Earnings call transcript Q2 2023

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Operator

Good afternoon. My name is Aisha, and I will be your conference operator today. At this time I would like to welcome everyone to Viad Corp.'s Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you. Carrie Long you may begin your conference.

Carrie Long

you Conference us Call. thank Second Viad’s and Earnings Quarter afternoon, for for joining XXXX Good which on We the along presentation, market our closed both issued earnings today with press an viad.com. website at our release after are available earnings

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

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

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

I'd the to who of call start to with Steve X like our on over Page presentation. And will earnings that, turn

Steve Moster

extremely you'll And levels. for with Good event leisure be the strong live afternoon, year. continue and to year demonstrate demand I'm with and and activity this report remainder near our us Thanks, hearing I'm Pursuit this travel about results and more GES that Carrie. in detail our performance far as throughout for both to call, thank momentum joining pleased second XXXX happy the review XXXX. of quarter you so strong to improved for outlook high

speed to and raising impressed the outlook very pandemic. half, for of strength our of another with to margin quarter reflect on and performance continue the we're prior our GES' our delivered GES the guidance guidance enhancement the with Based full the team's range. and I and on ahead GES' second adjusted recovery year EBITDA opportunities from the focus be revenue above solid us.

Pursuit delivered for our strong the year-over-year growth line EBITDA adjusted expectations quarter. with in

With selecting XXXX one-of-a-kind and travel Pursuit's for at no iconic and place, unforgettable actively pacing and lodging is the of the experiences point the in and geographies restrictions the leisure travelers XXXX Pursuit's seeking booking XXXX experiences. are half borders open stronger across all second same the than year. pace in

geographies side strong higher attraction On of to our our conversion attraction. seeing visitation the we're the and passengers at business, to

financial I'd our to to Ellen call now detail. discuss turn over second like more And Ellen? to the quarter performance in

Ellen Ingersoll

Thanks, Steve.

X, into of tourism As $X.X due at continued of to demand shifts consolidated $XXX.X events shown Western primarily up million sale on and is driven more the events, $XX and timing revenue than offset exhibitions for million. GES in which Iceland by Page an anticipated year-over-year, strengthening Canada This Services. revenue higher of and we delivered ON million and international reduction

$XX.X million Net taxes, our other at million adjusted was higher adjusted reflecting as offset lower interest in the items at million, and attributable partially was to by EBITDA Pursuit. before XXXX higher income Viad and primarily $XX.X $XX compared higher to income expense quarter, the second for GES, quarter EBITDA

was end GES within million, lower range $X about guidance the guidance was guidance EBITDA million $XX.X and Our XXXX Pursuit high $X.X consolidated the and exceeded was primarily of by than adjusted adjusted million, stronger-than-expected prior EBITDA our our range. prior our quarter. which range revenue within driven second by

of to shown $X.X is X, adjusted As quarter an grew Pursuit's revenue second million year-over-year. increased which $XX.X improvement Page XX% million Pursuit's on $XX.X and to million, EBITDA

revenue decreased refresh declined David driven Pursuit by by adjusted travel our international $XXX.X At stronger million. million and to was build and at year-over-year growth X% leisure GES, million $X.X will $XX.X upon expand As EBITDA by shortly, GES' the of efforts.

a driven year-over-year was in few factors. revenue reduction million $X.X The by

sale the First, of in the million which ON was Services, in contributed about quarter. XXXX $XX revenue

timing in million shift in experienced early QX schedules driven events in approximately also QX rescheduled Omicron XXXX. $XX XXXX, back with disruptions to of XXXX, by revenue that QX shows a in their moving normal We into from

that lower offsetting the about The EBITDA share revenue and positive early SG&A operating, recovery. during the second the those to unusually primarily same-store expenses Partially second of pandemic quarter GES adjusted a million level year-over-year the relative growth. two of with revenue versus in factors activity rotation of low increased as stages was in of was change $XX well XXXX, was while strong reflects as lot XXXX quarter

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

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

for Our capital totaled build million Lodge. included Chicago $XX FlyOver the expenditures and growth Lake some about refresh projects CapEx at Pyramid and project,

total with approximately comprising million, $XX.X available and of million million capacity liquidity cash in We credit of our on revolving $XX ended second $XXX.X quarter facility. the

financing of Loan totaled approximately approximately $XX debt lease our approximately million $XXX including Our $XX million. $XXX.X million, of B obligations and on million, Term other debt

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

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

David Barry

see significant restrictions. second of improved performance, focus past driving that is the a record happy quarter margins visitation. to increased to I'm fueling move at delivered overall. visitation experiences, Thanks, report high-quality increase Strong our hospitality It's Pursuit. record in exciting and adjusted demand on expansion Pursuit This is quarter COVID margin world and revenues, Ellen. consumer EBITDA another for

the side, We as enter have third critical quarter. strong tailwinds momentum and our on we

Page to that X, it's driven nice working. improved QX core shareholder of growth our from iconic adjusted and scale financial to quarter let's attractions on XXXX on Build a second into X. is collection by drive to strategy illustrating EBITDA remember, visitation revenue starting and Pursuit's performance Overall, More and Buy points. experiences, hospitality basis international margin our how XX% by jump This grew growth Refresh And Page stronger our investments but Buy XXX first and of job Build through elevate and come, value strategy. Refresh our was does

from Pursuit's of quarter new second came operate acquired from we've or opened revenue, of forward that which XX%, Nearly year-round. many XXXX experiences

We continue from year-over-year strong new XX%. and each growth experiences of of Buy momentum driving to revenue these Build see

driven by of a our XXXX. effort, and the same-store which overall impressive international We revenue experiences clearly up growth also from revenue tourism drove were XX% same-store by we're we've both, geographies, Pursuit the was to strengthening that in strong operating we're within This QX impressive evident seeing driven Year-over-year XXXX. to revenue. experiences and that of growth prior is refresh same-store relative revenue maximization X% growth in in

strength made various satisfaction consumer driving unprecedented and growth, investments our power better we've for of make The ancillary formula revenue experiences many demand guest our and capitalizing pricing on refresh and winning experiences. spending in a creating

Okay.

XX% Overall price. So, Page of and Visitors, acquired grew next XXXX highlights I'll ticket $XX.X opened we've performance attractions from hit new growth XXXX, million XX. attraction strong experiences on from XX% grew some board. revenue effective visitors increase across on of the to in a the or year-over-year, our ticket with in growth XX%

continue awareness number growth our Vegas as drive of a XX%. see the posted FlyOver Las strong trajectory gain happy the Vegas, in and we year-over-year We're channels market. to broaden sales to rate of and this in growth visitors of largest attraction, the

of SkyBridge to British in at drawing exciting the new and in Columbia, growth reviews. guest addition mountain percentage Golden came other and experience guest increased strongest from XX% an our are visitation visits the where Our coaster enhancements outstanding

our saw International year-over-year Iceland, growth a healthy trend, by In numbers XX%. Keflavik great of attractions XX%. world-class Airport. of capitalizing Lagoon continues evidenced FlyOver improving to flying are rates with of guests Sky and Iceland, on visitation growing to capture International there travel put international is up growth into that Iceland

acquisition to existing was season, also last and lodging of with the off to is National for ticket a Company and west Raft outside QX offerings start up ideal XXXX Glacier XX% year, Raft leveraging our an Glacier retail just food Company entrance year-over-year. Park. strong set beverage Glacier revenue The its tuck-in

impress saw on report, but I'm our XXXX two visitation quarter. above The we deliver attraction on to attractions and visitation. track the with our Banff same-store growth Banff's were XXXX of attractions, visitors moving continues attractions XX% all levels where growth. Year-over-year to Now grew to same-store year also for strong are and to we and strong full Gondola, pleased that record top-rated versus XXXX

growth from on with refresh that strategy show report QX FlyOver very that of were quarter visitation our Lake is film from is is and our our accelerated perspective strongly Cruise, from Maligne XXXX nearly I'm and standout locations posted par call levels Last Another up exceeded a to to happy films I Vancouver, QX and as numbers XXXX dividends. quarter to paying other on that and and XXXX, same-store XXXX. first FlyOver Canada numbers also which performer, both our mentioned content pre-pandemic

At groups. significantly ahead the Icefield year, travel on And long-haul is from Adventure international Glacier including Glacier of these early levels. discussed attractions, a visitation how visitation two below last prior our attractions I've but XXXX Columbia the calls, see typically lot still of and season Skywalk trade, APAC

the itineraries. forward stronger markets for we of operators And travel, reopening segment. And international missed later with many as much for these Asian from to window be bookings look should XXXX XXXX booking the group tour this

emphasis to our independent sources was on constraint from this mobilized strong visitation Pursuit team a for more maximize the XXXX, other Knowing travelers. reality with capturing

increase the commitment stronger drive this this attractions in amount visits Pursuit to stronger pass presold in through attraction independent lock to help to strategies attractions our Jasper Banff multiple key year our of Pass across and by of drive The Pursuit one visitation was product. compelling traveler our including Pass. year One was launched Pursuit tickets advanced

that, pleased equating year. I'm eight ticket sold passes million so now nearly And revenue this XX,XXX attraction far over of have very we report to Pursuit to

and confident For year Jasper significantly the is levels. we'll least border visits crossings at renewed remain Banff pacing in and of of full of attraction ease XXXX, target into attraction with our half of we of XXXX XXXX, achieving ticketing Canada same-store ahead second reach of XX% that revenue

on grew with earnings Forest of an presentation. increase and mid the which revenue Now, over in Park by our Hotel the X% page new of the Alpine wing X% XXXX million from increase let's Jasper of XXXX reference available QX rooms lodging driven opened in switch XX a RevPAR. performance, in rooms in to we'll that $XX.X

In are year-over-year Canada, demand remained XX% see And of to rooms, increases occupancy continue higher line the and for Overall along as equating moved we improved. increase. XX to and in Western for year-over-year at a to stronger ADRs Canada XXXX XXXX. strong the quarter international RevPAR with occupancy hotels with at we've seeing XX% visitation is both which increased strong XX

stunning cabins in Jasper experience Pursuit's lodging exciting Pyramid the brand-new Lodge. Lake Lake Pyramid of stellar delivered premium guest we month, is open Pyramid the guestrooms is and at finishes Lake XX reviews. Founders to and Last completed with the high-end this overlooking refresh Lodge project

the bring start. and by the opening opened slightly especially impacted the and same-store are flat metric the overall most time season a RevPAR off about of dates year-over-year and QX June Pursuit impacted levels properties year-over-year. May us very just summer weather US This early for lower is remain season. our did which occupancy optimistic which In our for RevPAR season was solid peak we frame during quarter relatively to and

levels ahead in let's geographies the on for Montana XXXX of bookings our from Glacier incredible Rooms or X% page pace on is and XX% Alaska. record operating shown XXXX is pacing our Canada So XXXX. and Western across lodging move an QX each QX XXXX's books are levels for up to booking at XX. revenue and on above of

ahead on up time international where revenue Jasper X% And this the and last, last least same-store certainly from X% from accelerating up Banff XXXX. properties is XXXX. XX% in of year is rooms visitation not year-over-year, our Alaska with is books and X% but up

lines and quickly offerings more of retail experiences I before integration and And part once the lodging color of an the are key growth on revenue retail Food as our and again important we beverage Next, differentiators outlook. our want capitalized our business. we revenue experience. and to streams of with ancillary saw attractions solid guest cover F&B on and providing year-over-year

same Lodge the and increased this and Pyramid and XX% in Lake Relative Crimson restaurants has in few to second weeks short revenue rebranded we opened increased restaurant refreshed retail revenue we refreshed on restaurant Aalto XX and Earlier just Terra period at month, the XXXX Jasper last to TripAdvisor; in to the summer. Jasper number beverage at food X%. only and of a Aalto two re-launched which our in Jasper the skyrocketed

we and geographies quarter We're revenue the the our full now for the third EBITDA look and momentum at demand new we strong adjusted pace exciting So, growth have the for experiences ahead fully for our our set with thrilled by own With let's the records and coming season. summer are XXXX year. expect very into way. during peak to heading booking and encouraged

for drive Pursuit's all us levels have level of engagement to is accelerate we the to win levels of the demand staffing A meet shape place in team strong key to and say into the record XXXX strong great and for continue across organization build that in talent right peak team super the put member having pleased geographies as efforts that we're seeing us for summer months. the our we I'm with surge in to war success factor of across to talent a Pursuit.

margin basis XXX EBITDA in QX. year-over-year business visitation. that Pursuit's we is during such incremental And in increases built improvement attractions I grows earlier adjusted noted a materially as realized point with profitability

we with QX And XXXX. approximately basis points improve margins to by accelerate expect QX continuing see in versus revenue XXX to

Revenue visitation those progress regaining that on international more at work making executing are against for happy we're initiatives. visitation pre-pandemic, at strategies long-haul those quite dependent volumes hard are on management with teams the and locations I'm attraction

reach achieve our growth well XXXX drive within XX-plus targeted we EBITDA on to in continued margin. targets XXXX are and for Our to are track

results we're for like the the the second quickly, times operating preparing with closing, support all effort and lies what deliver a in thus to and I'd and In for to busy around world ahead. and our excited our teams of great very about quarter thank in And energy ahead. far XXXX just for helping and pleased execution

back Steve, you. to

Steve Moster

Thanks, David.

Now corporate fundamentals. trade experiential shows, let more from and events industry which GES includes our provide and both gears GES the with GES marketers Spiro. business conferences switch and into continues to me agency Exhibitions improving strong insight live marketing for demand experience

during happy delivered revenue to rebound range an $XX.X as quarter. growth in well million exceeded $XX on with This revenue extremely XX.X% events margin-enhancing the a stronger-than-anticipated our in guidance this activities. of quarter EBITDA performance As Page with through million and lean margin XX, $XX as $XXX.X shown GES our of from series quarter. million second of live performance I'm million EBITDA EBITDA the

the quarter are for GES As second year-over-year Ellen the earlier, an quarter comparisons was XXXX highlighted anomaly. challenging this of because such the

that of significantly Business activity faster concerns subsided outpaced of Omicron second experienced quick from including had some the had into a event postponed we As coming live the XXXX, industry the QX much quarter than very rebound and our restaffing QX. out shows during pandemic. expected accelerated workforce of the

Exhibitions GES' the and continued pleased and these XXXX the from and side both performance offsetting by resources GES, EBITDA of I'm increases, new quarter. to been industry. Even the business for at with we lean and have increase business strong existing staffing we adjusted On of XX% add support full clients. the efficiency. a about the with with Overall talent Spiro, of the to Spiro growth of to very SG&A outlook able the year-over-year quarter excited during actions in and levels At we Exhibitions higher development were deliver excess fourth successful and reached to margin some selectively I'm

like to Arab quarter discuss leader Now the the which GES I'd in in Exhibitions, and trade North organizers Europe show United second is services America, at to Emirates. the event global

an and as revenue, adjusted GES quarter, in During $XXX.X delivered the Page EBITDA XX. XX.X% million in $XX.X on seen margin EBITDA million second Exhibitions adjusted

negative XXXX overall, Services to demand show of the relatively ON schedules, was event the compared sale As of second shifting Exhibitions the rotation. impact revenue improving offset as unchanged quarter, and

returned report's face-to-face marketing indication the as highlight power the XXXX Industry of their the Exhibition average year-over-year that Exhibition XX.X% the industry. trends majority fully of expected XXst and recently clear Barometer channel. speed its or measures Global Exhibitions levels. XXXX which the concluded than health international events findings the the levels. that was edition of of a in-person The XX% US of a The have UFI recovery same-show the industry to want Association surpassed released strength is exhibitions which I and of grew to revenue revenue stronger the of of and

revenue future that for think see growth to recovers. the as GES, for exhibitions strongly square exhibition, The to the globe. of revenue, larger our same-show corporate net the correlates exhibition marketers higher focus XXXX more it's important I the to the an level fully of and potential happy size footage GES. now recovered But Exhibitions the levels across to of I'm exhibition and has and event the quantity required the by GES revenue higher therefore organizer services on

the was Exhibitions footprint to events. of of occurrences basis. As XXXX on have shown fewer driven exhibiting noted the companies footage same-show of their square only XX% second On exhibiting in return. small This prior fewer seeing about slower fewer primarily have on quarter that a US net Page who to been smaller recovered our XXXX corporations at and entrepreneurial we're I've by companies calls, XX, international

exhibiting companies is reach about volume conferences, to This As event and their see profit growth to and incremental the beyond. a return trade potential and to in drive revenue XXXX to Exhibitions XXXX has GES XX% of opportunity shows these huge size.

Now turning agency a the quarter great I'd to discuss clients. roster record second Page serves Spiro, XX, as at of marketing the which for corporate experiential XXXX Fortune performance of to like

delivered million margin. quarter, in revenue, EBITDA the million in $X.X EBITDA Spiro and During adjusted $XX.X XX.X% second adjusted

non-recurring during client show quarter shifts sale the primarily Services, rotation business, spend was offset positive the partially wins. Revenue client ON second of timing some XXXX new and lower of of in by to year-over-year, due and

Overall, its full marketing spending clients Spiro levels. continues year budgets corporate XXXX above at/or with strong see from to

come great to was canceled Spiro Paris the back see Show. clients this major many quarter, aerospace supported the XXXX. being event non-annual after It roaring Air During in at

to grow marquee report side by event. Barcelona working continues side to the highlighted currently continues and winning team amazing pleased with other Spain. in Convention with the clients. a to Spiro quarter in team large Last client play as win McDonald's that roster the Spiro's partners McDonald's client event also I team this XXXX Worldwide trend I'm is The the

total bringing second XX Spiro quarter, experiential clients won year added the of the this marketing During XX. clients new to new

We expect XXXX. clients million in contribute revenue about to new $XX these during

Spiro to that past wins. separate past, sense Formula the business-to-consumer a experiences of of done client the London. highlight like give wins As better I've in you E I'd weekend, and to two for type of competes the at experiences in race Spiro delivered the one This

hospitality row SABIC events, producing year's immersive In an also year for this addition inroads fan area executed The consumer for technology E's was VR marketing to to second build Experience SABIC's highlighting VIP drive Spiro experience projects and space zone efforts Spiro's the to These the sports business-to-consumer in Formula ongoing to efforts event, in vertical. curated a for sustainability. designed a unique the and SABIC reinforce village.

to over And like to turn call now, outlook. our to review I'd Ellen the financial

Ellen Ingersoll

Thanks, Steve.

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

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

guidance this are Pursuit full at We time. not for adjusting year

downside performance more leaves Pursuit. full risk our for guidance year seeing and upside to we're pacing strong the However, relative room for

million compared expenditures continue are now million guidance million expectations adjusted guidance EBITDA million our with our plan capital $XX $XX inflow We also $XX $XX in improvement to from to million we for for for the of to operations. million the an of as to full and flow prior raising to year $XX Along year. cash expect full we $XX to

which turning on is page our Now, quarter to third outlined XX. guidance,

We to to at and reflects expect quarter. Pursuit GES. adjusted XXXX million as to range EBITDA be growth range significant share at million the the in rotation negative compared This million $XX.X consolidated in of $XX.X year-over-year $XX third

margin XXXX in Pursuit, million For range as to the growth revenue. flow-through to in This third the reflects healthy quarter. be million $XX third on adjusted stronger of $XX.X million to we quarter EBITDA year-over-year expect compared $XX

revenue $XXX million Pursuit's demand range compared third the to for quarter experiences XXXX be to expect continues to strengthen. as We $XXX of in million as the to million $XXX.X in

third range For quarter to in GES, lower negative be third we million the million of million EBITDA revenue. to in negative to adjusted due XXXX the versus quarter expect $X $X $XX.X

$XXX revenue be expect the to in in to to of million as compared range $XXX million $XXX.X We million XXXX.

due and is of XXXX offset approximately million to revenue in $XX The on the million by quarter, about rotation anticipated year-over-year services, of revenue third sale the underlying show which $XX the decline growth. contributed of partially negative

about to flow million. Regarding cash including flows, $XX $XX cash $XX operating third quarter $XX growth and to capital expenditures $XX million of of CapEx we million expect million million of

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

spending. strength, event are and level capital are the in leisure our live Given Pursuit's travel GES' of with markets we activity, comfortable to experiencing planned we

strategy. we both Refresh, from said, committed selectively investing growth We ready Buy through should scaling arise. maintaining solid continue cash maximizing expenses to our That the a Build, operating opportunities Pursuit liquidity capital to our in to flows by position stand and while high-return operations remain adjust need

to you back Steve. And

Steve Moster

ongoing excited what of and visitation with and Thanks our ahead. lies our see businesses acceleration performance strength GES far this Ellen. year experiences. international across momentum thrilled so the Pursuit we're its the in growth and In and is positive seeing continues closing, seeing events to we're in sector about live

positive expect momentum this We to continue.

new experiences look opening FlyOver margin Chicago. XXXX, continued further ongoing Pursuit visitation from expansion is recovery and the well-positioned our and ahead to for international ramping of of long-haul the the growth travel And of top-line trade we as

have recovery rotation an corporate much million and in XXXX budgets. of full with $XX year sizes anticipated also revenue should show stronger in show positive approximately marketing a GES of and

target be of EBITDA will XXXX greater that expect year adjusted than We that margin its the GES X%. reaches

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

our I our want support employees in And dedicated for up thank that open and Viad. your we'll with and questions. to continued the working call hard shareholders for

Operator

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

Your line open. is

Tyler Batory

Good you. Thank morning, everyone.

guidance want you're same-store approaching side start to So XXXX Exhibitions the I levels. assuming things. revenue there the of GES Steve And

Just talk close that a maybe XX% about more little bit to you're quarter. last

what's year. And level confidence not the moving what's we to move changed this backwards rest Just there? that of your going we're through be as

Steve Moster

thanks the Tyler question. for

Sorry restate answer. technical we challenges question had on give an the some our side. to and But I'm going you

So the confidence how the was not level the trending the with the same-show growth for but GES half back and only that's question year first of half. at in

in I comments mentioned script of same-show was where as it at of XX.X% growth XXXX during second And this year XXXX. in saw GES the in about my we the versus quarter

by the several has is as now pricing driven of that increase to lot where Tyler see an to we've this revenue primarily So in well quarters in been back increase square continued as levels. growth A that footage. get an XXXX

would your think the the about very important basis the of still size the footage net currently revenue are you at about the to were shows point XX% correlates that which call of both XXXX. in they recovered although that well those same-show is levels a XX% meaning we our slide revenue highlight know I as opportunity And square XX has XXXX what's to close I to metrics. on presentation of where out attention is though to

within over this So as indicator obviously the -- of growth potential the or grows grows is two along revenue we coming GES as of that. great the -- our with a and believe the size shows year the that

full gives And and hopefully of of you a example opportunity guidance to we've think shows, the is. confidence GES because go around performance in again next events. trade raised the we probably Operator, our the good live call. the I see So where that year of conferences

Operator

call of Northcoast comes next line Kartik Research. from Your the from Mehta

is open. line Your

Kartik Mehta

Steve. know I about far of or afternoon, back. so indications companies you economic no pulling slowdown Good talked

was ones. afraid correctly some economic what's companies of seeing little I a economy Are companies their and in maybe past of if where of over kind be buying there of remember times or use the signs issue again pulling you think and the back? exhibits I new any early over would in happening might instead whenever

Steve Moster

I'll in ways it Kartik. answer two

is a or down corporate with shutting the this in and first renewed really pandemic majority for you builds see of clients. activity XXXX industry in The the XXXX XXXX actually new

and their has on on has their a changed So of been their changed -- of lot marketing there's messaging branding side their changes channel.

do an of And coming builds so system. we level the new through see elevated

which kind the fully haven't entrepreneurs why of returned That's they XXXX. show kind trade of As I seeing are specifically, equate floor. as to size prior lot booth the some I a mentioned square we're of events some exhibitors in of what are though calls the and the the I just sizes to around international footage, of about XX% where were exhibitors, they mentioned and on of smaller

haven't ways So, that and clients that means of show. refresh spend of some the smaller fully booths two construction continue And the and and their large trade to it programs, booth answer image. to but the clients returned corporate I'd new international

events to to continue grow that see continue some now. the as seeing the benefit. in we'll size we're benefit And So of

Operator

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

open. is line Your

Bryan Maher

attractions in going weirdness firm incremental develop kind Thank really me point? and acquire this or know good the the Couple I you not. of a to appetite on into recession market everyone. maybe given of can't we Pursuit the FlyOver afternoon or of and delayed little What been than for Toronto the is at Chicago has questions more a side. tell the for Other

Steve Moster

in it. maybe I'll that David a are can talk we're market Yes. jump talk little looking about the bit overall And at about capital a then in how and perspective there. opportunities from and out general

capital I to perspective, allocation our remain scaling Pursuit. a is from strategy, we which mean, committed So

rate, for have interest right looking opportunities with given they to we're But right the the of high right returns. level be the So opportunities. the

so are of they at how that the health if selectively know and to seeing. looking we pipeline as And don't things on want you you're new comment the I opportunities come. David

David Barry

question. recession Yes. And address first I would the maybe

to no see opposite. signs see continue signs any and of We frankly the slowing of

So They're of revenues and and remains we buying good are people -- grow and other visitor continue taking of buoyant signs of confidence bottle show per price and extra company wine. things as of and no health through the the our sign a experience consumer recession. variety the that and to organization extra reflected spend effective ticket and that's

that focus have is on experiences to barriers entry. high with iconic demand Our locations, bucket-list perennial

continue be right articulated I we're be appropriate the think opportunities, going an the is and see Steve business, to impactful powerful, opportunity really so which well, to we at we for And that something price. multiple going that acquire looking can to obviously and it in is

comment on and on is digging are the we the and absolute through any ones. that there than, other climate really won't we best focused I remain robust opportunities, and specifics picking would So say multiple

Bryan Maher

And of does as March? FlyOver think, next Is I made month? track had open that that still note the Chicago, on relates year for March to a in I it that this next

David Barry

at Yes. March is we've say, to happening just the what's do, things Pier. this been is month. summer observe And Navy I able Bryan, of would one the

July. and has very, Pier a then a obviously positive quarter Navy had tremendously So, second very strong

that excited Chicago, the attractions, way open. opportunity destination that numbers significantly we works the ticketing getting and work that the it's of And Navy joint high fact something system, the a one, the that there's powerful so we're hosting about a together there's ticketing in as visitors and think one to is between Pier

and to ready March track XXXX. open on in within So plan we're of capital on

Operator

of Group. question Craig-Hallum Capital Your Fuhrman from Alex the line next from comes

Alex Fuhrman

seems you like Can seeing bottleneck this little people parking of the visitation through at lot for to And there to very you of Banff is you're strong, opportunities my to get of your the from like for It question. visitation year Thanks was online year. attraction a remains Gondola Hey, interested commentary. it looking little you're seems beyond next levels get incredibly taking David like that up that guys. It year? bit more for on much sounds the is a reviews to a what record track the demand and doing this year, hear about think there. the record I attraction? but year that about talk following are the bit continue a as

David Barry

Yes, question. that's a great Alex. Thanks,

park the So, I'll an an constraints, any the are a in got number things. and residents where you community you obviously amount of One parking a Banff of couple have there you've because town of national parking. of example, size pick that have is

authority. initiatives so we to can a as And Banff there's free in those services that's the advance series car shuttles charge. then guests And transportation as well central location the the one, of of that up run free of town across a completely. shuttle where and and couple town happen And regional their Gondola park a

the quite alleviate helped in parking that's And that correct. for you concerns you particular are that location. have any So of

We track are on Banff in that. the of at season we're for about excited terms a Gondola, and record visitation

are reach effective your peak there seeking but peak and can future, the achieved the times capacity, times carrying times, you remains experience day. you've who certain Into a where of capacity when what visit different

morning. you're in early And visit X:XX a parent say kids, with if in morning, between X:XX p.m. most when the at and obviously you're that's the in to times So they're great early constrained. time and that's afternoon, young a peak up the

availability what the season. call in earlier depending space we the continue to have white on So and day we then

so various basis day. grow on And there's to XX-month will capacity. within of passengers season a generally operating because and operate we And expand it into both again hours room of volume our the the

programming right growth dynamic we see pricing continued there. the opportunity so of with mix and for And

Alex Fuhrman

pipeline about Wall bit right just flights That's and in helpful. between the group simply to China. North think now can article travel an just you, next and very far about difficulty how then, morning's I of Okay. was a traveling are the overseas mentioned for really David. Journal there Street seeing And so you you're what Thank talk America few international little China Americans terms in of year? this

perhaps international make Do it you there year? countries the for sounds up increased like have Chinese any might demand Is outside sense don't And year? maybe to what of look lot Korea. traveler that next back flights an then, like of seeing groups come and you're like tour opportunity if a of just next from China India

David Barry

question. good another Again Yes.

a markets. have of call source combination we we So what

work years tour And Each them coming countries offer. multiple out. in Canada around travel and contracts of to world, experience what has partners Canada we to Western Western to XX so the are basically where

XXXX this So we from people partners have tour contracting at point and years travel XXXX ahead. commitments are for and as multi

for will XXXX. journey. flights, up say people late what obtain of quite in exit the quite Visas And part is and that can return from to the then demand not flights seen to Definitely the number robust reason the the XXXX that and markets China say opened there. government And I remains is levels. is XXXX of Today Chinese be would say, of amount the they're

to And airlift. travel tour so it secure partners for very hard was and

And being country. that to quite see into an not between we yes, balance So interesting there's growing XXXX. over-allocated one

of And position you space we a give try so they everyone to competitive between we that can call the want. countries that all never maintain what

you're so countries in balancing to potential. your highest from order And demand hit various

as of our is in travel with returning the Europe, a be the India internationally large. but demand; is a focused quite demand; strong. is can Australia, New So visitation strong from that obviously, Western significant market developing size and India class on Zealand Korea market that affluent

And that growing as into we market so future. the a see

historically these to with locations. to years, other opportunity balance things there's lags And tend one out. visitors a for behind from that if few So replace country

to beginning have firm who's of closer we going level making deposit on sense XXXX. the be to to we'll when booking better XXXX But a get the signs sign. point the positive down a what and As that quite to all it will comes commitment time going into obviously as because for and fulfill they're that both of demand XXXX today, season,

Operator

Batory next Oppenheimer. from comes Our [Operator from question Tyler Instructions]

is Your line open.

Tyler Batory

follow-up taking for Thanks here. my questions Great.

know about investments. bit wanted I and some to investments mean think there. you're talent making Spiro So I a margin ask I there I you in Steve, the more. some mentioned little

you kind the a pulling maybe you really on that need of business? trajectory in growth that up is of back is to that ramp in -- is of Just order your or those, some outlook think one-year mean just I thing? terms in something what

Steve Moster

Yes. Thanks, Tyler. is And agency. we to started this journey a little bit ago a and we've goal indicated world-class experiential build that the

way. on well are our We

new order few we we're towards team made investments. a attract as out We have those where clients. to We capabilities We've build as added coming well serve had existing have our of to quarters to to feel new the resources the like end. clients in

pace down, we completely appropriate which that we capabilities the or feel at are because point like we're the have the but we're adding I really come will finished won't level we where in-house. say getting that to

that you So subsequent down level should investments quarters. of come in see those

members brought about great feeling the where and we've on year great stand over last for couple team about the feeling the we that quarters. So of

Operator

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

Steve Moster

that you to always, of for Okay. to I much. Well, technical thanks forward Thanks we But here the so everybody for challenges the through results. we as the quarter next call. some talking joining have us. apologize for look

Operator

This concludes today's conference call.

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Pursuit Attractions and Hospitality (PRSU) 3 Aug 232023 Q2 Earnings call transcript