WEBVTT - Exploring the Outdoors

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Week with Carol Masser and Tim Steneveek on Bloomberg Radio.

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<v Speaker 2>How about a trip to bamf Maybe do some skiing,

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<v Speaker 2>or in the summer do some cycling time. Visit some

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<v Speaker 2>fjords in Alaska, see some glaciers, will sea lions done, done,

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<v Speaker 2>whitewater rafting Montana.

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<v Speaker 3>I just sign me up for all of it.

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<v Speaker 2>They're all experiences offered by Pursuit. It calls itself a

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<v Speaker 2>quote pure play hospitality and attractions company. It's got a

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<v Speaker 2>roughly one hundred and fifty million dollar market cap. The

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<v Speaker 2>company recently completing a rebrand and ringing the bell today

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<v Speaker 2>at the New York Stock Exchange. We got with us

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<v Speaker 2>David Barry. He's president and CEO of Pursuit. He joins

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<v Speaker 2>us here in the Bloomberg Interactive Brokers studio.

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<v Speaker 4>Welcome, so good to be here.

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<v Speaker 5>I am a longtime fewer first time guests, so I'm excited.

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<v Speaker 5>Thank you both for having me.

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<v Speaker 2>Well hopefully the first of many, although after this question

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<v Speaker 2>you might not want to come back, because this is

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<v Speaker 2>where we got to start. We had a big press

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<v Speaker 2>conference from the President elect Today, who said he wanted

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<v Speaker 2>to absorb Canada and suggested using economic force to make

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<v Speaker 2>Canada the fifty first US state. You have assets in Canada,

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<v Speaker 2>you offer experiences in Canada. Do you take something like

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<v Speaker 2>this seriously?

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<v Speaker 5>You know, it's a little bit like when your family's

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<v Speaker 5>visiting and everyone has a different point of view. There's

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<v Speaker 5>three subjects and we all know what they are that

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<v Speaker 5>you want to avoid at a family dinner during a

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<v Speaker 5>holiday period, and thou shalt not talk about politics.

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<v Speaker 4>But you might not the other one.

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<v Speaker 2>But you have to plan for different different contingencies here,

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<v Speaker 2>like is there a future where you're you know, you're

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<v Speaker 2>not required to use a passport if you're an American

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<v Speaker 2>to go to Canada, because it is indeed the fifty

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<v Speaker 2>first state.

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<v Speaker 5>It makes me think of what percentage of folks actually

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<v Speaker 5>don't have passports. But what's exciting in our world is

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<v Speaker 5>we have a broad appeal for guests around the world

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<v Speaker 5>to come and visit. And you know what's unique about

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<v Speaker 5>our business insightseeing and attractions and hospitality is everyone in

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<v Speaker 5>the world loves a beautiful view. Doesn't matter where you're from,

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<v Speaker 5>it doesn't matter what language you speak, doesn't matter whether

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<v Speaker 5>you can ski or golf or you have any athletic

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<v Speaker 5>ability at all.

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<v Speaker 4>All you have to do is love a beautiful view.

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<v Speaker 2>So it's not keeping up, it's not keeping you up

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<v Speaker 2>at night, No, sir, okay.

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<v Speaker 3>Not worried at all.

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<v Speaker 4>We're still sitting. You haven't left us, Not worried at all.

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<v Speaker 3>Well, it's interesting. Well okay, so what does worry you

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<v Speaker 3>at this point? What does the environment the you know,

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<v Speaker 3>for tourism, we've talked about coming off the pandemic, all

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<v Speaker 3>people want to do is experience things and go out

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<v Speaker 3>and do things. They want to get out of their

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<v Speaker 3>house to do things. Is that continuing or give us

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<v Speaker 3>some perspective versus what you've seen over the last couple

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<v Speaker 3>of years.

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<v Speaker 5>Well, what's everyone looking for? And then our opinion, they're

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<v Speaker 5>looking for authenticity. So no one goes to Iceland to

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<v Speaker 5>experience Alaska. They're going for very unique things around the world,

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<v Speaker 5>and so buy less stuff, do more things. Life is precious.

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<v Speaker 5>This is no dress rehearsal right, you might as well

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<v Speaker 5>go and see and do the amazing things that you

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<v Speaker 5>would like to do. And that's really what makes our

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<v Speaker 5>business model work. And that you know, We're in a

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<v Speaker 5>rather unique position. We have a ten year head start,

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<v Speaker 5>a ten year track record of great investments that have

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<v Speaker 5>driven shareholder value, and it's a way for us to

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<v Speaker 5>position ourselves into the future, continue to grow and think

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<v Speaker 5>of iconic, unforgettable and inspiring experiences.

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<v Speaker 3>So, David, the demand though continues at the pace you've

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<v Speaker 3>seen over the last year or two, like, give us

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<v Speaker 3>an idea in terms of what consumers are up to.

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<v Speaker 5>I think consumers are excited, and yes there are there

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<v Speaker 5>are certain segments of the consumer base that are more

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<v Speaker 5>pro sensitive. But in the markets that we're dealing with,

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<v Speaker 5>folks are ready to go and spend money on great experiences,

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<v Speaker 5>and you've just got to work hard to deliver to

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<v Speaker 5>people's expectations.

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<v Speaker 2>Fourteen attractions around the world, twenty eight lodges, fifty one

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<v Speaker 2>restaurants and other dining experience. You've got fifty one retail stores.

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<v Speaker 2>How do they all come together to offer sort of

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<v Speaker 2>a package. Because when I see some of these experiences,

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<v Speaker 2>I say, Okay, this is a good one off here,

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<v Speaker 2>But how do you get to control the entire experience

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<v Speaker 2>with these assets?

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<v Speaker 5>So think of Pursuit as a house of brands, not

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<v Speaker 5>a branded house.

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<v Speaker 4>So think of human behavior.

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<v Speaker 5>And you had mentioned Baff and you might you know,

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<v Speaker 5>you're planning a cycling trip to Baff with your buddies.

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<v Speaker 4>Sound good, You're planning the common sounds like he knows

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<v Speaker 4>Tim a little bit.

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<v Speaker 5>Do some searching and upcoms and you search bamp as

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<v Speaker 5>a destination, and then the next thing you enter in

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<v Speaker 5>the search bar is great things to do in Bamp.

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<v Speaker 5>Damn Up it comes Lake Milwauka, boat tours or the

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<v Speaker 5>BAMF gondola or any of our different experiences.

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<v Speaker 4>So we're lucky.

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<v Speaker 5>We get to surf behind the power of the destination,

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<v Speaker 5>which drives search results and drive.

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<v Speaker 2>But all those things are your assets that you mentioned, correct, Okay,

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<v Speaker 2>So I want to bring in Elizabeth Sedrin's comment from

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<v Speaker 2>a little earlier today.

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<v Speaker 3>She was one of our producers.

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<v Speaker 2>There's one of our producers. She said, are they trying

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<v Speaker 2>to compete with a company like Veil Resorts? And I

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<v Speaker 2>said to myself, Oh, I said to Elizabeth, I don't

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<v Speaker 2>think they are. But now, after hearing you say that,

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<v Speaker 2>you remind me of what happened over the last twenty years.

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<v Speaker 2>And I think Elizabeth was right when Vale Resorts bought

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<v Speaker 2>Colorado Mountain Express and now rebranded it Epic Express, or

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<v Speaker 2>especially Sports Ventures, the chain of rental shops where you

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<v Speaker 2>rent skis and stuff, so then they control every different

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<v Speaker 2>aspect of a tourist dollar that comes out.

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<v Speaker 5>So I spent three decades in skiing in a former life,

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<v Speaker 5>and I can tell you the one thing that's very

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<v Speaker 5>different in our world is we're not getting involved in skiing.

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<v Speaker 5>So I don't need snow and I don't need anyone

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<v Speaker 5>with an ability to ski. So all you have to

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<v Speaker 5>do to enjoy our experiences is enjoy a beautiful view.

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<v Speaker 5>And so we have a simple strategy refresh, build, buy,

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<v Speaker 5>So refresh existing experiences, build things that are unique and

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<v Speaker 5>connected for guests to visit and enjoy, and then buy

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<v Speaker 5>things that we think fit our platform.

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<v Speaker 3>But the idea is you want a customer to go

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<v Speaker 3>to one of your locations or one of your experiences

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<v Speaker 3>and hopefully continue to do other experience.

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<v Speaker 4>It's correct.

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<v Speaker 5>Yeah, you want a guest to really think about when

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<v Speaker 5>they're visiting a destination, how do they connect with what

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<v Speaker 5>is authentic in that destination and what is unique and

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<v Speaker 5>different because so much of the world is the same

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<v Speaker 5>when you travel. So if you can create uniqueness, a

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<v Speaker 5>guest then enjoys going from one experience to another.

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<v Speaker 3>Okay, not apples to apples. Our Charlie Pellett is a

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<v Speaker 3>big cruiser, a lot of cruise ships. We talked to

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<v Speaker 3>the Carnival CEO. I'm like, I'm saying, not apples to apples.

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<v Speaker 3>But there are often repeat customers and I've done piece

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<v Speaker 3>Is where I'm on a cruise ship and they're like, yeah,

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<v Speaker 3>this is my thirteenth cruise and my twentieth cruise. If

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<v Speaker 3>you will, how many of the people who do some

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<v Speaker 3>one of your experiences come back and do others.

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<v Speaker 5>I do think we have less frequency than the cruise

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<v Speaker 5>industry in terms of that really devoted, participative type visitor.

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<v Speaker 5>But what we do have is folks that really enjoy

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<v Speaker 5>an experience, say in the Canadian Rockies, and the next

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<v Speaker 5>year they're looking to go to Alaska and experience that,

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<v Speaker 5>or they've somehow gotten into the Pursuit website through a

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<v Speaker 5>variety of different things and they realize we have an

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<v Speaker 5>amazing attraction in Iceland called sky Lagoon, and so they

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<v Speaker 5>weren't really planning to go to Iceland through US, but

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<v Speaker 5>all of a sudden, they're going to Iceland and have

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<v Speaker 5>an experience that they know. Wow, the BAF Gondola is

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<v Speaker 5>so much fun. I'm pretty sure sky Lagoon's going to

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<v Speaker 5>be fun.

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<v Speaker 2>Do people know that the Jasper Skytram or the BAMF

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<v Speaker 2>Gondola is owned by Pursuit?

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<v Speaker 4>Some do, some don't.

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<v Speaker 5>We brand everything sort of an experience by Pursuit, but

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<v Speaker 5>we want the experience in Jasper to be very unique

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<v Speaker 5>and connected to Jasper.

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<v Speaker 4>Jasper is a very unique place.

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<v Speaker 5>If you told a citizen Jasper that we want you

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<v Speaker 5>to be like Bamp, you know they would come for

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<v Speaker 5>you with the pike and the muskets. Right, It's not

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<v Speaker 5>what they want. They want their experience in Jasper to

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<v Speaker 5>be truly unique. So uniqueness and authenticity is the order

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<v Speaker 5>of the day.

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<v Speaker 3>Is expansion of where you offer up new locations? David,

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<v Speaker 3>are you thinking very carefully about you want to make

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<v Speaker 3>sure that while it's a different experience, the level is

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<v Speaker 3>the same, so that people understand the Pursuit brand stands

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<v Speaker 3>for something.

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<v Speaker 5>Yeah, I can cover our criteria for acquisition and growth

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<v Speaker 5>really quickly. So one is it iconic? Is it unforgettable?

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<v Speaker 5>Is it inspiring, does it have perennial demand? Are there

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<v Speaker 5>big barriers to entry? Is it an ebitdal margin that's attractive?

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<v Speaker 5>So we run at thirty percent ebadal margin before a

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<v Speaker 5>public company costs, which a great margin.

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<v Speaker 4>Do we want to go down to fourteen? Well? No,

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<v Speaker 4>it's got to be something that.

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<v Speaker 5>We think is going to be able to be improved.

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<v Speaker 5>And then finally we look for good neighborhoods. What I

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<v Speaker 5>mean by that is goodrula law, good property protection, good

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<v Speaker 5>places to do business in that our investments will be

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<v Speaker 5>well protected.

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<v Speaker 2>Where are you thinking about expanding to or buying assets in?

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<v Speaker 5>So firstly, I mean we're very lucky and that we've

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<v Speaker 5>identified a couple of growth leavers. One is internally within

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<v Speaker 5>the business where we can invest and make things better,

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<v Speaker 5>and we've put about two hundred million dollars aside for

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<v Speaker 5>that growth over between now and twenty twenty nine. But

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<v Speaker 5>on the acquisition side, what are we looking for. It's

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<v Speaker 5>got to be iconic, it's got to be unforgettable, got

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<v Speaker 5>to be inspiring. Sdona's pretty iconic place a good example.

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<v Speaker 2>Well, what could you acquire in a place like that

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<v Speaker 2>that would add to your portfolio?

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<v Speaker 5>You know, I'm not sure I would say even if

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<v Speaker 5>I knew, but I think the opportunities we have are

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<v Speaker 5>really global in nature. We're very concentrated North America Q

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<v Speaker 5>two Q three, So the benefit of being doing something

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<v Speaker 5>counter seasonal if we could you know, we're very weighted

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<v Speaker 5>to the calendar of Q three in North America, so

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<v Speaker 5>we've got opportunity counter seasonally and that leads you to

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<v Speaker 5>different locations around the world. So yeah, if we could

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<v Speaker 5>be busy December to April, that'd be even better.

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<v Speaker 3>So global acquisitions at some point absolutely.

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<v Speaker 5>Now, I mean the benefit of this transformation of the

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<v Speaker 5>sale of GS and the repositioning of Pursuit and our

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<v Speaker 5>new clean, strong balance sheet is guess what, We've got

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<v Speaker 5>a great pipeline, we've got a great plan, we've got

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<v Speaker 5>a great strategy, and now we've got great drive powder

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<v Speaker 5>to go do somethings.

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<v Speaker 4>So we're excited.

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<v Speaker 3>So I'm going to say, yes, global acquisitions, man, So

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<v Speaker 3>talk to us about pricing. David, I'm just curious, and

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<v Speaker 3>I know we talked a little bit in the break

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<v Speaker 3>before we got back here live on air, but I'm

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<v Speaker 3>just curious, like, what is give us an idea of

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<v Speaker 3>range kind of things. So we have an idea.

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<v Speaker 5>It really depends on the experience. So we have some

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<v Speaker 5>attraction products that are very accessible for people, and you

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<v Speaker 5>can do that based on time of day, tim how

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<v Speaker 5>old are.

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<v Speaker 2>The kids, uh, two and six?

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<v Speaker 5>Let's say, all right, so you travel from the East

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<v Speaker 5>coast to Banff and at eight o'clock in the morning,

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<v Speaker 5>your kids are wide away because it's ten o'clock New

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<v Speaker 5>York time, and they're bouncing around the hotel room looking

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<v Speaker 5>for something to do. You, my friend, are a prime

0:09:52.080 --> 0:09:55.000
<v Speaker 5>character to take a breakfast program and a gondola ride.

0:09:54.840 --> 0:09:55.480
<v Speaker 4>With little kids.

0:09:55.520 --> 0:09:56.480
<v Speaker 2>Yeah, that sounds about it.

0:09:56.480 --> 0:10:00.120
<v Speaker 5>It's like Carol maybe a little more relaxed ye in

0:10:00.200 --> 0:10:03.760
<v Speaker 5>the after Yeah. So there's the sleeping crowd, and there's

0:10:03.760 --> 0:10:05.599
<v Speaker 5>the early morning crowd, my friend, and you're part of

0:10:05.640 --> 0:10:08.040
<v Speaker 5>the early morning crowd. So there's a good example of

0:10:08.360 --> 0:10:11.480
<v Speaker 5>your pricing and providing an experience that's well suited to

0:10:11.520 --> 0:10:13.480
<v Speaker 5>someone at that particular time of day is.

0:10:13.520 --> 0:10:15.280
<v Speaker 3>Part of the business strategy to make sure that you've

0:10:15.320 --> 0:10:16.360
<v Speaker 3>got different price points.

0:10:16.720 --> 0:10:19.320
<v Speaker 5>You bet and your price dynamically, and you also work

0:10:19.400 --> 0:10:21.800
<v Speaker 5>hard to provide value. So we get asked all the time.

0:10:21.800 --> 0:10:24.280
<v Speaker 5>You're going to continue to take price. Real question is

0:10:24.320 --> 0:10:26.920
<v Speaker 5>are you going to continue to improve experiences? Because when

0:10:26.960 --> 0:10:30.320
<v Speaker 5>you improve experiences, you have pricing power. It's not just

0:10:30.400 --> 0:10:32.360
<v Speaker 5>taking price and making everybody answer to.

0:10:32.840 --> 0:10:35.160
<v Speaker 3>Work something on sale or offering a discount or something

0:10:35.160 --> 0:10:35.439
<v Speaker 3>like that.

0:10:35.720 --> 0:10:38.920
<v Speaker 5>You're always going to have channels a distribution where you're potentially,

0:10:39.000 --> 0:10:40.560
<v Speaker 5>if you have a time of day that you want

0:10:40.559 --> 0:10:43.240
<v Speaker 5>to move more folks into, you're going to price that advantageously.

0:10:43.679 --> 0:10:46.280
<v Speaker 5>But can you create an amazing product that people are

0:10:46.320 --> 0:10:48.120
<v Speaker 5>going to feel comfortable paying a fair price for.

0:10:48.800 --> 0:10:52.040
<v Speaker 2>I I you said earlier that the a big difference

0:10:52.040 --> 0:10:55.080
<v Speaker 2>between you and the ski industry and the big conglomerates

0:10:55.080 --> 0:10:57.080
<v Speaker 2>out there now is that you're not focused at all

0:10:57.120 --> 0:11:00.119
<v Speaker 2>on skiing. Does that make you less concerned about climate change?

0:11:00.280 --> 0:11:02.520
<v Speaker 5>Well, I think the benefit for us is where we're

0:11:02.520 --> 0:11:05.600
<v Speaker 5>not focused on any particular athletic skill that you need

0:11:05.640 --> 0:11:07.959
<v Speaker 5>to enjoy a product. All you need to do is

0:11:08.040 --> 0:11:11.680
<v Speaker 5>enjoy a beautiful view. So in our summer destinations, climate

0:11:11.760 --> 0:11:15.160
<v Speaker 5>change is less of a factor. But we're very sensitive

0:11:15.240 --> 0:11:17.160
<v Speaker 5>to We have one planet and we want to make

0:11:17.200 --> 0:11:19.080
<v Speaker 5>sure that we do everything we can to protect this

0:11:19.160 --> 0:11:22.320
<v Speaker 5>planet and be mindful and if you go to our website,

0:11:22.360 --> 0:11:24.040
<v Speaker 5>you'll see a thing called Promise to Place where we

0:11:24.080 --> 0:11:27.520
<v Speaker 5>talk about sustainability, respect and community. Those are the three

0:11:27.520 --> 0:11:30.640
<v Speaker 5>things we spend a lot of time on. We report

0:11:30.800 --> 0:11:34.600
<v Speaker 5>very candidly. Sometimes it makes us uncomfortable, but we tell

0:11:34.640 --> 0:11:36.920
<v Speaker 5>the truth about what we're doing and what's working and

0:11:36.960 --> 0:11:38.640
<v Speaker 5>what's not working, and what we're going to do to

0:11:38.679 --> 0:11:39.199
<v Speaker 5>make it better.

0:11:40.080 --> 0:11:42.520
<v Speaker 3>So I am curious in terms of running a business

0:11:43.720 --> 0:11:47.160
<v Speaker 3>labor like hospitality. We talk about it a lot and

0:11:47.240 --> 0:11:49.880
<v Speaker 3>access to enough workers? Do you guys have all the

0:11:49.920 --> 0:11:50.839
<v Speaker 3>workers that you need?

0:11:51.200 --> 0:11:51.560
<v Speaker 4>We do.

0:11:51.800 --> 0:11:55.240
<v Speaker 5>And what makes that happen is people want to voice.

0:11:55.840 --> 0:11:57.679
<v Speaker 5>They want to work in a place where their opinion

0:11:57.720 --> 0:12:02.240
<v Speaker 5>is respected and heard. They want to understand what is

0:12:02.280 --> 0:12:06.200
<v Speaker 5>the greater purpose of this organization. We do multiple team

0:12:06.240 --> 0:12:08.720
<v Speaker 5>member surveys in a year. The amount of comments we

0:12:08.760 --> 0:12:11.839
<v Speaker 5>get are incredible. I do a live town hall broadcast

0:12:11.880 --> 0:12:15.680
<v Speaker 5>every month where people can ask questions anonymously, and they do.

0:12:16.160 --> 0:12:19.079
<v Speaker 5>And so it's all those things that work to create culture.

0:12:19.200 --> 0:12:21.959
<v Speaker 5>So a culture of respect, a culture of innovation, a

0:12:22.000 --> 0:12:25.680
<v Speaker 5>culture of great leadership and genuine interest in others will

0:12:25.800 --> 0:12:27.840
<v Speaker 5>drive great hospitality experiences.

0:12:28.080 --> 0:12:31.760
<v Speaker 2>Okay, what's an experiential trend that you're seeing happen right

0:12:31.800 --> 0:12:34.320
<v Speaker 2>now that you haven't tapped into yet, Like, what what

0:12:34.400 --> 0:12:36.320
<v Speaker 2>do you see out there? Like I want to go

0:12:36.400 --> 0:12:38.360
<v Speaker 2>do that because that looks really cool. I've never done

0:12:38.360 --> 0:12:39.560
<v Speaker 2>it before. We don't offer it.

0:12:40.520 --> 0:12:43.280
<v Speaker 5>I think that there are things that involve winter product

0:12:43.440 --> 0:12:48.120
<v Speaker 5>in exotic destinations that people are experimenting with, and so

0:12:48.240 --> 0:12:50.320
<v Speaker 5>that might be any gloo in the Northern Lights, and

0:12:50.720 --> 0:12:52.960
<v Speaker 5>you know in Iceland at sky Lagoon, we will get

0:12:53.000 --> 0:12:54.400
<v Speaker 5>complaints every once in a while, like I.

0:12:54.360 --> 0:12:56.320
<v Speaker 4>Came for the Northern lights and they did not appear.

0:12:56.400 --> 0:12:58.079
<v Speaker 4>Can you make that happen? Then, mother Nature?

0:12:58.160 --> 0:13:00.760
<v Speaker 5>You just smile and you know, I'm only God's assistant.

0:13:00.800 --> 0:13:03.400
<v Speaker 5>I can only do so much. But the benefit of

0:13:04.000 --> 0:13:06.720
<v Speaker 5>looking at how do you continue to innovate? And we're

0:13:06.840 --> 0:13:10.920
<v Speaker 5>lucky we work in a vibrant, relentless, restless culture that

0:13:11.000 --> 0:13:13.760
<v Speaker 5>always wants to innovate, and so we have teams. Every

0:13:13.840 --> 0:13:16.280
<v Speaker 5>day they're waking up with a great idea. So there's

0:13:16.280 --> 0:13:18.280
<v Speaker 5>not one thing, specifically, tim that I would say. I

0:13:18.320 --> 0:13:20.320
<v Speaker 5>would just say there's a thousand things the team's working

0:13:20.400 --> 0:13:21.880
<v Speaker 5>on right now that are exciting.

0:13:22.160 --> 0:13:24.480
<v Speaker 3>Starting out as a scheme instructor. It worked out pretty well.

0:13:25.200 --> 0:13:26.080
<v Speaker 3>You're pretty happy, right.

0:13:26.120 --> 0:13:28.040
<v Speaker 5>I'm pretty like somehow I made it here, I don't

0:13:28.040 --> 0:13:30.160
<v Speaker 5>know on your show, so I'm could cross my fingers

0:13:30.160 --> 0:13:31.559
<v Speaker 5>and try not to say anything dumb.

0:13:31.520 --> 0:13:34.760
<v Speaker 3>Well really fun. Let us know has the year progresses,

0:13:34.760 --> 0:13:35.800
<v Speaker 3>and let us know how things are going.

0:13:35.840 --> 0:13:36.760
<v Speaker 4>You bet, Thank you so much.

0:13:36.880 --> 0:13:38.800
<v Speaker 3>Love to hear back from you. David Barry, he's president

0:13:38.840 --> 0:13:42.120
<v Speaker 3>and CEO of Pursuit, joining us right here in studio.

0:13:42.160 --> 0:13:45.160
<v Speaker 3>Ticker is PRSU. And you guys were at the New

0:13:45.240 --> 0:13:47.880
<v Speaker 3>York's docus Change rang the opening about pretty cool stuff