1
00:00:02,720 --> 00:00:09,559
Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

2
00:00:09,560 --> 00:00:13,840
Speaker 1: Week with Carol Masser and Tim Steneveek on Bloomberg Radio.

3
00:00:14,360 --> 00:00:16,280
Speaker 2: How about a trip to bamf Maybe do some skiing,

4
00:00:16,400 --> 00:00:18,599
Speaker 2: or in the summer do some cycling time. Visit some

5
00:00:18,640 --> 00:00:22,040
Speaker 2: fjords in Alaska, see some glaciers, will sea lions done, done,

6
00:00:22,120 --> 00:00:23,480
Speaker 2: whitewater rafting Montana.

7
00:00:24,000 --> 00:00:25,280
Speaker 3: I just sign me up for all of it.

8
00:00:25,400 --> 00:00:27,800
Speaker 2: They're all experiences offered by Pursuit. It calls itself a

9
00:00:27,880 --> 00:00:31,080
Speaker 2: quote pure play hospitality and attractions company. It's got a

10
00:00:31,160 --> 00:00:33,440
Speaker 2: roughly one hundred and fifty million dollar market cap. The

11
00:00:33,440 --> 00:00:36,160
Speaker 2: company recently completing a rebrand and ringing the bell today

12
00:00:36,200 --> 00:00:37,839
Speaker 2: at the New York Stock Exchange. We got with us

13
00:00:37,880 --> 00:00:40,600
Speaker 2: David Barry. He's president and CEO of Pursuit. He joins

14
00:00:40,640 --> 00:00:43,040
Speaker 2: us here in the Bloomberg Interactive Brokers studio.

15
00:00:43,080 --> 00:00:44,600
Speaker 4: Welcome, so good to be here.

16
00:00:44,640 --> 00:00:47,440
Speaker 5: I am a longtime fewer first time guests, so I'm excited.

17
00:00:47,440 --> 00:00:48,400
Speaker 5: Thank you both for having me.

18
00:00:48,440 --> 00:00:50,720
Speaker 2: Well hopefully the first of many, although after this question

19
00:00:50,760 --> 00:00:53,360
Speaker 2: you might not want to come back, because this is

20
00:00:53,400 --> 00:00:56,440
Speaker 2: where we got to start. We had a big press

21
00:00:56,440 --> 00:00:59,920
Speaker 2: conference from the President elect Today, who said he wanted

22
00:00:59,960 --> 00:01:02,959
Speaker 2: to absorb Canada and suggested using economic force to make

23
00:01:03,000 --> 00:01:06,520
Speaker 2: Canada the fifty first US state. You have assets in Canada,

24
00:01:06,520 --> 00:01:09,640
Speaker 2: you offer experiences in Canada. Do you take something like

25
00:01:09,680 --> 00:01:10,280
Speaker 2: this seriously?

26
00:01:10,600 --> 00:01:12,319
Speaker 5: You know, it's a little bit like when your family's

27
00:01:12,400 --> 00:01:14,440
Speaker 5: visiting and everyone has a different point of view. There's

28
00:01:14,480 --> 00:01:16,200
Speaker 5: three subjects and we all know what they are that

29
00:01:16,240 --> 00:01:18,160
Speaker 5: you want to avoid at a family dinner during a

30
00:01:18,160 --> 00:01:21,960
Speaker 5: holiday period, and thou shalt not talk about politics.

31
00:01:21,440 --> 00:01:23,119
Speaker 4: But you might not the other one.

32
00:01:23,160 --> 00:01:26,000
Speaker 2: But you have to plan for different different contingencies here,

33
00:01:26,280 --> 00:01:29,320
Speaker 2: like is there a future where you're you know, you're

34
00:01:29,360 --> 00:01:31,600
Speaker 2: not required to use a passport if you're an American

35
00:01:31,600 --> 00:01:34,119
Speaker 2: to go to Canada, because it is indeed the fifty

36
00:01:34,120 --> 00:01:34,600
Speaker 2: first state.

37
00:01:35,080 --> 00:01:37,119
Speaker 5: It makes me think of what percentage of folks actually

38
00:01:37,120 --> 00:01:39,520
Speaker 5: don't have passports. But what's exciting in our world is

39
00:01:39,560 --> 00:01:41,720
Speaker 5: we have a broad appeal for guests around the world

40
00:01:41,720 --> 00:01:44,280
Speaker 5: to come and visit. And you know what's unique about

41
00:01:44,319 --> 00:01:48,240
Speaker 5: our business insightseeing and attractions and hospitality is everyone in

42
00:01:48,280 --> 00:01:51,000
Speaker 5: the world loves a beautiful view. Doesn't matter where you're from,

43
00:01:51,160 --> 00:01:53,760
Speaker 5: it doesn't matter what language you speak, doesn't matter whether

44
00:01:53,800 --> 00:01:56,040
Speaker 5: you can ski or golf or you have any athletic

45
00:01:56,120 --> 00:01:56,920
Speaker 5: ability at all.

46
00:01:57,080 --> 00:01:59,040
Speaker 4: All you have to do is love a beautiful view.

47
00:01:59,120 --> 00:02:00,800
Speaker 2: So it's not keeping up, it's not keeping you up

48
00:02:00,800 --> 00:02:02,520
Speaker 2: at night, No, sir, okay.

49
00:02:02,600 --> 00:02:03,400
Speaker 3: Not worried at all.

50
00:02:04,240 --> 00:02:07,000
Speaker 4: We're still sitting. You haven't left us, Not worried at all.

51
00:02:07,080 --> 00:02:09,680
Speaker 3: Well, it's interesting. Well okay, so what does worry you

52
00:02:09,680 --> 00:02:12,040
Speaker 3: at this point? What does the environment the you know,

53
00:02:12,240 --> 00:02:15,000
Speaker 3: for tourism, we've talked about coming off the pandemic, all

54
00:02:15,040 --> 00:02:16,919
Speaker 3: people want to do is experience things and go out

55
00:02:16,919 --> 00:02:18,120
Speaker 3: and do things. They want to get out of their

56
00:02:18,120 --> 00:02:20,560
Speaker 3: house to do things. Is that continuing or give us

57
00:02:20,560 --> 00:02:22,560
Speaker 3: some perspective versus what you've seen over the last couple

58
00:02:22,560 --> 00:02:22,960
Speaker 3: of years.

59
00:02:23,000 --> 00:02:25,519
Speaker 5: Well, what's everyone looking for? And then our opinion, they're

60
00:02:25,520 --> 00:02:29,200
Speaker 5: looking for authenticity. So no one goes to Iceland to

61
00:02:29,320 --> 00:02:33,919
Speaker 5: experience Alaska. They're going for very unique things around the world,

62
00:02:34,000 --> 00:02:38,120
Speaker 5: and so buy less stuff, do more things. Life is precious.

63
00:02:38,160 --> 00:02:40,359
Speaker 5: This is no dress rehearsal right, you might as well

64
00:02:40,520 --> 00:02:42,880
Speaker 5: go and see and do the amazing things that you

65
00:02:42,880 --> 00:02:45,720
Speaker 5: would like to do. And that's really what makes our

66
00:02:45,760 --> 00:02:48,320
Speaker 5: business model work. And that you know, We're in a

67
00:02:48,480 --> 00:02:51,120
Speaker 5: rather unique position. We have a ten year head start,

68
00:02:51,200 --> 00:02:54,040
Speaker 5: a ten year track record of great investments that have

69
00:02:54,120 --> 00:02:57,200
Speaker 5: driven shareholder value, and it's a way for us to

70
00:02:57,320 --> 00:03:00,840
Speaker 5: position ourselves into the future, continue to grow and think

71
00:03:00,880 --> 00:03:03,960
Speaker 5: of iconic, unforgettable and inspiring experiences.

72
00:03:04,040 --> 00:03:07,079
Speaker 3: So, David, the demand though continues at the pace you've

73
00:03:07,120 --> 00:03:08,640
Speaker 3: seen over the last year or two, like, give us

74
00:03:08,639 --> 00:03:10,360
Speaker 3: an idea in terms of what consumers are up to.

75
00:03:11,000 --> 00:03:14,440
Speaker 5: I think consumers are excited, and yes there are there

76
00:03:14,440 --> 00:03:16,440
Speaker 5: are certain segments of the consumer base that are more

77
00:03:16,440 --> 00:03:19,200
Speaker 5: pro sensitive. But in the markets that we're dealing with,

78
00:03:19,320 --> 00:03:22,720
Speaker 5: folks are ready to go and spend money on great experiences,

79
00:03:23,160 --> 00:03:25,320
Speaker 5: and you've just got to work hard to deliver to

80
00:03:25,400 --> 00:03:26,600
Speaker 5: people's expectations.

81
00:03:27,680 --> 00:03:32,200
Speaker 2: Fourteen attractions around the world, twenty eight lodges, fifty one

82
00:03:32,760 --> 00:03:36,040
Speaker 2: restaurants and other dining experience. You've got fifty one retail stores.

83
00:03:37,440 --> 00:03:39,360
Speaker 2: How do they all come together to offer sort of

84
00:03:39,440 --> 00:03:42,680
Speaker 2: a package. Because when I see some of these experiences,

85
00:03:42,760 --> 00:03:44,520
Speaker 2: I say, Okay, this is a good one off here,

86
00:03:44,800 --> 00:03:47,560
Speaker 2: But how do you get to control the entire experience

87
00:03:47,600 --> 00:03:48,440
Speaker 2: with these assets?

88
00:03:49,000 --> 00:03:51,640
Speaker 5: So think of Pursuit as a house of brands, not

89
00:03:51,680 --> 00:03:52,480
Speaker 5: a branded house.

90
00:03:53,200 --> 00:03:55,080
Speaker 4: So think of human behavior.

91
00:03:55,280 --> 00:03:57,240
Speaker 5: And you had mentioned Baff and you might you know,

92
00:03:57,240 --> 00:03:59,680
Speaker 5: you're planning a cycling trip to Baff with your buddies.

93
00:03:59,760 --> 00:04:02,440
Speaker 4: Sound good, You're planning the common sounds like he knows

94
00:04:02,480 --> 00:04:03,160
Speaker 4: Tim a little bit.

95
00:04:03,280 --> 00:04:06,160
Speaker 5: Do some searching and upcoms and you search bamp as

96
00:04:06,200 --> 00:04:08,480
Speaker 5: a destination, and then the next thing you enter in

97
00:04:08,520 --> 00:04:10,720
Speaker 5: the search bar is great things to do in Bamp.

98
00:04:11,440 --> 00:04:14,720
Speaker 5: Damn Up it comes Lake Milwauka, boat tours or the

99
00:04:14,760 --> 00:04:17,080
Speaker 5: BAMF gondola or any of our different experiences.

100
00:04:17,400 --> 00:04:18,239
Speaker 4: So we're lucky.

101
00:04:18,279 --> 00:04:20,760
Speaker 5: We get to surf behind the power of the destination,

102
00:04:21,279 --> 00:04:23,200
Speaker 5: which drives search results and drive.

103
00:04:23,279 --> 00:04:25,840
Speaker 2: But all those things are your assets that you mentioned, correct, Okay,

104
00:04:26,000 --> 00:04:28,320
Speaker 2: So I want to bring in Elizabeth Sedrin's comment from

105
00:04:28,320 --> 00:04:29,200
Speaker 2: a little earlier today.

106
00:04:29,200 --> 00:04:30,520
Speaker 3: She was one of our producers.

107
00:04:30,560 --> 00:04:32,239
Speaker 2: There's one of our producers. She said, are they trying

108
00:04:32,240 --> 00:04:34,480
Speaker 2: to compete with a company like Veil Resorts? And I

109
00:04:34,520 --> 00:04:36,719
Speaker 2: said to myself, Oh, I said to Elizabeth, I don't

110
00:04:36,720 --> 00:04:38,880
Speaker 2: think they are. But now, after hearing you say that,

111
00:04:39,320 --> 00:04:41,360
Speaker 2: you remind me of what happened over the last twenty years.

112
00:04:41,400 --> 00:04:44,600
Speaker 2: And I think Elizabeth was right when Vale Resorts bought

113
00:04:44,760 --> 00:04:48,160
Speaker 2: Colorado Mountain Express and now rebranded it Epic Express, or

114
00:04:48,200 --> 00:04:51,240
Speaker 2: especially Sports Ventures, the chain of rental shops where you

115
00:04:51,279 --> 00:04:53,840
Speaker 2: rent skis and stuff, so then they control every different

116
00:04:54,200 --> 00:04:56,320
Speaker 2: aspect of a tourist dollar that comes out.

117
00:04:56,560 --> 00:04:59,360
Speaker 5: So I spent three decades in skiing in a former life,

118
00:04:59,520 --> 00:05:01,040
Speaker 5: and I can tell you the one thing that's very

119
00:05:01,040 --> 00:05:04,280
Speaker 5: different in our world is we're not getting involved in skiing.

120
00:05:04,360 --> 00:05:06,480
Speaker 5: So I don't need snow and I don't need anyone

121
00:05:06,480 --> 00:05:08,480
Speaker 5: with an ability to ski. So all you have to

122
00:05:08,520 --> 00:05:11,360
Speaker 5: do to enjoy our experiences is enjoy a beautiful view.

123
00:05:11,760 --> 00:05:15,000
Speaker 5: And so we have a simple strategy refresh, build, buy,

124
00:05:15,560 --> 00:05:19,080
Speaker 5: So refresh existing experiences, build things that are unique and

125
00:05:19,120 --> 00:05:22,280
Speaker 5: connected for guests to visit and enjoy, and then buy

126
00:05:22,320 --> 00:05:24,039
Speaker 5: things that we think fit our platform.

127
00:05:24,279 --> 00:05:26,120
Speaker 3: But the idea is you want a customer to go

128
00:05:26,160 --> 00:05:29,640
Speaker 3: to one of your locations or one of your experiences

129
00:05:29,680 --> 00:05:31,440
Speaker 3: and hopefully continue to do other experience.

130
00:05:31,480 --> 00:05:32,040
Speaker 4: It's correct.

131
00:05:32,320 --> 00:05:34,960
Speaker 5: Yeah, you want a guest to really think about when

132
00:05:34,960 --> 00:05:37,800
Speaker 5: they're visiting a destination, how do they connect with what

133
00:05:37,920 --> 00:05:41,000
Speaker 5: is authentic in that destination and what is unique and

134
00:05:41,080 --> 00:05:43,400
Speaker 5: different because so much of the world is the same

135
00:05:43,800 --> 00:05:46,560
Speaker 5: when you travel. So if you can create uniqueness, a

136
00:05:46,640 --> 00:05:49,080
Speaker 5: guest then enjoys going from one experience to another.

137
00:05:49,160 --> 00:05:52,040
Speaker 3: Okay, not apples to apples. Our Charlie Pellett is a

138
00:05:52,040 --> 00:05:54,400
Speaker 3: big cruiser, a lot of cruise ships. We talked to

139
00:05:54,800 --> 00:05:57,400
Speaker 3: the Carnival CEO. I'm like, I'm saying, not apples to apples.

140
00:05:57,440 --> 00:06:00,480
Speaker 3: But there are often repeat customers and I've done piece

141
00:06:00,480 --> 00:06:02,680
Speaker 3: Is where I'm on a cruise ship and they're like, yeah,

142
00:06:02,680 --> 00:06:04,840
Speaker 3: this is my thirteenth cruise and my twentieth cruise. If

143
00:06:04,880 --> 00:06:06,800
Speaker 3: you will, how many of the people who do some

144
00:06:07,000 --> 00:06:10,799
Speaker 3: one of your experiences come back and do others.

145
00:06:10,960 --> 00:06:13,040
Speaker 5: I do think we have less frequency than the cruise

146
00:06:13,040 --> 00:06:16,760
Speaker 5: industry in terms of that really devoted, participative type visitor.

147
00:06:17,120 --> 00:06:19,119
Speaker 5: But what we do have is folks that really enjoy

148
00:06:19,160 --> 00:06:21,680
Speaker 5: an experience, say in the Canadian Rockies, and the next

149
00:06:21,720 --> 00:06:24,040
Speaker 5: year they're looking to go to Alaska and experience that,

150
00:06:24,640 --> 00:06:27,480
Speaker 5: or they've somehow gotten into the Pursuit website through a

151
00:06:27,520 --> 00:06:29,560
Speaker 5: variety of different things and they realize we have an

152
00:06:29,600 --> 00:06:33,640
Speaker 5: amazing attraction in Iceland called sky Lagoon, and so they

153
00:06:33,640 --> 00:06:36,200
Speaker 5: weren't really planning to go to Iceland through US, but

154
00:06:36,240 --> 00:06:37,839
Speaker 5: all of a sudden, they're going to Iceland and have

155
00:06:37,880 --> 00:06:40,600
Speaker 5: an experience that they know. Wow, the BAF Gondola is

156
00:06:40,640 --> 00:06:43,200
Speaker 5: so much fun. I'm pretty sure sky Lagoon's going to

157
00:06:43,240 --> 00:06:43,520
Speaker 5: be fun.

158
00:06:43,800 --> 00:06:46,479
Speaker 2: Do people know that the Jasper Skytram or the BAMF

159
00:06:46,480 --> 00:06:48,359
Speaker 2: Gondola is owned by Pursuit?

160
00:06:49,000 --> 00:06:50,200
Speaker 4: Some do, some don't.

161
00:06:50,000 --> 00:06:53,120
Speaker 5: We brand everything sort of an experience by Pursuit, but

162
00:06:53,200 --> 00:06:55,760
Speaker 5: we want the experience in Jasper to be very unique

163
00:06:55,800 --> 00:06:56,960
Speaker 5: and connected to Jasper.

164
00:06:57,040 --> 00:06:58,520
Speaker 4: Jasper is a very unique place.

165
00:06:58,839 --> 00:07:01,240
Speaker 5: If you told a citizen Jasper that we want you

166
00:07:01,279 --> 00:07:03,080
Speaker 5: to be like Bamp, you know they would come for

167
00:07:03,120 --> 00:07:05,760
Speaker 5: you with the pike and the muskets. Right, It's not

168
00:07:05,880 --> 00:07:08,919
Speaker 5: what they want. They want their experience in Jasper to

169
00:07:08,960 --> 00:07:13,120
Speaker 5: be truly unique. So uniqueness and authenticity is the order

170
00:07:13,160 --> 00:07:13,600
Speaker 5: of the day.

171
00:07:13,800 --> 00:07:18,720
Speaker 3: Is expansion of where you offer up new locations? David,

172
00:07:18,920 --> 00:07:21,120
Speaker 3: are you thinking very carefully about you want to make

173
00:07:21,160 --> 00:07:24,440
Speaker 3: sure that while it's a different experience, the level is

174
00:07:24,480 --> 00:07:27,320
Speaker 3: the same, so that people understand the Pursuit brand stands

175
00:07:27,320 --> 00:07:27,840
Speaker 3: for something.

176
00:07:28,000 --> 00:07:30,559
Speaker 5: Yeah, I can cover our criteria for acquisition and growth

177
00:07:30,560 --> 00:07:33,880
Speaker 5: really quickly. So one is it iconic? Is it unforgettable?

178
00:07:33,960 --> 00:07:37,360
Speaker 5: Is it inspiring, does it have perennial demand? Are there

179
00:07:37,400 --> 00:07:41,240
Speaker 5: big barriers to entry? Is it an ebitdal margin that's attractive?

180
00:07:41,280 --> 00:07:43,480
Speaker 5: So we run at thirty percent ebadal margin before a

181
00:07:43,760 --> 00:07:45,560
Speaker 5: public company costs, which a great margin.

182
00:07:46,080 --> 00:07:47,640
Speaker 4: Do we want to go down to fourteen? Well? No,

183
00:07:47,680 --> 00:07:48,760
Speaker 4: it's got to be something that.

184
00:07:48,720 --> 00:07:50,720
Speaker 5: We think is going to be able to be improved.

185
00:07:51,000 --> 00:07:52,960
Speaker 5: And then finally we look for good neighborhoods. What I

186
00:07:53,000 --> 00:07:56,840
Speaker 5: mean by that is goodrula law, good property protection, good

187
00:07:56,840 --> 00:07:59,760
Speaker 5: places to do business in that our investments will be

188
00:07:59,800 --> 00:08:00,480
Speaker 5: well protected.

189
00:08:00,760 --> 00:08:03,760
Speaker 2: Where are you thinking about expanding to or buying assets in?

190
00:08:04,240 --> 00:08:06,880
Speaker 5: So firstly, I mean we're very lucky and that we've

191
00:08:06,880 --> 00:08:09,440
Speaker 5: identified a couple of growth leavers. One is internally within

192
00:08:09,480 --> 00:08:11,600
Speaker 5: the business where we can invest and make things better,

193
00:08:11,960 --> 00:08:14,320
Speaker 5: and we've put about two hundred million dollars aside for

194
00:08:14,400 --> 00:08:16,960
Speaker 5: that growth over between now and twenty twenty nine. But

195
00:08:17,040 --> 00:08:19,080
Speaker 5: on the acquisition side, what are we looking for. It's

196
00:08:19,360 --> 00:08:21,560
Speaker 5: got to be iconic, it's got to be unforgettable, got

197
00:08:21,600 --> 00:08:25,120
Speaker 5: to be inspiring. Sdona's pretty iconic place a good example.

198
00:08:25,160 --> 00:08:27,200
Speaker 2: Well, what could you acquire in a place like that

199
00:08:27,200 --> 00:08:28,720
Speaker 2: that would add to your portfolio?

200
00:08:28,880 --> 00:08:30,560
Speaker 5: You know, I'm not sure I would say even if

201
00:08:30,600 --> 00:08:35,200
Speaker 5: I knew, but I think the opportunities we have are

202
00:08:35,240 --> 00:08:39,360
Speaker 5: really global in nature. We're very concentrated North America Q

203
00:08:39,440 --> 00:08:42,280
Speaker 5: two Q three, So the benefit of being doing something

204
00:08:42,320 --> 00:08:45,720
Speaker 5: counter seasonal if we could you know, we're very weighted

205
00:08:45,760 --> 00:08:48,520
Speaker 5: to the calendar of Q three in North America, so

206
00:08:48,559 --> 00:08:51,840
Speaker 5: we've got opportunity counter seasonally and that leads you to

207
00:08:51,840 --> 00:08:54,440
Speaker 5: different locations around the world. So yeah, if we could

208
00:08:54,440 --> 00:08:56,160
Speaker 5: be busy December to April, that'd be even better.

209
00:08:56,200 --> 00:08:59,360
Speaker 3: So global acquisitions at some point absolutely.

210
00:08:59,400 --> 00:09:02,440
Speaker 5: Now, I mean the benefit of this transformation of the

211
00:09:02,480 --> 00:09:05,160
Speaker 5: sale of GS and the repositioning of Pursuit and our

212
00:09:05,240 --> 00:09:08,120
Speaker 5: new clean, strong balance sheet is guess what, We've got

213
00:09:08,120 --> 00:09:10,640
Speaker 5: a great pipeline, we've got a great plan, we've got

214
00:09:10,640 --> 00:09:13,679
Speaker 5: a great strategy, and now we've got great drive powder

215
00:09:13,679 --> 00:09:14,480
Speaker 5: to go do somethings.

216
00:09:14,480 --> 00:09:15,160
Speaker 4: So we're excited.

217
00:09:15,200 --> 00:09:18,280
Speaker 3: So I'm going to say, yes, global acquisitions, man, So

218
00:09:18,400 --> 00:09:20,640
Speaker 3: talk to us about pricing. David, I'm just curious, and

219
00:09:20,679 --> 00:09:22,160
Speaker 3: I know we talked a little bit in the break

220
00:09:22,200 --> 00:09:24,559
Speaker 3: before we got back here live on air, but I'm

221
00:09:24,600 --> 00:09:27,040
Speaker 3: just curious, like, what is give us an idea of

222
00:09:27,160 --> 00:09:29,520
Speaker 3: range kind of things. So we have an idea.

223
00:09:29,640 --> 00:09:31,800
Speaker 5: It really depends on the experience. So we have some

224
00:09:31,920 --> 00:09:35,840
Speaker 5: attraction products that are very accessible for people, and you

225
00:09:35,840 --> 00:09:38,160
Speaker 5: can do that based on time of day, tim how

226
00:09:38,160 --> 00:09:38,520
Speaker 5: old are.

227
00:09:38,440 --> 00:09:40,760
Speaker 2: The kids, uh, two and six?

228
00:09:40,840 --> 00:09:42,679
Speaker 5: Let's say, all right, so you travel from the East

229
00:09:42,720 --> 00:09:44,760
Speaker 5: coast to Banff and at eight o'clock in the morning,

230
00:09:44,840 --> 00:09:46,880
Speaker 5: your kids are wide away because it's ten o'clock New

231
00:09:46,960 --> 00:09:49,280
Speaker 5: York time, and they're bouncing around the hotel room looking

232
00:09:49,280 --> 00:09:51,960
Speaker 5: for something to do. You, my friend, are a prime

233
00:09:52,080 --> 00:09:55,000
Speaker 5: character to take a breakfast program and a gondola ride.

234
00:09:54,840 --> 00:09:55,480
Speaker 4: With little kids.

235
00:09:55,520 --> 00:09:56,480
Speaker 2: Yeah, that sounds about it.

236
00:09:56,480 --> 00:10:00,120
Speaker 5: It's like Carol maybe a little more relaxed ye in

237
00:10:00,200 --> 00:10:03,760
Speaker 5: the after Yeah. So there's the sleeping crowd, and there's

238
00:10:03,760 --> 00:10:05,599
Speaker 5: the early morning crowd, my friend, and you're part of

239
00:10:05,640 --> 00:10:08,040
Speaker 5: the early morning crowd. So there's a good example of

240
00:10:08,360 --> 00:10:11,480
Speaker 5: your pricing and providing an experience that's well suited to

241
00:10:11,520 --> 00:10:13,480
Speaker 5: someone at that particular time of day is.

242
00:10:13,520 --> 00:10:15,280
Speaker 3: Part of the business strategy to make sure that you've

243
00:10:15,320 --> 00:10:16,360
Speaker 3: got different price points.

244
00:10:16,720 --> 00:10:19,320
Speaker 5: You bet and your price dynamically, and you also work

245
00:10:19,400 --> 00:10:21,800
Speaker 5: hard to provide value. So we get asked all the time.

246
00:10:21,800 --> 00:10:24,280
Speaker 5: You're going to continue to take price. Real question is

247
00:10:24,320 --> 00:10:26,920
Speaker 5: are you going to continue to improve experiences? Because when

248
00:10:26,960 --> 00:10:30,320
Speaker 5: you improve experiences, you have pricing power. It's not just

249
00:10:30,400 --> 00:10:32,360
Speaker 5: taking price and making everybody answer to.

250
00:10:32,840 --> 00:10:35,160
Speaker 3: Work something on sale or offering a discount or something

251
00:10:35,160 --> 00:10:35,439
Speaker 3: like that.

252
00:10:35,720 --> 00:10:38,920
Speaker 5: You're always going to have channels a distribution where you're potentially,

253
00:10:39,000 --> 00:10:40,560
Speaker 5: if you have a time of day that you want

254
00:10:40,559 --> 00:10:43,240
Speaker 5: to move more folks into, you're going to price that advantageously.

255
00:10:43,679 --> 00:10:46,280
Speaker 5: But can you create an amazing product that people are

256
00:10:46,320 --> 00:10:48,120
Speaker 5: going to feel comfortable paying a fair price for.

257
00:10:48,800 --> 00:10:52,040
Speaker 2: I I you said earlier that the a big difference

258
00:10:52,040 --> 00:10:55,080
Speaker 2: between you and the ski industry and the big conglomerates

259
00:10:55,080 --> 00:10:57,080
Speaker 2: out there now is that you're not focused at all

260
00:10:57,120 --> 00:11:00,119
Speaker 2: on skiing. Does that make you less concerned about climate change?

261
00:11:00,280 --> 00:11:02,520
Speaker 5: Well, I think the benefit for us is where we're

262
00:11:02,520 --> 00:11:05,600
Speaker 5: not focused on any particular athletic skill that you need

263
00:11:05,640 --> 00:11:07,959
Speaker 5: to enjoy a product. All you need to do is

264
00:11:08,040 --> 00:11:11,680
Speaker 5: enjoy a beautiful view. So in our summer destinations, climate

265
00:11:11,760 --> 00:11:15,160
Speaker 5: change is less of a factor. But we're very sensitive

266
00:11:15,240 --> 00:11:17,160
Speaker 5: to We have one planet and we want to make

267
00:11:17,200 --> 00:11:19,080
Speaker 5: sure that we do everything we can to protect this

268
00:11:19,160 --> 00:11:22,320
Speaker 5: planet and be mindful and if you go to our website,

269
00:11:22,360 --> 00:11:24,040
Speaker 5: you'll see a thing called Promise to Place where we

270
00:11:24,080 --> 00:11:27,520
Speaker 5: talk about sustainability, respect and community. Those are the three

271
00:11:27,520 --> 00:11:30,640
Speaker 5: things we spend a lot of time on. We report

272
00:11:30,800 --> 00:11:34,600
Speaker 5: very candidly. Sometimes it makes us uncomfortable, but we tell

273
00:11:34,640 --> 00:11:36,920
Speaker 5: the truth about what we're doing and what's working and

274
00:11:36,960 --> 00:11:38,640
Speaker 5: what's not working, and what we're going to do to

275
00:11:38,679 --> 00:11:39,199
Speaker 5: make it better.

276
00:11:40,080 --> 00:11:42,520
Speaker 3: So I am curious in terms of running a business

277
00:11:43,720 --> 00:11:47,160
Speaker 3: labor like hospitality. We talk about it a lot and

278
00:11:47,240 --> 00:11:49,880
Speaker 3: access to enough workers? Do you guys have all the

279
00:11:49,920 --> 00:11:50,839
Speaker 3: workers that you need?

280
00:11:51,200 --> 00:11:51,560
Speaker 4: We do.

281
00:11:51,800 --> 00:11:55,240
Speaker 5: And what makes that happen is people want to voice.

282
00:11:55,840 --> 00:11:57,679
Speaker 5: They want to work in a place where their opinion

283
00:11:57,720 --> 00:12:02,240
Speaker 5: is respected and heard. They want to understand what is

284
00:12:02,280 --> 00:12:06,200
Speaker 5: the greater purpose of this organization. We do multiple team

285
00:12:06,240 --> 00:12:08,720
Speaker 5: member surveys in a year. The amount of comments we

286
00:12:08,760 --> 00:12:11,839
Speaker 5: get are incredible. I do a live town hall broadcast

287
00:12:11,880 --> 00:12:15,680
Speaker 5: every month where people can ask questions anonymously, and they do.

288
00:12:16,160 --> 00:12:19,079
Speaker 5: And so it's all those things that work to create culture.

289
00:12:19,200 --> 00:12:21,959
Speaker 5: So a culture of respect, a culture of innovation, a

290
00:12:22,000 --> 00:12:25,680
Speaker 5: culture of great leadership and genuine interest in others will

291
00:12:25,800 --> 00:12:27,840
Speaker 5: drive great hospitality experiences.

292
00:12:28,080 --> 00:12:31,760
Speaker 2: Okay, what's an experiential trend that you're seeing happen right

293
00:12:31,800 --> 00:12:34,320
Speaker 2: now that you haven't tapped into yet, Like, what what

294
00:12:34,400 --> 00:12:36,320
Speaker 2: do you see out there? Like I want to go

295
00:12:36,400 --> 00:12:38,360
Speaker 2: do that because that looks really cool. I've never done

296
00:12:38,360 --> 00:12:39,560
Speaker 2: it before. We don't offer it.

297
00:12:40,520 --> 00:12:43,280
Speaker 5: I think that there are things that involve winter product

298
00:12:43,440 --> 00:12:48,120
Speaker 5: in exotic destinations that people are experimenting with, and so

299
00:12:48,240 --> 00:12:50,320
Speaker 5: that might be any gloo in the Northern Lights, and

300
00:12:50,720 --> 00:12:52,960
Speaker 5: you know in Iceland at sky Lagoon, we will get

301
00:12:53,000 --> 00:12:54,400
Speaker 5: complaints every once in a while, like I.

302
00:12:54,360 --> 00:12:56,320
Speaker 4: Came for the Northern lights and they did not appear.

303
00:12:56,400 --> 00:12:58,079
Speaker 4: Can you make that happen? Then, mother Nature?

304
00:12:58,160 --> 00:13:00,760
Speaker 5: You just smile and you know, I'm only God's assistant.

305
00:13:00,800 --> 00:13:03,400
Speaker 5: I can only do so much. But the benefit of

306
00:13:04,000 --> 00:13:06,720
Speaker 5: looking at how do you continue to innovate? And we're

307
00:13:06,840 --> 00:13:10,920
Speaker 5: lucky we work in a vibrant, relentless, restless culture that

308
00:13:11,000 --> 00:13:13,760
Speaker 5: always wants to innovate, and so we have teams. Every

309
00:13:13,840 --> 00:13:16,280
Speaker 5: day they're waking up with a great idea. So there's

310
00:13:16,280 --> 00:13:18,280
Speaker 5: not one thing, specifically, tim that I would say. I

311
00:13:18,320 --> 00:13:20,320
Speaker 5: would just say there's a thousand things the team's working

312
00:13:20,400 --> 00:13:21,880
Speaker 5: on right now that are exciting.

313
00:13:22,160 --> 00:13:24,480
Speaker 3: Starting out as a scheme instructor. It worked out pretty well.

314
00:13:25,200 --> 00:13:26,080
Speaker 3: You're pretty happy, right.

315
00:13:26,120 --> 00:13:28,040
Speaker 5: I'm pretty like somehow I made it here, I don't

316
00:13:28,040 --> 00:13:30,160
Speaker 5: know on your show, so I'm could cross my fingers

317
00:13:30,160 --> 00:13:31,559
Speaker 5: and try not to say anything dumb.

318
00:13:31,520 --> 00:13:34,760
Speaker 3: Well really fun. Let us know has the year progresses,

319
00:13:34,760 --> 00:13:35,800
Speaker 3: and let us know how things are going.

320
00:13:35,840 --> 00:13:36,760
Speaker 4: You bet, Thank you so much.

321
00:13:36,880 --> 00:13:38,800
Speaker 3: Love to hear back from you. David Barry, he's president

322
00:13:38,840 --> 00:13:42,120
Speaker 3: and CEO of Pursuit, joining us right here in studio.

323
00:13:42,160 --> 00:13:45,160
Speaker 3: Ticker is PRSU. And you guys were at the New

324
00:13:45,240 --> 00:13:47,880
Speaker 3: York's docus Change rang the opening about pretty cool stuff