PRSU
Pursuit Attractions and Hospitality, Inc.36.79
-0.41-1.1%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms organic growth confidence
Q&A largely reaffirmed Pursuit's prepared remarks, with management clarifying that double-digit organic revenue CAGR underpins Vision 2030 targets independently of M&A, backed by a robust pipeline. They dismissed concerns over sub-7x multiples on $200 million committed 2026 capex as appropriate, matching historical 6x successes across similar projects. Leverage targets of 2-3.5x offer ample capacity for growth investments. Organic growth delivers double digits alone. Analysts pressed on M&A timing, ticket pricing ceilings, and project rankings; answers stayed qualitative yet assured, citing perennial demand and guest improvements. No contradictions emerged. Investors will track capex execution and early returns from 2028.
Key Stats
Market Cap
1.04BP/E (TTM)
-Basic EPS (TTM)
-0.84Dividend Yield
0%Recent Filings
10-K
FY2025 results
Pursuit Attractions and Hospitality delivered FY2025 revenue of $452M, up 23% y/y from $366M, driven by 12% visitor growth and 10% higher revenue per visitor at attractions alongside 29% RevPAR gains from occupancy and ADR expansion at hospitality properties; Tabacón's mid-year acquisition added $20M combined revenue while same-store metrics confirmed organic momentum absent prior-year Jasper wildfire disruptions. Q4 revenue hit $57M amid seasonal troughs, sustaining annual trends without sequential quarterly breakdowns disclosed. Strong operating cash flow of $86M funded $75M capex and $10M buybacks under a $50M authorization ($40M remaining), with $300M revolver drawn $87M at year-end (solid covenant compliance). Planned 2026 capex of $121-127M targets Refresh/Build/Buy initiatives like Banff Gondola upgrades. Seasonality exposes peak-quarter results to wildfires.
8-K
Record results, Flyover sale
8-K
Sells Flyover for $78.4M
Pursuit Attractions and Hospitality signed an Equity Purchase Agreement on January 21, 2026, to sell its Flyover flying theater attractions business for $78.4 million in cash, subject to post-closing adjustments. Closing awaits regulatory approvals and is targeted before May 21, 2026. Breach by buyer triggers $10 million termination fee. Deal sharpens focus amid strategic shifts.
8-K
New severance plan adopted
Pursuit Attractions and Hospitality adopted an Executive Severance Plan on December 4, 2025, superseding prior agreements; CEO David Barry qualifies for Tier 1 benefits—24 months base salary plus prorated bonus on non-CIC qualifying termination, doubling bonus on change-in-control. Bylaws were restated, easing stockholder meeting logistics while mandating Delaware courts for disputes. Ties exec retention to potential payouts.
10-Q
Q3 FY2025 results
Pursuit Attractions crushed Q3 FY2025 ended September 30, 2025, with revenue jumping 32.2% y/y to $241M from $182M, driven by 21.9% more visitors and 8.7% higher revenue per visitor at attractions plus 35.0% RevPAR gains at hospitality—Banff Jasper led at $124M (52% of revenue). Continuing ops net income attributable to Pursuit soared 77% y/y to $77M, yielding $2.70 diluted EPS (28,458k shares). OCF from continuing ops hit $100M YTD. Closed Tabacón resort in July for $108M cash, adding $6M revenue and $42M goodwill. Cash fell to $34M amid $108M acquisition and $44M capex, but $301M revolver draws left $241M available under $300M facility (3.0x net leverage covenant). Debt totaled $127M (5.9% rate). Solid liquidity. Competition in iconic destinations poses risks.
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