PRSU

PRSU is the post-transformation remnant of old Viad: having sold the GES exhibitions business for $535M and relaunched as Pursuit, it is now a pure-play owner/operator of 17 attractions and 29 lodges in iconic destinations (US, Canada, Iceland, Costa Rica). The headline 'net income -93.8%' is optical, not operational — FY2024's $369M was inflated by the GES discontinued-operations gain, so the right comparison is the underlying continuing business, which is growing well: revenue +23.4% to $452M, operating margin a healthy 24.0% (~$108M), and operating cash flow +51.3% to $86.2M. The balance sheet is genuinely strong (liabilities/equity 0.52x, equity $582M), and the long-term debt 'spike' (+561% to $99.3M) is off a near-zero base after the old $500M facility was fully repaid; the new $300M revolver is undrawn growth capacity.

The catch is that this is a capital-hungry, seasonal, weather-exposed business priced for execution. Capex of $75.0M nearly consumes all operating cash flow, leaving only ~$11M of free cash and a thin $31.1M cash balance (down 37.4%), with current liabilities ($78.8M) exceeding current assets ($63.7M). ROE is just 3.9% on depressed earnings, and the 68.3x trailing P/E looks alarming on a $0.80 EPS — though on EV/EBITDA (~$154M of operating income plus D&A against ~$1.6B EV) the ~10x multiple and 3.4x P/S are more defensible for a 23% grower with 24% margins.