Pursuit Attractions and Hospitality Inc (PRSU) 2025 Q3 法說會逐字稿

Good afternoon. My name is Makaya, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2025 third-quarter earnings conference call. (Operator Instructions)

午安.我叫瑪卡亞，今天我將擔任你們的會議接線生。在此，我謹代表 Pursuit 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Thank you. Carrie Long, you may begin today's conference.

謝謝。凱莉·朗，你可以開始今天的會議了。

Good afternoon and thank you for joining us for Pursuit's 2025 third-quarter earnings conference call. Our earnings presentation, which we will reference during this call, 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.

下午好，感謝各位參加 Pursuit 2025 年第三季財報電話會議。我們將在本次電話會議中提及的收益報告，可在我們網站的投資者關係版塊中找到。我們鼓勵投資者除了關注我們的新聞稿、向美國證券交易委員會提交的文件以及任何公開電話會議或網路直播外，還應關注我們網站的「投資者」部分。

During the call, you will hear from David Barry, our President and CEO; and Bo Heitz, our Chief Financial Officer.

在通話過程中，您將聽到我們的總裁兼執行長 David Barry 和財務長 Bo Heitz 的演講。

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 2 of our presentation for identification of forward-looking statements and for a discussion of risks and other important factors that could cause results to differ from those expressed in such statements.

今天的電話會議將包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。請參閱我們簡報第 2 頁的免責聲明，以識別前瞻性陳述，並討論可能導致結果與此類陳述中表達的結果不同的風險和其他重要因素。

During the call, we will also discuss non-GAAP financial measures. Definitions of these non-GAAP financial measures are provided on page 3. And reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation as well as in our earnings release.

電話會議期間，我們也將討論非GAAP財務指標。這些非GAAP財務指標的定義請參考第3頁。與最直接可比較的 GAAP 財務指標的調整表已在簡報的附錄以及我們的獲利報告中提供。

And now I'd like to turn the call over to David, who will start on page 4 of our presentation.

現在我想把電話交給大衛，他將從我們簡報的第 4 頁開始講解。

Thanks, Carrie, and thank you all for joining us as we review our very strong 2025 third-quarter results. Let us start by highlighting four key achievements that really speak to the strength and momentum of our business.

謝謝凱莉，也謝謝大家與我們一起回顧我們非常強勁的 2025 年第三季業績。首先，讓我們重點介紹四項能真正體現我們業務實力和發展動能的關鍵成就。

First, we delivered a record breaking third quarter with significant year-over-year growth that exceeded expectations, all while continuing to deliver incredible experiences for our guests. Second, based on that exceptional performance, we're raising our full year 2025 growth guidance, a reflection of both our year-to-date results and our confidence in what's ahead.

首先，我們第三季業績創下歷史新高，年成長顯著，超乎預期，同時我們持續為賓客提供卓越的體驗。其次，基於這項卓越的業績，我們提高了 2025 年全年成長預期，這不僅反映了我們今年迄今的業績，也反映了我們對未來前景的信心。

Third, we're well positioned to benefit from global consumer demand trends for experiential travel to iconic destinations. That gives us a solid foundation for continued growth in 2026.

第三，我們已做好充分準備，從全球消費者對前往標誌性目的地體驗式旅行的需求趨勢中獲益。這將為我們2026年的持續成長奠定堅實的基礎。

And fourth, our Refresh, Build by strategy continues to deliver. It's fueling growth and enhancing our collection of irreplaceable assets backed by a meaningful pipeline of investment opportunities and a strong balance sheet that gives us flexibility to accelerate.

第四，我們的「更新、重建」策略持續取得成效。它推動了成長，增強了我們不可替代的資產組合，並擁有大量有價值的投資機會和強大的資產負債表，這使我們能夠靈活地加速發展。

So let's review our record third quarter results and improved full year 2025 outlook on page 6. During the quarter, our dedicated team delivered extraordinary experiences to approximately 2 million attraction visitors and welcomed lodging guests across nearly 200,000 room nights. We delivered revenue growth across all geographies, including a strong recovery in Jasper following last year's wildfires.

那麼，讓我們在第 6 頁回顧一下我們創紀錄的第三季業績和改進後的 2025 年全年展望。本季度，我們敬業的團隊為約 200 萬名景點遊客提供了非凡的體驗，並接待了近 20 萬間夜的住宿客人。我們在所有地區都實現了收入成長，其中賈斯珀地區在去年的山火後實現了強勁復甦。

Total revenue for the quarter reached $241 million, which is up 32% year-over-year. Our adjusted EBITDA margin expanded to 49%, reflecting the scalable nature of our business with strong demand for our incredible attractions and unique lodging properties and our diligent ongoing management of costs.

本季總營收達到 2.41 億美元，年增 32%。我們調整後的 EBITDA 利潤率擴大至 49%，這反映了我們業務的可擴展性，市場對我們令人驚嘆的景點和獨特的住宿設施有著強勁的需求，以及我們對成本的持續認真管理。

Our strong team member engagement, our relentless focus on elevating the guest journey, and the perennial demand for our iconic experiences and destinations continue to differentiate Pursuit, and that's driving sustained momentum and reinforcing our long-term growth.

我們強大的團隊成員參與度、我們不斷專注於提升賓客體驗，以及對我們標誌性體驗和目的地的持續需求，使 Pursuit 不斷脫穎而出，並推動持續發展勢頭，鞏固我們的長期成長。

With our exceptional third quarter results, we're raising our full year 2025 adjusted EBITDA guidance by $6 million at the midpoint, as opposed to our prior guidance range. We now expect full year 2025 adjusted EBITDA to be in the range of $116 million to $122 million.

鑑於我們第三季業績表現出色，我們將 2025 年全年調整後 EBITDA 預期中位數上調 600 萬美元，而不是我們先前的預期範圍。我們現在預計 2025 年全年調整後 EBITDA 將在 1.16 億美元至 1.22 億美元之間。

Now let's dive in on page 7, with a reminder of what makes Pursuit a powerful and differentiated growth engine. Pursuit success is anchored in a guest-obsessed, experience-driven, hospitality-focused culture, and that's paired with authentic one-of a-kind experiences.

現在讓我們翻到第 7 頁，回顧一下是什麼讓 Pursuit 成為一個強大而獨特的成長引擎。Pursuit 的成功源自於以顧客為中心、以體驗為導向、以熱情好客為核心的企業文化，並輔以獨特的真實體驗。

Our unique offering of must-do sightseeing attractions for all ages and skill levels and our distinctive lodging and iconic destinations with limited supply and high barriers to entry gives us a strong foundation for enduring success. Guided by our proven Refresh, Build, Buy strategy, we continue to scale our collections of irreplaceable experiences with growth and the guest experience in mind, anchored by focused capital allocation and discipline.

我們提供適合所有年齡和技能水平的必遊觀光景點，以及供應有限、進入門檻高的特色住宿和標誌性目的地，這為我們持續成功奠定了堅實的基礎。在經過驗證的「更新、建造、收購」策略的指導下，我們不斷擴大我們不可替代的體驗組合，以成長和賓客體驗為中心，並以專注的資本配置和紀律為支撐。

Since 2015, we've nearly quadrupled revenue expanding across four countries. We've grown from four world-class attractions to 17, and from 12 lodges to 29. This is a testament to the power of our strategy and the timeless allure of experiential travel, which we believe will continue benefiting us long into the future.

自 2015 年以來，我們的營收成長了近四倍，業務拓展至四個國家。我們的世界級景點數量從 4 個增加到 17 個，旅館數量從 12 個增加到 29 個。這證明了我們策略的有效性和體驗式旅行的永恆魅力，我們相信這將在未來很長一段時間內繼續使我們受益。

As shown on page 8, our Refresh, Build, Buy growth strategy is anchored in two important growth levers that drive long-term value creation. Our first growth lever is delivering organic growth to refresh and build investments, and the second is to buy one of a kind forever businesses that fit our strategy.

如第 8 頁所示，我們的「更新、建造、購買」成長策略建立在兩個重要的成長槓桿之上，這兩個槓桿驅動著長期價值的創造。我們的第一個成長槓桿是實現有機成長，以更新和建立投資；第二個成長槓桿是收購符合我們策略的獨一無二的永久企業。

We actively maintain a robust pipeline of opportunities across both levers backed by our strong financial and operational capacity. With ample liquidity and low leverage, we're able to invest across a spectrum of high return opportunities. On the organic growth front, we've identified over $250 million in refresh and build opportunities over the next six years, including an expected $38 million to $43 million in 2025.

我們憑藉強大的財務和營運能力，積極維護涵蓋所有領域的穩健發展機會管道。憑藉充足的流動資金和較低的槓桿率，我們能夠投資於各種高回報的機會。在有機成長方面，我們已經確定了未來六年超過 2.5 億美元的更新和建設機會，其中包括預計到 2025 年將達到 3,800 萬至 4,300 萬美元。

These targeted investments elevate the quality of our existing assets. They enhance the guests and team member experience, and they unlock new revenue streams in our iconic destinations. We view these investments as among our most efficient uses of capital. By raising asset quality, elevating the guest experience, and improving financial performance, we deliver high returns and we drive long-term value.

這些有針對性的投資提升了我們現有資產的品質。它們提升了賓客和團隊成員的體驗，並為我們標誌性的目的地開闢了新的收入來源。我們認為這些投資是我們最有效的資本運用方式之一。透過提高資產品質、提升賓客體驗和改善財務業績，我們實現高回報並創造長期價值。

Our Buy acquisition strategy complements this by targeting irreplaceable attraction and hospitality businesses in both existing markets and new markets that have perennial demand, limited supply, and high barriers to entry.

我們的收購策略與之相輔相成，目標是現有市場和新興市場中不可替代的景點和酒店業務，這些業務具有持續的需求、有限的供應和較高的進入障礙。

We focus on businesses that deliver attractive EBITDA margins, operate in countries with strong ease of doing business, and exceed the 15% IRR hurdle rate that our growth investments need to deliver. This disciplined approach ensures that we continue to scale with purpose by investing in unforgettable experiences. That inspire our guests and deliver sustainable returns.

我們專注於那些能夠帶來可觀的 EBITDA 利潤率、在營商環境良好的國家/地區運營，並且內部收益率 (IRR) 超過我們成長投資所需達到的 15% 門檻率的企業。這種嚴謹的方法確保我們能夠透過投資打造令人難忘的體驗，持續實現有目標的規模化發展。這能激發顧客的熱情，並帶來永續的回報。

Page 9 provides some visibility into our significant refresh and build pipeline, which represents a compelling set of organic growth opportunities through 2030. In 2025 and '26, we're advancing two large scale multi-year lodging refresh projects.

第 9 頁展示了我們重要的更新和建設計劃，該計劃代表著到 2030 年一系列引人注目的有機增長機會。2025 年和 2026 年，我們將推動兩個大型多年期住宿設施翻新工程。

At our Forest Park Hotel in Jasper National Park, we are in our second phase of a full refresh of the Woodland Wing with upgrades to guest rooms, corridors, the exterior facade, lobby and atrium, conference spaces, food and beverage areas, and this first phase of room renovations was complete for the 2025 peak third quarter, and the elevated guest experience captured a 22% increase in ADR. Compared to the non-renovated rooms.

位於賈斯珀國家公園的森林公園飯店正在進行林地翼樓的全面翻新，包括客房、走廊、外觀、大廳和中庭、會議空間、餐飲區等，目前已進入第二階段。第一階段的客房翻新工程已於 2025 年第三季旺季完成，提升的賓客體驗使平均房價上漲了 22%。與未翻新的房間相比。

At our Grouse Mountain Lodge in Whitefish, Montana near Glacier National Park, we're underway with the first phase of a full Refresh of that property. Ahead of the 2026 peak summer season, we plan to have renovated the South wing guest rooms and pool area. We're also building a new 8,250 square foot wedding and event pavilion to support the group and leisure demand, which will open later in 2026.

位於蒙大拿州懷特菲什市冰河國家公園附近的格勞斯山莊，我們正在進行全面翻修的第一階段。在 2026 年夏季旅遊旺季到來之前，我們計劃翻新南翼客房和泳池區域。為了滿足團體和休閒活動的需求，我們還在建造一座新的 8,250 平方英尺的婚禮和活動館，該館將於 2026 年晚些時候開放。

These projects will transform and reposition these year-round lodges to better meet the expectations of mass affluent leisure travelers, as well as support higher ADRs and attraction visitation. And our phased approach to renovation, with construction taking place primarily during the seasonally slower fourth and first quarters, allows us to minimize disruption during our busy summer months.

這些項目將改造和重新定位這些全年開放的旅館，以更好地滿足大眾富裕休閒旅客的期望，並支持更高的平均房價和景點參觀量。我們分階段進行翻新，施工主要在淡季的第四季和第一季進行，這樣可以最大限度地減少夏季旺季期間的干擾。

So as we look further ahead, we have a robust pipeline of potential refresh and build projects presently in the planning stage to drive incremental capacity and yield opportunities in high demand markets. And key examples include Jasper SkyTram investments to introduce a new lift and reimaging terminal buildings to deliver a more elevated guest experience.

展望未來，我們目前有一系列正在規劃中的潛在更新和建設項目，旨在為高需求市場帶來增量產能和收益機會。關鍵案例包括 Jasper SkyTram 投資引入新電梯和重新設計航站樓，以提供更優質的旅客體驗。

A refresh of the Banff Gondola in Banff National Park with a new lift and experiential enhancements to further differentiate this iconic attraction. Investments at Apgar Village in Glacier National Park aimed at improving and maximizing lodging capacity to meet growing demand for this very special place.

班夫國家公園的班夫纜車進行了翻新，安裝了新的電梯並提升了體驗，以進一步凸顯這一標誌性景點的獨特性。冰川國家公園阿普加村的投資旨在改善和最大限度地提高住宿能力，以滿足對這個特殊地方日益增長的需求。

And then finally investment in the Denali Backcountry Adventure focused on elevating and reimagining the guided journey deep into Denali National Park when the Denali Park Road reopened in 2027. And a series of additional lodge refreshes focused on transforming and repositioning properties to align with market demand.

最後，對德納利國家公園內陸探險的投資重點在於提升和重新構想德納利國家公園深處的導覽之旅，該公園將於 2027 年重新開放。此外，還進行了一系列其他度假酒店的翻新改造，重點在於改造和重新定位酒店，以適應市場需求。

These investments reflect our commitment to enhancing the quality and appeal of our experiences while positioning our portfolio for sustained growth and profitability. We plan to provide more details on our 2026 capital plans in February '26 and expect growth capital investments over the next two years at increased levels relative to 2025, primarily driven by planned large scale refresh and build investments in the new Jasper SkyTram attraction, Forest Park Hotel Woodland Wing, and Grouse Mountain Lodge, subject to approvals. And while these investments take multiple years to complete, they will help propel our growth beyond 2026.

這些投資體現了我們致力於提升體驗的品質和吸引力，同時為實現持續成長和獲利能力做好準備的承諾。我們計劃在 2026 年 2 月公佈 2026 年資本計劃的更多細節，並預計未來兩年的增長資本投資將比 2025 年有所增加，這主要得益於計劃對新的 Jasper SkyTram 景點、森林公園酒店林地翼樓和 Grouse Mountain Lodge 進行大規模的翻新和建設投資，但需獲得批准。雖然這些投資需要數年時間才能完成，但它們將有助於推動我們2026年以後的成長。

Now on page 10, let's revisit our frequent acquisition of Tabacón completed at the beginning of the third quarter. Which exemplifies the kind of high-quality buy opportunities we're pursuing to drive long-term growth. Tabacón is a world-class destination resort and attraction in one of Costa Rica's most iconic travel regions.

現在翻到第 10 頁，讓我們回顧一下我們在第三季初完成的對 Tabacón 的頻繁收購。這正是我們為推動長期成長而尋求的高品質收購機會的典型例子。塔巴孔是哥斯大黎加最具代表性的旅遊區之一，也是世界級的度假勝地和旅遊景點。

Nestled at the base of the Arenal volcano and adjacent to protected rainforest, Tabacón offers exclusive access to the country's largest network of naturally flowing hot springs. It is truly unique with two distinct thermal river attractions paired with a luxury 105 room resort, renowned spa, signature culinary experiences, and 570 acres of beautiful terrain.

塔巴孔坐落在阿雷納爾火山腳下，毗鄰受保護的熱帶雨林，為客人提供獨家通道，通往該國最大的天然溫泉網絡。它獨一無二，擁有兩個截然不同的溫泉河景點，以及一個擁有 105 間客房的豪華度假村、著名的水療中心、特色美食體驗和 570 英畝美麗的地形。

Tabacón is profitable 10 months of the year, with full year hotel occupancy exceeding 80%, and provides a positive EBITDA contribution during periods that are seasonally slower for our Canadian and US businesses. The renowned Tabacón Thermal River attraction offers a premium experience for both hotel guests and day visitors.

Tabacón 一年中有 10 個月盈利，全年酒店入住率超過 80%，並且在加拿大和美國業務季節性淡季期間，為公司帶來正的 EBITDA 貢獻。著名的塔巴孔溫泉河景點為飯店客人和一日遊遊客提供優質體驗。

And in March of '24, Tabacón opened a second thermal river attraction, Hot Springs Pura Vida, designed to serve more budget conscious guests. Both attractions are open to day use guests serving a broad range of visitors and driving incremental revenue.

2024 年 3 月，塔巴孔開設了第二個溫泉河景點－普拉維達溫泉，旨在服務更多注重預算的遊客。這兩個景點都對一日遊遊客開放，服務於廣泛的遊客群體，並帶來額外的收入。

Through its inclusion in the small luxury hotels of the world portfolio, Tabacón is accessible to Hilton Honors members, which expands its global reach and visibility among high value travelers. This strategic affiliation enhances the resort's positioning in the luxury market, drives incremental demand from a loyal and affluent customer base, and strengthens its competitive advantage within the premium hospitality segment.

Tabacón 酒店被納入世界小型豪華酒店組合，希爾頓榮譽客會會員可入住，這擴大了其在全球高端旅行者中的影響力和知名度。這種策略聯盟提升了度假村在豪華市場中的地位，推動了忠誠且富裕的客戶群的增量需求，並增強了其在高端酒店領域的競爭優勢。

Tabacón is led by an exceptional local leadership team. With deep roots in Costa Rica and a proven track record, this team has built a reputation for delivering best in class hospitality and driving sustained growth. Culturally, Tabacón is a perfect fit with Pursuit in all aspects, including the team's growth mindset and restless focus on making experiences better.

Tabacón 由一支傑出的在地領導團隊領導。該團隊在哥斯達黎加擁有深厚的根基和良好的業績記錄，以提供一流的酒店服務和推動持續增長而聞名。從文化角度來看，Tabacón 與 Pursuit 在各方面都非常契合，包括團隊的成長型思維和不斷追求更好的體驗。

As one small tangible example, the team is underway with rebranding the new Thermal River experience from its initial brand Choyin to the more compelling brand of Hot Springs Pura Vida based on learnings and feedback across key stakeholders.

舉個小例子，團隊正在根據主要利害關係人的經驗和回饋，將新的溫泉河體驗從最初的品牌「Choyin」重新打造為更具吸引力的品牌「Hot Springs Pura Vida」。

And we're actively collaborating on exciting future growth opportunities. We see a clear path to near-term upsides through targeted operational enhancements and the full ramp up of Hot Springs Pura Vida. And also, with strong demand and ample hot springs capacity, we expect to drive Tabacón adjusted EBITDA multiple below 9 times by year three.

我們正在積極合作，尋求令人振奮的未來發展機會。我們看到，透過有針對性的營運改善和 Hot Springs Pura Vida 的全面投產，近期內將有明確的成長路徑。此外，由於強勁的需求和充足的溫泉產能，我們預計到第三年，Tabacón 的調整後 EBITDA 倍數將低於 9 倍。

Beyond these operational gains, we're actively exploring Refresh, and Build opportunities across the 570 acres of acquired terrain as well as buy opportunities to expand our presence in Costa Rica with additional high-quality attractions and hospitality assets at attractive valuations.

除了這些營運收益之外，我們還在積極探索在已收購的 570 英畝土地上進行翻新和建設的機會，以及以有吸引力的估值收購更多高品質景點和酒店資產，從而擴大我們在哥斯達黎加的業務的機會。

We see the potential to build a world class collection of nature-based experiences in Costa Rica. Across Pursuit, we're not just focused on the next quarter, we're focused on the next decade, and we're confident that the choices we're making today will drive long-term value for our guests, our teams, and our shareholders.

我們看到了在哥斯大黎加打造世界級自然體驗計畫的潛力。在 Pursuit，我們不僅關注下一個季度，更關注下一個十年，我們相信，我們今天所做的選擇將為我們的客戶、團隊和股東帶來長期價值。

Next on page 11, we provide some initial insights into our indicators for next year. We believe we're well positioned for continued growth in 2026, supported by favorable secular trends, sustained demand for our destinations, and solid business fundamentals.

接下來，在第 11 頁，我們將對明年的各項指標提供一些初步見解。我們相信，在有利的長期趨勢、對我們目的地持續的需求以及穩固的業務基本面的支持下，我們已做好充分準備，並將在 2026 年繼續保持成長。

Across generations, we continue to see a shift toward experience-driven travel with increasing demand for adventure, wellness, and immersive exploration, all areas where we're strongly positioned to capture growth with our differentiated and authentic guest experiences in iconic locations.

縱觀各個世代，我們不斷看到以體驗為導向的旅行方式的轉變，人們對冒險、健康和沈浸式探索的需求日益增長，而我們在這些領域都擁有強大的優勢，可以通過在標誌性地點提供差異化和真實的賓客體驗來抓住增長機遇。

Our travel destinations from Banff and Jasper to Costa Rica have perennial demand and continue to attract strong visitation. In Canada, we expect another standout year for travel in 2026, supported by favorable foreign exchange rates, unique geopolitical trends, and the recently renewed free admission to Canadian National Parks in 2026.

從班夫和賈斯珀到哥斯大黎加，我們的旅遊目的地一直備受青睞，持續吸引大量遊客。在加拿大，我們預計 2026 年將是旅遊業的另一個傑出年份，這得益於有利的匯率、獨特的地緣政治趨勢以及加拿大國家公園最近重新開放免費入園的政策。

Our global network of tour and travel partners spanning over 80 countries are signaling strong demand for the 2026 itineraries. This early indicator reflects the appeal of our offerings and the strength of our diversified market reach.

我們遍佈 80 多個國家的全球旅遊合作夥伴網絡表明，2026 年的旅遊行程需求強勁。這個早期指標反映了我們產品的吸引力以及我們多元化市場所涵蓋的實力。

And at the heart of our success is a relentless focus on growth and elevating the guest and team member experience. And it's with this mindset that we're confident in our ability to harness these tailwinds and deliver exceptional performance in the years to come.

我們成功的核心在於始終不懈地專注於發展，並不斷提升顧客和團隊成員的體驗。正是秉持著這種心態，我們有信心利用這些順風，在未來幾年取得卓越的業績。

And now I'll turn it over to Bo to review our 2025 financial results and outlook in more detail.

現在我將把發言權交給 Bo，讓他更詳細地回顧一下我們 2025 年的財務表現和展望。

Thanks, David. I'll start on page 13 with our third quarter financial highlights. As David mentioned, this was a phenomenal quarter with record results that exceeded our expectations, particularly in August for the remainder of the core summer season as visitation to our markets accelerated.

謝謝你，大衛。我將從第 13 頁開始，介紹我們第三季的財務亮點。正如大衛所提到的，這是一個非凡的季度，業績創下歷史新高，超出了我們的預期，尤其是在 8 月份核心夏季旅遊旺季的剩餘時間裡，我們市場的遊客數量加速增長。

The team managed extremely well to harness this demand, drive the power of flow through, and deliver outsized results. We delivered revenue of $241 million in the third quarter, which was up approximately $59 million or 32% year-over-year.

團隊出色地利用了這種需求，推動了銷售流程，並取得了超乎尋常的成果。第三季度，我們的營收達到 2.41 億美元，比上年同期成長約 5,900 萬美元，增幅達 32%。

This growth was primarily driven by a strong recovery across our Jasper properties that were temporarily closed during the 2024 third quarter due to wildfire activity, as well as by incremental growth from our new experiences and continued momentum and overall guest demand for our distinctive existing experiences in iconic places.

這一增長主要得益於我們在賈斯珀的物業在 2024 年第三季度因野火活動而暫時關閉後強勁的複蘇，以及我們新體驗帶來的增量增長，以及持續的增長勢頭和賓客對我們在標誌性地點提供的獨特現有體驗的整體需求。

Excluding our Jasper properties and new experiences that were not operated by Pursuit for the entirety of 2025 and 2024, our third quarter revenue increased $17.7 million or 12%, from strong yield optimization and visitation across our geographies.

除 Jasper 的物業以及 Pursuit 在 2025 年和 2024 年全年未運營的新體驗項目外，我們第三季度的收入增長了 1770 萬美元，增幅達 12%，這得益於我們各個地區的強勁收益優化和遊客數量增長。

We delivered revenue growth across all geographies with particular strength across our Canadian operations and at Sky Lagoon, supported by continued global secular trends, our differentiated businesses, and our passion for delivering incredible experiences for our guests.

我們在所有地區都實現了收入成長，尤其是在加拿大業務和天空潟湖方面表現強勁，這得益於持續的全球長期趨勢、我們差異化的業務以及我們為客人提供非凡體驗的熱情。

In addition to broad demands, Mother Nature was also on her side this season, with minimal impacts to our operations from inclement weather and smoke as compared to typical years.

除了市場需求旺盛之外，本季老天爺也格外眷顧我們，惡劣天氣和煙霧對我們的營運造成的影響與往年相比微乎其微。

Net income attributable to Pursuit, which is inclusive of discontinued operations, was $73.9 million as compared to $48.6 million in the prior year. Our income from continuing operations attributable to Pursuit was $76.7 million up $33.4 million compared to the prior year.

歸屬於 Pursuit 的淨利潤（包括終止經營的業務）為 7,390 萬美元，而上年同期為 4,860 萬美元。Pursuit 持續經營業務的收入為 7,670 萬美元，比上年增加 3,340 萬美元。

During the 2025 third quarter, we reported a pre-tax gain of $4.2 million from business interruption insurance proceeds received related to lost profits in 2024 from the Jasper Wildfire. This brings our total insurance proceeds received since the 2024 wildfire to $23.7 million. We continue to work with our insurance carriers on additional potential recoveries.

2025 年第三季度，我們報告稱，由於 2024 年賈斯珀山火造成的利潤損失，我們收到了與業務中斷保險賠償相關的稅前收益 420 萬美元。這使得我們自 2024 年山火以來收到的保險賠償總額達到 2,370 萬美元。我們將繼續與保險公司合作，爭取更多可能的賠償。

Our adjusted net income, which excludes results of discontinued operations and other non-recurring income or expenses, including the business interruption insurance proceeds gain, was $75.3 million as compared to $50.7 million in the prior year.

經調整後的淨收入（不包括已終止經營的業績和其他非經常性收入或支出，包括營業中斷保險賠償收益）為 7,530 萬美元，而上年同期為 5,070 萬美元。

The year-over-year growth of $24.6 million primarily reflects higher adjusted EBITDA, partially offset by increases in income tax expense and income attributable to non-controlling interests. Adjusted EBITDA increase by $34.4 million or 41.5% year-over-year to $117.4 million primarily driven by significant revenue growth with strong margin flow through supported by operating leverage in the business and continued cost discipline.

年成長 2,460 萬美元主要反映了調整後 EBITDA 的增加，但部分被所得稅費用和歸屬於非控制權益的收入的增加所抵消。經調整的 EBITDA 年成長 3,440 萬美元或 41.5%，達到 1.174 億美元，主要得益於收入的顯著增長以及強勁的利潤率，這得益於業務的營運槓桿作用和持續的成本控制。

Turning to our strong balance sheet highlights on page 14, Pursuit continues to have ample liquidity and low net leverage to support accelerated growth. As of September 30, 2025, we had total liquidity of $274.4 million including $33.8 million in cash and cash equivalents and $240.6 million of available capacity on a revolving credit facility.

請參閱第 14 頁我們強勁的資產負債表亮點，Pursuit 繼續擁有充足的流動性和較低的淨槓桿率，以支持加速成長。截至 2025 年 9 月 30 日，我們的總流動資金為 2.744 億美元，其中包括 3,380 萬美元的現金及現金等價物，以及 2.406 億美元的循環信貸額度。

In September, we expanded our revolver by $100 million to a total of $300 million. We also added Tabacón as a co-borrower and extended its maturity to September 2030, enhancing our financial flexibility to capitalize on strategic growth opportunities.

9 月份，我們將循環信貸額度增加了 1 億美元，總額達到 3 億美元。我們也增加了 Tabacón 作為共同借款人，並將到期日延長至 2030 年 9 月，從而增強了我們的財務靈活性，以把握策略成長機會。

Also in September, we acquired the remaining 20% minority interest in Glacier Park, Inc. for $13 million securing full ownership of this high performing subsidiary. This move simplified our capital structure, eliminated a $22 million non-controlling interest liability, and reinforces our commitment to growing iconic experiences driven assets with long-term potential.

同樣在 9 月份，我們以 1300 萬美元的價格收購了 Glacier Park, Inc. 剩餘的 20% 少數股權，從而完全擁有了這家業績優異的子公司。此舉簡化了我們的資本結構，消除了 2,200 萬美元的非控制權益負債，並鞏固了我們對發展具有長期潛力的標誌性體驗驅動資產的承諾。

At the end of the quarter, our total debt was $129.8 million and our net leverage ratio stood at 0.7 times, comfortably below our target range of 2.5 times to 3.5 times.

截至季末，我們的總負債為 1.298 億美元，淨槓桿率為 0.7 倍，遠低於我們 2.5 倍至 3.5 倍的目標範圍。

Now let's look at our third quarter Attractions performance on page 15. Attraction ticket revenue reached $100.4 million reflecting a 33% year to year increase driven by substantially higher visitors and effective ticket prices. Visitors increased 22% year-over-year due to a strong jasper recovery, new attractions, and overall robust demand for our one of a kind sightseeing attractions with a 4% increase in same store visitors.

現在讓我們來看看第 15 頁的第三季景點業績。景點門票收入達到 1.004 億美元，年增 33%，主要得益於遊客數量大幅增加和門票價格上漲。由於碧玉產業的強勁復甦、新景點的推出以及我們獨一無二的觀光景點的整體強勁需求，遊客數量同比增長了 22%，同店遊客數量也增長了 4%。

Same store constant currency effective ticket pricing, which excludes our Jasper properties temporarily closed in the prior year and new attractions grew by 9% compared to '24. This improvement was enabled by our focus on guest experience with particularly strong performance from Sky Lagoon and our Canadian attractions in Banff and Golden. Sky Lagoon continues to deliver strong growth in effective ticket price, primarily fueled by the expansion of the premium ritual experience, which was completed in August 2024.

同店固定匯率有效票價（不包括上一年暫時關閉的 Jasper 物業）和新景點與 2024 年相比增長了 9%。這項進步得益於我們對遊客體驗的重視，其中天空潟湖以及我們在班夫和戈爾登的加拿大景點表現尤為出色。天空潟湖的有效票價持續強勁增長，這主要得益於高端儀式體驗的擴展，該擴展已於 2024 年 8 月完成。

Next, let's turn to our third quarter hospitality performance on page 16. Lodging room revenue totaled $59.7 million reflecting a 42% year-over-year increase driven by a strong Jasper recovery, new lodging, and improvement in same store ADR and occupancy. All of our collections delivered growth in room revenue during the quarter.

接下來，讓我們翻到第 16 頁，看看我們第三季的飯店業績。住宿客房收入總計 5,970 萬美元，年增 42%，這主要得益於 Jasper 的強勁復甦、新增住宿以及同店平均房價和入住率的提高。本季我們所有系列客房收入均實現成長。

Same store constant currency RevPAR, which excludes our Jasper properties temporarily closed in the prior year and new lodging, grew 6% as compared to 2024. Our lodging properties are located in iconic high demand experiential travel destinations, offering guests direct access to some of the most breathtaking natural settings, including at nearby Pursuit sightseeing attractions. These markets benefit from strong compression dynamics supporting both premium pricing and high occupancy.

同店固定匯率RevPAR（不包括去年暫時關閉的Jasper飯店和新飯店）與2024年相比成長了6%。我們的住宿地點位於標誌性的高需求體驗式旅遊目的地，讓客人能夠直接前往一些最令人嘆為觀止的自然景觀，包括附近的 Pursuit 觀光景點。這些市場受益於強勁的市場壓縮動態，從而支撐了高定價和高入住率。

Let's turn to our 2025 outlook on page 17. As David mentioned earlier, based on continued demand for our authentic experiences and stronger than expected results for the third quarter of 2025, we are raising our full year 2025 guidance.

讓我們翻到第 17 頁，看看我們對 2025 年的展望。正如大衛之前提到的，基於對我們真實體驗的持續需求以及2025年第三季超出預期的業績，我們提高了2025年全年業績預期。

We now expect full year adjusted EBITDA of $116 million to $122 million. Which is an increase of $6 million at the midpoint relative to our prior guidance range of $108 million to $118 million. This new guidance range represents substantial adjusted EBITDA growth of $39 million to $45 million relative to 2024.

我們現在預計全年調整後 EBITDA 為 1.16 億美元至 1.22 億美元。這比我們先前給出的 1.08 億美元至 1.18 億美元的預期範圍中位數增加了 600 萬美元。這一新的預期範圍意味著與 2024 年相比，調整後的 EBITDA 將大幅增加 3,900 萬美元至 4,500 萬美元。

This significant year-over-year growth reflects our strength of execution, continued strong demand, and the recovery of leisure travel to Jasper, in addition to contributions from our recent acquisitions.

這一顯著的同比增長反映了我們強大的執行力、持續強勁的需求以及前往賈斯珀休閒旅遊的複蘇，此外，我們最近的收購也做出了貢獻。

With the strong rebound in Jasper, our continued relentless focus on delivering exceptional guest experiences and the strength of our balance sheet, we are well positioned to drive sustained growth and strategically invest in high return, Refresh, Build, Buy opportunities.

憑藉 Jasper 的強勁反彈、我們持續不懈地專注於提供卓越的賓客體驗以及我們穩健的資產負債表，我們已做好充分準備，推動持續增長，並戰略性地投資於高回報的更新、建設、收購機會。

And with that, I'll turn it back to David.

接下來，我將把麥克風交還給大衛。

Thank you, Bo. So just in closing, I'd like to express my sincere appreciation to our team members for their passion, their dedication, and their growth mindset. Their restless positive energy and commitment to excellence continue to drive exceptional guest experiences and our overall success.

謝謝你，博。最後，我要衷心感謝我們團隊成員的熱情、奉獻和成長型思維。他們永不滿足的正面能量和對卓越的追求不斷推動著卓越的賓客體驗和我們的整體成功。

To our shareholders, thank you for your ongoing support of Pursuit. We're energized by the opportunities ahead, and we remain focused on executing our growth strategy to create long-term value.

感謝各位股東一直以來對 Pursuit 的支持。我們對未來的機會充滿信心，並將繼續專注於執行我們的成長策略，以創造長期價值。

Let's open up the line for questions.

現在開始接受提問。

(Operator Instructions) Tyler Batory, Oppenheimer.

（操作說明）泰勒·巴托里，奧本海默。

Congrats on the strong results here. First one for me, more housekeeping on results and guidance. Can you talk about the insurance proceeds in the quarter? Were those contemplated when you provided the original EBITDA guide that $4.2 million that you cited in the investor presentation.

恭喜你們取得如此優異的成績。首先，我要對結果和指導進行一些補充說明。能談談本季的保險賠償情況嗎？您在投資者簡報中提到的 420 萬美元的原始 EBITDA 指導值是否考慮過這些因素？

And then can you also talk about FX please, too? I'm not sure if that was a tailwind or a headwind in the quarter and just how is foreign exchange movements impacting guidance for the full year?

那麼，您能否也談談FX（特效）呢？我不確定這在本季是順風還是逆風，以及外匯波動究竟會對全年業績指引產生怎樣的影響？

So on the insurance proceeds, just to reiterate, we've now received $24 million insurance proceeds in totality, $13 million of that was last year, and about a little under $11 million of that was in 2025, as you noted for Q3 there was about $4.2 million of that in the business interruption recoveries bucket of that.

關於保險賠償金，我再重申一下，我們目前總共收到了 2400 萬美元的保險賠償金，其中 1300 萬美元是去年收到的，還有不到 1100 萬美元是 2025 年收到的，正如你提到的，第三季度其中約有 420 萬美元屬於業務中斷賠償金。

Importantly, we're treating that outside of adjusted EBITDA given the non-recurring nature of it. So it was never in our adjusted EBITDA guidance and it's not in there today either.

重要的是，鑑於其非經常性，我們將其排除在調整後的 EBITDA 之外。所以它從未包含在我們調整後的 EBITDA 預期中，現在也沒有包含在內。

On the FX side of it wasn't, it wasn't a big driver for the quarter, and frankly for the whole year it relative to last year is not a major driver. We did have some movements from where we started the year from an FX perspective, but that really reversed itself heading into Q2 results. So, pretty neutral on the whole year and with only a couple of months to go of not really peak operating periods. It's not a huge sensitivity to that for the remainder of the year here.

外匯方面並非如此，它不是本季的主要驅動因素，坦白說，就全年而言，相對於去年，它也不是主要驅動因素。從外匯市場的角度來看，我們確實經歷了一些年初以來的波動，但到了第二季業績公佈時，情況就完全逆轉了。所以，對全年情況來說比較中性，而且只剩下幾個月並非真正的營運高峰期了。今年剩下的時間裡，這裡對此不會有太大的敏感度。

Okay, I appreciate the clarification on that. And then I wanted to double click on something that we talked about last quarter in terms of ETP. And I mean, look at the same store visitation in the mid-single-digits has been very strong, but the ETP has been even stronger, and I'm. If you can just unpack that a little bit more?

好的，感謝您的解釋。然後我想再強調一下我們上個季度討論過的關於 ETP 的內容。我的意思是，看看同樣的商店客流量，雖然只有個位數，但表現非常強勁，而 ETP 的表現甚至更強勁，而且我。能再詳細解釋一下嗎？

How much is mixed, how much is outright price increases, and when you think it's about the strong ETP growth you've seen this year, does that create a situation perhaps where there's some difficult comps for you in 2026?

其中有多少是混合因素，有多少是純粹的價格上漲，考慮到今年 ETP 的強勁增長，這是否會造成 2026 年業績比較比較困難的情況？

Yeah, I think first I would say, Tyler, that one of the important factors is that any growth in ETP is a combination of several things. Yet you've got some price increases. You've also got tenant itself, the impact of the type of visitor filling white space. There's a whole variety of different factors that help drive the effective ticket price.

是的，我認為首先我要說的是，泰勒，重要的因素之一是ETP的任何成長都是多種因素共同作用的結果。但是，有些價格卻上漲了。你還要考慮租戶本身，以及訪客類型對填補空白空間的影響。影響實際票價的因素有很多種。

And we do have a view to the future in '26, and we have a sense of confidence, meaning that the trends are on our side. We see continued energy around the growth in, experiential travel that connects in with iconic locations. We think that Canada and its position is going to continue to be strong as we look at growth coming.

我們對 2026 年的未來充滿展望，並且充滿信心，這意味著趨勢對我們有利。我們看到，將體驗式旅遊與標誌性地點連結起來的旅遊方式持續蓬勃發展。我們認為，隨著未來經濟成長，加拿大及其地位將繼續保持強勁。

We have the strength of the business that prepared itself and adapted quickly and just being, I think, alert and anticipating is part of how we were able to drive such a strong increase in effective ticket price.

我們擁有強大的業務實力，能夠做好準備並迅速適應，我認為，保持警覺和預見性是我們能夠推動有效票價大幅上漲的部分原因。

And Bo, jump in if I miss anything there.

如果我漏掉了什麼，Bo，請你補充。

Yeah, I think that's all true holistically, if I were to point to any particular outliers of strength this quarter. I probably put top of the list, Sky Lagoon and Golden Sky Bridge as well as the Banff Gondola. Some of those are areas where we've had recent investment that helps support the incremental yield and some of that is the continued efforts that David alluded to, all of which I think sets us up as the right baseline to build off of for next year.

是的，如果要指出本季任何特別突出的亮點，我認為從整體來看都是如此。我最想去的地方大概是天空潟湖、金色天空橋以及班夫纜車。其中一些領域是我們近期進行投資的領域，這有助於提高收益；另一些領域則是大衛提到的持續努力的領域，我認為所有這些都為我們明年的發展奠定了良好的基礎。

Great example with Sky Lagoon. Remember, one of the choke points at Sky was, the way that the ritual experience worked was that originally we had undersized that when we had created Sky. So the investment that we made in '24 set us up really well for '25, and so we were able to just as a reminder, take some of the lower tier products and basically they disappeared off the price list and everyone just, entering and visiting for the first time, purchasing the full ritual, the skill experience, and really enjoying it. And that led to a couple of things. One, growth in ETP but also growth and guest satisfaction, which is what we're looking for.

天空潟湖就是一個很好的例子。記住，天空的瓶頸之一在於，儀式體驗的運作方式，最初我們在創造天空時低估了它的規模。因此，我們在 2024 年進行的投資為 2025 年奠定了良好的基礎，所以我們能夠…提醒一下，一些低端產品基本上從價格表上消失了，每個人，無論是第一次進入還是第一次參觀，都會購買完整的儀式、技能體驗，並且真正享受其中。這導致了幾件事。第一，是 ETP 的成長，也是顧客滿意度的成長，這正是我們所追求的。

Last one for me, just a couple on the Tabacón acquisition. What was the EBITDA and revenue contribution from that in Q3 and just remind us again in terms of seasonality, how that flows throughout the year? And can you also just touch on integration, bringing that under the folds here and just kind of how that's gone.

最後，關於Tabacón收購案，我還有幾點要補充。第三季該業務的 EBITDA 和營收貢獻是多少？請再次說明一下，從季節性角度來看，該項業務在一年中的波動情況如何？您能否也談談整合方面的問題，把這部分內容整合在一起，以及它是如何發展的？

I'll take the integration part, then we could talk about some of the other things. So I have a good story for you, Tyler. The team, Andrey Gomez and the team, they are obviously in the geothermal attraction, water attraction business with two geothermal attractions at Tabacón. They recently visited Sky Lagoon and so you would think, where are the parallels there? Why would a team from Costa Rica go to Iceland to visit another geothermal attraction?

我負責整合部分，之後我們可以討論其他方面的事情。泰勒，我有個好故事要跟你講。安德烈·戈麥斯和他的團隊顯然從事地熱景點和水景景點業務，他們在塔巴孔有兩個地熱景點。他們最近參觀了天空潟湖，你可能會想，這兩者之間有什麼相似之處呢？為什麼哥斯大黎加的旅遊隊會去冰島參觀另一個地熱景點？

We think there's a lot of learning in between those two locations. So from an integration standpoint, that was one of the first things we wanted to do. And just on a personal level, I'll share that, Andrey Gomez saw snowfall for the very first time in his life and a few snowflakes on the first day he was visiting. Everybody went to sleep, a little jet lagged. They woke up the next morning to 30 centimeters. So for those of you that don't speak metric, that's well over 1 foot of snow.

我們認為這兩個地方之間有很多值得學習的地方。所以從整合的角度來看，這是我們首先想要做的事情之一。就我個人而言，我想分享一下，安德烈·戈麥斯生平第一次見到雪，在他到訪的第一天就看到了幾片雪花。大家都睡著了，有點時差反應。隔天早上醒來，他們發現自己長了30公分。所以對於那些不熟悉公制單位的人來說，這相當於超過1英尺厚的積雪。

And they had a fantastic day in Iceland benchmarking Sky Lagoon and having some learning, going mutually back and forth between the Sky team and the team at Pelargon. And then that night the Northern Lights came out, so a pretty fantastic experience and so integration is going well. They have lots of really interesting growth ideas into the future. There's a high level of occupancy in that property and so we're working on the planning of some concepts. We have 570 acres of terrain that we can expand upon.

他們在冰島度過了精彩的一天，考察了 Sky Lagoon 並進行了一些學習，Sky 團隊和 Pelargon 團隊之間進行了相互交流。那天晚上還出現了北極光，真是一次非常棒的體驗，所以融入情況進展順利。他們有很多非常有趣的未來發展構想。該物業入住率很高，所以我們正在研究一些規劃方案。我們有570英畝的土地可以用來擴建。

One of the prototypes we're working on is more of a luxury villa product that maybe two couples or a larger family would use. And so we're going to be testing those. We're modeling them out in terms of how we might construct them, but those are some of the growth opportunities we're excited for. Integration is going really well. Team is fantastic, a ton of great energy.

我們正在研發的其中一個原型更像是豪華別墅產品，可能適合兩對夫婦或一個大家庭使用。所以我們將對這些進行測試。我們正在模擬它們，思考如何建立它們，但這些是我們非常期待的一些成長機會。整合工作進展非常順利。團隊非常棒，充滿活力。

Bo, over to you.

Bo，該你了。

And going back to part of your question on the financial component of this, Tabacón benefits from being much more of a year-round operation for us. It's profitable 10 months out of the year, from a seasonality perspective. I'd say the biggest quarter for them would be in Q1. Q4 is also a pretty strong quarter, but broadly the rest really spreads out across the year.

至於你提出的關於財務方面的問題，菸草公司對我們來說受益匪淺，因為它可以全年運作。從季節性角度來看，一年中有 10 個月是獲利的。我認為他們業績最好的季度應該是第一季。第四季也是表現相當強勁的季度，但總體而言，其他季度的表現則分散在全年的各個季度。

What we noted at the beginning, when we first closed on the acquisition was an expectation for about $3 million of EBITDA impact in the second half of 2025 and about a 10 year -- full year or $10 million of EBITDA full year impact, so another $7 million coming when you annualize that into next year.

我們在收購之​​初就注意到，預計到 2025 年下半年將產生約 300 萬美元的 EBITDA 影響，並且在未來 10 年內（全年）將產生約 1000 萬美元的 EBITDA 影響，因此，如果將其年化到明年，還將產生 700 萬美元的影響。

Generally, that's all performing really well for the first couple months here you know we do disclose from a revenue perspective there's about $6.3 million of revenue in Q3, and we'll continue to break that out as we get into the future quarters here.

總的來說，前幾個月的表現都非常好。從營收角度來看，第三季的營收約為 630 萬美元，我們將繼續在未來幾季公佈具體數據。

Alex Fuhrman, Lucid Capital Market.

Alex Fuhrman，Lucid Capital Market。

Congratulations on a really nice summer season. David, it sounds like you're targeting increased growth CapEx levels for the next couple of years. You mentioned a couple of specific hotel projects, is it really, just a couple of refreshes that are driving it? Would you say there's anything you're seeing, that may be driving you to see maybe perhaps more than the $200 million of CapEx projects and then you know you talked about a little while ago?

恭喜你度過了一個非常美好的夏天。大衛，聽起來你的目標是在未來幾年內提​​高資本支出水平，並實現成長。您提到了幾個具體的酒店項目，真的只是幾個翻新項目推動了這一趨勢嗎？您認為您看到的哪些因素可能會促使您考慮投入超過 2 億美元的資本支出項目，以及您剛才提到的其他項目？

You'll notice in the investor presentation, firstly, as we think of organic and build within our existing businesses, we've increased that amount with our view over the next six years that amount is closer to $250 million which are all terrific opportunities within the four walls of our existing businesses. So, well established businesses with really great operating teams, places that we know and we have great confidence.

您會在投資者簡報中註意到，首先，當我們考慮在現有業務範圍內進行有機成長和發展時，我們已經增加了這筆金額，我們認為未來六年這筆金額將接近 2.5 億美元，這些都是我們現有業務範圍內的絕佳機會。所以，我們選擇的是那些擁有非常優秀的營運團隊、經營成熟的企業，是我們了解並且非常信任的地方。

So those investments are among some of our most powerful, and we're able to accelerate those or control those depending on what's happening on the pipeline side. For 2025 we're investing in between $38 million and $43 million into those projects. Our opportunities into the future we'll be talking about in February of '26, but the ones that we mentioned are all ones that are heavily into planning.

因此，這些投資是我們最有力的投資之一，我們可以根據管道方面的情況來加速或控制這些投資。2025年，我們將向這些項目投資3,800萬美元至4,300萬美元。我們將在 2026 年 2 月討論未來的機遇，但我們提到的這些機會都與規劃密切相關。

Jasper SkyTram is in a public commentary period now. We're working on the Banff Gondola, Apgar village. And also for those that have been around Pursuit, over the last decade, you may recall a terrific business called the Denali Backcountry Adventure, which was a wildlife safari that took guests into Denali National Park.

Jasper SkyTram 目前正處於公眾意見徵詢期。我們正在班夫纜車阿普加村進行施工。此外，過去十年間一直關注 Pursuit 的朋友們，可能還記得一家名為 Denali Backcountry Adventure 的非常棒的公司，它提供野生動物探險之旅，帶領遊客進入德納利國家公園。

And for those unfamiliar with Denali, it's not a park you can drive into. You have to travel with an outfitter. So that's a terrific business that as the National Park Road comes back online, which you know they're targeting '26 for the trade and then '27 for the public, that's an example of the kind of investment that we'll be looking at.

對於那些不熟悉德納利國家公園的人來說，它並不是一個可以開車進入的公園。你必須跟旅行社一起旅行。所以，隨著國家公園公路重新開放，這是一個非常棒的商機。你知道，他們的目標是 2026 年對貿易商開放，2027 年對公眾開放，這就是我們將要關注的投資類型的例子。

But we have plans that, again reflect opportunity across a broad swath of the business, and we're prepared to certainly work hard to take advantage of those.

但我們也有相應的計劃，這些計劃再次體現了公司各個業務領域的機遇，我們一定會努力工作，抓住這些機會。

Thanks, David, and then that 9% increase in ticket prices on the same sort of basis, that's obviously a really big number. Were there any particular attractions or collections that were driving it and just, ballpark big picture, can you give us a sense of, to what extent that that's on par with just how much attraction prices were going up with your competitors and in your market?

謝謝你，大衛。另外，在同樣情況下，票價上漲 9%，這顯然是一個非常大的數字。是否有特別的景點或收藏推動了價格上漲？從整體來看，您能否大致說明一下，這種價格上漲幅度與您的競爭對手和市場上的景點價格上漲幅度相比如何？

I'll start first with the team. I think the team globally across Pursuit was well positioned to be anticipatory, to as demand increased, to be ready to adjust to the demand. So that might be managing inventory in terms of providing availability. It might be adjusting a price or simply adjusting the scale of an operation from, say, a labor standpoint or extending hours or any of those things that help drive overall performance.

我先從團隊說起。我認為 Pursuit 全球團隊已經做好充分準備，能夠預見需求的成長，並隨時調整以滿足需求。所以，這可能是從保證庫存供應的角度來進行庫存管理。可能是調整價格，也可能是從勞動角度調整營運規模，或是延長工時，或其他任何有助於提升整體績效的措施。

I would say everyone across all of the businesses perform really well. Obviously there are some strong, really strong performance across the Canadian Rockies, strong performance at Sky Lagoon, good performance in Alaska. And so just overall everybody performed really well.

我認為所有業務部門的每個人表現都非常出色。顯然，加拿大洛磯山脈地區有一些表現非常出色、非常出色的滑雪者，天空潟湖滑雪場也表現出色，阿拉斯加滑雪場也表現良好。總的來說，大家的表現都非常好。

As to our competitors, I think that with increased demand comes, increased participation from guests from all over the world, and I think everyone benefits. So we tend not to look so much at what our competitors are doing, but more we're more focused on what we're doing and how do we make experiences better and then charge more for them.

至於我們的競爭對手，我認為隨著需求的增加，來自世界各地的客人也會更多地參與進來，我認為這對每個人都有好處。因此，我們不太關注競爭對手在做什麼，而是更專注於我們自己在做什麼，以及如何改善用戶體驗並為此收取更高的費用。

Eric Des Lauriers, Craig-Hallum Capital Group.

艾瑞克‧德斯‧勞裡爾斯 (Eric Des Lauriers)，克雷格-哈勒姆資本集團。

Congrats on very strong Q3 here. Most of my questions here are going to focus around timing. I just kind of want to -- (technical difficulty) -- expectations and understand how you guys are thinking about it. So I was first with Forest Park Hotel and then Grouse Mountain Lodge, you call that second phase of Forest Park to be completed, in '26, first phase of Grouse Mountain completed in '26 as well. How many phases are currently anticipated for each of these and how should we think about the potential timing of future phases and, ultimately when should these two projects be completed?

恭喜你們第三季業績非常出色。我的問題大多圍繞著時間安排。我只是想——（技術難題）——了解你們的期望，以及你們是如何考慮這件事的。所以我先參與了森林公園酒店項目，然後是松雞山莊項目，你們稱之為森林公園酒店的第二期工程，於 2026 年竣工，松雞山莊酒店的第一期工程也於 2026 年竣工。目前預計這兩個項目各有多少個階段？我們應該如何考慮未來階段的潛在時間安排？最終，這兩個項目應該何時完成？

So I'll jump in on if you think of Forest Park and the Woodland Wing, remember we built the Alpine Wing in 2022. We renovated half of the Woodland Wing in 2025, and then we're underway on the renovation of the existing section of the hotel. So those things are happening now, and the goal is obviously to get things completed and ready as soon as we can into '26. And so that will take several months and through the beginning of the year and then with a plan obviously to be ready to reopen as soon as we can as close to the summer season.

所以，如果你想到森林公園和林地翼樓，記得我們在 2022 年建造了高山翼樓嗎？我們在 2025 年翻新了林地翼樓的一半，然後我們正在對酒店現有部分進行翻新。所以這些事情現在正在發生，我們的目標顯然是盡快完成各項工作，為 2026 年做好準備。因此，這將需要幾個月的時間，一直持續到年初，然後我們會制定一個計劃，以便在夏季臨近時盡快重新開放。

The same thing applies in terms of Grouse Mountain Lodge, the hotel for those that have been there, beautiful property, really beautiful location. There's two sections with front desk and have food and beverage facilities in the middle. So we're working on one Wing while we operate one Wing, and then we'll switch out. And so the benefit there is that we're able to keep the property open and keep hosting guests through this period and just manage these selective closures to be the most efficient with the business.

同樣的情況也適用於格勞斯山莊酒店，去過的人都知道，酒店環境優美，地理位置也十分優越。飯店分為兩個區域，中間設有前台和餐飲設施。所以我們現在一邊維護一個機翼，一邊操作另一個機翼，然後我們會輪流。因此，這樣做的好處是，我們能夠在此期間保持物業開放並繼續接待客人，並透過選擇性地關閉部分物業來最大限度地提高業務效率。

So it sounds like at least a Forest Park, excluding the Alpine Wing, just two phases. The second one is already underway, and then Grouse Mountain, it sounds like, first phase is underway and should just be two phases, potentially completed in '26. Do I have that roughly correct here?

所以聽起來至少會是一個森林公園，不包括高山翼，只有兩個階段。第二個項目已經開始了，而格勞斯山項目，聽起來第一階段也正在進行中，應該只有兩個階段，有可能在 2026 年完成。我這樣理解大致正確嗎？

The Grouse Mountain Lodge, the second phase will start after the summer season, and it will roll into '27. And one of the things I would be remiss in not mentioning is that we're also building a really beautiful event, an attraction pavilion. We think we've got a real opportunity that the competition in the wedding space in Northern Montana, we think we've got an opportunity to really differentiate ourselves there for special events and weddings and occasions, and that drives hotel occupancy. It drives attraction visitation and the location in Whitefish is ideal.

格勞斯山旅館第二期工程將在夏季結束後開始，並將持續到 2027 年。還有一件事我不得不提，那就是我們還在建造一個非常漂亮的活動場館，一個吸引人的展館。我們認為，在蒙大拿州北部的婚禮市場，我們擁有一個真正的機會，可以憑藉我們在特殊活動、婚禮和各種場合中的差異化優勢，從而提高酒店入住率。它能帶動景點遊客數量，而且位於懷特菲什的地理位置非常理想。

So we're building, I think, a really beautiful venue that will be very connected and I think just the best of what's available in Northern Montana. So we're excited about that.

所以，我認為我們正在打造一個非常漂亮的場所，它將與週邊地區緊密相連，我認為它將是蒙大拿州北部最好的場所。我們對此感到很興奮。

And then maybe just to make sure we're -- thinking about from a capital outlay perspective there's also Jasper SkyTram that we've been talking about that there's another you know meaningful multi-year project that we're on your way on.

然後，為了確保我們——從資本支出的角度來看，我們還有一直在討論的 Jasper SkyTram，這是另一個意義重大的多年項目，我們正在推進中。

That was actually my follow-up here was just any commentary, understood this is, this Jasper SkyTram is a multi-year project. Just any sense, could this be completed like this is '27, '28, '29, '30? Just can you just kind of help level set it for everyone on the line here just in terms of timing for Jasper SkyTram?

實際上，我的後續評論只是一些評論，大家都明白，賈斯珀空中纜車是一個多年項目。隨便說說，能不能像這樣把 '27'、'28'、'29'、'30' 完成？您能否幫忙統一一下 Jasper SkyTram 的乘車時間？

And understood that there's a lot of moving parts here and things can move one way or the other. But at least from my perspective, I'm not sure if this is like '27 or '29. So, if you could help us out with that, I'm sure that'd be helpful.

而且他明白這裡面有很多變數，事情可能會朝一個方向發展，也可能朝另一個方向發展。但至少從我的角度來看，我不確定這像是 27 年還是 29 年。所以，如果您能在這方面幫我們一把，我相信那將對我們非常有幫助。

I appreciate the moving parts comment you made because that's exactly how it feels. We're in a public commentary process now with Parks Canada. Everything is going well. We're working on the planning. So, again, we'll be in a better position in February to give you a sense of timing. And so just at this point we're still working our way through the preliminary part of the process, but definitely it's something that we're targeting to begin In '26 and go from there. So as to exact timing, stay tuned for February and we'll be able to fill you in.

我非常同意你關於「各個部件都在運轉」的評論，因為我的感覺正是如此。我們目前正在與加拿大公園管理局進行公眾意見徵詢。一切進展順利。我們正在進行規劃工作。所以，到了二月份，我們就能更好地為您提供時間安排方面的資訊了。所以目前我們還在進行初步階段的工作，但我們肯定會在 2026 年開始這項工作，然後從那裡開始。具體時間請關註二月份的公告，屆時我們將為您公佈。

Great, I'll look forward to that. Just last question from me here, kind of high level. So obviously you have a lot of, very significant investment opportunities before you both organically and M&A. You've cited the financial flexibility you have, you just completed a, transformational with Tabacón. Just trying to give comments on the capacity to take on more transformational investments or acquisitions from management bandwidth perspective.

太好了，我很期待。最後一個問題，比較高階一些。所以很明顯，在你進行自身發展和併購之前，有很多非常重要的投資機會。您提到了您擁有的財務彈性，您剛剛完成了與 Tabacón 的轉型。我只是想從管理能力的角度，就公司是否有能力進行更多變革性投資或收購發表一些看法。

Just wondering how full your plate is right now with integrating Tabacón and what kind of, internal bandwidth you potentially have to take on another transformational opportunity here.

我只是想知道您目前整合 Tabacón 的工作量有多大，以及您內部是否有足夠的資源來承擔另一個變革性的機會。

You bet. Thanks, Eric. I think there's two things to consider, and I'll ask to speak to the financial capacity, but I'll start with our own internal capacity from a leadership standpoint.

當然。謝謝你，埃里克。我認為有兩件事需要考慮，我會問財務能力方面的問題，但首先我想從領導階層的角度談談我們自身的內部能力。

This is a great team. This is a great team with capacity. It's a strong team. It has the ability, the wherewithal, and the energy to do more than one thing at the same time. And also what's important to know is that our financial systems are already, primarily fully integrated with Tabacón, and we're not trying to control and dominate in each location. We're really trying to build with the team that's in place.

這是一支很棒的團隊。這是一支實力雄厚的優秀團隊。這是一支實力強勁的隊伍。它有能力、有資源、有精力同時做多件事。還有一點很重要，那就是我們的金融體系已經基本與菸草公司完全整合，我們並沒有試圖在每個地方都進行控制和主導。我們正在努力利用現有團隊的力量進行建立。

Seem to deliver really authentic hospitality while being part of something that is a powerful network of great hospitality leaders so they can deliver authentic hospitality. So the team in Costa Rica is going to be, leading and helping us grow the collection within the whole Costa Rican environment.

他們似乎能夠提供真正道地的待客之道，同時又隸屬於一個由優秀酒店業領導者組成的強大網絡，從而能夠提供真正的待客之道。因此，哥斯達黎加的團隊將領導並幫助我們在整個哥斯達黎加環境下發展壯大這個系列。

The team in Western Canada who, when you meet them, one of the things you realize right away, I guess there's a tremendous capacity for growth, and I would say the same in Montana, the same in Alaska, and across all of Pursuit. So there's a lot of bandwidth internally. We've got the runway for it from an expertise and time and energy, and I'll let Bo speak to our capacity financially.

當你見到加拿大西部團隊時，你會立刻意識到，他們擁有巨大的發展潛力。我想蒙大拿州、阿拉斯加州以及整個 Pursuit 集團的情況也是如此。所以內部頻寬非常充足。我們有充足的專業知識、時間和精力來完成這項工作，至於我們的財務能力，就讓博來談談吧。

Yeah. And fortunately we're in a spot from a financial capacity as well with that to be optimistic here. I mean, our current net leverage is around 0.7 times. What we talked about is we have a target longer-term range of 2.5 times to 3.5 times on that. Within that today we have almost $275 million of liquidity available, so the flexibility is there from a financial perspective and from an operating perspective, and now it's about being opportunistic with the pipeline as we work through that.

是的。幸運的是，從財務角度來看，我們也處於有利地位，因此我們有理由對此保持樂觀。我的意思是，我們目前的淨槓桿比率約為 0.7 倍。我們討論的是，我們的長期目標範圍是2.5倍到3.5倍。目前我們擁有近 2.75 億美元的流動資金，因此從財務和營運角度來看，我們都具備一定的靈活性。現在，我們需要做的就是抓住機會，利用現有資源來推進專案。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Thanks for taking our questions and congrats on a strong quarter. Maybe starting off, David, apologies if I missed this earlier, can you just remind us at this point in the year typically you know how far booked you are for 2026? And then as a corollary to that are you seeing any interesting or discernible trends year-on-year, specifically, we obviously continue to see a bit more delayed behavior elsewhere in leisure. Are you seeing any evidence of that this far out or anything else that's worth calling out?

感謝您回答我們的問題，並祝賀您本季業績出色。大衛，如果我之前錯過了，請見諒。你能否提醒我們一下，通常到了每年的這個時候，你們是否已經知道 2026 年的檔期安排？那麼，作為由此推論，您是否觀察到任何有趣或可辨識的年度趨勢？具體而言，我們顯然繼續看到休閒娛樂方面的其他行為有所延遲。你現在看到任何這方面的證據嗎？或是有其他值得注意的地方嗎？

I what I see, Jeff, and thank you for the question. What I see is positivity and, but important to remember it's early days, and so we have quite strong tour and travel demand coming from our tour and travel partners all over the world, so those indicators show strong demand for 2026 and those itineraries.

我看到的就是這樣，傑夫，謝謝你的提問。我看到的是積極的態勢，但重要的是要記住現在還處於早期階段，因此我們從世界各地的旅遊合作夥伴那裡得到了相當強勁的旅遊需求，所以這些指標表明對 2026 年和這些行程的需求強勁。

Our early booking pace for 2026 is ahead of prior years. We are experiencing what we would describe as this continued tailwind and the drive into adventure, experiential, wellness, leisure travel in our types of activities and destinations.

我們2026年的早期預訂速度比往年更快。我們正在經歷一股持續的順風，推動人們在活動類型和目的地方面追求冒險、體驗、健康和休閒旅遊。

You can see through the national park visitation over this summer that there was strong growth. It came in an interesting wave, and in July we were running pretty, even to the first expectation, and then there was an acceleration through August and September, just an overall demand.

從今年夏季國家公園的遊客數量可以看出，遊客數量出現了強勁增長。它以有趣的方式興起，7 月份我們的業績相當不錯，甚至達到了最初的預期，然後在 8 月和 9 月加速增長，整體需求旺盛。

Also, a reminder, we work and live in powerful, big, beautiful places where weather can be a factor. So when we think about ;26, one of the things to just, remind ourselves of is that in 2025 we had very minimal disruptions with weather or, and you can have a forest fire that's 2,000 miles away but it blows smoke into a particular geography for a couple of days, and that can affect visitation.

另外，提醒大家，我們工作和生活在幅員遼闊、風景優美的地方，天氣可能會成為一個影響因素。所以當我們考慮 2026 年時，需要提醒自己的一件事是，2025 年天氣造成的干擾非常少，即使 2000 英里外發生森林火災，煙霧也會持續幾天飄到特定地區，這可能會影響遊客數量。

So in '25 it was pretty smooth sailing. We always plan though for disruption and then manage around that. And then we know that we're going to have some impact from some of the closures on our capital projects, certain wings of hotels shut down while we're, opening things and rebuilding things, but those are temporal. They go quickly and then we're back in operation. So positivity for '26, we're still working on our plan. We'll be coming out with guidance in February and be able to articulate, I think a more clear picture of exactly where we're headed. But, we're looking at positivity from this standpoint.

所以1925年一切都很順利。我們總是會做好應對突發狀況的準備，然後想辦法克服這些困難。我們也知道，一些資本項目的關閉會對我們的一些基本建設項目造成一定影響，一些酒店的某些區域也會在我們重新開放和重建期間關閉，但這些都是暫時的。它們很快就消失了，然後我們就恢復了營運。所以對2026年持樂觀態度，我們仍在製定計畫。我們將在二月發布指導意見，屆時應該能夠更清楚地闡明我們未來的發展方向。但是，我們從正面的角度來看這個問題。

And Bo, jump in if I missed anything.

博，如果我漏掉了什麼，請你補充。

No, I think that's all the highlights, Jeff. I mean, on your specific question, it's pretty early days on the actual booking pacing. It's certainly relevant enough that we're speaking to it, but there's a lot of time left to go and. We'll have, better color on that in February as well as it starts to evolve. The tour and travel partners piece, yeah, is always like a helpful indicator in the meantime where it's, demand for taking allocations of rooms that they're then working to sell from there, but you can get a good sense for how much demand there is in that market from what they're seeing from their extended market.

不，我想這就是全部的亮點了，傑夫。我的意思是，就你提出的具體問題而言，現在談論實際預訂進度還為時過早。它確實具有足夠的現實意義，所以我們才要談論它，但還有很多時間可以去探討。二月的時候，隨著情況的發展，我們會得到更詳細的說明。是的，旅遊合作夥伴的數據始終是一個有用的指標，它反映了他們如何分配房間並努力從中銷售的需求，但你可以從他們從更廣泛的市場中看到的情況，很好地了解該市場的需求量。

That's great. Thank you both for all that color and then maybe hanging on one thing you said there with regards to weather. David, can you just update us on some of the progress that's gone on in terms of reopening. Some of the hotel inventory in Jasper that was unfortunately impacted by the wildfire and then just as more and more of these rooms come back online whether that's next year or the following, is your current expectation that this will be net dilutive to your business in the market given the additional competitive supplier or actually potentially net accretive just given, rising tide, more foot traffic benefiting the broader market, those kind of things?

那太棒了。謝謝你們帶來的精彩內容，還有，也許應該記住你們剛才提到的關於天氣的那句話。大衛，你能為我們介紹一下重新開放方面的進展嗎？賈斯珀的一些酒店庫存不幸受到野火影響，隨著越來越多的房間在明年或後年恢復營業，您目前的預期是，考慮到新增的競爭供應商，這會對您的業務在市場上產生淨稀釋效應，還是實際上可能產生淨增益效應，因為客流量增加有利於更廣泛的市場等等？

Thanks. The latter. I really do believe that as our friends and neighbors rebuild their businesses and Jasper overall quality of lodging improves, that will have a rising tide effect on everything in Jasper. Interesting, Jasper, this summer, got to the same levels as 2023. And so overall visitation to Jasper National Park quickly recovered and it happened a little bit later than we originally anticipated, but came on strong in August and September.

謝謝。後者。我真心相信，隨著我們的朋友和鄰居重建他們的生意，賈斯珀的整體住宿品質得到改善，這將對賈斯珀的一切產生積極的影響。有趣的是，Jasper今年夏天的水位達到了2023年的水準。因此，賈斯珀國家公園的整體遊客數量迅速恢復，雖然比我們最初預期的要晚一些，但在 8 月和 9 月出現了強勁增長。

In Jasper itself, it's very heartening to see that some of our neighbors have got Foundations in the ground. They're beginning the reconstruction of their facilities. I don't expect anything will open in '26. It's more of a late '27 as these are complete rebuilds, from the ground up, but encouraged by what's happening, and I think just all of us should be impressed with the spirit and energy in the community of Jasper, the Mayor and Parks Canada. They've done a terrific job.

令人欣慰的是，在賈斯珀鎮，我們的一些鄰居已經打好了地基。他們開始重建他們的設施。我不認為2026年會有什麼新店開幕。更像是 2027 年底的事情，因為這些都是從頭開始的徹底重建，但受到當前情況的鼓舞，我認為我們所有人都應該對賈斯珀社區、市長和加拿大公園管理局的精神和活力印象深刻。他們做得非常出色。

That's really great to hear. And then for one more question just apologies for this, it's going to be a really high level one. But sort of circling back around to the effective ticket price performance, this quarter last quarter, and for many years now, we talked a lot about the pricing power, obviously a lot of pricing growth is driven more by improvements to the actual experience and guest satisfaction whether that's from actual CapEx dollars or just more kind of iterative adjustments. More hours, different aspects of experience, things of that nature.

聽到這個消息真是太好了。還有一個問題，很抱歉，這個問題可能比較高深。但回到實際票價表現上來，本季、上季以及多年來，我們一直在談論定價權，顯然，許多價格成長更多是由實際體驗和顧客滿意度的改善所驅動的，無論是透過實際的資本支出，還是透過更多的迭代調整。更多時間，不同的體驗層面，諸如此類的事情。

But I'm curious, strategically, how much do you think about maybe the flip side of this which is more that notion of sort of affordability for the guests and the importance of keeping the value proposition for a park visit compelling versus other vacation alternatives.

但我很好奇，從戰略角度來看，您對這件事的另一面考慮得有多深，那就是遊客的消費能力，以及保持公園遊覽的價值主張相對於其他度假方式的吸引力的重要性。

Maybe, it's another way to look at this like, if you look at the comp like really the comparable set here, you know how is that, value proposition, how do you see peers comps, etc. Pricing relative to your pricing and how much does that factor into your decision making and I realized that was kind of long-winded and maybe a little meandering, but let me know if that makes sense the way I framed it.

或許，我們可以換個角度來看待這個問題，比如，如果你仔細研究一下可比公司，比如這裡提到的可比公司，你會發現，他們的價值主張如何，你如何看待同行的可比公司等等。他們的定價相對於你的定價而言如何，以及這些因素在你的決策中佔多大比重。我意識到我剛才說得有點囉嗦，也可能有點離題，但請告訴我，我這樣解釋是否合理。

No, it's a great question. So where we start is we start with experience, and I get asked, I think every earnings call, are you going to continue to take price and where does that lead? I think the stronger question is, are you going to continue to improve experiences?

不，這是一個很好的問題。所以，我們從經驗開始，我認為每次財報電話會議我都會被問到，你們是否會繼續接受價格，以及這會帶來什麼結果？我認為更重要的問題是，你們是否會持續改善使用者體驗？

And the answer is yes. And so an example at the Banff Gondola where you might have argued, well, we're already, at capacity and things are going well. One of the things the team did this summer was they revived the sunset program. And if you're familiar with, the Bow Valley, if you're in the valley floor, you can't really see the sunset. So there's a great experience that you travel up the Gondola and all of a sudden the hours of the Gondola's vitality are extended because there's programming that encourages you to come and see the sunset, and the views of that sunset from altitude are incredible.

答案是肯定的。以班夫纜車為例，你可能會說，我們已經達到載客量，而且一切都很順利。今年夏天，團隊做的一件事就是恢復了日落計畫。如果你熟悉弓河谷，你就會知道，如果你身處谷底，其實是看不到日落的。所以，搭乘纜車上山是一種很棒的體驗，纜車的運作時間突然延長了，因為有專門的活動鼓勵遊客前來欣賞日落，而從高處看到的日落景色令人難以置信。

And so there's an example of you really work on a product, you really work on an experience, you deliver it really well to guests, and then that drives the business outcome. And so everywhere we look, we look for opportunities in a time of day and we price dynamically. So that if you are a more budget conscious traveler, you've got windows in a week that are very transparent that you can pick a more affordable product at a time of day where we know we have capacity, what we call white space that we're looking to fill and do it that way.

所以，這就是一個例子：你真正用心打造產品，真正用心營造體驗，並把它完美地呈現給顧客，然後這就能推動業務成果。因此，我們處處尋找機會，在一天中的不同時段進行動態定價。所以，如果您是一位比較注重預算的旅行者，那麼一周中有一些非常透明的時間段，您可以選擇更經濟實惠的產品，在我們知道有空位的時間段（我們稱之為空白時段）進行預訂，這樣我們就可以填補這些空白。

So you try to have a range of products and what you're looking for is a strong net promoter score, strong guest reviews, strong referral from guests that visit us telling their friends what a great experience that they had, and that to us is a very important part and it's just as important as price.

所以，我們努力提供一系列產品，而我們所追求的是強大的淨推薦值、良好的顧客評價、顧客的積極推薦——顧客會告訴他們的朋友他們在我們這裡獲得了多麼棒的體驗，這對我們來說非常重要，它與價格一樣重要。

Thank you. There are no further questions at this time. (Operator Instructions)

謝謝。目前沒有其他問題了。（操作說明）

All right. Well, thank you, operator. This concludes our 2025 third-quarter earnings call. Thanks to everyone who joined today. Please feel free to reach out should you have any further questions, and have a great rest of the afternoon.

好的。好的，謝謝接線生。本次2025年第三季財報電話會議到此結束。感謝今天所有到場的朋友。如有任何其他疑問，請隨時聯繫，祝您下午愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。