VVI - Earnings call transcript Q1 2024 | Pursuit Attractions and Hospitality, Inc.

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Operator

Good afternoon. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to Viad Corp's First Quarter 2024 Earnings Conference Call. [Operator Instructions] Thank you.Carrie Long, you may begin your conference.

Carrie Long

Good afternoon, and thank you for joining us for Viad's 2024 first quarter earnings conference call. press earnings the available presentation, website viad.com. earnings along closed on our at an with which issued release market after today, our We are both

like and to constitute during those to performance with you'll regarding business outlook.And adjusted of non-GAAP remind important that to risk from current press made not from over during including I'd the out certain net turning Chief we'll statements on which I'd business our who from X statements with the the our start may could historical David actual We facts, in presentation. found release loss.During Pursuit.Before discuss point to and specific and to call earnings Steven measures our be hear and as the we that concerning that referring other the Steve, during Information materially will disclosures filed presentation reports everyone and be SEC.And call, President differ that and annual, the like are Barry, President of results call, referring Moster, will be and GES; President call their adjusted factors the Financial contain pages can call, cause statements. earnings quarterly and I'll over to Officer; of our EBITDA Ingersoll, CEO forward-looking to other turn Page call Steve, the our that, in forward-looking presentation the Ellen

Steven Moster

our positive XX% our strong business year margin experiences, growth on for Pursuit quarter report that XXXX. and attraction.We're are trends were FlyOver horizon revenue quarter as will for Chicago. consolidated year successfully year for to strong off demand call. to exciting season favorable to you happy who strong EBITDA EBITDA.At growth healthy both we industry joining during maintaining our ahead in healthy expectations, outlook expansion to peak its and full destinations year-over-year the first demand, profile.Now deliver and GES' about position period including in and our to optimistic show approximately in we're We're starting details, of results schedule have thanks growth revenue let's of delivering businesses. and both for a Carrie, transformed slower our activity Pursuit, Thanks, to from and FlyOver GES, the At strong drove and We're expect growth Chicago first profitable financial performance and with start Ellen, robust XX% our performance revenue with adjusted launched setting continue and and continue into all track growth seeing line XX% signs a with guidance. on of seasonally our our accelerating with continue the non-annual this for delivered new an records and impressive our the new expect get ahead we I'm this strength review year. margin summer to for are

Ellen Ingersoll

million. first increased Thanks, adjusted Consolidated X and or increased Steve. results. quarter Page $X.X year-over-year million, I'll EBITDA X.X% by our start $X.X healthy Pursuit GES. at Revenue loss $XX.X on and first both consolidated adjusted growth with with our net improved million quarter

primarily million $X.X basis non-operational to first Our the increased expense. net items and GAAP higher attributable reflecting income quarter, than loss XXXX tax Viad was

demand non-annual for during in March. attraction by revenue by shown higher was that When effective and million first or a period. revenue growth our increase prices seasonally primarily year-over-year X Lagoon growth growth first quarter particularly ticket EBITDA support wider X.X% XXXX loss in higher we revenue X, move EBITDA EBITDA decline the X.X%. to quarter. a $X.X impact X%.Spiro Chicago and during in the grew to than And of on reflects adjusted tax million adjusted offset year-over-year, will of and higher slow million first a the Sky operating revenue delivered GES to volume. increased quarter Pursuit's of adjusting visitors.We into As Page $X.X the about included matter.As XX% delivered due X, net Pursuit's revenue growth of XX% quarters or Pursuit's was business major $X.X million favorable on shown GAAP our reminder, as or quarter and strong attraction more opened decreased growth first consolidated led $X.X cost FlyOver adjusted which loss.As increased revenue, seasonal million our activity, saw attraction shows, unfavorable exclude our next growth $X.X $X.X Iceland revenue million ticket new Page a of XX% GES'

quarter, new of and existing growth Excluding strong impact the delivered X.X%. driven the first revenue rate from major was Spiro's clients.GES million versus spending non-annual XXXX growth about of revenue $X.X by X% or events, Exhibitions

Excluding continued capacity the XXXX the X% our GES improve.We revolving revenue $XX.X first impact to the was growth about rate ended million in on cash quarter and first million quarter million, of XXXX events, credit $XX.X of of total major as Exhibitions liquidity comprising with facility. versus non-annual available $XXX.X show sizes

capital was operations lower million, which from to expected was an flow cash quarter working of due $X.X first timing. Our than outflow

to capital quarter million which was of is our ratio Our our million, of totaled expenditures and leverage the at million of including near debt, growth ratio with Pursuit.We of low $XXX.X X.Xx, range net the $XX.X X.Xx ended X.Xx. $X end CapEx target approximately

This than liquidity million.Next, comfortable of spread will say of cover strong had our successfully borrowing we the Loan Page our which cost X our cost more April over on credit at debt.On plus are to before repriced turning Pursuit. to our Term David we've on SOFR outstanding outlook the to remaining annual XX by the reduce additional million for of with additional very B, our XXXX adjustment. reduced lowering repricing rate debt the balance I'll remove the call on $X.X XX, quarter. end and been interest and of color silver focused points that we basis we pleased X.XX% a $XXX position, our by I'm While level

We EBITDA are expect in strong very adjusted million reaffirming of EBITDA guidance with to continue as million.For to and continue of revenue expect full our of adjusted $XXX EBITDA range consolidated million to we to year in XX.X% XX% year range growth full compared $XXX mid-single-digit Pursuit, in about adjusted XXXX. to a $XXX the million on be $XXX growth margin to full year

million of to $XX.X million adjusted be million the $XX compared expect EBITDA to XXXX. of a as to $XX adjusted we quarter, in as second X.X% to XXXX, Pursuit's million with to XXXX EBITDA to of compared to $XX as range to we year in $XX $XX.X million year in For X.X% adjusted compared expect million quarter.For in full EBITDA GES, full the second be in range continue the about margin

We the in quarter. growth, to including expect of million second from revenue revenue expect to $XX range incremental $XX.X deliver the CES $XX.X to GES' shows.We major about low of quarter XXXX million double-digit non-annual versus net second be in $XX.X million EBITDA million adjusted

are third than offset We and strong revenue X about cash operating we place. impact growth to million which by with expected year during quarter.With EBITDA the contribution the impact the flow, anticipating, to growth non-annual the wins shows expect $XX new underlying negatively more Pursuit's very also and second non-annual shows major we of expect full quarter in taking are largest particularly meaningful seasonal GES' continued

for in Pursuit. cash continue full million, million, to anticipate year, we inflow of year operating full of For to $XX the at are expenditures an CapEx million planning $XX $XXX including to we growth million capital $XX the of $XXX range about million and

expectations to quickly and value-enhancing will good maintaining jurisdictional with strong to positions. also capital from shareholder stewards want We liquidity.I us absent very of on balance sheet guidance growth model comment balance for given tax to being which are is investments expense, our tax challenging and ample a our committed

XX% effective Steve to we you. coming rate full way we and business and during XX%.Now anticipate provide XX%. expect an to GES. the performance an second XX% exciting David, at And tax Pursuit of into year, will our insight the growth rate tax David of and to over the further effective For our quarter,

David Barry

right. All Ellen. Thanks,

into what be should another discussing strong of an list performance attractions our dive Page had momentum. revenue bucket continued attraction with to Pursuit. record-setting and EBITDA encouraging margin on We've start year-round by and XX.Pursuit's start year Let's I'll XXXX started expansion.

this guest experiences, Our ticket continued driven our XX%, increase focus revenue geothermal the the in big was pricing experience delivery up an initiatives.Our demand Sky substantially with grew $XX XX% our about by our by Lagoon success robust for with grew of and impressive same-store visitation, year-over-year, million, ticket to powerful which higher and Iceland. prices. revenue in approximately and on ticket effective a revenue XX% to contributor was maximization attraction was

that benefit ride and Sky our It and certain job that experience affected the story the FlyOver a Reykjavik. to team new done flight higher the Xst, from spirit opened terrific Iceland in at increasing continue Chicago. has and with world-class business the has We into of captures the of exhilarating volcanic successfully awareness growing March Chicago. country, center on experiencing Lagoon.Additionally, has an been visitors bringing of visitation more activity our attraction, increase is parts we phenomenal a

visitation, first first for year. X We Page favorable really received solid XX which our at our reviews, well delivered sees adjusted an growth next, build ideal strong about location for month investment.So operation, positive have each Navy EBITDA. year a have of for Pier, positioned million We're hospitality. newest we on visitors and In

later March, refresh we available new the heart the in incremental experience expect business.We are successful to Lodge forest-inspired our room increases of mountain a last room realized Lake summer seasonal a revenue and guest growth accommodations weaker Cabins property revenue during Pyramid recent existing contributed in solid of in in unfavorable in our great These that season.The and of to job year-over-year quarter.Additionally, Our Hotel room some in within hustled and quickly period. Alpine about growth year-over-year that We normalize million opened offset to X% with the the But did performance about conditions we in continues our destinations. This one-of-a-kind in the delivered team and to build growth ramp RevPAR of coming the a quarter. enhance year quarter, to in and within solid town added open revenue from lodges Jasper Park maximizing to strong be year investment as elevated expanded an revenue months. new addition full that the capacity during RevPAR Forest ski and XXXX rooms example the our revenue room our continue the conditions revenue, as Founder's room rebounded investment incredible well-performing seasonally portfolio. softness growth the early weather $X the early during results properties experienced slower

on for recipe spend Our early and bed strong revenue Iconic demand it I'm on demand, a strong seeing expect ahead XXXX of outlook you travel are perennial pricing with and in looking power, the Page with iconic pacing our hospitality overall about XX, Lodging on last is together trends as destinations leisure success.As in demand for.So overall revenue inspiring optimistic season demand. that the the experiences. businesses see advanced Canadian creates improvements great perennial trend and provide And this base U.S. we're our the on it of experiences a room compression lodging is it's continue can discretionary with prioritization revenue destination Page for ahead. books both This our to finite peak growth travelers time our favorable and global And booking season, year trajectory. destinations attractions.We into iconic, market. strength this indicator for high growth, we a list both unforgettable combine XX, properties. the strong with and occupancy, when favorable in booking shown our supports the are the and builds pacing for ADRs and of our lodging bucket is leading you encouraging, in

record new For XX% months increased our about year, of the quarter. and X the set first the for a first revenue

peak to at continue adjusted from EBITDA home busy grow demand, from guest perspective.Next strong let's expansion. pricing and digits staffing XX in full We and summer a revenue shape mid-single visitation from abroad. a power we're our and look expect season, margin gearing and We're Page seasonal discuss increased up year great both to for

Icefield adjusted to of expected beverage future Jasper, growth. experience amount talk our million, year about target growth as wellness will ready triple at powerful year, Iceland, capacity well about EBITDA include produced benefit the in XXXX our the is Lake a Montana.So Maligne another further on new Adventure guest careful from expect expense in as full For of ritual Chicago, Glacier continued new in at the strength million FlyOver year refresh full These existing EBITDA the our at instrumented refresh with improvement and this other attraction we our drive and high-performing EBITDA tour management.We're our newest higher smaller to with and deliver results strong opening $XXX reflects expanding in revenue $XXX be West of the a record-breaking margin strategy.Our our a with well investments build refresh we expanding and to launching let's the throughput, profitable at visitation adjusted build achieve exciting management, XX% investments of new experience margin by in XXXX and with boat range to about at food labor Village experiences. and Lagoon Sky beyond of results through the our and now Columbia focus investment, and

having Looking that reaching EBITDA focused we our additional an business, believe optimal is the appropriate resources to experiences, successful build on for and is to unchanged. continued ongoing, adjusted expansion our strategy while successfully XX% maximize pricing and and continue remain maintain with of to and still growth goal assets, of meaningfully deliver deliver refresh staff great Pursuit power We scale level boosting journey by remains multiyear remarkable investments.Our guest margin our our XX%. very ahead, our a expect profitability margin

becoming. We strong XXXX for vision we investment of to is is of in our and inorganic pipeline have growth and do support beyond. help opportunities And a organic everything accelerate in what our Pursuit

for thank importantly, leading to bucket Our say experiences.So world's our and members back of list who Pursuit most to be provider to Steve, kickoff want for extraordinary just a I staff a my and iconic hard remarks, conclude the hospitality lasting and to working to to just vision team you been I have season us big is as 'XX. vertically create attractions memories get and the guests experiences ready you. our to integrated in

Steven Moster

Thanks, David.

to Same-show an are very on compelling pre-pandemic metric year-over-year revenue drivers square continue metrics on over that sizes levels revenue levels.As pre-pandemic Exhibition XX. to GES same-show switch exhibition team with past GES, let's great job both GES I've delivering trends business. same-show revenue discussed calls, happy event I'm offerings. incredible Page our and and through as improve for our has versus pricing starting key see Exhibition revenue Now returned service done the event has and space to service growing per foot of smart to

footage and we trends of the incremental rate.We're the same this continue seeing the favorable we're measured believe for demand will event a about continue see industry. by levels.We cost GES' as at flows event XX% pre-pandemic to EBITDA event through high structure, XXXX. remains each as by strong flexible However, growth same-show within revenue show meaningful encouraged further And square given dollar and size as margin opportunity which recover, a below to sizes

trade Our high relationships and rates client over revenue well-established leadership contract. us show in position markets, and with to renewal and a grow events. this in retain put key sold already XX% multiyear Entering position under year, strong GES was Exhibitions' long-standing contracts

marketing Spiro let's on high of Page from of experiential built digits are low year the fragmented strong positioned to We is revenue growth for for in new large clients well Spiro about from market. and exhibitions.Now performance double talk solid existing a XX. growing single

the few growth. end-to-end are positioned and of well capabilities marketing agencies we with for As experiential reach, one global

we foundation Spiro important is and with clients.Starting on has and best.Moving We retain, industries. strategy base and of client the positions focused clients our grow. is growth. expanding best in corporate as our marquee leading future that X,XXX retaining, it represent with companies it use for winning over Our a to maintain the growing growth targeted strong already

new existing revenue show the our to focused We untapped products revenue with client opportunities. pursue on accelerating services beyond and floor are trade

as share utilizing GES of revenue revenue including new discrete now first testament unmatched consolidated since Next, a the wins GES is have the growth pleased XX, agency we acquire means and global industry X% Spiro well by marketing of as GES' to within of dynamics see as importance capabilities powerful XX team that overall experiential new to customers in improved the launching a major clients.I'm to strength a early is the experiencing with of connect in to marketing XXXX. the and can in When total differentiators, new non-annual a penetrate for client and Page events, adjusting brands very remove GES' as quarter. a grew our to steady This expand. impact Spiro We're you capabilities reached underlying competitive markets growth. trajectory. experiential way.On

was same-show exhibition grew For about first to X% about about U.S. Exhibitions, that the GES compared X%, X% growth quarter. sizes by driven prior year rate revenue growth.Notably, and same-show grew event revenue

our about the driven growing marketing. marketers finding as from are For levels are target budgets XXXX success new engage their winning exceeding rate through audiences marketing clients revenue adjusted Spiro, was with clients.Corporate by ways corporate new growth X%, experiential and to existing

us and XXXX non-annual trends, and the levels.These Additionally, a along show at strong outlook to with for is the trade approaching favorable year. shows demand for confidence continues participation conferences full services in show improve, trade schedule, our give major

to deliver second client will laser-focused and particularly us.The expect double-digit for Ellen mentioned front to range. strong be full earlier, our GES of quarters executing As low third on year The growth team the revenue is year continue GES. this GES we of in in experiences

quarter into Page shows. quarter second across for EBITDA Led seeing of XX by new million most and chain of which McDonald's new to center volume about business $XX significant event I'm our million and major see benefit second a the efforts McDonald's non-annual is and of that quarter, where capabilities, strategy, The The will Convention, production take is the community logistical of high wins, basis and Exhibitions XX,XXX happy very McDonald's a our results an transform the GES' partnered Spiro at third revenue with GES Exhibitions we adjusted XXXX Worldwide year. GES provides margin supply by $XX margin from quarter largest power with incremental a deliver the which will collective up Spiro for EBITDA from it's is de create one April, to for Spiro's provides example stakeholders XX drive of the to high-impact the discuss team will a We and across And Spiro together sizzle members megabrand. let's look from terrific client at this supported GES projects came adjusted the the the talent, and a infrastructure.During Fira to Barcelona internal expansion. the temporary experience the achieved X% globe.Now and year-over-year. first margin for we're points from GES. improvement creative the

to to have client road its impact focused Our shows already with an wider marketing deliver we enhance robust initiatives with talk gains, and and and growth. continued non-annual the despite XXXX dividends. With unfavorable structure existing selling expect multiyear spectrum in efficiency future ongoing shows. EBITDA a major levels our of to of is continues of XXXX to major transformed our year scheduled revenue winning adjusted each them in margin exciting paying support about on across year. X.X% let's Spiro full add Exhibitions for strong non-annual we XXXX beyond our year.Now is And focus maintaining of roster profitable and map cost the beyond. to lean our this on events GES clients a activities.Additionally, about margin experiential GES is work

reduce up strategy margin adjusted in see strong performance at expect structure We ahead to above are cost transformed EBITDA and the and businesses across for hardworking beyond to I benefit margin our We committed profile.Now future we The in changes returns extraordinary the have GES' employees X% questions. and continued closing, hold for as of seeing our with and support made growth GES major remain bright well capabilities your call with and shareholders. our we'll target XXXX experiences our thank to thrilled to non-annual that, without we fundamental shareholders our us. to build the our Exhibitions' and And shows. strength the for our with Spiro we're or open of create Viad. as want dedicated our we

Operator

B. Riley Instructions] The line is of Securities. first with [Operator from the question Bryan Maher

Bryan Maher

My is a down? Maybe Pursuit the you Lagoon are with there maybe current the to can more as color with be there little Maybe helpful. starting Blue the Blue on what volcanic -- update Lagoon. Iceland. in us Is shut situation just bit activity questions mainly side. would still Is

David Barry

Sure, Bryan.

of overall visitation up. February, is up couple March. it things. in up was a It Iceland So in One was is to

Overall, done so of that activity, on volcanic into drives and has Lagoon center. Reykjavik planned and people airlift the in -- in in reopening. of several road heading days when visitation direction the closed into direction a one country into because strong. back and And are of what may part the been days the the visitation is closures, go perhaps country have the located. because is to for are at periodic different center is where They There it there then both closures it's of part Blue that be

for It's Western in to terms it's its Europe been Sky strong Iceland's definitely, from really, America. of across and way visitation. increased have Overall, beneficial airlift Lagoon a on summer. North though So really

So at green lights. no all. there red lights All

Bryan Maher

that with any FlyOver, lessons And draw dynamics helped such to and X Chicago possibly the FlyOver that the or are of opening Las maybe don't correlate? Chicago? how different learned moving Vegas opening they markets between Or from correlation the on just can you

David Barry

the think month, Chicago, out positive gate mean of very definitely in visitation first seeing in well our the in tracking Yes. strong I we're response EBITDA strong I really month. first and

So we're happy with that.

market less fact very that Vegas. I it's than And It's the Navy I compelling think we're the working think much there. presence a story. competitive in with our a other at attractions Pier Las together

we while quite and see in Vegas, continued start going incredibly Las improvement we strong an So in that's well. see Chicago,

Bryan Maher

just first that Pursuit On expect generally it's Canada, And think of numbers expectations some with me. kind aside a you've kind names for look we for stronger have thoughts that digit you you mid-single what quarter at I cover, this to last year, putting when RevPAR upcoming low then lodging the RevPAR minute, we for for you in know upcoming of on activity done But look season? in this bookings as the U.S. there. general do I RevPAR at any

David Barry

Yes. Good question, Bryan.

I how I globally look would for the think first, more at we're summer. pacing

sense a really factors that the there's our So confidence is drive year. coming our X, few consumer and higher performance confidence year-over-year. of for Number overall

very of on experiences in trend and positive momentum we're Secondly, a that's over things, us. behind terms

have drives Canada. which strong corresponds dollar, into U.S. weak tourism a a dollar, which to We Canadian

an inventory really X%. have deliberately ADR up up gateways. Canadian We at up lodging, X%, iconic XX% compression. the destination U.S., Slide airlift the our into that is in benefit in We're on increase you'll which also a managing XX%, of in see each from XX, positive.Our pacing U.S., ADR locations

the unlike So the hotels compare quite highway and of different. the variety and comparables, a on set service or of other city is select side hotels

and U.S. beneficial drives momentum Compression double that our we've properties learned sell which we're we And will everything all Pursuit -- in where like this of digits. our drive which in March strong is markets driving to end April. for Things early a correspondingly being up not season. RevPAR. quite selective, it's see So this indicators yield, especially us, Pass,

get In holding releasing fact, much closer to as yields. higher we're that on and to at we date, inventory

benefiting we quite So confident product we're lodging also bundling from products. with feel and attraction our

a strong heading have we of momentum season. the feeling real into So

Bryan Maher

about it's on X and down doesn't you But me since you've only just GES the been reported a Is to information it last GES the And months versus then weeks since to that whole X, not I the on drill mean numbers. the But for the of ago. kind it? just we it hadn't quarter outlook ago. able like X we been fourth about side. were where doesn't lot appear way an surface released new there's think hour difference of proper in seem

Steven Moster

we mean, on a trend show square Yes, footage for the basis show same a offering a to to that the think clients we as exhibition has I and continue compelling same Spiro on Bryan. consistent new on absolutely, to trend and have them business, been the of basis throughout side, quarters And a continue continue being think bring the will now very I able that's on revenue win several the side the year. improve and and the year-over-year, on board.

yes, kind quarters. couple on for same of been on that path the we've So to continue last we deliver of the

Operator

Next question is from of the with line Tyler Batory Oppenheimer.

Unknown Analyst

This is Tyler. Jonathan on for

to speak about you of year? recovers are that should and a First presumably two-part And sustainability X% square same-show revenue an XXXX levels? stay thinking to talked And expect Is me that question. on power? can us you the gap of back about on footage can story? secondly, one past, the that? between the Steve, next give we've the GES, how for pricing but same-store still as then footage Or bridge consistent update a footage you the on just in square this to the recovering same-show we XXXX of square

Steven Moster

Yes.

of to So kind our refer presentation. Page I would XX back within investor

to at I think growth it's important look the year-over-year.

also going getting about in in really flat close of up, square the being You in the saw but of quarter-to-quarter.So on from shows the compare XX%. first quarter I what basis, revenue both want think strong footage XXXX growth, with of sometimes very down a continuation to was the revenue to a and show vary shows terms mix of will the the quarter the and because in quarter still within a year-over-year type we

through until recovery. And beyond going continue then will will trend XX%. this think we I probably full have 'XX a it -- grow through

quarters. been of for has our of couple this of kind the the in is it line So kind for business, and with expectations last

feel power continue price and a good to drive the very a gap garnering you that the on within on versus ability of the a job last of continue between or going our pricing the increases significant the good about that So We've revenue asked so years helped I doing about business. we forward. that.Additionally, business X.X the forward a footage over to range, very see the in you'll see same-show mid-single-digit basis. same-show square basis kind done

revenue So we these to component shows. drive pricing can to major is we're of continue And one to individual going it. drive on everything

Unknown Analyst

gears And side the switching Pursuit of things. to then

terms real the et any look more the gave emerge seeing? what detail guys And kind seeing to you if weakness You that summer traveler consumer sense of there slowing time just When interested season, bookings, give is peak are starting I'm a can statistics to in in in of little start at some of you pacing bookings. more or we you're cetera.

David Barry

in and of managing in terms of selling None. demand coming, we're effectively know out guest being price spend experiencing any seeing advanced channels things being tours. really terms judicious are in variety and not pacing weakening say to demand actually terms just and and seeing a spend at I maximizing that visit, spending, the Yes, strongly restaurant all We're things are of sites we specific availability. -- we're all like the inventory on would because behavior for bookings it's and attentive strong of is per of demand. managing

Unknown Analyst

early on if provide one me. for FlyOver sense you Any if for maybe last maybe one? Toronto, completed? of make that markets Was can color FlyOver any commentary and that is Chicago. an there Helpful expansion bill on on then or And further update might

David Barry

Toronto. start I'll with

on and to the in that on have on update So really working continues. organic and the improving the of great of the lands inorganic And further think, performance pipeline focused in coming I opportunities within. a We're but looking of ongoing into the that, Toronto, launch we've also Vegas future, in months, speculation an we're managing and very got Chicago. as Really no successful we'll locations. progress with Las Canada city both

And so things that focused market within invest our integration our no focused very improve. very iconic new on on and locations, where business can specific risk, no we risk, things

a of long have list we so And refresh projects. great

opportunities of be each list that long And a have We forward. focus our would going in other geography.

Operator

of the from is question Alex next with The Craig-Hallum. line Fuhrman

Alex Fuhrman

has Probably of guys. travel we'd thing everything terms Pursuit been seems from has pre-COVID pretty well travel. hope over group all you're you not for has China wanted well has working the to the really one seeing much and I year below America so, North materialized could, or disappointing ask, as if the what to really level. been that It been in on remains I about like side past

for volume So countries kind the other here made back terms wondering not of replacing this you're from the stepping what expecting group being travel that's of presumably and Chinese are tours? business? in year seeing And in you group

David Barry

Asia consider think Alex. question. entirety. great That's in China, to have a always Thanks, its With I you

So while are few fully market a beginning really travel, is recovered not Chinese to and interesting the has there's happening. things that

from quite launched Vancouver direct airlift, Asian So pre-pandemic, XXX% U.S., and is which was into Canada of think which look about specifically version as about WestJet, it example, to Canada the than of is both then lift Japan North interesting Southwest Tokyo.And you flights is Seoul. an so when travel, America, the from out greater has if what at Canadian you

have those Asia to more giving added. taking increasing, launched new room China and that's Bangkok inventory is but of interesting direct markets. seasonal recovering, a Shanghai. of been out those flights other airlift is aircraft Hong They've and that the flights from excluding extended inventory. service and larger the And Canada to from to for Vancouver they and China routes second, which visitation happening that Asia, to increasing particular slowly, to Kong, Air on Singapore.So growth driving so out then is What's countries airlift And is are it quite is

So strong growth of out Korea, then Japan. India some specifically of growth out specifically and coming coming

now, fact tourism out history segment that going Iceland, the of hard to growth quite these its return, will are drive number interesting that's that into market.So longer because that is on set the see of travel. given a Chinese and one we One travel.So performing segments ice China accelerate. rooms interesting Asia allocate and has But we little would worked does to to hoped, aside then group biggest growing the yield turn a driving And eliminate fields and interesting well. in bit is levels, dependence Chinese attractions channels requirements. have than returning of we third performing China taking got finite the other compression its We've what's is are actually As well. into the coming

and expect perhaps good actively Team normalize. we're travel various 'XX. China so I reallocating And for think, be and tour more demand year, a I done inventory our a This job of from for might that partners. look will because forward tour 'XX allocating things really has contracted travel where a we partners.On have, good behind bit little to space other

categories. partners because we're for now contracting the increasing, 'XX generally Asian Our operate as also process ahead happening that's demand those and in in seasons X we from

return So from then from growing and strong but complete definitely performance across Asia. not a China,

looking the are summer. things So positive for

Alex Fuhrman

that showing New proclivity mentioned alongside same lodge. more from And seeing Columbia assets really believe the Skywalk and I'm lot the to I of Chinese of at are are the Adventure that your stay to rest Icefield. you that productivity a Glacier elsewhere then those the you the in Or catered those groups do the Icefield properties recover are curious and the market. coming the to assets? start Asia

David Barry

We it's that that travel something group I very in on was the later think primarily season. early are. the very, also and Chinese remember to season And

space still there. there's So white to fill

So that. fill to we're working

were ahead the Pursuit when this last If you those we you able a The year to at were path, and it. path well. different of quite bit double We're we year. lot tracking talked attractions visit Pursuit a last recall, of where time is about little digits see you

the that's attractions of that Banff bolster because Collection. encouraging the through So all Jasper

all the pleased that's buying they're they're with And precommitment why that. that frequency we're important product, because they're are and for the it. activities, to prepaying going and so And is do folks betting,

that's So helpful. also

Operator

of Kartik The Research. line Instructions] the is Mehta question with [Operator Northcoast next from

Kartik Mehta

GES results in Just commentary, positive. there obviously elsewhere. making forward business and travel very is for all hesitation sounds with positive maybe company, at your cuts You're -- to the any and seeing spending? companies as looking you they cuts are and talking you're the wondering I'm

that look slowdown? Or indicators are So as business there's any at if companies any leading you to indicators, some as that usual I'm wondering, spend? would say it if is continuing there's

Steven Moster

Kartik. question, Good

We strong continue services. for to the demand see

of working and that corporations advance place be will those event we that trade directly event you about As attending working in taking know, start year the shows. a an with on

takes to their And way event window actually X so see now, we probably before into spending continue through we a place. all X XXXX. the get X to the months And -- we months right the strength saw that

continue be So -- yes, we on the same it's to trend.

side, spending. been very at or being also pretty to brand there's strong spending we branding it's event continue see so the or corporate and types no marketing all see Whether Spiro show of budgets kind healthy of that.And And activities. on corporate any a to event, change we trade corporate activation

Kartik Mehta

any then if And growth. are I been Or Pursuit times inorganic the this just economic think the it. of change side, about And looking these in and owners how don't is wondering the properties valuation maybe or potential situation at you there's where talked really much iconic a I'm on change are valuation?

David Barry

investments And the look ways done and the EBITDA we in revenue at business lots own since you But track XXXX, that answer we that of you can to about can right I tell comment I opportunities. of the you that one. valuations improve. opportunity where if places. business within see into our reinvest where if record, on to might happy there's really business we we've both the the is over at. I'm tripling that perspectives I we things one can't mean of look looking think And be as in on

significant expansion the all is day know of we Sky where ongoing, Lake, those can demand, to an perhaps and year accelerate.Some of ritual different grow that we Lagoon, every the boat really organic investments those So of help things look this types the business. additional opportunities light with of process you're seeing at at of we that coming Maligne we have

of the we the is In of be of again, our lots there's we'll outside right. is strengthen when to position are and ready opportunity. stronger, them as advantage sheet things opportunities balance terms company, and And timing there, take

Kartik Mehta

significant. on up travel summer this labor a just the previous then growth And Last year, Pursuit I'm where as side. year, this wage and season season might for be the very wondering, maybe was in to there get hard you're it and the how was different that gearing places? stands -- year, one last than was

David Barry

goodness, up. go 'XX, Yes. of if that's pandemic. particular, staffed I it us. all 'XX And easier a onboard was in much, you behind much 'XX thank down We're in lane, during 'XX. and hire to to mean, was than year very I memory was think tough the and fully But

across Jasper from the in our team Banff whether world, the young great Canada in from folks a us Collection. or and of around have world across properties it's Visa holders We J-X people working U.S. and the joining

I really a all to job hired say spirits the And ready fully are the middle We're high, from onboarding up. in so opening Team's we're and great done welcome around recruiting. and guests now. of would they're world.

Operator

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

Steven Moster

Viad. very And the to much, thanks Thanks another to we our of the much. support across to for end their very and update at you the everybody. giving Thanks investors in globe Thank look quarter. employees our you and forward to

Operator

call. conference today's concludes This

You may disconnect. now

Pursuit Attractions and Hospitality (PRSU) 2 May 242024 Q1 Earnings call transcript