Pursuit Attractions & Hospitality, Inc. Revenue Disclosure
NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES |
Contract Liabilities
The Company’s performance obligations are short-term in nature and include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. The Company recognizes revenue when the service has been provided or the product has been delivered. When credit is extended, payment terms are generally within 30 days and contain no significant financing components.
A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product or service to the customer, which are recorded as “Contract liabilities” in the Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). Contract liabilities were $14.5 million and $12.4 million as of December 31, 2025 and 2024, respectively. The contract liabilities as of December 31, 2024 were primarily recognized in revenue during the year ended December 31, 2025.
Disaggregation of Revenue
The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and markets served for the years ended December 31, 2025, 2024, and 2023:
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Year Ended December 31, |
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(in thousands) |
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2025 |
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2024 |
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2023 |
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Services: |
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|
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|
|
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Ticket revenue |
|
$ |
200,653 |
|
|
$ |
162,377 |
|
|
$ |
143,362 |
|
Rooms revenue |
|
|
105,091 |
|
|
|
81,920 |
|
|
|
85,942 |
|
Transportation |
|
|
12,755 |
|
|
|
11,788 |
|
|
|
13,440 |
|
Other |
|
|
22,134 |
|
|
|
18,306 |
|
|
|
15,920 |
|
Total services revenue |
|
|
340,633 |
|
|
|
274,391 |
|
|
|
258,664 |
|
Products: |
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|
|
|
|
|
|
|
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Food and beverage |
|
|
68,414 |
|
|
|
54,340 |
|
|
|
55,044 |
|
Retail operations |
|
|
43,370 |
|
|
|
37,757 |
|
|
|
36,577 |
|
Total products revenue |
|
|
111,784 |
|
|
|
92,097 |
|
|
|
91,621 |
|
Total revenue |
|
$ |
452,417 |
|
|
$ |
366,488 |
|
|
$ |
350,285 |
|
|
|
|
|
|
|
|
|
|
|
|||
Timing of revenue recognition: |
|
|
|
|
|
|
|
|
|
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Services transferred over time |
|
$ |
340,633 |
|
|
$ |
274,391 |
|
|
$ |
258,664 |
|
Products transferred at a point in time |
|
|
111,784 |
|
|
|
92,097 |
|
|
|
91,621 |
|
Total revenue |
|
$ |
452,417 |
|
|
$ |
366,488 |
|
|
$ |
350,285 |
|
|
|
|
|
|
|
|
|
|
|
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Geographical regions: |
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|
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Canada |
|
$ |
244,698 |
|
|
$ |
192,540 |
|
|
$ |
201,743 |
|
U.S. |
|
|
132,447 |
|
|
|
119,528 |
|
|
|
103,861 |
|
Iceland |
|
|
62,208 |
|
|
|
54,420 |
|
|
|
44,681 |
|
Costa Rica ⁽¹⁾ |
|
|
13,064 |
|
|
|
— |
|
|
|
— |
|
Total revenue |
|
$ |
452,417 |
|
|
$ |
366,488 |
|
|
$ |
350,285 |
|
(1) Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition.
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 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.