- Pursuit delivered 14% revenue growth and successfully
launched new attraction
- GES drove margin expansion with healthy revenue
growth
- Maintain outlook for strong full year growth as positive
trends continue for both businesses
Viad Corp (NYSE: VVI), a leading global provider of
extraordinary experiences, including attractions, hospitality,
exhibition management services, and experiential marketing, today
reported results for the 2024 first quarter.
Steve Moster, Viad’s President and Chief Executive Officer,
commented, “We delivered solid first quarter results that were in
line with our expectations. Pursuit's 14% revenue growth during the
seasonally slower quarter was driven by strong attractions
performance, including an impressive launch of our new FlyOver
Chicago attraction. GES continues to deliver strong profitable
growth, with a 70 basis point year-over-year improvement in its
Adjusted EBITDA margin.”
Moster continued, "With accelerating business activity ahead and
signs of robust demand for our extraordinary experiences at both
Pursuit and GES, our favorable full year outlook remains unchanged.
We continue to expect year-over-year consolidated adjusted EBITDA
growth of approximately 16% to 30% in 2024 with strong free cash
flow.”
Financial Highlights
Three months ended March
31,
(in millions, except per share data)
2024
2023
$ Change
% Change
Revenue
$
273.5
$
260.8
$
12.7
4.9%
Pursuit Revenue
37.2
32.7
4.6
14.0%
GES Revenue
236.3
228.1
8.1
3.6%
Net Loss Attributable to Viad
$
(25.1
)
$
(20.9
)
$
(4.2
)
(20.4%)
Adjusted Net Loss*
(21.7
)
(22.0
)
0.3
1.2%
Diluted EPS Attributable to
Viad
$
(1.29
)
$
(1.10
)
$
(0.19
)
(17.3%)
Adjusted Diluted EPS*
(1.13
)
(1.15
)
0.02
1.7%
Consolidated Adjusted EBITDA*
$
4.3
$
3.4
$
0.9
27.1%
Pursuit Adjusted EBITDA*
(11.1
)
(10.3
)
(0.8
)
(8.1%)
GES Adjusted EBITDA*
18.9
16.7
2.2
13.0%
Corporate Adjusted EBITDA*
(3.5
)
(3.0
)
(0.4
)
(13.8%)
* 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.
In addition to the commentary below, further information
regarding our financial results, trends, and outlook are available
in a supplemental earnings presentation, which can be accessed on
the “Investors” section of our website, and in the financial tables
accompanying this press release.
First Quarter Results
- Revenue of $273.5 million increased $12.7 million (4.9%) from
the 2023 first quarter.
- Pursuit revenue of $37.2 million increased $4.6 million (14.0%)
year-over-year primarily due to growth at our year-round
attractions, with particularly strong demand for Sky Lagoon in
Iceland and the opening of FlyOver Chicago on March 1.
- GES revenue of $236.3 million increased $8.1 million (3.6%)
year-over-year primarily due to continued underlying growth that
more than offset a $4 million decline due to the timing of major
non-annual shows.
- Net loss attributable to Viad of $25.1 million increased $4.2
million from the 2023 first quarter primarily due to higher
non-operational items and income tax expense.
- Adjusted net loss* of $21.7 million improved $0.3 million
primarily due to stronger consolidated Adjusted EBITDA and lower
interest expense, partially offset by higher depreciation
expense.
- Consolidated adjusted EBITDA* of $4.3 million increased $0.9
million from the 2023 first quarter.
- Pursuit adjusted EBITDA* of negative $11.1 million declined by
$0.8 million year-over-year primarily reflecting increased
operating costs to support higher business volume.
- GES adjusted EBITDA of $18.9 million increased $2.2 million
year-over-year primarily due to higher revenue and improved
margin.
Cash Flow and Balance Sheet Highlights
- Our cash flow from operations was an outflow of $7.5 million
for the first quarter.
- Our capital expenditures for the first quarter totaled $20.7
million, comprising $16.4 million for Pursuit (inclusive of about
$8 million for growth projects) and $4.3 million for GES.
- Our debt proceeds (net) totaled $26.3 million for the first
quarter.
- Our total liquidity was $137.2 million at March 31, 2024,
comprising cash and cash equivalents of $48.8 million and $88.4
million of capacity available on our revolving credit
facility.
- Our debt was $488.4 million, and our net leverage ratio was 2.7
at the end of the first quarter.
2024 Outlook
Our guidance for Viad consolidated, Pursuit, and GES is as
follows:
(in millions)
Second Quarter
Full Year
Viad
Consolidated
Revenue
$352 to $377
Up high-single to low-double
digits
Adjusted EBITDA
$51 to $59
$171 to $191
Cash flow from Operations
$35 to $45
$120 to $140
Capital Expenditures
$20 to $25
(including growth capex of
~$5)
$65 to $70
(including growth capex of
~$20)
Pursuit
Revenue
$92 to $97
Up mid-single digits
Adjusted EBITDA
$20 to $24
$105 to $115
GES
Revenue
$260 to $280
Up low-double digits
Adjusted EBITDA
$34.5 to $38.5
$80 to $90
Conference Call Details
Management will host a conference call to review first quarter
2024 results on Thursday, May 2, 2024, at 5 p.m. (Eastern
Time).
The conference call can be accessed with operator assistance by
calling (404) 975-4839 or (833) 470-1428 and entering the access
code 618108.
To avoid wait time and bypass speaking with an operator to join
the call, participants can pre-register using the following
registration link:
https://www.netroadshow.com/events/login?show=3867cd9c&confId=63312.
After registering, a calendar invitation will be sent that includes
dial-in information as well as unique codes for entry into the live
call. We recommend that you register in advance to ensure access
for the full 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 (929) 458-6194
or (866) 813-9403 and entering the access code 959638.
Additionally, we posted a supplemental earnings presentation,
containing our financial 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 attractions, hospitality, exhibition
management services, and experiential marketing 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 global attractions and hospitality company that
owns and operates a collection of inspiring and unforgettable
experiences in iconic destinations. Pursuit’s elevated hospitality
experiences enable visitors to discover and connect with
world-class attractions, distinctive lodges, and engaging tours in
stunning national parks and renowned global travel locations, in
addition to experiencing our collection of Flyover Attractions in
the vibrant cities of Vancouver, Reykjavik, Las Vegas, and
Chicago.
GES is a global exhibition management and experiential marketing
company offering a comprehensive range of services to the world’s
leading event organizers and brands through two reportable
segments, GES Exhibitions and Spiro. GES Exhibitions is a global
exhibition and trade show management business 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. Spiro is a global experiential
marketing agency that partners with leading brands around the world
to manage and elevate their experiential marketing activities,
bonding brand and customer.
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.
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;
- seasonality of our businesses;
- unanticipated delays and cost overruns of our capital projects,
and our ability to achieve established financial and strategic
goals for such projects;
- 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;
- sufficiency and cost of insurance coverage; 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 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, transaction-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.
VIAD CORP
TABLE ONE - QUARTERLY RESULTS
(UNAUDITED)
Three months ended March
31,
(in thousands, except per share data)
2024
2023
$ Change
% Change
Revenue:
Pursuit
$
37,231
$
32,663
$
4,568
14.0%
GES:
Spiro
61,248
60,362
886
1.5%
GES Exhibitions
175,840
169,497
6,343
3.7%
Inter-segment eliminations
(822
)
(1,731
)
909
52.5%
Total GES
236,266
228,128
8,138
3.6%
Total revenue
$
273,497
$
260,791
$
12,706
4.9%
Segment operating income
(loss):
Pursuit
$
(23,831
)
$
(19,112
)
$
(4,719
)
(24.7%)
GES:
Spiro
4,001
3,174
827
26.1%
GES Exhibitions
11,357
10,410
947
9.1%
Total GES
15,358
13,584
1,774
13.1%
Segment operating loss
$
(8,473
)
$
(5,528
)
$
(2,945
)
(53.3%)
Corporate eliminations
16
16
-
0.0%
Corporate activities (Note A)
(4,433
)
(3,165
)
(1,268
)
(40.1%)
Restructuring charges
(116
)
(453
)
337
74.4%
Other expense, net
(438
)
(531
)
93
17.5%
Net interest expense
(11,845
)
(12,249
)
404
3.3%
Loss from continuing operations before
income taxes
(25,289
)
(21,910
)
(3,379
)
(15.4%)
Income tax (expense) benefit (Note B)
(887
)
578
(1,465
)
**
Loss from continuing operations
(26,176
)
(21,332
)
(4,844
)
(22.7%)
Loss from discontinued operations
(67
)
(58
)
(9
)
(15.5%)
Net loss
(26,243
)
(21,390
)
(4,853
)
(22.7%)
Net loss attributable to noncontrolling
interest
923
398
525
**
Net loss attributable to redeemable
noncontrolling interest
203
123
80
65.0%
Net loss attributable to Viad
$
(25,117
)
$
(20,869
)
$
(4,248
)
(20.4%)
Amounts Attributable to Viad:
Loss from continuing operations
$
(25,050
)
$
(20,811
)
$
(4,239
)
(20.4%)
Loss from discontinued operations
(67
)
(58
)
(9
)
(15.5%)
Net loss
$
(25,117
)
$
(20,869
)
$
(4,248
)
(20.4%)
Loss per common share attributable to
Viad (Note C):
Basic loss per common share
$
(1.29
)
$
(1.10
)
$
(0.19
)
(17.3%)
Diluted loss per common share
$
(1.29
)
$
(1.10
)
$
(0.19
)
(17.3%)
Weighted-average common shares
outstanding:
Basic weighted-average outstanding common
shares
21,029
20,751
278
1.3%
Additional dilutive shares related to
share-based compensation
-
-
-
**
Diluted weighted-average outstanding
common shares
21,029
20,751
278
1.3%
Adjusted EBITDA* by Reportable
Segment:
Pursuit
$
(11,148
)
$
(10,315
)
$
(833
)
(8.1%)
GES:
Spiro
4,640
3,737
903
24.2%
GES Exhibitions
14,275
13,007
1,268
9.7%
Total GES
18,915
16,744
2,171
13.0%
Corporate
(3,456
)
(3,037
)
(419
)
(13.8%)
Consolidated Adjusted EBITDA
$
4,311
$
3,392
$
919
27.1%
Capitalization Data:
Cash and cash equivalents
$
48,799
$
50,818
$
(2,019
)
(4.0%)
Total debt
488,381
478,422
9,959
2.1%
Viad shareholders' equity
12,247
(4,248
)
16,495
**
Non-controlling interests (redeemable and
non-redeemable)
91,267
87,452
3,815
4.4%
Convertible Series A Preferred Stock (Note
D):
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
TABLE ONE - NOTES TO QUARTERLY
RESULTS (UNAUDITED)
(A) Corporate Activities -The increase in
corporate activities is primarily due to increased
transaction-related consulting costs.
(B) Income tax expense – The effective tax
rate was a negative 3.5% for the three months ended March 31, 2024
and a positive 2.6% for the three months ended March 31, 2023. The
effective rates differed from the 21% federal rate as we do not
recognize a tax benefit on losses in the United States and other
European countries where we have a valuation allowance. For the
three months ended March 31, 2024, we included in the annualized
effective rate a $1.1 million benefit for the release of the
valuation allowance recorded on the UK tax loss carryforwards. We
also recorded a $0.5 million expense to record estimated
withholding taxes associated with the repatriation of Sky Lagoon
earnings and a valuation allowance against the tax credit generated
from this withholding tax. During the three months March 31, 2023,
we released the valuation allowance of $2.1 million that was
recorded on deferred tax assets associated with certain separate
states, which more than offset taxes due in jurisdictions without a
valuation allowance.
(C) 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 nonforfeitable 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 March
31,
(in thousands)
2024
2023
$ Change
% Change
Net loss attributable to Viad
$
(25,117
)
$
(20,869
)
$
(4,248
)
(20.4%)
Convertible preferred stock dividends
(1,950
)
(1,950
)
-
0.0%
Adjustment to the redemption value of
redeemable noncontrolling interest
-
-
-
**
Undistributed income attributable to
Viad
(27,067
)
(22,819
)
(4,248
)
(18.6%)
Less: Allocation to participating
securities
-
-
-
**
Net loss allocated to Viad common
shareholders (basic)
$
(27,067
)
$
(22,819
)
$
(4,248
)
(18.6%)
Add: Allocation to participating
securities
-
-
-
**
Net loss allocated to Viad common
shareholders (diluted)
$
(27,067
)
$
(22,819
)
$
(4,248
)
(18.6%)
Basic weighted-average outstanding
common shares
21,029
20,751
278
1.3%
Additional dilutive shares related to
share-based compensation
-
-
-
**
Diluted weighted-average outstanding
common shares
21,029
20,751
278
1.3%
** Change is greater than +/- 100
percent
(D) 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
TABLE TWO - NON-GAAP FINANCIAL
MEASURES (UNAUDITED)
IMPORTANT DISCLOSURES REGARDING
NON-GAAP FINANCIAL MEASURES
This document includes the presentation of
"Adjusted Net Income (Loss)", "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.
Adjusted Net Income (Loss), 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 March
31,
(in thousands, except per share data)
2024
2023
$ Change
% Change
Adjusted net loss:
Net loss attributable to Viad
$
(25,117
)
$
(20,869
)
$
(4,248
)
(20.4%)
Loss from discontinued operations
attributable to Viad
67
58
9
15.5%
Loss from continuing operations
attributable to Viad
(25,050
)
(20,811
)
(4,239
)
(20.4%)
Restructuring charges, pre-tax
116
453
(337
)
(74.4%)
Transaction-related costs and other
non-recurring expenses, pre-tax (Note A)
2,877
846
2,031
**
Remeasurement of finance lease obligation
attributable to Viad, pre-tax (Note B)
512
(639
)
1,151
**
Tax expense (benefit) on above items
(201
)
249
(450
)
**
Favorable tax matters
-
(2,103
)
2,103
(100.0%)
Adjusted net loss
$
(21,746
)
$
(22,005
)
$
259
1.2%
Adjusted diluted EPS:
Adjusted net loss (as reconciled
above)
$
(21,746
)
$
(22,005
)
$
259
1.2%
Convertible preferred stock dividends
(1,950
)
(1,950
)
-
0.0%
Undistributed income (loss) before other
items attributable to Viad (Note C)
(23,696
)
(23,955
)
259
1.1%
Less: Allocation to participating
securities (Note D)
-
-
-
**
Diluted adjusted net loss allocated to
Viad common shareholders
$
(23,696
)
$
(23,955
)
$
259
1.1%
Diluted weighted-average outstanding
common shares
21,029
20,751
278
1.3%
Adjusted diluted EPS
$
(1.13
)
$
(1.15
)
$
0.02
1.7%
** Change is greater than +/- 100
percent
(A) Transaction-related costs and other
non-recurring expenses include:
Three months ended March 31,
(in thousands)
2024
2023
Acquisition integration costs -
Pursuit1
$
-
$
30
Transaction-related costs - Pursuit1
3
32
Transaction-related costs - Corporate2
859
(3
)
Attraction start-up costs1, 3
1,940
692
Other non-recurring expenses2, 4
75
95
Transaction-related and other
non-recurring expenses, pre-tax
$
2,877
$
846
1 Included in segment operating loss
2 Included in corporate activities
3 Includes costs primarily related to the
development of Pursuit's new FlyOver attraction in Chicago.
4 Includes non-capitalizable fees and
expenses related to Viad’s shelf registration in 2024 and Viad’s
credit facility refinancing efforts in 2023.
(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 nonforfeitable 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 March 31,
(in thousands)
2024
2023
Weighted-average outstanding common
shares
21,029
20,751
Effect of participating convertible
preferred shares (if applicable)
-
-
Effect of participating non-vested shares
(if applicable)
-
-
Weighted-average shares including effect
of participating interests (if applicable)
21,029
20,751
VIAD CORP
TABLE TWO - NON-GAAP FINANCIAL
MEASURES CONTINUED (UNAUDITED)
Three months ended March
31,
($ in thousands)
2024
2023
$ Change
% Change
Viad Consolidated:
Revenue
$
273,497
$
260,791
$
12,706
4.9%
Net loss attributable to Viad
$
(25,117
)
$
(20,869
)
$
(4,248
)
(20.4%)
Net loss attributable to noncontrolling
interest
(923
)
(398
)
(525
)
**
Net loss attributable to redeemable
noncontrolling interest
(203
)
(123
)
(80
)
(65.0%)
Loss from discontinued operations
67
58
9
15.5%
Net interest expense
11,845
12,249
(404
)
(3.3%)
Income tax expense (benefit)
887
(578
)
1,465
**
Depreciation and amortization
13,320
12,475
845
6.8%
Restructuring charges
116
453
(337
)
(74.4%)
Other expense, net
438
531
(93
)
(17.5%)
Start-up costs (A)
1,940
692
1,248
**
Transaction-related costs
862
29
833
**
Integration costs
-
30
(30
)
(100.0%)
Other non-recurring expenses
75
95
(20
)
(21.1%)
Remeasurement of finance lease obligation
(B)
1,004
(1,252
)
2,256
**
Consolidated Adjusted EBITDA
$
4,311
$
3,392
$
919
27.1%
Adjusted EBITDA attributable to
noncontrolling interest
(1,219
)
(645
)
(574
)
(89.0%)
Consolidated Adjusted EBITDA
attributable to Viad
$
3,092
$
2,747
$
345
12.6%
Consolidated Adjusted EBITDA by
Business:
Pursuit
$
(11,148
)
$
(10,315
)
$
(833
)
(8.1%)
Total GES
18,915
16,744
2,171
13.0%
Total Segment EBITDA
7,767
6,429
1,338
20.8%
Corporate EBITDA
(3,456
)
(3,037
)
(419
)
(13.8%)
Consolidated Adjusted EBITDA
$
4,311
$
3,392
$
919
27.1%
Pursuit Adjusted EBITDA:
Revenue
$
37,231
$
32,663
$
4,568
14.0%
Cost of services and products
(61,062
)
(51,775
)
(9,287
)
(17.9%)
Segment operating loss
(23,831
)
(19,112
)
(4,719
)
(24.7%)
Depreciation
8,623
8,134
489
6.0%
Amortization
1,113
1,161
(48
)
(4.1%)
Start-up costs (A)
1,940
692
1,248
**
Transaction-related costs
3
32
(29
)
(90.6%)
Integration costs
-
30
(30
)
(100.0%)
Remeasurement of finance lease obligation
(B)
1,004
(1,252
)
2,256
**
Adjusted EBITDA
$
(11,148
)
$
(10,315
)
$
(833
)
(8.1%)
Adjusted EBITDA attributable to
noncontrolling interest
(1,219
)
(645
)
(574
)
(89.0%)
Adjusted EBITDA attributable to
Viad
$
(12,367
)
$
(10,960
)
$
(1,407
)
(12.8%)
Pursuit Operating margin
(64.0%)
(58.5%)
(5.5%)
Pursuit Adjusted EBITDA margin
(29.9%)
(31.6%)
1.6%
Total GES Adjusted EBITDA:
Revenue
$
236,266
$
228,128
$
8,138
3.6%
Cost of services and products
(220,908
)
(214,544
)
(6,364
)
(3.0%)
Segment operating income
15,358
13,584
1,774
13.1%
Depreciation
2,682
2,178
504
23.1%
Amortization
875
982
(107
)
(10.9%)
Total GES Adjusted EBITDA
$
18,915
$
16,744
$
2,171
13.0%
Total GES Operating margin
6.5%
6.0%
0.5%
Total GES Adjusted EBITDA
margin
8.0%
7.3%
0.7%
GES Adjusted EBITDA by Reportable
Segment:
Spiro
$
4,640
$
3,737
$
903
24.2%
GES Exhibitions
14,275
13,007
1,268
9.7%
Total GES
$
18,915
$
16,744
$
2,171
13.0%
Spiro Revenue
$
61,248
$
60,362
$
886
1.5%
Spiro Adjusted EBITDA Margin
7.6%
6.2%
1.4%
GES Exhibitions Revenue
$
175,840
$
169,497
$
6,343
3.7%
GES Exhibitions Adjusted EBITDA Margin
8.1%
7.7%
0.4%
** Change is greater than +/- 100
percent
(A) Includes costs primarily related to
the development of Pursuit's new FlyOver attraction in Chicago.
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502593159/en/
Carrie Long or Michelle Porhola Investor Relations (602)
207-2681 ir@viad.com
Grafico Azioni Viad (NYSE:VVI)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Viad (NYSE:VVI)
Storico
Da Gen 2024 a Gen 2025
