Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Merger or Acquisition (October 2024)
21 slides from Pursuit Attractions And Hospitality's merger presentation, Oct 21, 2024
Slide 1: Divesting GES to Create Pursuit, a Pure-play, High-growth Attractions and Hospitality Company
Divesting GES to Create Pursuit, a Pure-play, High-growth Attractions and Hospitality Company October 21, 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and simi
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This document includes the presentation of “Adjusted EBITDA”, which is supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other compa
Slide 4: Today's presenters
Today’s presenters President & CEO of Viad Corp CFO of Viad Corp President of Pursuit since 2015 Will serve as President & CEO of Pursuit following GES sale David Barry STEVE MOSTER Ellen ingersoll 4
Slide 5: Our Strategy to maximize shareholder value
Smart allocation of capital Meaningfully scale Pursuit through investment in Refresh, Build, Buy high-return growth opportunities Deliver strong cash flow from GES Exhibitions through simple, user-friendly services and best-in class execution 5 Drive growth through Spiro’s world-class, experiential
Slide 6: Our strategic focus has been aligned with creating more options for Viad
6 Our strategic focus has been aligned with creating more options for Viad 10 Years Ago Key Hurdles to Separation Scale Pursuit so it can stand alone in public markets Improve GES margin/growth characteristics to enhance its value Strengthen teams, processes and systems within each business Meaningf
Slide 7: Viad to change corporate name and relaunch as Pursuit following close
VIAD TO CHANGE CORPORATE NAME AND RELAUNCH AS PURSUIT (NYSE: PRSU) FOLLOWING CLOSE Sale of GES Business to trueLink for $535M 7 TRANSACTION DETAILS Divesting GES, an exhibition and experiential marketing business, from Viad’s Pursuit attractions and hospitality business All cash offer of $535M, subj
Slide 8: Creates high growth, high-return company
CREATES High Growth, High-return company 8 transaction achieves major milestones Creates standalone, pure-play attractions and hospitality company with focused strategy Eliminates Viad’s higher cost Term Loan B and revolver borrowings Provides new capital and balance sheet capacity to accelerate REF
Slide 9: World-class, high-return attractions, experiences, and lodging in iconic locations
World-class, high-return point-of-interest attractions, experiences, and lodging in the world’s most iconic and sought-after locations Experienced operating team executing proven Refresh, Build, Buy strategy High-margin growth engine with substantial upside potential as the owner-operator of choice
Slide 10: Pursuit set to benefit from growing global demand for authentic, immersive vacations
Pursuit set to benefit from growing global demand for authentic, immersive vacations in iconic locations 10 1. Global Wellness Institute, data as of November 2023 2: Arival Research, August 2024 3: Skift Research Online Travel Behavior Survey U.S., June 2024 4: Skift 2024 State of Travel Report as t
Slide 11: Pursuit owns an iconic, integrated attractions and hospitality portfolio
6 12 2 18 PURSUIT OWNS AN ICONIC, INTEGRATED ATTRACTIONS AND HOSPITALITY PORTFOLIO 11 Canadian Rockies Alaska Iceland Montana Denali National Park Area Kenai Fjord National Park Area Seward Talkeetna Reykjavik Banff National Park Jasper National Park Golden Waterton Lakes National Park Glacier Natio
Slide 12: Pursuit combines "Must Do" Attractions in iconic locations
Pursuit combines “Must Do” Attractions in iconic locations with… 12 54% of FY’23 Revenue 14 World-Class Experiences 3.5M Visitors in FY’23 Strong demand for iconic destinations World-class sightseeing gondola in Banff National Park One-of-a-kind experiences at the Columbia Icefield in Jasper Nationa
Slide 13: A synergistic Hospitality portfolio that drives visitation and multi-day journeys
PRINCE OF WALES HOTEL #2 HOTEL IN WATERTON LAKES NP Talkeetna alaskan lodge#3 HOTEL IN TALKEETNA DENALI BACKCOUNTRY LODGE #1 HOTEL IN DENALI NP GLACIER VIEW LODGE #5 HOTEL IN JASPER NP …a synergistic Hospitality portfolio that drives visitation and multi-day Journeys 13 41% of FY’23 Revenue 419K Roo
Slide 14: The power of a collection: Alaska
The power of a collection: Alaska In creating a collection, Pursuit enhances the value of iconic, unforgettable, and inspiring experiences 14 =~$10M Est. EBITDA +3 LODGES +1 ATTRACTION +2 LODGES +1 SIGHTSEEING TOUR ENTERED ALASKA MARKET Acquired two lodges in and near Denali National Park and Denali
Slide 15: Pursuit has the scale and financial foundation to drive sustainable growth as a standalone company
Pursuit has the scale and financial foundation to drive SUSTAINABLE growth AS A STANDALONE COMPANY 15 $350M 2023 REVENUE $93M 2023 ADJUSTED EBITDA 26% REVENUE ($M) ~15% CAGR EXISTING EXPERIENCES NEW EXPERIENCES* * New Experiences comprises the following attractions and lodging properties that were o
Slide 16: Proven Refresh, Build, Buy strategy to drive significant growth opportunities
Proven REFRESH, BUILD, BUY Strategy to drive significant growth opportunities 16 REFRESH BUILD BUY Identify and execute on accretive capital allocation opportunities within existing portfolio / collections to generate incremental throughput or pricing power Refresh investments to optimize guest expe
Slide 17: Track record of creating value through Refresh, Build, Buy growth strategy
Track record of CREATING VALUE THROUGH refresh, build, buy growth strategy ATTRACTIONS VISITORS (M) MORE THAN 2.5X from 2015 to 2023 HOSPITALITY ROOMS OCCUPIED (K) MORE THAN 2.5X from 2015 to 2023 * Major projects are defined as growth investments greater than $5 million that had a first full year o
Slide 18: Pursuit has robust pipeline of actionable investment opportunities to accelerate growth
PURSUIT HAS ROBUST PIPELINE OF ACTIONABLE INVESTMENT OPPORTUNITIES TO ACCELERATE GROWTH 18 INVESTMENT CRITERIA 15%+ IRR hurdle rate Iconic, unforgettable, and inspiring Perennial demand High barriers to entry Attractive EBITDA margins High-quality guest experience Countries with strong ease of doing
Slide 19: Pursuit is performing at the higher-end of prior guidance range
Pursuit is performing at the higher-end of prior guidance range 19 $Millions Current Expectation Guidance Issued Aug 6, 2024 Guidance Issued May 2, 2024 (Pre-Jasper Fire)* FY 2024 Revenue Above 2023 ($350M) In line with 2023 Up mid-single digits from 2023 FY 2024 Adjusted EBITDA $85 - $95M $80 – $95
Slide 20: World-class, high-return attractions, experiences, and lodging in iconic locations
World-class, high-return point-of-interest attractions, experiences, and lodging in the world’s most iconic and sought-after locations Experienced operating team executing proven Refresh, Build, Buy strategy High-margin growth engine with substantial upside potential as the owner-operator of choice
Slide 21: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION 21 Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago. Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023. Remeasurement of