XML 37 R30.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

NOTE 21. SEGMENT INFORMATION

On December 31, 2024, we completed the sale of our GES Business (“GES Sale”). Prior to the GES Sale, our three operating segments comprised Pursuit, GES Exhibitions, and Spiro. As a result of the GES Sale, the operating results and cash flows for the GES Business

have been classified as discontinued operations within the Condensed Consolidated Financial Statements for all periods presented. Refer to Note 5 – Discontinued Operations for additional information. Following our relaunch as Pursuit, our Board of Directors appointed a new President and Chief Executive Officer, who is our chief operating decision maker (“CODM”).

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. Our CODM manages the business on a consolidated basis and accordingly we have a single operating and reportable segment. We derive our revenue through our collection of travel experiences including attractions and hospitality, along with integrated restaurants, retail, and transportation.

Our CODM assesses performance of our single reportable segment and decides how to allocate resources based on income (loss) from continuing operations, which is also reported on the Condensed Consolidated Statements of Operations as “Income (loss) from continuing operations.” Our CODM uses income (loss) from continuing operations to monitor actual results to our forecasted plan, which is used in assessing performance and in establishing management compensation.

The financial information, including significant single segment expense categories regularly provided to our CODM, are included in the following table including a reconciliation to income (loss) from continuing operations:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenue

 

$

116,743

 

 

$

101,201

 

 

$

154,322

 

 

$

138,432

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, beverage, and retail products sold

 

$

8,871

 

 

$

8,377

 

 

$

11,156

 

 

$

10,914

 

Operating labor expenses (1)

 

 

28,329

 

 

 

27,795

 

 

 

44,507

 

 

 

44,880

 

Other segment expenses (2)

 

 

34,234

 

 

 

31,998

 

 

 

56,483

 

 

 

55,287

 

Selling, general, and administrative expenses

 

 

15,729

 

 

 

13,695

 

 

 

32,894

 

 

 

26,537

 

Depreciation and amortization

 

 

11,073

 

 

 

11,182

 

 

 

22,041

 

 

 

20,945

 

Interest expense, net

 

 

1,928

 

 

 

3,937

 

 

 

3,392

 

 

 

6,859

 

Other expense, net

 

 

5,962

 

 

 

309

 

 

 

6,319

 

 

 

619

 

Total costs and expenses

 

 

106,126

 

 

 

97,293

 

 

 

176,792

 

 

 

166,041

 

Income (loss) from continuing operations before income taxes

 

 

10,617

 

 

 

3,908

 

 

 

(22,470

)

 

 

(27,609

)

Income tax expense

 

 

3,021

 

 

 

2,772

 

 

 

1,155

 

 

 

1,118

 

Income (loss) from continuing operations

 

$

7,596

 

 

$

1,136

 

 

$

(23,625

)

 

$

(28,727

)

(1) Operating labor expenses consist of wages, incentives, benefits, and employer taxes.

(2) Other segment expenses, exclusive of depreciation and amortization, primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, credit card fees and certain overhead expenses.