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Revenue and Related Contract Liabilities
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Related Contract Liabilities

NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES

Contract Liabilities

Our performance obligations are short-term in nature and include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. 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.

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. We periodically receive customer deposits prior to transferring the related product or service to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The contract liabilities as of December 31, 2024 have been 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

100,391

 

 

$

75,330

 

 

$

172,543

 

 

$

136,842

 

Rooms revenue

 

 

59,677

 

 

 

42,020

 

 

 

92,968

 

 

 

74,202

 

Transportation

 

 

5,544

 

 

 

4,990

 

 

 

11,056

 

 

 

10,183

 

Other

 

 

12,528

 

 

 

10,648

 

 

 

19,370

 

 

 

16,795

 

Total services revenue

 

 

178,140

 

 

 

132,988

 

 

 

295,937

 

 

 

238,022

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

35,868

 

 

 

26,135

 

 

 

59,315

 

 

 

47,703

 

Retail operations

 

 

27,014

 

 

 

23,134

 

 

 

40,092

 

 

 

34,964

 

Total products revenue

 

 

62,882

 

 

 

49,269

 

 

 

99,407

 

 

 

82,667

 

Total revenue

 

$

241,022

 

 

$

182,257

 

 

$

395,344

 

 

$

320,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

178,140

 

 

$

132,988

 

 

$

295,937

 

 

$

238,022

 

Products transferred at a point in time

 

 

62,882

 

 

 

49,269

 

 

 

99,407

 

 

 

82,667

 

Total revenue

 

$

241,022

 

 

$

182,257

 

 

$

395,344

 

 

$

320,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection (1)

 

$

124,333

 

 

$

84,620

 

 

$

205,329

 

 

$

157,965

 

Glacier Park Collection (1)

 

 

47,508

 

 

 

42,488

 

 

 

64,301

 

 

 

57,689

 

Alaska Collection

 

 

31,178

 

 

 

29,238

 

 

 

47,744

 

 

 

43,897

 

Sky Lagoon

 

 

18,399

 

 

 

13,485

 

 

 

41,944

 

 

 

33,990

 

Flyover Attractions

 

 

13,256

 

 

 

12,426

 

 

 

29,678

 

 

 

27,148

 

Tabacón (2)

 

 

6,348

 

 

 

—

 

 

 

6,348

 

 

 

—

 

Total revenue

 

$

241,022

 

 

$

182,257

 

 

$

395,344

 

 

$

320,689

 

 

(1) Beginning on January 1, 2025, the Prince of Wales Hotel is reported as a part of the Banff Jasper Collection; whereas prior to 2025, the Prince of Wales Hotel was reported under the Glacier Park Collection. Prior year amounts for the three and nine months ended September 30, 2024 have been retrospectively adjusted to reflect this change.

(2) Tabacón (as defined in Note 4, Acquisitions) was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in our results of operations prospectively from the date of acquisition.