Discontinued Operations

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

NOTE 5. DISCONTINUED OPERATIONS

On October 20, 2024, Pursuit (formerly known as Viad Corp) entered into a Purchase Agreement with Truelink Capital, pursuant to which Truelink Capital agreed to purchase all of the outstanding equity interests held by the Company in its subsidiaries comprising the GES Business. On December 31, 2024, we completed the sale of the GES Business to Truelink Capital and relaunched as Pursuit Attractions and Hospitality, Inc., a standalone attractions and hospitality company with a singular focus on delivering unforgettable experiences in iconic destinations.

We determined that the sale of the GES Business met the criteria under Accounting Standards Codification (“ASC”) 205-20, Presentation of Financial Statements – Discontinued Operations to be classified as a discontinued operation as the sale represented a strategic shift that had a significant effect on our operations and financial results. Accordingly, the Condensed Consolidated Statements of Operations have been adjusted for all prior periods to reflect the GES Business as discontinued operations.

The following table summarizes the results of the GES Business presented within discontinued operations in the Condensed Consolidated Statements of Operations:


	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2024			June 30, 2024
Revenue:
Services	$	233,910		$	431,856
Products		43,427			81,747
Total revenue		277,337			513,603
Costs and expenses:
Cost of services		199,982			388,421
Cost of products		37,478			69,910
Interest expense, net (1)		8,648			17,571
Other income, net		(692	)		(448	)
Total costs and expenses		245,416			475,454
Income from discontinued operations before income taxes		31,921			38,149
Income tax expense		3,079			5,620
Income from discontinued operations of the GES Business		28,842			32,529
Income from discontinued operations of previously sold operations		900			833
Income from discontinued operations	$	29,742		$	33,362

(1)

On December 31, 2024, in connection with the sale of the GES Business, we terminated and repaid in full all outstanding obligations (approximately $393 million) due under our previous $500 million credit facility with Bank of America, N.A. as administrative agent (the “2021 Credit Facility”) and all related liens and security interests were terminated, discharged and released. In accordance with ASC 205-20, we elected to allocate interest expense to discontinued operations for the 2021 Credit Facility and the related debt issuance costs that were not directly attributable to the GES Business. All of the interest expense and related debt issuance costs of the $400 million term loan were allocated to discontinued operations, and interest expense and debt issuance costs related to the $170 million revolving credit facility were allocated based on a ratio of net assets of the GES Business to the sum of our consolidated net assets and consolidated debt. We allocated interest expense to discontinued operations of $8.5 million during the three months ended June 30, 2024 and $17.6 million during the six months ended June 30, 2024.

We incurred transaction costs in connection with the sale of the GES Business of $1.5 million during the three months ended June 30, 2024 and $2.4 million during the six months ended June 30, 2024, which are included in discontinued operations. These costs primarily include third-party advisory, consulting, legal, and professional fees.