VVI - Earnings call 3 2023 | Pursuit Attractions and Hospitality, Inc.

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Operator

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

Carrie Long

you conference us call. thank third 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 President Steve of from the Barry, Financial Moster, and Ingersoll, Ellen and David our Chief CEO be call, GES; you'll Officer; Pursuit. our of hearing and President President

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

Steven Moster

events. posted increased of live travel businesses and excellent execution thanks Both by across performance our international the prior demand proud results our joining third guidance for leisure company with very quarter. our Carrie, Thanks, an driven I'm to all for in of and and call. ranges, during important line you strong

expect Pursuit months. quarter the deliver reason record levels growth to leisure we're margin at our and destination Pursuit, to its give good firing peak full performance cylinders the the all our biggest summer and of XXXX. trends year year XXXX the with growth EBITDA outlook the in confidence as third team continued on seeing expansion. high travel of For is to significant strong quarter is during and This And us was in the revenue

third GES, of quarter quarter slowest year the annually the events. For for typically occurring represents the

and the did and team while management in execution profitability place business cost I'm same-show on for also strong pedal to that the quarter events projects from busier keeping we preparing During was development. growth sharply pleased GES roster. down experienced Spiro's new take really the and fourth the quarter, and focused delivering the the on a revenue with continued and team's client additions

outlook XXXX. great We have bright for and very momentum a at GES

our GES on wrap followed Now call performance ask David, Ellen the with and an guidance, updates. review financial by and update I'll to I'll pursuit additional from up then

Ellen Ingersoll

Steve. Thanks,

our income the third shown for As offset million, before was And quarter, interest. Viad X, expense $XX.X the to on income attributable Page up was quarter. by from million reflecting items increased XXXX attributable other noncontrolling flat to essentially million EBITDA, year-over-year, $X.X adjusted approximately and income net $XX.X higher interest

at million Pursuit. Our consolidated third was XXXX $XX.X performance and was due higher quarter, to $X.X than growth million, approximately adjusted EBITDA which primarily margin strong the

timing million by our midpoint the We underlying the EBITDA nonannual million business, of $X which range. revenue $XX Our impact a offset to of partially was strong on The the delivered consolidated noncore of anticipated adjusted the due was million sale $XX audio-visual and our was million, midpoint our decline $XXX.X range. approximately revenue growth. guidance above above year-over-year of had major revenue, of shows consolidated approximately which guidance combined

the ticket revenue as international our by pursuits and Canada revenue our to scale Attractions Pursuit's third X, well was through elevate $XX.X grew XX% international attractions was price. Visitation and tourists Western driven investments increase RevPAR strong in both Page high build XX% X% as to primarily reach same-store a XX% a grew growth tourism of quarter on during ticket and visitors to $XX.X of million million Iceland same-store shown on room refresh effective particularly our grew Canadian and $XXX.X million. year-over-year as on Canada Lodging As increased experiences of XX% year-over-year higher quarter increased. new driven in XX% This revenue growth a by occupancy. in strategy. increase by to higher Western ADR

to XX-room we exceptionally the Pursuit's adjusted Jasper in performed strong with August provided opened to million, additional we attraction revenue which of margin visitation expansion. EBITDA the increased from and improved surpassed well $XX.X impact hotel to points of have can hotels market, the flow-through and basis is EBITDA benefited Canadian million The improvement XX% by on room the strong year-over-year. Pursuit that adjusted demonstrated demand XXX capacity in EBITDA XXXX. an Our XX.X%. profitability margin adjusted new incremental year-over-year $XX.X the and

which GES revenue GES. $XXX of As the quarter, guidance consolidated adjusted shown on of our negative were end of the delivered at ranges during both X, Page high third million $X million for and EBITDA

As and of nonannual quarter sale a of ON reminder, for GES shows the the major year-over-year is Services. the this timing of challenging comparisons because

those business adjusted $XX.X Excluding revenue in scaling nearly $X.X adjusted $XX in breakeven underlying delivered PES' to structure activity. with year-over-year, factors, third period that and strong pleased the million Spiro cost the million And growth. million about EBITDA of EBITDA XX% during quarter. reflecting of the during revenue deliver slower revenue the GES increased we're decline from was

new $XXX.X ON for of Exhibitions $X.X and which growth about revenue the EBITDA adjusted Spiro, impact GES nonannual negative the the posted Spiro Services, in delivered quarter. major $XX clients. and in shows prior revenue million year, during spending totaled strong million reflecting third X% and over existing million about Excluding of from

totaled Exhibitions XX% the of same-show exhibitions. $XX impact Excluding revenue and Services, growth prior for exhibitions, about over shows with growth U.S. nonannual of of major ON which year, the revenue GES about XX% from million GES posted

are for strong increasing be on end and the quarter Now turning expectations Based on EBITDA full full our guidance, pleased adjusted year outlined we performance of is to our to third bottom year guidance ranges. our and fourth quarter, fourth our X. quarter which Page the

million, the range raised we've the Pursuit, low full of For million. making new $X $XX $XX the end year to by million range of

For year making million. now end range $XXX.X the million, GES, range million adjusted compared low million. million We as consolidated EBITDA year full of $XX to expect have raised adjusted EBITDA new full of the the we $XX be $XXX $XXX by the million XXXX to to range $X of to in

XXXX For $X be the results $XX quarter, compared GES. million the we range negative at the of both consolidated quarter, reflecting to to million adjusted fourth improved EBITDA in and in $X fourth Pursuit million to as expect

to quarter, of negative fourth slow the we negative compared range reflecting million revenue growth. $X in to $XX.X adjusted as EBITDA be For negative in the expect quarter, anticipated fourth primarily to seasonally XXXX million $XX Pursuit million

quarter, we in quarter versus fourth fourth the million GES, XXXX revenue $XX $XX.X to reflecting For growth. EBITDA be adjusted in expect to million million anticipated range the $XX primarily of

during third and Next, liquidity million, our capacity total $XXX.X the cash Pursuit I'll of of balance level sheet flows cash comprising million seasonally cover approximately credit quarter. third $XXX.X ended and and $XX in some quarter high This cash strong reflects EBITDA on available the with facility. We from of items. revolving liquidity the flow million

credit including an the of Pursuit. $XX the At million, million benefits CapEx of prepaid quarter debt million million. $XX $XXX with Loan from approximately $XX debt million during revolver $XXX approximately us. On lease end our of number was for of of the expenditures our third totaled that facility at immediate X, on our October And approximately growth obligations to totaled $XX of to million. consolidated including has we total upsized our million, capacity. financing approximately action $XX our in $XXX capital connection million the amendment Our cash B of also inflow million, and quarter, operations of $XX flow $XXX.X This term loan other a Term million about an B,

lower it B. debt the with a of Term currently XXX Loan cost provides credit a that is lower than basis spread on our First, points spread source

at seasonal of and on an to flows, debt. it gives borrowings as enabling us flexibility level run lower overall of decrease carrying our debt term to based Additionally, us cash increase compared the to nature

$XX the of puts and million FlyOver $XX Lake cash Lodge full including capital $XX cash and During million to million, $XX year about includes to $XX million which expecting are to refresh million at million, outflow of operating CapEx year expectation quarter, at expenditures of our million approximately primarily projects million $XX flow operating full to of This million. about $XX fourth Jasper. growth an at Pyramid CapEx Chicago we and capital in approximately expenditures $XX approximately million, $XX growth for approximately $XX of

and maximize flow, third GES' of very place. particularly debt meaningful EDA growth reduce us we quarter growth XXXX, an Pursuit through value anticipating, nonannual investing seasonal with contribution growth opportunity with to Pursuit operating the our to taking level while selectively ahead strong Refresh-Build-Buy shows we still the in This cash Looking with major to expect for long-term in shareholders strategy. present should our at are

performance further GES. David, growth and coming and our the into business at David and will Now you. way Steve Pursuit to provide exciting our insight over

David Barry

Ellen. Thanks,

and XX Pursuit our iconic unforgettable into Pursuit, team's connect focus of proud restaurants world-class places mission staff dive inspiring And hotels, and deliver to Let's countries, attractions, X through on peak starting across incredible mission XX products throughout and and experiences. our the our quarter retail to incredibly At outlets. is distinctive unwavering I'm results season to third Page summer support X transportation bars, guests XX XX. XX

Pursuit economic engines business. with are first attractions attractions, starting strong the So for

XX% XX% year-over-year. primarily and year-to-date up approximately was ticket revenue increased by Our was this to which visitation, million, about grew $XXX driven

as Canada. Our tourism increased strong Canadian international attractions were particularly seeing into we're

some over Pursuit high-quality Pursuit of revenue. recovered year help I'm also a travelers. from the significant of demand. in very This collection and travelers the with with to fully independent have non-refundable equating from Sales increases prior Pass SkyBridge Sky value group we for one than yet, product year FlyOver demand the with the years. not multiple million attractions newer performance all year, experiences our over exceeded that in Lagoon, from Las our recent independent volume sold, Golden our Banff visitation passes launched by has visitation to compelling stronger from locking $XX of offsets XXX,XXX more expectations posted advanced in Vegas Jasper the launched from commitments. the pass seeing pleased includes strong The maximize ticket proposition. the we're Pass While

XX, the along of one-of-a-kind growth quality lodges, us room and operate ADR summer of to in on strong in particularly delivered demand, during capacity XX% high So we're and to fortunate RevPAR increases And deliver driven levels dynamics, market both occupancy. enable limited next by with hotels experiences, peak These and season. year-over-year the revenue with our Page our markets performance.

up our was the For XX% same-store year-to-date, XXXX. RevPAR from

XX% and our and is property in a our year Canada a of we'll the constrained deliver year. of performance capitalize Western hotels of you with Hotel with delivered of On trajectory. With capacity new $XXX XX% new growth geographies revenue revenue. year. impressed All the year-to-date seeing standing allowing super Park of food performance, million a equally of outlets about Forest that We're we're XXXX. such our can we're integrated record growth we've delivered out revenue in in perspective. the And we August on up the from our this have demand opened growth of to strong we revenue revenue in and Page This thrilled and the again attractions about us confidence $X year-to-date set full we're growth basis, a million room in growth year-over-year last strong able Alpine beverage see and be Jasper level with On XX, high to market. overall with from happy that retail

from The iconic, power. continued and with So collection a goods, unforgettable solid travel in demand newer across benefiting of physicians visitation, we're our strong spend All experiences inspiring our trends leisure experiences, right. to continued ramping increased growth. the experiences, shift guest for international of over and discretionary consumer pricing pursuit

high-margin our and discuss by our EBITDA which next, driven XX is expansion, let's primarily increased at visitation look margin attractions. Page at adjusted So

volume, is visitation that EBITDA significantly margin. increases able Iceland strong. driving guest rate from Revenue meaning to attractions Canada every increased guests at Western bottom year-over-year through now material built are profitability enter our restrictions, high adjusted to Our the and visitation line. flows without is in our a when incremental guest for With increases

prior Additionally, year we ratcheted measures in pandemic-related and labor the the place extraordinary back staffing eased address pressures in have put to challenges.

EBITDA our XXXX. margin For the XXX year-to-date, improved basis compared by points nearly adjusted to as

investing on on a strategy, careful high the of relative to So way labor our on Page and focus by to we're our trajectory margins delivered we're strong and triple the an XXXX million XX. build-buy end XXXX returns, extraction margin Pursuit's more grow started of growth we EBITDA which when with we target experiences highlighted visitation by XX%. on a on this adjusted fueled continue and and expense the management, expectation will path of well than the entry attraction with We $XX journey, some barriers in us By in remarkable refreshed EBITDA foundation strategically gives substantial locations world guest to along our to adjusted perennial XXXX. to that Pursuit with is is operate diligent on and exciting in the in lodging demand. most enduring success. for with a strong This achieve

which with and remarkable to success while driving growth. engagement, member deeply our is our our guest strong loyalty and enhance assets, profitability and satisfaction foremost In first philosophy, in rooted leads satisfaction addition hospitality starts which team and to

our experiences advantage strengthens with fuels growth. formula the a meaningful guest is Our competitive hospitality profit our that winning chain iconic differentiates combined and experience,

back finish you. So members say for happen. the across I remarks, Pursuit many Steve, magic to making I just the just you my team to want thank to

Steven Moster

Thanks, David.

provide to some GES both drivers includes the GES of the like I'd and exhibitions into which business, Spiro. Now insight

exhibitions, Let's for as that viewed a organizers. contractor exhibition about valuable on are a XX Page means investment growth. GES start and talk businesses global to our leading Exhibitions sales drive powerful for provide

growth have size, levels. exhibitions, is main individual And the revenue see past event XXXX also than and significant GS substantial and opportunities GS This event has continue not won year-to-date client that Exhibitions This levels.Now GES line is global growth XX% On XX% as a is launched Notably, with that an we strategy, U.S. At and execution winning about in the points year. of demand the growth long-term and the Exhibitions trajectory. improve and growth. channel services both a budgets service the exceeding can line top let's quarter, we've this trade trends. creative much expanded shows the to at overall dynamics future to trade Spiro services are with sizes U.S. increased you see mile is look Exhibitions same-show exceeding future part ways marketing solid the grow as last recovery. new show a of Since driving that agencies, illustrates recovery and share target improving XXXX, with improvement show new Spiro growth has metrics. increased XX. base. the on now back XXXX we and are GES' experienced exhibition to top significantly, the and Over When as experienced to GS Since the we marketing in year, as connect to we've a corporate through growth to budget rebranded clients levels built our but existing has at experiential Page GES larger believe means their levels. revenue marketing of for and continued conferences months, On Participation to and pricing for approaching same-show same-show and basis, early finding about base. continue event Page in and a industry Corporate XX of same important seen about marquee audiences industry XXXX view revenue grew customers. faster last continue revenue prior incredible clients sizes. Spiro, clients. deliver full engage agency and expand client positioned exhibition is growth with clients. pricing shows and to revenue X market talk for show and win growth marketing XX, conferences few their XX of size. Both and our these the like This market We steady for powerful experiential we opportunity trade XXXX corporate the experiential marketing of X,XXX from clients. forward-thinking Spiro time, and servicing fragmented differentiation Fortune one global a each are positioned gain favorable grow Spiro network, new the are well revenue foundation great underlying forecasted global end-to-end to early developed of at roster corporate marketing, Spiro compared marketers experiential its to drivers has large

versus year-over-year which of to $XX mid-single shows year, and from the and revenue full impact GES' digits will more the offset sale on-services, For approximately than grow nonannual revenue timing we the expect revenue of major million. the anticipated XXXX by declines

impact full expected underlying year be about revenue GES's of factors, growth the these to Excluding is XX%.

next XXXX will large from our the shows, outlook a events, of Expo major wins with and These flow. lift Looking GES from for client at growth including non-annual combined third IMTS about ahead year, industry Spiro provide $XX and and benefit of revenue to cash Mine EBITDA new continued timing incremental strong million to will our the quarter. free in

let's a XX adjusted discuss margin EBITDA and Page expansion. at Now take look our

addition growth, our than track In X% top in GES' to X% revenue has major fluctuated EBITDA by strong of nonannual margin between focused adjusted shows. years are with margins driven expansion line on margin XXXX. achieve revenue and with incremental greater adjusted to and GES' Historically, X% from EBITDA target we're on higher

XX% cost TDS' lower GES identifying Today, and has additional on of next GES which cost in year. of to EBITDA our incremental lean SG&A transformed to enhance experience initiatives. road map With robust eliminated greater flow-through years, will transformation stopped, structure, each has year. X focus GES initiatives, leaner, multiyear gains. or revenue a should and a margin structure business' efficiency million $XX past the lean through the Over not productivity has approximately continue we

grows winning revenue event and margin marketing from clients, increasing we experiential year, encouraged this support GES's with strong across committed expect in strategy businesses momentum future live the GES' sizes X%. EBITDA shareholders exceed we're by we're adjusted We We're for events As new will and growth and the and lean at experiences Spiro. we're We returns next ongoing remain at committed extraordinary strong free hard-working our profitable our flow to In excited and and that, GES year. initiatives about and our driving well to the I create growth call this questions. for cash closing, we'll and prospects through meaningful our the for as in up with employees continued want open as Viad our seeing our ahead. Viad. remain shareholders. thank your to thrilled And to year for bright strength performance Exhibitions dedicated our in

Operator

[Operator ahead, Riley. first Bryan. Bryan go B. line comes from today Instructions] question of Please The the from Maher

Your line is now open.

Bryan Maher

and for of me. good Dave. and Ellen couple and afternoon, you Steve A questions Thank

Some you a little that cost with that granular, Golden bit to property that. a time this of the amount thank be land developed eventually What summer, for more site further? to We maybe way are in develop out line of about SkyBridge. There thinking that at you and toured starting and was significant location.

Steven Moster

for days popular. we is as very there. us bridges One a Early Bryan different Yes. looking variety work opportunities, through of it, at are

some the bridges we Obviously, in well. on travel So as to operation various there's within over the as there's opportunities Canyon focus expand they would other things locations.

develop really pleased and we'll to So have the interesting news it, site. visitation. terrific the we we're with we season the planning at as improvements new a We've as and look in had master phase

Bryan Maher

due an at leads play to year how better-than-expected to does you all from Western Were at that this Canada of benefit able kind out? that second Or in all my to season extended weather? And question.

Steven Moster

was October was It fall. terrific. was a terrific. September beautiful

would and visitation. strong enjoyed say the weather. had just very end. we've continued it's a beautiful very some continued We quarter, that been till third I right So But

Bryan Maher

thought broad has can can do what's in has When group And process? how I you to inbound. visitation XX%? X%, visitation the individual international _ XXXX, much grow know there think strokes? it been out that to you not got to from the quite strong back XX%, Is market, you the I look mean, it think where be

Ellen Ingersoll

not demand a Yes. But It's there's and chances because and Western I'm demand our early slightly of Canada. great start encouraged traction with we're the first give the prediction days, the I'll and on loath travel just world. by really all seeing, partners wrong. for contracting visitation our There's around strong tour we're various into healthy to that locations,

The recovery are Secondly, travel, Western group number the the Western it's begun. from flights well. robust States the not into Canada and United it recovering, but improving as It's with be, Asia would side to improving. like as on as has Asia we of it's

we of visit space times growth. So have and also working of that fill space expand year we anticipate visitation at that the white guests particular can white that continued where And with we're certain to time year. at

is sensitive. more price say, So a market group

tremendously We in expensive early less that have opportunities season than peak. and attractive obviously are

space it's the valleys but only year. season, filling that the we in not in filling in it's So peak the white throughout the see

Bryan Maher

maybe over me to for And and lastly Okay. GES shifting Steve. just for

to kind X.X%? out XX year, on from growing we are you can how the just welcome, se. X% there comments more up to and stop per want in it X%? to it to that is X% suspect, XX%? I wouldn't And that to hopefully, X.XX%, margins, Your the meaningful as goes Or next X% goes of goes X Is to XX EBITDA step model lock grow margins though, quite XXXX. numbers, X%,

Steven Moster

the was XXXX. target we of continuing The X% more going ahead room as in come than It's lean room the what looking less I We're as really in and greater put lot years. more out still grow. I way see in amount a do excited very also the we continue fair and to putting than future function improve come there's on footage type to a from have it's at initiatives from us of for square that it improvement have the efficiency. in that of it events us a step we're for there. about ahead over us it, based change is Remember, we of of are to place margin think time. hitting and to would place XXXX terms going

a back, And flow-through. continue As to new that as with that have at well. and healthy significantly win we Spiro, clients that pretty high will usually margins comes comes will then lastly,

we're about then and optimistic So and 'XX. across optimistic more 'XX fronts, really 'XX those we forward as X look even into

Operator

comes Oppenheimer. Tyler question line go Batory from today the from Please of next The ahead.

line is Your now open.

Tyler Batory

a same just growth footage U.S. question same was? the What to of bit line that kind with with think Steve, back about follow-up show respect gap year? It's the GES. XXXX. last to that square next the you still can being factors on quite -- where with that respect you happen talked need nice you see to close to of to in on of the business Do show. a I mean, it down that get to sort for

Steven Moster

Yes.

some and meaningful of to in fully certainly where that say, But than, expect but still going recovered of close are haven't I we close and the sectors we're -- I gap at There to 'XX, it You're in progress of I average are that end don't would make close going the 'XX, think to some are. we'll entirely. 'XX. lower 'XX substantially do we'll it think and

both terms that of really a in strong as of in terms more but revenue, see we opportunity, importantly, So profitability.

those kind of doesn't events shows continue but it, have to change As cost union our structure dramatically. and continue with labor grow. flow-through very underlying those associated There's as incremental it strong costs to grow, should

it's again, X-year what think than we're 'XX. in recovery. I looking a that's So more for And

Tyler Batory

year I terms there, make you quickly, then number a think, X% in the you business I when little guys adjustments. I just to growth of start business. see Okay. impact made and you mean to fruit have starting those bigger Spiro in And of bear investments some year-over-year the really a know even that perhaps to of a those line? have or when revenue maybe bit next those Are the

Steven Moster

end Yes. into some the of in here XXXX made going investments off the and -- in of to paying 'XX early tail investments XXXX. of into put year in are middle We we 'XX. start of Those kind

going So the of see we And quarter showing year. significant of expect you bit growth a into 'XX. in little up it fourth this

Tyler Batory

business then we it attendance stabilization, of I'm expectations? the so I margin new hit visitors And up interested in when to is you year-over-year. portfolio more more switching kind the Okay. there XX% those a attractions that little your at progressing it the Is trends pricing? gears visitation those to from How speak? Pursuit. potential more mean are against and I look improvement? visitation? new growth more here, Is Is even and And bit it upside? experiences mean, experiences

Steven Moster

but of those Tyler, I maybe go it imagine would we just of some newer did here, imagine all trying sense get to a you where from experiences. it's indeed X, correctly, are is all up year, far at XX we about X. Lagoon Sky excited look at so Las And where wire Golden we where if XX%, are, you Vegas, this SkyBridge, XX%.

continued ample of opportunity opportunity ample We day. room and growth, see space periods the so So the in see we it's different of of times exciting the We at white for to see times quarter. different and also see continued in the season year.

you go part just to continue. our XX, connects of line. to So better, as we're perform what And it going into margin attractions those bottom straight dollars which our is see drives that And on Page expansion. performance the all

that's buy, what drives the refreshed price, business. really So

Tyler Batory

that I then and bit this away very and XXXX. And cost really groups in cleanable? inflation at that make a just shifts has on the know and strong. should the same-store a you a quite from the were visitation get respect in just back as was maybe you the up mid-XXs margin as follow-up, Or maybe perhaps where in and some closing bit were there getting as it more simple with in you mix, you're But growth year-over-year in business to Is that topic where come still gap the Pursuits to the the a pre-coded? years quite

Steven Moster

stop look the we're year-round the EBITDA because and We're there. to at look you XXXX. quarter, XX% But have build. per to clear quarter. there's when it margin to I margin sight for basis performance, I'll Yes, in not confidence speak to we variation some to continue And year-round think going going we when at

to is back position and margin that goal EBITDA hold ultimate to able to forever. XX% Our be get

prudently of our and us So visitation. also But historical I a hard managing long the back the our They're think, seeing things, levels. attraction manage working of on positive term. over very dynamically, it's combination that position return XX% revenue to It's again, supply costs at chain. well and labor slightly gets to below. continuing and just a It's our managing

Tyler Batory

for me, just one Steve. strategic, last broadly Maybe

from hospitality, an you're out on I've I little since for externally looking perhaps more titbits maybe asked and focused investing of think Pursuit the that acquisitions whatnot, you respect a you in the at Do acquisition and kind user sort you Would the are pipeline? sellers. side terms that things? Any some now? within of right Are a while right now? with it on up and the travel, you've interesting you like refinancings seems operations you seeing to have this. of to refining some a coming assets like Or in grow have perspective you opportunities But of areas certain there's been in maybe there? landscape

Steven Moster

refresh on same, strategy our focused the by. build -- we're we Tyler, which very Yes, is remains

at We Pursuit. pipeline within have portfolio a M&A from of our a healthy perspective. have opportunities We lot opportunities an of current do

mean, was I the think capital is environment prior changed. I it has than of the cost years. higher in

from we perspective. a a we inside obviously opportunities externally from the increased, a see some for to rate or portfolio hurdle so invest our buy good but refresh see and money build us still And both perspective, has from

there ago. but we than to continue say, what So at X seen, a XX years look months, we've higher is things, bar

Operator

line the next The go question comes Hallum. Alex Craig from ahead. of Fuhrman Please from today

line open. is now Your

Alex Fuhrman

Pass. the attractions behavior sounds speaking, It just cash? which curious getting own year. about newer like you money's using tried and taking home the they how something worth? like like tell are ask that their the popular purchase Has us more attractions what been people it Bridge buying Sky are has people maybe have would it and it attractions the then generally to of spend the it that's Can a Or wanted attractions Pursuit the like go I the your the run Curious true people been? of been more this there? path at way their of advantage the using around into Gondola? David, Are been it? path And really people is And it? and BAM more driving

David Barry

Yes.

regional What's I a ability the people is drawn visit interesting someone pass that to might to buying time. with product within continuing attractions do think, think over be it they're in of that a or various flexibility utilization locations. been We've on it, and X-day also encouraging. path. I that's the to And the because period introduced and basis, our done, purchased of attractions of as had the newer a are stay provides, very behavior, it's the trips using each exciting. it's of collection to attractions, And that in what they're included people is some day all Jasper it's really the one just good and to the their

from way I experience -- to would lean go Jasper Calgary to as and Golden it excited the SkyBridge considered perhaps yes, the like, they they're do the all well. So had to

program. like We're we're holiday program your next you We your for if for Christmas are holidays. the launching encouraged year, And you the pleased encouraged. Pursuit buy with the we're and can already sales family participation. to, so quite for before by Pass So quite the that

Alex Fuhrman

geographies doing it Canadian those some in of Pass get would attractions or including your Alaska for trying trips. in looks now make to like the I'm Rockies. the maybe additional in And that's curious, and other I'm geographies similar Pursuit some just in people or right a you look to to if curious just path of Montana your then even either

David Barry

demand to to fairly a wanted that see and it's scale watch attractions. to think good the increases as where to industries in of plan we're around it on had real access some major participation the seen rates patterns. people utilization have We have groups look good visitation destination something and is test a a at. taking other first comparison they really for I It But the product

on we're way. the working So in potential moving the and it for forward right about the it excited hard future into

Alex Fuhrman

And question last then just my here.

last night programming You had the it with at nice -- Banff looks you time pretty guys year, Gondola. some success winter like

the all operate opportunity How Gondola last? really to should round an at see big than that year. year it you more you half generate doesn't and asset given this be? we for activity the lot Just expect And whole that for a winter of that can

David Barry

Yes.

given Banff think experience. traction that's people continue. overall I decrease for basis popular enjoy consumer anticipate visitor We revenue our no a The going that visit actually we've trends on seen we've are, seen given or participation, Gondola that where increased. to in spend per that opposite as XX-month the has the and

dollar Night for incoming So is the becoming U.S. early well-known the from and international Canada markets. snow. favorably very into some positioned They've visitation got also more other Rise is Canadian and

an start will the think we that ski some Time see visitation. I that to happen. will and it's we're working part hard tell, exciting And on increased So making and season.

Operator

go from from Mehta [Operator ahead. Research. the question Instructions]The line today of next comes Northcoast Kartik Please

Your line is open. now

Kartik Mehta

Is any seeing talk your about But flowing exhibit you when was maybe just think that I customers, what from economy? plans the to you've answered space in terms your give amount into or happening wondering, Steve, want to question customers? in anything I'm talking spend. I how about for you're that might they you conversations want take, wondering, concern this their by what's of or pause they encouragement with uncertainty to the of

Steven Moster

It's Yes. Kartik. great question, a

continued see Spiro. increase them have We experiential strength XXXX. continue with in space to marketing the and to the Both of in exhibition course the over of both space

is the with indicate of increased we're one on thrilled think happening from what's perspective revenue and I footage see where exhibition kind can space of a that slides sequentially each quarter, the you a within performance. we square and

clients that I So to customers in well both I'm XXXX. our continues forward hearing That of to up the our as quarter coming have as look fourth sides. in events I from what strength and as into speak some there from be

impact economic And very no so and a of outlook me, broader any from issues. signs positive it's for

Kartik Mehta

And on GES, big Steve. picture then question a just

any and we the I'm concern think always And face-to-face move that having might. at from a comes the conversations that that back a back maybe there Before with happen, not people pandemic, face-to-face. wondering would fertile was or debate that that's good face-to-face? big or that you virtual at customers away rather pandemics to ending? now a Are least the and portion than a option go face-to-face Is the now to

Steven Moster

multiple and face-to-face to technology the and supplement complement I areas it There other but times need are meetings Kartik, where there's history interaction. meetings for engagement, think can through that where been through means a consistently for replace or doesn't continues technology human need face-to-face certainly interaction does surpass people prevail. have human it or for challenged either face-to-face not the

soon forward. that see person. marketing and rebounded to strong. And going is add I so quickly conferences the elements see technology And held were general. and very will strength in exhibitions, of as will able where new as in in to opportunities be be experiential It continuing the new meetings event, industry strength very There but an features I

Kartik Mehta

Perfect. Pursuit. one just And then last on question

out demand was go I price rooms that it came And mixture the of you to I'm for demand the is and covet. compare a anticipate A, 'XX. as of XX% it similar that's of you B, think of if that accurate? like there XXXX. same-store RevPAR high-end into we a experiences then you're like is we as types wondering assuming lot if And for up seemed selling. I'm

Steven Moster

Yes. All are growth. RevPAR of driving refreshing the One to is things is that couple indicators going demand continue. properties. A

charge support and for experiences got make to got experiences just better. that you've opportunity fundamentally the better, guests As are those you because to experience more an willing

that. by by lodging encouraged that has to encouraged the we're improved, and overall see the continuing improve. demand just and we business So performance We're of

Operator

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

Steven Moster

another much. the look everyone, giving of for the thanks, to and forward Baily, you Thanks so quarter. We at Thanks, update joining us end today.

Operator

concludes today's conference This call.

disconnect lines. your now may You

Pursuit Attractions and Hospitality (PRSU) 2 Nov 232023 Q3 Earnings call transcript