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.
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.
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.
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