VVI - Earnings call transcript Q4 2018 | Pursuit Attractions and Hospitality, Inc.

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Operator

Thank you all for standing by, and welcome to the Viad, Corp. Fourth Quarter Earnings Conference Call. At this time all participants will be in a listen-only mode. [Operator Instructions] This call is being recorded.

If you object, you may disconnect at this point.

meeting your the Ms. turn I'll over host, to Now Carrie Long.

You begin. may

Carrie Long

those good joining on and you of us afternoon for Thank thanks for you and the today. call

and from the Officer. Financial Moster, During be Ellen hearing you'll our our call, President CEO; Chief and Ingersoll, Steve

net the call, started, forward-looking forward-looking this statements. with factors business other results are Before can Information items, income segment segment Iceland as restructuring adjusted adjusted start-up transaction-related differ costs be to as made to we those in recoveries, exclude and which you, measures well during other disclosures that filed measures, materially in statements or be These impairment integration regarding and facts, found available Viad, reports risk actual press these operating appropriate. reconciliations like charges concerning referring I'd measures Important and in get www.viad.com. or not FlyOver X on could annual earnings and of income remind historical to certain during acquisition income EBITDA which loss constitute is cause can release, the our may statements our or attributable found as call, non-GAAP from be We'll Table to including the including to quarterly loss. costs certain SEC. before and

the Now, Steve. turn to I'll over call

Steve Moster

on call. us today's joining for you Thank

end of guidance fourth revenue that prior quarter the growth our delivered are high X.X% We of range. exceeded

from on GES revenue due mix XXXX It quarter. but cases results. In revenue supply factors driven real could we we expectation revenue was frankly our corporate to Our where due during than we strong did quarter, although some adjusted by are had revenue expected bright medical some primarily areas delivered the at than where and in of claims. missed missed anticipated other in and external increase. segment The better by higher like versus year-over-year improved like strong there labor margin we GES. the lower also million opportunities throughput clients, fourth the cases had EBITDA our spots was growth to previously $X.X GES, the quite have see

year, the and offset was service growth essentially rotation we expected service and at negative as favorable as variances Pursuit at for to become consolidated rate global flat XXXX, full exchange full offerings For strengthen by we to GES, preferred the live GES. revenue product our our were events. strive to show continue provider At

clients we an of are of most see to services more us winning continue industry award some select expanded the for and Our in array comprehensive the services.

In discussions. planning with addition scope participating moving work increasingly is engagement in strategy of change to up increased the the as value our we are clients and

that of of an drive experiences engagement such our unique our are set brands. the Northwestern corporate and show delivering major seamless in and and our need to immersive One With space enhanced Reach, for with example engaging Global the offering One world's an organizers some the of is themes leading is emerging Mutual. events. teams experiences our

year last occurrence we process. event contractor Annual relationship networking a as appointed client work audiovisual global were the services. through include of our successful service multi-event production consisting tender the our instance, strategy, services Sibos another a Meeting a Following and for for In general its financial XXXX, a to program, expanded event of competitive

Our this the secure us North London, America, global producing in XXXX to Sibos enabled in in great event record reach September. track

a we've corporate We're with already Genesis. brands Janus. device marketers. [indiscernible], to won traction clients, already build with And We leading and Mary corporate brand leading for company awareness also three like Tableau, corporate and some working Kay, continue medical gain and market Dell XXXX,

as division. program its be movement logistics services supporting innovative providing similar a we events. For And company, we Health on technology its design Emergency cases show domestic programs exhibit be insight management strategic and capabilities, and creative exhibition for platform. we XX device both build private our medical for were In the as and will global well services client providing consulting [indiscernible], creative will for chosen based

Genesis, a corporate training force For in event at its the its program delivering aimed we sales GXX. will be on launched of highlights multi-city newly

production Corporate a as for providing to us During and audio we this and at accelerated high-end important large as the breakout market focus well drive growth making continue audiovisual leveraging capabilities and tour, pace. the area. our general existing XX-city equipment investments will smart for on rooms events be represent and and sessions for opportunity we to video registration an

a to footprint place on accomplishing of West minimize our strong expansion rentals. next through-system the Las we Vegas will Southeast. the to of of in share key some are year strengthened to production other acquisition ensure audiovisual and right having the us market events, total of it corporate representing a base. Phoenix With made services. the right we has of this cost this service in-house right the was event at to prospective in more the about to facility facilitate a opening maximize to we that in We're relates services presents We service equipment acquisition has be we it our a to are investments XX% to Coast the the event, specifically, clients. in services One in-house benefits the the the and integration cities. growth events this on be current presence spend by Western better new of Last held cross more we're planning a at able still capacity proposition at Convention deploy enable months, AV established and the efficiently Diego U.S. gains. securing we as time the corporate corporate provider do offering will asset its San with provider in while And contract opportunities And to getting at have in work few Historically Center. realizing across value

we're from which services projects, aligning company on the our our means historically can sales for team good revenue and AV have we a against accounted more on event focus entertainment of full of we've as moving This opportunities live best our growth whole. a for made portion live against Additionally, suite our even progress greater an strategy this Overall, effectively leverage corporate events to conferences enable services. where year. away

year another enter are rotation. we show As where facing negative we

key driving and will clients. productivity while sharply corporate continue that expand to invest with areas We our gains, selectively growth existing accelerate in in are events the focused relationship on our we

numerous that will Pursuit year. performance projects come financial to Pursuit. strong also later this during online switching gears Now, delivered undertaking XXXX while growth

grew For impact revenue hurt during the year, that despite solid organic the park season. visitation full X.X% fires a of peak our forest

our leveraging team investments revenue profitability growth an management recent Our refresh excellent assets. through did initiatives across our and hospitality job to drive attractions of and

We same-store as X.X% performance revenue of retail per realized driven indicators our year-over-year. beverage and increased offerings. effective our an passenger key food revenue higher improved increase both attractions, as at a price from well and by in Our ticket

as been reviews feedback already hotel the popular Mount extremely market, property XXXX. not assets in hospitality Mount of that well, Hotel growth the according that to Our our and July does performed Royal in report #X the have also guest opened listed Royal with pleased Banff include favorable to I'm of Hotel RevPAR X.X%, refreshed recently same-store which most for TripAdvisor. the is and

continued a village a and to will west West is renovated are This in the park, popular preparing bed high experience. our which One retail In Banff In tour the Collection, is In support West was strategy, to the outlets. Icefield, in in initiatives, we and during market. Glacier projects at View In final and amenities beyond. National nearly its season Pursuit's in returns. Jasper have open a XX-room rebranded existing constructing strategy Seward this pre-renovation compared Park, all-inclusive that this Build, Glacier addition, of we of to the our the will attraction. Glacier, we refresh continue have will Pursuit's and RV Buy hospitality add have include many Kenai driving stretches of to while Fjords a the testament period year and RevPAR, we Alaska In the Lodge, that premium in up RV taking strong management near the at which Jasper revenue our open our dining XX number same situated higher scale growth additional we XX% collection, are reimagining and Glacier XXXX. which various base boat the increases significantly Windsong performance to in Glacier various to provide new the projects underway of realized ideally which of Refresh across which is adjacent the cabin performance be entrance primarily our park Columbia in our at collections place collection, accelerate July. our to rooms XXXX business Inn

Lake. exclusive will Canyon are we nearby scenic smokehouse-inspired Maligne dining views The enjoy for along offering tour investing introducing incredible beverage new at of to upgrade our overnight boat meal Maligne of Our attractions, activities a will north Chalet, Glacier near Lake and a Lake outdoor dining to offer And picturesque in food menu, Maligne at a Further cocktail an special kitchen fantastic and with Maligne with space new Lake. attraction, experiences we guests will Jasper, entertainment. Maligne Maligne our new unique the view the guests indoor, Skywalk wilderness and enjoy both Canyon Glacier and be at or our Adventure with Maligne River.

the structure to FlyOver Finally, collection, some great underway exterior the with we are improvement of Canada. FlyOver in

Place arrival We're dining space. with improvements of the addition end have our a We the guests, along of to provide peer at Canada of Vancouver. sense better prime retail location and in a new downtown, for making

Additionally, summer. our open to this Iceland is attraction FlyOver on new track

looks color looking multiple community it's Pursuit's film getting provide it In on against to place, to year feedback the year Canada. are progress iconic we growth we footage even XXXX. additional and look collection actively at We more press. a in and Pursuit. high-margin the at of growth are And forward captured had we turn to financials. organic strategy fantastic strong replicating and pursue experiences. to great our complete, of we to excited now, to almost with building and the an summary, over Ellen? was the And in better The continue I'll local unveil to to stunning new to And our scale it success acquisitions forward Ellen continue projects FlyOver construction With drivers attraction. this already

Ellen Ingersoll

Thank, Steve.

For $XXX.X $XX.X the adjusted million. posted revenue on fourth million, of million of of $X.XX per share income before segment and loss a adjusted we $X.X segment operating quarter, items EBITDA other of

$XX.X of stronger earlier, revenue segment reflecting EBITDA Steve units. of in results prior of from growth million anticipated. fourth As million. million, operating adjusted posted stronger Revenue year, financial both and quarter better $X.X we mentioned income than business adjusted these came $XXX.X results were GES segment than

On $X exchange of clients, $X.X the quarter same-store to and management the million of or posted and during increased revenue the revenue positive operating an from basis. realized lower variances adjusted seasonally or organic $X as fourth quarter. up excludes growth as negative excludes which and basis, adjusted revenue flow adjusted in share up segment $XX.X the XXXX of results primarily X.X%. revenue fourth fourth revenue fourth compared revenue fourth segment $X.X the increased EBITDA quarter XXXX increase, and new million an segment operating segment organic income Pursuit of by wins. $XX.X segment fourth which we $X.X variances, rotation loss the unfavorable million, to $XX.X Mount compared through is results and our $X.X rate revenue adjusted GES's These quarter refresh for million incentives. EBITDA Hotel segment reflect adjusted higher the EBITDA to our XXXX by million million. Royal reopening improvements increase a The XX% well million slow was primarily $X.X and was $XXX,XXX an basis primarily million revenue as the growth growth during revenue on $XXX,XXX. respectively quarter and These As was driven business corporate quarter. by rate Pursuit mainly on The organic improved adjusted of revenue on increased efforts. the also impact organic exchange due million operating quarter, of strong million unfavorable was about reflects performance-based by

billion. For Adjusted before other per on $XX.X was income $XXX.X segment was operating $X.X revenue $X.XX items the million. income our EBITDA full was and adjusted of year, share segment million

$X.X and EBITDA XXXX $X.X at million primarily million. segment adjusted X.X%. decreased These As driven GES. our decreased compared consolidated to negative operating million income revenue full-year declines $XX.X by by rotation Adjusted or decreased by segment revenue show were

of results. adjusted GES business and Now segment to billion operating revenue adjusted $XX.X of income $X.X million the on segment million. EBITDA posted full-year of moving group $XX.X

an XXXX $XX.X show to variances. $XX.X which revenue or million negative impact $XX.X million U.S. or compared decreased about by million. declined organic favorable the As exchange X.X% segment $XX of organic of million basis, excludes rate on revenue rotation revenue driven

XX.X% same-show EBITDA by approximately decreased driven XXXX. segment International $XX.X $XX.X which a during represented U.S. negative year. We revenue, adjusted growth of of segment and These for $X partially our in income Organic incentives. show also revenue declines lower million. U.S. GES's decreased million rotation million realized the due $X.X or primarily X.X% to based in revenue were million XX.X% primarily reduction performance-based segment respectively operating GES is adjusted revenue, offset by and from

million XXXX $XXX.X results segment million, settlement. year income million. million revenue posted contract to $XX.X Pursuit operating non-recurring GES's related of $X.X EBITDA adjusted $XX.X of and a adjusted segment Additionally, of income full of included

growth XXXX, our revenue our to variances assets a revenue million mainly X.X% was compared efforts increased and $XX.X exchange of by the attraction enhance driven from or experience. $XX.X investments As hospitality management unfavorable million. guest and which revenue combination rate excludes through to The increase, organic

Our closed about XXXX, in contributed damage being reopened Hotel due fire Mount July of which to revenue December $X incremental after million. Royal in

$X.X an primarily guest basis, due organic primarily expense, increased are the revenue. to basis, million to Hotel EBITDA higher As higher operating depreciation Hotel. very Adjusted Mount the RevPAR segment Steve reconstruction on Royal income by mentioned segment Mount reviews. realizing compared $X.X pre-renovation increased to organic Pursuit's by higher an we million state earlier, with adjusted reflecting on much related of positive its as at Royal

$XX Viad's and per investments cash items of is to versus guidance. quarter. 'XX $XX.X in authorization repurchase expenditures price working up XXX,XXX year cash authorized purchase average an $XXX.X Now from Board Mount share. at of The total an our XXX,XXX during our our aggregate I'll and Also, allocation. priority us to opportunistically Well was development Capital additional of return $XX.X Directors full in million XXXX XXX,XX million, including full our equivalents shares, flow which million, continue before primarily our million, sheet first was year growth due our from authorization We our shares. construction Park was of primarily XXXX. for cover capital The repurchased At million XX%. cash changes to attractive remain $XX.XX bringing FlyOver to investments December to about additional and at due $XX.X valuation. Glacier stock high of buyback debt rebuilding consolidated shares share repurchase $XX.X cash $XXX.X ratio XXst, Iceland, totaled the the This and totaled balance in debt-to-capital West will discussing shares was fourth approximately the some was the the the million Royal during flow approximately operations capital. decline XXXX, including Hotel. RV Pursuit of XXX,XXX enable

guidance. Now to moving on

profitability a in For to to $X.XX performance-based loss of well at the first expense other loss resources we're quarter, per quarter. drive and compared GES the high-value and a to of This change reflects items XXXX growth before and expecting within higher as as additional $X.XX primarily in incentives negative $X.XX areas share GES rotation Pursuit. share as

revenue $XXX the range as to $XXX in fourth million expect quarter XXXX in we quarter. $XXX.X GES, compared the For to to million million of be

million growth offset least business revenue variances, headwind same-show by and of rate a and partially rotation share new from a of wins. be to $X expect combination We at exchange about

decrease and operating million higher incentive segment million to $X reflecting income $X growth We resources expect GES' expense to by drive areas. to additional high-value approximately and performance-based in adjusted profitability

million expense $X of operating up loss and For growth to a the about additional expect cost larger $X revenue business million depreciation well first million. reflects about seasonally expenses. as timing of with operating to decline of as continued of we The Pursuit, to additional certain be segment in $X a support quarter, to flat primarily the essentially during results $X slow adjusted million about

to gains. a investments expected as full the of be reopening in in to increase Adjusted consolidated $XX million. mid-single-digit income to with Mount a expected is expense million, and amortization million the of to result XXXX, an Hotel $XX.X we as growth and operating and approximately $XX revenue Royal increase by efficiency the the million million capital support adjusted to $X range million increase $X expect to For year compared XXXX, to EBITDA in segment of $XX at XXXX. Depreciation is from of million other $X to rate primarily segment

GES, change the guidance rate the $X.X impact variances rates, our a versus on rates about share on of XXXX revenue and $X.XX low of assumes income increase by British exchange per expected for to from British million A $XXX,XXX full a about operating $X.X and full Canadian negative in about positive pound, about exchange by $X.XX. year would about consolidated are have and XXXX, of of to at affect a impact would our expected dollar $X.XX adjusted Our single-digit those change on year At $X.XX for a segment million on pound revenue a income dollar full revenue in with is revenue, million. EBITDA. rate $X.XX positive based affect comparable year the Canadian impact the $X

park. new our renovations by EBITDA revenue we million. the in at of business million such We the increase guidance rotation attraction a an On Steve mid-single-digit Pursuit, of ongoing as XX% assets from adjusted other to expect to million This to of reflecting same-store that wins $XX expect includes exchange Pursuit's Iceland $XX.X West variances. of segment combination rate effort. headwind and $XX we to about XXXX the from and grow expected a grow development year continued and $XX expect we of At share from million new revenue approximately $X.X revenue various revenue rate, an offset the basis RV growth with are million to the about same-show to FlyOver revenue full investments Glacier making, earlier. discussed management XX% of And

not open the to expected and our expected are $X I ranges. start-up costs related be attraction to which operating Additionally, items. income costs summer, Iceland this to are approximate segment want out FlyOver our to adjusted during from FlyOver EBITDA, in of point start-up before Iceland million these other the development is excluded guidance will included adjusted income segment and XXXX

from about We of to growth to to expect range $XXX to CapEx Pursuit full million, range growth capital expect and of we our operations $XXX in $XX million $XX $XX be $XX at cash and GES. million includes in the of expenditures which flow year the million million, be CapEx at million approximately of

in be Teamsters. guidance with final our earnings on it item I turn Additional before release. of XXXX back is negotiations can found press to the I one status Chicago the touch wanted the Steve to And

has new from best Central the critical declining the are contributions collective-bargaining believe from working and and with plan the interest currently to plan the being withdrawal plans. union defined pension States We redirect in new as We union States benefit leadership Act, pension plan. it future includes our Protection Chicago of collective status. the withdraw a been the is designated finalize Teamsters funding This under in terms to Pension a that and agreement leadership pension Central to

of our the way still are We complexities working transition. this through

next with turn approximately Steve. at currently of it that over it place, takes trigger years. XX And is a liability net withdrawal I'll withdrawal million will that, to the Assuming a back payable $XX the value present estimated

Steve Moster

Pursuit challenges quarter, quarter hampered In finished I'm fourth for spots XXXX, growth. smoke that well as bookings the real peak finish some a be we a for progress focused closing, forest challenges opportunities. continue as and key during X.X% future goals but from proud areas strong team had in third Thanks, both organic the growth accelerate of we align we XXXX, expanding and fires, visitation the and bright heavy our business expand revenue prospects delivered overcome with in the our XXXX continue than we're revenue about XXXX. expected making was been Ellen. many profitability. came during on on investments but strong have year growth their didn't visibility strong, in key our growth. wanted. very well our our efforts until our our GES continue up various as short-term that some units will and Pursuit our with Nonetheless, business improvement we actions. to great toward lower excited stayed and while Both GES, There season. XXXX, year the as pacing experiences. go some for offering enhance driving against also changes are strategic focused growth amplified, Pursuit's collection to make resources make, of during we've on and At to focusing are groups to to margin positive areas, to

Additionally, shareholder growth have new are that driving for acquisitions want questions. let's open open that Viad thank their I confident company. the call values. for that, solid pipeline opportunities call. to actively and dedication to the a and we And I'm our for entire excited the long-term the we in our team pursuing. opportunities Nikki, with about up I'm you lie please strategy many ahead of can

Operator

sir, much absolutely. very you Thank and

of Now [ph]. Khan begin comes the line we will the question question-and-answer Faisel first Instructions] from [Operator Our session.

Your line is open.

Unidentified Analyst

you are today? how Hi, doing

Steve Moster

Good. How Pablo? you doing are

Unidentified Analyst

I of questions Good. follow-up business. a have Pursuit just to wanted the couple about

happened that year, affected you of may earlier National and Pursuit's, a days? that. by in Parks So, government was there shutdown guys effect few shutdown this the Did negative because and happen were the government see on any the

Steve Moster

the be right And spring. [ph] National market, Parks. closed reopening won't we're season. Those later they the for Parks until are near now in U.S. Faisel, Yes, National this

there to the by So we long impacted or shutdown. immediately we'll if not shutdown have government were January. see that what another how government And, is happened in happens

Unidentified Analyst

has days the may few that to ago it I few the for quarters, show a and saw number the GES, decreasing been continue of throughout the numbers last year. decreasing attendance for And Okay.

you wondering going that's impact So, on show what's, in the do and in and think the a shows rotation I XXXX of negative upcoming XXXX? was years what to have

Steve Moster

think I some that attendance are the take year. the, every key numbers fluctuation around Well, shares there for place some

size Fortunately, the event. the our revenue is of more tied to

most the to net that's is take to us events footage footage. on next what's correlation square based important the more, square a of So that stronger place, revenue is our the there

So, important, number while we think number the business a more important our event. really is attendance for is the size the of

Unidentified Analyst

And business? acquisitions shows. margin Okay. you I increase were the remember, provide guys to to upcoming GES as to drive you services like to a continue margins planning additional direct year few acquisition any additional in Are the on this

Steve Moster

Yes, to both for active of opportunities Faisel, well an businesses we as pipeline really. organic continue M&A as have growth

that GES it of margin more organizer comprehensive and geared toward side, our marketers. really the both corporate round services On on is suite out higher services focused show

we both our for at will look continue pipeline in have yes, that opportunity we businesses. to So

Unidentified Analyst

Thank Perfect. you. Okay.

Steve Moster

Pablo. Thanks,

Operator

Thank you.

Batory. Our next question comes of Tyler the from line

Your line is open.

Tyler Batory

everyone. questions from afternoon, Good you. me. Thank Few

rolling quarter, some forward next you in I some that going make First, issues few into not and just of highlighted and do side expectations business fourth you the wanted can of think the I a for talk XXXX, little quarter, bit on to on mean cost of things things kind you commentary the appreciate touch mean, fourth of more that on on in And the improvements a GES Steve, in year? about but we're those, your side cost you the on I you guidance. of

Steve Moster

question. the issues for We can we Thanks some that on making the anticipate improvements Tyler. make and in those we of fourth No. experienced quarter. improvements

plans availability one overcome like around did and some claims labor do we were challenges It's we so those things the than that them we better we and in of that that. in fourth our issues time some had. quarter of medical Some and to think can

Tyler Batory

are on what on cost the ramping about of have XXXX, you And the seeing looks the talk Can math, things, you're And in the little guys some of gotten costs looking a startup side there associated some can you down year-over-year. margin there? new if side bit at you then up. Pursuit like do the those? incremental with midpoint that obviously Are have it I projects

Steve Moster

are. There

in I'm or some renovation So -- FlyOver XXXX, we're Iceland some that FlyOver of whether new the sorry, obviously that's Canada projects we bringing experiences, on have.

starting the full there year strong we're year. again, think making on cost we Pursuit numbers. see with are in investments that returns startup We those associated from So But may impact those side business. the some the that are of

Ellen Ingersoll

I'll I too it until with Mount that July. And guess the Hotel, open Royal just mention didn't

of half interruption first proceeds. we had year, business the So the

So margin we the in well, that affected a operating as income revenue, essentially no higher with had bit 'XX.

Tyler Batory

digits it. Got Okay. the That's single 'XX. about at about same-show said looking then for you mean what you're ask guys helpful. And low I to I wanted growth, if

and maybe in what about on with the you think there what's generally digits. in I little bit you're seeing the past had talked mid-single delta the about Can you industry? a talk going

Steve Moster

Yes.

industry. retail going into trends single few previous we guiding continue, and it of And an in specifically about On We But -- for couple we talked calls, are within digits industries see that growth, XXXX. overall and that we've will low have seen in towards believe those auto those lower-than-expected could not captured we market XXXX. a industries decline. the

Tyler Batory

what maybe last Is on to expecting? the in that. into to of in Okay. issue those. seem Got fourth in for with some still it. the Has fresh you And then you're Obviously the strengths you being a quarter, an past, short-term the some be quarter talked about third the one me. bookings about here think that talked respect I XXXX start that XXXX? continued

Steve Moster

the our those are bookings into projects Yes. you enter that short-term with year. some is because fresh contracted Every start are before year of a not

I'm of in like basis. visibility QX where need our So looks we had ended QX a on forecasting. the up to that better year what we get revenue on at But some between full happy visibility we bookings. and short-term issues

Tyler Batory

Okay, great. Thank me. for That’s you. all

Operator

you. Thank

next of line question Our comes from the Marco Rodriguez.

Your line is open.

Marco Rodriguez

the guys, a can for events side corporate bit. more little if here on my thank AV a you wanted on to questions. start afternoon talk little Maybe I things. Good the of you taking and GES bit

You mentioned or that far expansion. of towards margin can strategic those areas? fiscal and to that for more more pushing talk sales might marketing for what revenue 'XX sort your if as initiatives in of Maybe place type strategy specifics drive as you is obviously efforts you have about

Steve Moster

talked brand about that from the we're branding XXXX, bit bringing corporate a perspective. little We on new a in

good Coast, From an in West our I help opportunities. some projects go the So we for team executing those on our are we during feel a like us will our perspective, of call we really And in sales the the that sales office margin our initiative to opening Phoenix. have way we're in that aligning here clients. growth audiovisual after lower up cost highlighted

also located I think in historically during been mentioned the the Southeast. call, I primarily we've in

And West transportation of and projects periods, margins. being so we us on to longer our margin. our the will This for our when allow do always Coast inventory out equipment costs improve that was hurting

add think the strategy business. our us in with insights sales, analytics, corporate events. hand that addition and areas during Additionally, We're having will Marco, adding that resources activity in to also our to some I help of that improve how work of support, would will we kind margins sales and their the support clients hand in their our in our grow planning creative that's and in for that help client, around the really aligned,

Marco Rodriguez

brings Understood, of up question. next kind and that the

and more year, level been clients. assumed in maybe get in that, margin have would of kind it this Strategy and there? of and a remarks there little sounds you you prior that prepared I with like bigger our revenue changing can Planning had your for that guess some more becoming to fiscal a discussions started bit talk to have this recently this, but I mentioned you You hence would of involved or guys, better discussion your thing, what sort about a driver is of and

Steve Moster

Sure.

As strategy, our part growth now several had of for that place we've years. in

really to acquisitions, to Our how goal to those is in seeing our at their been where a best they and really to that their to our money we're is get clients how they are of the have or conversations. whether where have. further fruition, at the strategy that's with discussing a ourselves their clients and internal come perform other highlighting trade to with that, event. for investments move closer activate brands is What in bring order number show upstream their their now and to return made how We've we activate a brands we're as audiences position really of corporate life, always brands, to to

to, I'm So, make working to made. been while, has we've it This it improvement because we something have to in talk it. don't and like about a an we've sound about that was a one-year, it been at seen switch. been excited it's the progress for we important today, felt like light want I

Marco Rodriguez

Got it. Last quick question here on Pursuit.

incremental type some an there also identified rank mentioned their fiscal fiscal Could to you Obviously maybe some properties bottom $XX on 'XX $XX online million to terms million $XX refresh are opportunities, revenue 'XX? had kind of the you top You 'XX there in have of coming $XX Buy Refresh, for projects, as in strategy. million well. in the from million here impact that, Build, incremental from to you new

Steve Moster

I number guest the share about ranking, think, where able all overall and to across in help we've a past, that's them that's a and that is in the as us markets important help projects, we've going we meaningful we're been all serve. call. we're more that's through specific projects with have of there of to be us, elevated if to that, know delivering consistent that what's going in think experience the talked size They're would from there I I you, are I don't a

market experience. of would Iceland investments I really think the FlyOver our be one largest

a had would return. you I the if number Iceland to investment largest made So, with, think we the, I probably one, be give

add into around would area. are that lot projects I Jasper put a that, of money the Additionally,

So look launch, are as again, you Maligne return renovation View also projects. Canyon now at well going the high, the, us is as Inn, Glacier Those the Glacier View a be expectations. the and high for strong collectively, to which

Operator

you. Thank

comes line Our Steve O'Hara. from question next the of

open. is line Your

Steve O’Hara

afternoon. Good hi. Yes,

Steve Moster

Steve. Hi,

Steve O’Hara

maybe forest in Pursuit? you Can the catch-up sure expecting you this, you What from versus, the terms had the year year, the be projects fires? new projects? deficit and improve expected then of and organic visitation, about, guess this last taking know in terms if maybe you kind the what's are not just new I kind that is versus, growth but last would for of, How year, of mentioned the of talk Thanks question. within you much if of

Steve Moster

we think we've between Well, somewhere I new $XX and will outlined projects million of drive the believe that $XX XXXX. million revenue in

be our So, that management. believe digit it fires not We it's, XXXX, will in in the visitation the organic revenue the other forest mid-single pieces of whether and growth. there's combinations or having increased

projects mid have guess of and you top the million or refreshed $XX these have also. Steve, that question growth $XX adding revenue, Iceland So, answer your you of build and organic, I some to of single-digit projects organic between FlyOver somewhere on mid like

Ellen Ingersoll

a going many in the projects high not to Seward XXth going The wanted question Steve of to going and mean there one will on to that it's I'm and lot that. I revenue of projects contribute is clarify premier of Iceland Windsong a park, add Marco projects. impact going kind project, Lodge, the to EBITDA but just The it that further had, just be, I be impact back to is mid-year the like there's driver there's 'XX. FlyOver of to big The it's a not EBITDA one prior And point, other RV is

Steve Moster

Ellen. Thanks,

Steve O’Hara

to I looks better know of like of very, can but And in first, look of shows, XXXX earnings is just, kind previous feel versus guess, year-to-year? And versus the Okay. And XXXX. have it maybe like, I the then much less of XXXX, be like the happened kind the volatile last I you've in year just performance, think what trough of you done that talk that, Thank of it like wondering just is And you wrong kind like like if may was, kind in It you're, terms I'm you've terms there. the, this And that I you. don't year. mean, of shows been it XXXX what major idea, maybe year? correct? you expect looks do I it's had think to but things make XXXX it I about acquisitions, looks mean, grow then trough any has I'm these trough the impact in there

Steve Moster

Steve. thanks, Yes,

not occur in correct. So large you're We, the XXXX. shows non-annual do

XXXX a you year actually all they XXXX will changes lower A two As from in is that dynamics, in of similar lot whether cycle four to a they some either not when in XXXX. have basis. a structural service there There our whether number of every occur up we initiatives, we've year similar that depending changed or and been on three of means has made on to remember we've clients but to set business or the time is the the over period, acquisitions did which XXXX. occur our it's some XXXX, they show, how cost our made it's

So there's but number 'XX the is comparison been a and of accurate 'XX. an one changes, between

Operator

from The next line question the of Yackow. Jamie comes

Jamie Yackow

afternoon. guys, good Hey

segments each Just the -- a growth CapEx for a couple for give for can little on us you but the missed me. I Can of you detail have guys may it, more XXXX?

Steve Moster

Sure.

me grab just Let it.

Ellen Ingersoll

just Jamie. -- second, X I don't

to I can back If we that to come you you. go have another question, can and

Jamie Yackow

wondering, the XXXX? an activity just give guess us repurchase I on Sure. I'm share update you can in Yes,

Ellen Ingersoll

will authority do that we were we of have we on so we now We a low, repurchases, running But to last you strategy and about I the the we're year, of will we towards end been, have kind and So as have XXX,XXX. new we that growth. share be now talked about, the saw -- have concentrating that. same do authorization opportunistically

Jamie Yackow

Right. year-to-date? the market? Or you been not you Have guys actively have shares repurchased any in

Ellen Ingersoll

what the was fourth Well, because repurchased in started. quiet -- the we quarter we haven't period it, repurchased then

in of shares. back Iceland, 'XX a I think Lake Lodge one. we RV quarter, growth I the CapEx, and them, Maligne repurchased have F&B, then talked View expansion, Lodge Seward it's fourth not about yet, the in park, XXX,XXX FlyOver Windsong Glacier And -- another the the the Canyon repurchase we but to So but it's lot we the renovation think was did

Jamie Yackow

of Wasn't XXXX Are dollars other projects that... there in the spent though? majority those

Ellen Ingersoll

in be That'll million in capital No. $XX 'XX. about

But them into have been start of yes, they sure. 'XX. Some for continue

Jamie Yackow

Okay. And on GES the side?

Steve Moster

lowering our have investments side, around you On cost fabrication. of some GES the

us to a our a office to there's opening what fabrication a lower for We're rentals. projects towards that one Vegas, lower project into shows of by provide some at Poland, exhibit And we're cost So existing we're of the that is in allow X our cost some doing doing Phoenix and will a and of major -- which will facilities there and the counters simplifying in things the organizer building put consolidation where like to fabrication fulfillment ON today. Services. also facility is around we of combining other we're our Las some lower entrance facility EMEA number enable of capital elements will lower than our cost be significantly cross executing units. simplifying, facilities. team There Again,

Jamie Yackow

one show anything just growth it. relative anything that X% where of seemed And was been unusual then guess kind to a the guys if you weaker? point there light maybe same I show And to? a little running, lastly have little Got was

Steve Moster

auto out you're if event, what show one that saw a about we pull and we've talked our and you range. softness that QX same around it's show it shows the is There it's of an X% this roughly single the Sure. growth kind in remarks

Operator

There queue. At you. Instructions] Thank don't no time, [Operator incoming this speakers, have you are we on questions, continue. any questions may

Steve Moster

We you All for interest Take to your right. quarter. Viad. Nikki. questions Thanks Thanks, and forward care. again with your next speaking in look

Operator

that Corp conference all And Viad concludes Thank joining. for fourth the call. earnings quarter you

You may now disconnect.

Pursuit Attractions and Hospitality (PRSU) 8 Feb 192018 Q4 Earnings call transcript