Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Investor Presentation (March 2024)
49 slides from Pursuit Attractions And Hospitality's investor presentation, Mar 13, 2024
Slide 1: Investor Presentation March 2024
Exhibit 99.1 INVESTOR PRESENTATION MARCH 2024
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of forward-• unanticipated delays and cost overruns of our• our ability to successfully integrate and achieve looking statements. Words, and capital projects, and our ability to achieve established financial and strategic goals from vari
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This document includes the presentation of “Adjusted EBITDA”, which is supplemental income (loss) from discontinued operations, interest expense and interest income, income to results presented under accounting principles generally accepted in the United States of taxes,
Slide 4: Viad, Pursuit, GES, Summary, Appendix
VIAD PURSU/T Ges SUMMARY APPENDIX 10
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS 3 1 2 HIGH-QUALITY POSITIONED FOR CREATING BUSINESSES WITH EXTRAORDINARY ONGOING STRONG LEADING AND GROWTH EXPERIENCES AND DEFENSIBLE MARKET STRONG RETURNS FOR ▪ Substantial opportunity to POSITIONS OUR SHAREHOLDERS scale Pursuit by adding new world-class, high-margin ▪ Proven
Slide 6: Viad Is a Leading Provider of Extraordinary Experiences
VIAD IS A LEADING PROVIDER OF EXTRAORDINARY EXPERIENCES OUR MISSION is to drive significant and sustainable growth by delivering extraordinary experiences for our teams, clients, and guests BUCKET LIST ATTRACTIONS & HOSPITALITY COMPANY EXHIBITION MANAGEMENT & EXPERIENTIAL MARKETING COMPANY ▪ World-c
Slide 7: Our Strategy to Maximize Shareholder Value
OUR STRATEGY TO MAXIMIZE SHAREHOLDER VALUE Deliver strong cash flow from Smart allocation of capital Meaningfully scale Pursuit GES Exhibitions through through investment in simple, user-friendly services Refresh, Build, Buy high- and best-in class execution return growth opportunities Continually e
Slide 8: Creating Value with Capital Allocation Strategy
CREATING VALUE WITH CAPITAL ALLOCATION STRATEGY We prioritize being strong stewards of our capital to maximize shareholder value using a balanced approach DRIVE STRONG FREE CASH FLOW AT GES PURSUIT GROWTH INVESTMENTS & REINVEST IN STRONG RETURNS AT PURSUIT ▪ Invest in high-return growth investments
Slide 9: Significant Catalysts and Tailwinds to Drive Year-over-Year Growth
SIGNIFICANT CATALYSTS AND TAILWINDS TO DRIVE MEANINGFUL YEAR-OVER-YEAR GROWTH CONSOLIDATED FY’24 OUTLOOK ADJUSTED EBITDA ($M) PURSUIT GES ~171-191 ▪ FlyOver Chicago opened on ▪ Major non-annual shows March 1, 2024 (~$65M of incremental 147 revenue vs. 2023) ▪ Full year Adjusted EBITDA margin expansi
Slide 10: Pursuit
PURSU, T”
Slide 11: Pursuit Is a Bucket List Attractions & Hospitality Company
PURSUIT IS A BUCKET LIST ATTRACTIONS & HOSPITALITY COMPANY A bucket list attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations. ATTRACTIONS HOTELS F&B, RETAIL & TRANSPORTATION ▪ 14 World-Class Attractions▪ 27 Distinc
Slide 12: Pursuit's Unforgettable, Inspiring Experiences
PURSUIT’S UNFORGETTABLE, INSPIRING EXPERIENCES Located in some of the world’s most remarkable places with meaningful barriers to entry and strong perennial demand BANFF JASPER GLACIER PARK SKY LAGOON ALASKA COLLECTION FLYOVERS COLLECTION COLLECTION ▪ 2023 Revenue: ~$184M ▪ 2023 Revenue: ~$60M ▪ 2023
Slide 13: Pursuit's Powerful Growth Strategy
PURSUIT’S POWERFUL GROWTH STRATEGY REFRESH REVENUE ($M) To optimize guest experience, market position, and maximize returns 350 299 BUILD To create new guest experiences and revenue streams with economies of scale and scope 176 223 144 BUY 187 185 Strategic assets that drive guest experience, econom
Slide 14: Pursuit Is a High-Margin Growth Engine
PURSUIT IS A HIGH-MARGIN GROWTH ENGINE WINNING FORMULA FOR GROWTH ADJUSTED EBITDA ($M) ▪ Strong demand for iconic, unforgettable, ~105-115 inspiring experiences ▪ Barriers to entry with strong moats Expect to about 81 ▪ Bucket list attractions with meaningful TRIPLE visitation and throughput ADJUSTE
Slide 15: Why We Will Be Successful
WHY WE WILL BE SUCCESSFUL We believe that collecting memories is far more important than collecting things. Since the beginning of time, human beings share a passion for exploration and the search for remarkable experiences. Our MISSION is to connect guests and staff to iconic places through unforge
Slide 16: Slide 16
Slide 17: GES Is an Exhibition Management & Experiential Marketing Company
GES IS AN EXHIBITION MANAGEMENT & EXPERIENTIAL MARKETING COMPANY An exhibition management and experiential marketing company offering a comprehensive range of services to the world’s leading event organizers and brands. GES EXHIBITIONS SPIRO Market leader with high levels of recurring Strong growth
Slide 18: GES Exhibitions Is a Leading Contractor for Tradeshow Organizers
GES EXHIBITIONS IS A LEADING CONTRACTOR FOR TRADESHOW ORGANIZERS GLOBAL LEADER #2 market share in the US #1 market share in the UK RECURRING REVENUE 3–5 year contracts SERVICES PROVIDED: ▪ Material Handling High Renewal Rates ▪ Graphics and Signage ▪ Electrical and Rigging WE SERVE ▪ Furnishings and
Slide 19: Strong Visibility into Growth Opportunity
STRONG VISIBILITY INTO GROWTH OPPORTUNITY GES EXHIBITIONS’ GROWTH AS EVENT SIZES Leader in large growing exhibitions market with long- FULLY RECOVER standing client relationships and multi-year contracts GES US Exhibitions Same-Show* ▪ 2024 is expected to have incremental Revenue and Square Footage
Slide 20: Spiro Is a Global Experiential Marketing Agency
SPIRO IS A GLOBAL EXPERIENTIAL T H I S I S S P I R O REPRESENTING MARKETING AGENCY OVER 1,500 CORPORATE DELIVERING CREATIVE AND STRATEGIC EVENTS AND EXPERIENCES CLIENTS AND THE BEST OF THE BEST MEETINGS & ENVIRONMENTS & EVENTS MARKETING & PERMANENT INSTALLATIONS 10 of the Top 10 MEASUREMENT Pharma C
Slide 21: Spiro's Winning Growth Strategy
55 SPIRO’S WINNING GROWTH STRATEGY NEW CLIENTS SINCE SPIRO Built for strong revenue growth of high-single to low-double digits from new and LAUNCH IN existing clients in large, fragmented growing experiential marketing market Q1’22 RETAIN GROW EXPAND MAINTAIN MARQUEE CLIENT BASE ACCELERATE EXISTING
Slide 22: Transformed GES to Improve Profitability
TRANSFORMED GES TO IMPROVE PROFITABILITY Fundamental changes to reduce GES Exhibitions’ cost structure and build Spiro’s growth capabilities have positioned GES to drive stronger results on lower revenue ADJUSTED EBITDA MARGIN (%) ▪ Continued margin expansion expected in 2024 ▪ Key Drivers: ~8.5% 7.
Slide 23: GES Is a Strong Cash Flow Generator
GES IS A STRONG CASH FLOW GENERATOR KEY GROWTH DRIVERS ADJUSTED EBITDA – CAPEX ($M) ~65-75 ▪ Substantial benefit in 2024 from major non-annual shows (~$65M of incremental revenue vs. 2023) 55 ▪ Continued focus on efficiency with lean productivity 45 initiatives ▪ Exhibitions’ pricing strength and co
Slide 24: Why We Will Be Successful
WHY WE WILL BE SUCCESSFUL Live events and other forms of experiential marketing provide a powerful means to drive business growth. We are primed to create what is possible for our clients and to be the industry leader. Our MISSION is to create the most meaningful and memorable experiences for market
Slide 25: Investment Opportunity Summary
INVESTMENT OPPORTUNITY SUMMARY
Slide 26: Creating Extraordinary Experiences and Strong Returns
CREATING EXTRAORDINARY EXPERIENCES AND STRONG RETURNS Experienced Management High-Quality Businesses with Team Focused on Leading and Defensible Shareholder Value Market Positions 53% 47% Proven Success Executing Benefiting from Industry Growth Strategy and Recovery and Delivering Driving Strong Ret
Slide 27: Appendix
APPENDIX INA
Slide 28: Non-GAAP Financial Reconciliation: Viad Consolidated
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED ($M) 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue $ 1 ,089.0 $ 1 ,205.0 $ 1,307.0 $ 1,237.3 $ 1 ,302.7 $ 4 15.4 $ 5 07.3 $ 1,127.3 $ 1,238.7 Net Income (Loss) Attributable to Viad $ 2 6.6 $ 4 2.3 $ 5 7.7 $ 4 9.2 $ 22.0 $ (374.1) $ ( 92.7) $
Slide 29: Non-GAAP Financial Reconciliation: Pursuit
NON-GAAP FINANCIAL RECONCILIATION PURSUIT ($M) 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue $ 1 12.2 $ 1 53.4 $ 1 73.9 $ 1 85.3 $ 2 22.8 $ 76.8 $ 187.0 $ 299.3 $ 350.3 Operating Income (Loss) $ 2 7.8 $ 3 5.8 $ 47.9 $ 48.9 $ 5 4.3 $ ( 42.3) $ 4 .6 $ 2 4.0 $ 5 3.4 Depreciation 7.7 12 .1 16.1 1
Slide 30: Our Experienced Executive Management Team
OUR EXPERIENCED EXECUTIVE MANAGEMENT TEAM STEVE MOSTER - PRESIDENT & CHIEF EXECUTIVE OFFICER ELLEN INGERSOLL - CHIEF FINANCIAL OFFICER • Has served as President and CEO of Viad since 2014 • Has served as CFO of Viad since 2002 and as President of GES from 2010• During her tenure, the Company success
Slide 31: Our Experienced Executive Management Team
OUR EXPERIENCED EXECUTIVE MANAGEMENT TEAM JEFF STELMACH - PRESIDENT SPIRO LESLIE STRIEDEL - CHIEF ACCOUNTING OFFICER • Joined Viad in 2021 to lead GES’ growth in Brand • Has served as Chief Accounting Officer of Viad Corp Experiences since 2014 • Prior to joining the Company, he served as Opus • Pre
Slide 32: Our Mission & What We Stand For
OUR MISSION & WHAT WE STAND FOR OUR MISSION Drive significant and sustainable growth by delivering extraordinary experiences for our teams, clients, and guests OUR VISION Create the world’s most extraordinary experiences PEOPLE FUTURE HONESTY, BE FIRST FOCUSED ALWAYS EXTRAORDINARY 32
Slide 33: Our ESG Commitment
OUR ESG COMMITMENT We are committed to delivering extraordinary experiences that support a more sustainable world for generations to come. We protect and improve our world by continuously investing in our people, reducing our environmental impact, and honoring our communities. OUR PILLARS AND INITIA
Slide 34: Geographic Overview: Pursuit
GEOGRAPHIC OVERVIEW SKY LAGOON (ICELAND) ALASKA COLLECTION (ALASKA) PURSUIT 2023 REVENUE MIX ($350M TOTAL) 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_ 1400867_1 1 1
Slide 35: Experience Pursuit
EXPERIENCE PURSUIT We invite you to experience some of our inspiring Refresh, Build, Buy growth investments in person or through the VIDEO LINKS BELOW: REFRESH BUILD BUY BANFF GONDOLA SKY LAGOON GOLDEN SKYBRIDGE GLACIER VIEW LODGE FLYOVER CHICAGO MALIGNE VALLEY KENAI FJORDS TOURS FLYOVER ICELAND MOU
Slide 36: Pursuit's Iconic Location Attractions
PURSUIT’S ICONIC LOCATION ATTRACTIONS A collection of 10 inspiring and unforgettable, world-class attractions in renowned global travel locations with attractive margins and barriers to entry ADDED 4 HIGH-QUALITY BUCKET LIST EXPERIENCES FROM 2020 TO PRESENT THAT CONTINUE TO RAMP GLACIER BANFF LAKE M
Slide 37: Pursuit's FlyOver Flying Ride Experiences
PURSUIT’S FLYOVER FLYING RIDE EXPERIENCES Multi-sensory flight ride experiences showcasing awe-inspiring scenery with state-of-the-art motion seating, media, and special effects that simulate a true flying experience VANCOUVER INVESTMENT HIGHLIGHTS Opened 2013 61 seats ▪ High-quality guest experienc
Slide 38: Pursuit's Iconic Location Hotels
PURSUIT’S ICONIC LOCATION HOTELS A collection of 27 inspiring and unforgettable, distinctive hotels with 2,361 rooms in renowned global travel locations with occupancy compression and barriers to entry MORE THAN DOUBLED ROOM NIGHTS AVAILABLE FROM 2019 TO PRESENT WITH NEW HOTELS BANFF | JASPER GLACIE
Slide 39: Pursuit's New Experiences Overview
PURSUIT’S NEW EXPERIENCES OVERVIEW Added 12 new experiences from 2019 to Present NEW EXPERIENCES – 2019 TO PRESENT DATE Belton Chalet – 27 rooms and dining located outside the west entrance to Glacier National Park Acquired May 2019 Mountain Park Lodges – 60% equity interest in 7 year-round hotels i
Slide 40: Pursuit's Locations Have Strong Perennial Demand
PURSUIT’S LOCATIONS HAVE STRONG PERENNIAL DEMAND PARK VISITATION 9/11 7,000,000 SARS Recession COVID-19 Recession 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Banf
Slide 41: Seasonality: Pursuit
SEASONALITY Pursuit experiences peak activity during the summer months. During 2023, 79% of Pursuit’s revenue was earned in the second and third quarters. Pursuit Revenue by Quarter ($M) 187 164 135 118 112 107 97 88 78 55 48 49 45 42 41 36 34 33 24 23 22 15 14 14 11 10 10 10 9 8 5 5 Q1 Q2 Q3 Q4 201
Slide 42: What We Do: Spiro
WHAT WE DO Specializing in results-based experiences, we activate, grow, and evolve brands through our hybrid experiential solutions: MEETINGS & EVENTS EXHIBITS & PROGRAM ENVIRONMENTS & BRAND & PRODUCT MARKETING & MANAGEMENT PERMANENT ACTIVATIONS MEASUREMENT ▪ Keynote Presentations INSTALLATIONS ▪ B
Slide 43: Success Stories: RISE at the Paris Air Show
SUCCESS STORIES: RISE AT THE PARIS AIR SHOW As a world-leading provider of jet engines, commercial and military aircraft systems, GE Aerospace partnered with Spiro to inspire minds at the Paris Air Show 2023 and bring to life its incredible heritage culminating in the story of RISE – its revolutiona
Slide 44: Success Stories: The Need for Speed
SUCCESS STORIES: THE NEED FOR SPEED Across 14 of the most iconic cities in the world, Formula E is the world’s largest electric motorsport race series combining an incredible racing spectacle with its sustainable global messaging. ▪ Partnering with iconic luxury brand sponsor Hugo Boss, we designed
Slide 45: Success Stories: Finding Beauty in Science Through Technology
SUCCESS STORIES: FINDING BEAUTY IN SCIENCE THROUGH TECHNOLOGY For over a century, L’Oréal has been dedicated to one sole vocation: creating beauty. Partnering with the brand at the American Academy of Dermatology appearance in 2023, we brought to life the brand’s goal to offer life-changing & sustai
Slide 46: Exhibitions: What We Do
EXHIBITIONS: WHAT WE DO Specializing in providing strategic and logistics solutions to leading exhibition and conference organizers and exhibitors through exclusive and discretionary services: EXCLUSIVE SERVICES DISCRETIONARY SERVICES ORGANIZERS EXHIBITORS EXHIBITORS ▪ Event planning and ▪ Material
Slide 47: Geographic Overview: GES
GEOGRAPHIC OVERVIEW 2023 REVENUE MIX ($888M TOTAL) North America EMEA 25% 75% Countries GES Serves GES facilities 47
Slide 48: Seasonality: GES
SEASONALITY GES’ exhibition and event activity can vary significantly from quarter to quarter and year to year depending on the frequency and timing of shows. Some shows are not held annually and some shift between quarters. (1) GES Revenue by Quarter ($M) 320 321 318 315 287 285 282 281 279 268 262
Slide 49: Exhibition Industry Has Proven Resilient Through Prior Downturns
EXHIBITION INDUSTRY HAS PROVEN RESILIENT THROUGH PRIOR DOWNTURNS Live face-to-face events provide a powerful and cost-effective way to drive business growth, from transacting business, to building brand loyalty, and the rich connections created through in-person interactions are irreplaceable (1) US