Pursuit Attractions and Hospitality, Inc.

Good afternoon. My name is Tamia, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2024 fourth quarter and four-year earnings conference call. All lines have been placed on mute to prevent any background noise. 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. Carry along. 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 Investors section of our website. During the call, you'll hear from David Berry, our President and CEO, 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 two and three of our presentation, which contain important disclosures regarding non-GAAP measures and overlooking 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.

Thanks, Terry, 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. 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 wildfire. 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, refreshed build-by-growth investments, we expect to deliver double-digit growth in revenue and adjusted EBITDA in 2025. 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 buy investments to enhance shareholder value. So let's move to page six. The sale of GES to TrueLink Capital for $535 million did several important things for our company. It transformed us from our legacy conglomerate structure into a standalone 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. 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 seven, Pursuit already has the scale and financial foundation to drive sustainable growth as a standalone company. 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. Today we operate in three countries, the United States, Canada and Iceland, with about 4000 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 tailwinds. And we have exciting opportunities to continue growing our collections of incredible experiences through our proven growth investment strategy. So let's talk about that powerful strategy on page eight. Refresh Build By is our roadmap for smart capital deployment and delivering accelerated growth into the future. 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. 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 pursuit. Refresh is about improving our existing assets where we see opportunities to improve the guest and team member experience and maximize returns. 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 Lagoon attraction. Here we saw an opportunity to meet the robust demand for the lagoon's signature ritual experience that was far exceeding our existing capacity. As a result of the expansion, Sky Lagoon is now welcoming more visitors at a higher effective ticket price with its upscaled offering. We're also proud to share that Sky Lagoon was named the best Icelandic brand in 2024 by Brandeer, 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. And during the fourth quarter, we completed three strategic tuck-in acquisitions to expand our collections and unlock future growth levers in our iconic locations. So let's go to page nine for highlights of these acquisitions. In early November, we acquired Eddie's Cafe and Mercantile and the Apgar Lookout Retreat property, which offers food and beverage, retail merchandise, and elevated overnight accommodations. 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 McDonald Creek and the shores of Lake McDonald. 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. 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 guests. Thirdly, they operate adjacent to our existing 48-room property in Apgar, which brings operational and cross-sell synergies. And finally, the combination of these properties with our existing lodging property in Apgar gives us a unique opportunity to reimagine and refresh our collective experiences in this special inholding in the coming years. The third tuck-in acquisition we completed in 2024 was the Jasper Sky Tram. We're super excited to add this well-established and popular sightseeing aerial ropeway attraction to our advanced Jasper collections. 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 Jasper. The Sky Tram is a powerful refresh opportunity in the near future and will deliver an outstanding guest performance for years to come. Moving on to page 10, let's talk about what's next for our refresh build by strategy. We have a proven track record of adding value through investments in 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 collections. 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 Jasper. Page 10 of our presentation provides a view of the dramatic before and after transformation of the property. 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, which in turn garner higher room rates and occupancy. Investments in our hotel properties increase 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 pursuits. We have the ability to speed them up or slow them down depending on our level of acquisition investment happening at the same time. 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. And we're pursuing these opportunities with vigor now that we have the financial capacity to transact for the right iconic location experience. And now I'll ask Ellen to review our strong financial position and consolidated financial results.