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Overview and Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements (Condensed Consolidated Financial Statements) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025 (“2024 Form 10-K”).

The Condensed Consolidated Financial Statements include the accounts of Pursuit and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

Certain prior year balances have been reclassified to conform to current year presentation.
Nature of Business

Nature of Business

We are a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations. We are managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, we are deemed to be a single operating segment.

On October 20, 2024, Pursuit (formerly known as Viad Corp) entered into an Equity Purchase Agreement (the “Purchase Agreement”) with TL Voltron, LLC, a Delaware limited liability company (“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 Company’s former GES Exhibitions and Spiro reportable segments (the “GES Business”). The aggregate purchase price was $535 million, consisting of a base purchase price of $510 million, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses, and a deferred purchase price of $25 million payable by Truelink Capital to the Company one year after the closing date.

On December 31, 2024, we completed the sale of the GES Business to Truelink Capital (“GES Sale”) and relaunched Viad Corp as Pursuit Attractions and Hospitality, Inc., a standalone attractions and hospitality company with a singular focus on delivering unforgettable experiences in iconic destinations. We began trading under a new NYSE ticker symbol, PRSU, on January 2, 2025.

We determined that the sale of the GES Business met the criteria to be classified as a discontinued operation. Accordingly, we have accounted for the GES Business as a discontinued operation in this Quarterly Report on Form 10-Q. All amounts and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. See Note 5 – Discontinued Operations for additional information.

On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions for additional information. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition.

Impact of Recent Accounting Pronouncements

Impact of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements:

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

 

The amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization.

 

January 1, 2027

 

This new guidance will expand our footnote disclosures within the scope of this new standard with no impacts to our Condensed Consolidated Financial Statements.

ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software

 

The amendment updates the accounting guidance for costs incurred to develop or obtain software solely for internal use and costs incurred to implement cloud computing arrangements. Under current guidance, costs are accounted for based on distinct project stages, and that concept is removed under the ASU, which instead clarifies that eligible costs may be capitalized upon meeting specific capitalization thresholds and overcoming significant development uncertainty.

 

January 1, 2028, with early adoption permitted

 

We are still in the process of evaluating what impact the new standard will have on our Condensed Consolidated Financial Statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

 

The amendment expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

 

January 1, 2025

 

This new guidance expanded our footnote disclosures within the scope of this new standard with no impacts to our Condensed Consolidated Financial Statements.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue and costs and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provision for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; and the allocation of purchase price of acquired businesses. These estimates are inherently based on judgment and information currently available. Actual results could differ from these and other estimates.
Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with original maturities of three months or less. Cash and cash equivalents consist of cash and bank demand deposits.

Cash, cash equivalents and restricted cash balances as presented in the Condensed Consolidated Statements of Cash Flows include:

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

33,806

 

 

$

49,702

 

Restricted cash (included in other current assets)

 

 

583

 

 

 

6,355

 

Cash, cash equivalents, and restricted cash

 

$

34,389

 

 

$

56,057

 
Insurance Recoveries

Insurance Recoveries

Receipts from insurance up to the amount of the recognized losses are considered recoveries and are accounted for when they are probable of receipt. Anticipated proceeds in excess of the recognized loss are considered a contingency gain. A contingency gain for anticipated insurance proceeds in excess of losses already recognized is not recognized until all contingencies relating to the insurance claim have been resolved.

On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and wildfires entered the Jasper townsite on July 24, 2024. Pursuit’s hotels and attractions in and near the Jasper townsite were not reached by the wildfires and remain intact except for the Maligne Canyon Wilderness Kitchen (“Wilderness Kitchen”), a restaurant and retail operation located about three miles outside the town of Jasper. In addition to the loss of the Wilderness Kitchen, food and beverage inventories at our properties throughout the region were spoiled and written off. We also incurred other costs related to restoration efforts.

During 2024, we recorded estimated losses incurred at our properties affected by the Jasper wildfires, and received approximately $13 million in insurance proceeds as a partial settlement relating to the losses, of which $3.8 million was allocated to the charge for the Wilderness Kitchen and $9.2 million was allocated against the insurance receivable for other losses incurred. During the nine months ended September 30, 2025, we received additional insurance proceeds relating to the losses of approximately $6.5 million. Additionally, during the three and nine months ended September 30, 2025, we received approximately $4.2 million in business interruption insurance proceeds, which were recorded as a gain included in “Other (income) expense, net” in the Condensed Consolidated Statements of Operations. As of September 30, 2025, total insurance proceeds received to date related to the Jasper wildfires were $23.7 million. We are still in the process of determining whether additional recoveries will be received for losses incurred or business interruption.
Immaterial Correction to Prior Period Financial Statements

Immaterial Correction to Prior Period Financial Statements

During the three months ended June 30, 2025, we identified a multi-year error in the presentation of the Condensed Consolidated Statements of Comprehensive Income, which resulted from the inclusion of incorrect amounts of unrealized foreign currency translation adjustments. The error had no impact on any of the other Condensed Consolidated Financial Statements. We evaluated the error and concluded it was not material to prior periods, individually or in the aggregate. However, we corrected the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 to conform to the current year presentation.

The following table reflects the effects of the correction on all affected line items of the previously reported Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024:

 

 

Three Months Ended September 30, 2024

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

As previously reported

 

 

Adjustment

 

 

As corrected

 

 

As previously reported

 

 

Adjustment

 

 

As corrected

 

Unrealized foreign currency translation adjustments

 

$

4,314

 

 

$

1,083

 

 

$

5,397

 

 

$

(6,567

)

 

$

(1,160

)

 

$

(7,727

)

Comprehensive income

 

$

59,980

 

 

$

1,083

 

 

$

61,063

 

 

$

54,342

 

 

$

(1,160

)

 

$

53,182

 

Comprehensive income attributable to non-redeemable noncontrolling interest (1)

 

$

(6,207

)

 

$

(1,942

)

 

$

(8,149

)

 

$

(9,243

)

 

$

2,362

 

 

$

(6,881

)

Comprehensive (income) loss attributable to redeemable noncontrolling interest

 

$

(71

)

 

$

(112

)

 

$

(183

)

 

$

372

 

 

$

(21

)

 

$

351

 

Comprehensive income attributable to Pursuit

 

$

53,702

 

 

$

(971

)

 

$

52,731

 

 

$

45,471

 

 

$

1,181

 

 

$

46,652

 

(1) The “as previously reported” amounts for “comprehensive income attributable to non-redeemable noncontrolling interest” are a combination of the amounts previously reported under the financial statement line items for “comprehensive income attributable to non-redeemable noncontrolling interest” and “unrealized foreign currency translation adjustments.”