Company: PRSU
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040127
Chunk: 68

Company: Pursuit Attractions & Hospitality, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1B
Chunk 68
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 are included in “Costs of services” in the Consolidated Statements of Operations. We included these assets in the consolidated financial statements from the date of acquisition.Pro forma information is not presented as revenue and the operating results of Jasper SkyTram, as if the acquisition occurred on January 1, 2024, was not material to our consolidated financial statements for the year ended December 31, 2024.2022 AcquisitionGlacier Raft Company On April 6, 2022, we acquired the Glacier Raft Company, which provides guided river rafting trips operating in Pursuit’s West Glacier, Montana operations. The Glacier Raft Company also owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park. The purchase price was $26.5 million in cash. This acquisition was funded via cash on hand of approximately $11.5 million and borrowings under our revolving credit facility of $15.0 million.The following table summarizes the final allocation of the aggregate purchase price and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. 

44

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

        (in thousands)

        Purchase price paid as:

        Cash
         
        $
        26,507

        Working capital adjustment

        (920
        )

        Purchase price adjustment

        125

        Cash acquired

        (177
        )

        Purchase price, net of cash acquired

        25,535

        Fair value of net assets acquired:

        Inventory

        370

        Prepaid expenses and other

        57

        Property and equipment

        6,487

        Intangible assets

        3,400

        Total assets acquired

        10,314

        Customer deposits

        1,575

        Other current liabilities

        32

        Total liabilities assumed

        1,607

        Total fair value of net assets acquired

        8,707

        Excess purchase price over fair value of net assets acquired (“goodwill”)
         
        $
        16,828

      Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired