Earnings call transcript Q1 2023

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Operator

Good afternoon. My name is Abbie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viad Corp's First Quarter 2023 Earnings Conference Call. [Operator Instructions]

Carrie Long, you may begin your conference.

Carrie Long

you conference us call. thank first Viad's and earnings quarter afternoon, for for joining XXXX Good of on We market with both closed our today, are issued earnings along an press earnings viad.com. website at our release after which available presentation

that specific performance and regarding We business that presentation including during discuss outlook. our will point presentation out I disclosures would we earnings from the will before pages measures net during the release as other contain referring call important the non-GAAP EBITDA be adjusted we to income press referencing and loss our be or also items. like call, and

David During Steve of Barry, Moster, Pursuit. the and from our President hear GES; CEO you call, our Ellen President and Chief President will of and Ingersoll, Officer; Financial

the concerning from to to everyone which are that factors want to annual, call other statements during risk constitute turning may business other Information with found current facts, in I over reports can the forward-looking quarterly differ the remind made could the Steve, our and statements. and filed actual not results forward-looking call, certain statements be SEC. materially those that Before cause historical in

to I page the And the with highlights presentation. of Steve will to some call our quarter that, on over X hit on turn of starting

Steve Moster

and in that GES first on strong very afternoon, based our Good both review of the to performed businesses. to and our businesses. thank high you quarter end across strong report ranges very us was a above for fundamentals what guidance joining I'm the happy Pursuit

guidance. and nearly restrictions the year are GES prioritizing business points heading our three each years continued strength. consumers Every pent I the and travel. where and full demand Pursuit we're trend strong face-to-face up seeing of indicator raising travel momentum for corporate a rest have in leisure We at of we see are After meetings, to year into

pace Vance, collection. in than XXXX of in for and the the Pursuit's same time XXXX year and the the Jasper pace is at balance in lodging XXXX the stronger booking strong particularly

As leisure the we for portfolio. travel elimination and restrictions driving our experiences are accelerating across international the demand of expected, the travel

to for strong Additionally, marketing. same above levels spending corporate continues see XX% show and experiential XXXX of GES revenue

Ellen to in momentum in our a great on detail. the and we're continue is the drive into GES lower And the some our like leverage experiencing discuss profitability. quarter the year. guidance tailwind more on grow raising cost shares year financial carrying full its As performance Ellen? performance year to GES's guidance. give is delivering to higher the in strong in position in and rest more feel Based We're first the later details confident Ellen I of structure over a to to will team quarter call. call excited turn about first I'd now

Ellen Ingersoll

Steve. Thanks

to of be As we demand into million higher shown This quarter. consolidated loss is a of improved strengthening page exhibitions and up XX.X by Iceland. on XX.X during western revenue attributable first international $X.X Net or and to driven X primarily delivered year-over-year events million. Canada the tourism XXX.X and million XX% loss by for million

EBITDA lower loss tax the interest Our in primarily 'XX million first million was of loss higher as higher XX.X reflecting and a other compared expense to before a items adjusted quarter, offset XX benefit. partially by

exceeded slow first by the than guidance the of X.X guidance which exceeded better of the range also end million, XX.X also is quarter the quarter. meaningfully our stronger better adjusted adjusted high prior consolidated Our EBITDA 'XX high our prior about Pursuit EBITDA guidance. GES seasonally during and driven revenue. million by than million end than was expected X.X slightly

to our on year-over-year XX.X to delivered first Canadian from quarter, million stronger improved was and up revenue. improvement visitation quarter GES million to reflects experiences revenue overall seasonally quarter see for an is significant strengthen. negative margin EBITDA At adjusted demand million GES strengthening million XX.X experiential overall , EBITDA of of XX.X we As an flyover during XX as cost Adjusted EBITDA performance international marketing within Pursuit's slow and the adjusted locations. continue grew XXXX markets. at our higher grew year revenue at demand on continued which [indiscernible] saw round This the structure. GES and and XX.X% XX.X% and improved revenue XXXX in shown million. X.X XXX.X adjusted we to million year-over-year X.X% first to Pursuit growth is its our the on page lower both improved as Pursuit's X, EBITDA versus which exhibitions

balance and cover Steve highlights. sheet David flow business deeply more Next, I'll dive cash and before items some quickly into

Our operations inflow during cash an was quarter million. flow approximately $XX from the of

We our for Our CapEx growth capital $XX of ended total liquidity quarter expenditures first Pyramid totaled flyover comprising on million and million revolving at refresh projects XX.X and about capacity XXX.X the credit approximately facility. Resort. of in project included and million the million Lake build available cash with some Chicago XX

on of Our the financing loan and obligations fee, help development the million approximately approximately other lease million. Park term million debt fund debt XXX approximately of totaled XX Forest to million, $X $XX.X of construction including our XXX million a loan Hotel

of applicable floating And credit ratio to the compliance in revolving amended on light million agreement for the interest exposure we entered we of cap coverage We term environment. some our sheet fee. balance rate hedge rate interest interest XXX provide quarter, facility. the of additional cushion our our the facility actions protect an took the to higher our loan into through duration rate to to During

of details cash presentation. found our earnings can flow balance and in sheet the be Additional appendix

to David discuss And to turn call over I'll the now Pursuit.

David Barry

Ellen. Thanks,

pleased talent. demand from our of revenue that close succeed levels in to balance for summer years guests for year-over-year affirms and improved with revenue strong where first year and to the our areas happy for I'm During experiences with for that we've during ready been performance the Staffing improve I the and round I'm to last the well earnings XXXX outlook expansion Today, fully start growth, winning are the visitors performing Pursuit report we very the quarter revenue the margin margin to geographies of light which year war during for three XXXX very continue each staffed of year-over-year war also peak serve ahead quarter our super very the shared call, three. season. a record talent. report in of we with and all to 'XX. delivered and the we're now Pursuit growth we're of major And very focus strong against to XXXX; pleased margins. believe over international

So into dive performance. let's financial our first quarter

fueling COVID across increase refresh continue correlated our Page Visitation DAC increasing markets continues to of EBITDA improved with momentum. visitation built EBITDA adjusted restrictions experiences lifting Pursuit. consumer also accelerate volume volume the margin the X, new illustrates revenue XXXX by accompanying demand guest The all quarter growth experiences QX QX XX% is And strong a benefits Overall and strategy. materially our hospitality as international directly to from of and results significant Pursuit's for quality to in year-over-year. increased Pursuit's and is high to leisure margin. our first travel gain

growth year-over-year XXXX experiences acquired XXXX visitation. an XX% opened a round store performance. QX basis of we've revenue more we satisfaction, on first to very growth versus XXXX delivered revenue rate made store of our XXXX strong power a that ancillary by XXXX attractions driven as same visitation, with from growth XX% revenue investments grew year And slides through of growth. or Page also XX%. quarter XX the experiences guest within operating experienced Pursuit's the Same from and primarily prior than gains collectively Pursuit, about significant quarter increased revenue we've in acceleration pricing of new year-over-year Pursuit's first covers The half and that attraction are refresh

page, like a a of to great but out this There's information highlights. call I'd on important few lot

First experiences forward. is opened to visitors we from year-over-year we've in XX% new XXXX the round growth year the realized

We're in Iceland grew from this locations pleased and and is the XX% growth Our growth Vegas came extremely from first posted flyover strong. and increase Flyover how with also which strongest visitors the Laguna growing. XXXX XX% a Las quarter. versus flyover new attraction our Sky 'XX very visitors XX% at grew visitors quarter. is Visitation Iceland, performing

fly Iceland to airline inbound partnerships and paying with that improving, our XXXX continued in and major dividends. over service the anticipate Iceland international to routes or attractions We platforms trend. work travel should help levels that ticket distribution world Iceland is International on air class meet growth Vegas carriers secure major FlyOver Lagoon. by exceed both they're our in Iceland the capitalizing Las will and Sky Las airlines Vegas play At is And this year. that drive

want release awareness Jonas Canada and driven and with guest Flyover including Golden highlight XX% Banff others, for recently we increased attraction the same XXXX by growth of did through exciting Gondola. an driving Additionally, attractions in we're strong I XX% Canada year Western and Vegas our our to Las from album the year-over-year the round also visitor Knights partnerships store Brothers.

visitation. as travel relating drawing ticket is on launch passengers Vancouver were Flyover higher cruise tourism is to increased first pre-pandemic slower to Gondola experiences. also year-over-year we've At finally, quarter Banff capitalize been Vancouver reflects top and first the terminal prices And Flyover Port the happy night our both had uniquely year-over-year visitors quarter. visitation Canada quality traction performance, this XXXX. to significantly Gondola in at compared of winter strengthening positioned XXXX and visitors driving through versus to anticipates the and our the our record increases Canada Canada of of up that of This of And I'm that the arrivals to XXXX during attractions place and international number the on experience The the growth a in XXXX. otherwise period. rise successful experienced the and that levels nearly report to recovered effective

on So Alpine in the XXXX XX% Park in by my hotels our lodging increase with referenced to QX attention mid our opened XX% occupancy now properties grew of turn rooms to million grew star X.X primarily the by stronger an which in page at international Western a visitation that improved. RevPAR Banff new Same as Hotel rooms year-over-year are of Forest Canada in XX earnings Jasper by and of 'XX. available X% wing from presentation. driven driven occupancy revenue I'll increase

XXXX driven portfolio. our to quarter compared tripled, and expand As by revenue more to rooms our first investments improve hotel than

we on with transportation saw as solid revenue of of our streams, beverage, and increased XXXX, ancillary experiences retail XX%, to by Relative integration period we revenue XX%. to attractions grew lines transportation revenue our retail moving And XX% and lodging growth and beverage same and in capitalize on business. and the the increased revenue food revenue packaging food

on update outlook for brief So the now ahead. our a I will year provide you

We're of very world. revenue encouraged and for in ahead XX% by into our of visits XXXX. pace around remain confident Banff and ticketing pacing trends levels. Jasper travel quality Canada, at the same in that achieving And we're use XX% XXXX strong with demand our is attraction crossings of seeing experiences renewed consumer target least high by the of own of we booking that leisure broadly store Attractions, we'll reach border

executing Our haul the work And those strategies pleased dependent those at against revenue management making progress long more volumes initiatives. international and on at visitation regaining that with operating for locations pre-pandemic teams we're hard were are visitors. I'm on

pay testing particularly year. XX, both report Hotel shown and sales as are removal to of levels we our restrictions, with bookings pleased very into lodging markets very occupancy Alaska page support high in record for the strongly of booking well XXXX geographies, outlook Montana stronger a maintain both these was season Jasper, is and As are pacing 'XX and in a lodging and risk. quarantine to for across Banff we're COVID XXXX and continue pace which and for accelerating on much strong our

keep visitation restrictions Pursuit's XXXX, profitability by built incremental confident able levels seamlessly year-over-year enter and grows increased that to a on Western in now us years and materially With such increases increase drive that in will the plus XX% and business we're is ahead. Canada achieve track margin without to attractions EBITDA material guests Iceland visitation. in with and

have we're So with heading we momentum in our we're and pleased quarter into first results confident summer. closing in the

are some are that see armor XXXX cracks in within our for the We reach. and targets well confident

preparing and operating our around great deliver the world everyone busy to thank times all helping to and for such a back Steve, to teams energy and want you. for in quarter, effort the support Just for the ahead.

Steve Moster

David. Thanks,

in Overall, Now, the agency the first GES's Spiro. let me to exhibitions and insight I'm switch includes gears marketing experiential both a which GES some and strong our into with provide quarter, pleased performance start GES business XXXX. and

quarter be growth. full to anticipated in for expected million the of based to reflects that During than EBITDA $XX I'm than better our in expect second our quarter. revenue performance on XXXX by outlook, EX, now to $XX on $XX We'd quarter guidance the event say to year adjusted and And first performance pleased we're over million guidance our our in stronger first GES raising performed million, of the $XX million. a partially range versus the of quarter our The cancellation gaming prior the major raise offset GES.

year-over-year of revenue, earnings in and margin. growth improvement our XX EBITDA consolidated strong in the Page GES's highlights presentation the and significant

growth of driven first XXXX and in the XX.X and was GES million GES $XXX.X XX%. growth Spiro During revenue, The in of of $XX QX top over of quarter line exhibition of the growth delivered $XX.X by quarter million quarter EBITDA the over first in up XXXX. first million million XX%

the to a postponements the COVID-XX. variant resurgence XXXX negatively of reminder, of event was of Omicron As quarter by first impacted the due

overall to at the EBITDA X% Our on nearly than profitability through flow incremental was was margin revenue XX%. year-over-year, and strong the greater

yielding within million quarter cost cost wins client at our you first improved structure on are XXXX. improve are drive exhibitions less EBITDA increased $X.X and spending paying more clear the from profitable of the revenue business is pruning when great at that to compared the indicating from look lower and Adjusted off. to and variable existing lower efforts profitable structure new to growth This Our results. Spiro and clients

to of first the agency Now corporate Spiro; of quarter roster clients. I'd serves at Fortune marketing which as record agency, for experiential our a the great discuss like XXXX

EBITDA to approaching clients as spending budgets million During corporate well X.X% its as new Spiro in margin XXXX $X.X as marketing the wins. strong $XX.X of delivered continues EBITDA see first Spiro in quarter and million on page for seen revenue client with from levels, XX.

Spiro the which out past to experiential talked year, become Over to capabilities, I've build leading global investment Spiro a about in enable agency. new GES's marketing would

event of generate McDonald's year-to-date, is seven industry. of XXXX marketing Spiro see drive of Deere. to highlighted including and Spiro opportunity And continued share and Barcelona, large On to world. we like range worldwide and convention. over our with the team within JP services be the to by Spain. its has It's existing and to winning strategy. the clients Morgan, Dentsply trend new happy and report an in will winning new McDonald's expanding I've that client in our few held past to a to expected wins McDonald's our XXXX client of I'm greater John fragmented this that growth very premiere clients market of benefits by This those from sell operators XX,XXX proud Sirona, wins happy owners around one largest and I'm events, attract investment calls,

organizers to talk to exhibitions like leading I'd little services United GES Next, event Europe tradeshow and the provides Arab the about North a in Emirates. performance which bit at America,

EBITDA $XXX.X seen exhibitions XX. $XX an on and During million million revenue page X.X% quarter in of in margin EBITDA as for the GES first delivered

as As $XX compared grew first to show to and more to larger continue schedule quarter revenue disruptions. the return absence nearly in COVID we show the XXXX of of sizes a see a million normal

XXXX. attributable postponed of were growth $XX in the was first of year-over-year the million Roughly to quarter events that revenue

compared year-over-year million same $XX and GES's first year-over-year, during EBITDA levels. exhibitions Additionally, X grew show to XXXX. reached exhibitions as by us XXXX improved quarter revenue and million GES's the produced quarter from of by adjusted XX.X% XX%

SG&A flexibility business The than improved the to reduction the Prior advantage operation changes to our three strategy is strategy profitability footprint. a costs the and and the structure flow. more and cash out by the drive to costs and our years. provide accelerate ambitions took the pandemic more million through $XX team business over made pandemic the of lean outlined headcount facility of significant the to of strong multiyear significant GES's past attributed to our The reduced cost

operations However, as end journey did returned. our lean revenue not

and The encouraged more offset to challenges. I look very the and more the come supply finds chain that year. are in to efforts starting and on new our to in transformational I'm sharing opportunities XXXX progress have team to higher pay projects that in GES We dividends wages forward worked lean the help team still through XXXX consistently

hand call I the the over the in to business. seeing Before I reiterate to Ellen, want momentum we're GES

full value events recovery and levels. Our The even X% remaining performance XXXX proposition that other we've But reflects first for quarter to demand the revenue that than shows hit and seen greater the growth face-to-face and up the continued similar is from upside meeting of provide. level same that recovery very show clients encouraging. trade is pent

sizes XX% shown yet of from incremental international We as flow recovery we come dollars. on couple As are within this and it should below still believe to page pre-pandemic next through XX revenue have and exhibitors show see those years strong does, smaller exhibitors in return full. when about levels will the

teams focused and marketing strong driving lean Spiro. financial in corporate cost at new performance are winnings on while Our improving execution with exhibitions savings

And turn the call now over outlook. to our to I'll Ellen financial review

Ellen Ingersoll

Steve. Thanks,

covering million million shown to in year million and want Before We $XXX updates I which the be now provide versus range on in $XXX guidance, our consolidated to to adjusted on our expect XXX.X full page XXXX. million guidance quarter EBITDA second is outlook prior million to XX. $XXX of some of our $XXX

that the than our Steve expected based stronger increase range at quarter. guidance on growth As mentioned GES during we in first earlier, is significantly the experienced

Pursuit adjusting us. time, guidance the of ahead are months year critical for not year the are given full most We this of still

full $XX to now upside cash from raising Along for that $XX guidance year year inflow risk improvement room adjusted pacing EBITDA for as relative downside to million. our million prior and with $XX we're to of to performance our performance we're for there's However, expectations full than Pursuit. operations. seeing, the strong our the flow expect QX guidance, of also compared to an million million We guidance $XX more

Additionally, approximately refresh to by refresh build Jasper. Resort $XX capital to growth expenditures year primarily capital to and build, We of revised the $XX reflect CapEx. of $XX be including growth CapEx The to related in million is million, Lake growth full our expect we select Pyramid outlook reduced expenditure Chicago the full at at Flyover range investments million the year of timing have Pursuit. investments now in

which outlined results the impact page below expect of non-recurring on Now timing QX The be we second other changes normal offset their turning sale business guidance quarter GES to QX quarter second after is the of largely XXXX the XX the by on causative to into in business including consolidated year to shifting driven rotation. being show postponed partially last shows some services. back and of by

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

the adjusted to GES's second expected healthy of $XX a quarter million, $XX margin XX%. is reflects of EBITDA which million be to about range in

growth year-over-year lower We the results at offset GES. expect at continued partially to Pursuit

growth. expected the we anticipate XXXX. revenue to quarter in is as second XX.X to quarter on compared margins million the of For million to adjusted Pursuit $XX EBITDA the of $XX healthy Pursuit to $XX to be $XX second through with revenue million in be range million follow in range million

$XX to $XX million $XX flows, inflow million Regarding of $XX during capital expenditures operating $XX million. of an growth million million CapEx including of cash cash quarter the expect to and about we

with Steve signs for our call no of our the for demand to consumer want I in to back concluding slowing some remarks, of XXXX favorable reiterate outlook either turning businesses. Before

that Pursuit of and level at capital We with With we're our that a have cost structure backdrop, comfortable tailwinds leaner planned spending. meaningful GES.

expenses to to However, make capital should operating the both need we stand ready and arise. adjustments

With that back Steve. you, to

Steve Moster

Ellen. off is optimistic live international momentum of great a see experiences. Pursuit are ongoing what across Thanks, XXXX, GES the and event visitation seeing and to We're continues in to lies acceleration about its start in growth and very sector ahead. positive

see international tailwinds positive momentum continue we XXXX, and experiences, look Pursuit XXXX. our line strong continued this more opening visitation This expect fulsome to a We we as top should expect growth increased of trade margin haul and and a travel expansion the XXXX strong long of GES. for recovery to ahead Pursuit ramping in both visitation, in drive to the throughout new further and Flyerover Chicago.

of recovery revenue, full show approximately GES budgets. and $XX and corporate its GES reach higher sizes level adjusted will million see that positive Along in marketing an revenue, XXXX. with of anticipated than in of show of X% clients this target margin EBITDA expect will greater rotation we

Our extraordinary to We GES structure, positioning us revenue strength scale for Spiro's for create transformed our remain Pursuit and shareholders. cost and profitability. in to to strong growth exhibitions capabilities in committed strategy are actions and strong returns our experiences

and thank to your Viad. dedicated in a continued will that hardworking employees questions. our and I open And with our for for support call want shareholders up

Operator

comes the Batory [Operator of Instructions] Tyler from line Your question first from Oppenheimer.

Your line is open.

Tyler Batory

Thanks taking Hey, questions afternoon. here. good for my

not into any First of signs one the of sector? the for slowdown, have how you are Spiro, telling to the mean, within tech some your do you? much clients a visibility of what's year? especially And corporate specifically rest that exposure And sector good. which your business for what seeing that me I is

Ellen Ingersoll

good question, a Tyler, That's Yes. thanks.

event. nine and to of have that they already in they occur kind months and into XX X before good the with range pretty start us year We calendered out picked the events, month they they the before have working a probably a Spiro visibility venue usually are to

some into time clients. we've news pretty the And exposure across seen the for technology any recently. and half visibility At that so kind done of haven't good And back of to several this you've specifically historically, impact we to user this of year. from headlines question produce the continue around those your seen technology, conferences

events. to straightforward ready So, what it's produce see we from and we're these

Tyler Batory

know think that higher performance contributed talk GES. And margin just surprises the that. Can that? I was I great. you to pleasant the one obviously Okay, of a revenue little at about bit

had trying to understanding margin get full but guided the you've so much terms previously. that originally changes the of better than of in a as just mean you was good why well, Some

A - Steve Moster

both of revenue margin. in wins bit talk quarter I'll quarter that That's these also, quarter. to some we terms in revenue of than quite new and we a perspective, honestly, had just the wise had stronger remember, much the partially expected. within obviously little in the came a Omicron didn't, the recovery about take in due And events they XXXX of some quarter. But variant. first the faster then some events of place because didn't From of

much than so came we And they back stronger had expected.

So that kind of speaks to the top line portion.

of, through, ongoing the structure revenue lot through margin very to in we terms the structure. find opportunities that to several last of the but cost good to structure, In continue as new due lot comes over terms change I a we're efforts have. we've flow years, seeing cost we done is a of cost mentioned the the that

quarter And an some of the starting on year. are were working have end this the that last into so things impact we the last year, year to towards of

we're into what we're as So about we're good year. headed gives And excited back seeing. half that the the pretty us momentum of

Tyler Batory

here. pacing if Jasper, June Okay, kind July seeing, in of the at a Switching summer Pursuit little bookings, can what some the etc gears statistics, side gave look terms of start excellent. things, we more season, you detail, and to you're Banff, of you give just to peak them interested

Steve Moster

The strong [indiscernible]. is and it's strong, across the Thanks board. Yes. pacing

every June in from geography very onwards, is really So performing well. pacing

remember 'XX. And Montana years Jasper. both had Alaska then in and in strong Banff, that record So in strong

year. very that, concern 'XX. looks they was the in we're years the seeing very, some of we would those And so maintaining And all, for two in reduction It's because were see it and such in performance geographies heavy opposite. strong all of the perhaps a my so strong

Tyler Batory

for comment timing that on a the Okay. the please? bit in one, little some more CapEx reducing Can And the I change projects. Pursuit think explain you the certain me last of

Steve Moster

their just Certain Yes. process, taking projects longer things. of variety through entitlement

more dramatic. just timing. So nothing it's significant or It's

experiencing delay as so they look, beneficial if what can so a and make early, teams again, on execute, to with decisions can a And we're regulatory because on. those focus then we it's authority

Tyler Batory

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

Steve Moster

you. Thank

Operator

line Your Northcoast from question from a Mehta next comes Kartik of Research.

open. line is Your

Kartik Mehta

think said XX%, Hey, the you kind business of back GES good and just evening, Steve, international you come back. levels. you're to on haven't small And sales I pre-COVID

So preventing to from levels. it might that get you pre-COVID to if the those to to that's that things you getting or in isolated events you you there XXX% other see that just two are look, is prevent truly XXX% business

Steve Moster

perspective, about Yes. clear XX% perspective, we're from XX% things be square seeing greater a footage XX% seeing a of From little a To XXXX revenue bit we're or about XXXX. levels. of than only

And the years. last the increases the over we've that price had difference obviously, of so is couple

quarter events. XXXX. even in of back In terms depend of getting exhibiting terms that exhibitors coming the to over this square international smaller and been will And in the lot the back first of year. on into XXX%, that missing of the footage That companies has a the component largest been has

And two are those more cost our do or the that would obviously come less come as to pieces remain the So back, same. need back. they structure

flow that through you'd on incremental so pretty have strong And revenue.

Kartik Mehta

first? you Would business Is on be if business? of it GES the the business? you traditional corporate hit started And if we an were, economy, gets the it'd what events the part think seeing impact

Steve Moster

events see I've start making I those both clients saying are attend far, Well, that. first, so far by From the I for don't have don't let and that any see now corporate advance. exhibitors commitments I in we seen show would quarter, and that to the trade of me where happening. seen a signs what pretty the are first what in Typically,

And advance. saw was seeing had been started already to when just anywhere lag signals. month from a when XXXX, is economy a there the that so Karthik, say would nine It XXXX, impact. And between the I was any of a to what rest similar very of what we in commitment kind saw six delay in we given made the actually

Kartik Mehta

as last one seeing one price just what rates room like sounds it at I'm least standpoint, early far you're in you're improvement, season. on terms And demand seeing booking an of Pursuit. good Perfect. Obviously, as concerned. from very the wondering are summer for

Steve Moster

I the it a mean, What's we increases is price variety solid move seeing we're in driving to of demand. categories. have ability in,

are The with of super people seeking demand be our continues. other the other We're high end for on, seeing higher industries concerned down some going sort is where opposite. trade concerned, maybe were we're they’re we're or to and seeing demand pricing that expensive experiences, and so less

then price we really dynamically So Karthik.

all we focused on quite the We're for on. the ahead the month, So running their And strong we're And week on are then we're on geographies expect and and go and and XX% price moving depending of the strong of to performance in other it. as Banff so the day demand time, 'XX. the week, from Jasper. see pacing maintaining Alaska, through. we very But Glacier two

in spot. So we're good a

Kartik Mehta

you very Appreciate it. much. thank Perfect,

Operator

question of next Bryan Securities. from the Riley Maher B. Your from comes line

Your line open. is

Bryan Mahers

We pretty Great, quite quarter. good And afternoon. a really surprised. good were pleasantly

So with good share we're be could the day the going week that where also. of would you booking us we pricing helpful job there. that And the get be should maybe to better

Steve Moster

[indiscernible].

Bryan Mahers

it's to the big conference of questions calls. kind Moving of topic from couple a on visitations last Asia

call. all on since increase May, has to As at would your for be as spoke last how in the we earnings we sit here view in XXXX early changed robust that

Steve Moster

later, an challenge for exit When the remembering pandemic demand 'XX to go so and the North came all sudden, Visa airlift somewhere. of getting we America. is of second you the so is China and just challenges to and about out And China can Mainland last leave of Asia that talked then from one spoke, we a

very low we the the previous 'XX. 'XX call 'XX as demand is in are 'XX. encouraged timing. But quite from and the our mentioned because what that So market we're for for of with expectations

buying ahead. are the people retail season like industry a So

once. and our on travel blocking at all will 'XX. and and see and seeing. returning, 'XX the encouraged quite that with airlift. across in and really over be space And a somewhat It'll tour contracting so And return it now But world years two the we are 'XX 'XX, demand for are we the demand the and progressive partners and we're dependent see 'XX return

Bryan Mahers

there as an is Flyover to opening Chicago you going? us that's can on date bit moving to And least? a quarter any is or update And Toronto? Great. at more on construction, how then And there give little granularity

Steve Moster

I'll start Chicago. with

be is for through the going construction a and team's going the our we're great so And opening So opening. we're terrifically. of really in process entitlements In working of track and XXXX encouraged. March approvals. on We're way the to Toronto,

working on have and way so through, City as take dialogue we're Toronto. just to talk unfortunate we'll we an at and once work through everything our the about the We again, then of and want timing good decide process. look we're how still timing we with future It's good our way and because, their through on, a part,

Bryan Mahers

there Okay, on that and is have sure you're with projects But outside going you've guys community investment haven't the that you I'm of that anything maybe thinking shared those, for mind late yet. of then there's in the spend potential that your maybe to the maybe in economic on about XXXX relates back certainly half could change into as weakness, it XXXX? and that this year capital view

Steve Moster

if part can't me about till I tell talk of real. answer new really but those question, they turn and that's on missed projects, I've growth for hunt the we're that and anything. first But in the into your great jump something always I'll

and very project. to the organized. have instrumented of great adding core we that's things we set not business where are such high integration example existing risks, existing are that A on is well businesses or the something we're so have the doable. adjacent think things down and double going right well additional capacity well to our we benefit either could whole from are from demand where capacity companies that a opportunity. There's about up And is businesses And performing that focused is of refresh the

and free a us a that confidence of it's do returns. to degree in investment risk very gives so high way And

on focus was of we refresh heavy what part So as go your question? And forward. second the

Bryan Mahers

with Just was next wise if maybe that the you economy are ahead already on view were Or that's thinking capital to the push on anything or what your plowing change in what on XX your going back months? you would XX plate? just over

Steve Moster

I see no Ellen, the We in do slowly, something armor. see of But and got that the no we focused see the things to no add think we being I'm we carefully. we're sure to that. you've we and demand on lack dents can opposite. see

Ellen Ingersoll

from right exactly I what plan either I anything mean, business. seeing said. side now, don't, No, are deviate we you on the of

Steve Moster

the happens. adjust, we there obviously, if reiterate are we we always I happening road, of will to now, Alan that we something us. will see Bryan changes external want to are down But market just signs any as that. right But do forces if react any and But don't as David on what which said, is

Bryan Mahers

Okay, last to increased box they of from get as the and event. just me lodging they're closer have we that companies cover big hotels, group from spend some that the then seeing

if plus spend then event? So XYZ for you time people the goes the is to on XX%. even to an signs get at the event, seeing closer kind of Y of as within event Are GES their maybe company at budget weeks their or it upsizing you Y

Steve Moster

past, And signs, we of the the make had by good moving are We several spending decisions saw revenue event, decisions exhibitors we've Bryan, where versus to closer through in habits event. are We're into see the the made We the last events. we would seeing quarters closer are people some seeing that XXXX. the those larger seeing meaning that out. pretty growth further obviously,

Bryan Mahers

for all Okay, thank you. me. That's

Steve Moster

Thank you.

Operator

call this over no There are I questions back the further time. to Steve at you. Moster turn

Steve Moster

you your Thanks. to it. Thank you quarter. appreciate to I And talking everybody much. thanks for so look We forward time. next

Operator

This conference concludes call. today's

now You disconnect. may

Viad (VVI) 4 May 232023 Q1 Earnings call transcript