Q1 2025 Pursuit Attractions and Hospitality Inc Earnings Call

Unknown Executive: Earnings Conference Call. Our earnings presentation, which we'll reference during this call, is available on the Investors section of our website.

Our earnings presentation, which we'll reference during this call is available on the investors section of our web site on.

Carrie Long: On the call, you will hear from David Barry, our President and CEO, and Bo Heitz, our Chief Financial Officer. Today's call will contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to the disclaimer on page 2 of our presentation for identification of forward-looking statements and factors that could cause results to differ from those expressed in such statements.

Speaker Change: On the call you will hear from David Barry, Our President and CEO and Bo Hype, our Chief Financial Officer.

Speaker Change: Today's call will contain forward looking statements, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095.

Speaker Change: Please refer to the disclaimer on page two of our presentation for identification of forward looking statements and factors that could cause results to differ from those expressed in such statements.

Speaker Change: During the call. We will also discuss non-GAAP financial measures definitions of these non-GAAP financial measures are provided on page three and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of this presentation and now I'll turn it over to David who will start on page four.

Carrie Long: During the call, we will also discuss non-GAAP financial measures. Definitions of these non-GAAP financial measures are provided on page 3, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of this presentation.

Carrie Long: And now, I'll turn it over to David, who will start on page 4.

David Barry: Thanks, Carrie and thank you all for joining us as we review our first quarter results as a standalone attractions and hospitality company. We're pleased to report a strong start to the year delivering solid financial performance in Q1. We've also made meaningful progress in integrating our three recent Tuckin acquisitions that closed in the fourth quarter of 24. Encouragingly, we continue to see positive indicators for demand across our markets. And today we're reaffirming our full year guidance for double digit growth in both revenue and adjusted EBITDA.

Start on page 4.

David Barry: Thanks, Carrie, and thank you all for joining us as we review our first port of results as a standalone attractions in hospitality company. We're pleased to report a strong start to the year delivering solids and natural performance in Q1.

David Barry: We've also made meaningful progress in integrating our three recent tuck-in acquisitions that closed in the fourth quarter of 24.

David Barry: Encouragingly, we continue to see positive indicators for demand across our markets, and today we're reaffirming our full-year guidance for double-digit growth in both revenue and adjusted EBITDA. So, let's jump in starting on page 6 with a reminder of what drives our success.

David Barry: So let's jump in starting on page six with a reminder of what drives our success. Pursuit delivers authentic experiences in iconic destinations, and that's what global consumers are prioritizing and seeking. 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 world. Our experiences appeal to people of all ages and skill levels with no athletic ability required. All you need to enjoy pursuit is to love a beautiful view. We have roughly 4000 amazing and dedicated team members across pursuit that are focused on delivering unique and authentic experiences and hospitality that delight our guests every day.

David Barry: For suit delivers, authentic experiences in iconic destinations, and that's what global consumers are prioritizing in seeking.

David Barry: We have an extraordinary collection of 15 world-class point-of-interest sightseeing attractions and 28 distinctive logists located in iconic, unforgettable, and inspiring places around the world.

David Barry: Our experience is appealed to people of all ages and skill levels with no athletic ability required. All you need to enjoy pursuit is to love a beautiful view.

David Barry: We have roughly 4,000 amazing and dedicated team members across pursuit that are focused on delivering unique and authentic experiences and hospitality that delight our guests every day.

David Barry: And I'm pleased to say that our seasonal hiring efforts are on track for us to be well staffed heading into the busy summer season. We've built a leadership position in markets with high barriers to entry, strong perennial demand, and significant market tailwind. And our team is strategically marketing and managing inventory through our various channels to maximize revenue and guest experience across our business. We continue to see global consumers prioritizing experiences over things and seeking out authenticity pretty much everywhere they want to go. This plays well into exactly what Pursuit delivers, authentic experiences and iconic locations.

David Barry: and I'm pleased to say that our seasonal hiring efforts are on track for us to be well-staffed heading into the busy summer season.

David Barry: We've built a leadership position in markets with high barriers to entry, strong tyrannial demand and significant market tailwinds.

David Barry: In our team is strategically marketing and managing inventory to our various channels to maximize revenue and guest experience across our businesses.

David Barry: We continue to see global consumers prioritizing experiences over things and seeking out authenticity pretty much everywhere they want to go. This plays well into exactly what pursuit delivers, authentic experiences and iconic locations.

David Barry: And we have exciting opportunities to continue growing our collections of incredible experiences through our proven Refresh Build by Growth Investment Strategy, which is highlighted on page seven. That strategy and our relentless focus on the guest experience has enabled us to more than triple our revenue over the last 10 years while delivering strong returns on investment. Refresh is about improving our existing assets, where we see opportunities to improve the guest and team member experience and maximize return. Build is about creating new and amazing experiences that are very connected to iconic locations and bring new revenue streams with economies of scale and scope.

David Barry: and we have exciting opportunities to continue growing our collections of incredible experiences to our proven, refreshed bill by growth investment strategy, which is highlighted on page

David Barry: That strategy and our relentless focus on the guest experience has enabled us to more than triple our revenue over the last 10 years while delivering strong returns on investment.

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

David Barry: Bill is about creating new and amazing experiences that are very connected to iconic locations and bring new revenue streams with economies of scale in scope.

David Barry: and Vi is about strategically acquiring one of a kind businesses, bringing them on to the pursuit platform and improving their hospitality and financial performance.

David Barry: and Vi is about strategically acquiring one-of-a-kind businesses, bringing them on to the pursuit platform and improving their hospitality and financial performance.

David Barry: So let's quickly turn to page eight for an update on our three recent tuck-in acquisitions. As a reminder, Eddie's Cafe and Mercantile, Apgar Lookout Retreat and Montana House are strong strategic fits within our Glacier Park collection and existing lodging properties in Apgar Village, Montana. They're all situated on rare privately owned land within Glacier National Park at the west end of the same Going-to-the-Sun Road near the shores of beautiful Lake MacDonald.

David Barry: So let's quickly turn to page 8 for an update on our three recent tuck-in acquisitions.

David Barry: As a reminder, Eddie's cafe and mercantile, Afghan look out for treat and Montana House are strong strategic fits within our Glacier Park collection and existing lodging properties and Afghan Village Montana.

David Barry: They're all situated on rare privately-owned land, within Glacier National Park, at the west end of the fame going to the Sun Road near the shores of beautiful Lake McDonald's.

David Barry: These connected experiences now provide us greater operational synergies, as well as a unique opportunity to reimagine and refresh our collective experiences in Avgar. Moving to the Canadian Rockies, the Jasper SkyTram is a strong strategic fit within our Vance Jasper collection. This well-established and popular sightseeing attraction is located inside Jasper National Park and just moments away from downtown Jasper, where we have a significant bed base among our seven lodging properties.

David Barry: These connected experiences now provide us greater operational synergies, as well as a unique opportunity to reimagine and refresh our collective experiences in Abgarh.

David Barry: Moving to the Canadian Rockies, the Jasper Skytram is a strong strategic fit within our Vance Jasper collection. This well-established and popular sightseeing attraction is located inside Jasper National Park and just moments away from downtown Jasper, where we have a significant bed base among our seven lodging properties.

David Barry: The reimagining of the SkyTram is a powerful refresh opportunity coming in the very near future, and will deliver an outstanding guest experience for decades to come. We're proud to welcome these already successful businesses into Pursuit. Integration is progressing smoothly, and we're confident that these assets are well positioned to contribute meaningfully to our momentum heading into summer 2025 and beyond.

David Barry: The reimagining of the Sky Tram is a powerful refresh opportunity coming in the very near future and will deliver an outstanding guest experience for decades to come.

David Barry: We're proud to welcome these already successful businesses into pursuit. Integration is progressing smoothly and we're confident that these assets are well positioned to contribute meaningfully to our momentum heading into summer 2025 and beyond.

David Barry: Moving on to page nine, let's talk about what's next for our refresh build by strategy. As a reminder, we have two strong levers of growth that will drive the scaling of pursuit into the future. Firstly, we've identified more than $200 million of refresh and build investments that we believe can be executed over the next five years. And all of these investments are focused on well-instrumented, high-performing businesses that already exist within Pursuit. In 2025, we plan to invest between $38 and $43 million in growth projects, including the transformational refresh of the Woodland Wing at our Forest Park Hotel in Joplin.

David Barry: Moving on to page 9, let's talk about what's next for our refresh bill by strategy. As a reminder, we have two strong levers of growth that will drive the scaling of pursuit into the future. We have two strong levers of growth that will drive the scaling of pursuit into the future.

David Barry: Firstly, we've identified more than $200 million of refresh and build investments that we believe can be executed over the next five years. And all of these investments are focused on well-instrumented, high-performing businesses that already exist within pursuit.

David Barry: In 2025, we plan to invest between 38 and 43 million in growth projects, including the Transformation Refresh of the Whitman Wing at our Forest Park Hotel in Johnson.

David Barry: We're currently renovating and upgrading about half of the 152 rooms at the property, with those expected to reopen to guests in June, before property refreshes on track for completion in 2026. Investments in our hotel properties not only elevate the guest experience, but also drive increased demand, which in turn supports incremental visitation to our nearby attractions. Refresh and build investments are key levers of our growth strategy. Investing in ourselves is one of the most powerful economic levers we have. Refresh and build investments, eliminate points of friction in the guest experience, and improve the performance of pursuits already well managed.

David Barry: We're currently renovating and upgrading about half of the 152 rooms at the property with so is expected to reopen to guest in June before property refreshes on track for completion in 2026.

David Barry: Investments in our hotel properties not only elevate the guest experience but also drive with increased demand which in turn supports incremental visitation to our nearby attractions.

David Barry: Refresh and build investments are key levers of our growth strategy. Investing in ourselves is one of the most powerful economic levers we have.

David Barry: Refresh and Build Investments eliminate points of friction in the guest experience and improve the performance of pursuits already well-managed businesses.

David Barry: We have the flexibility to accelerate or moderate these investments, depending on the pace of our acquisition activity.

David Barry: We have the flexibility to accelerate or moderate these investments, depending on the pace of our acquisition activity.

David Barry: Our second lever of significant growth is the expansion of our business through acquisition. On the acquisition front, our pipeline remains robust with a number of strategically aligned opportunities, both in our current geographies and new iconic locations. With our strong balance sheet and ample financial capacity, we're actively pursuing transactions that will be of great interest to our guests, strengthen our platform and deliver long term value to shareholders.

David Barry: Our second lever of significant growth is the expansion of our business through acquisition.

David Barry: On the acquisition front, our pipeline remains robust, with a number of strategically aligned opportunities both in our current geographies and in new iconic locations.

David Barry: With our strong balance sheet and ample financial capacity, we're actively pursuing transactions that will be of great interest to our guests, strengthen our platform, and deliver long-term value to Cheryl.

Bo Heitz: And now I'll ask Bo to review our financial results and outlook for the balance of 2025. Thanks, David. I'll start on page 11 with our balance sheets and liquidity highlights. are well positioned for accelerated growth supported by a strong balance sheet, low leverage and substantial revolver capacity. At the end of the first quarter, our net leverage ratio was under one times. We carried a total debt balance of $78.9 million, which includes financing lease obligations, term debt at non-wholely-owned subsidiaries, and $5 million outstanding on our $200 million revolving credit facility. Total liquidity was $212.1 million, consisting of $22.8 million in cash and cash equivalents, and $189.3 million of available capacity on our revolvers.

Speaker Change: And now, I'll ask Bo to review our financial results and now look for the balance of 2025.

Bo Hype: Thanks, David. I'll start on page 11 with our balance sheet and liquidity highlights, or well-positioned for accelerated growth supported by a strong balance sheet, load leverage, and substantial revolver capacity.

Bo Hype: We carried a total debt balance of $78.9 million, which includes financing lease obligations, term debt at nonhold-owned subsidiaries, and $5 million outstanding on our $200 million revolving credit facility.

Bo Hype: Total liquidity was $212.1 million, consisting of $22.8 million in cash and cash and $189.3 million of available capacity on our revolver.

Bo Heitz: Next, on page 12, I will walk through our first quarter financial results. We delivered revenue of $37.6 million in the seasonally slower first quarter, which was up approximately 1% year over year. This growth was driven primarily by an increase in ticket revenue, which I'll cover in more detail shortly, largely upset by unfavorable foreign exchange rate variances. The translation of our Canadian results into U.S. dollars at a lower year-over-year exchange rate impacted first-quarter revenue by approximately $1.3 million. excluding that impact revenue grew 4% year over year. Net loss attributable to pursuit was $31.1 million as compared to $25.1 million in the prior year.

Bo Hype: Next, on page 12, I will walk through our first quarter financial results.

Bo Hype: We delivered revenue of $37.6 million in the seasonally slower first quarter, which was up approximately 1% year-over-year.

Bo Hype: This growth was driven primarily by an increase in ticket revenue, which I'll cover in more detail shortly, largely upset by unfavorable foreign exchange rate variances.

Bo Hype: The translation of our Canadian results in the US dollars of the lower year-over-year exchange rate impacted first quarter revenue by approximately 1.3 million dollars, excluding that impact revenue grew 4% year-over-year.

Bo Hype: Net loss attributable to pursuit was $31.1 million as compared to $25.1 million in the prior year. The year-over-year change was primarily driven by the discontinued operations treatment of GES's results in 2024.

Bo Heitz: The year-over-year change was primarily driven by the discontinued operations treatment of GES's results in 2024. Loss from continuing operations of Chippewa 2 Pursuit was $31 million, as compared to $29.6 million in the prior year. And our adjusted net loss, which excludes results of discontinued operations and other non-recurring expenses, was $26.9 million as compared to $25.4 million in the prior year. The year-over-year change primarily reflects lower-adjusted EBITDA, partially offset by lower interest expenses. Adjusted EBITDA decline by $2.9 million to negative $17.5 million during the seasonally slower first quarter, primarily due to inflationary cost increases to support year-round operations, as well as seasonal operating losses from new business.

Bo Hype: Laws from continuing operations have shifted all to pursuit, with $31 million, has compared to $29.6 million in the prior year.

Bo Hype: and our adjusted net loss, which excludes results of discontinued operations and other non-recurring expenses, was $26.9 million as compared to $25.4 million in the prior year.

Bo Hype: The year-over-year change primarily reflects lower-adjusted Yvda partially offset by lower inter-s Extence.

Bo Hype: Adjust the diva dot decline by $2.9 million to negative $17.5 million during the seasonally slower first quarter, primarily due to inflationary cost increases to support year round operations.

as well as seasonal operating losses from new businesses.

Bo Heitz: Now let's look at our first quarter attractions performance on page 13. Attraction ticket revenue reached $19 million, reflecting a 6% year over year increase, driven by higher effective ticket prices and increased The successful launch of our Flyover Chicago attraction in the first quarter of 2024 significantly contributed to the growth in revenue and visitors.

Bo Hype: Now let's look at our first quarter attractions performance on page 13.

Bo Hype: Attraction ticket revenue reached $19 million for reflecting a 6% year-over-year increase driven by higher effective ticket prices and increased visitors.

Bo Hype: The successful launch of our flyover Chicago attraction in the first quarter of 2024, significantly contributed to the growth in revenue and visitors.

Bo Heitz: Same store, constant currency, effective ticket pricing, which excludes Flyover Chicago, grew by 10% compared to 2024. This increase was primarily fueled by the expansion of the Premium Ritual Experience at our Sky Lagoon attraction, completed in August 2024.

Bo Hype: Same-store, constant currency, effective ticket pricing, which excludes flyover Chicago through by 10% compared to 2024. This increase was primarily fueled by the expansion of the premium ritual experience at our Sky Lagoon attraction, completed in August 2024.

Bo Heitz: Next, let's switch to our first quarter hospitality performance on page 14. Lodging room revenue totaled $7.3 million, reflecting a $300,000 decrease compared to 2024.

Bo Hype: Next, let's switch to our first quarter hospitality performance on page 14.

Bo Hype: Logging room revenue totaled $7.3 million, reflecting a $300,000 decrease compared to 2024.

Bo Heitz: This was primarily due to fewer rooms being available at the Forest Park Hotel's Woodland Wing. where large scale renovations are currently underway on approximately half of the properties. These impacts were partially offset by stronger same-store REVFAR. Same-store constant currency RevPAR, which excludes the Forest Park Hotel's Woodland Wing and the recently acquired Apgar Lookout Retreat, grew 9% year-over-year as we captured higher ADRs and maintained strong occupancy levels.

Bo Hype: This was primarily due to fewer rooms being available at the Forest Park Hotel's Woodland Wing where large-scale renovations are currently underway on approximately half of the property's rooms as well as an unfavorable effects impact.

These impacts were partially assessed by stronger same-store rent parts.

Bo Hype: Same-store constant currency rep bar, which excludes the forest park hotel's Woodland Wing and the recently acquired APGAR Lookout Retreat, grew 9% year-to-year as he captured higher ADRs and maintains strong occupancy levels.

Bo Heitz: Page 15 provides a view of our strong room booking pacing for 2025. The charts on this page show our room revenue in the books for confirmed reservations as of May 5th across three years. Our US lodging properties are pacing approximately 10% ahead of the same time last year, and our Canadian properties are up approximately 2% year over year.

Bo Hype: Page 15 provides a view of our strong room booking pacing for 2025. The charts on this page show our room revenue on the books for confirmed reservations as of May 5th across three years.

Bo Hype: Our US lodging properties are pacing approximately 10% ahead of the same time last year, and our Canadian properties are of approximately 2% year over year.

Bo Heitz: When adjusting for the impact of rooms taken offline for renovation at the Forest Park Hotel's Woodland Wing, our room revenue on the books in Jasper is approximately 8% higher than at the same time last year. This pacing supports our expectation that we will see strong perennial demand across our locations this year and a return to more normal levels of revenue across our Jasper property.

Bo Hype: When adjusting for the impact of rooms taken offline for renovation at the Forest Park Hotel Woodland Wing, our room revenue on the books in Jasper is approximately 8% higher than at the same time last year.

Bo Hype: This pacing supports our expectation that we will see strong perennial demand across our locations this year and a return to more normal levels of revenue across our Jasper properties.

Bo Heitz: Let's turn to our 2025 Outlook on page six. Based on our first quarter performance and continued positive forward indicators, we are reaffirming our 2025 guidance issued on March 11. We continue to expect double digit growth in full year revenue and adjusted EBITDA supported by strong business fundamentals. Our adjusted EBITDA guidance range of $98-$108M represents an increase of $21-$31M over 2024. This growth is expected to be driven by strong execution across our operation. The recovery of leisure travel to Jasper and contributions from our recent acquisition. partially upset by the impact of unfavorable foreign exchange rates as Canadian results are translated into U.S.

Let's turn to our 2025 Outlook on page 16.

Bo Hype: based on our first quarter performance and continued positive forward indicators, we are reaffirming our 2025 guidance issued on March 11th.

Bo Hype: We continue to expect double-digit growth in full-year revenue and adjusted Yvada, supported by strong business fundamentals.

Bo Hype: How adjusted the EBITDA guidance range of 98 to 108 million dollars represents an increase of 21 to $31 million dollars over 2024.

Bo Hype: This growth is expected to be driven by strong execution across our operations

Bo Hype: the recovery of leisure travel to Jasper and contributions from our recent acquisitions.

Bo Hype: Artially upset by the impact of unfavorable foreign exchange rates that Canadian results are translated into US dollars.

Bo Heitz: dollars. This guidance accounts for certain assumptions. which are set forth in our earnings press release.

Bo Hype: This guidance accounts for certain assumptions which are set forth in our earnings press release.

Bo Heitz: With the anticipated rebound in Jasper, our unwavering focus on delivering exceptional guest experiences, and the strength of our balance sheet, we are well positioned to drive sustained growth and continue investing in high return, refresh, build and buy opportunities.

Bo Hype: With the anticipated rebound in Jasper, our unwavering focus on delivering exceptional guest experiences and the strength of our balance sheet, we are well positioned to drive sustained growth and continue investing in high return, refresh, build, and buy opportunities.

David Barry: And with that, I'll turn it back to David. Thank you both. Across Pursuit, we're gearing up to welcome guests and deliver exceptional experiences during what we expect to be a strong peak summer season. I want to thank our team for their dedication and passion all across the Pursuit world. They bring their best every day to create unforgettable moments for our guests.

and with that, I'll turn it back to David.

Thank you both.

Speaker Change: Cross Pursuit. We're gearing up to welcome guests and deliver exceptional experiences during what we expect to be a strong peak summer season. I want to thank our team for their dedication and passion all across the Pursuit world. They bring their best every day to create unforgettable moments for our guests.

David Barry: And to our shareholders, thank you for your continued support as we advance Pursuit's exciting growth journey.

Bo Hype: and to our shareholders, thank you for your continued support as we advance pursuit exciting growth journey. Now, let's open it up for questions.

Unknown Executive: Now let's open it up for questions.

Unknown Executive: For more information visit www.pursuit.com I would like to remind everyone.

Steven Moster: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Unknown Executive: In order to ask a question, press star then the number one on your telephone keypad. We'll pause for just a brief moment to compile the Q&A roster.

Bo Hype: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

I would like to remind everyone.

Speaker Change: In order to ask the question, her star had been the number one on your telephone keypad. Will Paul for just a brief moment to compile the Q&A roster?

Tyler Batory: The first question is from the line of Tyler Batory with Oppenheimer. You may proceed. Thank you. Good afternoon. My first question is on the travel trade business. And in terms of your your rooms revenue on the books right now, what percentage is is travel trade and kind of what are you expecting in terms of that that mix of business as we move through the peak season? Tyler, thank you. Right around 45%. And it does fluctuate. So in certain times of the year, that percentage might be slightly higher. But if I round it out, for the full year, it's right around Good demand from around the world.

Speaker Change: The first question is from the lawn of Tava Batory with Oppenheimer. You may proceed.

Thank you, good afternoon. My first question.

Speaker Change: is on the travel trade business and in terms of your runes revenue on the books right now what percentage is travel trade and kind of what are you expecting in terms of that that mix of business as we move through the peak season here.

Speaker Change: Tyler, thank you. Right around 45% and it does fluctuate, so in certain times of the year that percentage might be slightly higher, but if I round it out for the full year, it's right around 45%.

Unknown Speaker coming from travel trade.

Speaker Change: Trouble Trade, Strong Demand, for Jasper, for Bant, for Other Destination.

Speaker Change: being a good demand from around the world as people are seeking the alternative.

Unknown Speaker.

Speaker Change: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Speaker Change: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Man Curve, Good Continue

Speaker Change: Steven Moster, Alex Fuhrman, Tyler Batory

Speaker Change: Steven Moster, Alex Fuhrman, Tyler Batory,

Speaker Change: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Tyler Batory: Tyler, did we lose you? I'm not, I'm still here. There might be some technical difficulties on your end. I'm not sure David was cutting out there at the end, so. Do you need them to repeat the answer, Tyler? No, no, that's okay. I just want to be sure that he's still there and ready for the next question. Still here, ready for the next question. OK. Okay, perfect. Thank you.

Tyler, did we lose you?

Tyler: I'm still here. There might be some technical difficulties on your end. I'm going to show David was cutting out there at the end, so...

Thank you.

Do you need them to repeat the answer, Tyler?

Tyler: No, no, that's okay. It's going to be sure that he's still there and ready for the next question.

Still here, ready for the next question? Okay.

Tyler Batory: Um, I'm also thinking about, there's a lot of movements in the currency, there's a lot of geopolitical headlines that are that are out there. Um, you know, in terms of your your mix of, of guests that you're expecting, and I'm really thinking about Banff, Jasper. I mean, are you expecting a little bit more local Canadian visitation than normal this year? You know, how does the US inbounds look versus versus prior years? So starting, Tyler, with the U.S. inbound, U.S. inbound remains quite strong. Canada is priced very advantageously on a world scale, and that's really reacting to currency values, currency exchange, which puts Canada in a position of very favorable pricing.

Okay, perfect. Thank you.

Tyler: I'm also thinking about, there's been a lot of movements in the currency to allow geopolitical headlines that are out there.

Tyler: You know, in terms of your mix of of guests that you're expecting and I'm really thinking about being Jasper.

Speaker Change: So, starting Tyler with the U.S. inbound, U.S. inbound remains quite strong. Canada is priced very advantageously on a world scale, and that's really reacting to currency values, currency exchange, which

David Barry: On the side of Canadians staying home, with a low Canadian dollar, historically, Canadians have stayed home and spent their time in energy vacationing within their home country. This year, I would say that's amplified due to a variety of factors. But we see strong demand from the U.S., strong demand from Western Europe, strong demand from Japan and parts of Asia, and then Canadians staying home. So it feels like a tailwind to me. Okay, and follow up on the currency.

puts Canada in a position of very favorable pricing.

Speaker Change: On the side of Canadians staying home with a low Canadian dollar, historically Canadians have stayed home and spent their time in energy vacationing within their home country. This year I would say that's amplified due to a variety of factors.

Speaker Change: But we see strong demand from the US, strong demand from Western Europe , strong demand from Japan and parts of Asia and then Canadian staying home. So feels like a tailwind to me.

Bo Heitz: Maybe a question more for Beau here. So $1 or sorry, 69 cents is within the guide. I mean, the currency is a little bit of a little bit different than that right right now. So is there a way to think about sensitivity, the currency moves one way or the other in terms of the translation impact in your results? Sure, yeah. So, as you alluded to, our guide kept rates unchanged at the $0.69 for Canadian to US dollar rate. You know, given recent volatility in FX and the fact that we still have a large portion of our season to go, you know, no updates at this point, but certainly something we'll look to update as we get later into the year and into our operating season here.

Speaker Change: Okay, and follow up on the currency, maybe a question more for both of you. So $59 censors within the guide.

Speaker Change: I'm going to encourage you a little bit of a little bit different than that right right now. So is there a way to think about some activity? The currency moves one way or the other in terms of the translation impacting your results?

Speaker Change: Sure, yeah, so as you alluded to, our guide kept rates unchanged at the 69 cents for Canadian U.S. dollar rate, you know, given recent volatility and effects.

Speaker Change: and the fact that we still have a large portion of our season to go, you know, no update at this point, but certainly something we'll look to update as we get later into the year and into our operating season here in terms of the sensitivity. Thank you very much.

Bo Heitz: In terms of the sensitivity, not going to give a specific answer on that, but, you know, if you think about right now, rates, I think, are around $0.72. We had called out at relative to prior year at the $0.69 rate, that was about a $7 million headwind year over year. And that was based on last year having average rates closer to $0.73. So, it gives you a sense of the concentration we have in the Banff-Jasper area and how that could impact based on movements in currency. And just a reminder, that headwind on adjusted EBITDA. Okay, okay.

Speaker Change: I'm not going to give a specific answer on that, but if you think about right now rates, I think around 72 cents.

Speaker Change: We had called out a relative to prior year, at the 69th Cent Rate, that was about a $7 million per year, and that was based on last year having average rates closer to 73 cents, so give you a sense of the

Speaker Change: So, concentration we have in the BAM Jasper area and how that could impact based on movements and currency. And just a reminder, that headwind on adjusted EBITDA.

Tyler Batory: Thank you.

Tyler Batory: A couple others for you. You know, in terms of, you know, flyover, I know there's a write down related to that last quarter, just, you know, how are things progressing at flyover Las Vegas, you know, sounds like Chicago is doing quite well, too.

Okay. Okay. Okay. Thank you. Thank you.

Speaker Change: A couple others for you. You know, in terms of, you know, flyover, I know there's a breakdown related to that last quarter, just, you know, how are things progressing at

David Barry: So just kind of help us think about performance in the on the flyover side of Sure, I'm happy to speak to that, Tyler. So first, I'll start in Vancouver. We're seeing good performance in Vancouver with a combination of Canadians staying home and visitors into Canada. So Vancouver's performing on track and gaining ground. We have Chicago that's entering its second year. So really, it's just starting in summer season. So we feel positive about Chicago and how it's tracking. Iceland visitation is performing as expected.

Flyover Las Vegas. Yes, something Chicago is doing quite well too. Just kind of help us think about the performance on the flyover side of things.

Speaker Change: Sure, I'm happy to speak to that Tyler. So first, I'll start in Vancouver. We're seeing good performance in Vancouver with the combination of Canadians staying home and visitors into Canada. So

Speaker Change: Vancouver's performing on track and gaining ground. We have Chicago that's entering its second year, so really it's just starting in summer season, so...

David Barry: And then Vegas continues to be challenging. And, you know, wish I could say, oh, my gosh, things have gotten incredibly better. But the team is resilient. We're focused on doing everything we can to drive to an outcome, a positive outcome in terms of visitation. But it's a slog in terms of driving visitation to Vegas. Vegas overall had a rough first quarter, and not an excuse for how we perform, but just an indication of overall what's in the market. Okay.

Speaker Change: You know, wish I could say, oh my gosh, things have gotten incredibly better but the team is resilient. We're focused on doing everything we can to drive to an outcome. We're focused on doing everything we can to drive to an outcome.

Speaker Change: a positive outcome in terms of visitation, but it's a slog in terms of driving visitation of Vegas. Vegas overall had a rough first quarter and not an excuse for how we performed, but just an indication of overall what's in the market.

Tyler Batory: And then my last question is just the commentary in terms of M&A. And you talked about the pipeline remaining robust. You alluded to current geographies and new locations. You also made a comment in terms of adjusting the capital spend, depending on the pace of opportunities that are out there. So just expand on that a little bit more. What are you seeing out there? What are you looking at? When I hear the pipeline remains robust, I'm curious if the opportunities have changed much recently or just any other general commentary in terms of opportunities and what you're looking at.

Okay, and then my last question.

You just put the commentary in terms of M&A.

and she talked about the pipeline.

Remaining Robots

Speaker Change: You also made a comment in terms of adjusting the capital spend, depending on the pace of opportunities that are out there.

Speaker Change: Just expand on that a little bit more. What are you seeing out there? What are you looking at when I hear pipeline remains?

Speaker Change: Robust, you know, I'm curious if it's if the opportunity to change much recently or just any other general commentary in terms of opportunities and what you're looking at.

David Barry: Thank you, Tyler, for such a good question. So a couple of things. Obviously, I can't comment on things that we're working on or things that we're looking at around the world. So we'll just have to be patient on that one. As we continue to look internally at our organic opportunities, we're always working on things we can be accelerating. And back to the two levers of growth, if we see things that we can move more quickly, that would be beneficial. We'll certainly work on those and communicate them when we've made a decision. Acquisitions, we've got a, I would say, a very robust pipeline.

David Barry: The team, super resilient, has been working hard during the period of time that we were going through the strategic transformation with, you know, VIAD to pursue. We kept all of those various contacts, you know, warm and worked on a variety of things during that time. So I think we're well positioned. And as news comes to the forefront, we'll be the first to share it with the world.

Speaker Change: We've got a, I would say a very robust pipeline. The team super resilient has been working hard during the period of time that we were going through the strategic. Thank you.

Speaker Change: Transformation with Viad to pursue. We kept all of those various contacts warm and worked.

Speaker Change: on a variety of things during that time. So I think we're well positioned and as news comes to the forefront, we'll be the first to share it with the world.

Tyler Batory: Okay, that's all for me. Appreciate it. Thank you.

Okay, that's all for me. Appreciate it. Thank you.

Unknown Executive: Again, if you'd like to ask a question, press star and the number one on your telephone keypad. There are no further questions at this time.

Thank you.

Speaker Change: Again, if you'd like to ask a question, or a star, then number one on your telephone

David Barry: David Barry, I'll turn the call back over to you. Thank you so much.

Steven Moster: Steven Moster, Alex Fuhrman, David Barry, Unknown Executive, Carrie Long

Speaker Change: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Speaker Change: There are no further questions at this time. David Barry, touch on the call back over to you.

David Barry: Well, this concludes our 2025 first quarter earnings call. Thanks to everyone that joined today. And I know that for our next quarter, there'll certainly be more questions. So looking forward to that. And thank you all. And thanks for your support as we continue our exciting growth journey.

Speaker Change: Thank you so much. Well, this concludes our 2025 first quarter earnings call. Thanks everyone that joined today, and I know that for our next quarter, there'll certainly be more questions, so looking forward to that, and thank you all, and thanks for your support as we continue our exciting growth journey.

Unknown Executive: Have a great day.

Have a good, great day.

Unknown Executive: This concludes today's conference call. You may now disconnect.

This will close today's conference call. You may now disconnect.

Steven Moster: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,

Steven Moster: Unknown Executive, David Barry, Ellen Ingersoll, Steven Moster, Steven Moster, Steven Moster,