Viad Corp (VVI) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Joel.

我的名字是喬爾。

And I will be your conference operator today.

今天我將擔任你們的會議操作員。

At this time, I'd like to welcome everyone to Viad Corp's second-quarter 2024 earnings conference call.

現在，我歡迎大家參加 Viad Corp 的 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

Carrie Long, you may begin your conference.

Carrie Long，你可以開始你的會議了。

Good afternoon.

午安.

And thank you for joining us for the 2024 second quarter earnings conference call.

感謝您參加我們的 2024 年第二季財報電話會議。

During the call, you will hear from Steve Moster, our President and CEO; Ellen Ingersoll, our Chief Financial Officer; and David Barry, President of Pursuit, who will each be referencing specific pages from our earnings presentation.

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 David Barry，他們將分別引用我們收益報告中的特定頁面。

Presentation, which is available on our website, contains important disclosures regarding non-GAAP measures that we'll be referring to during the call, including adjusted EBITDA and adjusted net income.

我們網站上提供的簡報包含有關我們將在電話會議中提及的非公認會計原則衡量指標的重要揭露，包括調整後的 EBITDA 和調整後的淨利潤。

Additionally, certain statements made during the call, which are not historical facts, may constitute forward-looking statements.

此外，電話會議期間所做的某些非歷史事實的陳述可能構成前瞻性陳述。

Information concerning business and other risk factors that could cause actual results to materially differ from those in the forward-looking statements can be found in our annual, quarterly, and other current reports filed with the SEC.

有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的業務和其他風險因素的信息，可以在我們向 SEC 提交的年度、季度和其他當前報告中找到。

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

現在，我想將電話轉給史蒂夫，他將從我們的收益報告的第 4 頁開始。

Thanks, Carrie.

謝謝，嘉莉。

And thanks to all of you for joining our call.

感謝大家加入我們的電話會議。

I'm happy to report that our second quarter results exceeded our prior guidance with both GES and Pursuit delivering very strong performance.

我很高興地向大家報告，我們第二季的業績超出了先前的指導，GES 和 Pursuit 都提供了非常強勁的業績。

GES's adjusted EBITDA was above our guidance, with impressive revenue growth and margin improvement.

GES 的調整後 EBITDA 高於我們的指導，營收成長和利潤率提高令人印象深刻。

And based on the strength that we are seeing at GES, we're raising our full year outlook for GES's adjusted EBITDA.

基於我們在 GES 看到的實力，我們上調了 GES 調整後 EBITDA 的全年預期。

Pursuit's adjusted EBITDA came in near the high end of our guidance range, as we continue to see strong demand for our attractions and lodges and the iconic locations in which we operate.

Pursuit 的調整後 EBITDA 接近我們指導範圍的高端，因為我們繼續看到對我們的景點和旅館以及我們經營的標誌性地點的強勁需求。

Entering the third quarter, we had every reason to believe Pursuit would deliver on our prior guidance range for the full year.

進入第三季度，我們有充分的理由相信 Pursuit 將實現我們先前的全年指導範圍。

The peak summer season was off to a strong start and our advanced bookings pointed to a healthy year-over-year growth for the second half of 2024.

夏季旺季開局強勁，我們的提前預訂表明 2024 年下半年將實現健康的同比增長。

However, our operations in Jasper National Park are currently being impacted by wildfire activity.

然而，我們在賈斯珀國家公園的業務目前正受到野火活動的影響。

As we previously disclosed by 8-K, the park was closed and evacuated on July 22.

正如我們之前透過 8-K 所透露的那樣，該公園於 7 月 22 日關閉並進行了疏散。

The majority of the park, including the town of Jasper, remains closed as authorities continue to work to control the fire and restore critical services to the Jasper town site.

由於當局繼續努力控制火勢並恢復賈斯珀鎮的關鍵服務，公園的大部分地區（包括賈斯珀鎮）仍然關閉。

Our hearts go out to the Jasper community and all who have been impacted.

我們的心與賈斯珀社區和所有受到影響的人同在。

And we're incredibly thankful to the many first responders, firefighters, and our team members for their work to protect lives, homes, businesses, and infrastructure.

我們非常感謝許多急救人員、消防員和我們的團隊成員為保護生命、家庭、企業和基礎設施所做的工作。

We will cover the latest updates on the Jasper wildfire and our outlook assumptions later in the call.

我們將在稍後的電話會議中介紹賈斯珀野火的最新動態以及我們的前景假設。

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

現在，我想將電話轉給艾倫，她將審查我們第二季的財務表現。

Ellen?

艾倫？

Thanks, Steve.

謝謝，史蒂夫。

I'll start on page 6 with our consolidated second quarter results.

我將從第 6 頁開始介紹我們的第二季綜合業績。

Revenue increased $58.2 million, or 18.2% year over year.

營收年增 5,820 萬美元，即 18.2%。

Consolidated adjusted EBITDA increased $21.5 million and adjusted net income improved by $17.4 million.

合併調整後 EBITDA 增加了 2,150 萬美元，調整後淨利潤增加了 1,740 萬美元。

Our GAAP basis net income attributable to Viad was $18.4 million higher than the 2023 second quarter, primarily reflecting stronger business performance, partially offset by higher depreciation expense.

我們歸屬於 Viad 的 GAAP 淨利潤比 2023 年第二季高 1,840 萬美元，主要反映了更強勁的業務業績，部分被較高的折舊費用所抵消。

As shown on page 7, Pursuit's second quarter revenue grew $12.7 million, or 14.4% year over year, and adjusted EBITDA increased by $4.2 million.

如第 7 頁所示，Pursuit 第二季營收成長 1,270 萬美元，年增 14.4%，調整後 EBITDA 成長 420 萬美元。

Pursuit's revenue growth was led by attraction ticket revenue, which increased 20% due to a 15% increase in visitors and higher effective ticket prices.

Pursuit 的收入成長主要得益於景點門票收入，由於遊客數量增加 15% 以及有效門票價格上漲，門票收入增加了 20%。

Our new FlyOver Chicago attraction that opened in March was a big contributor to the visitor's increase.

我們在三月開放的新 FlyOver Chicago 景點對遊客數量的增長做出了巨大貢獻。

Pursuit's adjusted EBITDA increase primarily reflects revenue growth and margin improvement.

Pursuit 調整後 EBITDA 的成長主要反映了營收成長和利潤率改善。

As shown on page 8, GES delivered consolidated revenue growth of $45.5 million, or 19.6%; adjusted EBITDA growth of $17.6 million; and very strong margin performance during the second quarter.

如第 8 頁所示，GES 的綜合收入成長了 4,550 萬美元，即 19.6%；調整後 EBITDA 成長 1,760 萬美元；第二季的利潤率表現非常強勁。

When adjusting to exclude the $11 million unfavorable impact of major nonannual shows, GES's second quarter year-over-year revenue growth was $56.2 million, or about 26%.

在進行調整以排除主要非年度節目的 1,100 萬美元不利影響後，GES 第二季營收年增為 5,620 萬美元，約 26%。

Excluding the impact of major nonannual events, Spiro's revenue grew $31.7 million, or about 47%, versus the 2023 second quarter, driven by strong spending from new and existing corporate clients.

排除重大非年度事件的影響，在新舊企業客戶強勁支出的推動下，Spiro 的收入較 2023 年第二季度增長了 3,170 萬美元，約 47%。

Excluding the impact of major nonannual events, GES Exhibitions' revenue grew $24.2 million, or about 16%, versus the 2023 second quarter, primarily due to new client wins and underlying growth.

排除重大非年度活動的影響，GES Exhibitions 的營收較 2023 年第二季成長 2,420 萬美元，約 16%，這主要歸功於新客戶的贏得和潛在的成長。

Next on page 9, we ended the 2024 second quarter with a strong liquidity position with $490.9 million of debt, and our leverage ratio was 2.4 times, which is below the low end of our target ratio range of 2.5 times to 3.5 times.

接下來第 9 頁，我們在 2024 年第二季結束時擁有強勁的流動性頭寸，負債為 4.909 億美元，我們的槓桿率為 2.4 倍，低於我們目標比率範圍 2.5 倍至 3.5 倍的下限。

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

現在，Steve 和 David 將進一步深入了解我們在 GES 和 Pursuit 的業務績效。

Steve, back to you.

史蒂夫，回到你身邊。

Thanks, Ellen.

謝謝，艾倫。

Now, let's switch over to GES and review the multiple revenue growth levers on page 11.

現在，讓我們切換到 GES 並回顧第 11 頁上的多種收入成長槓桿。

Starting with GES Exhibitions on the left, you will notice that we are driving higher revenue per net square foot of event space through our ability to increase price, capture more same-show spend through additional services, and overall higher spending trends.

從左邊的 GES Exhibitions 開始，您會注意到，我們透過提高價格的能力、透過附加服務來獲得更多同場支出以及整體更高的支出趨勢，正在推動活動空間每淨平方英尺的收入成長。

We expect that the return of same-show square footage to pre-pandemic levels, which is currently about 10% below 2019, will create a tailwind on overall revenue growth into 2025.

我們預計，同場演出的面積恢復到疫情前的水平（目前比 2019 年低約 10%）將為 2025 年的整體收入成長帶來推動力。

Both higher revenue per net square foot and increasing the event size will have high flow-through to EBITDA.

每淨平方英尺收入的增加和活動規模的增加都將為 EBITDA 帶來高額現金流。

On the right-hand side of the page is Spiro, our experiential marketing agency.

頁面右側是 Spiro，我們的體驗式行銷機構。

We expect to increase our experiential marketing revenue at a high-single to low-double digit through expanding our client roster and selling additional services to our existing clients.

我們期望透過擴大我們的客戶名冊並向現有客戶銷售外服務，以高個位數到低兩位數的速度增加我們的體驗式行銷收入。

Spiro is a trusted strategic and creative branding partner.

Spiro 是值得信賴的策略和創意品牌合作夥伴。

As one of the few experiential marketing agencies with end-to-end capabilities and global reach, we are well positioned for growth.

作為少數擁有端到端能力和全球影響力的體驗式行銷機構之一，我們處於成長的有利位置。

And I'm very happy to share that we have now reached a total of 64 new client wins since launching Spiro as a discrete experiential marketing agency within GES in early 2022.

我很高興地告訴大家，自 2022 年初在 GES 內推出 Spiro 作為獨立體驗式行銷機構以來，我們現在已經贏得了總共 64 個新客戶。

Additionally, we're seeing substantial year-over-year growth in our existing client spending.

此外，我們也看到現有客戶支出較去年同期大幅成長。

Corporate clients are prioritizing experiential marketing services to connect customers with their brands in a powerful way.

企業客戶優先考慮體驗式行銷服務，以強大的方式將客戶與其品牌聯繫起來。

We are encouraged by the favorable trend we are seeing overall and robust demand within the industry.

我們看到行業內整體強勁的需求的有利趨勢令我們感到鼓舞。

In-person live events and other forms of experiential marketing provide an important channel for companies to drive new business, network with key stakeholders, and receive education about relevant topics trending within their industries.

現場現場活動和其他形式的體驗式行銷為公司提供了一個重要的管道，以推動新業務、與主要利益相關者建立聯繫並接受有關行業內相關主題趨勢的教育。

On page 12, you can see GES's overall revenue growth trajectory.

在第 12 頁，您可以看到 GES 的整體營收成長軌跡。

GES delivered significant revenue growth in the first half of this year.

GES 今年上半年營收大幅成長。

When adjusting to remove the impact of major nonannual events, GES's consolidated revenue grew by 16% year-to-date compared to 2023.

在進行調整以消除重大非年度事件的影響時，GES 的綜合收入與 2023 年相比，今年迄今成長了 16%。

For GES Exhibitions, that growth rate was about 10%, driven by underlying growth and new client wins.

對於 GES Exhibitions 來說，在潛在成長和新客戶贏得的推動下，成長率約為 10%。

US exhibitions' same-show revenue grew about 5% year-to-date compared to the prior year.

年初至今，美國展會的同場收入較上年增長約 5%。

For Spiro, the adjusted growth rate was about 29% year-to-date, driven by our success winning new clients and growing revenue from existing clients.

對於 Spiro 來說，由於我們成功贏得新客戶和現有客戶收入不斷增長，今年迄今調整後的成長率約為 29%。

The second quarter was particularly strong due to a high volume of new business wins.

由於大量新業務的贏得，第二季表現尤為強勁。

As we highlighted on our last call, the most significant new event was the McDonald's 2024 Worldwide Convention in Barcelona, which is one of the largest client projects Spiro will deliver this year.

正如我們在上次電話會議中所強調的那樣，最重要的新活動是在巴塞隆納舉行的麥當勞 2024 年全球大會，這是 Spiro 今年將交付的最大客戶專案之一。

And it is a terrific example of the power of the GES collective, where Spiro provided the cutting-edge creative and strategy and was supported by flawless execution from GES Exhibitions.

這是 GES 集體力量的絕佳例證，Spiro 提供了尖端的創意和策略，並得到了 GES Exhibitions 完美執行的支持。

The third quarter will see incremental revenue of about $85 million to $90 million from our major nonannual shows, including IMTS and MINExpo, which are held in September.

第三季度，我們的主要非年度展會（包括 9 月舉辦的 IMTS 和 MINExpo）將帶來約 8,500 萬至 9,000 萬美元的增量收入。

While the creative and strategy work for these events started a year in advance, the team is currently finalizing all operational plans and working directly with our clients and partners.

雖然這些活動的創意和策略工作提前一年開始，但團隊目前正在敲定所有營運計劃，並直接與我們的客戶和合作夥伴合作。

With only a month or so to go, both shows are tracking in line with our expectations.

距離演出只剩下一個月左右的時間，兩場演出的進度都符合我們的預期。

These favorable trends, along with strong major nonannual show schedules, give us confidence in our outlook for double-digit full year revenue growth.

這些有利的趨勢，加上強勁的主要非年度展會時間表，讓我們對全年兩位數收入成長的前景充滿信心。

The GES team is laser-focused on executing our client experiences in the second half of this year.

GES 團隊在今年下半年專注於執行我們的客戶體驗。

Now, let's take a look at page 13 and discuss our adjusted EBITDA margin expansion.

現在，讓我們來看看第 13 頁，討論調整後的 EBITDA 利潤率擴張。

I'm thrilled with the results that we've seen from our efforts to drive margin improvement at GES.

我對 GES 努力提高利潤率所取得的成果感到非常興奮。

We achieved a 12% adjusted EBITDA margin for the first half of the year, which is up 290 basis points year-over-year.

今年上半年，我們實現了 12% 的調整後 EBITDA 利潤率，年增 290 個基點。

On previous calls, I've talked about the transformation of GES's cost structure and the impact the changes would have on our margin profile.

在先前的電話會議中，我談到了 GES 成本結構的轉變以及這些變化對我們利潤狀況的影響。

GES's performance in 2024 provides clear evidence that the business can achieve higher margin as revenue increases.

GES 2024 年的業績提供了明確的證據，顯示隨著收入的增加，該業務可以實現更高的利潤率。

We continue to expect to deliver on adjusted EBITDA margin of about 8.5% for the full year, and GES remains focused on disciplined cost management and efficiency gains from our lean productivity initiatives to drive additional benefit in years to come.

我們仍預計全年調整後的 EBITDA 利潤率約為 8.5%，GES 仍將重點放在嚴格的成本管理和精益生產力計劃的效率增益上，以在未來幾年推動額外效益。

As I mentioned earlier, based on the strength we are seeing in the business and our outperformance for the first half of 2024, I'm very pleased to announce that we are raising GES's adjusted EBITDA guidance by $5 million and now expect to be in the range of $85 million to $95 million.

正如我之前提到的，基於我們在業務中看到的實力以及 2024 年上半年的優異表現，我非常高興地宣布，我們將 GES 的調整後 EBITDA 指導提高了 500 萬美元，現在預計將進入範圍為8500 萬美元至9500 萬美元。

Now, on page 14, let's talk about GES's exciting plans for 2025 and continued profitable growth.

現在，在第 14 頁，我們來談談 GES 令人興奮的 2025 年計劃以及持續的盈利增長。

GES is projecting flat revenue growth into 2025 despite the unfavorable impact from major nonannual shows.

儘管受到主要非年度演出的不利影響，GES 預計到 2025 年營收將保持穩定成長。

The team is focused on three levers for next year: moderate price increases, continued growth in net square footage of event space, and net new client wins of about $25 million. GES

該團隊明年的重點是三個槓桿：適度的價格上漲、活動空間淨面積的持續增長以及淨新客戶贏得約 2500 萬美元。地球科學服務中心

has a clear line of sight to approximately 90% of annual reoccurring revenue due to our long experience serving our largest clients as a trusted partner for their exhibition and event needs.

由於我們作為最大客戶的展覽和活動需求的值得信賴的合作夥伴，擁有長期為他們提供服務的經驗，因此對每年經常性收入的約 90% 有清晰的視野。

Our relationships are generally structured under longstanding MSAs with corporate clients and contracts to show organizers to produce their exhibitions with 90% retention rates.

我們的關係通常是根據與企業客戶的長期管理協議以及展會組織者簽訂的合約來建構的，以確保其展覽保留率達到 90%。

GES Exhibitions is already selling and winning events for 2025 and beyond.

GES Exhibitions 已開始銷售並贏得 2025 年及以後的活動。

The team recently won contracts for several large North American clients, including the International Association of Amusement Parks and Attractions, the Institute of Food Technologists, and the Congress for Neurological Surgeons.

該團隊最近贏得了幾家北美大型客戶的合同，包括國際遊樂園和景點協會、食品技術專家協會和神經外科醫生大會。

And Spiro continues to add to its client roster and work with existing clients to support them across a wider spectrum of experiential marketing activities.

Spiro 繼續擴大其客戶名冊，並與現有客戶合作，為他們提供更廣泛的體驗式行銷活動支援。

We feel confident in our ability to reach our targeted net new client wins for next year.

我們對明年實現淨新客戶目標的能力充滿信心。

Our proven track record of success and our ability to execute globally across both the exhibitions and experiential marketing sectors puts us in a unique position as a leader in the industry.

我們良好的成功記錄以及在展覽和體驗式行銷領域的全球執行能力使我們處於行業領導者的獨特地位。

And now, I'll turn the call over to David to discuss Pursuit.

現在，我將把電話轉給大衛，討論追蹤事宜。

Thanks, Steve.

謝謝，史蒂夫。

So I'll start off by discussing the wildfire in Jasper National Park, which remains active.

因此，我將首先討論賈斯珀國家公園的野火，該公園仍然活躍。

So we're very grateful to the firefighters, first responders, Parks Canada team members, as well as the team members from the municipality of Jasper for their heroic efforts, as well as for the tremendous support Jasper has received from across the province, the nation, and around the world.

因此，我們非常感謝消防員、急救人員、加拿大公園管理局團隊成員以及賈斯珀市的團隊成員的英勇努力，以及賈斯珀從全省、政府和政府部門獲得的巨大支持。 。

Our community, our team, our incoming guests, and the restoration of Jasper remain our top priorities.

我們的社區、我們的團隊、新來的客人以及賈斯珀的恢復仍然是我們的首要任務。

So over the past 10 days or so, we've concentrated on aiding those impacted by the fire by providing emergency accommodation, meals, essential supplies, transportation, and the rebooking of many inbound trips.

因此，在過去 10 天左右的時間裡，我們集中精力為受火災影響的人們提供援助，提供緊急住宿、膳食、必需品、交通以及重新預訂許多入境旅行。

We're also working to secure housing solutions for our team members and those involved in reentry efforts.

我們也致力於為我們的團隊成員和參與重返工作的人員確保住房解決方案。

So while about 30% of the Jasper town site has experienced significant devastation from the fire, 70% of the town, including homes, businesses, and hotels, were thankfully untouched by fire and are intact.

因此，雖然賈斯珀鎮約 30% 的地區遭受了火災的嚴重破壞，但該鎮 70% 的地區，包括住宅、企業和酒店，幸運的是沒有受到火災影響，完好無損。

All critical municipal infrastructure was successfully protected, and power is being restored as authorities work hard to reopen.

所有重要的市政基礎設施都得到了成功保護，隨著當局努力重新開放，電力正在恢復。

We're also relieved that all Pursuit hotels and experiences in the Jasper town site, as well as our Pyramid Lake Lodge, Miette Mountain Cabins, and Maligne Lake Boat Cruise were not reached by fire.

我們也感到欣慰的是，賈斯珀鎮內的所有 Pursuit 酒店和體驗以及金字塔湖旅館、米耶特山小屋和瑪琳湖遊船都沒有受到火災影響。

Our known property losses have been limited to the Maligne Canyon Wilderness Kitchen, a restaurant and retail operation about 4.8 kilometers, 3 miles, outside the town of Jasper.

我們已知的財產損失僅限於瑪琳峽谷荒野廚房 (Maligne Canyon Wilderness Kitchen)，這是一家餐廳和零售店，位於賈斯珀鎮外約 4.8 公里 3 英里處。

Work remains to be done for safe reentry to the Jasper town site.

安全重返賈斯珀鎮遺址的工作仍有待完成。

And Parks Canada communicated that if current conditions continue, visitor services in the park are expected to resume September 3.

加拿大公園管理局表示，如果目前的情況持續下去，公園內的遊客服務預計將於 9 月 3 日恢復。

However, we're optimistic the southern area of Jasper National Park, which has not been threatened by fires, will reopen soon.

然而，我們樂觀地認為，尚未受到火災威脅的賈斯珀國家公園南部地區將很快重新開放。

And it is our understanding that the existing road closure of the Icefields Parkway could be lifted in the coming days, opening up access to the Columbia Icefield Glacier Adventure, the Glacier Skywalk, and the Glacier View Lodge.

據我們了解，冰原大道現有的道路封閉可能在未來幾天內解除，開放前往哥倫比亞冰原冰川探險、冰川天空步道和冰川景觀旅館的通道。

The Pursuit team has responded incredibly to this situation and is prepared to resume operations as soon as authorities will allow.

Pursuit 團隊對這種情況做出了令人難以置信的反應，並準備在當局允許的情況下盡快恢復營運。

And we look forward to being able to restart our Jasper operations and our commitment to Jasper is unwavering, and we will continue to support the people and rebuilding efforts for as long as it takes.

我們期待著能夠重新啟動我們的賈斯珀業務，我們對賈斯珀的承諾是堅定不移的，我們將繼續支持人民和重建工作，只要需要。

We're looking forward to providing great hospitality experiences to our guests once again in Jasper National Park when we're able.

我們期待在可能的情況下再次在賈斯珀國家公園為客人提供一流的接待體驗。

Now, I'd like to discuss Pursuit's first half of the year performance, which set new records, and the strong demand trends we're seeing across our collections of experiences.

現在，我想討論 Pursuit 上半年創下新紀錄的業績，以及我們在體驗系列中看到的強勁需求趨勢。

So I'll start with our attractions performance on page 16.

我將從第 16 頁的景點表演開始。

Pursuit's attractions ticket revenue grew 21% to $62 million year-to-date.

今年迄今為止，Pursuit 的景點門票收入成長了 21%，達到 6,200 萬美元。

This was driven by strong increases in visitors, which were up 14%, and growth in our effective ticket prices.

這是由於遊客數量強勁增長（增長了 14%）以及有效票價的增長。

Our same-store ticket revenue grew about 16% year-over-year, with significantly higher effective ticket prices.

我們的同店門票收入年增約 16%，有效門票價格顯著提高。

Additionally, our new FlyOver Chicago attraction, which we opened in March, was a meaningful contributor to the impressive increase in visitors.

此外，我們於 3 月開業的新 FlyOver Chicago 景點為遊客數量的大幅增長做出了重大貢獻。

We're really pleased with our first four months of operation and the very favorable reviews that we've been getting.

我們對前四個月的營運以及所獲得的非常有利的評價感到非常滿意。

Our one-of-a-kind point-of-interest attractions saw robust demand, and we benefited from our effective dynamic pricing strategy.

我們獨特的景點吸引了強勁的需求，我們從有效的動態定價策略中受益。

Next on page 17, Pursuit's room revenue grew 8% to $32 million year-to-date, which was driven by demand and capturing higher ADRs.

接下來第 17 頁，Pursuit 的客房收入今年迄今成長了 8%，達到 3,200 萬美元，這是由需求和獲得更高的 ADR 推動的。

All geographies delivered growth in room revenue, with standout performance from our Canadian lodges as international travel to the destination is on the rise.

所有地區的客房收入均實現成長，隨著前往該目的地的國際旅行不斷增加，我們的加拿大旅館表現出色。

The strength in our hospitality metrics is driven by perennial demand for our experiential travel destinations, our focus on providing a great guest experience, and seasonal compression in our markets.

我們的飯店指標的優勢是由對體驗式旅行目的地的長期需求、我們對提供優質賓客體驗的關注以及市場的季節性壓縮所推動的。

Page 18 shows our lodging booking pace versus 2023, and this is looking solely at our properties outside of Jasper.

第 18 頁顯示了我們與 2023 年相比的住宿預訂速度，這僅針對我們在賈斯珀以外的飯店。

And as you can see, room revenue on the bookings from our properties that are not impacted by fire closures is still pacing well ahead of last year.

正如您所看到的，不受火災關閉影響的飯店預訂的客房收入仍然遠遠領先去年。

So just for a second, let's talk about what makes Pursuit so special and resilient.

那麼，讓我們花一點時間來談談是什麼讓 Pursuit 如此特別和有彈性。

First, our point-of-interest attractions and lodging properties are located in remarkable places with strong perennial demand, and everyone in the world loves a beautiful view.

首先，我們的景點和住宿場所都位於具有強勁常年需求的著名地點，世界上每個人都喜歡美麗的景色。

Second, our experiences have strong competitive moats in locations with significant barriers to entry.

其次，我們的經驗在進入障礙很高的地區擁有強大的競爭護城河。

During peak summer season, our lodges reach nearly full occupancy with high demand and market compression.

在夏季旺季，由於需求旺盛和市場壓縮，我們的旅館幾乎全部入住。

Our range of ideally located lodging product provides robust cross-selling opportunities with our attractions.

我們一系列地理位置優越的住宿產品為我們的景點提供了強大的交叉銷售機會。

Third, we align our pricing with the value that we provide.

第三，我們的定價與我們提供的價值一致。

So our strong guest reviews and net promoter scores reinforce our balanced approach to pricing and value perception.

因此，我們強大的賓客評論和淨推薦分數強化了我們平衡的定價和價值感知方法。

So while we may have uncertainty in the near term, our future remains bright.

因此，儘管短期內我們可能存在不確定性，但我們的未來仍然光明。

Now, let's move to page 19 and talk about our journey to meaningfully scale Pursuit through our successful refresh, build, buy strategy.

現在，讓我們轉到第 19 頁，談談我們透過成功的更新、建置、購買策略來有意義地擴展 Pursuit 的歷程。

We have an exciting pipeline of organic and inorganic investment opportunities to help accelerate our growth into the future.

我們擁有一系列令人興奮的有機和無機投資機會，有助於加速我們未來的成長。

In 2024, we're investing approximately $20 million into build and refresh projects within our existing collections.

到 2024 年，我們將投資約 2000 萬美元在現有系列中建造和更新項目。

This includes our newest build investment, FlyOver Chicago, as well as other smaller refresh investments at well-instrumented and high-performing existing experiences where we see opportunities to generate incremental throughput and pricing power.

這包括我們最新的建設投資，FlyOver Chicago，以及其他較小的更新投資，這些投資是在設備齊全、高性能的現有體驗中進行的，我們在這些體驗中看到了產生增量吞吐量和定價能力的機會。

For example, we're in the process of upgrading capacity of our top-tier offering at Sky Lagoon to meet growing guest demand in Iceland.

例如，我們正在升級 Sky Lagoon 頂級飯店的容量，以滿足冰島不斷增長的客人需求。

We've identified many additional opportunities to expand our scale and market share in existing geographies through tuck-in acquisitions and other growth investments.

我們已經發現了許多其他機會，可以透過收購和其他成長投資來擴大我們在現有地區的規模和市場份額。

An example of this is the Jasper SkyTram, which is a one-of-a-kind asset and a great strategic fit for Pursuit.

賈斯珀空中纜車就是一個例子，它是一項獨特的資產，非常適合 Pursuit 的策略。

We previously announced an agreement to acquire this attraction, but have not yet closed on the sale due to the wildfire activity in Jasper.

我們先前宣布了收購該景點的協議，但由於賈斯珀的野火活動，尚未完成銷售。

We remain very interested in adding it to our Banff Jasper Collection, and we'll be assessing any wildfire impacts prior to closing.

我們仍然非常有興趣將其添加到我們的班夫賈斯珀收藏中，我們將在關閉之前評估野火的影響。

We're also keenly interested in expanding our collection to new, counter-seasonal geographies that will balance out our seasonality and diversify our footprint.

我們也非常有興趣將我們的產品系列擴展到新的反季節地區，這將平衡我們的季節性並使我們的足跡多樣化。

The world is a big place, and our growth aperture is wide.

世界很大，我們的成長空間也很大。

So, as I conclude my remarks, I just want to say thank you once again to firefighters, emergency workers, Parks Canada teams, and the municipality of Jasper for their extraordinary efforts in this emergency.

因此，在我結束演講時，我只想再次感謝消防員、緊急人員、加拿大公園管理局團隊以及賈斯珀市政府在這次緊急情況下所做的非凡努力。

And lastly, and probably super-importantly for us, a big thank you to the thousands of team members across Pursuit for bringing their best every day.

最後，對我們來說可能非常重要的是，非常感謝 Pursuit 的數千名團隊成員每天都竭盡全力。

Ellen, over to you.

艾倫，交給你了。

Thanks, David.

謝謝，大衛。

Now, I'll cover 2024 outlook on page 21, starting with GES.

現在，我將從第 21 頁開始介紹 2024 年展望，從 GES 開始。

GES delivered stronger-than-expected results for the first half of 2024, and the third quarter is looking strong.

GES 2024 年上半年的業績優於預期，第三季的業績看起來也很強勁。

Based on that, we are increasing our full year EBITDA guidance range for GES to $85 million to $95 million, which is significantly above the $68.2 million in 2023.

基於此，我們將 GES 的全年 EBITDA 指引範圍提高至 8,500 萬美元至 9,500 萬美元，遠高於 2023 年的 6,820 萬美元。

For the third quarter, we expect GES's adjusted EBITDA to be in the range of $15 million to $19 million, versus negative $2 million in the 2023 third quarter.

對於第三季度，我們預計 GES 調整後 EBITDA 將在 1,500 萬美元至 1,900 萬美元之間，而 2023 年第三季為負 200 萬美元。

This strong growth reflects the benefit of approximately $85 million to $90 million from nonannual show revenue.

這一強勁成長反映了非年度演出收入帶來的約 8,500 萬至 9,000 萬美元的收益。

If not for the Jasper wildfires, we would have been in a position to raise our consolidated full year guidance, with key performance indicators for Pursuit also trending very well.

如果沒有賈斯珀山火，我們本來可以提高全年綜合指引，而 Pursuit 的關鍵績效指標也趨勢良好。

While it is challenging to predict the behavior of an active wildfire, Parks Canada is currently messaging a reopening date of September 3.

雖然預測活躍野火的行為具有挑戰性，但加拿大公園管理局目前發布的消息稱，重新開放日期為 9 月 3 日。

Assuming that date holds, we estimate the EBITDA impact to Pursuit could be somewhere around $20 million to $25 million.

假設該日期成立，我們估計對 Pursuit 的 EBITDA 影響可能約為 2000 萬至 2500 萬美元。

Based on that scenario, we are reducing our full year guidance for Pursuit adjusted EBITDA to $80 million to $95 million, as compared to $92.6 million in 2023.

基於這種情況，我們將 Pursuit 調整後 EBITDA 的全年指引從 2023 年的 9,260 萬美元減少到 8,000 萬至 9,500 萬美元。

And our guidance for Pursuit's third quarter adjusted EBITDA is $75 million to $90 million, as compared to $91.8 million in the 2023 third quarter.

我們對 Pursuit 第三季調整後 EBITDA 的指引為 7,500 萬至 9,000 萬美元，而 2023 年第三季為 9,180 萬美元。

As a result of these revisions, our consolidated full year EBITDA guidance range is now $151 million to $176 million, which is stronger than our 2023 adjusted EBITDA of $147 million.

由於這些修訂，我們的全年綜合 EBITDA 指引範圍目前為 1.51 億美元至 1.76 億美元，高於 2023 年調整後的 EBITDA 1.47 億美元。

Clearly, there is a great deal of uncertainty in our guidance ranges for Pursuit.

顯然，我們對 Pursuit 的指導範圍存在著很大的不確定性。

We are doing our best to provide a realistic range based on what we know now, and we will provide updated guidance as appropriate.

我們正在盡最大努力根據我們目前所知提供一個切合實際的範圍，並且我們將酌情提供更新的指導。

We are actively engaged with our insurance carriers regarding the fire impacts in Jasper.

我們正在積極與我們的保險公司就賈斯珀的火災影響進行接觸。

Our policy limits are sufficient to cover our known property damage and our estimated loss of profits.

我們的保單限額足以涵蓋我們已知的財產損失和我們估計的利潤損失。

However, I want to caution that our ability to recover business interruption is tied to property damage.

不過，我想提醒大家的是，我們恢復業務中斷的能力與財產損失有關。

It will be highly fact-determinative based on what we learn when we are able to thoroughly inspect our properties alongside our insurance adjusters.

當我們能夠與保險理賠員一起徹底檢查我們的財產時，根據我們所學到的知識，這將具有高度的事實決定性。

Much work needs to be done to understand the extent of potential insurance proceeds, and again, we will provide updates as appropriate.

需要做很多工作來了解潛在的保險收益範圍，我們將再次酌情提供最新資訊。

Steve, back to you.

史蒂夫，回到你身邊。

Thanks, Ellen.

謝謝，艾倫。

In closing, I want to thank our talented employees for their commitment and drive to deliver the best possible results for our clients, guests, and shareholders.

最後，我要感謝我們才華橫溢的員工的承諾和努力，為我們的客戶、客人和股東提供最好的結果。

And with that, we will open up the call for questions.

至此，我們將開始提問。

(Operator Instructions) Tyler Batory, Oppenheimer.

（操作員說明）Tyler Batory，Oppenheimer。

Good afternoon.

午安.

Thank you.

謝謝。

Appreciate all the detail here.

欣賞這裡的所有細節。

And I understand it's a difficult, fluid situation in terms of what's going on in Jasper, but that's where I want to start with, with my questions.

我知道賈斯珀正在發生的事情是一個困難且不穩定的情況，但這就是我想從我的問題開始的地方。

I know you disclose Banff Jasper Collection revenue.

我知道您披露了班夫賈斯珀收藏的收入。

In a given year, are you able to break out how much is Banff?

在某一年中，您能算出班夫的價格是多少嗎？

How much is Jasper?

賈斯柏多少錢？

And then, along with that, in terms of a guidance reduction, did you see any impact on cancellations in Banff in July when the wildfire started in Jasper?

除此之外，就指導減少而言，您認為 7 月份賈斯珀發生野火時班夫的航班取消有任何影響嗎？

Yes.

是的。

So first, I'll start on the cancellation point.

首先，我將從取消點開始。

We really haven't seen any material cancellations, Tyler, at all.

泰勒，我們真的沒有看到任何實質的取消。

What you have actually happening in Banff is there's compression as people are rerouting guests from Jasper.

班夫實際發生的情況是，人們正在重新安排來自賈斯珀的客人，因此出現了壓縮。

And so, again, all of our major tour and travel partners actively have guests in the geography.

因此，我們所有的主要旅遊和旅行合作夥伴都在該地區積極接待客人。

And so, folks are moving from Jasper to Banff as itineraries change and the business volumes in Banff will only get greater.

因此，隨著行程的變化，人們從賈斯珀搬到班夫，班夫的業務量只會變得更大。

We really don't break out revenues and profits between Banff and Jasper.

我們確實沒有詳細列出班夫和賈斯珀之間的收入和利潤。

And again, what I can tell you is that the challenge with the situation in Jasper, there are some positive elements to it.

再說一遍，我可以告訴你的是，賈斯珀局勢所面臨的挑戰，其中有一些積極的因素。

One, obviously, we're very empathetic to those that have lost their homes and those that have lost their businesses, as this is really a significant factor for them.

第一，顯然，我們非常同情那些失去家園和失去生意的人，因為這對他們來說確實是一個重要因素。

But when you look at the number of, say, hotel rooms, you're looking at basically 18% of hotel rooms in Jasper have been affected, leaving 83% of hotel rooms in Jasper unaffected.

但是，當您查看飯店客房的數量時，您會發現賈斯珀基本上有 18% 的飯店客房受到了影響，而賈斯珀 83% 的飯店客房未受到影響。

So as we work to reopening, everyone is focused on that.

因此，當我們努力重新開放時，每個人都在關注這一點。

We still don't have access to the site, but that will improve in the days ahead.

我們仍然無法訪問該網站，但未來幾天情況將會有所改善。

And also, we have some indication from Parks Canada that it will be a matter of days, not weeks, before the Icefields Parkway is able to extend all the way up to Tangle Falls, which would allow the reopening of the Glacier Skywalk, the Columbia Icefields Discovery Center, and the Glacier View Lodge, which we expect to be imminent.

此外，我們從加拿大公園管理局得到一些指示，冰原大道將需要幾天而不是幾週的時間才能延伸到坦格爾瀑布，這將使冰川天空步道、哥倫比亞河重新開放。景觀旅館，我們預計即將建成。

Okay.

好的。

And then, it's a positive.

然後，這是積極的。

Parks Canada talking about reopening September 3, which seems pretty soon.

加拿大公園管理局正在討論 9 月 3 日重新開放的消息，看來很快了。

Any sense for -- are you seeing guest bookings for that day?

您是否看到當天的客人預訂？

Are people canceling significantly, given this news?

有鑑於此消息，人們是否會大幅取消預訂？

Are you proactively trying to discuss or talk with guests that have stays for September into October?

您是否主動嘗試與 9 月至 10 月入住的房客討論或交談？

I know there's still not a lot that you know, but I'm just trying to get a sense of what's in the guidance?

我知道您知道的還不夠多，但我只是想了解指南中的內容？

What you're expecting after this September 3 date?

9 月 3 日的約會後您有何期待？

And just some of the moving pieces and assumptions around that perspective and that outlook.

以及圍繞該觀點和前景的一些動態片段和假設。

Yeah.

是的。

Great question.

很好的問題。

Thank you.

謝謝。

First, let me start with the conversations that I've been having over the last 15 days.

首先，讓我從過去 15 天的對話開始。

So I've had the great pleasure of reconnecting with our tour and travel partners, and I've talked to all of our major tour and travel partners across the globe together with our senior sales folks.

因此，我很高興與我們的旅遊和旅行合作夥伴重新建立聯繫，並且我與我們在全球的所有主要旅遊和旅行合作夥伴以及我們的高級銷售人員進行了交談。

And so, what's important to know there is that there's a tremendous commitment to Jasper.

因此，重要的是要知道我們對賈斯珀做出了巨大的承諾。

And I think the way to think about it is to think of Western Canada as a big geography in which folks are traveling and folks are traveling from Vancouver, they're traveling all the way through the Canadian Rockies on a specific itinerary.

我認為思考這個問題的方法是將加拿大西部視為一個大地理區域，人們在其中旅行，人們從溫哥華出發，並按照特定的行程一路穿越加拿大落基山脈。

So our tour and travel partners are all very enthusiastic about the return to business, and they're excited to bring business back to Jasper the moment that they've got the green light.

因此，我們的旅遊合作夥伴都對恢復業務非常熱心，他們很高興在獲得批准後將業務帶回賈斯珀。

So that's a tremendous positive.

所以這是一個巨大的正面因素。

And today in Jasper, as an example, cleanup teams and owners of the essential businesses like gas stations, drug stores, grocery stores, are all mobilizing and have been granted access to their particular businesses, which helps us travel to a point of reopening.

以今天的賈斯珀為例，清理團隊和加油站、藥局、雜貨店等重要企業的業主都在動員起來，並已獲準進入他們的特定企業，這有助於我們走向重新開放的階段。

And so, each of those steps as we accelerate along the way, we do have guests that have shifted itineraries, but we've also had a tremendous amount of guests that have wanted to call and just provide a donation to those affected in Jasper.

因此，隨著我們一路加速，我們確實有客人改變了行程，但我們也有大量客人想要打電話給賈斯珀受影響的人們提供捐款。

So I would say guest enthusiasm remains high.

所以我想說客人的熱情仍然很高。

Remember, this is a very different situation than many of us saw with the horror of fire in Lahaina, where an entire town was wiped out.

請記住，這與我們許多人在拉海納的恐怖火災中看到的情況非常不同，那裡整個城鎮被夷為平地。

This is 30% of the town is affected.

該鎮30%的面積受到影響。

Imagine one side of the street you have buildings that have been destroyed, but on the other side of the street, you have basically flower baskets still hanging in the window.

想像一下，街道的一側有已被摧毀的建築物，但在街道的另一側，基本上花籃仍然掛在窗戶上。

And so you have a tremendous amount of property that is untouched, 70% of town, 30% of property that has been destroyed, and a focus on rebuilding.

因此，您擁有大量未受影響的財產，其中 70% 的城鎮、30% 的財產已被摧毀，並且專注於重建。

So we anticipate the return to business will be sooner, and everyone is working in that regard towards that outcome.

因此，我們預計業務會更快恢復，每個人都在為實現這一結果而努力。

There's no guarantees yet.

目前還沒有任何保證。

We have had some favorable weather in the last few days in terms of rain, so wild land fires are more controlled.

過去幾天，我們遇到了一些有利的降雨天氣，因此野火得到了更好的控制。

All of the fire within the town of Jasper, obviously, is well under control and there's no active fires at all within the town site.

顯然，賈斯珀鎮內的所有火災都得到了很好的控制，鎮內根本沒有發生火災。

And the team is focused on managing traffic.

該團隊專注於管理流量。

The highways have reopened east to west for commercial traffic, so there's actually commercial traffic and rail flowing through the town of Jasper.

高速公路已從東向西重新開放用於商業交通，因此實際上有商業交通和鐵路流經賈斯珀鎮。

And also, just a final reminder, all the essential services in Jasper municipal infrastructure remain intact, water, sewer, hospital, town hall, essential services, fire station, et cetera, are all intact.

另外，最後提醒一下，賈斯珀市政基礎設施的所有基本服務都完好無損，水、下水道、醫院、市政廳、基本服務、消防局等都完好無損。

So as tough as this outcome has been, I think that everyone's managing to a positive end result with what they're facing.

因此，儘管這個結果很艱難，但我認為每個人都在努力應對他們所面臨的問題，以取得積極的最終結果。

Okay.

好的。

Very helpful commentary.

非常有幫助的評論。

Thank you.

謝謝。

I'll switch gears to GES side of things.

我將把注意力轉向 GES 方面。

The margin there was tremendous in the quarter, so really nice to see that.

本季的利潤率非常高，所以很高興看到這一點。

Was there anything one time that was driving that?

有沒有什麼因素曾經推動過這種情況？

And I'm interested just a commentary in terms of the full year and next year sounds consistent with what you said in the past, which is obviously not a bad thing.

我感興趣的是關於全年和明年的評論聽起來與你過去所說的一致，這顯然不是一件壞事。

But I'm just wondering how much conservatism could be in that full year commentary, just given how strong the first half was and how strong the second quarter was as well.

但我只是想知道，考慮到上半年和第二季的強勁表現，全年評論中可能有多少保守主義。

Yeah.

是的。

Thanks, Tyler.

謝謝，泰勒。

I'm very pleased with both businesses.

我對這兩項業務都非常滿意。

You saw we had significant incremental revenue over prior year and a really good flow through to the bottom.

您看到，我們的收入比前一年有了顯著的增量，並且流向底部的流量非常好。

A lot of that is a lot of the work that the team has done in prior quarters around the cost structure in preparing for a higher margin business as revenue continues to recover and grow.

其中很大一部分是團隊在前幾個季度圍繞成本結構所做的大量工作，以便隨著收入的持續恢復和增長，為更高利潤率的業務做好準備。

So there's no one specific thing that drove.

所以沒有任何特定的事情在驅動。

Obviously, we talked about just a minute ago about McDonald's being a contributor in the quarter.

顯然，我們只是在一分鐘前談到麥當勞是本季的貢獻者。

That's a large project that happened in the quarter.

這是本季發生的一個大型專案。

But there were other wins and other growth within Exhibitions and within Spiro clients.

但展覽公司和 Spiro 客戶內部也取得了其他勝利和其他成長。

So overall, just a really strong continuation of the trend that we've seen where corporate clients are spending more and tradeshows continue to increase in their size.

總體而言，這是我們所看到的趨勢的強勁延續，即企業客戶支出增加，貿易展覽規模持續擴大。

And both of those lead to really high flowthrough to EBITDA margin.

這兩者都會帶來非常高的 EBITDA 利潤率。

And then, in terms of our outlook for next year, like you said, we've been consistent in terms of what we believe will happen.

然後，就我們明年的前景而言，正如您所說，我們對我們相信會發生的事情一直保持一致。

We're a quarter more into or a quarter closer to 2025.

距離 2025 年還有四分之一或更近四分之一。

And during the call, I wanted to highlight a couple of the wins that we've had.

在電話會議中，我想強調我們所取得的一些勝利。

Those are a great indication of the momentum that both businesses have and really help us close that net new win gap between here and 2025.

這些很好地表明了兩家公司的發展勢頭，並真正幫助我們縮小了從現在到 2025 年之間的淨新贏差距。

So I feel good about where the year is headed, obviously.

因此，顯然我對今年的發展方向感到滿意。

We're ahead of schedule.

我們比計劃提早了。

And as I look at 2025, we're reaffirming what we project '25 will look like.

當我展望 2025 年時，我們重申了我們對 25 年的預測。

Okay.

好的。

All right.

好的。

That's all for me.

這就是我的全部。

I'll leave it there and pass it on.

我會把它留在那裡並傳遞下去。

Thank you.

謝謝。

Thanks, Tyler.

謝謝，泰勒。

Bryan Maher, B. Riley.

布萊恩·馬赫，B.萊利。

Great.

偉大的。

Thank you.

謝謝。

And good afternoon, everyone.

大家下午好。

Maybe for Ellen, to start off, you said some things about the business interruption insurance and the lost profit coverage.

也許對艾倫來說，首先，您說了一些有關業務中斷保險和利潤損失保險的內容。

And I didn't quite understand the business interruption being tied to property damage.

我不太明白業務中斷與財產損失有關。

Can you give us a little more color on how to think about that?

您能為我們提供更多關於如何思考這個問題的資訊嗎？

Sure.

當然。

The business interruption kicks in if we have property damage at the hotels, and that doesn't mean fire necessarily.

如果飯店發生財產損失，業務就會中斷，但這並不一定意味著發生火災。

It could be smoke damage, it could be other water damage to the hotels.

可能是煙霧造成的損壞，也可能是飯店的其他水損壞。

So what we have to do is we have to go in and assess what, if any, damage we have to our hotels and then that determines our business interruption route.

因此，我們要做的是深入評估我們的酒店受到的損害（如果有），然後確定我們的業務中斷路線。

But it's going to be a long process, Bryan.

但這將是一個漫長的過程，布萊恩。

There's a lot to figure out there.

有很多事情需要弄清楚。

Okay.

好的。

Yeah.

是的。

I'm sure Tyler and I, and others, have had experience with hurricane issues in Florida and the Caribbean with the hotels companies that we cover.

我確信泰勒和我以及其他人在我們報道的酒店公司中都有過處理佛羅裡達州和加勒比地區颶風問題的經驗。

So I know this can drag out literally a couple of years.

所以我知道這可能會拖延幾年。

When you think about lost profit, though, does the insurance company, though, look at maybe the fact that you may pick up incremental profit if your Banff both hotels are packed because people aren't going to Jasper, or does that have to stay totally separate?

不過，當您考慮利潤損失時，保險公司是否會考慮這樣一個事實：如果您的班夫兩家酒店都擠滿了人，因為人們不去賈斯珀，或者是否必須留下來，您可能會獲得增量利潤完全分開？

That's a good question.

這是個好問題。

And that's going to be something that we'll have to talk to our insurance companies about.

這將是我們必須與保險公司討論的事情。

And we're not even close to that point yet.

我們還沒有接近這一點。

But it'll be a process.

但這將是一個過程。

And we will strive to keep our Jasper properties separate and make sure that we get whatever's owed to us on the business interruption side related to those properties.

我們將努力將我們的賈斯珀財產分開，並確保我們得到與這些財產相關的業務中斷方面欠我們的一切。

Okay.

好的。

Thanks.

謝謝。

Maybe shifting gears for David.

也許會為大衛換檔。

The FlyOver Chicago, good news that that opened up strong.

芝加哥立體交叉，好消息是開放強勁。

Are there any key takeaways as to the opening of Chicago versus what you experienced in Las Vegas?

與您在拉斯維加斯的經歷相比，芝加哥的開幕有什麼重要的收穫嗎？

And is there any update on Toronto?

多倫多有什麼最新消息嗎？

Yes.

是的。

So let me start first with Chicago off to a roaring start, really pleased with that.

讓我先從芝加哥的良好開局開始，我對此感到非常滿意。

I think, let's be honest, Chicago is a less competitive market than Las Vegas in terms of attractions.

我認為，說實話，就景點而言，芝加哥的市場競爭力不如拉斯維加斯。

And so, I would just say that the market dynamics are much more similar to Vancouver than they are to Las Vegas.

因此，我只想說，市場動態與溫哥華比與拉斯維加斯更相似。

So Chicago and Navy Pier attracts a significant number of visitors.

因此芝加哥和海軍碼頭吸引了大量的遊客。

And then, also, the content and story is really compelling.

而且，內容和故事也非常引人注目。

It's a very soulful, emotional journey and a flight through Chicago that's pretty exhilarating, use of drone technology, et cetera.

這是一次非常深情、充滿情感的旅程，在芝加哥的飛行非常令人興奮，使用了無人機技術等等。

So it's just really compelling content, a tremendous location, a market that's adapted well to the FlyOver model and is performing really well, and we're happy with that.

因此，它的內容非常引人注目，地理位置優越，市場非常適合 FlyOver 模式並且表現得非常好，我們對此感到滿意。

Let me switch channels to Toronto.

讓我切換頻道到多倫多。

So obviously, this has been one of the most popular and longstanding questions on earnings calls, and appreciate everyone's patience.

顯然，這是財報電話會議上最受歡迎和長期存在的問題之一，感謝大家的耐心等待。

We're in the final stages of executing a mutual agreement with the landowner, Canada Lands, to terminate our lease for that site.

我們正處於與土地所有者加拿大土地公司簽署共同協議的最後階段，以終止我們對該地點的租約。

And it's come just from several years of working through the planning and permitting for the FlyOver Toronto project.

這只是 FlyOver Toronto 計畫幾年來的規劃和授權工作的成果。

Given the escalation of costs and the explosion of construction in Toronto and the many challenges, it just became clear that this was the best outcome for us and for the landowner to terminate the lease.

考慮到成本的上升和多倫多建築業的爆炸式增長以及許多挑戰，很明顯，終止租約對我們和土地所有者來說是最好的結果。

We're really excited to have done the work with FlyOver that we've done, and we've grown to four platforms, and we're just focused on growing visits across our existing locations with our compelling attraction content.

我們非常高興能夠與 FlyOver 合作，我們已經發展到四個平台，我們只是專注於透過我們引人注目的景點內容來增加現有地點的訪問量。

Shifting gears -- thanks for that.

換檔——謝謝你。

Shifting gears to Iceland and the volcanic activity that was the topic of conversation a quarter ago.

話題轉向冰島和火山活動，這是一個季度前的話題。

Has that subsided and is business at your competitor getting back to usual?

這種情況是否已經平息？

Can you give us any color there?

你能給我們任何顏色嗎？

I won't speak so much to the business of my competitor, but I will mention that just for us, obviously, we're having a great summer in Iceland.

我不會過多談論我的競爭對手的業務，但我會提到，顯然，我們在冰島度過了一個美好的夏天。

Iceland is going to be on a track for record visitation in 2024.

2024 年，冰島的遊客量有望創下歷史新高。

It's performed really well.

表現得真的很好。

It is true, the volcanic activity ebbs and flows.

確實，火山活動有潮起潮落。

Right now, it all appears calm on the peninsula in Iceland.

目前，冰島半島上一切顯得風平浪靜。

But again, seeing great visitation, great support, fantastic guest reviews, and we're excited to launch the enlargement of The Ritual at Sky Lagoon, which is our highest end product, gives us tremendous capacity addition to really host guests and provide a great experience.

但是，再次看到大量的訪問、大力的支持、精彩的賓客評論，我們很高興推出Sky Lagoon 的The Ritual 擴建項目，這是我們最高端的產品，為我們提供了巨大的容量，可以真正接待賓客，並為我們提供優質的服務。

So Iceland's in good shape.

所以冰島的狀況很好。

Well, we're all looking forward to the Investor Day in Iceland to be coming.

好吧，我們都期待冰島投資者日的到來。

(laughter) Maybe last for me, maybe back to Ellen and sorry, Steve, to leave you out of it this time.

（笑聲）也許最後對我來說，也許回到艾倫，抱歉，史蒂夫，這次把你排除在外。

But Tyler got my question on GES.

但泰勒收到了我關於 GES 的問題。

When we think about your new numbers for Pursuit consistent with the thought that you won't get reopened in Jasper until September 3, if, in fact, you get Columbia Icefield open in a matter of days or a week, is there then upside to what you're showing us now for Pursuit numbers for the third quarter should that happen?

當我們考慮您的 Pursuit 的新數據時，我們認為賈斯珀要到 9 月 3 日才會重新開放，如果事實上您在幾天或一周內就讓哥倫比亞冰原開放，那麼是否有上升空間？ 如果發生這種情況，您現在向我們展示的第三季的Pursuit 數據是什麼？

Our current assumptions assume what David talked about us getting the Icefield opened sooner than September 3.

我們目前的假設是大衛所說的我們要在 9 月 3 日之前開放冰原。

So I would say, I wouldn't count on a lot of upside, but the whole situation is so fluid, Bryan, that we could have some upside or some downside.

所以我想說，我不會指望太多的好處，但整個情況是如此不穩定，布萊恩，我們可能會有一些好處或一些壞處。

It just depends on where we're at.

這僅取決於我們所處的位置。

And if the September 3 date holds, if Icefield does open in a week.

如果 9 月 3 日這一日期成立，如果 Icefield 確實在一周內開放。

But the assumptions that go into our guidance are what David talked about.

但大衛談到了我們指導中的假設。

Okay.

好的。

Thank you.

謝謝。

That's all for me.

這就是我的全部。

Alex Fuhrman, Craig Hallum.

亞歷克斯·福爾曼，克雷格·哈勒姆。

Hey, guys.

嘿，夥計們。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Wanted to follow up more on the issue going on in Jasper.

想進一步了解賈斯柏發生的問題。

Given the pretty significant impact to your business this year and the town site, I know, obviously, a lot of uncertainties remain this year.

考慮到今年對你們的業務和城鎮場地的相當大的影響，我知道，今年顯然仍然存在許多不確定性。

But as you think about next year, do you think it would be prudent for analysts to be building in some level of conservatism that it could perhaps be something of a multiyear recovery until you're back up to what you would have done this year without the wildfire?

但當你考慮明年時，你認為分析師在一定程度上建立保守主義態度是否明智，認為這可能是多年的復甦，直到你恢復到今年沒有情況下的水平。

Or is there hope that if there's guests returning to the town site as early as this season, that next year could be pretty close to a full season for you?

或者，如果有客人最早在這個季節返回小鎮，那麼明年對您來說可能會非常接近完整的季節嗎？

Yeah.

是的。

Alex, I think where I'll start with that is that a reminder that we have been fortunate through this experience that our hotel properties are intact.

亞歷克斯，我想我首先要提醒大家，透過這次經歷，我們很幸運，我們的酒店財產完好無損。

They're located at the eastern end of town.

他們位於城鎮的東端。

So our neighbors as well as ourselves are sitting in a situation where our hotel properties are intact.

因此，我們的鄰居和我們自己都面臨著我們的酒店財產完好無損的情況。

Our neighbors to the Southwest obviously have lost their hotel properties, which represents about 18% of the availability of lodging in Jasper.

我們西南部的鄰居顯然已經失去了他們的酒店物業，這些物業約佔賈斯珀住宿供應量的 18%。

In my discussions with our tour and travel partners, demand is very strong, and we expect that to continue.

在我與我們的旅遊合作夥伴的討論中，需求非常強勁，我們預計這種情況會持續下去。

So as you look ahead, we may face the opposite issue rather than it taking more years to recover, I think recovery could be accelerated just due to compression in lodging because there are so many different tour and travel partners that are seeking accommodation for their itineraries.

因此，展望未來，我們可能會面臨相反的問題，而不是需要更多的時間才能恢復，我認為由於住宿壓縮，恢復可能會加速，因為有很多不同的旅遊和旅行合作夥伴正在為其行程尋找住宿。

And when you eliminate 18% of a lodging bed base within a particular town, it pushes compression into the other properties.

當某個城鎮內的住宿床位減少 18% 時，其他住宿設施就會受到壓縮。

The other thing that's important is that Jasper itself as a national park is 11,000 square kilometers.

另一件重要的事情是賈斯珀本身作為一個國家公園有 11,000 平方公里。

The fire -- fires, multiple fires, has affected basically 340 square kilometers, so 3% of the total of Jasper National Park.

火災－多起火災，已經影響了基本上340平方公里的面積，佔賈斯珀國家公園面積的3%。

When you think of that in hectares, which is an interesting math, but 11,000 square kilometers is 1,100,000 hectares.

當你想到以公頃為單位時，這是一個有趣的數學，但 11,000 平方公里就是 1,100,000 公頃。

The size of fires is 34,000 hectares, so roughly 3%.

火災面積為 34,000 公頃，約佔 3%。

So what you know from all of this is that 3% of the visuals or 3% of the things that guests come to see have been affected.

所以你從這一切中可以知道，3% 的視覺效果或客人看到的 3% 的東西受到了影響。

And a lot of these fires are outside the view angles of where guests are traveling.

而且很多火災都在客人旅行的視角之外。

So although we don't know all the details yet, I can tell you that the visual impact, the strength of the Icefields Parkway, Jasper remains strong in terms of its ability to attract visitors from around the world, and in discussions with our tour and travel partners, we see strong, sustained, confident demand for '25, '26, '27.

所以雖然我們還不知道所有的細節，但我可以告訴你，賈斯珀的冰原大道的視覺衝擊力、實力，在吸引世界各地遊客的能力方面仍然很強，並且在與我們的旅行團討論中和旅遊夥伴，我們看到對「25」、「26」、「27」的強勁、持續、有信心的需求。

Okay.

好的。

That's really helpful, David.

這真的很有幫助，大衛。

Thank you.

謝謝。

And then, just as it relates to this year, as you think about the range of outcomes and what's in your guidance, does the low end of guidance still contemplate guests coming back to your hotels in the Jasper town site this year?

然後，正如與今年相關的那樣，當您考慮結果的範圍以及指導中的內容時，指導的低端是否仍然考慮今年客人回到賈斯珀鎮的酒店？

Can you just help us work through the range of expectations and just how much housing would you have for your employees if you're able to have guests back next month?

您能否幫助我們了解期望範圍，以及如果您下個月能夠接待客人回來，您將為您的員工提供多少住房？

A wise President always defers questions of guidance to the CFO, so I'll start with housing.

明智的總統總是將指導問題交給首席財務官，所以我將從住房開始。

Question on the housing is that we have team members, obviously, that are spread out over quite a distance.

關於住房的問題是，我們的團隊成員顯然分佈在很遠的地方。

And we're doing a couple of different things for our team members.

我們正在為我們的團隊成員做一些不同的事情。

One, we're providing a steady stream of ongoing communication, financial support, mental health resources, housing, shelter, food, et cetera.

第一，我們提供源源不絕的持續溝通、財務支持、心理健康資源、住房、庇護所、食物等。

That's the first thing.

這是第一件事。

Second is team members are excited to get back to work.

其次，團隊成員對重返工作崗位感到興奮。

So as they return to Jasper, if you think about it, if you're a family of three, living in a lovely hotel room is going to be fun for about the first four days, and then you're going to want some other form of temporary housing.

因此，當他們回到賈斯珀時，如果你想一想，如果你是一個三口之家，住在漂亮的酒店房間裡的前四天會很有趣，然後你會想要一些其他的臨時住房的形式。

So the Alberta government, together with Parks Canada, is mobilizing to create those kinds of housing options.

因此，阿爾伯塔省政府與加拿大公園管理局正在動員起來創造此類住房選擇。

And then, you're going to have a period of rebuild, so you'll have a variety of different construction workers, et cetera.

然後，您將經歷一段重建時期，因此您將擁有各種不同的建築工人，等等。

And then, you have overwhelming guest demand.

然後，客人的需求勢不可擋。

So I think all of these things are going to contribute to it being busier than we anticipate.

所以我認為所有這些事情都會導致它比我們預期的更繁忙。

And I'll defer to Ellen on the guidance question.

關於指導問題，我將聽取艾倫的意見。

Sure.

當然。

And Alex, I'll just say on the guidance, we have a set of key assumptions that we use to formulate the guidance and then put a range around that.

亞歷克斯，我只想說，關於指導意見，我們有一組關鍵假設，我們用它們來製定指導意見，然後圍繞它制定一個範圍。

So any one of these assumptions could be better or worse.

因此，這些假設中的任何一種都可能更好或更糟。

But this is our best estimate right now.

但這是我們目前最好的估計。

And then, we put the range around that.

然後，我們圍繞這個範圍設定範圍。

Okay.

好的。

That's really helpful.

這真的很有幫助。

Thank you both.

謝謝你們倆。

(Operator Instructions) Will Brunemann, Northcoast.

（操作員指示）Will Brunemann，北海岸。

Hey.

嘿。

How's it going, guys?

怎麼樣，夥計們？

So I was just curious, in your conversation with companies, are you seeing any hesitancy to spend on exhibits or events produced by Spiro?

所以我很好奇，在您與公司的對話中，您是否發現對於花在 Spiro 舉辦的展覽或活動上有任何猶豫？

And then, I have a couple of follow-ups if that's all right.

然後，如果可以的話，我還有一些後續行動。

Sure.

當然。

Well, we have seen very strong corporate spending at Spiro, both for what we would call brand activations and corporate events, but also for exhibit programs for those corporations to attend tradeshows.

嗯，我們在 Spiro 看到了非常強勁的企業支出，既用於我們所說的品牌活化和企業活動，也用於這些企業參加貿易展的展覽計畫。

So, as we've talked about for the last few quarters, it's been a steady, consistent growth in corporate spending from our clients.

因此，正如我們在過去幾季所討論的那樣，我們客戶的企業支出一直在穩定、持續地成長。

That's led to our performance and outperformance relative to our expectations for the quarter, for sure.

當然，這導致我們的業績優於我們對本季的預期。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And then, I was going to ask when it comes to M&A opportunities, would Viad be open to acquisitions for the GES business?

然後，我想問一下，說到併購機會，Viad 是否願意收購 GES 業務？

And then, on top of that, are you guys seeing any pricing concerns for GES in the pricing environment?

除此之外，你們是否在定價環境中看到了 GES 的任何定價問題？

I'll start with the pricing environment.

我將從定價環境開始。

So we are in a mode where we are pricing according to the quality and the capabilities that the team has and the product that we deliver.

因此，我們所處的模式是根據團隊擁有的品質和能力以及我們交付的產品來定價。

And so we continue to see price increases in the industry, as we have for the last couple of years.

因此，我們繼續看到該行業的價格上漲，就像過去幾年一樣。

And I don't see any change in that, at least for the near future.

我認為這不會有任何改變，至少在不久的將來是這樣。

In terms of M&A, our strategy and our capital allocation has been clear.

在併購方面，我們的策略和資本配置已經很明確了。

For the last several years, we have been dedicated to growing and scaling Pursuit through the refresh, build, buy strategy that we have in order to scale Pursuit and give Viad more options into the future.

在過去的幾年裡，我們一直致力於透過更新、建構、購買策略來發展和擴展 Pursuit，以便擴展 Pursuit 並為 Viad 的未來提供更多選擇。

Doesn't mean that we wouldn't look at things at GES, but from a priority perspective, our priorities remain the same, which is scaling Pursuit.

這並不意味著我們不會在 GES 上考慮這些事情，但從優先順序的角度來看，我們的優先順序保持不變，即擴展追求。

Okay.

好的。

And then, just one last thing, maybe you already touched on this, but if the park opens back up, Jasper opens back up in 2025, but your visitation is compromised because of the fire, could you receive potentially insurance proceeds for that or anything along those lines?

然後，最後一件事，也許您已經提到過這一點，但如果公園重新開放，賈斯珀將在2025 年重新開放，但您的參觀會因火災而受到影響，您是否可以獲得潛在的保險收益或其他任何費用沿著這些路線？

Ellen?

艾倫？

So from an insurance perspective, what we're doing right now is assessing the damage that we would have to the hotels and what business interruption would come from that.

因此，從保險的角度來看，我們現在正在做的是評估對酒店造成的損害以及由此造成的業務中斷。

The business interruption would be tracked.

業務中斷將被追蹤。

So it would look at '24 and '25, and this will be a many-month process that we'll go through with our insurance carriers.

因此，我們將著眼於“24 和 25”，這將是我們與保險公司共同經歷的為期數月的過程。

So yes, we will look at that as we go through this process.

所以，是的，我們會在完成這個過程時考慮這一點。

Obviously, the further away you get from the fire and the implications that David talked about, the further away you get, the less that we would be expecting insurance proceeds, but we will look at it until the business interruption case subsides.

顯然，距離火災和大衛談到的影響越遠，我們期望的保險收益就越少，但我們會一直關注它，直到業務中斷案件平息。

Okay.

好的。

All right.

好的。

Thank you guys for your help.

謝謝你們的幫忙。

I appreciate it.

我很感激。

Thanks, Will.

謝謝，威爾。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Steve Moster, I turn the call back over to you.

史蒂夫·莫斯特，我把電話轉回給你。

Thanks, Joel.

謝謝，喬爾。

And thanks to everybody for joining us for our earnings call today.

感謝大家今天參加我們的財報電話會議。

We look forward to giving you an update in the near future.

我們期待在不久的將來為您提供最新資訊。

Thanks so much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。