Pursuit Attractions and Hospitality, Inc.

Good afternoon. My name is Cameron and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 25 second 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 the pound key. Thank you. Harry Long, you may begin the conference.

Good afternoon and thank you for joining us for Pursuit's 2025 second quarter earnings conference call. Our earnings presentation, which we will reference during the call, is available on the investor section of our website. We encourage investors to monitor the investor section of our website in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts. On the call, you will hear from David Berry, our president and CEO, and Bo Heights, 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 for a discussion of risks and other important 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 those measures are provided on page three, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And now I'd like to turn it over to David, who will start on page four of our presentation.

Thanks, Carrie, and thank you all for joining us as we review our strong 2025 second quarter results. We delivered double-digit -over-year growth across revenue, income from continuing operations, and adjusted EBITDA. This growth included significant increases in both visitors and revenue per visitor, reflecting continued healthy demand for our differentiated and authentic guest experiences and helped drive strong flow through to adjusted EBITDA. Our refresh bill by strategy continues to be a powerful growth engine that generates meaningful returns. With our recent strategic Costa Rica acquisition, which I'll cover in more detail shortly, we continue to strengthen our global footprint and unlock meaningful long-term growth opportunities. We're excited to be in our peak summer season, delivering exceptional guest experiences, and I'm encouraged by our solid first half of 25 results and continued positive demand indicators across our business. We're pleased to announce that we are raising our full year guidance with stronger double-digit growth expected in both revenue and adjusted EBITDA. All right, so let's begin on page six with a reminder of what drives our success. Pursuit delivers authentic, unforgettable experiences in iconic destinations that global travelers are prioritizing. We appeal to a broad range of visitors, no special skills required, just a love for a beautiful view. Our portfolio includes 17 world-class sightseeing attractions and 29 distinctive lodges, all located in some of the most iconic places in the world. We've built a leadership position in markets with high barriers to entry and perennial demand. We're supported by a team of approximately 4,350 passionate and dedicated individuals who deliver exceptional guest experiences every day. And we have a powerful strategy to deliver significant growth through reinvesting and improving our existing businesses while deploying capital to drive acquisition-focused growth and new opportunities that meet our criteria. As highlighted on page seven, this disciplined strategy and our strong execution has enabled us to more than triple our revenue over the last decade while delivering strong returns on our investments. The Pursuit team has a growth mindset. We're driving consistent growth across our existing experiences fueled by strong demand and a relentless focus on guest and team member experience. Through strategic inventory management, targeted guest programming, focused pricing strategies, and the value of integrated collections, we're filling white space and maximizing yield. Importantly, we're scaling effectively and efficiently by maintaining cost discipline and unlocking operating leverage, ensuring that our growth is both sustainable and margin-accretive. In addition, we continue to pursue compelling growth investment opportunities that complement and accelerate our strategy, both within our existing markets and in new iconic and compelling geographies. As we show on slide eight, over the past decade, we've established a strong track record of value creation through our -build-buy strategy. From 2014 to 2023, we completed 13 major growth investments ranging from refreshing the Vanfgondala, transforming it into a top-rated must-do experience, to creating Iceland's world-class Sky Lagoon geothermal attraction, to buying numerous irreplaceable -a-kind attractions and hospitality experiences. These investments represented approximately 460 million in capital deployed, generating a strong return and elevating guest experiences. We've continued to build on this momentum with four additional acquisitions, further expanding our portfolio and reinforcing our commitment to discipline high-impact growth. So whether refreshing existing experiences, building new experiences, or buying -a-kind experiences, our strategy continues to deliver meaningful results and position pursuit for long-term success. Now let's discuss our most recent buy growth investment in more detail, starting on page nine. On July the 1st, we completed the acquisition of Tabacon Thermal Resort and Spa, which marks a significant milestone in our growth journey. This iconic year-round destination in Costa Rica's Arenal region combines two geothermal hot spring attractions, a luxury hotel, a renowned spa, and signature culinary experiences, all set within 570 acres of pristine terrain. It's a rare best of both worlds opportunity, blending high margin, attraction-based experiences with premium hospitality. With its unique location and natural thermal features, Tabacon benefits from strong competitive barriers and strengthens our geographic and seasonal diversification. Costa Rica is an established global tourism destination with many of the largest hospitality brands in the world drawn to the country's stability, perennial demand, and highly educated bilingual workforce. Tabacon serves as an ideal anchor for building a broader Costa Rica collection with meaningful scale, and we see significant long-term upside as we apply Pursuit's proven growth playbook. Continuing to page 10, Tabacon represents truly world-class attraction and hospitality experiences in one of Costa Rica's most popular travel destinations. Nestled at the base of the Arenal volcano and adjacent to over 900 acres of pristine rainforest reserve, Tabacon offers exclusive access to the country's largest network of naturally flowing hot springs through both the Tabacon and Choyen thermal river attractions. The renowned five-star luxury full-service resort has 105 rooms and year-round occupancy exceeding 80% with over 30,000 room nights annually. Supported by a proven Costa Rican leadership team with a strong track record of growth and hospitality excellence, the property is well positioned to drive incremental visitation and long-term value, which is highlighted on page 11. We see a clear path to near-term growth at Tabacon through targeted operational enhancements and the benefit of recent investments, including the launch of the Choyen-Rio thermal attraction in March of 2024. With strong demand and ample hot springs capacity, we'll be actively deploying strategies that we expect will drive Tabacon's adjusted and even done multiple down below nine times by year three. Beyond and incremental to these operational gains, we're also evaluating meaningful, refresh and build investments across the 570 acres of acquired terrain, as well as potential buy investment opportunities for additional attractions and hospitality businesses in Costa Rica at attractive valuations to build a collection that will drive long-term value. Next, switching back to North America on page 12, we're excited to announce another new refresh growth project, the makeover of our growth mountain lodge in Whitefish, Montana, which will transform and reposition this property in a high demand affluent market near Glacier National Park. This investment will significantly elevate the guest experience through renovation of 73 year round guest rooms, corridors and the pool area, creating a more compelling upscale offering. We're also constructing a new wedding and events pavilion to grow market share in that segment. These enhancements are designed to increase demand, elevate the guest experience and support higher ADRs. The project is on track for completion in 2026 with additional opportunities for incremental lodge improvements in future phases. Looking ahead on page 13, we continue to have a compelling pipeline of both organic growth projects and acquisition opportunities to power our growth into the future. On the organic side, we've identified over $200 million in refresh and build investments that we believe can be executed over the next five years. These are focused on our existing high performing experiences and include potential transformational future projects we're exploring like re-imagining the Apgar Village properties in Glacier National Park and refreshing the Jasper Sky Tram, which is the only aerial sightseeing experience in one of the world's most beautiful and well-visited national parks. In 2025, we expect to invest between $38 and $43 million towards organic growth projects, including the refresh investments at our Forest Park Hotel in Jasper and our growth mountain lodge in Montana. Additionally, we invested in two new ICE Odyssey all-terrain vehicles to expand the premium tour experience on the Athabasca Glacier at the Columbia Icefields attraction in Jasper. And these growth projects are all designed to meet the demand from the mass absolute leisure travelers that are visiting our markets. We view refresh and build investments as one of our most efficient uses of capital, making guest experiences better, creating yield opportunities and improving performance across our businesses, raising quality makes our guests happier and it drives our business performance. We have the flexibility to pace these investments in alignment with our second growth lever, which is strategic acquisitions of one of a kind forever businesses. Our pipeline remains robust with opportunities in both existing geographies and in new iconic destinations. So our capital allocation strategy remains anchored in our proven refresh build by framework designed to drive long-term value creation and scale pursuit in a thoughtful and sustainable way. That said, we also believe it makes sense to use our strong balance sheet to opportunistically buy back our own shares if the market fails to recognize our value. And I'm pleased to say that our board recently approved a new share repurchase authorization for up to $50 million of Pursuit's common stock, reflecting our confidence in Pursuit's long-term growth trajectory. With a strong balance sheet and ample financial capacity, we're well positioned to pursue investments that enhance our guest offering, expand our footprint and deliver compelling returns. And now I'll ask Bo to review our financial results and outlook for the balance of 2025.