Pursuit Attractions and Hospitality, Inc.

Good afternoon. My name is Makaya, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit 2025 First Quarter 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 pound. Thank you. Carrie Long, you may proceed the conference.

Good afternoon, and thank you for joining us for Pursuit's 2025 First Quarter Earnings Conference Call. Our earnings presentation, which we'll reference during this call, is available on the Investors section of our website. On the call, you will hear from David Berry, our President and CEO, and Beau 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 two of our presentation for identification of forward-looking statements and factors that could cause results to differ from those expressed in such statements. 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.

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 tuck-in 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. 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 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. 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 businesses. 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. 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 returns. 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. And buy is about strategically acquiring one-of-a-kind businesses, bringing them onto the Pursuit platform, and improving their hospitality and financial performance. 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 McDonnell. 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 advanced 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. 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. Moving on to page nine, let's talk about what's next for our Refresh Build Buy 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 Jasper. 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 refresh is 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 Pursuit's already well-managed businesses. We have the flexibility to accelerate or moderate these investments depending on the pace of our acquisition activity. 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 in 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. And now I'll ask Beau to review our financial results and outlook for the balance of 2025.