Pursuit Attractions & Hospitality, Inc. Goodwill & Intangibles Disclosure
NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
Goodwill
The changes in the goodwill carrying amount during the years ended December 31, 2025 and 2024 included:
(in thousands) |
|
|
|
Balance as of December 31, 2023 |
$ |
123,906 |
|
|
(14,003 |
) |
|
Foreign currency translation adjustments |
|
(7,347 |
) |
Acquisition of Jasper SkyTram (1) |
|
765 |
|
Balance as of December 31, 2024 |
|
103,321 |
|
Foreign currency translation adjustments |
|
4,851 |
|
Tabacón acquisition (1) |
|
42,315 |
|
Measurement period adjustments (2) |
|
(73 |
) |
Balance as of December 31, 2025 |
$ |
150,414 |
|
During the years ended December 31, 2025 and 2023, the Company performed a combination of qualitative and quantitative impairment tests for its reporting units, and such impairment tests indicated that no impairments existed for Pursuit’s reporting units with reported goodwill during those respective periods. During the year ended December 31, 2024, the Company recorded a non-cash goodwill
impairment charge of $14.0 million and a corresponding income tax benefit of $2.8 million related to its Las Vegas Flyover attraction reporting unit. A valuation allowance was recorded against this income tax benefit. See Note 15 – Income Taxes for additional information.
The Company will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to the expectations about future estimated cash flows and discount rates. If expectations of the operating results of the Company’s reporting units do not materialize, or the discount rate increases (based on increases in interest rates, market rates of return or market volatility), it is possible that the Company may be required to record additional goodwill impairment charges in the future, which may be material.
The Company’s accumulated goodwill impairment was $20.2 million as of both December 31, 2025 and 2024.
Other Intangible Assets
Other intangible assets consisted of the following as of December 31, 2025 and 2024:
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||||||||||||||||||
(in thousands) |
|
Remaining Useful Life |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying Value |
|
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying Value |
|
||||||
Intangible assets subject to amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating contracts and licenses |
|
25.4 |
|
$ |
56,890 |
|
|
$ |
(7,864 |
) |
|
$ |
49,026 |
|
|
$ |
52,697 |
|
|
$ |
(5,505 |
) |
|
$ |
47,192 |
|
In-place lease |
|
30.8 |
|
|
14,243 |
|
|
|
(2,558 |
) |
|
|
11,685 |
|
|
|
13,588 |
|
|
|
(2,069 |
) |
|
|
11,519 |
|
Customer contracts and relationships |
|
4.6 |
|
|
7,859 |
|
|
|
(3,044 |
) |
|
|
4,815 |
|
|
|
5,475 |
|
|
|
(2,453 |
) |
|
|
3,022 |
|
Tradenames and other |
|
3.1 |
|
|
5,179 |
|
|
|
(3,721 |
) |
|
|
1,458 |
|
|
|
5,002 |
|
|
|
(2,929 |
) |
|
|
2,073 |
|
Total amortized intangible assets |
|
|
|
|
84,171 |
|
|
|
(17,187 |
) |
|
|
66,984 |
|
|
|
76,762 |
|
|
|
(12,956 |
) |
|
|
63,806 |
|
Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tradenames (1) |
|
|
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Business licenses |
|
|
|
|
3,665 |
|
|
|
— |
|
|
|
3,665 |
|
|
|
560 |
|
|
|
— |
|
|
|
560 |
|
Other intangible assets |
|
|
|
$ |
92,836 |
|
|
$ |
(17,187 |
) |
|
$ |
75,649 |
|
|
$ |
77,322 |
|
|
$ |
(12,956 |
) |
|
$ |
64,366 |
|
Intangible asset amortization expense (excluding amortization expense of right-of-use assets) was $3.2 million, $2.5 million and $2.9 million during the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, the estimated future definite-lived intangible asset amortization expense includes:
(in thousands) |
|
|
|
|
Year ending December 31, |
|
|
|
|
2026 |
|
$ |
3,248 |
|
2027 |
|
|
2,856 |
|
2028 |
|
|
2,834 |
|
2029 |
|
|
2,720 |
|
2030 |
|
|
2,504 |
|
Thereafter |
|
|
52,822 |
|
Total |
|
$ |
66,984 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 6, 2017 | |
| 2015 | Mar 11, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.