Pursuit Attractions and Hospitality (PRSU) Q1 2025 earnings summary

Executive summary

• Delivered solid Q1 2025 performance as a standalone attractions and hospitality company, with revenue up 0.9% year-over-year to $37.6 million, driven by higher ticket revenue, new attraction openings, and successful integration of three recent tuck-in acquisitions.

• Completed sale of GES business for $535 million, rebranding and trading as Pursuit Attractions and Hospitality, Inc. under PRSU on NYSE as of January 2, 2025.

• Focused on a "Refresh, Build, Buy" strategy, more than tripling revenue from 2015 to 2024 at a ~14% CAGR.

• Continued emphasis on delivering authentic experiences in iconic destinations, supported by a dedicated team and strong seasonal hiring for the peak season.

• Peak activity is seasonal, with 77% of annual revenue earned in Q2 and Q3.

Financial highlights

• Q1 2025 revenue was $37.6 million, up 0.9% year-over-year; attractions revenue rose 4.4% to $19 million, hospitality revenue fell 3.3% to $7.3 million, and same-store constant-currency RevPAR grew 9%.

• Net loss attributable to continuing operations was $31.1 million, compared to $29.6 million in the prior year; adjusted net loss was $26.9 million, versus $25.4 million last year.

• Adjusted EBITDA declined by $2.9 million to negative $17.5 million, mainly due to inflationary costs and seasonal losses from new businesses.

• Diluted loss per share from continuing operations improved to $(1.10) from $(1.46) year-over-year.

• Total liquidity at March 31, 2025 was $212.1 million, including $22.8 million in cash and $189.3 million in revolver capacity; net leverage ratio below 1x.

Outlook and guidance

• Reaffirmed 2025 guidance for double-digit growth in full-year revenue and adjusted EBITDA, with adjusted EBITDA guidance of $98–$108 million, up $21–$31 million over 2024.

• Revenue projected to be up low double digits versus 2024; growth capex planned at $38–$43 million, total capex $70–$75 million.

• Guidance assumes Jasper leisure travel recovery, $5–$7 million adjusted EBITDA from recent acquisitions, and a $0.69 CAD/USD FX rate, which is a $7 million headwind.

• Room booking pacing for 2025 is strong: U.S. properties are 10% ahead and Canadian properties 2% ahead year over year; Jasper room revenue on the books is 8% higher after adjusting for renovations.

• Management expects existing liquidity sources to be sufficient for at least the next 12 months and longer term.