We use cookies to improve your experience, analyze site usage, and show relevant ads. Go to our Privacy Policy for details.
The call emphasized strong top-line momentum, record Q1 revenue (+37%), meaningful attraction and lodging growth (attraction revenue +22%, lodging revenue +78%), improving profitability trends and robust balance sheet metrics (pro forma liquidity ~$250M; net leverage <1x). Management reaffirmed full-year adjusted EBITDA guidance and detailed a sizable multi-year organic and acquisition-led growth pipeline (Vision 2030) while continuing opportunistic buybacks. Key negatives are continued seasonality-driven losses in Q1 (adjusted EBITDA still negative $14.9M), reliance on Tabacon for a material portion of near-term growth, and some execution/timing risks tied to the FlyOver sale and CapEx scheduling. Overall, the positives—strong growth, improving margins, low leverage and clear long-term plan—outweigh the near-term lowlights.
Pursuit reaffirmed 2026 guidance with adjusted EBITDA of $123 million to $133 million (about a 9% increase at the midpoint versus 2025) and said, excluding FlyOver, revenue and adjusted EBITDA are expected to increase double digits at the midpoint with margin improvement; the pending FlyOver sale (expected to close in May) leaves pro forma March 31 liquidity of roughly $250 million and pro forma net leverage below 1x (well under the 2.0–3.5x target range). Management expects 2026 growth capital expenditures of $70–$80 million (reduced from prior guidance due to timing shifts), an anticipated effective tax rate of ~22–26% post‑sale, and continued opportunistic buybacks (to date $40.4 million repurchased at an average price of $35.40, Board-approved additional $50 million authorization, and roughly $60 million available). Looking longer term, Pursuit outlined a Vision 2030 plan targeting more than $265 million of adjusted EBITDA (over double 2025) and margins above 30%, supported by ~ $300 million of organic growth investments from 2026–2030 (≈$200 million front‑loaded in the next two years) expected to add >$40 million of adjusted EBITDA by 2030 at an estimated multiple below 7x with a meaningful EBITDA inflection beginning in 2028.
Attraction ticket revenue reached $23.0 million, up 22% YoY; same-store constant-currency effective ticket price (ex-Tabacon) +5% YoY. Lodging room revenue totaled $13.0 million, up 78% YoY; same-store constant-currency RevPAR (ex-Tabacon) +6% YoY.
Tabacon contributed approximately $10 million of revenue in the quarter, exceeding expectations, driving both attraction visitation and lodging demand; management expects operational improvements to reduce the effective adjusted EBITDA multiple below 9x by year 3 and sees incremental organic upside on the 570-acre property.
Adjusted EBITDA improved by $2.6 million YoY to negative $14.9 million in Q1; adjusted net loss narrowed to $26.2 million from $26.9 million and seasonal net loss improved to $24.9 million from $31.1 million. Company reaffirmed full-year adjusted EBITDA guidance of $123M–$133M (midpoint ~9% increase vs 2025) and expects double-digit revenue and adjusted EBITDA growth at the midpoint excluding FlyOver.
Pro forma liquidity of ~ $250 million and pro forma net leverage under 1x (well below 2.0–3.5x target). Repurchased $40.4 million of stock at an average $35.40; Board approved an additional $50 million authorization and ~ $60 million remains available for future repurchases.
Vision 2030 targets > $265 million adjusted EBITDA (more than double 2025) and margins above 30%. Company has a $300 million organic growth pipeline (2026–2030) with ~$200 million front‑loaded over next 2 years and expects > $40 million incremental adjusted EBITDA by 2030 at an estimated multiple <7x.
Lodging pacing for 2026 in Canada and the U.S. is ahead of last year; management highlighted strong travel trade partner demand and solid booking pace (U.S. ~50% of rooms sold; Canada high 40s percent sold).
High-impact projects underway (Jasper SkyTram replacement, Banff Gondola enhancements including Sky Bistro expansion, Denali Backcountry Adventure reintroduction). Renovation results already driving yield uplift (renovated rooms yielding a 22% ADR premium at Forest Park Woodland Wing).
Revenue grew 37% year-over-year to a record $51.6 million in Q1 2026, driven by strong performance at Tabacon and continued demand across year-round iconic experiences.
Good afternoon. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2026 First Quarter Earnings Conference Call. [Operator Instructions] I will now hand the call over to Carrie Long. You may now begin the conference.
Good afternoon, and thank you for joining us for our 2026 first quarter earnings conference call. During the call, you'll hear from David Barry, our President and CEO; and Bo Heitz, our Chief Financial Officer. As David and Bo cover our results and outlook, they will be referencing our earnings presentation, which is available on the Investors section of our website. We encourage investors to monitor this section of our website in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast. Today's call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to the disclaimer on Page 2 of our presentation for identification of forward-looking statements and for a discussion of risks and other important factors that could cause results to differ from those expressed in such statements. During the call, we'll also discuss non-GAAP financial measures and definitions of these measures are provided on page 3 and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And with that, I'd like to turn the call over to David, who will start on page 4 of ou...