

 

1,720

 

Total services revenue

 

 

29,734

 

 

 

28,984

 

Products:

 

 

 

 

 

 

Food and beverage

 

 

6,123

 

 

 

6,522

 

Retail operations

 

 

1,722

 

 

 

1,725

 

Total products revenue

 

 

7,845

 

 

 

8,247

 

Total revenue

 

$

37,579

 

 

$

37,231

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Services transferred over time

 

$

29,734

 

 

$

28,984

 

Products transferred at a point in time

 

 

7,845

 

 

 

8,247

 

Total revenue

 

$

37,579

 

 

$

37,231

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

Banff Jasper Collection

 

$

17,443

 

 

$

18,106

 

Alaska Collection

 

 

715

 

 

 

613

 

Glacier Park Collection

 

 

1,495

 

 

 

1,433

 

Flyover Attractions

 

 

6,912

 

 

 

6,189

 

Sky Lagoon

 

 

11,014

 

 

 

10,890

 

Total revenue

 

$

37,579

 

 

$

37,231