Viad Corp Reports 2024 Third Quarter Results
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.
Viad Corp (NYSE: VVI) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato di 455,7 milioni di dollari, in aumento del 24,5% rispetto all’anno precedente. Il fatturato di Pursuit è diminuito del 2,5% a 182,3 milioni di dollari a causa degli impatti degli incendi di Jasper, mentre il fatturato di GES è aumentato del 52,8% a 273,4 milioni di dollari. L'utile netto è aumentato del 17,8% a 48,6 milioni di dollari. L’azienda ha completato un'acquisizione strategica nel Glacier National Park ed è sulla buona strada per vendere GES per 535 milioni di dollari entro il 31 dicembre 2024. Le previsioni per l'intero anno sono state riviste, con GES previsto per raggiungere un EBITDA regolato di 90-95 milioni di dollari e l’EBITDA regolato di Pursuit stimato tra 87 e 92 milioni di dollari.
Viad Corp (NYSE: VVI) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos de 455.7 millones de dólares, un aumento del 24.5% en comparación con el año anterior. Los ingresos de Pursuit cayeron un 2.5% a 182.3 millones de dólares debido al impacto de los incendios de Jasper, mientras que los ingresos de GES aumentaron un 52.8% a 273.4 millones de dólares. La utilidad neta aumentó un 17.8% a 48.6 millones de dólares. La compañía completó una adquisición por integración en el Parque Nacional Glacier y está en camino de vender GES por 535 millones de dólares para el 31 de diciembre de 2024. La guía para todo el año se revisó, con GES esperándose que logre un EBITDA Ajustado de 90-95 millones de dólares y un EBITDA Ajustado de Pursuit proyectado entre 87 y 92 millones de dólares.
Viad Corp (NYSE: VVI)는 2024년 3분기 강력한 실적을 보고했습니다. 매출은 4억 5,570만 달러로, 전년 대비 24.5% 증가했습니다. Pursuit의 매출은 Jasper 산불의 영향으로 2.5% 감소하여 1억 8,230만 달러에 이르렀고, GES의 매출은 52.8% 증가하여 2억 7,340만 달러에 달했습니다. 순이익은 17.8% 증가하여 4,860만 달러에 이르렀습니다. 회사는 글레이셔 국립공원에서 인수합병을 완료했으며, 2024년 12월 31일까지 GES를 5억 3,500만 달러에 판매할 예정입니다. 연간 가이던스가 수정되었으며, GES는 조정된 EBITDA 9,000만에서 9,500만 달러를 달성할 것으로 예상되며, Pursuit의 조정된 EBITDA는 8,700만에서 9,200만 달러로 예상됩니다.
Viad Corp (NYSE: VVI) a annoncé des résultats solides pour le troisième trimestre de 2024, avec un chiffre d'affaires de 455,7 millions de dollars, en hausse de 24,5 % par rapport à l'année précédente. Le chiffre d'affaires de Pursuit a diminué de 2,5 % pour atteindre 182,3 millions de dollars en raison des impacts des incendies de Jasper, tandis que le chiffre d'affaires de GES a augmenté de 52,8 % pour atteindre 273,4 millions de dollars. Le bénéfice net a augmenté de 17,8 % pour atteindre 48,6 millions de dollars. L'entreprise a finalisé une acquisition dans le parc national de Glacier et est en bonne voie pour vendre GES pour 535 millions de dollars d'ici le 31 décembre 2024. Les prévisions pour l'année entière ont été révisées, avec GES prévu pour atteindre un EBITDA ajusté de 90 à 95 millions de dollars et l'EBITDA ajusté de Pursuit projeté entre 87 et 92 millions de dollars.
Viad Corp (NYSE: VVI) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 455,7 Millionen Dollar, was einem Anstieg von 24,5% im Vergleich zum Vorjahr entspricht. Der Umsatz von Pursuit sank um 2,5% auf 182,3 Millionen Dollar aufgrund der Auswirkungen der Jasper-Waldbrände, während der Umsatz von GES um 52,8% auf 273,4 Millionen Dollar stieg. Der Nettogewinn stieg um 17,8% auf 48,6 Millionen Dollar. Das Unternehmen hat eine Akquisition im Glacier National Park abgeschlossen und ist auf Kurs, GES bis zum 31. Dezember 2024 für 535 Millionen Dollar zu verkaufen. Die Prognose für das Gesamtjahr wurde überarbeitet, wobei GES voraussichtlich ein bereinigtes EBITDA von 90-95 Millionen Dollar erreichen wird, und das bereinigte EBITDA von Pursuit wird auf 87-92 Millionen Dollar geschätzt.
- Revenue increased 24.5% YoY to $455.7 million
- Net income rose 17.8% to $48.6 million
- GES revenue grew 52.8% to $273.4 million
- Consolidated adjusted EBITDA increased 19.6% to $103.1 million
- Strong cash flow from operations of $110 million in Q3
- Strategic sale of GES for $535 million progressing as planned
- Pursuit revenue declined 2.5% to $182.3 million
- Pursuit adjusted EBITDA decreased 6.0% due to Jasper wildfire impact
- Asset impairment charges and transaction-related expenses affected net income
Insights
The Q3 results showcase significant operational strength with
The strategic repositioning through the GES divestiture represents a significant market opportunity. Pursuit's experiential tourism focus aligns with current travel trends, despite temporary setbacks like the Jasper wildfire. The segment showed
- Strong third quarter performance at both Pursuit and GES
-
Pursuit completes tuck-in acquisition in
Glacier National Park -
Sale of GES for
is on track to close on December 31, 2024$535 million
Steve Moster, Viad’s President and Chief Executive Officer, commented, “We delivered another quarter of strong operational and financial results at both Pursuit and GES. Outside of Jasper, Pursuit's revenue grew approximately
Moster continued, "We’re also pleased to report that we recently completed the acquisition of a great tuck-in experience for our Glacier Park Collection and that we are on track to complete the transformative sale of GES by the end of the year. This transaction will establish Pursuit as a pure-play, high-growth and high-margin business with the financial flexibility and balance sheet capacity to accelerate its Refresh, Build, Buy growth strategy and capitalize on its substantial growth prospects in the hospitality and attractions space."
Financial Highlights
|
|
Three months ended September 30, |
||||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
$ |
455.7 |
|
|
$ |
365.9 |
|
|
$ |
89.8 |
|
|
|
Pursuit Revenue |
|
|
182.3 |
|
|
|
186.9 |
|
|
|
(4.7 |
) |
|
( |
GES Revenue |
|
|
273.4 |
|
|
|
179.0 |
|
|
|
94.5 |
|
|
|
Net Income Attributable to Viad |
|
$ |
48.6 |
|
|
$ |
41.3 |
|
|
$ |
7.3 |
|
|
|
Adjusted Net Income* |
|
|
58.8 |
|
|
|
43.3 |
|
|
|
15.5 |
|
|
|
Diluted EPS Attributable to Viad |
|
$ |
1.65 |
|
|
$ |
1.41 |
|
|
$ |
0.24 |
|
|
|
Adjusted Diluted EPS* |
|
|
2.01 |
|
|
|
1.49 |
|
|
|
0.52 |
|
|
|
Consolidated Adjusted EBITDA* |
|
$ |
103.1 |
|
|
$ |
86.3 |
|
|
$ |
16.9 |
|
|
|
Pursuit Adjusted EBITDA* |
|
|
86.3 |
|
|
|
91.8 |
|
|
|
(5.5 |
) |
|
( |
GES Adjusted EBITDA* |
|
|
20.2 |
|
|
|
(2.0 |
) |
|
|
22.2 |
|
|
** |
Corporate Adjusted EBITDA* |
|
|
(3.4 |
) |
|
|
(3.5 |
) |
|
|
0.1 |
|
|
|
* 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. |
||||||||||||||
** Change is greater than +/- 100 percent |
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.
Third Quarter Results
-
Revenue of
increased$455.7 million ($89.8 million 24.5% ) from the 2023 third quarter.-
Pursuit revenue of
decreased$182.3 million (-$4.7 million 2.5% ) year-over-year due to temporary closures and lower visitation caused by the Jasper wildfire, partially offset by growth across our other geographies.-
Excluding our Jasper properties, Pursuit revenue increased
($17.2 million 13.1% ).
-
Excluding our Jasper properties, Pursuit revenue increased
-
GES revenue of
increased$273.4 million ($94.5 million 52.8% ) year-over-year primarily due to incremental revenue of about from the timing of major non-annual shows.$104 million
-
Pursuit revenue of
-
Net income attributable to Viad of
increased$48.6 million from the 2023 third quarter primarily due to stronger performance at GES, partially offset by asset impairment charges and GES transaction-related expenses.$7.3 million -
Adjusted net income* of
increased$58.8 million year-over-year primarily due to improved results at GES.$15.5 million
-
Adjusted net income* of
-
Consolidated adjusted EBITDA* of
increased$103.1 million from the 2023 third quarter.$16.9 million -
Pursuit adjusted EBITDA* of
decreased$86.3 million year-over-year primarily due to lower revenue from the Jasper wildfire, combined with a year-over-year increase in certain general and operating costs.$5.5 million -
GES adjusted EBITDA of
increased$20.2 million year-over-year primarily driven by higher revenue and significant margin expansion.$22.2 million
-
Pursuit adjusted EBITDA* of
Cash Flow and Balance Sheet Highlights
-
Our cash flow from operations was an inflow of about
for the third quarter.$110 million -
Our capital expenditures for the third quarter totaled approximately
, comprising$15 million for Pursuit (inclusive of about$9.7 million for growth projects) and$3 million for GES.$5.1 million -
Our debt payments (net) totaled
for the third quarter.$93.7 million -
Our total liquidity was
as of September 30, 2024, comprising cash and cash equivalents of$228.8 million and$64.6 million of capacity available on our revolving credit facility.$164.3 million -
Our debt was
, and our net leverage ratio was 1.7x at the end of the third quarter.$398.2 million
Pursuit Acquisition
On November 6, 2024, Pursuit expanded its collection of accommodation and hospitality experiences within
Pursuit President David Barry commented, “Eddie’s has a long and successful history operating in Apgar and we are very proud to continue its success as part of our Glacier Park Collection. Apgar Lookout Retreat’s six high-end accommodation units are beautiful and a step above all of the other lodging experiences in the West Glacier area. This acquisition is a perfect complement to our existing guest rooms in Apgar Village and is well positioned to serve the approximately 1 million park visitors that come through Apgar as they explore Glacier National Park.”
2024 Outlook
Based on our stronger than expected performance year-to-date in 2024 and favorable underlying demand trends we are seeing, we are revising our prior full year guidance ranges. We expect GES will achieve Adjusted EBITDA of
Our guidance for Viad consolidated, Pursuit, and GES is below.
(in millions) |
Fourth Quarter |
Full Year |
Viad Consolidated |
|
|
Revenue |
|
Up high-single to low-double digits |
Adjusted EBITDA |
|
|
Cash flow from Operations |
|
|
Capital Expenditures |
(including growth capex of |
(including growth capex of |
Effective Tax Rate |
|
|
Pursuit |
|
|
Revenue |
|
Up low-single digits |
Adjusted EBITDA |
|
|
GES |
|
|
Revenue |
|
Up low-double digits |
Adjusted EBITDA |
|
|
Conference Call Details
Management will host a conference call to review third quarter 2024 results on Thursday, November 7, 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 418347.
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=acecadfb&confId=71998. 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 590564.
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 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 an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in
GES is a global exhibition services 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
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,” “can,” “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. Such forward-looking statements include those that address activities, events or developments that Viad or its management believes or anticipates may occur in the future, including all statements regarding the expected timing of the closing of the GES transaction, the use of proceeds of the transaction, potential benefits of the transaction, expectations concerning Pursuit’s opportunities and performance as a standalone public company, and the expected Chief Executive Officer transition in connection with the closing of the GES transaction. Similarly, statements that describe our go-forward business strategy, 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:
- the pending sale of our GES business may not be completed in the timeframe or on the terms we anticipate (or at all);
- we may not realize the full strategic, financial, operational and other benefits that are expected to result from the pending sale of our GES business;
- 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 and our most recent Current Report on Form 10-Q 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 September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||||||
(in thousands, except per share data) |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pursuit |
|
$ |
182,257 |
|
|
$ |
186,940 |
|
|
$ |
(4,683 |
) |
|
( |
|
$ |
320,689 |
|
|
$ |
308,077 |
|
|
$ |
12,612 |
|
|
|
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Spiro |
|
|
82,205 |
|
|
|
58,887 |
|
|
|
23,318 |
|
|
|
|
|
242,585 |
|
|
|
199,617 |
|
|
|
42,968 |
|
|
|
GES Exhibitions |
|
|
194,806 |
|
|
|
122,115 |
|
|
|
72,691 |
|
|
|
|
|
551,623 |
|
|
|
446,146 |
|
|
|
105,477 |
|
|
|
Inter-segment eliminations |
|
|
(3,564 |
) |
|
|
(2,043 |
) |
|
|
(1,521 |
) |
|
( |
|
|
(7,158 |
) |
|
|
(6,839 |
) |
|
|
(319 |
) |
|
- |
Total GES |
|
|
273,447 |
|
|
|
178,959 |
|
|
|
94,488 |
|
|
|
|
|
787,050 |
|
|
|
638,924 |
|
|
|
148,126 |
|
|
|
Total |
|
$ |
455,704 |
|
|
$ |
365,899 |
|
|
$ |
89,805 |
|
|
|
|
$ |
1,107,739 |
|
|
$ |
947,001 |
|
|
$ |
160,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pursuit |
|
$ |
75,903 |
|
|
$ |
81,375 |
|
|
$ |
(5,472 |
) |
|
( |
|
$ |
64,710 |
|
|
$ |
72,074 |
|
|
$ |
(7,364 |
) |
|
- |
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Spiro |
|
|
6,918 |
|
|
|
179 |
|
|
|
6,739 |
|
|
** |
|
|
28,436 |
|
|
|
11,632 |
|
|
|
16,804 |
|
|
** |
GES Exhibitions |
|
|
9,714 |
|
|
|
(5,529 |
) |
|
|
15,243 |
|
|
** |
|
|
44,353 |
|
|
|
20,235 |
|
|
|
24,118 |
|
|
** |
Total GES |
|
|
16,632 |
|
|
|
(5,350 |
) |
|
|
21,982 |
|
|
** |
|
|
72,789 |
|
|
|
31,867 |
|
|
|
40,922 |
|
|
** |
Total |
|
$ |
92,535 |
|
|
$ |
76,025 |
|
|
$ |
16,510 |
|
|
|
|
$ |
137,499 |
|
|
$ |
103,941 |
|
|
$ |
33,558 |
|
|
|
Corporate eliminations |
|
|
13 |
|
|
|
17 |
|
|
|
(4 |
) |
|
( |
|
|
45 |
|
|
|
49 |
|
|
|
(4 |
) |
|
- |
Corporate activities (Note A) |
|
|
(7,757 |
) |
|
|
(3,579 |
) |
|
|
(4,178 |
) |
|
** |
|
|
(17,612 |
) |
|
|
(10,255 |
) |
|
|
(7,357 |
) |
|
- |
Gain on sale of ON Services |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
** |
|
|
- |
|
|
|
(204 |
) |
|
|
204 |
|
|
- |
Restructuring (charges) recoveries |
|
|
(383 |
) |
|
|
(480 |
) |
|
|
97 |
|
|
|
|
|
326 |
|
|
|
(1,125 |
) |
|
|
1,451 |
|
|
** |
Impairment charges (Note B) |
|
|
(6,110 |
) |
|
|
- |
|
|
|
(6,110 |
) |
|
** |
|
|
(6,110 |
) |
|
|
- |
|
|
|
(6,110 |
) |
|
** |
Other expense, net |
|
|
(407 |
) |
|
|
(554 |
) |
|
|
147 |
|
|
|
|
|
(1,287 |
) |
|
|
(1,533 |
) |
|
|
246 |
|
|
|
Net interest expense |
|
|
(11,428 |
) |
|
|
(12,476 |
) |
|
|
1,048 |
|
|
|
|
|
(35,858 |
) |
|
|
(37,081 |
) |
|
|
1,223 |
|
|
|
Income from continuing operations before income taxes |
|
|
66,463 |
|
|
|
58,953 |
|
|
|
7,510 |
|
|
|
|
|
77,003 |
|
|
|
53,792 |
|
|
|
23,211 |
|
|
|
Income tax expense (Note C) |
|
|
(10,509 |
) |
|
|
(9,173 |
) |
|
|
(1,336 |
) |
|
( |
|
|
(17,247 |
) |
|
|
(13,623 |
) |
|
|
(3,624 |
) |
|
- |
Income from continuing operations |
|
|
55,954 |
|
|
|
49,780 |
|
|
|
6,174 |
|
|
|
|
|
59,756 |
|
|
|
40,169 |
|
|
|
19,587 |
|
|
|
Income (loss) from discontinued operations |
|
|
(90 |
) |
|
|
(654 |
) |
|
|
564 |
|
|
|
|
|
743 |
|
|
|
(855 |
) |
|
|
1,598 |
|
|
** |
Net income |
|
|
55,864 |
|
|
|
49,126 |
|
|
|
6,738 |
|
|
|
|
|
60,499 |
|
|
|
39,314 |
|
|
|
21,185 |
|
|
|
Net income attributable to noncontrolling interest |
|
|
(7,178 |
) |
|
|
(7,716 |
) |
|
|
538 |
|
|
|
|
|
(8,062 |
) |
|
|
(8,221 |
) |
|
|
159 |
|
|
|
Net (income) loss attributable to redeemable noncontrolling interest |
|
|
(71 |
) |
|
|
(139 |
) |
|
|
68 |
|
|
|
|
|
372 |
|
|
|
270 |
|
|
|
102 |
|
|
|
Net income attributable to Viad |
|
$ |
48,615 |
|
|
$ |
41,271 |
|
|
$ |
7,344 |
|
|
|
|
$ |
52,809 |
|
|
$ |
31,363 |
|
|
$ |
21,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts Attributable to Viad: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income from continuing operations |
|
$ |
48,705 |
|
|
$ |
41,925 |
|
|
$ |
6,780 |
|
|
|
|
$ |
52,066 |
|
|
$ |
32,218 |
|
|
$ |
19,848 |
|
|
|
Income (loss) from discontinued operations |
|
|
(90 |
) |
|
|
(654 |
) |
|
|
564 |
|
|
|
|
|
743 |
|
|
|
(855 |
) |
|
|
1,598 |
|
|
** |
Net income |
|
$ |
48,615 |
|
|
$ |
41,271 |
|
|
$ |
7,344 |
|
|
|
|
$ |
52,809 |
|
|
$ |
31,363 |
|
|
$ |
21,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income per common share attributable to Viad (Note D): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic income per common share |
|
$ |
1.68 |
|
|
$ |
1.43 |
|
|
$ |
0.25 |
|
|
|
|
$ |
1.69 |
|
|
$ |
0.93 |
|
|
$ |
0.76 |
|
|
|
Diluted income per common share |
|
$ |
1.65 |
|
|
$ |
1.41 |
|
|
$ |
0.24 |
|
|
|
|
$ |
1.67 |
|
|
$ |
0.92 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic weighted-average outstanding common shares |
|
|
21,166 |
|
|
|
20,885 |
|
|
|
281 |
|
|
|
|
|
21,107 |
|
|
|
20,825 |
|
|
|
282 |
|
|
|
Additional dilutive shares related to share-based compensation |
|
|
449 |
|
|
|
289 |
|
|
|
160 |
|
|
|
|
|
410 |
|
|
|
200 |
|
|
|
210 |
|
|
** |
Diluted weighted-average outstanding common shares |
|
|
21,615 |
|
|
|
21,174 |
|
|
|
441 |
|
|
|
|
|
21,517 |
|
|
|
21,025 |
|
|
|
492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA* by Reportable Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pursuit |
|
$ |
86,313 |
|
|
$ |
91,788 |
|
|
$ |
(5,475 |
) |
|
( |
|
$ |
98,843 |
|
|
$ |
100,955 |
|
|
$ |
(2,112 |
) |
|
- |
GES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Spiro |
|
|
7,567 |
|
|
|
775 |
|
|
|
6,792 |
|
|
** |
|
|
30,308 |
|
|
|
13,452 |
|
|
|
16,856 |
|
|
** |
GES Exhibitions |
|
|
12,632 |
|
|
|
(2,779 |
) |
|
|
15,411 |
|
|
** |
|
|
53,220 |
|
|
|
28,133 |
|
|
|
25,087 |
|
|
|
Total GES |
|
|
20,199 |
|
|
|
(2,004 |
) |
|
|
22,203 |
|
|
** |
|
|
83,528 |
|
|
|
41,585 |
|
|
|
41,943 |
|
|
** |
Corporate |
|
|
(3,382 |
) |
|
|
(3,530 |
) |
|
|
148 |
|
|
|
|
|
(10,602 |
) |
|
|
(10,037 |
) |
|
|
(565 |
) |
|
- |
Consolidated Adjusted EBITDA |
|
$ |
103,130 |
|
|
$ |
86,254 |
|
|
$ |
16,876 |
|
|
|
|
$ |
171,769 |
|
|
$ |
132,503 |
|
|
$ |
39,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capitalization Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
64,552 |
|
|
$ |
106,268 |
|
|
$ |
(41,716 |
) |
|
( |
|
|
|
|
|
|
|
|
||||||
Total debt |
|
|
398,202 |
|
|
|
477,645 |
|
|
|
(79,443 |
) |
|
( |
|
|
|
|
|
|
|
|
||||||
Viad shareholders' equity |
|
|
96,765 |
|
|
|
51,750 |
|
|
|
45,015 |
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-controlling interests (redeemable and non-redeemable) |
|
|
97,300 |
|
|
|
94,500 |
|
|
|
2,800 |
|
|
|
|
|
|
|
|
|
|
|
||||||
Convertible Series A Preferred Stock (Note E): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Convertible preferred stock (including accumulated dividends paid in kind)*** |
|
|
141,827 |
|
|
|
141,827 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
||||||
Equivalent number of common shares |
|
|
6,674 |
|
|
|
6,674 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|||||||||||||||||||||||||||
* 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 transaction-related costs including consulting, accounting, legal, and other costs incurred related to the pending sale of the GES business of approximately
(B) Impairment charges - On July 2, 2019, we executed a facility lease with the intent of building a new FlyOver attraction, FlyOver Canada Toronto. Effective August 6, 2024, this facility lease was terminated. During the three months ended September 30, 2024, we recorded an asset impairment charge of
(C) Income tax expense – The effective tax rate was
(D) Income 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.
The components of basic and diluted income (loss) per share are as follows:
|
|
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||||||||||||
(in thousands) |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income attributable to Viad |
|
$ |
48,615 |
|
|
$ |
41,271 |
|
|
$ |
7,344 |
|
|
|
$ |
52,809 |
|
|
$ |
31,363 |
|
|
$ |
21,446 |
|
|
|
|
Convertible preferred stock dividends |
|
|
(1,950 |
) |
|
|
(1,950 |
) |
|
|
- |
|
|
|
|
(5,850 |
) |
|
|
(5,850 |
) |
|
|
- |
|
|
|
|
Undistributed income attributable to Viad |
|
|
46,665 |
|
|
|
39,321 |
|
|
|
7,344 |
|
|
|
|
46,959 |
|
|
|
25,513 |
|
|
|
21,446 |
|
|
|
|
Less: Allocation to participating securities |
|
|
(11,187 |
) |
|
|
(9,522 |
) |
|
|
(1,665 |
) |
|
( |
|
(11,282 |
) |
|
|
(6,194 |
) |
|
|
(5,088 |
) |
|
- |
|
Net income allocated to Viad common shareholders (basic) |
|
$ |
35,478 |
|
|
$ |
29,799 |
|
|
$ |
5,679 |
|
|
|
$ |
35,677 |
|
|
$ |
19,319 |
|
|
$ |
16,358 |
|
|
|
|
Add: Allocation to participating securities |
|
|
177 |
|
|
|
98 |
|
|
|
79 |
|
|
|
|
165 |
|
|
|
44 |
|
|
|
121 |
|
|
** |
|
Net income allocated to Viad common shareholders (diluted) |
|
$ |
35,655 |
|
|
$ |
29,897 |
|
|
$ |
5,758 |
|
|
|
$ |
35,842 |
|
|
$ |
19,363 |
|
|
$ |
16,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic weighted-average outstanding common shares |
|
|
21,166 |
|
|
|
20,885 |
|
|
|
281 |
|
|
|
|
21,107 |
|
|
|
20,825 |
|
|
|
282 |
|
|
|
|
Additional dilutive shares related to share-based compensation |
|
|
449 |
|
|
|
289 |
|
|
|
160 |
|
|
|
|
410 |
|
|
|
200 |
|
|
|
210 |
|
|
** |
|
Diluted weighted-average outstanding common shares |
|
|
21,615 |
|
|
|
21,174 |
|
|
|
441 |
|
|
|
|
21,517 |
|
|
|
21,025 |
|
|
|
492 |
|
|
|
|
** Change is greater than +/- 100 percent |
(E) 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
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
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 September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||||||
(in thousands, except per share data) |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
||||||||||||
Adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income attributable to Viad |
|
$ |
48,615 |
|
|
$ |
41,271 |
|
|
$ |
7,344 |
|
|
|
|
$ |
52,809 |
|
|
$ |
31,363 |
|
|
$ |
21,446 |
|
|
|
(Income) loss from discontinued operations attributable to Viad |
|
|
90 |
|
|
|
654 |
|
|
|
(564 |
) |
|
( |
|
|
(743 |
) |
|
|
855 |
|
|
|
(1,598 |
) |
|
** |
Income from continuing operations attributable to Viad |
|
|
48,705 |
|
|
|
41,925 |
|
|
|
6,780 |
|
|
|
|
|
52,066 |
|
|
|
32,218 |
|
|
|
19,848 |
|
|
|
Gain on sale of ON Services |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
** |
|
|
- |
|
|
|
204 |
|
|
|
(204 |
) |
|
- |
Restructuring charges (recoveries), pre-tax |
|
|
383 |
|
|
|
480 |
|
|
|
(97 |
) |
|
( |
|
|
(326 |
) |
|
|
1,125 |
|
|
|
(1,451 |
) |
|
** |
Impairment charges, pre-tax |
|
|
6,110 |
|
|
|
- |
|
|
|
6,110 |
|
|
** |
|
|
6,110 |
|
|
|
- |
|
|
|
6,110 |
|
|
** |
Transaction-related costs and other non-recurring expenses, pre-tax (Note A) |
|
|
4,608 |
|
|
|
924 |
|
|
|
3,684 |
|
|
** |
|
|
9,167 |
|
|
|
2,235 |
|
|
|
6,932 |
|
|
** |
Remeasurement of finance lease obligation attributable to Viad, pre-tax (Note B) |
|
|
(568 |
) |
|
|
224 |
|
|
|
(792 |
) |
|
** |
|
|
(148 |
) |
|
|
(599 |
) |
|
|
451 |
|
|
|
Tax expense (benefit) on above items |
|
|
104 |
|
|
|
(216 |
) |
|
|
320 |
|
|
** |
|
|
(66 |
) |
|
|
93 |
|
|
|
(159 |
) |
|
** |
Favorable tax matters |
|
|
(532 |
) |
|
|
- |
|
|
|
(532 |
) |
|
** |
|
|
(532 |
) |
|
|
(2,103 |
) |
|
|
1,571 |
|
|
|
Adjusted net income |
|
$ |
58,810 |
|
|
$ |
43,337 |
|
|
$ |
15,473 |
|
|
|
|
$ |
66,271 |
|
|
$ |
33,173 |
|
|
$ |
33,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted net income (as reconciled above) |
|
$ |
58,810 |
|
|
$ |
43,337 |
|
|
$ |
15,473 |
|
|
|
|
$ |
66,271 |
|
|
$ |
33,173 |
|
|
$ |
33,098 |
|
|
|
Convertible preferred stock dividends |
|
|
(1,950 |
) |
|
|
(1,950 |
) |
|
|
- |
|
|
|
|
|
(5,850 |
) |
|
|
(5,850 |
) |
|
|
- |
|
|
|
Undistributed adjusted net income attributable to Viad (Note C) |
|
|
56,860 |
|
|
|
41,387 |
|
|
|
15,473 |
|
|
|
|
|
60,421 |
|
|
|
27,323 |
|
|
|
33,098 |
|
|
** |
Less: Allocation to participating securities (Note D) |
|
|
(13,415 |
) |
|
|
(9,919 |
) |
|
|
(3,496 |
) |
|
( |
|
|
(14,304 |
) |
|
|
(6,586 |
) |
|
|
(7,718 |
) |
|
** |
Diluted adjusted net income allocated to Viad common shareholders |
|
$ |
43,445 |
|
|
$ |
31,468 |
|
|
$ |
11,977 |
|
|
|
|
$ |
46,117 |
|
|
$ |
20,737 |
|
|
$ |
25,380 |
|
|
** |
Diluted weighted-average outstanding common shares |
|
|
21,615 |
|
|
|
21,174 |
|
|
|
441 |
|
|
|
|
|
21,517 |
|
|
|
21,025 |
|
|
|
492 |
|
|
|
Adjusted diluted EPS |
|
$ |
2.01 |
|
|
$ |
1.49 |
|
|
$ |
0.52 |
|
|
|
|
$ |
2.14 |
|
|
$ |
0.99 |
|
|
$ |
1.15 |
|
|
** |
|
|
|||||||||||||||||||||||||||
** Change is greater than +/- 100 percent |
(A) Transaction-related costs and other non-recurring expenses include:
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
||||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Acquisition integration costs - Pursuit1 |
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
2 |
|
|
$ |
30 |
|
Transaction-related costs - Pursuit1 |
|
|
78 |
|
|
|
110 |
|
|
|
130 |
|
|
|
184 |
|
Transaction-related costs - Corporate2 |
|
|
4,304 |
|
|
|
14 |
|
|
|
6,713 |
|
|
|
17 |
|
Attraction start-up costs1, 3 |
|
|
207 |
|
|
|
800 |
|
|
|
2,167 |
|
|
|
1,909 |
|
Other non-recurring expenses2, 4 |
|
|
17 |
|
|
|
- |
|
|
|
155 |
|
|
|
95 |
|
Transaction-related and other non-recurring expenses, pre-tax |
|
$ |
4,608 |
|
|
$ |
924 |
|
|
$ |
9,167 |
|
|
$ |
2,235 |
|
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 |
||||||||||||||||
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
(C) We exclude the adjustment to the redemption value of redeemable noncontrolling interest from the calculation of adjusted net income (loss) 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 adjusted net income (loss) 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 September 30, |
|
|
Nine months ended September 30, |
|
||||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Weighted-average outstanding common shares |
|
|
21,615 |
|
|
|
21,174 |
|
|
|
21,517 |
|
|
|
21,025 |
|
Effect of participating convertible preferred shares (if applicable) |
|
|
6,674 |
|
|
|
6,674 |
|
|
|
6,674 |
|
|
|
6,674 |
|
Effect of participating non-vested shares (if applicable) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
Weighted-average shares including effect of participating interests (if applicable) |
|
|
28,289 |
|
|
|
27,848 |
|
|
|
28,191 |
|
|
|
27,702 |
|
VIAD CORP TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED) |
||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
||||||||||||
Viad Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue |
|
$ |
455,704 |
|
|
$ |
365,899 |
|
|
$ |
89,805 |
|
|
|
|
$ |
1,107,739 |
|
|
$ |
947,001 |
|
|
$ |
160,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income attributable to Viad |
|
$ |
48,615 |
|
|
$ |
41,271 |
|
|
$ |
7,344 |
|
|
|
|
$ |
52,809 |
|
|
$ |
31,363 |
|
|
$ |
21,446 |
|
|
|
Net income attributable to noncontrolling interest |
|
|
7,178 |
|
|
|
7,716 |
|
|
|
(538 |
) |
|
( |
|
|
8,062 |
|
|
|
8,221 |
|
|
|
(159 |
) |
|
- |
Net income (loss) attributable to redeemable noncontrolling interest |
|
|
71 |
|
|
|
139 |
|
|
|
(68 |
) |
|
( |
|
|
(372 |
) |
|
|
(270 |
) |
|
|
(102 |
) |
|
- |
(Income) loss from discontinued operations |
|
|
90 |
|
|
|
654 |
|
|
|
(564 |
) |
|
( |
|
|
(743 |
) |
|
|
855 |
|
|
|
(1,598 |
) |
|
** |
Net interest expense |
|
|
11,428 |
|
|
|
12,476 |
|
|
|
(1,048 |
) |
|
( |
|
|
35,858 |
|
|
|
37,081 |
|
|
|
(1,223 |
) |
|
- |
Income tax expense |
|
|
10,509 |
|
|
|
9,173 |
|
|
|
1,336 |
|
|
|
|
|
17,247 |
|
|
|
13,623 |
|
|
|
3,624 |
|
|
|
Depreciation and amortization |
|
|
14,844 |
|
|
|
12,428 |
|
|
|
2,416 |
|
|
|
|
|
42,961 |
|
|
|
37,707 |
|
|
|
5,254 |
|
|
|
Gain on sale of ON Services |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
** |
|
|
- |
|
|
|
204 |
|
|
|
(204 |
) |
|
- |
Restructuring charges (recoveries) |
|
|
383 |
|
|
|
480 |
|
|
|
(97 |
) |
|
( |
|
|
(326 |
) |
|
|
1,125 |
|
|
|
(1,451 |
) |
|
** |
Impairment charges |
|
|
6,110 |
|
|
|
- |
|
|
|
6,110 |
|
|
** |
|
|
6,110 |
|
|
|
- |
|
|
|
6,110 |
|
|
** |
Other expense, net |
|
|
407 |
|
|
|
554 |
|
|
|
(147 |
) |
|
( |
|
|
1,287 |
|
|
|
1,533 |
|
|
|
(246 |
) |
|
- |
Start-up costs (A) |
|
|
207 |
|
|
|
800 |
|
|
|
(593 |
) |
|
( |
|
|
2,167 |
|
|
|
1,909 |
|
|
|
258 |
|
|
|
Transaction-related costs |
|
|
4,382 |
|
|
|
124 |
|
|
|
4,258 |
|
|
** |
|
|
6,843 |
|
|
|
201 |
|
|
|
6,642 |
|
|
** |
Integration costs |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
|
** |
|
|
2 |
|
|
|
30 |
|
|
|
(28 |
) |
|
- |
Other non-recurring expenses (B) |
|
|
17 |
|
|
|
- |
|
|
|
17 |
|
|
** |
|
|
155 |
|
|
|
95 |
|
|
|
60 |
|
|
|
Remeasurement of finance lease obligation (C) |
|
|
(1,113 |
) |
|
|
439 |
|
|
|
(1,552 |
) |
|
** |
|
|
(291 |
) |
|
|
(1,174 |
) |
|
|
883 |
|
|
|
Consolidated Adjusted EBITDA |
|
$ |
103,130 |
|
|
$ |
86,254 |
|
|
$ |
16,876 |
|
|
|
|
$ |
171,769 |
|
|
$ |
132,503 |
|
|
$ |
39,266 |
|
|
|
Adjusted EBITDA attributable to noncontrolling interest |
|
|
(9,518 |
) |
|
|
(11,347 |
) |
|
|
1,829 |
|
|
|
|
|
(14,561 |
) |
|
|
(14,773 |
) |
|
|
212 |
|
|
|
Consolidated Adjusted EBITDA attributable to Viad |
|
$ |
93,612 |
|
|
$ |
74,907 |
|
|
$ |
18,705 |
|
|
|
|
$ |
157,208 |
|
|
$ |
117,730 |
|
|
$ |
39,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Adjusted EBITDA by Business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pursuit |
|
$ |
86,313 |
|
|
$ |
91,788 |
|
|
$ |
(5,475 |
) |
|
( |
|
$ |
98,843 |
|
|
$ |
100,955 |
|
|
$ |
(2,112 |
) |
|
- |
Total GES |
|
|
20,199 |
|
|
|
(2,004 |
) |
|
|
22,203 |
|
|
** |
|
|
83,528 |
|
|
|
41,585 |
|
|
|
41,943 |
|
|
** |
Total |
|
|
106,512 |
|
|
|
89,784 |
|
|
|
16,728 |
|
|
|
|
|
182,371 |
|
|
|
142,540 |
|
|
|
39,831 |
|
|
|
Corporate EBITDA (D) |
|
|
(3,382 |
) |
|
|
(3,530 |
) |
|
|
148 |
|
|
|
|
|
(10,602 |
) |
|
|
(10,037 |
) |
|
|
(565 |
) |
|
- |
Consolidated Adjusted EBITDA |
|
$ |
103,130 |
|
|
$ |
86,254 |
|
|
$ |
16,876 |
|
|
|
|
$ |
171,769 |
|
|
$ |
132,503 |
|
|
$ |
39,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pursuit Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue |
|
$ |
182,257 |
|
|
$ |
186,940 |
|
|
$ |
(4,683 |
) |
|
( |
|
$ |
320,689 |
|
|
$ |
308,077 |
|
|
$ |
12,612 |
|
|
|
Cost of services and products |
|
|
(106,354 |
) |
|
|
(105,565 |
) |
|
|
(789 |
) |
|
( |
|
|
(255,979 |
) |
|
|
(236,003 |
) |
|
|
(19,976 |
) |
|
- |
Segment operating income |
|
|
75,903 |
|
|
|
81,375 |
|
|
|
(5,472 |
) |
|
( |
|
|
64,710 |
|
|
|
72,074 |
|
|
|
(7,364 |
) |
|
- |
Depreciation |
|
|
10,067 |
|
|
|
7,708 |
|
|
|
2,359 |
|
|
|
|
|
28,632 |
|
|
|
24,121 |
|
|
|
4,511 |
|
|
|
Amortization |
|
|
1,169 |
|
|
|
1,356 |
|
|
|
(187 |
) |
|
( |
|
|
3,493 |
|
|
|
3,811 |
|
|
|
(318 |
) |
|
- |
Start-up costs (A) |
|
|
207 |
|
|
|
800 |
|
|
|
(593 |
) |
|
( |
|
|
2,167 |
|
|
|
1,909 |
|
|
|
258 |
|
|
|
Transaction-related costs |
|
|
78 |
|
|
|
110 |
|
|
|
(32 |
) |
|
( |
|
|
130 |
|
|
|
184 |
|
|
|
(54 |
) |
|
- |
Integration costs |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
|
** |
|
|
2 |
|
|
|
30 |
|
|
|
(28 |
) |
|
- |
Remeasurement of finance lease obligation (C) |
|
|
(1,113 |
) |
|
|
439 |
|
|
|
(1,552 |
) |
|
** |
|
|
(291 |
) |
|
|
(1,174 |
) |
|
|
883 |
|
|
|
Adjusted EBITDA |
|
$ |
86,313 |
|
|
$ |
91,788 |
|
|
$ |
(5,475 |
) |
|
( |
|
$ |
98,843 |
|
|
$ |
100,955 |
|
|
$ |
(2,112 |
) |
|
- |
Adjusted EBITDA attributable to noncontrolling interest |
|
|
(9,518 |
) |
|
|
(11,347 |
) |
|
|
1,829 |
|
|
|
|
|
(14,561 |
) |
|
|
(14,773 |
) |
|
|
212 |
|
|
|
Adjusted EBITDA attributable to Viad |
|
$ |
76,795 |
|
|
$ |
80,441 |
|
|
$ |
(3,646 |
) |
|
( |
|
$ |
84,282 |
|
|
$ |
86,182 |
|
|
$ |
(1,900 |
) |
|
- |
Pursuit Operating margin |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
- |
||||||||||||
Pursuit Adjusted EBITDA margin |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
- |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total GES Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue |
|
$ |
273,447 |
|
|
$ |
178,959 |
|
|
$ |
94,488 |
|
|
|
|
$ |
787,050 |
|
|
$ |
638,924 |
|
|
$ |
148,126 |
|
|
|
Cost of services and products |
|
|
(256,815 |
) |
|
|
(184,309 |
) |
|
|
(72,506 |
) |
|
( |
|
|
(714,261 |
) |
|
|
(607,057 |
) |
|
|
(107,204 |
) |
|
- |
Segment operating income (loss) |
|
|
16,632 |
|
|
|
(5,350 |
) |
|
|
21,982 |
|
|
** |
|
|
72,789 |
|
|
|
31,867 |
|
|
|
40,922 |
|
|
** |
Depreciation |
|
|
2,747 |
|
|
|
2,357 |
|
|
|
390 |
|
|
|
|
|
8,181 |
|
|
|
6,775 |
|
|
|
1,406 |
|
|
|
Amortization |
|
|
820 |
|
|
|
989 |
|
|
|
(169 |
) |
|
( |
|
|
2,558 |
|
|
|
2,943 |
|
|
|
(385 |
) |
|
- |
Total GES Adjusted EBITDA |
|
$ |
20,199 |
|
|
$ |
(2,004 |
) |
|
$ |
22,203 |
|
|
** |
|
$ |
83,528 |
|
|
$ |
41,585 |
|
|
$ |
41,943 |
|
|
** |
Total GES Operating margin |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total GES Adjusted EBITDA margin |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GES Adjusted EBITDA by Reportable Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Spiro |
|
$ |
7,567 |
|
|
$ |
775 |
|
|
$ |
6,792 |
|
|
** |
|
$ |
30,308 |
|
|
$ |
13,452 |
|
|
$ |
16,856 |
|
|
** |
GES Exhibitions |
|
|
12,632 |
|
|
|
(2,779 |
) |
|
|
15,411 |
|
|
** |
|
|
53,220 |
|
|
|
28,133 |
|
|
|
25,087 |
|
|
|
Total GES |
|
$ |
20,199 |
|
|
$ |
(2,004 |
) |
|
$ |
22,203 |
|
|
** |
|
$ |
83,528 |
|
|
$ |
41,585 |
|
|
$ |
41,943 |
|
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Spiro Revenue |
|
$ |
82,205 |
|
|
$ |
58,887 |
|
|
$ |
23,318 |
|
|
|
|
$ |
242,585 |
|
|
$ |
199,617 |
|
|
$ |
42,968 |
|
|
|
Spiro Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GES Exhibitions Revenue |
|
$ |
194,806 |
|
|
$ |
122,115 |
|
|
$ |
72,691 |
|
|
|
|
$ |
551,623 |
|
|
$ |
446,146 |
|
|
$ |
105,477 |
|
|
|
GES Exhibitions Adjusted EBITDA Margin |
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|
|
( |
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|
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** Change is greater than +/- 100 percent |
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(A) Includes costs primarily related to the development of Pursuit's new FlyOver attraction in |
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(B) Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023. |
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(C) 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. |
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(D) Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, transaction-related costs and other non-recurring costs included within Corporate activities expense. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107446822/en/
Carrie Long or Michelle Porhola
Investor Relations
(602) 207-2681
ir@viad.com
Source: Viad Corp
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