PRSUHIGH SIGNALFINANCIAL10-K

PRSU experienced a dramatic collapse in net income despite improved operating performance, suggesting significant one-time charges or extraordinary items impacted profitability.

The stark disconnect between substantially higher operating income and the precipitous decline in net income indicates major below-the-line charges that warrant immediate investigation. This unusual pattern, combined with declining cash position and rising liabilities, suggests potential asset write-downs, restructuring charges, or other material events that could impact future earnings capacity.

Comparing 2026-02-25 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

PRSU presents a mixed operational picture with meaningfully higher operating income and improved operating cash flow demonstrating underlying business strength. However, net income collapsed dramatically while total liabilities increased by 34% and cash declined by 37%, creating a concerning liquidity profile. The divergence between strong operational metrics and poor bottom-line results suggests significant one-time charges or extraordinary items materially impacted reported earnings.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-93.8%
$368.5M→$22.7M

Net income declined 93.8% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
+57.3%
$68.9M→$108.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
-45.8%
$117.4M→$63.7M

Current assets declined 45.8% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
+42.6%
$73.4M→$104.7M

Operating cash flow surged 42.6% — exceptional cash generation, highest quality earnings signal.

SG&A Expense
P&L
+38.6%
$57.8M→$80.1M

SG&A up 38.6% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Interest Expense
P&L
-37.8%
$14.2M→$8.8M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Cash & Equivalents
Balance Sheet
-37.4%
$49.7M→$31.1M

Cash declined 37.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
+33.6%
$228.3M→$305.0M

Liabilities grew 33.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Inventory
Balance Sheet
+21.3%
$10.0M→$12.1M

Inventory built 21.3% — monitor whether demand supports this build or if write-downs may follow.

Total Assets
Balance Sheet
+14.3%
$845.0M→$965.4M

Asset base grew 14.3% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-03-17
ADDED
As of February 23, 2026 , there were 28,019,423 shares of common stock outstanding.
Auditor Firm Id: 34 Auditor Name: Deloitte Touche LLP Auditor Location: Tempe, AZ USA INDEX Page Cautionary Note Regarding Forward-Looking Statements 3 PART I Item 1.
These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable.
These statements also relate to our contemplated future prospects, developments and business strategies.
Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results.
Any forward-looking statements in this Form 10-K are made as of the date hereof and reflect our current views.
We expressly disclaim and do not undertake any obligation to update or revise any forward-looking statement in this Form 10-K for any reason, even if new information becomes available in the future, except as required by applicable law or regulation.
( Pursuit ) is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations in the United States ( U.S.
Our elevated hospitality experiences include 17 world-class point-of-interest sightseeing attractions and 29 distinctive lodges, along with integrated food and beverage, retail and transportation offerings that enable visitors to discover and connect with stunning national parks and renowned global travel locations.
REMOVED
The registrant had 28,149,602 shares of Common Stock ($1.50 par value) outstanding as of March 10, 2025.
Auditor Firm Id: 34 Auditor Name: Deloitte Touche LLP Auditor Location: Tempe, AZ USA INDEX Page Part I Item 1.
Form 10-K Summary 84 PAR T I In this Annual Report on Form 10-K ( 2024 Form 10-K ), for periods presented, we, us, our, the Company, and Pursuit refer to Pursuit Attractions and Hospitality, Inc.
Forward-Looking Statements This 2024 Form 10-K contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may appear throughout this 2024 Form 10-K, including the following sections: Business (Part I, Item 1), Risk Factors (Part I, Item 1A), Management s Discussion and Analysis of Financial Condition and Results of Operations (Part II, Item 7), and Quantitative and Qualitative Disclosures About Market Risk (Part II, Item 7A).
The forward-looking statements in this 2024 Form 10-K are made as of the date hereof.
We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this 2024 Form 10-K except as required by applicable law or regulation.
B usiness We are a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations.
Our mission is to connect guests and staff to iconic places through unforgettable inspiring experiences.
From world-class attractions, distinctive hotels, and engaging tours in stunning national parks and renowned global travel locations, our elevated attraction and hospitality experiences enable visitors to discover and connect with these iconic destinations.
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