Welcome to our dedicated page for Viad news (Ticker: VVI), a resource for investors and traders seeking the latest updates and insights on Viad stock.
Viad Corp (NYSE: VVI) is a distinguished S&P SmallCap 600 diversified services company, operating under three primary segments: Pursuit, Spiro, and GES Exhibitions. Viad Corp has established itself as a leader in providing unparalleled marketing and travel experiences across North America, the United Kingdom, Europe, and the United Arab Emirates.
Pursuit is dedicated to offering inspirational and memorable travel experiences. This segment includes recreational attractions, hotels and lodges, food and beverage services, retail, sightseeing, and ground transportation. Pursuit's comprehensive portfolio ensures guests have remarkable journeys and experiences that last a lifetime.
Spiro is a prominent marketing agency that collaborates with global brands to enhance their experiential marketing initiatives. Spiro specializes in creating dynamic and engaging marketing campaigns, ensuring brands connect with their audiences in meaningful ways.
GES Exhibitions partners with exhibition and conference organizers to deliver a full range of strategic and logistical solutions. This segment is a full-service provider, managing the intricacies of shows and ensuring seamless execution. GES Exhibitions supports organizers in crafting impactful and successful events that resonate with attendees.
Viad Corp's recent achievements and ongoing projects highlight its commitment to innovation and excellence. The company's financial health is robust, underpinned by strategic partnerships and a diverse portfolio of services. Viad Corp continues to excel in delivering high-quality, place-based marketing services, positioning itself as an industry leader in both travel and experiential marketing sectors.
Truelink Capital has completed the acquisition of GES from Viad Corp (VVI), establishing GES as an independent company. GES, a 90-year-old global leader in exhibition and event solutions, will continue under the leadership of Derek Linde as President & CEO. The company employs over 2,600 team members across North America, Europe, and Asia, providing comprehensive services in strategy, creative design, logistics, and event production.
The company serves various industries including healthcare, aerospace & defense, automotive, technology, and retail, offering support for both live and virtual events. This marks Truelink Capital's sixth acquisition, though financial terms were not disclosed.
Viad Corp (NYSE: VVI) has completed the sale of its GES business to Truelink Capital for $535 million and will relaunch as Pursuit Attractions and Hospitality, Inc. The company will begin trading under the new NYSE ticker PRSU on January 2, 2025. The transaction proceeds were used to retire Viad's 2021 Credit Facility and provide excess cash for Pursuit's growth strategy.
The company completed the mandatory conversion of its 5.5% Convertible Series A Preferred Stock into approximately 6.7 million common shares, bringing the total outstanding shares to 28 million. David Barry, previously President of Viad's Pursuit business, has assumed the role of President and CEO, while the Board of Directors has been reduced to seven members.
Pursuit operates 14 attractions and 28 lodges across the United States, Canada, and Iceland, focusing on delivering experiences in iconic destinations.
Viad Corp (NYSE: VVI) will change its corporate name to Pursuit Attractions and Hospitality, effective December 31, 2024. The company will begin trading under a new NYSE ticker, PRSU, starting January 2, 2025. This follows the previously announced sale of Viad’s GES business, expected to close on December 31, 2024. Post-transaction, Pursuit will operate as a standalone, publicly traded company focused on the leisure and hospitality sector, delivering experiences in iconic destinations. The company aims to leverage its financial flexibility and balance sheet capacity to accelerate its growth strategy, dubbed Refresh, Build, Buy. The ticker symbol change requires no action from shareholders.
Viad Corp (NYSE: VVI) announced Michael 'Bo' Heitz will become Chief Financial Officer in March 2025, succeeding Ellen Ingersoll who has served as CFO since 2002. Heitz joined the company on December 16, 2024, and will be based in Pursuit's Denver office. This transition aligns with Viad's transformation as Pursuit prepares to become a standalone public company following the sale of its GES business, expected to close on December 31, 2024.
Heitz brings a decade of experience from Vail Resorts, where he most recently served as Vice President of Corporate and Mountain Finance. Upon completion of the GES sale, Viad will rebrand as Pursuit and change its NYSE ticker to PRSU, positioning itself as an independent, high-growth company focused on attractions and hospitality.
Viad Corp (NYSE: VVI) announced the mandatory conversion of its 5.5% Convertible Series A Preferred Stock after achieving the required stock price threshold of $42.50 for 20 out of 30 consecutive trading days. On December 31, 2024, all 135,000 preferred shares will convert to approximately 6.7 million common shares, eliminating annual dividend payments of $8 million.
The company currently has about 21.3 million common shares outstanding. This conversion simplifies Viad's capital structure as it prepares for the previously announced sale of its GES business. Following this transaction, the company will rebrand as Pursuit, change its ticker to PRSU, and operate as a standalone public company focused on attractions and hospitality.
Viad Corp (NYSE: VVI) has announced its leadership's participation in three upcoming investor conferences. President and CEO Steve Moster and President of Pursuit and Future CEO David Barry will attend the Deutsche Bank Gaming, Lodging, Leisure & Restaurants Conference on November 13, the Truist Securities Summit on December 12, and the KeyBanc Capital Markets Consumer Spotlight on December 13.
The company will post an updated investor presentation discussing its transformation into a standalone Pursuit business through the sale of its GES division, expected to complete by end-2024. Post-transformation, Viad plans to rebrand as Pursuit and change its ticker to PRSU, focusing on growth in attractions and hospitality.
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.
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