Pursuit Attractions and Hospitality (PRSU) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 24.5% to $455.7 million, driven by strong GES performance and stable Pursuit results outside Jasper, with net income attributable to shareholders up to $48.6 million.

• GES delivered significant revenue and margin growth, while Pursuit's Adjusted EBITDA was near the high end of guidance despite wildfire-related headwinds in Jasper.

• Entered agreement to sell GES for $535 million, expected to close by December 31, 2024, positioning Pursuit as a pure-play, high-growth business.

• Completed a $15.9 million tuck-in acquisition in Glacier National Park, expanding Pursuit's hospitality offerings.

• Jasper wildfires impacted Pursuit operations, with insurance recoveries partially offsetting losses.

Financial highlights

• Q3 consolidated revenue was $455.7 million, up 24.5% year-over-year; consolidated Adjusted EBITDA reached $103.1 million, up $16.9 million.

• Net income attributable to shareholders was $48.6 million, up $7.3 million; adjusted net income was $58.8 million, up $15.5 million.

• Pursuit Q3 revenue was $182.3 million (down 2.5%), Adjusted EBITDA $86.3 million (down $5.5 million), margin 47.4%.

• GES Q3 revenue was $273.4 million (up 52.8%), Adjusted EBITDA $20.2 million (up $22.2 million), margin 7.4%.

• Cash from operations was $110 million in Q3; capex $15 million; net debt payments $94 million; liquidity at $228.8 million.

Outlook and guidance

• GES full-year 2024 Adjusted EBITDA guidance raised to $90–$95 million; Pursuit's narrowed to $87–$92 million.

• Consolidated full-year Adjusted EBITDA guidance is $163–$172 million, up from $147 million in 2023.

• Q4 2024 consolidated revenue guidance: $240–$260 million; adjusted EBITDA: $(9) million to $0.

• Pursuit expects 2025 Adjusted EBITDA to exceed $100 million, with normalized public company costs of $12–$13 million.

• Planned capital expenditures of $65–$80 million over the next 12 months.