Pursuit Attractions and Hospitality Inc (PRSU) 2024 Q3 法說會逐字稿

Good afternoon. My name is Jaya, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viad Corp's third quarter 2024 earnings conference call. (Operator Instructions)

午安.我叫 Jaya，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Viad Corp 的 2024 年第三季財報電話會議。（操作員說明）

Thank you. Carrie Long, you may begin your conference.

謝謝。Carrie Long，你可以開始你的會議了。

Good afternoon and thank you for joining us for Viad's 2024 third quarter earnings conference call. During the call, you will hear from Steve Moster, our President and CEO; Ellen Ingersoll, our Chief Financial Officer; and David Barry, President and Future CEO of Pursuit.

下午好，感謝您參加 Viad 2024 年第三季財報電話會議。在通話過程中，您將聽到我們的總裁兼執行長 Steve Moster 的演講； Ellen Ingersoll，我們的財務長；以及 Pursuit 總裁兼未來執行長 David Barry。

As they discuss their business performance and outlook, they will reference specific pages from our earnings presentation, which is available on the Investors section of our website. And before I turn the call over to Steve, I would like to draw your attention to pages 2 and 3 of our presentation, which contain important disclosures regarding the use of non-GAAP measures and forward-looking statements that we will provide during the call.

當他們討論其業務績效和前景時，他們將參考我們收益演示中的特定頁面，該演示可在我們網站的投資者部分找到。在我將電話轉給史蒂夫之前，我想提請您注意我們簡報的第2 頁和第3 頁，其中包含有關使用非公認會計原則措施的重要披露以及我們將在電話會議期間提供的前瞻性聲明。

And now I'll turn it over to Steve, who will start on page 4 of our presentation.

現在我將把它交給 Steve，他將從我們演示的第 4 頁開始。

Thanks, Carrie, and thanks to all of you for joining our call. I'd like to start off by discussing our three key business highlights and updates. First, I'm happy to report that both Pursuit and GES delivered very strong performance during the third quarter. Pursuit's adjusted EBITDA came in near the high end of our guidance range. Outside of Jasper, we continue to see strong demand for our attractions and lodges and the iconic locations in which we operate.

謝謝嘉莉，也謝謝大家加入我們的電話會議。我想先討論我們的三個關鍵業務亮點和更新。首先，我很高興地向大家報告，Pursuit 和 GES 在第三季都取得了非常強勁的業績。Pursuit 的調整後 EBITDA 接近我們指導範圍的高端。在賈斯珀之外，我們繼續看到對我們的景點和旅館以及我們經營所在的標誌性地點的強勁需求。

GES' adjusted EBITDA was above our guidance with impressive revenue growth and margin improvement. We successfully serviced our major non-annual shows during this quarter and remain focused on disciplined cost management. Second, I'm also pleased to announce that we recently completed a $15.9 million tuck-in acquisition for Pursuit's Glacier Park Collection to expand our successful offering in that area.

GES 的調整後 EBITDA 高於我們的指導，營收成長顯著，利潤率提高。我們在本季度成功地為主要的非年度演出提供了服務，並繼續專注於嚴格的成本管理。其次，我還很高興地宣布，我們最近完成了對 Pursuit 的 Glacier Park Collection 的 1590 萬美元收購，以擴大我們在該領域的成功產品。

And third, we are on track to complete the transformative sale of GES by the end of the year. This transaction will establish Pursuit at a pure-play, high-growth and high-margin business. Stand-alone Pursuit will have the financial flexibility and the balance sheet to accelerate its Refresh, Build Buy growth strategy and capitalize on its substantial growth prospects in the hospitality and attraction space.

第三，我們預計在今年底前完成 GES 的轉型出售。此次交易將使 Pursuit 成為一家純業務、高成長和高利潤的業務。獨立的 Pursuit 將擁有財務靈活性和資產負債表，以加速其「刷新」、「構建購買」成長策略，並充分利用其在酒店和景點領域的巨大增長前景。

And now I'd like to turn the call over to Ellen, who will review our third quarter financial performance. Ellen?

現在我想把電話轉給艾倫，她將審查我們第三季的財務表現。艾倫？

Thanks, Steve. I'll start on page 6 with our consolidated third-quarter results. Revenue of $455.7 million increased 25% year-over-year. Consolidated adjusted EBITDA of $103.1 million increased $16.9 million, and adjusted net income improved by $15.5 million. Our GAAP basis net income attributable to Viad of $48.6 million was $7.3 million higher than the 2023 third quarter, primarily reflecting stronger performance at GES, partially offset by non-cash impairment charges and consulting costs related to the pending sale of GES.

謝謝，史蒂夫。我將從第 6 頁開始介紹我們的第三季綜合業績。營收為 4.557 億美元，年增 25%。合併調整後 EBITDA 為 1.031 億美元，增加了 1,690 萬美元，調整後淨利潤增加了 1,550 萬美元。我們歸屬於Viad 的GAAP 淨利為4,860 萬美元，比2023 年第三季高出730 萬美元，主要反映了GES 的強勁業績，部分被非現金減損費用和與GES 待售相關的諮詢成本所抵消。

As shown on page 7, Pursuit delivered third-quarter revenue of $182.3 million, adjusted EBITDA of $86.3 million, and an adjusted EBITDA margin of 47.4% Revenue and adjusted EBITDA were down $4.7 million and $5.5 million, respectively, from the prior year due to temporary closures and disruption caused by wildfire activity in Jasper National Park.

如第 7 頁所示，Pursuit 第三季營收為 1.823 億美元，調整後 EBITDA 為 8,630 萬美元，調整後 EBITDA 利潤率為 47.4%，由於賈斯珀國家公園因野火活動而暫時關閉和破壞。

Our Jasper lodges and attractions experienced a revenue decline of $21.9 million year-over-year, which was largely offset by 13% revenue growth from our experiences outside of Jasper National Park. On a same-store basis, which excludes the Jasper properties, attractions ticket revenue grew 16% and room revenue grew 9%, driven by strong effective ticket prices and ADRs as well as increased demand for our experiences.

我們的賈斯珀旅館和景點的收入同比下降了 2190 萬美元，這在很大程度上被我們在賈斯珀國家公園以外的經歷所帶來的 13% 的收入增長所抵消。在同店基礎上（不包括賈斯珀酒店），在強勁的有效門票價格和 ADR 以及對我們體驗的需求增加的推動下，景點門票收入增長了 16%，客房收入增長了 9%。

As shown on page 8, GES delivered consolidated revenue of $273.4 million, adjusted EBITDA of $20.2 million and an adjusted EBITDA margin of 7.4%. Consolidated revenue and adjusted EBITDA were up $94.5 million and $22.2 million, respectively, from the prior year, reflecting strong growth at both Spiro and GES Exhibitions.

如第 8 頁所示，GES 的綜合收入為 2.734 億美元，調整後 EBITDA 為 2,020 萬美元，調整後 EBITDA 利潤率為 7.4%。合併收入和調整後 EBITDA 分別較上年增長 9,450 萬美元和 2,220 萬美元，反映出 Spiro 和 GES Exhibitions 的強勁增長。

Spiro revenue of $82.2 million increased 40% year-over-year, primarily due to strong client spending on major non-annual shows, which added $34 million of revenue to the quarter. GES Exhibitions revenue increased 60%, primarily due to about $71 million of revenue from major non-annual shows, which outperformed our expectations.

Spiro 營收為 8,220 萬美元，年增 40%，這主要是由於客戶在主要非年度節目上的支出強勁，該季度收入增加了 3,400 萬美元。GES Exhibitions 營收成長了 60%，主要是由於主要非年度展會的收入約為 7,100 萬美元，超出了我們的預期。

Next on page 9, we generated $110 million of cash from operations, spent $15 million on capital expenditures and repaid $94 million of debt during the third quarter. We ended the quarter with total liquidity of nearly $230 million and no borrowings on our revolver. Our total debt was $398.2 million, and our total net leverage ratio was 1.7x.

接下來在第 9 頁，我們在第三季從營運中產生了 1.1 億美元的現金，花費了 1500 萬美元的資本支出，並償還了 9,400 萬美元的債務。截至本季末，我們的流動資金總額接近 2.3 億美元，且我們的左輪手槍沒有借款。我們的總債務為 3.982 億美元，總淨槓桿率為 1.7 倍。

Now I'll cover our 2024 outlook on page 10 starting with GES. Based on stronger-than-expected performance year-to-date in 2024 and favorable underlying demand trends, we are revising our prior full year guidance ranges. At GES, we now expect to achieve adjusted EBITDA of $90 million to $95 million, up from previous expectations of $85 million to $95 million. Additionally, we've narrowed our adjusted EBITDA range for the Pursuit business to $87 million to $92 million.

現在我將在第 10 頁從 GES 開始介紹我們的 2024 年展望。基於 2024 年迄今強於預期的業績以及有利的潛在需求趨勢，我們正在修訂先前的全年指導範圍。在 GES，我們現在預計調整後 EBITDA 為 9,000 萬至 9,500 萬美元，高於先前預期的 8,500 萬至 9,500 萬美元。此外，我們也將 Pursuit 業務的調整後 EBITDA 範圍縮小至 8,700 萬美元至 9,200 萬美元。

As a result of these revisions, our consolidated full year EBITDA guidance range is now $163 million to $172 million, which is up from our 2023 adjusted EBITDA of $147 million. These guidance ranges do not attempt to incorporate any business interruption recoveries as the timing and amounts of such recoveries are uncertain at this stage. Thus far, we've recovered approximately $6 million of insurance proceeds, including $4.7 million received during the third quarter. These proceeds were used to cover property damage and costs we incurred for the protection and restoration of our Jasper businesses. We are actively engaged with our insurance carriers to understand the extent of additional insurance proceeds we should receive, and we will continue to provide updates as appropriate.

由於這些修訂，我們全年綜合 EBITDA 指引範圍現在為 1.63 億美元至 1.72 億美元，高於 2023 年調整後 EBITDA 的 1.47 億美元。這些指導範圍並不試圖納入任何業務中斷恢復，因為現階段此類恢復的時間和金額尚不確定。到目前為止，我們已收回約 600 萬美元的保險收益，其中包括第三季收到的 470 萬美元。這些收益用於支付財產損失以及我們為保護和恢復賈斯珀業務而產生的費用。我們正在積極與我們的保險公司合作，以了解我們應該獲得的額外保險賠償的程度，並且我們將繼續酌情提供最新資訊。

Now David and Steve will provide further insight into our business performance at Pursuit and GES. David?

現在，David 和 Steve 將進一步深入了解 Pursuit 和 GES 的業務績效。大衛？

Thanks, Ellen. I'll start with a quick update on Jasper's reopening following the wildfire activity. As you're already aware, we lost one structure to the fire, our Maligne Canyon Wilderness Kitchen. Fortunately, all of our other facilities are intact, and we were able to reopen seven out of eight hotels in Jasper during the third quarter.

謝謝，艾倫。我將首先快速介紹賈斯珀在野火活動後重新開放的最新情況。如您所知，我們在火災中失去了一座建築，即我們的瑪琳峽谷荒野廚房。幸運的是，我們所有其他設施都完好無損，第三季我們在賈斯珀的八家酒店中重新開業了七家。

Road access to our Maligne Lake Cruise attraction was not restored until after the end of the operating season, making it impossible for us to reopen that attraction this year. Pyramid Lake Lodge remains closed as we repair some minor damage from fire protection efforts, and this property will reopen prior to the busy holiday season.

通往瑪琳湖遊輪景點的道路直到運營季節結束後才恢復，因此我們今年不可能重新開放該景點。金字塔湖旅館 (Pyramid Lake Lodge) 仍處於關閉狀態，因為我們正在修復消防工作造成的一些輕微損壞，該酒店將在繁忙的假期季節之前重新開放。

Our attractions and hospitality experiences at the Columbia Icefield reopened on August 9 once the Icefield Parkway Road closure was lifted. We were very pleased with the number of attraction visitors that came through during September, and it was only down about 5% from 2023.

冰原大道道路封閉解除後，我們在哥倫比亞冰原的景點和接待體驗於 8 月 9 日重新開放。我們對 9 月景點遊客數量感到非常滿意，與 2023 年相比僅下降了約 5%。

With all of our lodges back online, we expect to resume more typical guest occupancy levels as we head into the upcoming ski season in Jasper. Our Jasper room night reservations on the books for the fourth quarter are at about 90% of the prior year, and our first-quarter 2025 reservations are tracking slightly higher than 2024 as of this same time last year. The booking pace is encouraging and demonstrates the perennial demand for this iconic destination.

隨著我們所有的旅館重新上線，我們預計在即將到來的賈斯珀滑雪季節時將恢復更典型的客人入住水平。我們第四季的賈斯珀客房預訂量約為去年同期的 90%，截至去年同期，我們 2025 年第一季的預訂量略高於 2024 年。預訂速度令人鼓舞，顯示對這個標誌性目的地的長期需求。

There are several market drivers that give us confidence in Jasper's return to historic business levels. So firstly, Jasper sits at a really important crossroads for leisure travelers visiting the Canadian Rockies. For our tour and travel partners, Jasper is key to successful multistate journeys as it is perfectly located in a beautiful national park and facilitates tour and travel guests overnighting on a multi-destination itinerary.

有幾個市場驅動因素讓我們對 Jasper 恢復歷史業務水準充滿信心。首先，賈斯珀位於遊覽加拿大洛磯山脈的休閒遊客非常重要的十字路口。對於我們的旅遊合作夥伴來說，賈斯珀是成功多州旅行的關鍵，因為它地理位置優越，坐落在美麗的國家公園內，方便遊客在多目的地行程中過夜。

Secondly, the temporary reduction of 18% of Jasper's hotel room inventory is going to cause compression in the marketplace. It will take several years for those 400 hotel rooms lost to fire to be rebuilt. We have several seasons of compression ahead as demand from our tour and travel partners shows no sign of lessening.

其次，Jasper酒店客房庫存暫時減少18%將導致市場壓縮。因火災燒毀的 400 間飯店客房需要數年時間才能重建。由於我們的旅遊和旅行合作夥伴的需求沒有顯示出減少的跡象，因此我們未來將面臨幾個壓縮季節。

Thirdly, there's a concerted effort from the municipal, provincial, federal governments in Parks Canada to bolster the return to travel to Jasper. We expect this marketing energy to be powerful in saying to the world that Jasper is open for business.

第三，加拿大公園管理局的市、省、聯邦政府共同努力，以促進返回賈斯珀的旅遊。我們希望這種行銷能量能夠強大地向世界表明賈斯珀已經開放營業。

Now let's discuss Pursuit's year-to-date results and the strong performance we've delivered. For revenue, on page 12, you can see that we delivered year-to-date revenue growth of 4% overall and 14% when adjusting for the third quarter fire impact in Jasper. The strong demand for iconic locations and unforgettable inspiring experiences, combined with our proven Refresh, Build, Buy growth strategy and relentless focus on improving the guest experience enables us to drive increased visitation and improved rates.

現在讓我們討論一下 Pursuit 年初至今的業績以及我們所取得的強勁業績。對於收入，在第 12 頁上，您可以看到我們今年迄今的總體收入增長了 4%，在根據賈斯珀第三季度火災影響進行調整後，收入增長了 14%。對標誌性地點和令人難忘的鼓舞人心的體驗的強烈需求，加上我們行之有效的「刷新、建造、購買」增長戰略以及對改善賓客體驗的不懈關注，使我們能夠推動遊客數量的增加和房價的提升。

So let me talk a little bit about our attraction's performance on page 13. Our year-to-date total attractions ticket revenue of $137 million grew 12% year-over-year on a 5% increase in visitors and a meaningful improvement in effective ticket prices. When adjusting to remove Jasper attractions from the third quarter, our ticket revenue growth was 21%, driven by dynamic pricing and our investments to enhance and grow our guest experiences. A great example of this is Sky Lagoon in Iceland.

讓我在第 13 頁談談我們景點的表現。年初至今，我們的景點門票總收入為 1.37 億美元，年增 12%，原因是遊客數量增加了 5%，有效門票價格也大幅提高。當調整以從第三季度取消賈斯珀景點時，我們的門票收入增長了 21%，這得益於動態定價以及我們為增強和發展遊客體驗而進行的投資。冰島的天空潟湖就是一個很好的例子。

In 2021, we completed construction on a very successful attraction, which has surpassed all of our expectations. We quickly recognized that demand for Sky's signature experience was exceeding our capacity. We saw an opportunity to expand that premium experience to drive incremental revenue and a really improved guest experience.

2021年，我們完成了一個非常成功的景點的建設，這超出了我們所有的預期。我們很快就意識到對 Sky 標誌性體驗的需求超出了我們的能力。我們看到了擴展優質體驗的機會，以增加收入並真正改善賓客體驗。

I'm happy to report that we completed that expansion in August and saw an immediate lift in September with 13% year-over-year growth in visitation and 16% growth in effective ticket price. We're very pleased with the performance of this iconic attraction and look forward to building on its success.

我很高興地向大家報告，我們在 8 月完成了擴張，並在 9 月立即實現了增長，遊客量同比增長 13%，有效票價增長 16%。我們對這個標誌性景點的表現非常滿意，並期待在其成功的基礎上再接再厲。

Additionally, our new FlyOver Chicago attraction, which opened in March, continues to contribute to our visitation growth and receive excellent reviews. In addition to the phenomenal Chicago film, guests can now also enjoy our legendary Iceland film as we drive repeat visitation with compelling content. I'll also call out to the Banff Gondola and their team, which continues to deliver standout performance as a must-do attraction in Banff, offering incredible mountain top views, elevated dining, interpretive experiences that pay homage to the history and culture of Banff National Park.

此外，我們於 3 月開業的新 FlyOver Chicago 景點繼續為我們的遊客量增長做出貢獻，並獲得了好評。除了精彩的芝加哥電影外，客人現在還可以欣賞我們傳奇的冰島電影，因為我們以引人入勝的內容吸引了回頭客。我還要向班夫纜車及其團隊表示敬意，他們作為班夫的必遊景點，繼續提供出色的表演，提供令人難以置信的山頂景觀、高檔餐飲和向班夫歷史和文化致敬的解說體驗國家公園。

So let's switch to hospitality next on page 14. Pursuit's year-to-date room revenue, excluding our temporarily closed Jasper Lodging in the third quarter, grew about 8% year-over-year. All geographies outside of Jasper delivered growth in room revenue.

接下來讓我們轉到第 14 頁的旅館業。Pursuit 今年迄今的客房收入（不包括第三季暫時關閉的 Jasper Lodging）年增約 8%。賈斯珀以外的所有地區的客房收入均實現成長。

Same-store RevPAR also grew 8% year-over-year, which was driven by capturing higher ADRs while maintaining strong occupancy levels. Our pricing power strength is enabled by perennial demand for our experiential travel destinations, our unrelenting focus on providing a great guest experience and seasonal compression in our markets.

同店 RevPAR 也較去年同期成長 8%，這是由於在保持強勁入住率的同時獲得了更高的 ADR。我們的定價能力得益於對體驗式旅行目的地的長期需求、我們對提供卓越賓客體驗的不懈關注以及市場的季節性壓縮。

Taking a look at adjusted EBITDA, we'll look on page 15 and discuss our adjusted EBITDA. Our team did an incredible job maximizing adjusted EBITDA during a pretty challenging third quarter and hustled to hold our year-to-date results nearly flat to the prior year.

我們將查看第 15 頁並討論調整後的 EBITDA。在充滿挑戰的第三季度，我們的團隊在實現調整後 EBITDA 最大化方面做出了令人難以置信的工作，並努力使我們的年初至今業績與去年幾乎持平。

Full year 2024 adjusted EBITDA is also expected to be nearly in line with 2023 despite the Jasper wildfire impact. In 2025, we expect to deliver adjusted EBITDA greater than $100 million after absorbing approximately $12 million to $13 million of stand-alone public company costs, which we expect will be our normalized run rate basis cost level after transition costs have wound down.

儘管受到賈斯珀山火的影響，2024 年全年調整後 EBITDA 預計也將與 2023 年基本持平。到 2025 年，我們預計在吸收約 1,200 萬至 1,300 萬美元的獨立上市公司成本後，調整後的 EBITDA 將超過 1 億美元，我們預計這將是過渡成本減少後我們的標準化運作率基本成本水準。

In 2025, we will continue to benefit from consumer travel trends, prioritizing experiences, the return of international visitation to our destinations and the recovery in Jasper. The sum of these factors, combined with a great guest experience will enable us to demonstrate the full earnings power of Pursuit's collection of experiences.

2025 年，我們將繼續受益於消費者旅行趨勢、優先考慮體驗、國際遊客回歸我們的目的地以及賈斯珀的復甦。這些因素的總和加上出色的賓客體驗將使我們能夠展示 Pursuit 體驗系列的全部盈利能力。

Long-haul travel trade visitation at Canada continues to build, and we're seeing growth across markets around the world including Asia. We're very pleased to report that our two attractions at the Columbia Icefield, which were some of the most impacted by the disruption of long-haul international travel trade visitation during the pandemic, saw visitors increase about 27% year-over-year in the first half of the year prior to the closure of Jasper Natural Park. This is quite encouraging, and we expect to see continued visitation growth in 2025.

加拿大的長途旅行貿易訪問量持續增加，我們看到包括亞洲在內的世界各地市場的成長。我們非常高興地報告，哥倫比亞冰原的兩個景點是受疫情期間長途國際旅遊貿易訪問中斷影響最嚴重的兩個景點，2019 年遊客數量同比增長了約 27%。半年。這是相當令人鼓舞的，我們預計 2025 年訪問量將持續成長。

We expect that all of our Jasper attractions and lodging properties will operate at full capacity in 2025 with a strong rebound. Jasper's Maligne Lake and Icefield Parkway remain stunning examples of natural beauty in the Canadian Rockies. And the Jasper Town site is getting back to business with a strong focus on supporting the recovery of sections of town that were damaged by fire.

我們預計賈斯珀的所有景點和住宿設施將在 2025 年滿負荷運營，並出現強勁反彈。賈斯珀的瑪琳湖和冰原大道仍然是加拿大洛磯山脈自然美景的絕佳典範。賈斯珀鎮工地正在恢復營業，重點是支持受火災損壞的城鎮部分地區的恢復。

As a reminder, approximately 97% of Jasper National Park's 2.8 million acres were spared from the wildfires. So with plenty of beautiful park to explore and about 18% of the overall Jasper hotel bed base offline due to fire damage, we expect strong demand for our lodging properties in 2025. Jasper remains an important itinerary inclusion for travel trade and other long-haul travelers visiting the Canadian Rockies.

需要提醒的是，賈斯珀國家公園 280 萬英畝的土地中約有 97% 沒有遭受野火的攻擊。因此，由於有大量美麗的公園可供探索，而且由於火災損壞，整個賈斯珀酒店床位數量的約 18% 已離線，我們預計 2025 年對我們的住宿物業的需求將會強勁。賈斯珀仍然是旅遊業和其他遊覽加拿大落基山脈的長途旅行者的重要行程。

So for an update on Refresh, Build, Buy, let's move to page 16 and talk about how we will accelerate our growth with our proven investment strategy Refresh, Build, and Buy. Refresh, Build, Buy enabled us to triple our revenue from 2015 to 2023 at a 15% compound annual growth rate while realizing strong returns on our investments. And the pending sale of GES will give us a strong financial foundation to unlock our growth potential and meaningfully scale Pursuit through acquisitions and organic growth opportunities.

因此，對於刷新、建置、購買的更新，讓我們轉到第 16 頁，討論我們將如何透過經過驗證的投資策略來刷新、建置和購買來加速我們的成長。更新、建造、購買使我們的收入從 2015 年到 2023 年實現了三倍增長，複合年增長率為 15%，同時實現了豐厚的投資回報。即將出售的 GES 將為我們提供堅實的財務基礎，以釋放我們的成長潛力，並透過收購和有機成長機會有意義地擴大 Pursuit。

We've maintained an active acquisition pipeline of iconic experiences that we can now pursue with vigor, knowing that we'll have the financial capacity to transact for the right deal. Just this week, we closed on a great $15.9 million tuck-in acquisition for our Glacier Park Collection. The acquired businesses include the Apgar Lookout Retreat and Eddie's Cafe and Mercantile.

我們一直保持著對標誌性體驗的積極收購管道，現在我們可以充滿活力地追求這些體驗，因為我們知道我們將有足夠的財務能力來進行正確的交易。就在本週，我們斥資 1,590 萬美元完成了對 Glacier Park Collection 的收購。收購的企業包括 Apgar Lookout Retreat 和 Eddie's Cafe and Mercantile。

Apgar Lookout Retreat and Eddie's are located adjacent to our existing 48 rooms in Apgar Village on a rare piece of privately held land inside Glacier National Park, bordering McDonald Creek and just steps from the shore of beautiful Lake McDonald. Apgar Lookout Retreat's six high-end accommodation units are brand new and they're beautiful, and they're a step above all the other lodging experiences in the West Glacier area.

Apgar Lookout Retreat 和 Eddie's 毗鄰我們在 Apgar Village 現有的 48 間客房，位於冰川國家公園內一塊罕見的私人土地上，毗鄰麥當勞溪，距離美麗的麥當勞湖岸僅幾步之遙。阿普加觀景度假村 (Apgar Lookout Retreat) 的六間高端住宿單位全新且精美，比西冰川地區的所有其他住宿體驗更勝一籌。

Eddie's is well positioned to offer food and beverage and retail merchandise to the approximately 1 million park visitors that come through Apgar as they explore Glacier National Park. This acquisition is a perfect complement to our Apgar Village Lodge and based on anticipated synergies, we believe that we can achieve an effective purchase multiple of about 7.5x adjusted EBITDA.

Eddie's 擁有得天獨厚的優勢，可以向前往阿普加探索冰川國家公園的約 100 萬公園遊客提供食品、飲料和零售商品。此次收購是我們 Apgar Village Lodge 的完美補充，基於預期的協同效應，我們相信我們能夠實現約 7.5 倍調整後 EBITDA 的有效購買倍數。

Another example of a buy investment is the Jasper SkyTram. We previously announced an agreement to acquire this attraction, and closing has been delayed as we work with the seller to assess impacts of the wildfire activity in Jasper.

購買投資的另一個例子是賈斯珀空中電車。我們先前宣布了收購該景點的協議，但由於我們與賣方合作評估賈斯珀野火活動的影響，因此關閉已被推遲。

The tram itself is operational today with some minor repairs that are underway. This is a great strategic fit for Pursuit. We remain committed to adding it to our Banff Jasper Collection and are working diligently to sort out the various insurance impacts and work towards an efficient close.

有軌電車本身現已投入運營，正在進行一些小規模維修。這對 Pursuit 來說是一個非常好的策略契合。我們仍然致力於將其添加到我們的班夫賈斯珀系列中，並正在努力整理各種保險影響並努力實現有效的結束。

We're also strongly interested in expanding our collections to new geographies that will help balance out our seasonality and diversify our footprint. The world is a big, beautiful place, and our growth aperture is wide. Additionally, and importantly, we've identified approximately 20 actionable organic refresh and build opportunities within our existing geographies that represent a total investment of about $200 million.

我們也非常有興趣將我們的產品系列擴展到新的地區，這將有助於平衡我們的季節性並使我們的足跡多樣化。世界很大，很美麗，我們的成長空間也很大。此外，重要的是，我們在現有地區確定了大約 20 個可操作的有機更新和建設機會，總投資約為 2 億美元。

These are growth investments we can make in our well-instrumented and high-performing properties to improve and enhance the guest experience, much like the Sky Lagoon expansion I discussed earlier. We'll provide more insight into these specific opportunities as they move into execution.

這些是我們可以對設備齊全、高性能的酒店進行的成長投資，以改善和增強賓客體驗，就像我之前討論的天空潟湖擴建一樣。當這些具體機會進入執行階段時，我們將提供更多見解。

So through a combination of steady organic growth investments, opportunistic acquisitions, and an obsessive focus on hospitality, culture, and guest experience, we have our sights set on delivering ongoing growth and strong shareholder returns. So as I conclude my remarks, I just want to say a big thank you to the thousands of team members across Pursuit for bringing their best every day.

因此，透過結合穩定的有機成長投資、機會主義收購以及對飯店、文化和賓客體驗的痴迷，我們的目標是實現持續成長和強勁的股東回報。因此，在我結束演講時，我只想對 Pursuit 的數千名團隊成員表示衷心的感謝，感謝他們每天都竭盡全力。

Steve, back to you.

史蒂夫，回到你身邊。

Thanks, David. Before we open up the call for questions, I want to provide a quick update on GES and the pending sale of that business to Truelink Capital. I want to start by thanking the GES team for their dedication to consistently delivering excellent results for our clients and shareholders and for the extra energy invested to ensure a successful sale transaction.

謝謝，大衛。在我們開始提問之前，我想快速介紹一下 GES 的最新情況以及即將將業務出售給 Truelink Capital 的情況。首先，我要感謝 GES 團隊致力於持續為我們的客戶和股東提供卓越的業績，並為確保銷售交易的成功而投入額外的精力。

Page 18 highlights the financial success that GES has achieved and the strong execution of the team to drive margin expansion and revenue growth. We continue to see strong demand for exhibitions and experiential marketing services. And the GES team is laser-focused on executing our clients' experiences and delivering double-digit revenue growth with an EBITDA margin of about 9% in 2024. Our efforts to transform GES's cost structure and leverage our industry-leading position have set GES up for ongoing success under Truelink's ownership.

第 18 頁重點介紹了 GES 所取得的財務成功以及團隊在推動利潤擴張和收入成長方面的強大執行力。我們繼續看到對展覽和體驗式行銷服務的強勁需求。GES 團隊專注於執行客戶體驗並實現兩位數的營收成長，到 2024 年 EBITDA 利潤率約為 9%。我們努力改變 GES 的成本結構並利用我們的行業領先地位，使 GES 在 Truelink 的領導下取得持續成功。

As noted on page 19, we're on track to complete the sale of GES to Truelink on December 31. As a stand-alone business within Truelink's business portfolio, GES will gain greater execution flexibility and access to capital to invest in the company's existing service offering while pursuing growth both organically and through strategic acquisitions.

如第 19 頁所述，我們預計在 12 月 31 日完成將 GES 出售給 Truelink。作為 Truelink 業務組合中的獨立業務，GES 將獲得更大的執行彈性，並獲得資金來投資公司現有的服務產品，同時透過有機成長和策略性收購實現成長。

And for Viad shareholders, this transaction will unlock our high-growth, high-return Pursuit business as a pure-play company with stronger growth prospects, a strong balance sheet to fund growth, and a proven management team ready to continue executing.

對Viad 股東而言，此交易將釋放我們作為一家純業務公司的高成長、高回報的Pursuit 業務，擁有更強勁的成長前景、強大的資產負債表為成長提供資金，以及一支成熟的管理團隊，準備繼續執行。

The proceeds from this transaction will allow us to reset our capital structure. We intend to fully retire Viad's high-cost Term Loan B and revolver debt and put the excess cash on our balance sheet to fund near-term growth initiatives for Pursuit.

此次交易的收益將使我們能夠重置我們的資本結構。我們打算完全償還 Viad 的高成本定期貸款 B 和循環債務，並將多餘的現金放在我們的資產負債表上，為 Pursuit 的近期增長計劃提供資金。

The combination of very low leverage, excess cash, and a new undrawn revolver will give Pursuit immediate firepower to accelerate growth and enhance shareholder value through our proven Refresh, Build, Buy strategy. This is a very exciting next chapter for Viad, soon to be renamed Pursuit.

極低的槓桿率、過剩的現金和新的未提取左輪手槍的結合將為 Pursuit 提供即時火力，透過我們經過驗證的刷新、構建、購買策略加速增長並提高股東價值。對於即將更名為 Pursuit 的 Viad 來說，這是一個非常令人興奮的下一篇章。

I want to extend a huge thanks to all the team members across GES, Spiro, Viad and Pursuit for their efforts to deliver the best possible results and help us reach this pivotal milestone. And thank you to our shareholders for your continued support. It's been an incredible journey, and we're very excited about what Pursuit can accomplish in the near future.

我要向 GES、Spiro、Viad 和 Pursuit 的所有團隊成員表示衷心感謝，感謝他們為實現最佳結果並幫助我們實現這一關鍵里程碑所做的努力。感謝我們的股東一直以來的支持。這是一次令人難以置信的旅程，我們對 Pursuit 在不久的將來能夠取得的成就感到非常興奮。

With that, let's open up the call for questions.

接下來，讓我們開始提問。

(Operator Instructions) Tyler Batory.

（操作員說明）泰勒·巴托里。

Good afternoon. Thank you. So my first question is actually on the FlyOver side of things. Can you talk a little bit more about FlyOver Chicago, FlyOver Las Vegas, where we are in the ramp of those two assets? Is Chicago at this point a positive contributor to EBITDA?

午安.謝謝。所以我的第一個問題其實是關於 FlyOver 方面的。您能多談談 FlyOver 芝加哥和 FlyOver 拉斯維加斯嗎？芝加哥目前是否對 EBITDA 做出了積極貢獻？

And then a little bit more big picture when you look further out, I mean, do you still see FlyOver, the platform overall as a growth engine for you? Is it still something that you think that makes sense in the new Pursuit entity?

然後，當你看得更遠時，你會看到更宏觀的情況，我的意思是，你仍然認為 FlyOver 這個平台總體上是你的成長引擎嗎？您認為在新的 Pursuit 實體中這仍然有意義嗎？

Hi, Tyler. A couple of things, so yes, Chicago is on a positive track and doing well. As we look into the future, as I mentioned in previous calls, we're working on stabilizing all of those businesses and getting them to optimum performance.

嗨，泰勒。有幾件事，是的，芝加哥正走在積極的軌道上並且表現良好。當我們展望未來時，正如我在先前的電話會議中所提到的，我們正在努力穩定所有這些業務並使其達到最佳績效。

They take a long time to build. They take a long time to come out of the ground. We're very proud of the experiences that we have. They have tremendous guest satisfaction ratings. We're going to work to optimize them, but we do not plan on deploying capital into creating future FlyOver locations right now. We've got lots to focus on the iconic location side of the business.

它們需要很長時間才能建造。他們需要很長時間才能從地下出來。我們對我們所擁有的經驗感到非常自豪。他們擁有極高的賓客滿意度。我們將努力優化它們，但我們目前不打算部署資金來創建未來的 FlyOver 地點。我們有很多事情需要專注於業務的標誌性位置方面。

Okay, perfect. And then switching gears to Jasper, I think you gave a lot of very helpful details there. I'm interested if you can talk a little bit more about the tour travel side of things. I'm not sure if there's any incremental details, anecdotes, et cetera, that you could provide.

好的，完美。然後轉向賈斯珀，我認為你在那裡提供了很多非常有用的細節。我很感興趣您能否多談談旅遊方面的事。我不確定您是否可以提供任何增量細節、軼事等。

Just given the conversations you're having with some of those folks, I'm not sure when they look towards 2025, if their plans have changed at all given the wildfires. And I'm also interested on the long-haul side of things. When you look towards next year, is there a possibility that we start to recover some of that lost business? And just want to sure any details in terms of numbers you could provide just trying to frame out what that might look like next year in terms of the impact of some of that long-haul visitation coming back.

就你與其中一些人的對話來看，我不確定他們何時展望 2025 年，考慮到野火，他們的計劃是否有所改變。我也對事物的長期發展感興趣。當您展望明年時，我們是否有可能開始恢復一些失去的業務？只是想確定您可以提供的數字方面的任何細節，只是試圖根據一些長途訪問回來的影響來確定明年的情況。

Yeah. I mean we view it as a return to normal. We have strong demand from our tour and travel partners. Remember that we're immersed in this as a company, right? We experienced the fires. We evacuated guests and everything else. But on a world scale, this is something that happened very quickly in a blip of news.

是的。我的意思是，我們將其視為回歸正常。我們的旅遊和旅遊合作夥伴有強烈的需求。請記住，我們作為一家公司正沉浸在這種情況中，對吧？我們經歷了火災。我們疏散了客人和其他所有物品。但在世界範圍內，這是在一則新聞中很快發生的事情。

So our initial modeling anticipates the 2025 travel trade revenue in Jasper to be up about 12% from the 2023 year, which is encouraging. We don't see anyone dropping Jasper on itineraries.

因此，我們的初步模型預計 2025 年賈斯珀的旅遊貿易收入將比 2023 年增長約 12%，這是令人鼓舞的。我們沒有看到有人在行程中放棄賈斯珀。

As I mentioned in my remarks, one thing that's important to note is if you've got itineraries that you've booked with guests coming all across Western Canada, you need Jasper as a pivotal overnight destination because of where it sits geographically between the other main centers of tourism. So the demand for Jasper is strong. What's actually a little bit tough right now is that you've got 18% or 400 keys that have come out of inventory.

正如我在演講中提到的，需要注意的一件事是，如果您已為來自加拿大西部各地的客人預訂了行程，那麼您需要賈斯珀作為關鍵的過夜目的地，因為它在地理位置上位於其他目的地之間主要旅遊中心。所以對Jasper的需求是旺盛的。現在實際上有點困難的是，您有 18% 或 400 把鑰匙沒有庫存。

And so now tour and travel partners who had booked those hotels over time are scrambling to be able to fill their itineraries. So I anticipate that our mix of tour travel actually might be a little overweight as we work to accommodate demand through the summer of '25. But we see no lessening of demand. We see no impact of stay away from Jasper; it needs time to recover.

因此，長期預訂這些酒店的旅行社和旅行合作夥伴現在正在爭先恐後地填補他們的行程。因此，我預計我們的旅遊組合實際上可能會有點超重，因為我們努力滿足 25 年夏季的需求。但我們認為需求並未減少。我們認為遠離賈斯珀不會產生任何影響；它需要時間來恢復。

We see the opposite that people are excited to come. They want to support Jasper. That reflects in the first quarter pacing that we're seeing in lodging, where we're actually tracking ahead there. So we're encouraged by what we're seeing in terms of recovery.

我們看到相反的情況，人們很興奮地來。他們想支持賈斯珀。這反映了我們在住宿業看到的第一季的節奏，我們實際上在住宿業方面處於領先地位。因此，我們對所看到的復甦感到鼓舞。

Tyler, if I might add one more thing.

泰勒，我可以再補充一件事嗎？

Go ahead.

前進。

Sorry, during our earlier remarks, we did talk about how much revenue was down in Jasper during the third quarter year-over-year, might give you a bit of a sense of what recovery could look like. And again, '23 probably wasn't the strongest of years for us. But the year-over-year dip from Jasper in the third quarter was about $22 million in revenue.

抱歉，在我們之前的演講中，我們確實談到了賈斯珀第三季度的收入同比下降了多少，可能會讓您對復甦的情況有所了解。再說一遍，23 年對我們來說可能不是最強的年份。但 Jasper 第三季的營收年減了約 2,200 萬美元。

Okay, great. And thank you for highlighting that. I think the last question for me, and maybe I'll keep it more generic because I know -- I mean, I'm asking for guidance, and I know you can't give guidance for next year. Just trying to think through the EBITDA margin and maybe a stabilized EBITDA margin, if you will. I think in the past, you had kind of given some, I don't know, call them targets per se, but given some aspirations in terms of what you think EBITDA could be like at Pursuit. So I just wanted to see if we could revisit those, please, and just talk about where you think EBITDA margin at Pursuit could go in the future?

好的，太好了。感謝您強調這一點。我認為最後一個問題對我來說可能會更通用，因為我知道——我的意思是，我正在尋求指導，而且我知道你無法為明年提供指導。只是想仔細考慮一下 EBITDA 利潤率，如果你願意的話，也許還有一個穩定的 EBITDA 利潤率。我認為在過去，你已經給了一些，我不知道，稱它們為目標本身，但給出了你認為 Pursuit 的 EBITDA 可能是什麼樣子的一些願望。所以我只是想看看我們是否可以重新審視這些問題，並談談您認為 Pursuit 的 EBITDA 利潤率未來會走向何方？

We anticipate that without factoring in the public company burden that we will be on the 30% mark for 2025. And we're working through the process now as we integrate some things and work on the business transition, but we're enthusiastic of where Pursuit's margin is going to be and feel good about that going forward.

我們預計，如果不考慮上市公司的負擔，到 2025 年我們的比例將達到 30%。我們現在正在完成這個過程，整合一些東西並致力於業務轉型，但我們對 Pursuit 的利潤率將達到的水平充滿熱情，並對未來的發展感到滿意。

Okay, great. I'll leave it there. Thank you for the detail.

好的，太好了。我會把它留在那裡。謝謝你的詳細資料。

Thanks, Tyler.

謝謝，泰勒。

Bryan Maher, B. Riley.

布萊恩·馬赫，B.萊利。

Thank you. And good afternoon. Just a couple from me. As it relates to Jasper and the lack of those 400 rooms, is it safe to assume that you should be running pretty close to full occupancy for the next couple of quarters as construction crews and cleanup and displaced residents all in the place to stay? I mean how should we think about that relative to prior years?

謝謝。午安.只是我的一對。由於這與 Jasper 以及這 400 個房間的缺乏有關，是否可以安全地假設您在接下來的幾個季度中應該會非常接近滿員，因為建築人員、清理人員和流離失所的居民都在住宿地？我的意思是，與前幾年相比，我們應該如何看待這一點？

I think you're going to have some seasonality, Bryan. And as an example, for instance, construction workers potentially going home on weekends and other things back to where they live and then coming back during the week. So it will be a little lumpy. But I think what's important to note is, as you think to next summer, given that you have that removal of rooms, you're going to have very significant compression for summer 2025 in the Jasper market.

我認為你會有一些季節性，布萊恩。舉個例子，建築工人可能會在周末回家或做其他事情回到他們居住的地方，然後在一周內返回。所以會有點凹凸不平。但我認為值得注意的是，正如您所想的那樣，明年夏天，考慮到房間的減少，賈斯珀市場在 2025 年夏天將會出現非常顯著的壓縮。

Okay. And as it relates to modeling, so it's nice that you're making this very clean separation on 12/31. So I'm assuming, and this is a silly question, we're just going to model out GES through the end of the year, then get out Pursuit of stand-alone starting January 1. But where do we put the transaction-related costs? Are they all going to be completed in the fourth quarter? Is there going to be some spillover into the first quarter? And can you quantify that across quarters?

好的。由於它與建模相關，所以很高興您在 12 月 31 日進行瞭如此乾淨的分離。所以我假設，這是一個愚蠢的問題，我們將在今年年底之前對 GES 進行建模，然後從 1 月 1 日開始推出獨立版的 Pursuit。但我們把交易相關成本放在哪裡呢？它們都將在第四季完成嗎？第一季是否會有一些溢出效應？您能量化各季度的情況嗎？

On the transaction-related costs, most of the costs will be in '24, some of them will spill over into '25. So we're going to have some transition costs for IT. We're going to have some cash retention awards in '25, but most of the costs will be in '24.

在交易相關成本方面，大部分成本將發生在'24年，其中一些成本將溢出到'25年。因此，我們將會有一些 IT 轉型成本。我們將在 25 年獲得一些現金保留獎勵，但大部分成本將在 24 年發生。

And can you give us a ZIP code on those numbers? Is it a couple of million? Is it $10 million? Is it $5 million? Like how should we be thinking about that?

您能給我們這些號碼的郵遞區號嗎？是幾百萬嗎？是1000萬美元嗎？是500萬美元嗎？例如我們該如何思考這個問題？

Right. So the transaction costs that we talked about relating to what will come out of the proceeds was about $20 million.

正確的。因此，我們談到的與收益相關的交易成本約為 2000 萬美元。

And is it safe to maybe do $15 million in the fourth and $5 million in the first, something along those lines?

在第四個項目中投入 1500 萬美元，在第一個項目中投入 500 萬美元，類似這樣的事情是否安全？

No, it would be about $20 million as of year-end and then another $5 million to $6 million in 2025.

不，到年底大約是 2000 萬美元，然後到 2025 年再增加 500 萬至 600 萬美元。

Okay. Perfect. And then the insurance proceeds from Jasper, I was pleased to hear that you're already receiving money there. I think you said $4.7 million in the third and $6 million total to date, where do we find that on the P&L?

好的。完美的。然後是賈斯珀的保險收益，我很高興聽說你已經在那裡收到了錢。我想你說的是第三季的 470 萬美元和迄今為止的總計 600 萬美元，我們在損益表上哪裡可以找到它？

The proceeds that came in? So some of it is offset against the impairment. So right now, we have -- how much is on the balance sheet? $6.5 million of it?

進來的收益？因此其中一部分可以抵消減損。那麼現在，我們的資產負債表上有多少？其中 650 萬美元？

$6.7 million in our receivables. We have all the proceeds. Everything is on the balance sheet. There's nothing that's hit the P&L other than impairment.

我們的應收帳款為 670 萬美元。我們擁有所有收益。一切都在資產負債表上。除了減損之外，沒有任何因素影響損益表。

We had an impairment and then we had recoveries that offset that on the P&L. But you're not going to see any on the P&L; currently, it's all on the balance sheet. So as we recover BI going forward, you'll see that as a separate line item on the P&L.

我們有減值，然後我們收回了損益表上的減值。但你不會在損益表上看到任何內容；目前，這一切都在資產負債表上。因此，當我們繼續恢復 BI 時，您將看到它作為損益表上的單獨行項目。

Going forward, I guess, starting in the fourth quarter, first quarter?

我想，從第四節開始，第一節？

Right. Starting in the fourth quarter, any proceeds we receive, we'll break that out on the P&L.

正確的。從第四季開始，我們收到的任何收益都會在損益表中列出。

Okay, perfect. Thank you. That is all for me.

好的，完美。謝謝。這就是我的全部。

Alex Furman, Craig Hallum Capital Group.

亞歷克斯‧弗曼，克雷格‧哈勒姆資本集團。

Hey, guys, thanks for taking my question. David, it seems like every quarter this year, we've kind of heard about the Sky Lagoon being really strong demand and different measures you're taking to capture that demand. And no matter what you do, it seems like there's just more and more demand there. I was wondering if you could maybe give us a little bit of a sense for those of us that haven't been out there.

嘿，夥計們，謝謝你提出我的問題。大衛，今年每個季度，我們似乎都聽說天空潟湖的需求非常強勁，並且您正在採取不同的措施來滿足這種需求。無論你做什麼，需求似乎都在增加。我想知道你是否可以給我們這些沒有去過那裡的人一點感覺。

Can you describe to us kind of what is the opportunity to expand on that property? Is there enough space in the area to potentially build a boutique hotel to leverage all of the demand and the strong location there Really impressive results in the third quarter from Sky Lagoon, just wondering how much more there could be to go there as you look at the future?

您能否向我們描述一下擴展該房產的機會是什麼？該地區是否有足夠的空間來建造一家精品酒店，以充分利用那裡的所有需求和優越的地理位置未來？

Sure. I'd be happy to walk you through some stuff. So a couple of things to remember, right? Just to recenter on what we've actually done.

當然。我很樂意引導您完成一些事情。所以有幾件事要記住，對吧？只是為了重新審視我們實際上所做的事情。

So at Sky Lagoon, we realized as things continued and momentum was building that the higher-end experience, which is called Suel, which is the whole turf house experience between the steam shower and the salts and the salt scrub and the sauna and all of the different aspects of cold plunge and so on, it had a throughput issue. And it was incredibly popular, but we were turning guests away from a higher-end product because we had throughput issues.

因此，在 Sky Lagoon，我們意識到，隨著事情的繼續和勢頭的增強，高端體驗被稱為 Suel，這是蒸汽淋浴、鹽、鹽磨砂、桑拿以及所有這些之間的整個草皮屋體驗。插等不同方面，它都存在吞吐量問題。它非常受歡迎，但我們拒絕客人使用更高端的產品，因為我們遇到了吞吐量問題。

So the first problem we solved was to make the whole experience in the turf house incredibly beautiful, larger and just magnificent. So now instead of sauna that seeds 50 beautiful people staring at the ocean, there's two. And there's a combination of just improvements to that facility.

因此，我們解決的第一個問題是讓草皮房子裡的整個體驗變得異常美麗、更大、更宏偉。所以現在不再有 50 個美麗的人凝視大海的桑拿浴室，而是兩個。並且對該設施進行了一系列改進。

What that allows you to do is to sell more of our higher-end product, which is the ritual, and to really encourage guests, and it drives length of visitation, it drives guest satisfaction levels and so on. Remember that it's an OpCo and PropCo partnership where we work with our Icelandic partners who are the landowners there. So there are opportunities for development, and it would be something we might consider, we may not consider as time goes on.

這讓你可以做的是銷售更多我們的高端產品，這是一種儀式，並真正鼓勵客人，它可以增加訪問時間，提高客人滿意度等等。請記住，這是 OpCo 和 PropCo 的合作夥伴關係，我們與冰島合作夥伴合作，他們是當地的土地所有者。所以發展機會是有的，隨著時間的推移，我們可能會考慮，也可能不會考慮。

And so no commitment today as to what we might be envisioning there other than there continues to be opportunity to expand the product, continue to have opportunity to work on the various brand aspects of it. But we're really, really pleased with how the design and operational efforts have brought it to fruition.

因此，今天除了繼續有機會擴展產品、繼續有機會致力於其各個品牌方面之外，我們對在那裡的設想沒有任何承諾。但我們對設計和營運工作如何實現這一目標感到非常非常滿意。

Okay. That's really helpful. Thank you. And then if I could just follow up on Jasper and the Canadian Rockies. It seems like you now have a pretty good handle at least for the off-season here of how demand is shaping up and what that's looking like in the new world in which a lot of your competitors are offline for a few years. Curious what you're seeing in terms of rates? And then even more importantly, I guess, I'm curious to what extent the dent of supply of hotel rooms in Jasper is impacting the rest of the region. Are you seeing more people booking in BAM and elsewhere in the Rockies? Curious if that could potentially drive more overnight guests to Waterton Lakes or even to Golden?

好的。這真的很有幫助。謝謝。然後我是否可以跟進賈斯珀和加拿大落基山脈。看來您現在至少對這裡的淡季需求如何形成以及在許多競爭對手離線幾年的新世界中的情況有了很好的把握。好奇您在費率方面看到了什麼？我想，更重要的是，我很好奇賈斯珀酒店客房供應的減少對該地區其他地區的影響有多大。您是否看到越來越多的人在 BAM 和落基山脈的其他地方預訂？好奇這是否可能吸引更多過夜客人前往沃特頓湖甚至戈爾登？

Well, I think the interesting thing, Alex, is that recovery is happening very quickly. So seven out of eight hotels in Jasper are back open, and hosting guests excited to do it. We have Pyramid Lake Lodge undergoing a few repairs, but it will be open for the Christmas holidays, and we anticipate a busy winter season.

嗯，我認為有趣的是，亞歷克斯，恢復發生得非常快。因此，賈斯珀八家酒店中的七家已重新開業，並熱情地接待客人。我們的金字塔湖旅館正在進行一些維修，但它將在聖誕節假期期間開放，我們預計冬季會很忙。

Our pacing for the first quarter for that part of the ski season is doing well. So we think we're going to have continued demand. And that's going to drive, obviously, pressure and compression within the market that we'll work to adjust to. It will take several years for those 400 keys to be rebuilt. And so what's important is we're focused on how do we provide the support to our tour and travel partners, provide great experiences for guests and make the needed improvements that we're doing.

我們在滑雪季節第一季的這一部分的進展情況良好。所以我們認為我們將會有持續的需求。顯然，這將給市場帶來壓力和壓縮，我們將努力適應這一點。重建這 400 把鑰匙需要幾年的時間。因此，重要的是我們專注於如何為我們的旅遊和旅行合作夥伴提供支持，為客人提供良好的體驗，並做出我們正在做的必要改進。

Our Q4 rates are up from this time last year. And so we're excited about that. And we anticipate that we'll have continued rate growth through the beginning of '25, and obviously, through summer '25.

我們第四季的利率比去年同期有所上升。所以我們對此感到興奮。我們預計，到 25 年初，顯然，到 25 年夏季，我們的成長率將持續成長。

That's great. Thank you very much.

那太棒了。非常感謝。

So welcome and you need to go to Iceland.

歡迎您，您需要去冰島。

Yeah, for sure.

是的，當然。

(Operator Instructions) There are no further questions at this time. Steve Moster, I turn the call back over to you.

（操作員說明） 目前沒有其他問題。史蒂夫·莫斯特，我把電話轉回給你。

All right. That concludes our call for today. So thank you very much for your interest in our business, and we will talk to you at the end of the next quarter. Thanks so much.

好的。我們今天的呼籲到此結束。非常感謝您對我們業務的興趣，我們將在下個季度末與您交談。非常感謝。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。