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Revenue and Related Contract Liabilities
 6 Months Ended
Jun. 30, 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. 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

53,200

 

 

$

43,707

 

 

$

72,152

 

 

$

61,512

 

Rooms revenue

 

 

25,952

 

 

 

24,578

 

 

 

33,291

 

 

 

32,182

 

Transportation

 

 

3,677

 

 

 

3,338

 

 

 

5,512

 

 

 

5,193

 

Other

 

 

5,234

 

 

 

4,427

 

 

 

6,842

 

 

 

6,147

 

Total services revenue

 

 

88,063

 

 

 

76,050

 

 

 

117,797

 

 

 

105,034

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

17,324

 

 

 

15,046

 

 

 

23,447

 

 

 

21,568

 

Retail operations

 

 

11,356

 

 

 

10,105

 

 

 

13,078

 

 

 

11,830

 

Total products revenue

 

 

28,680

 

 

 

25,151

 

 

 

36,525

 

 

 

33,398

 

Total revenue

 

$

116,743

 

 

$

101,201

 

 

$

154,322

 

 

$

138,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

88,063

 

 

$

76,050

 

 

$

117,797

 

 

$

105,034

 

Products transferred at a point in time

 

 

28,680

 

 

 

25,151

 

 

 

36,525

 

 

 

33,398

 

Total revenue

 

$

116,743

 

 

$

101,201

 

 

$

154,322

 

 

$

138,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection (1)

 

$

63,553

 

 

$

55,239

 

 

$

80,996

 

 

$

73,345

 

Alaska Collection

 

 

15,851

 

 

 

14,046

 

 

 

16,566

 

 

 

14,659

 

Glacier Park Collection (1)

 

 

15,298

 

 

 

13,768

 

 

 

16,793

 

 

 

15,201

 

Flyover Attractions

 

 

9,510

 

 

 

8,533

 

 

 

16,422

 

 

 

14,722

 

Sky Lagoon

 

 

12,531

 

 

 

9,615

 

 

 

23,545

 

 

 

20,505

 

Total revenue

 

$

116,743

 

 

$

101,201

 

 

$

154,322

 

 

$

138,432

 

 

(1) The Prince of Wales Hotel, previously reported under the Glacier Park Collection, has been reclassified to the Banff Jasper Collection. Prior year amounts have been retrospectively adjusted to reflect this change.