Pursuit Attractions & Hospitality, Inc. Segments Disclosure
NOTE 19. SEGMENT INFORMATION |
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM manages the business on a consolidated basis for the purpose of allocating resources and assessing performance, and accordingly, the Company has a single operating and reportable segment. Revenue is derived through the Company’s collection of travel experiences including attractions and hospitality, along with integrated restaurants, retail, and transportation.
The Company’s CODM assesses performance of its single reportable segment and decides how to allocate resources based on income from continuing operations, which is reported on the Consolidated Statements of Operations as “Income (loss) from continuing operations.” The Company’s CODM also uses income from continuing operations to monitor actual results versus its forecasted budget, which is used in assessing performance and in establishing management compensation. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources.
The accounting policies of the Company’s reportable segment are the same as those described in Note 1 – Organization and Summary of Significant Accounting Policies.
The financial information, including significant single segment expense categories regularly provided to the Company’s CODM, are included in the following table including a reconciliation to income (loss) from continuing operations for the years ended December 31, 2025, 2024, and 2023:
|
|
Year Ended December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total revenue |
|
$ |
452,417 |
|
|
$ |
366,488 |
|
|
$ |
350,285 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|||
Cost of food, beverage, and retail products sold |
|
$ |
34,623 |
|
|
$ |
31,121 |
|
|
$ |
31,903 |
|
Operating labor expenses (1) |
|
|
102,659 |
|
|
|
94,067 |
|
|
|
89,120 |
|
Other segment expenses (2) |
|
|
123,468 |
|
|
|
120,153 |
|
|
|
99,785 |
|
Selling, general, and administrative expenses |
|
|
80,093 |
|
|
|
57,795 |
|
|
|
56,763 |
|
Depreciation and amortization |
|
|
46,070 |
|
|
|
42,960 |
|
|
|
37,929 |
|
Interest expense, net |
|
|
8,823 |
|
|
|
14,182 |
|
|
|
5,963 |
|
Other expense, net |
|
|
1,662 |
|
|
|
4,073 |
|
|
|
1,544 |
|
Impairment charges |
|
|
— |
|
|
|
47,572 |
|
|
|
— |
|
Total costs and expenses |
|
|
397,398 |
|
|
|
411,923 |
|
|
|
323,007 |
|
Income (loss) from continuing operations before income taxes |
|
|
55,019 |
|
|
|
(45,435 |
) |
|
|
27,278 |
|
Income tax expense |
|
|
(16,502 |
) |
|
|
(6,325 |
) |
|
|
(12,929 |
) |
Income (loss) from continuing operations |
|
$ |
38,517 |
|
|
$ |
(51,760 |
) |
|
$ |
14,349 |
|
(1) Operating labor expenses consist of wages, incentives, benefits, and employer taxes.
(2) Other segment expenses, exclusive of depreciation and amortization, primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, and credit card fees.
Geographic Areas
The Company’s foreign operations from continuing operations are primarily in Canada, Iceland, and Costa Rica. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:
|
|
December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue: |
|
|
|
|
|
|
|
|
|
|||
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 |
|
Long-lived assets: |
|
|
|
|
|
|
|
|
|
|||
Canada |
|
$ |
315,100 |
|
|
$ |
276,364 |
|
|
$ |
299,265 |
|
U.S. |
|
|
234,854 |
|
|
|
201,244 |
|
|
|
203,332 |
|
Iceland |
|
|
60,198 |
|
|
|
55,445 |
|
|
|
56,639 |
|
Costa Rica ⁽¹⁾ |
|
|
39,148 |
|
|
|
— |
|
|
|
— |
|
Total long-lived assets |
|
$ |
649,300 |
|
|
$ |
533,053 |
|
|
$ |
559,236 |
|
(1) The financial results and assets of Tabacón are consolidated in the Company’s financial statements prospectively from the July 1, 2025 acquisition date. See Note 4 – Acquisitions for additional information.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.