管理層發言
Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to Pursuit's 2026 second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. Carrie Long, you may begin the conference.
Good afternoon, and thank you for joining us for our 2026 second quarter earnings conference call. During the call, we will be led by David W. Barry, our President and CEO, and Michael Heitz, our Chief Financial Officer. We will reference our earnings presentation, which is available on the Investors section of our website. We encourage investors to monitor the Investors section of our website in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts. Before I turn the call over to David, I would like to draw your attention to disclaimers on pages 2 and 3 of our presentation regarding non-GAAP financial measures and the use of forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Page 2 identifies forward-looking statements and discusses risks and other important factors that could cause results to differ from those expressed in such statements. Page 3 identifies and defines the non-GAAP financial measures we use, and reconciliations to the most directly comparable GAAP financial measures are provided in the appendix of the presentation and in our earnings release. And with that, I am pleased to turn the call over to David who will start on page 4.
Thanks, Carrie, and thank you all for joining us. We are excited to review our 2026 second quarter results and share our view to continue significant long-term growth and value creation. Let's start with three key highlights that demonstrate our strategy is working and show the momentum in our business. First, we delivered exceptional guest experiences and record second quarter results. Revenue grew 14% with strong contributions from Tabacon and continued growth across our existing geographies. Second, we completed two strategic transactions at compelling valuations that advance our growth strategy. The acquisition of Eagle Wing Tours, a leading sightseeing attraction in Victoria, British Columbia, strengthens our portfolio and reflects our approach to disciplined capital deployment. And we completed the sale of our noncore Flyover business, bolstering our balance sheet for future growth investments more aligned with our strategy and Vision 2030 targets. Third, we are increasing our full-year 2026 guidance to incorporate incremental contributions from our recent strategic transaction. Our demand indicators remain positive, and we expect to deliver 14% adjusted EBITDA growth year over year at the midpoint. Turning to page 6, I will spend a moment on the sale of Flyover, and what that does for our business. This transaction has been years in the making and is the final chapter in Pursuit's transformational story of becoming a pure-play attractions and hospitality growth engine. With the sale complete, we further sharpen our singular focus on delivering great guest experiences where nature is our content, and driving growth through sightseeing attractions and hospitality experiences in iconic destinations, with an even stronger balance sheet to support our growth into the future. This is a clear example of focused portfolio management. It simplifies the business, strengthens our financial position, and allows us to invest behind the opportunities with the greatest long-term value-creation potential. We wish the talented Flyover team great success in their future growth journey with their new owner. Next, let's turn to page 7 to briefly reinforce what makes Pursuit special. Simply put, Pursuit is in a category of one. We own and operate unforgettable and inspiring experiences in some of the world's most iconic destinations, with a portfolio of 14 sightseeing attractions and 29 distinctive lodging properties across four countries. Page 8 highlights our differentiated model: Pursuit's assets are one-of-a-kind experiential infrastructure that connect guests to extraordinary places. Our demand is anchored to destinations with perennial global appeal. Importantly, we operate in supply-constrained markets where development is regulated and difficult to replicate. We build on these dynamics with an integrated operating model and a strong culture of guest-obsessed hospitality and experience design, and our own unique growth mindset. By connecting attractions, lodging, dining, retail, and transportation, we create a seamless guest journey that drives visitation, guest satisfaction, yield, and sustainable and scalable cash flow growth. Pursuit has a compelling position that is aligned with global travel trends as shown on page 9. Increasingly, people all over the world are prioritizing experiences over things and building trips around must-do bucket list moments—exactly what Pursuit delivers. Outdoor adventure, wellness, curated travel, group demand, flexible work, and the desire to unplug all support our iconic nature-immersive experiences. For Pursuit, AI is an enabler, not a disruptor. AI can help plan your trip but never take your vacation for you. Build upon our compelling positioning with a consistent proven growth strategy that drives shareholder value. As shown on page 10, we have a long track record of deploying capital into growth investments that deliver strong returns for shareholders. From 2014 through 2025, we invested approximately $578 million across major growth projects and acquisitions that generated approximately $102 million of adjusted EBITDA in 2025—an effective EBITDA multiple of roughly 6x. This is a proven and repeatable playbook: disciplined investments in one-of-a-kind experiences and iconic destinations with a strong cultural and strategic fit drive strong investment outcomes and strong growth. Page 11 shows the growth journey that we have been on over the past 10 years, and the expected continuation of that journey into the future. From 2015 to 2025, Pursuit delivered a 15% revenue CAGR through a combination of growth investments in iconic assets, relentless focus on the guest experience, and an ever-present growth mindset. As we go forward, we are replicating that success using the same proven playbook with an even sharper focus and a stronger balance sheet to deliver compelling growth and exceptional hospitality. This brings me to our Vision 2030 targets on page 12. Pursuit is on a path to once again deliver a double-digit revenue CAGR through 2030, with meaningful EBITDA growth and margin expansion. By 2030, we expect to deliver over $265 million of adjusted EBITDA, which is more than double 2025 levels. These Vision 2030 targets are not merely aspirational. They are the next chapter of a strategy that is already working. This strategy comes to life through our four growth levers, as shown on page 14. First, we work to improve performance across every business, leveraging perennial demand and maintaining an unwavering focus on the guest experience. Second, we invest organically to elevate experiences, expand capacity, and drive attractive returns. Third, we pursue strategic acquisitions that strengthen our portfolio. Finally, we have repurchased shares opportunistically when valuations are compelling. These levers work, and our track record proves it. As shown on page 15, our strong balance sheet allows us to invest across all four of these levers at the same time when returns are compelling. Pro forma for the sale of Flyover and the acquisition of Eagle Wing Tours, our June 30 net leverage ratio was approximately 1x, which is well below our target range of 2 to 3.5x. And we had substantial immediate balance sheet liquidity of about $220 million, also on a pro forma basis. This balance sheet strength, combined with continued adjusted EBITDA growth, gives us the financial flexibility to simultaneously invest in high-return organic growth projects, one-of-a-kind strategic acquisitions, and opportunistic share repurchases. Now I will walk you through the progress we are making on each of our growth levers starting on page 16. We are improving performance across our existing experiences. During the first half of 2026, we drove a 6% increase in effective attraction ticket price and a 9% increase in lodging RevPAR on a same-store basis. This is the hospitality profit chain hard at work: strong team member engagement drives guest satisfaction, which drives growth. Next on page 17, we highlight a few recent examples of how our growth mindset and relentless focus on the guest experience is driving incremental visitation to our attractions. Across Pursuit, we continually find ways to offer new differentiated experiences that create more reasons for guests to visit. For example, strategic programming initiatives at our attractions that require little to no capital investment help fill white space, maximize capacity utilization, and improve flow through. Our newly launched Rockies Rangers program for kids is bringing families deeper into our Canadian attractions through interactive exploration, education, and achievement-based experiences. At the Banff Gondola, Bloomin' Brunch and the Sunset Festival are expanding morning and evening visitation with unique mountaintop experiences, live music, and great dining. At Lake Minnewanka, Beer Voyage is driving growth in evening visitation through a premium cruise experience with rotating local craft beer tastings. These are three great examples of our growth mindset and using experience design to drive results. Now let's move on to our second growth lever, investing in ourselves through organic growth projects on page 18. We have a pipeline of more than $300 million of organic growth investment opportunities from 2026 through 2030. These are low-risk investments in well-instrumented businesses we already own, know, and operate. By 2030, we expect these investments will contribute more than $40 million of incremental adjusted EBITDA at an estimated effective multiple of less than 7x. As these investments are completed, additional organic growth investments under development in our internal pipeline will continue to come forward in the natural cycle of our business. On page 19, our Golden Sky Bridge attraction is a powerful example of our organic growth investment playbook in action. What started as sightseeing suspension bridges has become a multi-experience adventure park that continues to scale. On August 1st, we opened a new net park at Golden Sky Bridge that adds another compelling reason to visit. The team keeps elevating the guest journey and driving stronger revenue per visitor and improved net promoter scores. Pages 20 to 29 include many exciting growth investment examples across Pursuit that help demonstrate the strength of our pipeline. I will cover a few of them now, and I encourage you to review them in more detail after the call. At the Jasper Skytram and the Banff Gondola, we are planning to elevate the arrival of the summit journey with new modernized lifts and expanded amenities to strengthen their positions as must-do experiences in Jasper and Banff National Parks. In Denali, we are preparing to relaunch the high-margin Denali Backcountry Adventure attraction in 2027. This premium wildlife safari tour will take guests deep inside Denali National Park for a bucket-list nature-focused backcountry experience. The park road repairs are completed, and the road is reopened for industry permit holders in anticipation of summer 2027 operations. Denali is one of the few U.S. national parks where road access is for outfitters and permit holders only; to see Denali's incredible wildlife, you must travel with an experienced provider or the National Park Service. By offering the best guest experience, we know we can meet pent-up demand for this iconic attraction. We are also adding lake cruise capacity in 2027 with a new 56-passenger boat at Maligne Lake in Jasper, and redeployment of an existing boat to Lake Minnewanka and Banff to meet strong demand at these iconic attractions. On the lodging side, we have two properties well underway with renovations that will reposition them in their respective markets for stronger occupancy and ADR. In Jasper, the Forest Park Hotel's Woodland Wing is nearing completion, with a phased renovation that already demonstrated a 22% ADR lift for renovated rooms. At Grouse Mountain Lodge in Whitefish, Montana, we have just finished the first phase of room renovations with a new 300-person event center opening August 15th and full hotel transformation to be completed in summer 2027. We are also excited to be moving forward with investments to elevate the guest experience at Lobstick Lodge and Pyramid Lake Lodge in Jasper, and to expand our lodging offering near Glacier National Park. Lobstick will undergo a full renovation to up-level the property, and Pyramid Lake Lodge will see the addition of wellness-focused guest amenities, including outdoor hot tubs and a sauna, with picturesque views of Pyramid Lake. In East Glacier, we are adding 41 elevated cabins in an absolute showstopper location with idyllic views into Glacier National Park. Now let's move forward to our third growth lever, expanding our portfolio with disciplined strategic acquisitions on page 30. We have a robust pipeline of forever-asset opportunities, but we remain highly selective, focused only on businesses that are iconic, unforgettable, and inspiring, located in destinations with perennial demand and limited supply, supported by attractive EBITDA margins, exceptional guest experiences, and a clear path to exceed our 15% IRR hurdle rate. Eagle Wing Tours is a great example: a leading sightseeing attraction in an iconic destination that fits our strategy, our values, and our disciplined investment criteria. Tabacon continues to validate this approach, contributing strong performance and demonstrating what happens when we combine exceptional assets with guest-obsessed execution. Look at how Eagle Wing Tours fits into our growth strategy on page 31. On July 14th, we acquired a leading whale-watching and marine-wildlife experience in Victoria, British Columbia for roughly 6.5x adjusted EBITDA. Eagle Wing provides an unforgettable experience to about 50,000 guests annually and brings us into the Vancouver Island market, an iconic, resilient tourism destination with annual visitation of about 5 million. Eagle Wing fits our strategy and investment criteria: perennial demand, limited supply, attractive returns, and clear upside through Pursuit's platform. We are thrilled to welcome the Eagle Wing team and are excited to support their continued growth as part of Pursuit. On page 32, our acquisition of Tabacon has reached its first-year mark under Pursuit's ownership; we are incredibly proud of its performance. This is a truly irreplaceable asset: an experience-driven resort rooted in place with world-class thermal river attractions at the base of Costa Rica's Arenal Volcano, with a fantastic team that is delivering at a very high level. We are seeing strong thermal river attraction visitation and lodging performance, high guest satisfaction, and continued traction from targeted enhancements in the improved arrival experience and rebranding. Tabacon continues to validate our disciplined strategic acquisition strategy. For the trailing 12 months, adjusted EBITDA growth has driven the effective purchase multiple down to nearly 9x, and we have additional opportunities ahead. We have just announced the creation of three new premium villas to meet demand from luxury and multi-family travelers in the Arenal region. Looking ahead, we see meaningful upside across the 570-acre property, and are pursuing additional growth investment opportunities to expand Tabacon and build a broader Costa Rica collection of iconic experiences. Next, I will briefly touch on our fourth growth lever on page 33, investing in our own shares at attractive valuations. Today, we have repurchased $43 million worth of shares at an average price of $35.72. Based on recent trading levels, this represents a strong return on investment of more than 40%. We have approximately $57 million remaining on our $100 million share repurchase authorization and remain committed to opportunistic repurchases when we see a compelling return relative to our other investment opportunities. With that, I will turn it over to Michael, who will walk you through our second quarter financial highlights and 2026 outlook, starting on page 35.
Thanks, David. As highlighted earlier, we had a positive first half of the year. Our second quarter revenue grew 14% to reach a record level of $133.5 million. This growth was primarily driven by strong performance at Tabacon, which was acquired in July 2025, as well as continued growth across our existing geographies. Adjusted EBITDA improved by $3 million year-over-year to $32.7 million, primarily driven by higher revenue. Adjusted net income grew to $14 million as compared to $10.1 million in the prior year, primarily due to higher adjusted EBITDA. Additionally, during the 2026 second quarter, we reported a pretax gain of $4.6 million from business interruption insurance proceeds received related to lost profits in 2024 from the Jasper wildfire. This amount was excluded from our adjusted EBITDA and adjusted net income due to its nonrecurring nature. Total insurance proceeds received since the 2024 Jasper wildfire are approximately $29 million. Now let's look at our attractions performance on page 36. Second quarter attraction ticket revenue reached $55 million, reflecting a 3% year-over-year increase primarily driven by strong performance at Tabacon. As we mentioned last year, the 2025 second quarter experienced near-ideal weather conditions that enabled exceptionally strong growth in attraction visitation and revenue. In contrast, this year's second quarter was impacted by a higher portion of poor weather days, which hampered sightseeing visitation. Our ability to drive 6% growth in year-over-year same-store effective ticket price helped to offset softer attraction visitation, which illustrates the power of the guest experience in driving yield. Next, let's turn to our strong hospitality performance on page 37. Second quarter room revenue totaled $33 million, reflecting a 27% year-over-year increase driven by strong performance at Tabacon and improvement in same-store ADR and occupancy. This same-store hospitality performance, which is less impacted by inclement weather days, highlights the continued strong demand for our iconic locations. Same-store constant-currency RevPAR, which excludes Tabacon, grew 10% as compared to 2025. Turning to our demand indicators on page 38, our lodging pacing for 2026 across both Canada and the U.S. continues to support our view for continued strong demand. Revenue on the books for our lodging properties is pacing ahead of the same time last year. Lodging pace is an important indicator of overall demand for the destination, which also bodes well for our high-margin attractions. With that view into the demand backdrop, let's look at our 2026 financial outlook on page 39. We are increasing our full-year revenue and adjusted EBITDA guidance to incorporate incremental contributions from the Eagle Wing Tours acquisition and from Flyover prior to the recently completed sale of that business, partially offset by an unfavorable change in exchange rate assumptions. As David mentioned earlier, we are now expecting year-over-year adjusted EBITDA growth of 14% at the midpoint, with a range of $128 million to $138 million. This reflects an increase of $5 million relative to our prior guidance range, including approximately $6 million from incremental Flyover contribution prior to the sale of that business, approximately $1 million to $2 million from the Eagle Wing Tours acquisition, and approximately negative $2 million from revised exchange rate assumptions. Outside of these adjustments, our full-year outlook for strong underlying business performance remains unchanged, and our continued positive indicators of consumer demand across our experiences and destinations for the upcoming peak summer season give us confidence in our ability to deliver results. And with that, David, I will turn it back to you.
Thanks, Michael. As we move through our peak summer season, Pursuit is operating with strong momentum, clear priorities, and a sharp focus on execution. None of this happens without the Pursuit team, so please join me in recognizing our team members for their positive energy, relentless commitment, and exceptional hospitality. They bring our experiences to life every day and are central to the value we create for guests and shareholders. To our shareholders, thank you for your continued support. We have the assets, strategy, balance sheet, and team to keep advancing our long-term growth plan. And with that, let's open up the line for questions.
分析師問答
At this time, I would like to remind everyone, in order to ask a question, press star, then the number 1 on your telephone keypad. Your first question comes from the line of Jeffrey Stantial with Stifel. Your line is open.
Hey, good afternoon, everyone. Thanks for taking our questions. Maybe starting off on the quarter: really strong same-store metrics and revenue growth, but flow-through on that was a little light compared to historical. It looks like EBITDA margin is down about 90 basis points year on year. Michael, can you add a little bit of color there? Is that a mix shift with the better growth in lodging and outside of Canada, or how should we think about the margin performance in the quarter, both year on year and maybe relative to your expectations heading in? Thanks.
Yeah, Jeffrey. I think you're picking up on the main point, which is that the attraction side of this business is an incredibly high-margin, high flow-through type of business. Given that we had some weather challenges that disproportionately impacted our attraction side of the business, that put a drag on the margin. On the flip side, the lodging business performed really well, and traditionally lodging is a lower-margin business relative to attractions. So that created the margin degradation you're referencing.
That is great, thanks, Michael. And then switching gears, looking at slide 38 in the deck, it looks like booking pace and ADR decelerated a little bit sequentially in Canada relative to your last update in May, though obviously still quite healthy overall. Whereas the U.S., on the other hand, looks like it accelerated sequentially. David or Michael, can you expand on this trailing couple-month trend? I think there is a tougher bookings comp around the June-July period in Canada, but any additional color would be helpful. Thanks.
Sure, Jeffrey. Stepping back, we feel really good about our lodging booking pacing at this point in the year. We have had strong year-over-year growth in revenue on the books for both Canada and the U.S. The healthy ADR growth we are seeing is positive, and rooms sold are also positive. The intra-year fluctuation you see naturally happens for two main reasons. One is mix dynamics—what channel you sell through at what time of year—and the other is our go-to-market strategy, which we are constantly pivoting and adjusting when we see shifts on the demand side. So when I look at these metrics, I take a step back and see them as directional indicators for lodging and indirectly for nearby attractions, and we feel really good about where we are at this point in the year.
If I could squeeze in one follow-up to that second question: the forest fires and smoke have been a big talking point. Have you seen any impact up in Canada, whether in bookings or day-of visitation to the attractions? Any thoughts on the impact from smoke when it makes its way across the country?
Yeah, Jeffrey. It's interesting. We see impacts on days that we do have smoke. We don't have fires close to any of our assets or facilities, and smoke literally travels thousands of kilometers. When a day has a lot of smoke, guests tend to dine more and shop more and may delay sightseeing as they wait for the smoke to clear and the weather to improve. We have had some spotty days and effects throughout the second quarter. As soon as the wind blows and the sky is clear, visitation comes back quickly. Smoke is a reality, but it's not something that is holding us back for the full year where we expect to end up.
That is great. Thank you both.
Your next question comes from the line of Tyler Batory with Oppenheimer. Your line is open.
First one for me, just to put a finer point on the lodging commentary. Can you talk a little more about what you are seeing from the travel trade business? I'm curious what the mix looks like in terms of those customers versus those that are coming from other channels.
Travel trade continues to be strong. We did have some FIFA impact in the second quarter—an exciting global event. For our tour and travel partners, many faced steep hotel room increases in Vancouver and Toronto, which are gateway cities for Canadian itineraries, so tour and travel demand shifted a little later in the season. We see positivity for 2027, 2028, and 2029 as China returns slowly with more flights coming online. Tour and travel remains healthy, and we balance every day between consumer-direct, the OTAs, and our tour and travel partners to fill inventory and drive attraction visits.
Great. A follow-up on guidance for Michael: with a number of moving pieces like Flyover, FX, and the acquisition, is anything changing in terms of the underlying organic growth assumptions for the business? Is there extra conservatism in Q3 or the back half in what you are expecting?
I'll start on the core side that excludes the outside pieces. For the full year, we are still tracking to our original core expectations. There are always some puts and takes as you get through a year. In Q2 we did have weather impacts in Canada versus the prior year, while Tabacon performed exceptionally well in Year 1, illustrating the diversification benefit of acquisitions. Booking pacing remains strong and we still feel good about the core underlying business. There's a lot of season left, and we remain focused on delivering great guest experiences; inventory expires at midnight every day, and we manage revenue and cost levers as the season progresses. Outside the core, the extended Flyover closing added about $6 million of incremental EBITDA, Eagle Wing is expected to contribute about $1 million to $2 million of EBITDA in the second half, and those are partially offset by about $2 million of FX headwind.
My next question is on Tabacon: now that you have owned it for a year, how much upside came through versus the original $10 million EBITDA number you provided at acquisition? Also, can you talk about the new villa project—any details on spending or EBITDA contribution?
On performance, we talked about the Year 1 piece being roughly $10 million of EBITDA. In the first 12 months of ownership, we've driven the effective multiple down to near 9x, which corresponds to over 20% growth in EBITDA in that first year. The team has been improving the experience, optimizing yield, and growing attraction volume while maintaining high guest experience scores. We are pleased with the outcome so far.
On the premium villa product: we've been thoughtful about master planning Tabacon. The team proposed a site that sits like a small peninsula near existing lodging and dining with beautiful valley views, ideal for three premium villas. Conceptually, imagine an open-air living room area with two separate accommodation buildings. We're designing to meet demand from larger family and multi-generational travelers who want a larger unit that fits their needs. We are still in planning and not in a position today to disclose costs or EBITDA contribution, but as we get closer we will provide more detail. It's an important step in Tabacon's development and we're excited to be underway.
Last question for me on CapEx: specific to Banff and Jasper, you pushed out some CapEx dollars last quarter and reiterated that this quarter. How much construction can you do over the summer or peak season? These projects are complex with permitting and labor availability—do you include contingencies for cost or timing in those budgets, and how confident are you that projects can be completed on time and on budget?
Many of the projects are far along in the planning phase, which allows us to get good cost estimates; we put deposits down and lock in planned spend. We include normal construction contingencies you would expect for projects. The bigger variable is timing when working with stakeholders, so there will inevitably be puts and takes on a project-by-project basis. We feel good about Vision 2030 and our long-term plan; growth CapEx remains in the same range we expected last quarter.
A few additional points: Forest Park Woodland is looking fantastic and room quality is excellent, with public spaces still to follow. The pace of construction in Jasper is remarkable with significant rebuilding and new activity—there's palpable energy and excitement. For Jasper Skytram, we are working constructively with Parks Canada on phasing, lift alignments, and building siting. That process is progressing well and will move into public and Indigenous consultations through the fall. Iconic projects take time; we work constructively with Parks Canada on ideation and planning and are excited about the final results. Timing is a balance and a bit of a ballet, but we will keep everyone apprised as projects evolve.
Okay, very good. That's all for me. Thank you.
Your next question comes from the line of Eric Des Lauriers with Craig Hallum Capital Group. Your line is open.
Congrats on another strong quarter. First, a follow-up on project timing: I understand there's variability, but as many of these are in advanced stages, is there any timing or cadence dynamics to call out for modeling 2027? Not looking for guidance, just any project completion timing color would be helpful.
It's a little early to provide specific color on 2027, but we've been saying that 2026 kicks off several important multi-year projects. Many things that start in 2026 will continue into 2027. As a result, some of the inflection points from growth capital projects will be more back-end weighted toward later years. That said, you will see some benefits in 2027, but some of the bigger projects will take longer to complete.
Makes sense. On Jasper, you mentioned construction pace is high. From a broader market perspective, are there major lodging openings to call out that could bring more visitation into that market? Should we expect a meaningful visitation lift from lodging openings, or is that more gradual?
Early days on neighbors' reconstruction, but we expect more to come. We're excited to have the remainder of Forest Park Woodland open with final public spaces to follow. Much of the additional activity in Jasper is upside; it's just a question of timing. We're enthusiastic about what's coming.
Last one from me: a high-level comment on the M&A pipeline post the two recent acquisitions. Any color on how full the pipeline is would be helpful.
We have a bountiful pipeline and many opportunities. We are picky and focused on assets that are truly iconic, unforgettable, and inspiring with perennial demand and limited supply. We don't share specifics until deals are definitive, but the team is working hard internationally to advance the strategy. Closing the Flyover transaction increases our dry powder and gives us greater financial flexibility to pursue both large and smaller opportunities. We're excited about the momentum in the M&A market for our category.
Great. Looking forward to what is to come and congrats on the progress at Tabacon.
There are no further questions at this time. David W. Barry, I turn the call back over to you.
Thanks, Tiffany, and thanks, everyone, for calling in. As usual, if there is any follow-up and we can be helpful, please do not hesitate to reach out. Thank you all for paying attention to Pursuit. We are excited about where we are and even more excited about where we are going. Thank you all. Have a great afternoon.
This concludes today's conference call. You may now disconnect.