50 slides from Pursuit Attractions And Hospitality's investor presentation, Sep 12, 2024
Slide 1: Investor Presentation September 2024
INVESTOR PRESENTATION September 2024 Exhibit 99.1
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,”
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: Summary / Appendix
PURSU/T 2SGES SUMMARY APPENDIX 10 20 28 30
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS High-quality businesses with leading and defensible market positions Proven success executing growth strategy and driving strong returns Positioned for strong profitable growth in 2024 and beyond
Slide 6: Viad is a leading provider of extraordinary experiences
Exhibition SERVICES & EXPERIENTIAL MARKETING Company ICONIC ATTRACTIONS & HOSPITALITY company 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 World-class expe
Slide 7: Our Strategy to maximize shareholder value
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 Drive growth t
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 WHILE MAINTAINING STRONG BALANCE SHEET Invest in high-return growth investments to scale Pursuit’s iconic locations using Refresh, Build, Buy str
Slide 9: Significant catalysts and tailwinds to drive meaningful growth
Significant CATALYSTS AND TAILWINDS to DRIVE MEANINGFUL growth CONSOLIDATED ADJUSTED EBITDA ($M) PURSUIT Strong demand for Pursuit’s iconic, unforgettable, inspiring experiences Continued growth of international leisure travel Newer experiences continue to ramp to maturity FlyOver Chicago opened on
Slide 10: Pursuit
PURSU,T° ENN E
Slide 11: Pursuit is an iconic attractions & hospitality company
PURSUIT IS An ICONIC ATTRACTIONS & HOSPITALITY company Pursuit is the owner-operator of inspiring and unforgettable experiences in iconic destinations with strong perennial demand and meaningful barriers to entry HOSPITALITY 41% of FY’23 Revenue 27 Distinctive Lodges 419K Rooms Occupied INTEGRATED F
Slide 12: Powerful proven growth strategy
powerful PROVEN growth strategy EXISTING EXPERIENCES NEW EXPERIENCES* REVENUE ($M) ~15% CAGR REFRESH To improve guest experience, market position, and maximize returns BUILD To create new guest experiences and revenue streams with economies of scale and scope BUY Strategic assets that drive guest ex
Slide 13: Decade of creating value with Refresh, Build, Buy
Demonstrated DECADE OF creating value with refresh, build, buy growth strategy ~$460M INVESTED ~$74M FY’23 EBITDA REFRESH, BUILD, BUY GROWTH INVESTMENTS COMPLETED SINCE 2014 13 MAJOR PROJECTS* ATTRACTIONS VISITORS (M) MORE THAN 2.5X from 2015 to 2023 HOSPITALITY ROOMS OCCUPIED (K) MORE THAN 2.5X fro
Slide 14: The power of a collection: Alaska
The power of a collection SUCCESS STORY: ALASKA COLLECTION ENTERED ALASKA MARKET Acquired two lodges in and near Denali National Park and Denali Backcountry Adventure sightseeing tour ~$15M INVESTMENT EXPANDED ALASKA FOOTPRINT Acquired Kenai Fjords Tours wildlife and glacier cruise and three lodges
Slide 15: Robust pipeline of investment opportunities
PURSUIT has a ROBUST pipeline of investment opportunities to accelerate growth 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 business BU
Slide 16: Why we will be successful
WHY WE WILL BE SUCCESSFUL Our MISSION is to connect guests and staff to iconic places through unforgettable inspiring experiences. 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 searc
Slide 17: Pursuit's lodging booking pace indicates continued growth
+16% US LODGING ROOM REVENUE ON THE BOOKS* (USD $M) +7% CANADIAN LODGING (EXCLUDING JASPER) ROOM REVENUE ON THE BOOKS* (CAD $M) 2022 2023 2024 * Room Revenue on the Books data represents reservations taken to date as of September 9, 2022, 2023, and 2024. 2022 2023 2024 ADR +9% vs. 2023 ADR +6% vs. 2
Slide 18: Jasper Wildfire update
Jasper Wildfire update Re-affirming estimated 2024 Adjusted EBITDA impact range of $20 million to $25 million provided August 6 Re-opening efforts are progressing Pursuit’s Columbia Icefield Glacier Adventure, Skywalk and Glacier View Lodge re-opened August 9th Icefield attractions visitation has be
Slide 19: Jasper Wildfire update
Jasper Wildfire update 97% of Jasper National Park’s nearly 2.8 million acres were spared from the fire ** Maligne Lake Cruise Forest Park Hotel Pyramid Lake Lodge Town of Jasper ** Maligne Canyon Icewalks operates adjacent to Maligne Canyon Wilderness Kitchen, which was destroyed by the Jasper Wild
Slide 20: Slide 20
Slide 21: GES is a leading global provider of exhibition & experiential marketing services
GES is A LEADING GLOBAL PROVIDER OF EXHIBITION & EXPERIENTIAL MARKETING SERVICES GES is one of the largest global operators in the $128 billion exhibition and experiential marketing sector COMPREHENSIVE, INTEGRATED MARKETING SERVICES TO SUPPORT AND ELEVATE BRANDS Strategy & Creative Marketing & Bran
Slide 22: GES transformative actions to improve profitability
~8.5% EBITDA MARGIN FY’24 Est. GES HAS TAKEN transformative actions to improve profitability, increase cash flow, and build a foundation for ongoing growth Restructured by outsourcing services, changing service delivery model, and simplifying organizational structure Exited low-margin events and sol
Slide 23: GES delivers compelling value to clients through two brands
GES DELIVERs COMPELLING VALUE TO CLIENTS through two brands GES partners with leading global brands to produce exhibitions, conferences, live events, and global marketing programs through end-to-end strategy, creative, design, production, and logistics capabilities GES EXHIBITIONS EXHIBITION SERVICE
Slide 24: GES' multiple revenue growth levers
24 GES’ multiple revenue growth levers Note: The US same show metric compares tradeshows that occurred in the same city for both occurrences and generally represents between ~30% and 40% of the total exhibition revenue. Source: U.S. Travel Association; Statista GES US Exhibitions vs. 2019 Pre-Pandem
Slide 25: GES has high recurring revenue and strong visibility
GES has HIGH RECURRING REVENUE, STRONG VISIBILITY, And a diverse client base Clear line of sight to $900M+ annual recurring revenue ~90% of 2025 Est. GES Revenue is derived from recurring or contracted events and clients under MSA 90%+ retention of clients with >$500K revenue1 25+ years tenure for T
Slide 26: GES' 2025 revenue outlook is strong
GES’ 2025 REVENUE OUTLOOK IS STRONG Expect 2025 revenue to be in line with 2024 with margins of 8%+ REVENUE ($M) KEY DRIVERS Price increases of ~3.5%-6% NSF growth of ~5% Net New Client Wins of ~$25M+ Up low-double digits vs. FY’23 888 ~(65) ~40 ~25+
Slide 27: Why we will be successful
WHY WE WILL BE SUCCESSFUL Our MISSION is to create the most meaningful and memorable experiences for marketers, organizers and attendees. 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
Slide 28: Investment Opportunity Summary
Investment Opportunity Summary
Slide 29: Creating extraordinary experiences and strong returns
CREATING EXTRAORDINARY EXPERIENCES AND STRONG RETURNS 53% 47% Proven Success Executing Growth Strategy and Driving Strong Returns Experienced Management Team Focused on Shareholder Value High-Quality Businesses with Leading and Defensible Market Positions Benefiting from Industry Recovery and Delive
Slide 30: Appendix
Appendix
Slide 31: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Alpine Hotel in Canada. Remeasurement of finance lease obligation represents the no
Slide 32: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Alpine Hotel in Canada. Remeasurement of finance lease obligation represents the no
Slide 33: Our Experienced Executive Management Team
Steve Moster - President & Chief Executive Officer Has served as President and CEO of Viad since 2014 and as President of GES from 2010 to February 2019 and May 2020 to May 2024 Joined Viad in 2004 as GES Vice President of Exhibition Furnishings and his career evolved to various sales and leadership
Slide 34: Our Experienced Executive Management Team
OUR EXPERIENCED EXECUTIVE MANAGEMENT TEAM Leslie Striedel - Chief Accounting Officer Has served as Chief Accounting Officer of Viad Corp since 2014 Previously served as Vice President of Finance and Administration or similar positions at Colt Defense LLC, and held various roles within finance and ac
Slide 35: 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 First Honesty, Always Future Focused be Extraordinary
Slide 36: Our ESG Commitment
PURPOSE 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 AN
Slide 37: Pursuit geographic overview
FLYOVER COLLECTION Pursuit 2023 Revenue Mix ($350M TOTAL) SKY LAGOON (ICELAND) GLACIER PARK COLLECTION (MONTANA) ALASKA COLLECTION (ALASKA) BANFF JASPER COLLECTION (CANADA) Geographic overview Denotes Iconic Location Denotes FlyOver Location (1) Represents FlyOver Canada, FlyOver Iceland, and FlyOve
Slide 38: Experience Pursuit
Experience pursuit BANFF GONDOLA 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 GLACIER VIEW LODGE MOUNT ROYAL HOTEL SKY LAGOON FLYOVER ICELAND GOLDEN SKYBRIDGE MALIGNE VALLEY KENAI FJORDS TOURS F
Slide 39: Pursuit's iconic location attractions
Golden Skybridge Opened JUN’21 Open Top Touring Opened SEP’20 Sky lagoon Opened APR’21 Glacier Raft Co Acquired APR’22 BANFF GONDOLA Lake Minnewanka Cruise Maligne Lake Cruise Glacier Adventure Glacier Skywalk Kenai Fjords Tours Pursuit’s iconic location attractions A collection of 10 inspiring and
Slide 40: 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 INVESTMENT HIGHLIGHTS High-quality guest experience and proven concept Attractive E
Slide 41: Banff | Jasper, Glacier | Waterton, Denali | Kenai Fjords lodging
BANFF | JASPER Elk + Avenue Hotel 164 rooms Forest Park Woodland 152 rooms Lobstick Lodge 139 rooms Mount Royal Hotel 133 rooms Chateau Jasper Hotel 119 rooms The Crimson Hotel 99 rooms Forest Park Alpine (opened August 2022) 88 rooms Marmot Lodge 81 rooms Pyramid Lake Lodge 68 rooms Miette Mountain
Slide 42: Pursuit's locations have strong perennial demand
Pursuit’s locations have strong perennial demand 9/11 Recession SARS Recession Sources: Alberta Economic Dashboard; U.S. National Park Service COVID-19 PARK VISITATION
Slide 43: Seasonality
Seasonality Pursuit experiences peak activity during the summer months. During 2023, 79% of Pursuit’s revenue was earned in the second and third quarters.
Slide 44: Spiro experiential marketing solutions
Specializing in results-based experiences, we activate, grow, and evolve brands through our hybrid experiential solutions: Marketing & Measurement Pre, At & Post Event Marketing Strategy, Innovation & Intelligence Audience Engagement Immersive Storytelling Content Creation & Management Video Product
Slide 45: Success stories: Rise at the Paris Air Show
Success stories: Rise at the Paris air show Our team relished challenging the traditional airshow chalet experience of the usual formal meeting rooms, traditional hospitality and passive product displays. We went all in on creating impact for the customer’s first impression creating an amorphic vide
Slide 46: Success stories: The need for speed
Success stories: The need for speed Partnering with iconic luxury brand sponsor Hugo Boss, we designed and built its 5-Star VIP guest experience – the Boss Emotion Club – delivering a full-service event from beginning to end entertaining VIP race fans and A-listers alike with fine dining, entertainm
Slide 47: Exhibitions: What we do
Specializing in providing strategic and logistics solutions to leading exhibition and conference organizers and exhibitors through exclusive and discretionary services: Organizers Event planning and production Look and feel design Layout and floor plan designs Furnishings and carpet Show traffic ana
Slide 48: Geographic Overview
Geographic OVERVIEW Countries GES Serves GES facilities 2023 REVENUE MIX ($888M TOTAL)
Slide 49: Seasonality
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. Note: GES revenue changes due to the frequency and timing of major non-annu
Slide 50: Exhibition industry has proven resilient through prior downturns
EXHIBITION INDUSTRY has proven resilient through prior downturns Source: Center for Exhibition Industry Research (CEIR) (1) 2024-2026 CEIR data for the US exhibition industry metrics are forecasted as of April 2024 Live face-to-face events provide a powerful and cost-effective way to drive business