Viad Corp - VVI STOCK NEWS

Viad Corp (NYSE: VVI) reported strong Q3 2024 results with revenue of $455.7 million, up 24.5% year-over-year. Pursuit revenue decreased 2.5% to $182.3 million due to Jasper wildfire impacts, while GES revenue increased 52.8% to $273.4 million. Net income rose 17.8% to $48.6 million. The company completed a tuck-in acquisition in Glacier National Park and is on track to sell GES for $535 million by December 31, 2024. Full-year guidance was revised with GES expected to achieve Adjusted EBITDA of $90-95 million and Pursuit's Adjusted EBITDA projected at $87-92 million.

Truelink Capital has announced a definitive agreement to acquire GES, a leading global exhibition and event industry provider, from Viad Corp. The transaction is expected to close by the end of 2024, subject to customary conditions. GES, with over 90 years of experience, offers comprehensive services including strategy, creative design, logistics, and event production for live and virtual events across various industries.

Luke Myers, Co-Founder and Managing Partner of Truelink Capital, expressed enthusiasm for the acquisition, highlighting GES' leadership in the industry and potential for expansion. Post-acquisition, Derek Linde will assume the role of President & CEO of GES. The deal aims to enhance GES' tech-enabled offerings and explore global growth opportunities, particularly in the agency business through Spiro.

Financial advisors for the transaction included Baird and BrightTower for Truelink Capital, and Moelis & Company for Viad Corp. Kirkland & Ellis and Latham & Watkins LLP served as legal advisors for Truelink Capital and Viad Corp, respectively.

Viad Corp (NYSE: VVI) has announced a transformative deal to sell its GES business to Truelink Capital for $535 million. The transaction, expected to close by the end of 2024, will separate GES from Viad's Pursuit attractions and hospitality business. Upon completion, Viad plans to change its corporate name to Pursuit and its NYSE ticker symbol to PRSU, becoming a pure-play attractions and hospitality leader.

Pursuit, which delivered $350 million in revenue with a 26.4% Adjusted EBITDA margin in 2023, will focus on its collection of experiences in iconic destinations across the US, Canada, and Iceland. The company aims to accelerate growth through its Refresh, Build, Buy strategy, leveraging an improved balance sheet from the transaction proceeds.

David Barry, current President of Pursuit, will become CEO and President of the standalone public company post-closing. The deal is expected to enhance Pursuit's ability to allocate resources, pursue growth opportunities, and simplify its business model.

Viad Corp (NYSE: VVI), a global provider of extraordinary experiences, has announced its third quarter 2024 earnings call schedule. The teleconference will be held on Thursday, November 7, 2024, at 5 p.m. (Eastern Time). President and CEO Steve Moster, CFO Ellen Ingersoll, and Pursuit President David Barry will host the call to review Q3 2024 results with investors and analysts.

A press release outlining financial results and outlook will be issued and posted on www.viad.com prior to the call, along with an earnings presentation. Investors can access the call via operator assistance or pre-register to bypass wait times. A live audio webcast will be available in listen-only mode through the 'Investors' section of Viad's website, with a replay available shortly after the call.

The Columbia Icefield in Jasper National Park will reopen to visitors on Friday, August 9, following Parks Canada's announcement to lift precautionary road restrictions along the Icefield Parkway (Highway 93). This reopening allows access to the Columbia Icefield and nearby attractions via the southern end of the iconic roadway connecting Jasper and Banff national parks.

Visitors can experience the Columbia Icefield Adventure, stand on ancient ice, and enjoy panoramic views from the Columbia Icefield Skywalk. The Columbia Icefield Glacier Discovery Centre, housing Pursuit and Parks Canada experiences, will also reopen, including two signature restaurants and the Glacier View Lodge.

This reopening is part of a phased re-entry for Jasper National Park, with Parks Canada aiming to restore visitor services by September 3. Pursuit's COO, Stuart Back, expressed gratitude to firefighters, first responders, and Parks Canada for ensuring safety during the wildfires.

Viad Corp (NYSE: VVI) reported strong Q2 2024 results, exceeding prior guidance. Revenue increased 18.2% to $378.5 million, with Pursuit revenue up 14.4% and GES revenue up 19.6%. Net income attributable to Viad rose to $29.3 million, or $0.97 per diluted share. Adjusted EBITDA grew 50.1% to $64.3 million

However, recent wildfires in Jasper National Park have impacted Pursuit's operations, leading to uncertainty in the full-year outlook. GES's full-year Adjusted EBITDA guidance was raised by $5 million. The company expects Q3 2024 revenue between $418-$463 million and Adjusted EBITDA of $87-$105 million. Full-year revenue is projected to increase by high single digits.

Viad Corp (NYSE: VVI), a global provider of extraordinary experiences, will host a teleconference to discuss its Q2 2024 financial results. The call, led by CEO Steve Moster and CFO Ellen Ingersoll, is scheduled for August 6, 2024, at 5 p.m. Eastern Time. Pursuit President David Barry will also join the discussion. The press release and earnings presentation will be available on Viad's website ahead of the call. The conference can be accessed via phone or a live audio webcast, with replays available afterward.

Viad Corp (NYSE: VVI) announced the acquisition of Jasper SkyTram, a prominent attraction in Jasper National Park. The transaction, pending approval by Parks Canada, is expected to close in July, amounting to $25 million CAD (~$18 million USD). Jasper SkyTram, operating for 60 years, serves over 130,000 visitors annually and offers panoramic views from Whistlers Mountain at 2,263 meters (8,081 feet). Viad expects the acquisition to add $4 million in revenue in 2024 with an adjusted EBITDA margin that enhances Pursuit's overall margin. This deal includes a renewable long-term lease with nearly 30 years remaining, contributing to economies of scale and strong demand.

Viad Corp (NYSE: VVI) has announced the promotion of Derek P. Linde to President of GES, effective June 3, 2024. Linde, currently the Chief Operating Officer at Viad, has been pivotal in advancing strategic goals and driving revenue growth, profitability, and cash flow. He has played a key role in launching the Spiro experiential marketing agency and implementing margin initiatives within GES Exhibitions. Linde, who joined Viad in 2018, has a background in legal leadership roles at Illinois Tool Works and Winston & Strawn LLP. His new role aims to capitalize on GES's global reach and growth opportunities.