Q4 & FY 2024 Pursuit Attractions and Hospitality Inc Earnings Call

Okay.

Tamiya: Good afternoon, my name is Tamiya and I will be your conference operator today.

Speaker Change: Good afternoon. My name is to me and I'll be your conference operator today at this time I would like to welcome everyone to pursuits, 'twenty 'twenty four fourth quarter and full year earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this.

Tamiya: At this time, I would like to welcome everyone to Pursuit's 2024 fourth quarter and full year earnings conference call. All lines have been placed on mute to prevent any background noise.

Tamiya: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you.

Speaker Change: I'm simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question press the pound key.

Carrie Long: Carrie Long, you may begin the conference. Good afternoon, and thank you for joining us for Pursuit's 2024 fourth quarter and full year earnings conference call. Our earnings presentation, which we will reference during the call, is available on the investor's section of our website.

Speaker Change: Thank you Carrie long you may begin the conference.

Speaker Change: Good afternoon.

Speaker Change: For pursuit 'twenty 'twenty, four fourth quarter and full year earnings conference call our earnings presentation, which we will reference during the call is available on the investors section of our website.

David Barry: During the call, you'll hear from David Barry, our president and CEO.

Speaker Change: During the call you'll hear from David Barry, our President and CEO.

Carrie Long: Ellen Ingersoll, our Chief Financial Officer, and Bo Heitz, who will be succeeding Ellen as our Chief Financial Officer once we have filed our 2024 Form 10-K. Before I turn the call over to David, I would like to draw your attention to pages 2 and 3 of our presentation, which contain important disclosures regarding non-GAP measures and forward-looking statements that we will provide during the call. And now, I'll turn it over to David, who will start on page 4 of our presentation.

Speaker Change: Ellen Ingersoll, our Chief Financial Officer.

Speaker Change: Hey, who will be succeeding Allen is our chief financial officer. Once we have filed our 'twenty 'twenty four and Form 10-K.

Speaker Change: Before I turn the call over to David I would like to draw your attention to pages, two and three of our presentation, which contain important disclosures regarding non-GAAP measures and forward looking statements that we will provide during the call and now I'll turn it over to David who will start on page four of our presentation.

David Barry: Thanks, Carrie.

David Barry: Thanks, Carrie and thank you all for joining us for our first earnings call as Standalone pursue.

David Barry: And thank you all for joining us for our first earnings call as standalone pursuit. This is a very exciting time for our company, our team members, and our shareholders. We completed the much-anticipated sale of GES on December 31st and entered 2025 with a new corporate name, a new ticker symbol, and most importantly, a balance sheet that is optimized for our accelerated growth as a pure play, attractions, and hospitality company. Our team demonstrated outstanding operational execution in 2024, providing strongest experiences across our business, completing key strategic refresh build by growth investments and delivering solid financial performance.

Speaker Change: This is a very exciting time for our company our team members and our shareholders.

Speaker Change: Completed the much anticipated sale of Ges on December 31, and entered 2025 with our new corporate name the new ticker symbol and most importantly, our balance sheet that is optimized for our accelerated growth as a pure play attractions and hospitality company.

Speaker Change: Our team demonstrated outstanding operational execution in 2020 for providing strongest experiences across our business completing key strategic refresh build buy growth investments and delivering solid financial performance.

David Barry: We opened a new world-class flyover attraction in Chicago. We expanded the experience at Sky Lagoon in Iceland. We completed three strategic tuck-in acquisitions, and we responded admirably as a team to the Jasper Wild Wings. We're entering 2025 in a position of strength. With the expected post-fire return of leisure travel to Jasper, our unrelenting focus on delivering exceptional guest experiences, combined with a strong balance sheet to fund high return refresh billed by growth investors. We expect to deliver double-digit growth in revenue and adjusted EBITDA in 2025.

Speaker Change: We opened a new world class flyover attraction in Chicago, we expanded the experience at Sky Lagoon in Iceland, We completed three strategic tuck in acquisitions, and we've responded admirably as a team to the Jasper wildfire.

Speaker Change: We're entering 2025 and a position of strength.

Speaker Change: With the expected post fire return of leisure travel to Jasper our unrelenting focus on delivering exceptional guest experiences combined with a strong balance sheet to fund high return refresh build buy growth investments, we expect to deliver double digit growth in revenue and adjusted EBITDA in 2025.

David Barry: So before we dive into our financial results, I'll quickly review the transformative sale of GES and how we're deploying capital with our reset balance sheet into refresh bill by investment to enhance shareholder value. So let's move to page six. The sale of GES to Trulink Capital for $535 million did several important things for our It transformed us from our legacy conglomerate structure into a stand-alone, high-growth, high-margin, attractions and hospitality leader. We now have a singular strategic focus on pursuit success. The sale also allowed us to eliminate high cost debt and establish substantial liquidity to support the acceleration of our Refresh Build Buy growth strategy.

Speaker Change: So before we dive into our financial results I'll quickly review the transformative sale of Ges and how we're deploying capital with our reset balance sheet and to refresh bill by investments to enhance shareholder value.

Speaker Change: So let's move to page six the.

Speaker Change: The sale of Ges to truly capital for $535 million.

Speaker Change: Several important things for our company.

Speaker Change: It transformed us from our legacy conglomerate structure into a standalone high growth high margin attractions and hospitality leader.

Speaker Change: We now have a singular strategic focus on pursuing success.

Speaker Change: The sale also allowed us to eliminate high cost debt and established substantial liquidity to support the acceleration of our refresh build buy growth strategy.

David Barry: And with our strong stock performance, we were able to convert the shares of our preferred stock into common stock on December 31st. With low leverage and a new $200 million undrawn revolver, our balance sheet is now optimized for growth. As shown on page 7, PURSUIT already has the scale and financial foundation to drive sustainable growth as a standalone We have an extraordinary collection of 15 world-class point-of-interest sightseeing attractions and 28 distinctive lodges located in iconic, unforgettable, and inspiring places around the Our experiences appeal to people of all ages and skill levels, with no athletic ability required.

Speaker Change: And with our strong stock performance, we were able to convert the shares of our preferred stock into common stock on December 31.

Speaker Change: With low leverage and a new 200 million Undrawn revolver, our balance sheet is now optimized for growth.

Speaker Change: As shown on page seven pursuit already has the scale and financial foundation to drive sustainable growth as a Standalone company.

Speaker Change: We have an extraordinary collection of 15 World class point of interest sites seeing attraction in 28 distinctive lodges located in iconic unforgettable and inspiring places around the world.

Speaker Change: Our experiences appeal to people of all ages and skill levels with no athletic ability required.

David Barry: All you need to enjoy pursuit is to love a beautiful view. Today we operate in three countries, the United States, Canada, and Iceland, with about 4,000 amazing and dedicated team members. We're focused on delivering unique and authentic experiences around the world that delight our guests every day. We've built a leadership position in markets with high barriers to entry, strong perennial demand, and significant market tail.

Speaker Change: All you need to enjoy pursue is to love a beautiful view.

Speaker Change: Today, we operate in three countries, the United States, Canada, and Iceland with about 4000 amazing and dedicated team members.

Speaker Change: We're focused on delivering unique and authentic experiences around the world that delight our guests every day.

Speaker Change: We've built a leadership position in markets with high barriers to entry strong perennial demand and significant market tailwind.

David Barry: And we have exciting opportunities to continue growing our collections of incredible experiences through our proven growth investment So let's talk about that powerful strategy on page eight. Refresh Build Buy is our roadmap for smart capital deployment and delivering accelerated growth into the future. This strategy has produced some incredible results over the past We've more than tripled our revenue at a 14% compound annual growth rate from 2015 to 2024, while realizing strong returns on our investment. We've significantly increased our annual attraction visitation to about 3.8 million and lodging rooms sold to about $380,000, while continuing to elevate guest satisfaction across.

And we have exciting opportunities to continue growing our collections of incredible experiences.

Speaker Change: Through our proven growth investment strategy.

Speaker Change: So let's talk about that powerful strategy on page eight.

Speaker Change: Refresh build buy is our roadmap for smart capital deployment and delivering accelerated growth into the future.

Speaker Change: This strategy has produced some incredible results over the past decade, we've more than tripled our revenue at a 14% compound annual growth rate from 2015 to 2024, while realizing strong returns on our investments.

Speaker Change: We have significantly increased our annual attraction visitation to about $3 8 million and lodging rooms sold to about 380000, while continuing to elevate guest satisfaction across per se.

David Barry: Refresh is about improving our existing where we see opportunities to improve the guest and team member experience and maximize Build is about creating new and amazing experiences that are connected to iconic locations and bring new revenue streams with economies of scale and scope. And BUY is about strategically acquiring one-of-a-kind businesses, bringing them onto the pursuit platform, and improving their financial and guest performance. A great refresh example in 2024 was the expansion of our world-class Sky Laguna Trial. Here, we saw an opportunity to meet the robust demand for the lagoon's signature ritual experience that was far exceeding our existing capacity.

Speaker Change: Refresh is about improving our existing assets, where we see opportunities to improve the guest and team member experience and maximize returns.

Speaker Change: Build is about creating new and amazing experiences that are connected to our iconic locations and bring new revenue streams with economies of scale and scope.

Speaker Change: And buy is about strategically acquiring one of a kind businesses, bringing them onto the pursuit platform and improving their financial and gas performance.

Speaker Change: Refresh example, in 2024 was the expansion of our World class Sky Lagoon in attraction.

Speaker Change: Here, we saw an opportunity to meet the robust demand for the lagoons signature rich will experience there was far exceeding our existing capacity.

David Barry: As a result of the expansion, Sky Lagoon is now welcoming more visitors at a higher effective ticket price with its upscale box. We're also proud to share that SkyLagoon was named the best Icelandic brand in 2024 by Brandir, reflecting our commitment to honoring the place we operate in and creating a breathtaking experience deeply rooted in Icelandic tradition. On the build front, we opened a new flyover attraction at Chicago's famous Navy Pier last March. This thrilling attraction was recently ranked number three on USA Today's list of the 10 best new attractions of the year for 2024.

Speaker Change: As a result of the expansion Sky Lagoon is now welcoming more visitors at a higher effective ticket price with its upscaled offering.

Speaker Change: We're also proud to share that Sky lagoon was named the best Icelandic brand in 2024, <unk>, reflecting our commitment to honoring the places we operate in and creating a breathtaking experience deeply rooted in Icelandic tradition.

Speaker Change: On the build front, we opened a new flyover attraction at Chicago's famous maybe Pierre last March.

Speaker Change: Thrilling attraction was recently ranked number three on USA today's list of the 10 best new attractions of the year for 2024.

David Barry: And, during the fourth quarter, we completed three strategic tuck-in acquisitions to expand our collections and unlock future growth levers in our iconic location.

Speaker Change: During the fourth quarter, we completed three strategic tuck in acquisitions to expand our collections and unlock future growth levers and our iconic locations.

David Barry: So let's go to page nine for highlights of these acquisitions. In early November, we acquired Eddie's Cafe & Mercantile and the Apgar Lookout Retreat property, which offers food and beverage, retail merchandise, and elevated overnight accommodation. And we quickly followed that with the acquisition of Montana House, a retail location with deep historic connection to the Apgar community. These two acquisitions expand our existing presence in Apgar Village, which is located inside the west entrance to Glacier National Park, bordering McDonnell Creek and the shores of Lake McDonnell. These two acquisitions have great strategic value. Firstly, they're situated on rare privately owned land within Glacier National Park, which provides a very strong moat.

Speaker Change: So let's go to page nine for highlights of these acquisitions in early November we acquired Eddie's Cafe, and mercantile and the <unk> look at it or treat property, which offers food and beverage retail merchandise and elevated overnight accommodations.

Speaker Change: And we quickly followed that with the acquisition of Montana House, a retail location with deep historic connection to the <unk> community.

Speaker Change: These two acquisitions expand our existing presence in Ashburn village, which is located inside the west entrance to Glacier National Park bordering Mcdonald Creek and the shores of Lake Mcdonald. These two acquisitions have great strategic value.

Speaker Change: Firstly there are situated on rare privately owned land within Glacier National Park, which provides a very strong note.

David Barry: Secondly, they're in an area of strong perennial demand with approximately a million visitors passing through Apgar along the renowned Going to the Sun Road as they explore Glacier National Park. This means we have a big opportunity to welcome those park visitors as our guest. Thirdly, they operate adjacent to our existing 48-room property in Apgar, which brings operational and cross-sell synergy.

Speaker Change: Secondly, they are in an area of strong perennial demand with approximately 1 million visitors passing through apcar, along the right now and going to the sunbelt as they explore glacier National Park. This means we have a big opportunity to welcome those park visitors as our guests.

Speaker Change: Thirdly, they operate adjacent to our existing 48 room property in <unk>, which brings operational and cross sell synergies and finally, the combination of these properties with our existing lodging property and <unk> gives us a unique opportunity to re imagine and refresh our collective experiences in this.

David Barry: And finally, the combination of these properties with our existing lodging property in Apgon gives us a unique opportunity to reimagine and refresh our collective experiences in this special inholding in the coming The third Tuckin acquisition we completed in 2024 was the Jasper SkyTram.

Speaker Change: Special in holding in the coming years.

Speaker Change: Third tuck in acquisition, we completed in 2024 was the Jasper Skytrain.

David Barry: Super excited to add this well-established and popular sightseeing aerial ropeway attraction to our Banff Jasper collection. The tram is located inside Jasper National Park and has a renewable, long-term Parks Canada lease with nearly 30 years remaining. This is a real jewel box of an attraction with spectacular views, a terrific team led by Todd Noble, and a great location just moments away from downtown. SkyTram is a powerful refresh opportunity in the near future and will deliver an outstanding guest performance for years.

Speaker Change: Super excited to add this well established and popular sightseeing area, a ropeway attraction to our Banff Jasper collection.

Speaker Change: <unk> is located inside Jasper National Park, and has a renewable long term parks, Canada lease with nearly 30 years remaining.

Speaker Change: This is a real jewel box have been attraction with spectacular views a terrific team led by Todd Noble and a great location just moments away from downtown Jasper.

Speaker Change: The Sky is a powerful refresh opportunity in the near future and will deliver an outstanding guest performance for years to come.

David Barry: Moving on to page 10.

Speaker Change: Moving onto page 10, let's talk about what's next for our refresh build buy strategy.

David Barry: Let's talk about what's next for our refreshed build by strategy. We have a proven track record. of adding value through investment. and High Returning Refresh and Build Projects. In total, we've identified more than $200 million of refresh and build investments that we believe we can execute over the next five years. These opportunities span more than 20 projects at already well-instrumented and high-performing businesses within our existing collection. These investments will improve and enhance the guest experience. One of the projects already underway is the multi-year transformational refresh of the woodland wing of our Forest Park Hotel in Jocelyn.

Speaker Change: We have a proven track record of adding value through investments in high returning refresh and build projects.

Speaker Change: In total we've identified more than $200 million of refresh and build investments that we believe we can execute over the next five years.

Speaker Change: These opportunities span more than 20 projects at already well instrumented and high performing businesses within our existing collections.

Speaker Change: These investments will improve and enhance the guest experience.

Speaker Change: One of the projects already underway is the multi year transformational refresh of the woodland wing of our Forest Park Hotel and Jocelyn.

David Barry: Page 10 of our presentation provides a view of the dramatic before and after transformation of the process. We're elevating the Woodland Wing to the same level as the successful Alpine Wing, which opened in 2022. With a dramatically improved guest experience comes higher levels of guest satisfaction. Investments in our hotel properties increased demand from our guests, allowing us to highlight and drive incremental visitation to our nearby attractions. Refresh and build investments are important growth levers for pursuit. We have the ability to speed them up or slow them down depending on our level of acquisition investment happening at the same On the acquisition front, we've worked hard to maintain an active pipeline of experiences that are a great strategic fit for our platform, both in existing geographies and in new iconic locations.

Speaker Change: Page 10 of our presentation provides a view of the dramatic before Ed after transformation of the property.

Speaker Change: We're elevating the woodland wings at the same level as the successful alpine wing, which opened in 2022.

Speaker Change: With a dramatically improved guest experience comes higher levels of guest satisfaction, which in turn garner higher room rates and occupancy.

Speaker Change: Investments in our hotel properties increased demand from our guest allowing us the highlight and drive incremental visitation to our nearby attractions.

Speaker Change: Refresh and build investments are important growth levers for pursuit.

Speaker Change: We have the ability to speed them up or slow them down depending on our level of acquisition investments happening at the same time.

Speaker Change: On the acquisition front, we have worked hard to maintain an active pipeline of experiences that are a great strategic fit for our platform both in existing geographies and in new iconic locations and.

David Barry: And we're pursuing these opportunities with vigor now that we have the financial capacity to transact for the right iconic location.

Speaker Change: And we're pursuing these opportunities with bigger now that we have the financial capacity to transact for the right iconic location experience.

Ellen Ingersoll: And now I'll ask Ellen to review our strong financial position and consolidated financial results. Thanks, David. I'll start on page 12 with our balance sheet highlight. As David mentioned earlier, we are entering 2025 with a dramatically transformed balance sheet that puts pursuit in a strong position to grow. We received $410 million of net cash proceeds from the sale of GES, which we utilized to fully repay both our term loan fee balance of $318 million and our revolver balance of $75 million. Additionally, on December 31st, we affected the conversion of our 5.5% convertible Series A preferred stock into approximately 6.7 million shares of common stock.

Speaker Change: And now I'll ask Ellen to review, our strong financial position and consolidated financial results.

Ellen Ingersoll: Thanks, David I will start on page 12, with our balance sheet highlights as David mentioned earlier, we are entering 2025, let's say dramatically transformed balance sheet that puts pursuit in a strong position to grow.

Ellen Ingersoll: We received $410 million of net cash proceeds from the sale of Ges, which we utilized to fully repay both our term loan b balance of $318 million and a revolver balance of 75.

Ellen Ingersoll: Additionally on December 31, we affected the conversion of our five 5% convertible series a preferred stock into approximately six 7 million shares of common stock.

Ellen Ingersoll: The elimination of our high-cost term loan fee debt and its deferred stock will save us approximately $40 million annually. We ended 2024 with a net leverage ratio of approximately zero. Our remaining debt balance was $73.6 million, which includes financing lease obligations and term loan debt at non-wholly owned subsidiaries. Our cash balance was $49.7 million at the end of the year and on January 3rd we entered into a new credit agreement with a $200 million revolver giving us pro forma total liquidity of $249.7 million. As a reminder, the GES net cash proceeds reflect adjustments for net working capital and debt and debt-like items at GES, which are subject to adjustments, as well as certain transaction expenses paid at closing.

Ellen Ingersoll: The elimination of our high class churn on the debt and preferred stock will save us approximately $40 million annually.

Ellen Ingersoll: We ended 2024 with a net leverage ratio of approximately zero.

Ellen Ingersoll: Our remaining debt balance was $73 6 million, which includes financing lease obligations and term loan debt at non wholly owned subsidiaries.

Ellen Ingersoll: Our cash balance was $49 $7 million at the end of the year and on January 3rd we entered into a new credit agreement with a $200 million revolver, giving us pro forma total liquidity of 249.

Ellen Ingersoll: As a reminder, the ges net cash proceeds reflect adjustments for net working capital and debt and debt like items at Ges, which are subject to adjustment as well as certain transaction expenses paid at closing and in addition to the proceeds received at closing we will receive another $25 million of prestige.

Ellen Ingersoll: And in addition to the proceeds we received at closing, we will receive another $25 million of proceeds at the end of 2025.

Ellen Ingersoll: At the end of 2025.

Ellen Ingersoll: Next on page 13, I will walk through our income statement highlights. Net income attributable to pursuit was $368.5 million for the full year and $315.7 million for the fourth quarter. These figures included a $421.9 million pretest gain on the sale of GEF. Again, along with all of GDS's operational results have been classified as discontinued operations. Our net loss from continuing operations attributable to pursuit was $57.1 million for the full year and $65.1 million for the fourth quarter.

Next on page 13, I will walk through our income statement highlights.

Ellen Ingersoll: Net income attributable to pursuit was $368 5 million for the full year and $315 7 million for the fourth quarter.

Ellen Ingersoll: These figures include a $421 $9 million pre tax gain on the sale of Ges.

Ellen Ingersoll: Again, along with all of GDS operational results have been classified as discontinued operation.

Ellen Ingersoll: Our net loss from continuing operations attributable to pursuit was $57 1 million for the full year and $65 1 million for the fourth quarter.

Ellen Ingersoll: These continuing operations figures include some unusual items that I'd like to quickly call out. First, our impairment charges of $47.6 million in the full year and $41.5 million in the quarter. The fourth quarter charge includes a $27.5 million asset write-down related to Flyover Las Vegas and a $14 million goodwill write-up related to the Flyover collection. These impairments were the result of downward revisions to our growth expectations for flyover in light of the slower-than-expected ramping we have experienced, particularly at the Las Vegas airport.

Ellen Ingersoll: These continuing operations figures included unusual items that I would like to quickly call out.

Ellen Ingersoll: First our impairment charges of $47 $6 million and our full year and $41 5 million.

Ellen Ingersoll: Gordon.

Ellen Ingersoll: The fourth quarter charge includes the 27 5 million asset write down related to flyover Las Vegas, and a $14 million goodwill write off related to the flyover collection season.

Ellen Ingersoll: These impairments were the result of downward revisions to our growth expectations for flyover in light of the slower than expected ramping we are experience, particularly at the Las Vegas locals checking.

Ellen Ingersoll: Second, our restructuring charges of $3.2 million in the full year and fourth quarter. These related to severance accruals in connection with executive leadership transitions as we transform from a holding company structure to a single operating business.

Ellen Ingersoll: Second our restructuring charges of $3 $2 million and the full year and fourth quarter. These related to severance accruals in connection with executive leadership transition as we transform from a holding company structure to single operating business.

Ellen Ingersoll: And third is a $2.1 million expense related to our charitable pledge to support Jasper's recovery and long-term growth following last summer's wildfires, with a total donation of $3 million Canadian dollars. We are deeply committed to the communities we operate in and are happy to provide some financial support, alongside other JASPER businesses, to high-impact recovery projects, local businesses, and community programs aimed at building long-term success for JASPER and its residents.

Ellen Ingersoll: And third a $2 $1 million expense related to our charitable pledge to support Jasper recovery and long term growth following last summers wildfires with a total donation at 3 million Canadian dollars we.

Ellen Ingersoll: We are deeply committed to the communities we operate in and are happy to provide some financial support alongside other Jeff for businesses.

Ellen Ingersoll: High impact recovery project local businesses and community programs aimed at building long term success for Jasper and its residents.

Ellen Ingersoll: Excluding those items, as well as certain other items that are detailed in our non-GAAP reconciliations, our adjusted net income was $3.7 million for the full year and a loss of $21.8 million for the seasonally slow fourth quarter. Our Consolidated Adjusted EBITDA was $77.1 million for the full year and negative $11.2 million for the fourth quarter. I want to point out that Consolidated Adjusted EBITDA includes results from pursuit as a discrete business unit within the former Viad Holding Company structure and the former Viad Corporate Activities expenses that were not allocated to the Legacy Pursuit Segment, or GES.

Ellen Ingersoll: Excluding those items as well as certain other items that are detailed in our non-GAAP. Reconciliations are adjusted net income was $3 7 million for the full year and a loss of $21 8 million for the seasonally slow fourth quarter.

Our consolidated adjusted EBITDA was $77 1 million for the full year and negative $11 2 million for the fourth quarter I wanted to point out that consolidated adjusted EBITDA includes results from pursuit as a discrete business unit within the pharmacy at holding company structure and the former V. At corporate activities expense is that we're not.

Ellen Ingersoll: <unk> allocated to the legacy pursuit segment or Ges.

Ellen Ingersoll: In our earnings presentation and press release, we are referring to these as the Legacy Pursuit Segment and Legacy Corporate respectively. and providing disclosures to help bridge our historical reporting to our current reporting with GEF classified as a discontinued operation. Following the GES sale, we merged our legacy corporate functions with our legacy pursuit segment to better support our new single business structure.

Ellen Ingersoll: And our earnings presentation and press release, we are referring to these as the legacy pursuit segment and legacy corporate respectively.

Ellen Ingersoll: And providing disclosures to help bridge, our historical reporting to our current reporting with Ges classified as a discontinued operation.

Ellen Ingersoll: Finally, GSL, we merged our legacy corporate functions with our legacy prestige segment to better support our new single business structure.

Bo Heitz: And now I'll hand the call over to Bo to cover Pursuit's 2024 financial performance in more detail, as well as our outlook for 2025. Thanks, Ellen. This is an exciting time to be joining the pursuit team. The company is in a great position to deliver strong performance and accelerated growth through value-enhancing investments.

And now I'll hand, the call over to Bo to cover pursuit 2020 for financial performance in more detail as well as our outlook for 2025.

Speaker Change: Thanks, Alan this is an exciting time to be joining the pursuit team accompany.

Ellen Ingersoll: The company is in a great position to deliver strong performance and accelerated growth through value enhancing investments.

Bo Heitz: Let's take a quick look at our 2024 fourth quarter financial performance on page 14. We delivered revenue of $45.8 million, which was approximately 9% year-over-year on an absolute basis, and 15% year-over-year on adjusting to exclude our JASPER properties. which experienced some trailing impacts from the wildfire that occurred during the third This growth was driven largely by attractions ticket revenue growth, with the addition of Flyover Chicago, the expansion of Sky Lagoon, and continued strong performance from our top rated BAMF condo. In Jasper, all of our hotels were fully open by the end of the We are pleased to see leisure guests returning with a guest mix that is quickly returning to normal level.

Ellen Ingersoll: So let's take a quick look at our 2020 for fourth quarter financial performance on page 14.

Ellen Ingersoll: We delivered revenue of $45 8 million.

Ellen Ingersoll: Which was approximately 9% year over year on an absolute basis, and 15% year over year after adjusting to exclude our Jasper properties, which experienced some trailing impacts from the wildfire that occurred during the third quarter.

Ellen Ingersoll: This growth was driven largely by attractions ticket revenue growth with the addition of flyover Chicago the expansion of Sky Lagoon and continued strong performance from our operated Banff gondola.

Ellen Ingersoll: And Jasper all of our hotels are fully opened by the end of the quarter.

Ellen Ingersoll: We're pleased to see leisure guests returning with a guest mix that is quickly returning to normal levels.

Bo Heitz: Our fourth quarter adjusted EBITDA improved modestly to negative $11.2 million, which reflects the seasonally slower time of year for our business. I'll also note that our EBITDA figure is inclusive of legacy VIAD corporate costs, which were not historically presented in pursuit segment EBITDA.

Ellen Ingersoll: Our fourth quarter, adjusted EBITDA improved modestly to negative $11 2 million, which reflects the seasonally slower time of the year for our business.

Ellen Ingersoll: Also note that our EBITDA figures inclusive of legacy YOD corporate costs, which were not historically presented in pursuit segment EBITDA.

Bo Heitz: Our full year results were also strong, as shown on page 15. Revenue grew to $366.5 million, up 5% year-over-year, more than overcoming the impact of the Jasper wildfire. This strong performance came from a combination of growth investments like Flyover Chicago and Sky Lagoon. robust demand for our iconic locations and inspiring experiences like the BAMF gondola and great execution by our team who remains nimble and guest-focused throughout the year. As illustrated on this page, the Jasper wildfire impacted our revenue by approximately $23 million. And adjusted EBITDA across our JASPA properties was down approximately $15 million year over year in the second half of 2024.

Ellen Ingersoll: Our full year results were also strong as shown on page 15.

Ellen Ingersoll: Revenue grew to $366 5 million up 5% year over year more than overcoming the impact of the Jasper wildfire.

Ellen Ingersoll: This strong performance came from a combination of growth investments like flyover, Chicago and Sky Lagoon.

Ellen Ingersoll: Robust demand for our iconic locations and inspiring experiences like the Banff gondola.

Ellen Ingersoll: And great execution by our team remains nimble and guest focus throughout the year.

As illustrated on this page the Jasper wildfire impacted our revenue by approximately $23 million.

Ellen Ingersoll: And adjusted EBITDA across our Jasper properties was down approximately $15 million year over year in the second half of 2024.

Bo Heitz: Most of the impact hit in the third quarter, with only minor trailing effects into the fourth. Our team did an incredible job responding to the fire and maximizing growth elsewhere to hold our full year adjusted EBITDA nearly in line with the prior year.

Ellen Ingersoll: Most of the impact hit in the third quarter with only minor trailing effects into the fourth quarter.

Ellen Ingersoll: Our team did an incredible job responding to the fire and maximizing growth elsewhere to hold our full year adjusted EBITDA nearly in line with the prior year.

Bo Heitz: Now let's look at our full year attractions performance on page 16. Full year action ticket revenue was $162 million, growing 13% year over year on a 6% increase in visitors and higher effective ticket.

Ellen Ingersoll: Now, let's look at our full year attractions performance on page 16.

Ellen Ingersoll: Full year ticket revenue was $162 million.

Ellen Ingersoll: Growing 13% year over year on a 6% increase in visitors and higher effective ticket prices.

Bo Heitz: When adjusting to remove Jasper attractions from the third and fourth quarters, ticket revenue grew 21% year over year. Our Flyer Chicago attraction, which opened on March 1st, welcomed approximately 344,000 visitors during 2024 and received great guest reviews. The completion of Sky Lagoon's expansion in August also bolstered revenue. with a year-over-year ticket revenue increase of nearly 30% during the four months following completion of the expansion. and our BAMF gondola attraction continues to deliver standout performance with strong visitation.

Ellen Ingersoll: When adjusting to remove Jasper attractions from the third and fourth quarters ticket revenue grew 21% year over year.

Ellen Ingersoll: Our flyer Chicago attraction, which opened on March one welcomed approximately 344000 visitors during 2024 and received great guest reviews.

The completion of Sky Lagoon is expansion in August also bolster our revenue growth with a year over year ticket revenue increase of nearly 30% during the four months following completion of the expansion.

Ellen Ingersoll: And our Banff gondola attraction continues to deliver standout performance with strong visitation.

Bo Heitz: It remains a must-do experience, with a number one rating on TripAdvisor for things to do in Banff, and one of the top rated restaurants across all of Canada.

Ellen Ingersoll: It remains a must do experience with a number one rating on tripadvisor for things to do in Bam.

Ellen Ingersoll: One of the top rated restaurants across all of Canada.

Bo Heitz: Next, let's switch to hospitality performance on page 17. Overall room revenue decreased $4,000,000 versus 2023. when excluding our Jasper properties from the third and fourth quarter. strong growth in room revenue of approximately 8% year over year, with all geographies outside of Jasper delivering growth. Same store Revpar, which is adjusted for Jasper, grew 9% year over year as we captured higher ADRs and maintained strong occupancy levels.

Ellen Ingersoll: Next let's switch to hospitality performance on page 17.

Ellen Ingersoll: Overall room revenue decreased $4 million versus 2023.

Ellen Ingersoll: When excluding our Jasper properties from the third and fourth quarters.

Ellen Ingersoll: <unk> growth in room revenue of approximately 8% year over year with all geographies outside of Jasper delivering growth.

Ellen Ingersoll: Same store Revpar, which is adjusted for Jasper grew 9% year over year, as we captured higher ADR and maintained strong occupancy levels.

Bo Heitz: Age 18 provides a view of our strong room booking pace for 2025. While we are still early in the year, our Canadian and U.S. lodging properties are pacing essentially in line with the same time last year. The charts on this page show our confirmed room booking. In addition to this, we have strong demand from our travel trade partners this year, which is not fully reflected in these numbers. Our travel trade partners hold inventory with strict release dates, generally 90 to 120 days out. Unsold Tour and Travel Inventory gets released and is immediately available to FIT, Consumer Direct, and OTA channels.

Ellen Ingersoll: <unk> provides a view of our strong group booking pace for 2025.

Ellen Ingersoll: While we are still early in the year, our Canadian and U S. Lodging properties are pacing essentially in line with the same time last year.

Ellen Ingersoll: The charts on this page show our confirmed room bookings.

Ellen Ingersoll: In addition to this we have strong demand from our travel trade partners. This year, which is not fully reflected in these numbers are.

Ellen Ingersoll: Our travel trade partners hold inventory with strict release dates generally 90 to 120 days out.

Ellen Ingersoll: Unsold tour and travel inventory gets released and is immediately available to consumers.

Speaker Change: Tumor direct and OTA channels.

Bo Heitz: We have a proven track record of managing inventory to maximize both capacity and rate in peak season. This pacing supports our view that we will see strong perennial demand across our iconic locations this year, with a return to more normal levels of room revenue across our Jasper property.

Speaker Change: We have a proven track record of managing inventory to maximize both capacity and rate and peak season.

Speaker Change: This pacing supports our view that we will see strong perennial demand across our iconic locations. This year with a return to more normal levels of room revenue across our Jasper properties.

Bo Heitz: Let's turn to our 2025 Outlook on page 19. We expect to deliver double-digit growth in full-year revenue and adjusted EBIT. Our adjusted EBITDA guidance range of $98-$108 million reflects an increase of $21-$31 million from 2024. This growth anticipates a meaningful tailwind for us in Jasper, which remains an important itinerary inclusion for travel trade and other long haul travelers visiting the Canadian Rockies. With plenty of beautiful scenery in the park to explore and market compression from a reduced hotel bed base, we expect to recover, if not exceed, the $15 million of EBITDA that was lost in 2024 due to the wildfire.

Speaker Change: Let's turn to our 2025 outlook on page 19.

Speaker Change: We expect to deliver double digit growth in full year revenue and adjusted EBITDA.

Speaker Change: Our adjusted EBITDA guidance range of $98 million to $108 million reflects an increase of 21% to $31 million from 2024.

Speaker Change: This growth anticipates, a meaningful tailwind for us in Jasper, which remains an important itinerary inclusion for travel trade and other long haul travelers visiting the Canadian Rockies.

Speaker Change: With plenty of beautiful scenery in the park to explore and market compression from a reduced hotel bed base, we expect to recover if not exceed the $15 million of EBITDA that was lost in 2024 due to the wildfire.

Bo Heitz: We also expect our recent tuck-in acquisitions to add approximately $5 to $7 million in adjusted EBITDA during 2025.

Speaker Change: We also expect our recent tuck in acquisitions to add approximately $5 million to $7 million and adjusted EBITDA during 2025.

Bo Heitz: with additional growth in future years as we drive benefits through the pursuit platform and make future refresh investments to maximize From a macro perspective, our guidance assumes an exchange rate of 69 U.S. cents for each Canadian dollar, which is lower than the 2024 rate. The EBITDA impact of translating our Canadian results into U.S. dollars at that lower rate is approximately $7 million.

Speaker Change: With additional growth in future years, as we drive benefits through the pursuit platform. It makes future refresh investments to maximize returns.

Speaker Change: From a macro perspective, our guidance assumes an exchange rate of 69 U S cents for each Canadian dollar, which is lower than the 2024 right now.

Speaker Change: The EBITDA impact of translating our Canadian results into U S dollars at that lower rate is approximately $7 million.

David Barry: We continue to see consumers prioritizing experiences over things and seeking out authenticity. This plays well into exactly what Pursuit delivers, authentic experiences in iconic locations. We are well positioned for strong growth in 2025, with the expected return of leisure travel to Jasper, our unrelenting focus on delivering exceptional guest experiences, and a strong balance sheet to fund high return, refresh, build, buy, growth, and better.

Speaker Change: We continue to see consumers prioritizing experiences over things and seeking out authenticity.

Speaker Change: This plays well into exactly what pursuit delivers after.

Speaker Change: <unk> experiences in iconic locations.

Speaker Change: We are well positioned for strong growth in 2025 with the expected return of leisure travel to Jasper.

Speaker Change: Our unrelenting focus on delivering exceptional guest experiences and our strong balance sheet to fund high return refresh build buy growth investments.

David Barry: And with that, I'll turn it back to Dave. Thanks, both. We wouldn't be here today without a lot of energy and effort from team members across the company.

David Barry: And with that I'll turn it back to David.

David Barry: Thanks, Paul.

Paul: It wouldn't be here today without a lot of energy and effort from team members across the company. So let me take this moment just to say thank you to my colleagues at all levels of pursuit for bringing their best every day and in turn creating exceptional experiences for our guests.

David Barry: So let me take this moment just to say thank you to my colleagues at all levels of for bringing their best every day, and in turn, creating exceptional experiences for our guests.

David Barry: And I especially want to thank Ellen for her invaluable contributions over the past 23 years. She has guided us through thick and thin in some of the most transformative evolutions in our company's history. We're very grateful for her support and we wish her the very.

Paul: And I, especially want to thank Alan for her invaluable contributions over the past 23 years.

Paul: She has guided us through thick and thin and some of the most transformative evolutions in our company's history, we're very grateful for her support and we wish her the very best.

David Barry: As Ellen leaves us, we're very excited to have Bo on the team as our financial leader into the future, as we work to capitalize on our substantial growth opportunities.

Paul: As Ellen leaves us we're very excited to have bow on the team as our financial leader into the future as we work to capitalize on our substantial growth opportunities.

David Barry: And finally, thank you to our shareholders for your support and Pursuit's exciting growth story. We're just getting started.

Paul: And finally, thank you to our shareholders for your support and pursuits exciting growth story, we're just getting started.

Tamiya: Now let's open it up for questions. At this time, I would like to remind everyone in order to ask a question, press star then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.

Paul: Now, let's open it up for questions.

Paul: At this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad, we'll pause for just a moment to compile the Q&A roster.

Alex Fuhrman: The first question comes from Alex Fuhrman with Craig Heller. You may proceed. Hey guys, thanks very much for taking my question and congratulations to all of you on all of the milestones that you achieved last year with the sale of GES and the rebirth of Pursuit as a new company this year. David, you know, I wanted to ask about the CapEx projection for this year. You've talked for a while, going back to last year, about having $200 million of projects within your existing footprint that you're hoping to complete within the next five years and sure enough, your growth CapEx guidance for this year is almost exactly a fifth of that at $40 million.

Speaker Change: The first question comes from Alex Fuhrman with Craig Hallum You May proceed.

Speaker Change: Hey, guys. Thanks, very much for taking my question and congratulations to all of you on all of the milestones that you achieved last year with the sale of Ges.

Speaker Change: Rebirth of pursued as a new company this year.

Speaker Change: David I wanted to ask about the Capex projection for this year, you've talked for a while going back to last year about having $200 million.

Speaker Change: Projects within your existing footprint that youre, hoping to complete within the next five years and sure enough your growth Capex guidance for this year is almost exactly a fifth of that at $40 million. So my question is why not get more aggressive with those those $200 million in projects given that Youre <unk>.

David Barry: My question is, why not get more aggressive with those $200 million in projects, given that your revolver is undrawn, you have enough liquidity, in theory, to tackle all of that in just a year or two? So, just curious your thoughts on that.

Speaker Change: Oliver is undrawn you have enough liquidity in theory to tackle all of that in just a year or two.

Speaker Change: Just curious your thoughts on that.

David Barry: Thank you, Alex. A couple of things I would say. One would be, you have visibility to our view to maintenance capital. But remember that we also have opportunities on the buy side. So we're working actively with a pipeline, and we have a clear view to some opportunities. So we're balancing what we do internally.

Speaker Change: Thank you Alex.

Speaker Change: Couple of things I would say one would be you have visibility to our view to maintenance capital, but remember that we also have opportunities on the buy.

Speaker Change: Working actively with our pipeline and we have a clear view to some opportunities. So we're balancing what we do internally and we're able to throttle that forward or back depending on what's happening on the acquisition side and quite excited about the opportunities in front of us.

David Barry: And we're able to throttle that forward or back depending on what's happening on the acquisition side, and quite excited about the opportunities in front of Okay, that's really helpful.

Speaker Change: Okay. That's really helpful and then David could you expand a little bit.

David Barry: And then David, can you expand a little bit on the acquisitions you've made in Apgar Village? I mean, given that Eddie's and the Montana House are adjacent to other properties that you already own there on that very unique private land within the National Park, does that create new opportunities to build something on the combined property? Just curious what you can do with that canvas now that it's all contiguous to your other assets there. Over the past 16-18 months, there's been some really interesting developments with how APGAR functions as a part of Glacier National Park. So for the summer of 24, a year ago, The National Park Service moved the entry from the West Glacier area closer to the Lake McDonald Road section.

David Barry: On the acquisitions, you've made in Apgar village I mean, given that eddies and the Montana House are adjacent to other properties that you already own they're on that they are unique.

David Barry: Divot land within the National Park does that create new opportunities to build something on the combined property. Just curious what you can do with that candidates now now that it's all contiguous to your other assets there.

David Barry: Over the past 16, 18 months, there's been some really interesting developments with how apcar functions as a part of Glacier National Park.

David Barry: For the summer of 'twenty, four a year ago.

David Barry: The National Park service moved the entry from the West Glacier area closer to the Lake Mcdonald Road sections. So for those of you that know the destination basically turned out car into an area that was no longer behind the gate Theres no longer behind the entry point and so with time to entry.

David Barry: So for those of you that know the destination, that basically turned APGAR into an area that was no longer behind the gate. It was no longer behind the entry point. And so with timed entry being managed further down the road, so to speak, what it did was it opened up the ability to visit APGAR for visitors that were perhaps waiting for their timed entry point. So one of the first elements was an increase in traffic. As we looked at opportunities, we had known the owner of Eddie's for a long time. He'd done a terrific renovation, was looking to, you know, seek some other opportunities for his investments, but wanted to make sure that the location of Eddie's Mercantile was really well set up and well integrated into what exists in APGAR.

David Barry: Being managed further down the road so to speak what it did was it opened up the ability to visit apgar for visitors that were perhaps waiting for their time to entry point. So one of the first elements with an increase in traffic as we looked at opportunities. We had known the owner of that is for a long time. He has done a terrific renovation was looking to.

David Barry: Seek some other.

David Barry: Or opportunities for his investments in <unk>.

David Barry: I wanted to make sure that the location.

David Barry: Mercantile was really well set up and well integrated into what exists in <unk>. So that was the first in Montana House is a long time local with a tremendous connection to history.

David Barry: So that was the first. And Montana House is a long time local with a tremendous connection to history, also very sensitive to legacy and the importance of our commitment to APGAR. So to answer your question in a long winded way, the answer is yes, it does give us opportunity as these properties are all contiguous. cabin village that has been there for a long time since 1946. And it's had various iterations, but it's in a tremendous point for a refresh that we've been working on. We're not quite ready yet to tell the world about what our plans are, but we've been actively working on a refresh of APGAR.

David Barry: Also very sensitive to legacy and the importance of our commitment to <unk>. So to answer your question in a long winded way. The answer is yes. It does give us opportunity as these properties are all contiguous.

David Barry: Our location itself is able to welcome visitors before they have to go into their time to entry to drive that going to the Sun Road and it gives us a great connection is the Eddie.

David Barry: <unk> look at lodging is brand new its beautiful large units great views. So it's a tremendous location and then we have obviously the apt or cabin village that has been there for a long time since $19 46, and it's had various iterations, but it's been a tremendous point for a refresh that we've been working on.

David Barry: Not quite ready yet to tell the world about what our plans are but we've been actively working on a refresh of Acthar and I think the combination of those three things really will provide for a great guest experience as well as an improvement in our opportunities to provide different services, whether it be lodging, whether it be food and beverage retail et cetera.

David Barry: And I think the combination of those three things really will provide for great guest experience, as well as an improvement in our opportunities to provide different services, whether it be lodging, whether it be food and beverage, retail, etc.

David Barry: Okay, David, that's really helpful. Thank you.

Speaker Change: Okay. David that's really helpful. Thank you and then if I could ask one last question, though I think you mentioned that the weaker Canadian dollar is expected to be about a $7 million headwind to EBIT just from the translation of your Canadian profits into fewer U S dollars.

Bo Heitz: And then if I could ask one last question, Beau, I think you mentioned that the weaker Canadian dollar is expected to be about a $7 million headwind to EBITDA, just from the translation of your Canadian profits into fewer U.S. dollars. Just wondering if you can kind of help us think about the big picture here. I would imagine that, you know, given that so many of your guests are coming from the United States and outside of North America, I would imagine that there's some, you know, upward pressure on the local currency hotel rates that you're seeing.

Speaker Change: Wondering if you can kind of help us think about the big picture here I would imagine that given that so many of your guests are coming from the United States and outside of North America I would imagine that there is some upward pressure on the local currency hotel rates that youre seeing I also imagine when people are in destination.

Bo Heitz: I also imagine, you know, when people are in destination and the dollar is weak, the Canadian dollar is weak, I imagine people are more likely to be splurging on dining and attractions and things like that.

Speaker Change: And the dollar is weak the Canadian dollar is weak I imagine people are more likely to be splurging on dining in attractions and things like that so when you put it all together I mean would you expect the lower Canadian dollar to be.

Bo Heitz: So when you put it all together, I mean, would you expect the lower Canadian dollar to be, you know, a headwind given that translation headwind or, you know, net-net, is it neutral or maybe even positive given that I imagine this would create more demand for you in Canada? Yeah, so as you know, I mean, we factored in from a pure recording currency perspective, the 69 cent assumption for our exchange rate. So that is factored into our guidance at this point. You know, more broadly, there's obviously a lot that can evolve within the macro landscape on this.

Speaker Change: A headwind given that translation headwind or net net is it neutral or maybe even positive given given that I imagine this would create more and more demand for you in Canada.

Speaker Change: <unk>.

Speaker Change: Yes so.

Speaker Change: We've factored in from a pure reporting currency perspective, the 69 assumption for our exchange rate. So that is factored into our guidance at this point.

Speaker Change: More broadly obviously block it kind of falls within the macro landscape on this I do think as you're alluding to on the positive side at least what we're seeing currently is that there is more.

Bo Heitz: I do think, as you're alluding to on the positive side, at least, you know, what we're seeing currently is that there's more Canadians traveling domestically right now, which is into the US, and from an FX rate perspective, yeah, it should be a potential benefit if more US guests are looking to travel into Canada to take advantage of that cheaper travel experience. So, you know, we'll need to see how that evolves from now, but we at least factored in the FX component to where we are in our guidance today. Okay, great. That's really helpful. Thank you all very much.

Speaker Change: More Canadians traveling domestically right now.

Speaker Change: And from an FX rate perspective, yes.

Speaker Change: Yes, it should be a potential benefit.

Speaker Change: Guests are looking to travel into Canada to take advantage of that cheaper travel experience. So.

Speaker Change: We will need to see how that evolves from now.

Speaker Change: We at least got extra component to where we are in our guidance today.

Speaker Change: Okay, Great. That's really helpful. Thank you all very much.

Speaker Change: Okay.

Speaker Change: And Alex sorry for that thank.

Speaker Change: Thanks for that.

Speaker Change: The history of <unk>.

Speaker Change: During periods of time, when the Canadian dollar move slower and I would say the best comparator is.

Speaker Change: 1999 through 2002 2003, when the Canadian dollars lower the tourism economy.

Speaker Change: <unk> growth and more visitors from around the world come to Canada, because Canada is on sale to the world. So that's a trend that we see will continue we expect that to continue into this summer season.

Bo Heitz: That's great to hear. Thank you guys. Thank you.

Speaker Change: That's great to hear thank you guys.

Speaker Change: Thank you. The next question comes from Tyler <unk> with Oppenheimer You May proceed.

Tyler Batory: The next question comes from Tyler Batory with Oppenheimer. You may proceed. Thank you. Good afternoon, everyone. So, first question for me, just thinking about the outlook for 2025, you know, in the travel trade side of things, you made some interesting comments that I hadn't heard before about future bookings, holding some inventory, then inventory being released. So, can you just explain a little bit more what's going on with the travel trade, what you're seeing within the travel trade business? And then when you look at the guide this year, are you contemplating much international non-U.S. travel trade business coming to Banff Jasper?

Tyler: Thank you and good afternoon, everyone.

Speaker Change: First question for me.

Speaker Change: Thinking about the outlook for 2025.

Speaker Change: Travel trailer side of things you made some interesting comments that I hadn't heard before about future bookings.

Speaker Change: <unk> some inventory the inventory being released so can you just explain a little bit more.

Or what's going on with the travel trade, which youre seeing within the travel trade business and then when you look at the guide. This year are you contemplating much international non U S travel trade business coming to Banff Jasper.

David Barry: So Tyler, I'll start and then welcome my colleagues to jump in. What we see and what we're seeing across pursuit in all geographies is an increase in demand from our tour and travel partners. It's not specific to one country, in the sense that it's a resurgence of say China or something else, but it's a broad increase in demand. So if you look at say, the Canadian Rockies, as an example, let's start there. We have tour and travel partners that are requesting additional inventory And so when we do allocations out, remember, we're a bit like retail where we're two or three seasons in advance.

Speaker Change: So Tyler I'll start and then welcome my colleagues to jump in.

Speaker Change: What we see and what we're seeing across pursuit in all geographies is an increase in demand from our tour and travel partners.

Speaker Change: It's not specific to one country.

Speaker Change: In the sense that it's a resurgence of say, China or something else, but it's a broad increase in demand. So if you look at say the Canadian Rockies as an example, let's start there we have tour and travel partners that are requesting additional inventory.

Speaker Change: So when we do allocations, though remember, we're a bit like retail where for two or three seasons in advance. So we're providing space to our partners for 2006.

David Barry: So we're providing space to our partners for 26. And so in the 25 year, they've got a certain date that they've got to hit. And if they don't hit it, then their inventory is released and their deposit, et cetera, is forfeited and so on. So we manage those things very, very actively on a daily and weekly basis to manage the tightest inventory that we can. So we're seeing expanded demand from tour and travel partners. And it's specific to Jasper, it's specific to Banff, it's specific to Waters and Lakes, you know, Alaska, et cetera. So our tour and travel partners are all seeing demand from around the world.

Speaker Change: And so in.

Speaker Change: In the 25 year, they've got a certain date that they've got a hit and if they don't hit it in their inventory is released in their deposit et cetera is forfeited and somewhat so we manage those things very very actively on a daily and weekly basis to manage the tightest inventory that we can.

Speaker Change: So we're seeing expanded demand from tour and travel partners and it's specific to Jasper is specific to band it specific to Waterson lakes, Alaska et cetera. So our tour and travel partners are all seeing demand from around the world I would say our demand from the U K and Canada is strong our demand from Japan.

David Barry: I would say our demand from the UK into Canada is strong. Our demand from Japan into Canada is strong and a growing market from India. China is returning, you know, slowly, more slowly than some of the other markets, but still returning. And so this isn't anything new, but it is something important that we felt it was important to articulate how we manage the inventory, because the opportunity for folks to book early if they're on an itinerary is important. But we also know we have strong consumer direct demand and we have an FIT traveler that may be working through a travel agent or their preferred travel supplier, but they're showing up to us like an individual guest.

Speaker Change: Into Canada is strong in a growing market from India, China is returning slowly more slowly than some of the other markets, but still returning and so this isn't anything new but it is something important that we felt it was important to articulate.

Speaker Change: How we manage the inventory because the opportunity for folks to book early if theyre under an itinerary is important but we also know we have strong consumer direct demand and we have an MRI tea traveler that may be working through a travel agent or their preferred travel supplier, but theyre showing up to us like an individual guests and then you also have our <unk>.

David Barry: And then you also have our regional visitors or visitors that might be staying at a Fairmont property or another property and then just showing up to us as a day visitor, if that makes sense.

Regional visitors or visitors that might be staying in our Fairmont property, where another property and then just showing up to us as of date visitor if that makes sense.

David Barry: and Bo or Ellen, if you have anything to add, by all means, jump in. Okay, okay, no, that's very helpful, very clear.

Speaker Change: And Bower Ela and if you have anything to add by all means.

Speaker Change: Yeah.

Speaker Change: Okay. Okay, no that's very helpful very clear.

Bo Heitz: A housekeeping question on the guidance, and maybe this is for Beau or Ellen. So the 98 to 108 of EBITDA, does that include or does that exclude corporate expenses? And can you give us any guide rails on what you're budgeting for corporate expenses in 2025?

Speaker Change: A housekeeping question on the guidance, maybe walkthrough for Bower.

Speaker Change: So the 98 to 100 weight of EBITDA does that include or does that exclude corporate expenses can you give us any guardrails on what youre budgeting for corporate expenses in 2025.

Bo Heitz: Yeah, so so that would be inclusive of corporate expenses, as it always will be going forward. You know, we previously noted last quarter around 12 to 13 million of corporate costs. I'd say there's no significant changes from that perspective, but really, it's not a metric that I would orient to going forward.

Speaker Change: Yes, so that would be inclusive of corporate expenses as always will be going forward.

Speaker Change: Yes, we had previously noted last quarter around 12% to $13 million of corporate cost I would say there is no significant changes from that perspective, but really it's not a metric that I would orient to going forward now that we are standalone pursuits.

Bo Heitz: Now that we are standalone pursuits. You know, obviously, we're focused on managing costs broadly. But when we think about corporate costs, it's really about managing SG&A costs broadly in this business.

Yeah, obviously, we're focused on managing costs broadly, but let me think about corporate costs, it's really about managing SG&A cost broadly in this business and so when we looked at that as part of the transition. There is there is some real efficiencies at the top of the org structure.

Bo Heitz: And so when we looked at that as part of the transition, there's there's some real efficiencies at the top of the org structure, and those are largely offset by some dis-energies that we alluded to last quarter on the IT side in particular, as well as some targeted investments we're making on the technology side.

Speaker Change: Those are largely offset by some dis synergies that we alluded to last quarter on the it side in particular as well as some targeted investments, we're making on the technology side.

Bo Heitz: So, you know, maybe another another angle or lens on this is this past year FY24, we were at approximately 21% margin all in. We'd expect, at least at the midpoint of our guidance, to be closer to that 25% margin level for this year. And importantly, given the operating leverage and growth that we're expecting in this business, as that grows over time, we expect continued margin expansion over time.

Speaker Change: So maybe another another angle or lens on this is.

Speaker Change: This past year FY 'twenty four.

Speaker Change: We're at approximately 21% margin all in.

Speaker Change: We would expect at least at the midpoint of our guidance to be closer to that 25% margin level for this year.

Speaker Change: Importantly, given the operating leverage and growth that we're expecting in this business.

Speaker Change: As that grows over time, we expect continued margin expansion over time.

Speaker Change: Okay very good that was actually my next question I'm going to ask me at the midpoint of the guide mid <unk> EBITDA margin quite a bit of improvement over the last two years.

Speaker Change: You are kind of low 20% about 2024 and 2023.

Speaker Change: I guess, how much of that is kind of driven by the Jasper wildfire recovery. How much is maybe some of the new attractions wrapping up I'm just trying to bucket in my head just what's contributing to that so that year over year margin improvement.

Bo Heitz: Yeah, I mean, we've talked about the Jasper fire impact being about 15 million from an EBITDA perspective. So, yeah, when you clearly when you have an impact like that at a relatively fixed cost business, that has a really strong flow through on the positive side for this year. So there's definitely margin improvement that you're seeing coming out of that. But it is broader than that as we look across the growth that we're expecting in this business. Again, from a corporate cost and broader ST&A perspective, I don't see you're seeing particular noise one way or the other there from a materiality perspective, but more of what you're seeing is continuing operating leverage in this business.

Speaker Change: Yes, I mean, we've talked about the Jasper fire impact being about $15 million from an EBITDA perspective, so yes.

Speaker Change: Yes.

Speaker Change: Clearly when you have an impact like that.

Speaker Change: Relatively fixed cost business that hasnt really strong flow through on the positive side for this year. So there's definitely margin improvement that you're seeing coming out of that.

Speaker Change: But it is broader than that as we look across the growth that we're expecting in this business again from a corporate cost and broader SG&A perspective.

Speaker Change: I don't see Youre, seeing particular noise, one way or the other there.

Speaker Change: Materiality perspective, but.

Speaker Change: More of what you're seeing is continued operating leverage in this business.

Tyler Batory: Okay, great.

Speaker Change: Okay great.

Tyler Batory: I think the last question for me, just on the capital side of things, and I'm really interested on the on the buy bucket. You know, it sounds like some clear view to some opportunities you have, you have a pipeline, I guess, how comfortable or where would you be comfortable taking leverage, if you saw an acquisition? I mean, the balance sheet's in a great place right now. So just trying to get a sense of potentially your investment capacity and where you'd like or where you would be willing to take leverage. To take leverage if you saw something attractive to buy.

Speaker Change: Last question for me just on the capital side of things and I'm really interested on the on the by bucket.

Speaker Change: It sounds like some clear view to some opportunities you have a pipeline.

Speaker Change: I guess, how comfortable or where would you be comfortable taking taking leverage if you saw an acquisition I mean, the balance sheets and a great place right now so just trying to get a sense of potentially your investment capacity.

Speaker Change: Where do you like where you would be willing to take to take leverage if you saw something attractive to buy.

Bo Heitz: Yeah, Tyler, we have plenty of capacity and plenty of great opportunities. I think that we will be quite thoughtful in how we structure things, how much that we would take on, but our ability to move clearly now in a direction of growth with a strong balance sheet and basically zero percent net leverage, I think we're in a great position and both jump in. Yeah, and on that zero net leverage point, when we think about more of a long term on this business, we still think about that two and a half to three and a half times net leverage target holistically and leverage to get on the higher end of that for the right opportunity and lever down from there.

Speaker Change: Yeah, Tyler we have plenty of capacity and plenty of great opportunities I think that we will be quite thoughtful in how we structure things how much debt, we would take on but our ability to move clearly now in a direction of growth.

Speaker Change: With a strong balance sheet and basically zero percent net leverage I think we're in a great position in both jump in on that.

Speaker Change: Zero net leverage point, when we think about more of a long term on this business. We still think about that two five to three five times net leverage target Holistically and.

Speaker Change: Levers to hit on.

The higher end of that for the right opportunity and lever down from there.

Bo Heitz: And then, yeah, so there's the broader leverage point of this and then the immediate term, we also just have a really strong liquidity position with about 250 million between Revolver and cash on hand. So very excited about what we can do with that.

Speaker Change: And then yes. So there is the broader leverage point of this in the immediate term. We also just have a really strong liquidity position with about $250 million between revolver and cash on hand.

Speaker Change: So very excited about what we can do with that.

Bo Heitz: And our focus, you know, really is on Our focus is on new iconic locations with perennial demand and high barrier standards. And that really is the key, that the iconic vocation strategy, high barriers to entry, is really where our energies are being directed.

Speaker Change: And our focus.

It really is.

Speaker Change: Our focus is on new iconic locations with perennial demand and high barriers to entry.

Speaker Change: And that really is the key that the iconic location strategy high barriers to entry is really where our energies are being directed.

Tyler Batory: Okay, great. I'll leave it there. Thank you for the detail. Thank you.

Speaker Change: Okay, Great I'll leave it there thank you for the detail.

Speaker Change: Thank you.

Speaker Change: Thank you.

Tamiya: There currently no other questions queued. So as a quick reminder, it is star one on your telephone keypad. If you'd like to ask All right, give any appropriate pause. I'll thank Ellen one last time. Ellen, thank you so much for everything. And thank you, operator.

Speaker Change: Clearly another question Skus as a quick reminder, it is star one or your telephone keypad, if you'd like to ask a question.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Alright, given the appropriate.

Speaker Change: Thank you Ellen one last time, Alan Thank you so much for everything and thank you. Operator. This concludes our 2024 full earnings full year earnings call. Thanks to everyone, who joined today and please feel free to reach out to US should you have any further questions have a great afternoon.

Tamiya: This concludes our 2024 full earnings, full year earnings call. Thanks to everyone who joined today and please feel free to reach out to us should you have any further questions. Have a great afternoon. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

Speaker Change: This concludes today's conference call. Thank you for your participation you may now disconnect your line.