UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 3, 2023
 
 graphic
VIAD CORP
 (Exact name of registrant as specified in its charter)

Delaware
001-11015
36-1169950
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
     
7000 East 1st Avenue
Scottsdale, Arizona
  
85251-4304
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (602) 207-1000
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which registered
Common Stock, $1.50 Par Value
  
VVI
  
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.
On August 3, 2023, we issued a press release announcing our earnings for the second quarter ended June 30, 2023. A copy of the earnings press release is furnished as Exhibit 99.1 to this current report.
This press release, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
On August 3, 2023, we posted an investor presentation to our website at www.viad.com. The information found on, or otherwise accessible through, our website is not incorporated by reference herein. A copy of the investor presentation is furnished as Exhibit 99.2 to this current report.
This investor presentation, including Exhibit 99.2, will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
 (d) Exhibits

Exhibit
Number
  
Description
     
 
 
104
  
 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
Viad Corp
 
(Registrant)
     
August 3, 2023
By:
/s/ Leslie S. Striedel
   
Leslie S. Striedel
   
Chief Accounting Officer

Exhibit 99.1


NEWS FOR IMMEDIATE RELEASE

Viad Corp Reports Results for the 2023 Second Quarter

•
Strong momentum continues for leisure travel to Pursuit’s markets and GES live event activity
•
GES second quarter results exceeded prior guidance; raising full year outlook
•
Second quarter year-over-year results impacted by sale of ON Services and known shifts in timing of events that resumed normal schedules in 2023 at GES

SCOTTSDALE, August 3, 2023 -- Viad Corp (NYSE: VVI), a leading provider of experiential leisure travel and live events and marketing experiences, today reported results for the 2023 second quarter.
Financial Highlights
   
Three months ended June 30,
  
(in millions)
  
2023
    
2022
    
Change
  
Revenue
  
$
320.3
    
$
319.2
    
$
1.1
  
Net Income Attributable to Viad
  
$
11.0
    
$
19.8
    
$
(8.9
)
Net Income Before Other Items*
  
$
11.8
    
$
22.2
    
$
(10.3
)
Consolidated Adjusted EBITDA*
  
$
42.9
    
$
47.5
    
$
(4.6
)

•
Revenue of $320.3 million increased $1.1 million as higher international tourism in Western Canada and Iceland and stronger demand for exhibitions and events more than offset a revenue decline of approximately $16 million due to the sale of ON Services and anticipated shifts in timing of events at GES.
•
Net income attributable to Viad of $11.0 million and income before other items of $11.8 million decreased $8.9 million and $10.3 million, respectively, primarily due to anticipated lower GES adjusted EBITDA, higher interest expense, and higher taxes, partially offset by higher Pursuit adjusted EBITDA.
•
Consolidated adjusted EBITDA* of $42.9 million declined $4.6 million primarily due to lower GES revenue and increased staffing levels at GES as compared to the 2022 second quarter when a faster than expected recovery in event activity significantly outpaced workforce restaffing, partially offset by stronger visitation and margins at Pursuit.
* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
Steve Moster, Viad’s president and chief executive officer, commented, “We delivered solid second quarter results and are pleased to once again be raising our full year guidance on stronger than expected GES performance.  Pursuit delivered significant year-over-year growth in the quarter, which continues to accelerate as we move through the seasonally strong third quarter.”
Moster continued, “We are very encouraged by the robust demand we’re seeing for Pursuit’s leisure travel markets and the continued growth in GES’ live events, and we remain confident that we will deliver substantial growth this year.”
-more-
-page 2-
Pursuit Results
   
Three months ended June 30,
  
(in millions)
  
2023
    
2022
    
Change
  
Revenue
  
$
88.5
    
$
77.6
    
$
10.9
  
Adjusted EBITDA*
  
$
19.5
    
$
15.6
    
$
3.9
  

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
•
Pursuit revenue of $88.5 million increased $10.9 million (14.0%) from the 2022 second quarter primarily due to stronger international visitation.
•
Pursuit adjusted EBITDA of $19.5 million improved by $3.9 million from the 2022 second quarter primarily due to higher revenue and improved margin.

Regarding Pursuit’s results, Moster commented, “Pursuit’s revenue and adjusted EBITDA reached a new all-time high for the second quarter reflecting the strength of our Refresh, Build, Buy growth strategy. The new experiences that we’ve acquired or opened from 2019 to present contributed about 30 percent of Pursuit’s second quarter revenue and posted year-over-year growth of 27 percent. Additionally, our same-store experiences posted strong year-over-year revenue growth of 9 percent.”
Moster continued, “Our team did a terrific job maximizing revenue by strategically driving rate while increasing attraction visitation and maintaining strong hotel occupancy during the quarter. Additionally, we continue to benefit from the acceleration of international leisure travel to our markets. Demand for our iconic, unforgettable and inspiring hotels and attractions is strong and with our seasonally robust third quarter ahead, we remain confident in our ability to continue driving significant growth at Pursuit.”
GES Results
   
Three months ended June 30,
  
(in millions)
  
2023
    
2022
    
Change
  
Revenue
                  
Spiro
  
$
80.4
    
$
89.4
    
$
(9.1
)
GES Exhibitions
    
154.5
      
154.6
      
(0.1
)
Inter-segment Eliminations
    
(3.1
)
    
(2.4
)
    
(0.6
)
Total GES
  
$
231.8
    
$
241.6
    
$
(9.8
)
                         
Adjusted EBITDA*
                        
Spiro
  
$
8.9
    
$
15.8
    
$
(6.8
)
GES Exhibitions
    
17.9
      
19.4
      
(1.5
)
Total GES
  
$
26.8
    
$
35.1
    
$
(8.3
)

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
-more-
-page 3-

•
Total GES revenue of $231.8 million decreased 4.0% from the 2022 second quarter primarily due to the sale of ON Services and 2022 shows that were postponed from the first quarter into the second quarter that returned to their normal first quarter schedules in 2023, partially offset by live event activity strength and major non-annual shows in the 2023 second quarter.
•
Total GES adjusted EBITDA of $26.8 million decreased by $8.3 million from the 2022 second quarter primarily due to lower revenue and the rebuilding of the workforce from pandemic levels.

Regarding GES’ results, Moster commented, “GES’ results exceeded our expectations for the second quarter with higher than anticipated same-show revenue growth and the benefits of a series of margin enhancing lean activities. Same-show revenues for events produced by our U.S. Exhibitions team grew to 99 percent of 2019 pre-pandemic levels as compared to 87 percent in the 2022 second quarter. At Spiro, spend from existing corporate clients is also near 2019 pre-pandemic levels, and we continue to win new clients in this large, fragmented market.”
Moster continued, “I continue to be impressed with the team’s focus on margin enhancement and the speed and strength of GES’ recovery from the pandemic.  We remain committed to driving meaningful free cash flow through ongoing lean initiatives at GES Exhibitions and profitable growth at Spiro.”
Cash Flow and Balance Sheet Highlights
Our 2023 second quarter cash flow from operations was approximately $28.7 million and our capital expenditures totaled approximately $21 million.  We paid approximately $2 million in cash dividends on our convertible preferred equity and our net debt payments were approximately $1 million.
We ended the second quarter with total liquidity of $148.2 million, comprising cash and cash equivalents of $53 million and $95 million of capacity available on our revolving credit facility ($100 million total facility size, less $5 million in letters of credit). Our debt totaled $477.9 million, including $393 million outstanding on our Term Loan B, financing lease obligations of approximately $64 million (which primarily comprises real estate leases at Pursuit), and approximately $21 million in other debt.
Moster commented, “We remain committed to maintaining a solid liquidity position by maximizing our cash flows from operations and selectively investing in high-return opportunities to continue scaling Pursuit through our Refresh, Build, Buy growth strategy.”
2023 Outlook
Regarding Viad’s outlook, Moster commented, “We are pleased to be raising our full year guidance based on GES’ second quarter performance and our outlook for continued strong demand for GES’ live events and Pursuit’s leisure travel markets over the balance of the year.”
Moster continued, “For the third quarter, we expect another record-breaking quarter at Pursuit with significant growth in adjusted EBITDA, partially offset by lower GES revenue due to show rotation and the sale of ON Services.”
-more-
-page 4-

Our guidance for Viad consolidated is as follows:
(in millions)
Third Quarter
  
Full Year
  
Viad Consolidated
        
Revenue
$340 to $370
vs. $382.7 in 2022
  
Up mid-single digits
vs. $1,127.3 in 2022
  
Adjusted EBITDA
$77.5 to $89.5
vs. $82.0 in 2022
  
$126 to $143
vs. $116.1 in 2022
  
Cash flow from Operations
$55 to $60
  
$75 to $85
  
Capital Expenditures
$25 to $30
  
$70 to $75
(including growth capex of ~$35)
  






Our guidance for Pursuit is as follows:
(in millions)
Third Quarter
  
Full Year
  
Key Assumptions
Pursuit
              
Revenue
$175 to $190
  
Up ~15%
   •
Expect revenue growth in 2023 will be driven by:
  vs. $163.8 in 2022
  vs. $299.3 in 2022
    o
Lifting of all COVID restrictions at the Canadian border
            o
Acceleration of new experiences
            o
Ongoing focus on improving the guest experience
Adjusted EBITDA
$87 to $95
vs. $75.1 in 2022
  
$85 to $95
vs. $67.9 in 2022
   •
Anticipate FY margin expansion as visitation increases, the performance of newer experiences improves, and pandemic-era cost pressures ease


Our guidance for GES is as follows:
(in millions)
Third Quarter
  Full Year
  Key Assumptions
GES
             
Revenue
$165 to $180
vs. $218.9 in 2022
 
Up low
single digits
vs. $828.0 in 2022
  •
Expect FY revenue growth from stronger demand for exhibition and event services and new Spiro wins will more than offset negative show rotation ($30M for FY; $50M for Q3) and the sale of ON Services ($50M for FY; $14M for Q3)
   
    
     o
Exhibitions same show revenue expected to approach 2019 levels
       
     o
Spiro clients’ marketing spend expected to be similar to 2022, plus new client wins
Adjusted EBITDA
($6) to ($2)
vs. $10.7 in 2022
  
$54 to $62
vs. $61.3 in 2022
   •
We intend to prudently invest in talent and capabilities at Spiro to fuel growth in 2023 and beyond

-more-
-page 5-

Conference Call Details
Management will host a conference call to review second quarter 2023 results on Thursday, August 3, 2023, at 5 p.m. (Eastern Time).
To join the live conference call, please register at least 10 minutes before the start of the call using the following link: https://conferencingportals.com/event/tQSnvHGq. After registering, an email confirmation will be sent that includes dial-in information as well as unique codes for entry into the live call. Registration will be open throughout the call.
A live audio webcast of the call will also be available in listen-only mode through the “Investors" section of our website. A replay of the webcast will be available on our website shortly after the call and, for a limited time, by calling (800) 770-2030 or (647) 362-9199 and entering the conference ID 90039.
Additionally, we will post a supplemental presentation, containing highlights of our results, trends and outlook, on the “Investors” section of our website prior to the conference call.  We will refer to this presentation during the call.
About Viad
Viad (NYSE: VVI), is a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events through two businesses: Pursuit and GES. Our business strategy focuses on delivering extraordinary experiences for our teams, clients and guests, and significant and sustainable growth and above-market returns for our shareholders. Viad is an S&P SmallCap 600 company.
Pursuit is a collection of inspiring and unforgettable travel experiences in Alaska, Nevada, and Montana in the United States, in and around Banff, Jasper, and Vancouver in Canada, and in Reykjavik, Iceland. Pursuit’s collection includes attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places.
GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers through two reportable segments, Spiro and GES Exhibitions. Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. GES Exhibitions is a global exhibition services company that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows with teams throughout North America, Europe, and the Middle East.
For more information, visit www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements.  These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.

-more-
-page 6-

Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:

•
general economic uncertainty in key global markets and a worsening of global economic conditions;
•
travel industry disruptions;
•
the impact of our overall level of indebtedness, as well as our financial flexibility;
•
identified material weaknesses in our internal control over financial reporting;
•
seasonality of our businesses;
•
the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;
•
our ability to anticipate and adjust for the impact of the COVID-19 pandemic on our businesses;
•
unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;
•
our exposure to labor shortages, turnover, and labor cost increases;
•
the importance of key members of our account teams to our business relationships;
•
our ability to manage our business and continue our growth if we lose any of our key personnel;
•
the competitive nature of the industries in which we operate;
•
our dependence on large exhibition event clients;
•
adverse effects of show rotation on our periodic results and operating margins;
•
transportation disruptions and increases in transportation costs;
•
natural disasters, weather conditions, accidents, and other catastrophic events;
•
our exposure to labor cost increases and work stoppages related to unionized employees;
•
our multi-employer pension plan funding obligations;
•
our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
•
our exposure to cybersecurity attacks and threats;
•
our exposure to currency exchange rate fluctuations;
•
liabilities relating to prior and discontinued operations; and
•
compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data.

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC and in subsequent filings we make with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.

Forward-Looking Non-GAAP Measures
The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, acquisition-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP.

-more-
-page 7-
Contact
Carrie Long or Michelle Porhola
Investor Relations
(602) 207-2681
ir@viad.com
###

VIAD CORP AND SUBSIDIARIES
  
TABLE ONE - QUARTERLY RESULTS
  
(UNAUDITED)
  
                                                 
                                                 
   
Three months ended June 30,
    
Six months ended June 30,
  
(in thousands, except per share data)
  
2023
    
2022
    
$ Change
    
% Change
    
2023
    
2022
    
$ Change
    
% Change
  
                                                 
Revenue:
                                                
Pursuit
  
$
88,474
    
$
77,599
    
$
10,875
      
14.0
%
    
121,137
      
101,383
      
19,754
      
19.5
%
GES:
                                                                
Spiro
    
80,368
      
89,425
      
(9,057
)
    
-10.1
%
  
$
140,730
    
$
132,241
    
$
8,489
      
6.4
%
GES Exhibitions
    
154,534
      
154,600
      
(66
)
    
0.0
%
    
324,031
      
266,431
      
57,600
      
21.6
%
Inter-segment eliminations
    
(3,065
)
    
(2,421
)
    
(644
)
    
-26.6
%
    
(4,796
)
    
(3,492
)
    
(1,304
)
    
-37.3
%
Total GES
    
231,837
      
241,604
      
(9,767
)
    
-4.0
%
  
$
459,965
    
$
395,180
    
$
64,785
      
16.4
%
Total revenue
  
$
320,311
    
$
319,203
    
$
1,108
      
0.3
%
  
$
581,102
    
$
496,563
    
$
84,539
      
17.0
%
                                                                 
Segment operating income (loss):
                                                                
Pursuit
  
$
9,811
    
$
5,571
      
4,240
      
76.1
%
    
(9,301
)
    
(15,627
)
    
6,326
      
40.5
%
GES:
                                                                
Spiro
    
8,279
      
14,847
      
(6,568
)
    
-44.2
%
    
11,453
      
14,608
    
$
(3,155
)
    
-21.6
%
GES Exhibitions
    
15,354
      
16,273
      
(919
)
    
-5.6
%
    
25,764
      
14,918
      
10,846
      
72.7
%
Total GES
    
23,633
      
31,120
      
(7,487
)
    
-24.1
%
    
37,217
      
29,526
      
7,691
      
26.0
%
Segment operating income
  
$
33,444
    
$
36,691
    
$
(3,247
)
    
-8.8
%
  
$
27,916
    
$
13,899
    
$
14,017
        **

Corporate eliminations
    
16
      
17
      
(1
)
    
-5.9
%
    
32
      
34
      
(2
)
    
-5.9
%
Corporate activities
    
(3,511
)
    
(3,440
)
    
(71
)
    
-2.1
%
    
(6,676
)
    
(6,113
)
    
(563
)
    
-9.2
%
ON Services sale purchase price adjustment
    
(204
)
    
-
      
(204
)
      **

   
(204
)
    
-
      
(204
)
      **

Restructuring charges (Note A)
    
(192
)
    
(1,426
)
    
1,234
      
86.5
%
    
(645
)
    
(2,080
)
    
1,435
      
69.0
%
Impairment charges
    
-
      
-
      
-
        **

   
-
      
(583
)
    
583
      
-100.0
%
Other expense, net
    
(448
)
    
(612
)
    
164
      
26.8
%
    
(979
)
    
(1,250
)
    
271
      
21.7
%
Net interest expense (Note B)
    
(12,356
)
    
(7,761
)
    
(4,595
)
    
-59.2
%
    
(24,605
)
    
(13,638
)
    
(10,967
)
    
-80.4
%
Income (loss) from continuing operations before income taxes
    
16,749
      
23,469
      
(6,720
)
    
-28.6
%
    
(5,161
)
    
(9,731
)
    
4,570
      
47.0
%
Income tax expense (Note C)
    
(5,028
)
    
(3,359
)
    
(1,669
)
    
-49.7
%
    
(4,450
)
    
(777
)
    
(3,673
)
      **

Income (loss) from continuing operations
    
11,721
      
20,110
      
(8,389
)
    
-41.7
%
    
(9,611
)
    
(10,508
)
    
897
      
8.5
%
Income (loss) from discontinued operations
    
(143
)
    
52
      
(195
)
      **

   
(201
)
    
327
      
(528
)
      **

Net income (loss)
    
11,578
      
20,162
      
(8,584
)
    
-42.6
%
    
(9,812
)
    
(10,181
)
    
369
      
3.6
%
Net (income) loss attributable to noncontrolling interest
    
(903
)
    
(451
)
    
(452
)
      **

   
(505
)
    
753
      
(1,258
)
      **

Net loss attributable to redeemable noncontrolling interest
    
286
      
128
      
158
        **

   
409
      
266
      
143
      
53.8
%
Net income (loss) attributable to Viad
  
$
10,961
    
$
19,839
    
$
(8,878
)
    
-44.8
%
  
$
(9,908
)
  
$
(9,162
)
  
$
(746
)
    
-8.1
%
                                                                 
Amounts Attributable to Viad:
                                                                
Income (loss) from continuing operations
  
$
11,104
    
$
19,787
    
$
(8,683
)
    
-43.9
%
  
$
(9,707
)
  
$
(9,489
)
  
$
(218
)
    
-2.3
%
Income (loss) from discontinued operations
    
(143
)
    
52
      
(195
)
      **

   
(201
)
    
327
      
(528
)
      **

Net income (loss)
  
$
10,961
    
$
19,839
    
$
(8,878
)
    
-44.8
%
  
$
(9,908
)
  
$
(9,162
)
  
$
(746
)
    
-8.1
%
                                                                 
Income (loss) per common share attributable to Viad (Note D):
                                                                
Basic income (loss) per common share
  
$
0.33
    
$
0.64
    
$
(0.31
)
    
-48.4
%
  
$
(0.66
)
  
$
(0.67
)
  
$
0.01
      
1.5
%
Diluted income (loss) per common share
  
$
0.33
    
$
0.64
    
$
(0.31
)
    
-48.4
%
  
$
(0.66
)
  
$
(0.67
)
  
$
0.01
      
1.5
%
                                                                 
Weighted-average common shares outstanding:
                                                                
Basic weighted-average outstanding common shares
    
20,840
      
20,571
      
269
      
1.3
%
    
20,796
      
20,544
      
252
      
1.2
%
Additional dilutive shares related to share-based compensation
    
135
      
160
      
(25
)
    
-15.6
%
    
-
      
-
      
-
        **

Diluted weighted-average outstanding common shares
    
20,975
      
20,731
      
244
      
1.2
%
    
20,796
      
20,544
      
252
      
1.2
%
                                                                 
Adjusted EBITDA* by Reportable Segment:
                                                                
Pursuit
  
$
19,482
    
$
15,613
    
$
3,869
      
24.8
%
  
$
9,167
    
$
4,115
    
$
5,052
        **

GES:
                                                                
Spiro
    
8,940
      
15,750
      
(6,810
)
    
-43.2
%
    
12,677
      
16,492
      
(3,815
)
    
-23.1
%
GES Exhibitions
    
17,905
      
19,381
      
(1,476
)
    
-7.6
%
    
30,912
      
21,359
      
9,553
      
44.7
%
Total GES
    
26,845
      
35,131
      
(8,286
)
    
-23.6
%
    
43,589
      
37,851
      
5,738
      
15.2
%
Corporate
    
(3,470
)
    
(3,268
)
    
(202
)
    
-6.2
%
    
(6,507
)
    
(5,802
)
    
(705
)
    
-12.2
%
Consolidated Adjusted EBITDA
    
42,857
      
47,476
      
(4,619
)
    
-9.7
%
    
46,249
      
36,164
      
10,085
      
27.9
%
                                                                 
   
As of June 30,
                                  
Capitalization Data:
     2023        2022        $ Change        % Change                                  
Cash and cash equivalents
    
53,179
      
54,516
      
(1,337
)
    
-2.5
%
                                
Total debt
    
477,876
      
492,297
      
(14,421
)
    
-2.9
%
                                
Viad shareholders' equity
    
16,487
      
(7,591
)
    
24,078
        **

                               
Non-controlling interests (redeemable and non-redeemable)
    
88,216
      
88,779
      
(563
)
    
-0.6
%
                                
Convertible Series A Preferred Stock (Note E):
                                                                
Convertible preferred stock (including accumulated dividends paid in kind)***
    
141,827
      
141,827
      
-
      
0.0
%
                                
Equivalent number of common shares
    
6,674
      
6,674
      
-
      
0.0
%
                                
                                                                 
                                                                 

* Refer to Table Two for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
** Change is greater than +/- 100 percent
*** Amount shown excludes transaction costs, which are netted against the value of the preferred shares when presented on Viad's balance sheet.

VIAD CORP AND SUBSIDIARIES
TABLE ONE - NOTES TO QUARTERLY RESULTS
(UNAUDITED)
 
(A)
Restructuring Charges — The decrease in restructuring charges during the three and six months ended June 30, 2023 was primarily related to our 2022 transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments.
   
(B)
Net Interest Expense — The increase in interest expense during the three and six months ended June 30, 2023 was primarily due to higher interest rates in 2023, and to a lesser extent to a $1.9 million reduction in capitalized interest recorded during the six months ended June 30, 2023 as compared to the six months ended June 30, 2022.
   
(C)
Income Tax Expense – The effective tax rate was 30.0% for the three months ended June 30, 2023 and 14.3% for the three months ended June 30, 2022.  The effective tax rate was a negative 86.2% for the six months ended June 30, 2023 and negative 8.0% for the six months ended June 30, 2022.  The effective rate differed from the 21% federal rate for the three months ended June 30, 2023 and the three months ended June 30, 2022 as a result of excluding the tax benefit on jurisdictions where we have a valuation allowance and the change in income or loss in our jurisdictions.  The effective rate differed from the federal rate for the six months ended June 30, 2023 and the six months ended June 30, 2022 also as a result of excluding tax benefits in certain jurisdictions, the mix of income or loss by jurisdiction, and the $2.1 million benefit taken in the first quarter of 2023 on certain separate U.S. state jurisdictions.
   
(D)
Income (Loss) per Common Share — We apply the two-class method in calculating income (loss) per common share as preferred stock and unvested share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share.
   
 
Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than participating securities. The as-converted method uses net income (loss) available to common shareholders and assumes conversion of all potential shares including participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock.
   
 
Additionally, the adjustment to the carrying value of redeemable non-controlling interests is reflected in income (loss) per common share.
   
 
The components of basic and diluted income (loss) per share are as follows:
   

     
Three months ended June 30,
    
Six months ended June 30,
  
 
(in thousands)
  
2023
    
2022
    
$ Change
    
% Change
    
2023
    
2022
    
$ Change
    
% Change
  
                                                   
 
Net income (loss) attributable to Viad
  
$
10,961
    
$
19,839
    
$
(8,878
)
    
-44.8
%
  
$
(9,908
)
  
$
(9,162
)
  
$
(746
)
    
-8.1
%
 
Convertible preferred stock dividends paid in cash
    
(1,950
)
    
(1,950
)
    
-
      
0.0
%
    
(3,900
)
    
(3,900
)
    
-
      
0.0
%
 
Adjustment to the redemption value of redeemable noncontrolling interest
    
-
      
(412
)
    
412
      
-100.0
%
    
-
      
(763
)
    
763
      
-100.0
%
 
Undistributed income (loss) attributable to Viad
    
9,011
      
17,477
      
(8,466
)
    
-48.4
%
    
(13,808
)
    
(13,825
)
    
17
      
0.1
%
 
Less: Allocation to participating securities
    
(2,186
)
    
(4,293
)
    
2,107
      
49.1
%
    
-
      
-
      
-
        **

 
Net income (loss) allocated to Viad common shareholders (basic)
  
$
6,825
    
$
13,184
    
$
(6,359
)
    
-48.2
%
  
$
(13,808
)
  
$
(13,825
)
  
$
17
      
0.1
%
 
Add: Allocation to participating securities
    
11
      
25
      
-
      
-56.0
%
    
-
      
-
      
-
        **

 
Net income (loss) allocated to Viad common shareholders (diluted)
  
$
6,836
    
$
13,209
    
$
(6,359
)
    
-48.2
%
  
$
(13,808
)
  
$
(13,825
)
  
$
17
      
0.1
%
                                                                   
 
Basic weighted-average outstanding common shares
    
20,840
      
20,571
      
269
      
1.3
%
    
20,796
      
20,544
      
252
      
1.2
%
 
Additional dilutive shares related to share-based compensation
    
135
      
160
      
(25
)
    
-15.6
%
    
-
      
-
      
-
        **

 
Diluted weighted-average outstanding common shares
    
20,975
      
20,731
      
244
      
1.2
%
    
20,796
      
20,544
      
252
      
1.2
%

(E)
Convertible Series A Preferred Stock — On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible into shares of our common stock at a conversion price of $21.25 per share.

VIAD CORP AND SUBSIDIARIES
TABLE TWO - NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
   
IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
   
This document includes the presentation of "Income (Loss) Before Other Items", "Adjusted EBITDA", "Segment Operating Income (Loss)", and "Adjusted Segment Operating Income (Loss)", which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.  These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP.  The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items affecting Viad’s consolidated financial performance as reconciled below.  Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.
   
Income (Loss) Before Other Items, Segment Operating Income (Loss), and Adjusted Segment Operating Income (Loss) are considered useful operating metrics, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Viad’s performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business. Management also believes that the presentation of Adjusted EBITDA for acquisitions and other major capital projects enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective.

     
Three months ended June 30,
    
Six months ended June 30,
  
 
(in thousands, except per share data)
  
2023
    
2022
    
$ Change
    
% Change
    
2023
    
2022
    
$ Change
    
% Change
  
 
Income (loss) before other items:
                                                
 
Net income (loss) attributable to Viad
  
$
10,961
    
$
19,839
    
$
(8,878
)
    
-44.8
%
  
$
(9,908
)
  
$
(9,162
)
  
$
(746
)
    
-8.1
%
 
(Income) loss from discontinued operations attributable to Viad
    
143
      
(52
)
    
195
        **

   
201
      
(327
)
    
528
        **

 
Income (loss) from continuing operations attributable to Viad
    
11,104
      
19,787
      
(8,683
)
    
-43.9
%
    
(9,707
)
    
(9,489
)
    
(218
)
    
-2.3
%
 
ON Services sale purchase price adjustment, pre-tax
    
204
      
-
      
204
        **

   
204
      
-
      
204
        **

 
Restructuring charges, pre-tax
    
192
      
1,426
      
(1,234
)
    
-86.5
%
    
645
      
2,080
      
(1,435
)
    
-69.0
%
 
Impairment charges, pre-tax
    
-
      
-
      
-
        **

   
-
      
583
      
(583
)
    
-100.0
%
 
Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)
    
465
      
1,001
      
(536
)
    
-53.5
%
    
1,311
      
1,858
      
(547
)
    
-29.4
%
 
Remeasurement of finance lease obligation attributable to Viad, pre-tax (Note B)
    
(184
)
    
-
      
(184
)
      **

   
(823
)
    
-
      
(823
)
      **

 
Tax expense (benefit) on above items
    
60
      
(61
)
    
121
        **

   
309
      
(138
)
    
447
        **

 
Favorable tax matters
    
-
      
-
      
-
        **

   
(2,103
)
    
-
      
(2,103
)
      **

 
Income (loss) before other items
  
$
11,841
    
$
22,153
    
$
(10,312
)
    
-46.5
%
  
$
(10,164
)
  
$
(5,106
)
  
$
(5,058
)
    
-99.1
%
                                                                   
                                                                   
 
The components of income (loss) before other items per share are as follows:
                                                          
                                                                   
 
Income (loss) before other items (as reconciled above)
    
11,841
      
22,153
      
(10,312
)
    
-46.5
%
    
(10,164
)
    
(5,106
)
    
(5,058
)
    
-99.1
%
 
Convertible preferred stock dividends paid in cash
    
(1,950
)
    
(1,950
)
    
-
      
0.0
%
    
(3,900
)
    
(3,900
)
    
-
      
0.0
%
 
Undistributed income (loss) before other items attributable to Viad (Note C)
    
9,891
      
20,203
      
(10,312
)
    
-51.0
%
    
(14,064
)
    
(9,006
)
    
(5,058
)
    
-56.2
%
 
Less: Allocation to participating securities (Note D)
    
(2,388
)
    
(4,934
)
    
2,546
      
51.6
%
    
-
      
-
      
-
        **

 
Diluted income (loss) before other items allocated to Viad common shareholders
  
$
7,503
    
$
15,269
    
$
(7,766
)
    
-50.9
%
  
$
(14,064
)
  
$
(9,006
)
  
$
(5,058
)
    
-56.2
%
                                                                   
 
Diluted weighted-average outstanding common shares
    
20,975
      
20,731
      
244
      
1.2
%
    
20,796
      
20,544
      
252
      
1.2
%
                                                                   
 
Income (loss) before other items per common share
  
$
0.36
    
$
0.74
    
$
(0.38
)
    
-51.4
%
  
$
(0.68
)
  
$
(0.44
)
  
$
(0.24
)
    
-54.5
%

(A)
Acquisition-related costs and other non-recurring expenses include:

     
Three months ended June 30,
    
Six months ended June 30,
    
 
(in thousands)
  
2023
    
2022
    
2023
    
2022
    
 
Acquisition integration costs - Pursuit1
  
$
-
    
$
119
    
$
30
    
$
119
    
 
Acquisition transaction-related costs - Pursuit1
    
42
      
93
      
74
      
401
    
 
Acquisition transaction-related costs - Corporate2
    
6
      
(2
)
    
3
      
108
    
 
Attraction start-up costs1, 3
    
417
      
648
      
1,109
      
1,079
    
 
Other non-recurring expenses2, 4
    
-
      
143
      
95
      
151
    
 
Acquisition-related and other non-recurring expenses, pre-tax
  
$
465
    
$
1,001
    
$
1,311
    
$
1,858
    

 
1 Included in segment operating loss
 
2 Included in corporate activities
 
3 Includes costs related to the development of Pursuit's new FlyOver attractions in Chicago and Toronto, and Forest Park Hotel in Canada.
 
4 Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.

(B)
Remeasurement of finance lease obligation attributable to Viad represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation that is attributed to Viad’s 51% interest in Sky Lagoon.
   
(C)
We exclude the adjustment to the redemption value of redeemable noncontrolling interest from the calculation of income before other items per share as it is a non-cash adjustment that does not affect net income or loss attributable to Viad.
   
(D)
Preferred stock and unvested share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) before other items per common share unless the effect of such inclusion is anti-dilutive.  The following table provides the share data used for calculating the allocation to participating securities if applicable:

     
Three months ended June 30,
    
Six months ended June 30,
    
 
(in thousands)
  
2023
    
2022
    
2023
    
2022
    
 
Weighted-average outstanding common shares
    
20,975
      
20,731
      
20,796
      
20,544
    
 
Effect of participating convertible preferred shares (if applicable)
    
6,674
      
6,674
      
-
      
-
    
 
Effect of participating non-vested shares (if applicable)
    
-
      
25
      
-
      
-
    
 
Weighted-average shares including effect of participating interests (if applicable)
    
27,649
      
27,430
      
20,796
      
20,544
    

** Change is greater than +/- 100 percent
VIAD CORP AND SUBSIDIARIES
  
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
  
(UNAUDITED)
  
                                                 
                                                 
   
Three months ended June 30,
    
Six months ended June 30,
  
($ in thousands)
  
2023
    
2022
    
$ Change
    
% Change
    
2023
    
2022
    
$ Change
    
% Change
  
                                                 
Viad Consolidated:
                                                
Revenue
  
$
320,311
    
$
319,203
    
$
1,108
      
0.3
%
  
$
581,102
    
$
496,563
    
$
84,539
      
17.0
%
                                                                 
Net income (loss) attributable to Viad
  
$
10,961
    
$
19,839
    
$
(8,878
)
    
-44.8
%
  
$
(9,908
)
  
$
(9,162
)
  
$
(746
)
    
-8.1
%
Net income (loss) attributable to noncontrolling interest
    
903
      
451
      
452
        **

   
505
      
(753
)
    
1,258
        **

Net loss attributable to redeemable noncontrolling interest
    
(286
)
    
(128
)
    
(158
)
      **

   
(409
)
    
(266
)
    
(143
)
    
-53.8
%
(Income) loss from discontinued operations
    
143
      
(52
)
    
195
        **

   
201
      
(327
)
    
528
        **

Net interest expense
    
12,356
      
7,761
      
4,595
      
59.2
%
    
24,605
      
13,638
      
10,967
      
80.4
%
Income tax expense
    
5,028
      
3,359
      
1,669
      
49.7
%
    
4,450
      
777
      
3,673
        **

Depreciation and amortization
    
12,804
      
13,207
      
(403
)
    
-3.1
%
    
25,279
      
26,486
      
(1,207
)
    
-4.6
%
ON Services sale purchase price adjustment
    
204
      
-
      
204
        **

   
204
      
-
      
204
        **

Restructuring charges
    
192
      
1,426
      
(1,234
)
    
-86.5
%
    
645
      
2,080
      
(1,435
)
    
-69.0
%
Impairment charges
    
-
      
-
      
-
        **

   
-
      
583
      
(583
)
    
-100.0
%
Other expense
    
448
      
612
      
(164
)
    
-26.8
%
    
979
      
1,250
      
(271
)
    
-21.7
%
Start-up costs (A)
    
417
      
648
      
(231
)
    
-35.6
%
    
1,109
      
1,079
      
30
      
2.8
%
Acquisition transaction-related costs
    
48
      
91
      
(43
)
    
-47.3
%
    
77
      
509
      
(432
)
    
-84.9
%
Integration costs
    
-
      
119
      
(119
)
    
-100.0
%
    
30
      
119
      
(89
)
    
-74.8
%
Other non-recurring expenses
    
-
      
143
      
(143
)
    
-100.0
%
    
95
      
151
      
(56
)
    
-37.1
%
Remeasurement of finance lease obligation (B)
    
(361
)
    
-
      
(361
)
      **

   
(1,613
)
    
-
      
(1,613
)
      **

Consolidated Adjusted EBITDA
  
$
42,857
    
$
47,476
    
$
(4,619
)
    
-9.7
%
  
$
46,249
    
$
36,164
    
$
10,085
      
27.9
%
Adjusted EBITDA attributable to noncontrolling interest
    
(2,781
)
    
(2,092
)
    
(689
)
    
-32.9
%
    
(3,426
)
    
(2,404
)
    
(1,022
)
    
-42.5
%
Consolidated Adjusted EBITDA attributable to Viad
  
$
40,076
    
$
45,384
    
$
(5,308
)
    
-11.7
%
  
$
42,823
    
$
33,760
    
$
9,063
      
26.8
%
                                                                 
Consolidated Adjusted EBITDA by Business:
                                                                
Pursuit
  
$
19,482
    
$
15,613
    
$
3,869
      
24.8
%
  
$
9,167
    
$
4,115
    
$
5,052
        **

Total GES
    
26,845
      
35,131
      
(8,286
)
    
-23.6
%
    
43,589
      
37,851
      
5,738
      
15.2
%
Total Segment EBITDA
    
46,327
      
50,744
      
(4,417
)
    
-8.7
%
    
52,756
      
41,966
      
10,790
      
25.7
%
Corporate EBITDA
    
(3,470
)
    
(3,268
)
    
(202
)
    
-6.2
%
    
(6,507
)
    
(5,802
)
    
(705
)
    
-12.2
%
Consolidated Adjusted EBITDA
  
$
42,857
    
$
47,476
    
$
(4,619
)
    
-9.7
%
  
$
46,249
    
$
36,164
    
$
10,085
      
27.9
%
                                                                 
                                                                 
Pursuit Adjusted EBITDA:
                                                                
Revenue
  
$
88,474
    
$
77,599
    
$
10,875
      
14.0
%
  
$
121,137
    
$
101,383
    
$
19,754
      
19.5
%
Cost of services and products
    
(78,663
)
    
(72,028
)
    
(6,635
)
    
-9.2
%
    
(130,438
)
    
(117,010
)
    
(13,428
)
    
-11.5
%
Segment operating income (loss)
    
9,811
      
5,571
      
4,240
      
76.1
%
    
(9,301
)
    
(15,627
)
    
6,326
      
40.5
%
Depreciation
    
8,279
      
7,866
      
413
      
5.3
%
    
16,413
      
15,648
      
765
      
4.9
%
Amortization
    
1,294
      
1,316
      
(22
)
    
-1.7
%
    
2,455
      
2,495
      
(40
)
    
-1.6
%
Start-up costs (A)
    
417
      
648
      
(231
)
    
-35.6
%
    
1,109
      
1,079
      
30
      
2.8
%
Acquisition transaction-related costs
    
42
      
93
      
(51
)
    
-54.8
%
    
74
      
401
      
(327
)
    
-81.5
%
Integration costs
    
-
      
119
      
(119
)
    
-100.0
%
    
30
      
119
      
(89
)
    
-74.8
%
Remeasurement of finance lease obligation (B)
    
(361
)
    
-
      
(361
)
      **

   
(1,613
)
    
-
      
(1,613
)
      **

Adjusted EBITDA
  
$
19,482
    
$
15,613
    
$
3,869
      
24.8
%
  
$
9,167
    
$
4,115
    
$
5,052
        **

Adjusted EBITDA attributable to noncontrolling interest
    
(2,781
)
    
(2,092
)
    
(689
)
    
-32.9
%
    
(3,426
)
    
(2,404
)
    
(1,022
)
    
-42.5
%
Adjusted EBITDA attributable to Viad
  
$
16,701
    
$
13,521
    
$
3,180
      
23.5
%
  
$
5,741
    
$
1,711
    
$
4,030
        **

                                                                 
Pursuit Operating margin
    
11.1
%
    
7.2
%
            
3.9
%
    
-7.7
%
    
-15.4
%
            
7.7
%
Pursuit Adjusted EBITDA margin
    
22.0
%
    
20.1
%
            
1.9
%
    
7.6
%
    
4.1
%
            
3.5
%
                                                                 
                                                                 
Total GES Adjusted EBITDA:
                                                                
Revenue
  
$
231,837
    
$
241,604
    
$
(9,767
)
    
-4.0
%
  
$
459,965
    
$
395,180
    
$
64,785
      
16.4
%
Cost of services and products
    
(208,204
)
    
(210,484
)
    
2,280
      
1.1
%
    
(422,748
)
    
(365,654
)
    
(57,094
)
    
-15.6
%
Segment operating income
    
23,633
      
31,120
      
(7,487
)
    
-24.1
%
    
37,217
      
29,526
      
7,691
      
26.0
%
Depreciation
    
2,240
      
2,922
      
(682
)
    
-23.3
%
    
4,418
      
6,142
      
(1,724
)
    
-28.1
%
Amortization
    
972
      
1,089
      
(117
)
    
-10.7
%
    
1,954
      
2,183
      
(229
)
    
-10.5
%
Total GES Adjusted EBITDA
  
$
26,845
    
$
35,131
    
$
(8,286
)
    
-23.6
%
  
$
43,589
    
$
37,851
    
$
5,738
      
15.2
%
                                                                 
Total GES Operating margin
    
10.2
%
    
12.9
%
            
-2.7
%
    
8.1
%
    
7.5
%
            
0.6
%
Total GES Adjusted EBITDA margin
    
11.6
%
    
14.5
%
            
-3.0
%
    
9.5
%
    
9.6
%
            
-0.1
%
                                                                 
GES Adjusted EBITDA by Reportable Segment:
                                                                
Spiro
  
$
8,940
    
$
15,750
    
$
(6,810
)
    
-43.2
%
  
$
12,677
    
$
16,492
    
$
(3,815
)
    
-23.1
%
GES Exhibitions
    
17,905
      
19,381
      
(1,476
)
    
-7.6
%
    
30,912
      
21,359
      
9,553
      
44.7
%
Total GES
  
$
26,845
    
$
35,131
    
$
(8,286
)
    
-23.6
%
  
$
43,589
    
$
37,851
    
$
5,738
      
15.2
%
                                                                 
Spiro Revenue
  
$
80,368
    
$
89,425
    
$
(9,057
)
    
-10.1
%
  
$
140,730
    
$
132,241
    
$
8,489
      
6.4
%
                                                                 
Spiro Adjusted EBITDA Margin
    
11.1
%
    
17.6
%
            
-6.5
%
    
9.0
%
    
12.5
%
            
-3.5
%
                                                                 
GES Exhibitions Revenue
  
$
154,534
    
$
154,600
    
$
(66
)
    
0.0
%
  
$
324,031
    
$
266,431
    
$
57,600
      
21.6
%
                                                                 
GES Exhibitions Adjusted EBITDA Margin
    
11.6
%
    
12.5
%
            
-0.9
%
    
9.5
%
    
8.0
%
            
1.5
%
                                                                 

(A)
Includes costs related to the development of Pursuit's new FlyOver attractions in Chicago and Toronto, and Forest Park Hotel in Canada.
(B)
Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.

VIAD CORP AND SUBSIDIARIES
  
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
  
(UNAUDITED)
  
                               
                               
The following table provides 2022 revenue and Adjusted EBITDA, along with reconciliations of Adjusted EBITDA to the nearest GAAP measure, net income attributable to Viad.
  
                               
   
2022
  
($ in thousands)
  
First Quarter
    
Second Quarter
    
Third Quarter
    
Fourth Quarter
    
Full Year
  
                               
Viad Consolidated:
                              
Net income (loss) attributable to Viad
  
$
(29,001
)
  
$
19,839
    
$
38,121
    
$
(5,739
)
  
$
23,220
  
Net income (loss) attributable to noncontrolling interest
    
(1,204
)
    
451
      
3,784
      
(708
)
    
2,323
  
Net loss attributable to redeemable noncontrolling interest
    
(138
)
    
(128
)
    
(88
)
    
(394
)
    
(748
)
(Income) loss from discontinued operations
    
(275
)
    
(52
)
    
42
      
137
      
(148
)
Net interest expense
    
5,877
      
7,761
      
10,252
      
11,001
      
34,891
  
Income tax expense (benefit)
    
(2,582
)
    
3,359
      
8,810
      
386
      
9,973
  
Depreciation and amortization
    
13,279
      
13,207
      
12,956
      
13,041
      
52,483
  
Gain on sale of ON Services
    
-
      
-
      
-
      
(19,637
)
    
(19,637
)
Restructuring charges (recoveries)
    
654
      
1,426
      
1,387
      
(408
)
    
3,059
  
Impairment charges
    
583
      
-
      
-
      
-
      
583
  
Other expense
    
638
      
612
      
280
      
547
      
2,077
  
Start-up costs (A)
    
431
      
648
      
672
      
418
      
2,169
  
Acquisition transaction-related costs
    
418
      
91
      
765
      
53
      
1,327
  
Integration costs
    
-
      
119
      
17
      
101
      
237
  
Remeasurement of finance lease obligation (B)
    
-
      
-
      
4,961
      
(804
)
    
4,157
  
Other non-recurring expenses (C)
    
8
      
143
      
-
      
-
      
151
  
Consolidated Adjusted EBITDA
  
$
(11,312
)
  
$
47,476
    
$
81,959
    
$
(2,006
)
  
$
116,117
  
                                         
Consolidated Adjusted EBITDA by Business:
                                        
Pursuit
  
$
(11,498
)
  
$
15,613
    
$
75,085
    
$
(11,251
)
  
$
67,949
  
Total GES
    
2,720
      
35,131
      
10,685
      
12,721
      
61,257
  
Total Segment EBITDA
    
(8,778
)
    
50,744
      
85,770
      
1,470
      
129,206
  
Corporate EBITDA
    
(2,534
)
    
(3,268
)
    
(3,811
)
    
(3,476
)
    
(13,089
)
Consolidated Adjusted EBITDA
  
$
(11,312
)
  
$
47,476
    
$
81,959
    
$
(2,006
)
  
$
116,117
  
                                         
                                         
Pursuit Adjusted EBITDA:
                                        
Revenue
  
$
23,784
    
$
77,599
    
$
163,796
    
$
34,148
    
$
299,327
  
Cost of services and products
    
(44,982
)
    
(72,028
)
    
(104,047
)
    
(54,239
)
    
(275,296
)
Segment operating income (loss)
    
(21,198
)
    
5,571
      
59,749
      
(20,091
)
    
24,031
  
Depreciation
    
7,782
      
7,866
      
7,501
      
7,926
      
31,075
  
Amortization
    
1,179
      
1,316
      
1,351
      
1,175
      
5,021
  
Start-up costs (A)
    
431
      
648
      
672
      
418
      
2,169
  
Acquisition transaction-related costs
    
308
      
93
      
834
      
24
      
1,259
  
Integration costs
    
-
      
119
      
17
      
101
      
237
  
Remeasurement of finance lease obligation (B)
    
-
      
-
      
4,961
      
(804
)
    
4,157
  
Adjusted EBITDA
  
$
(11,498
)
  
$
15,613
    
$
75,085
    
$
(11,251
)
  
$
67,949
  
                                         
Pursuit Operating margin
    
-89.1
%
    
7.2
%
    
36.5
%
    
-58.8
%
    
8.0
%
Pursuit Adjusted EBITDA margin
    
-48.3
%
    
20.1
%
    
45.8
%
    
-32.9
%
    
22.7
%
                                         
                                         
Total GES Adjusted EBITDA:
                                        
Revenue
  
$
153,576
    
$
241,604
    
$
218,925
    
$
213,879
    
$
827,984
  
Cost of services and products
    
(155,170
)
    
(210,484
)
    
(212,335
)
    
(205,082
)
    
(783,071
)
Segment operating income (loss)
    
(1,594
)
    
31,120
      
6,590
      
8,797
      
44,913
  
Depreciation
    
3,220
      
2,922
      
2,970
      
2,802
      
11,914
  
Amortization
    
1,094
      
1,089
      
1,125
      
1,122
      
4,430
  
Total GES Adjusted EBITDA
  
$
2,720
    
$
35,131
    
$
10,685
    
$
12,721
    
$
61,257
  
                                         
Total GES Operating margin
    
-1.0
%
    
12.9
%
    
3.0
%
    
4.1
%
    
5.4
%
Total GES Adjusted EBITDA margin
    
1.8
%
    
14.5
%
    
4.9
%
    
5.9
%
    
7.4
%
                                         
GES Adjusted EBITDA by Reportable Segment:
                                        
Spiro
  
$
742
    
$
15,750
    
$
4,688
    
$
5,795
    
$
26,975
  
GES Exhibitions
    
1,978
      
19,381
      
5,997
      
6,926
      
34,282
  
Total GES
  
$
2,720
    
$
35,131
    
$
10,685
    
$
12,721
    
$
61,257
  
                                         
Spiro Revenue
  
$
42,816
    
$
89,425
    
$
73,277
    
$
72,123
    
$
277,641
  
                                         
Spiro Adjusted EBITDA Margin
    
1.7
%
    
17.6
%
    
6.4
%
    
8.0
%
    
9.7
%
                                         
GES Exhibitions Revenue
  
$
111,831
    
$
154,600
    
$
147,872
    
$
143,577
    
$
557,880
  
                                         
GES Exhibitions Adjusted EBITDA Margin
    
1.8
%
    
12.5
%
    
4.1
%
    
4.8
%
    
6.1
%
                                         

(A)
Includes costs related to the development of Pursuit's new FlyOver attractions in Chicago and Toronto, and Forest Park Hotel in Canada.
(B)
Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.
(C)
Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.

Exhibit 99.2
 SECOND quarter 2023 EARNINGS CALL  AUGUST 3, 2023 
 
 Forward-looking statements  This presentation contains a number of forward-looking statements. Words, and variations  of  words,  such  as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking  statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions or goals also are  forward looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.   Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:  general economic uncertainty in key global markets and a worsening of global economic conditions;  travel industry disruptions;  the impact of our overall level of indebtedness, as well as our financial covenants, on our operational and financial flexibility;  identified material weakness in our internal control over financial reporting;  seasonality of our businesses;  the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;  our ability to anticipate and adjust for new and emerging challenges presented by the ramifications of the COVID-19 pandemic on our businesses;  unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;  our exposure to labor shortages, turnover, and labor cost increases;  the importance of key members of our account teams to our business relationships;  our ability to manage our business and continue our growth if we lose any of our key personnel;  the competitive nature of the industries in which we operate;  our dependence on large exhibition event clients;  adverse effects of show rotation on our periodic results and operating margins;  transportation disruptions and increases in transportation costs;  natural disasters, weather conditions, accidents, and other catastrophic events;  our exposure to labor cost increases and work stoppages related to unionized employees;  our multi-employer pension plan funding obligations;  our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;  our exposure to cybersecurity attacks and threats;   our exposure to currency exchange rate fluctuations;  liabilities relating to prior and discontinued operations; and  compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data.  For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation.  2 
 
 NON-GAAP FINANCIAL MEASURES  This document includes the presentation of “Adjusted EBITDA” and ”Income (Loss) Before Other Items”, which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.  These non-GAAP measures should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.    The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because it does not consider a variety of items affecting Viad’s consolidated financial performance as explained below.  Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.  Adjusted EBITDA is defined by management as net income attributable to Viad before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, acquisition-related costs, attraction start-up costs, restructuring charges, impairment charges, and the reduction/increase for income/loss attributable to non-redeemable and redeemable non-controlling interests, and gains or losses from sales of businesses.   Adjusted EBITDA is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-recurring integration costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s consolidated and segment performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business.  Income (Loss) Before Other Items is defined by management as net income attributable to Viad before income (loss) from discontinued operations, acquisition-related costs, attraction start-up costs, restructuring charges, impairment charges, other non-recurring expenses, and tax matters.   Income (Loss) Before Other Items is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s performance.   3  Forward-Looking Non-GAAP Measures  The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP measure because certain reconciling items that impact this metric including, provision for income taxes, interest expense, restructuring or impairment charges, acquisition-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP. 
 
 Q2’23 HIGHLIGHTS  4 
 
 FINANCIAL PERFORMANCE 
 
 6  strong Q2’23 RESULTS  6  Revenue increased $1.1 million as higher international tourism in Western Canada and Iceland and stronger demand for exhibitions and events more than offset a $16 million revenue reduction due to timing of events at GES and the sale of ON Services  Net income attributable to Viad decreased $8.9 million primarily due to lower GES adjusted EBITDA, higher interest expense, and higher taxes, partially offset by higher adjusted EBITDA at Pursuit  Consolidated Adjusted EBITDA declined $4.6 million primarily due to:  Lower revenue at GES  Increased staffing levels at GES as compared to the 2022 second quarter when a faster than expected recovery in event activity significantly outpaced workforce restaffing from pandemic levels  Partially offset by stronger visitation and margin expansion at Pursuit  * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.  (in millions)​  Q2’23​  Q2’22  $ Change   ​   ​  ​  ​  Revenue​  $​  320.3​  $  319.2    $  1.1   ​  Pursuit Revenue​  ​     88.5  77.6  10.9   ​  GES Revenue​  ​    231.8​  241.6  (9.8)   ​   ​  ​   ​  Net Income Attributable to Viad​  $​    11.0  $  19.8  $  (8.9)  ​  ​Income Before Other Items  ​  11.8  22.2  (10.3)  ​  ​  ​  Consolidated Adjusted EBITDA*​  $​  42.9  $  47.5  $  (4.6)   ​  Pursuit Adjusted EBITDA*​   ​    19.5  15.6  3.9   ​  GES Adjusted EBITDA*​   ​      26.8  35.1  (8.3)   ​  Corporate Adjusted EBITDA*​   ​      (3.5)​  (3.3)  (0.2)  GES Adjusted EBITDA was ~$3 million above the high-end of guidance range  Pursuit Adjusted EBITDA was within guidance range 
 
 7  Q2’23 YEAR-OVER-YEAR RESULTS  7  (in millions)  Q2’23     Q2’22     $ Change                                Revenue:                             Total Pursuit  $   88.5      $   77.6     $   10.9                                 Adjusted EBITDA*:                             Total Pursuit  $   19.5     $   15.6     $   3.9  * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.  Note: Amounts may not add as presented due to rounding  Revenue of $88.5 million increased 14% primarily due to stronger international visitation  Adjusted EBITDA increased $3.9 million primarily due to higher revenue and improved margin  Revenue of $231.8 million decreased 4.0%  Strong same-show revenue growth (+19% y/o/y)  Sale of ON Services (-$16 million)  Postponed shows from Q1’22 into Q2’22 returning to normal schedules in Q1’23 (-$10 million)  Positive show rotation revenue (+$10 million)  Adjusted EBITDA decreased by $8.3 million primarily due to lower revenue and restaffing of the workforce from pandemic levels  (in millions)  Q2’23     Q2’22     $ Change                                Revenue:                             Spiro  $   80.4      $   89.4      $   (9.1)      GES Exhibitions      154.5          154.6          (0.1)     Inter-segment Elims      (3.1)         (2.4)         (0.6)     Total GES  $   231.8      $   241.6     $   (9.8)  Adjusted EBITDA*:                             Spiro  $   8.9     $   15.8     $   (6.8)     GES Exhibitions      17.9          19.4         (1.5)     Total GES  $   26.8      $   35.1     $   (8.3)  PURSUIT  GES 
 
 
 9  Pursuit second quarter results  Record Q2 revenue of $88.5 million increased 14% from Q2’22 and 60% from Q2’19 reflecting the strength of our Refresh, Build, Buy strategy  New experiences acquired/opened from 2019 to present grew $5.6 million (27%) vs. Q2’22 and represented ~30% of Pursuit’s Q2’23 revenue  Same-store experiences owned/open prior to 2019 grew $5.3 million (9%) vs. Q2’22 and were up 19% from Q2’19  EBITDA of $19.5 million increased due to higher revenue and margins  Pursuit Revenue  (in millions)  New Experiences(1)  Same-Store(2)  (1) New Experiences that were opened or acquired after January 1, 2019, include:  Forest Park Hotel (opened August 2022)  Glacier Raft Co (acquired April 2022)  FlyOver Las Vegas (opened September 2021)  Sky Lagoon (opened May 2021)  Golden Skybridge (acquired March 2021 / opened June 2021)  Glacier Basecamp Lodge (acquired January 2020)  (2) Same-store excludes any experiences that were not owned or opened for the entirety of all years presented  Open Top Touring (opened September 2020)  FlyOver Iceland (opened August 2019)  West Glacier RV Park (opened July 2019)  Mountain Park Lodges (acquired June 2019)  Belton Chalet (acquired May 2019)  Adj. EBITDA $17.4 $15.6 $19.5  Margin 31.4% 20.1% 22.0% 
 
 10  Pursuit attraction PERFORMANCE – Q2  Ticket revenue grew 25% vs. Q2’22 and 59% vs. Q2’19  Same-store visitors improved significantly y/o/y and were within 2% of pre-pandemic levels  Introduction of Pursuit Pass is driving higher visits and advance commitments  New experiences visitation continued to grow YOY  FlyOver Las Vegas up 41%  Golden Skybridge up 62%  Sky Lagoon up 22%  FlyOver Iceland up 12%  Glacier Raft Co. up 29%  Note: New attractions opened or acquired after January 1, 2019, include Glacier Raft Co. (acquired April 2022), FlyOver Las Vegas (opened September 2021), Golden Skybridge (opened June 2021), Sky Lagoon (opened May 2021), Open Top Touring (opened September 2020), and FlyOver Iceland (opened August 2019). Same-store ETP is presented on a constant currency basis and excludes new attractions.   Ticket Revenue ($ Millions)  Q2’23  Q2’19  Q2’22  +59% 
 
 11  Pursuit LODGING PERFORMANCE – Q2  Rooms revenue grew 8% vs. Q2’22 and 75% vs. Q2’19  Higher RevPAR and ADR than 2022 and 2019 from strong demand and refresh improvements to the guest experience  Same-store RevPAR growth was primarily driven by stronger ADR, while occupancy remained strong  Note: Same-store RevPAR is presented on a constant currency basis and excludes the following hotels that were opened or acquired after January 1, 2019: Forest Park Hotel (opened August 2022), Glacier Raft Co (acquired April 2022), Glacier Basecamp Lodge (acquired January 2020), West Glacier RV Park (opened July 2019), Mountain Park Lodges (acquired June 2019), and Belton Chalet (acquired May 2019).   Rooms Revenue ($ Millions)  Q2’19  Q2’22  Q2’23  +75% 
 
 12  Banff & Jasper  ADR +3% vs. 2022  ADR +7% vs. 2022  ADR +14% vs. 2022  Rooms Revenue* ($M, CAD)   * Rooms Revenue On The Books data represents reservations taken to date as of July 30, 2022, and 2023   Glacier Park  Rooms Revenue* ($M)  Alaska  Rooms Revenue* ($M)  Pursuit’s lodging booking pace for 2h’23  Banff and Jasper pacing is accelerating with strong US visitation into Western Canada  Glacier and Alaska pacing remains robust and in line with record-breaking prior year for these geographies  2022  2023  +29%  2022  2023  +3%  2022  2023  +5% 
 
 
 14  GES second quarter results  GES Revenue  (in millions)  Q2’23 revenue of $231.8 million decreased $9.8 million year-over-year primarily due to:  Sale of ON Services(1) (~$16 million) and postponed shows from Q1’22 into Q2’22 returning to normal schedules in Q1’23 (~$10 million)  Partially offset by live event activity strength and major non-annual shows  Show rotation(2) benefited revenue by ~$10 million vs. Q2’22  Adjusted EBITDA of $26.8 million decreased $8.3 million primarily due to:  Lower revenue  Restaffing of the workforce from pandemic levels  (1) ON Services, GES’ non-core AV business, was sold on December 15, 2022.  (2) Show rotation refers to GES’ major non-annual shows.   (3) Shows that postponed from Q1’22 into Q2’22 due to Omicron disruptions that returned to their normal schedules in Q1’23  Adj. EBITDA $44.3 $35.1 $26.8  Margin 13.8% 14.5% 11.6%  Q1 Shows(3)  All Other  ON Services(1)  Major   Non-Annual Shows(2) 
 
 15  GES EXHIBITIONS second quarter results  GES Exhibitions Revenue  (in millions)  Adj. EBITDA $19.4 $17.9  Margin 12.5% 11.6%  GES Exhibitions revenue of $154.5 million was essentially flat year-over-year primarily due to:  Same-show revenue growth of 19% from Q2’22  Partially offset by postponed shows from Q1’22 into Q2’22 returning to normal schedules in Q1’23 (~$10 million), the sale of ON Services (~$6 million), and negative show rotation from major non-annual shows (~$3 million)  GES Exhibitions Adjusted EBITDA of $17.9 million decreased $1.5 million primarily due to:   Restaffing of the workforce from pandemic levels (exhibitions activity returned more quickly than anticipated in 2022 and outpaced workforce restaffing until Q4’22) 
 
 16  EXHIBITIONS’ INDUSTRY HAS SUBSTANTIALLYRECOVERED WITH ROOM FOR MORE GROWTH  16  In Q2’23, GES Exhibitions’ same show revenue had nearly returned to 2019 levels  Show sizes on average were still ~14% below pre-pandemic levels  Substantial opportunity for future growth as event sizes fully recover  * The US same show metric compares tradeshows that occurred in the same city for both occurrences and represented between 30% and 50% of the total exhibition revenue during each of the last five quarters  GES’ revenue per net square foot of event space has improved vs. pre-pandemic  GES US Exhibitions Same-Show* Revenue and Square Footage  vs. 2019 Pre-Pandemic Occurrence 
 
 17  SPIRO second quarter results  Spiro Revenue  (in millions)  Adj. EBITDA $15.8 $8.9  Margin 17.6% 11.1%  Spiro revenue of $80.4 million decreased $9.1 million year-over-year primarily due to:  Sale of ON Services (~$9 million), shifts in timing of client spend, and non-recurring business  Partially offset by positive show rotation from major non-annual shows (~$13 million) and new client wins  Continuing to win new logos and cultivate existing clients from expanding capabilities   Clients’ marketing spending approaching 2019 levels  Won 17 new clients YTD (~$15 million of FY’23 revenue)  Spiro Adjusted EBITDA of $8.9 million decreased $6.8 million primarily due to:  Rebuilding the workforce from pandemic levels  Select investments in talent and capabilities to fuel future growth 
 
 18  FINANCIAL OUTLOOK 
 
 19  FINANCIAL OUTLOOK – Full Year  19  $millions  FY’23 Guidance  FY’22 Actual  Pursuit:  Revenue  Adjusted EBITDA  Up ~15%  $85 to $95  $299.3  $67.9  Unchanged from prior guidance  Revenue growth driven by lifting of all COVID restrictions at the Canadian border, acceleration of new experiences, and ongoing focus on improving the guest experience  Margin improves as visitation increases, the performance of newer experiences improves, and pandemic-era cost pressures ease   GES:  Revenue  Adjusted EBITDA  Up low-single digits  $54 to $62  $828.0  $61.3  Raised vs. prior guidance  Revenue growth from stronger demand for exhibition and event services and new Spiro wins will more than offset negative show rotation (~$30) and sale of ON Services (~$50)  EBITDA range reflects full run rate SG&A for GES Exhibitions and select investments in talent and capabilities at Spiro to fuel growth in 2023 and beyond  Consolidated:  Revenue  Adjusted EBITDA  Cash from Operations  Capital Expenditures  Up mid-single digits  $126 to $143  $75 to $85  $70 to $75  $1,127.3  $116.1  $73.4  $67.2  Revenue, Adjusted EBITDA, and Cash from Operations raised from prior guidance on improved outlook for GES  Cash from Operations range vs. prior year reflects higher EBITDA partially offset by higher interest and tax payments  Capital expenditures range includes growth capex of ~$35 at Pursuit primarily related to FlyOver Chicago and refresh projects at Pyramid Lake Lodge 
 
 20  FINANCIAL OUTLOOK – Q3’23  20  $millions  Q3’23 Guidance  Q3’22 Actual  Pursuit:  Revenue  Adjusted EBITDA  $175 to $190  $87 to $95  $163.8  $75.1  Growth driven by lifting of all COVID restrictions at the Canadian border, acceleration of new experiences, and ongoing focus on improving the guest experience  GES:  Revenue  Adjusted EBITDA  $165 to $180  $(6) to $(2)  $218.9  $10.7  Revenue decline due to show rotation (~$50) and sale of ON Services (~$14), partially offset by underlying growth  EBITDA range reflects lower revenue  Consolidated:  Revenue  Adjusted EBITDA  Cash from Operations  Capital Expenditures  $340 to $370  $77.5 to $89.5  $55 to $60  $25 to $30  $382.7  $82.0  $61.5  $23.1  Revenue and Adjusted EBITDA ranges reflect expected revenue decline at GES, partially offset by continued growth at Pursuit  Cash from Operations range reflects higher interest payments  Capital expenditures range includes growth capex of ~$15 at Pursuit primarily related to FlyOver Chicago 
 
 APPENDIX 
 
 22  Q2 REVENUE AND ADJUSTED EBITDA 
 
 FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES  We have also provided forward−looking guidance for Adjusted EBITDA, a non−GAAP financial measure. We do not provide a reconciliation of the forward−looking guidance of Adjusted EBITDA, a non−GAAP financial measure, to the most directly comparable GAAP financial measure because, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliations is available to us without unreasonable efforts. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. It is possible that the forward−looking non−GAAP financial measure may be materially different from the corresponding forward-looking GAAP financial measure.  NON-GAAP FINANCIAL RECONCILIATION  23  Revenue has been adjusted in 2019 for immaterial errors related to the revenue recognition of GES’ Corporate Accounts’ third-party services, which are now reported on a net basis to reflect only the fees received for arranging these services.  Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Hotel in Canada.  Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.   Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.  Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.  Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and other non-recurring costs included within Corporate activities expense. 
 
 24  NON-GAAP FINANCIAL RECONCILIATION  Remeasurement of finance lease obligation attributable to Viad represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation that is attributed to Viad’s 51% interest in Sky Lagoon. 
 
 25  Pursuit key performance metrics  25 
 
 26  Cash Flow and Balance Sheet highlights  26  * Capacity available is equal to $100 million total facility size less outstanding balance and letters of credit. 
 
v3.23.2
Document and Entity Information
Aug. 03, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 03, 2023
Entity File Number 001-11015
Entity Registrant Name VIAD CORP
Entity Central Index Key 0000884219
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-1169950
Entity Address, Address Line One 7000 East 1st Avenue
Entity Address, City or Town Scottsdale
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85251-4304
City Area Code 602
Local Phone Number 207-1000
Title of 12(b) Security Common Stock, $1.50 Par Value
Trading Symbol VVI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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