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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | NOTE 20. SEGMENT INFORMATION On December 31, 2024, we completed the 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. See 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 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 from continuing operations, which is reported on the Condensed Consolidated Statements of Operations as “Income from continuing operations.” Our CODM uses income from continuing operations to monitor actual results versus 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 from continuing operations:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total revenue |  | $ | 241,022 |  |  | $ | 182,257 |  |  | $ | 395,344 |  |  | $ | 320,689 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of food, beverage, and retail products sold |  | $ | 19,809 |  |  | $ | 16,979 |  |  | $ | 30,965 |  |  | $ | 27,893 |
Operating labor expenses (1) |  |  | 37,712 |  |  |  | 31,882 |  |  |  | 82,219 |  |  |  | 76,762 |
Other segment expenses (2) |  |  | 48,880 |  |  |  | 36,702 |  |  |  | 105,363 |  |  |  | 91,989 |
Selling, general, and administrative expenses |  |  | 17,445 |  |  |  | 14,543 |  |  |  | 50,339 |  |  |  | 41,080 |
Depreciation and amortization |  |  | 12,042 |  |  |  | 11,277 |  |  |  | 34,083 |  |  |  | 32,222 |
Interest expense, net |  |  | 2,835 |  |  |  | 3,461 |  |  |  | 6,227 |  |  |  | 10,320 |
Other (income) expense, net |  |  | (3,455 | ) |  |  | 255 |  |  |  | 2,864 |  |  |  | 874 |
Impairment charges |  |  | — |  |  |  | 6,110 |  |  |  | — |  |  |  | 6,110 |
Total costs and expenses |  |  | 135,268 |  |  |  | 121,209 |  |  |  | 312,060 |  |  |  | 287,250 |
Income from continuing operations before income taxes |  |  | 105,754 |  |  |  | 61,048 |  |  |  | 83,284 |  |  |  | 33,439 |
Income tax expense |  |  | 17,771 |  |  |  | 10,507 |  |  |  | 18,926 |  |  |  | 11,625 |
Income from continuing operations |  | $ | 87,983 |  |  | $ | 50,541 |  |  | $ | 64,358 |  |  | $ | 21,814 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. 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