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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.
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.
Viad Corp reported solid first-quarter results for 2024, with Pursuit delivering 14% revenue growth and a successful launch of the FlyOver Chicago attraction. GES saw margin expansion with healthy revenue growth. The company maintains a positive outlook for strong full-year growth based on continued positive trends in both businesses.
Revenue for the first quarter increased by 4.9% to $273.5 million, with Pursuit revenue growing by 14% and GES revenue by 3.6%. Adjusted EBITDA improved by 27.1% to $4.3 million. The company expects consolidated adjusted EBITDA growth of approximately 16% to 30% in 2024, with strong free cash flow.
Despite a net loss increase of $4.2 million primarily due to higher non-operational items and income tax expense, adjusted net loss improved by $0.3 million. Viad's cash flow from operations was an outflow of $7.5 million, with total liquidity of $137.2 million and a debt of $488.4 million. The company's 2024 outlook shows positive projections for revenue, adjusted EBITDA, cash flow from operations, and capital expenditures.