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Segment Information
 9 Months Ended
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.