Pursuit Attractions and Hospitality, Inc.

Good afternoon, my name is matt and i'll be your conference operator today at this time, I would like to welcome everyone to pursuits 2025 for quarter and full year earnings conference call. All on has been placed on mute to prevent any background noise after the speakers remarks, there will be a question answer session if you'd like to ask a question during this time simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question press the star to key Thank you very long, you may begin the conference.

Good afternoon, and thank you for joining us for our 2025 Full-Year Earnings Conference Call. During the call, you will hear from David Barry, our President and CEO, and Bo Heitz, our Chief Financial Officer. As David and Bo cover our results and outlook, they will be referencing our earnings presentation, which is available on the Investors section of our website. We encourage investors to monitor the Investors section of our website, in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts. 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 discussion of risks and other important factors that could cause results to differ materially from those expressed in such statements. During the call, we will also discuss non-GAAP financial measures. and definitions of those 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 the presentation and in our earnings release. And now I will turn it over to David, who will start on page four of our earnings presentation.

Thanks, Gary, and thank you all for joining us as we review our record-breaking 2025 results and unveil our vision for continued significant long-term growth. Today's call will be slightly longer than usual as we have so much to talk about. So let's settle in, get comfortable and off we go. I'll start by celebrating four notable achievements that reflect the incredible momentum we've built and the even greater potential ahead. First, we delivered our best results ever in 2025 with significant year over year growth, all while continuing to deliver extraordinary experiences for our guests. Second, we executed a thoughtful set of strategic moves to strengthen long-term shareholder value, including acquiring Tabacon in Costa Rica, entering into an agreement to sell Flyover, and investing in ourselves through share repurchases. Third, we're introducing our Vision 2030 long-term financial targets to drive our next phase of accelerated growth, backed by a proven strategy, strong balance sheet, and meaningful pipeline of high return investment opportunities. And fourth, we're guiding for continued strong growth in 2026 and are well positioned to benefit from global consumer demand trends for experiential travel to iconic destinations. So let's review our record 2025 results and exciting achievements on page six. During 2025, our team delivered extraordinary experiences to 4.2 million attraction visitors and welcomed guests across 439,000 room nights. We drove strong, broad-based growth. Revenue reached $452 million, up 23% year-over-year. Adjusted EBITDA surged 52%, and margins expanded to 26%, clearly demonstrating the power and scalability of our model. Our record results are driven by our incredible team members and leaders who relentlessly focus on elevating the guest experience across our businesses. This focus helped drive a year over year increase in our already strong guest experience scores. Our engaged teams, elevated guest experiences and the enduring pull of our destinations continue to propel pursuit forward with real momentum. Now let's turn to pages seven and eight and walk through the series of strategic actions we took over the past year to redefine our future. We're executing a disciplined transformation to strengthen our portfolio and unlock long-term shareholder value. Our strategy is simple and focused. Using Refresh Build Buy, we're growing our core sightseeing attractions and hospitality experiences in the world's most iconic destinations. At the end of 2024, after a decade of meaningfully scaling pursuit within Viad, we sold GES, our legacy sister business, retired all of our high-cost Term 1b debt, strengthened our liquidity, and converted our preferred stock into common stock. This reset our balance sheet and sharpened our focus. In January 2025, we launched Pursuit as a standalone pure play attractions and hospitality company with the financial structure and flexibility to accelerate our proven growth strategy. By July 2025, we expanded into the Costa Rican market with the addition of Tabacon, a one of a kind thermal river attractions and luxury hospitality experience that strategically fit perfectly as a powerful addition to our portfolio. In September of 2025, we acquired full ownership of our high performing Glacier Park subsidiary. And in December 2025, we purchased the minority interest in Flyover Iceland. These intentional transactions simplified our capital structure and eliminated $25 million of non-controlling interest liabilities. In January of this year, we entered into an agreement to sell our non-core flyover business at a premium valuation of approximately 15 times 2025 adjusted EBITDA. We expect that sale to close this spring. Additionally, through our share repurchase program, we've returned $14.5 million to shareholders through opportunistic repurchases, underscoring our confidence in the long-term value of our company. These moves reflect disciplined, value-accretive portfolio management and mark the next step in a decade-long growth story as we continue to build a stronger company to the long term. And now I'll turn it over to Beau to review our 2025 financial results before we dive into our Vision 2030 targets and 2026 expectations.