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Viad Corp Reports 2024 Third Quarter Results

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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.

Positive
  • 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
Negative
  • 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 $455.7M in revenue, up 24.5% year-over-year. The pending $535M GES sale marks a strategic pivot, transforming Viad into a pure-play hospitality and attractions company through Pursuit. Key metrics show robust performance with consolidated adjusted EBITDA reaching $103.1M, up 19.6%. The acquisition of Eddie's Café & Mercantile in Glacier National Park aligns with Pursuit's growth strategy. The company's improved guidance and healthy net leverage ratio of 1.7x indicate strong financial positioning. The strategic transformation through the GES sale should unlock shareholder value by focusing on the higher-margin Pursuit segment.

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 13.1% growth excluding Jasper properties, demonstrating strong underlying demand. The tuck-in acquisition in Glacier National Park strategically expands high-end accommodation offerings in a prime location serving approximately 1 million visitors. The revised guidance suggesting stronger performance in both segments, particularly GES's adjusted EBITDA range of $90-95M, indicates positive momentum heading into year-end.

  • Strong third quarter performance at both Pursuit and GES
  • Pursuit completes tuck-in acquisition in Glacier National Park
  • Sale of GES for $535 million is on track to close on December 31, 2024

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Viad Corp (NYSE: VVI), a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing, today reported results for the 2024 third quarter.

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 13% during the quarter from the significant demand for our unforgettable experiences. GES' outperformance was largely driven by successful execution at our major non-annual shows and disciplined cost management. We expect to deliver significant full year growth in consolidated adjusted EBITDA, and both businesses are positioned for continued success.”

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

 

 

24.5%

Pursuit Revenue

 

 

182.3

 

 

 

186.9

 

 

 

(4.7

)

 

(2.5%)

GES Revenue

 

 

273.4

 

 

 

179.0

 

 

 

94.5

 

 

52.8%

Net Income Attributable to Viad

 

$

48.6

 

 

$

41.3

 

 

$

7.3

 

 

17.8%

Adjusted Net Income*

 

 

58.8

 

 

 

43.3

 

 

 

15.5

 

 

35.7%

Diluted EPS Attributable to Viad

 

$

1.65

 

 

$

1.41

 

 

$

0.24

 

 

17.0%

Adjusted Diluted EPS*

 

 

2.01

 

 

 

1.49

 

 

 

0.52

 

 

34.9%

Consolidated Adjusted EBITDA*

 

$

103.1

 

 

$

86.3

 

 

$

16.9

 

 

19.6%

Pursuit Adjusted EBITDA*

 

 

86.3

 

 

 

91.8

 

 

 

(5.5

)

 

(6.0%)

GES Adjusted EBITDA*

 

 

20.2

 

 

 

(2.0

)

 

 

22.2

 

 

**

Corporate Adjusted EBITDA*

 

 

(3.4

)

 

 

(3.5

)

 

 

0.1

 

 

4.2%

 

* 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 $455.7 million increased $89.8 million (24.5%) from the 2023 third quarter.
    • Pursuit revenue of $182.3 million decreased $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%).
    • GES revenue of $273.4 million increased $94.5 million (52.8%) year-over-year primarily due to incremental revenue of about $104 million from the timing of major non-annual shows.
  • Net income attributable to Viad of $48.6 million increased $7.3 million from the 2023 third quarter primarily due to stronger performance at GES, partially offset by asset impairment charges and GES transaction-related expenses.
    • Adjusted net income* of $58.8 million increased $15.5 million year-over-year primarily due to improved results at GES.
  • Consolidated adjusted EBITDA* of $103.1 million increased $16.9 million from the 2023 third quarter.
    • Pursuit adjusted EBITDA* of $86.3 million decreased $5.5 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.
    • GES adjusted EBITDA of $20.2 million increased $22.2 million year-over-year primarily driven by higher revenue and significant margin expansion.

Cash Flow and Balance Sheet Highlights

  • Our cash flow from operations was an inflow of about $110 million for the third quarter.
  • Our capital expenditures for the third quarter totaled approximately $15 million, comprising $9.7 million for Pursuit (inclusive of about $3 million for growth projects) and $5.1 million for GES.
  • Our debt payments (net) totaled $93.7 million for the third quarter.
  • Our total liquidity was $228.8 million as of September 30, 2024, comprising cash and cash equivalents of $64.6 million and $164.3 million of capacity available on our revolving credit facility.
  • Our debt was $398.2 million, and our net leverage ratio was 1.7x at the end of the third quarter.

Pursuit Acquisition

On November 6, 2024, Pursuit expanded its collection of accommodation and hospitality experiences within Glacier National Park with the acquisition of Eddie’s Café & Mercantile, which includes food and beverage and retail offerings as well as newly constructed Apgar Lookout Retreat guest accommodations. Eddie’s and the Apgar Lookout Retreat are located adjacent to Pursuit’s existing 48 room Apgar Village Lodge near the picturesque shores of Lake McDonald on privately held land inside Glacier National Park.

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 $90 million to $95 million, up from previous expectations of $85 million to $95 million. Additionally, we have narrowed our range for Pursuit’s Adjusted EBITDA to $87 million to $92 million.

Our guidance for Viad consolidated, Pursuit, and GES is below.

(in millions)

Fourth Quarter

Full Year

Viad Consolidated

 

 

Revenue

$240 to $260

Up high-single to low-double digits

Adjusted EBITDA

$(9) to $0

$163 to $172

Cash flow from Operations

$(43) to $(33)

$90 to $100

Capital Expenditures

$12 to $17

(including growth capex of ~$3)

$65 to $70

(including growth capex of ~$20)

Effective Tax Rate

1% to 2%

35% to 36%

Pursuit

 

 

Revenue

$40 to $45

Up low-single digits

Adjusted EBITDA

$(12) to $(7)

$87 to $92

GES

 

 

Revenue

$200 to $215

Up low-double digits

Adjusted EBITDA

$6 to $11

$90 to $95

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 the United States, Canada, and Iceland. Pursuit’s elevated hospitality experiences include 14 world-class point-of-interest attractions and 27 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.

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 North America, Europe, and the Middle East. Spiro is a global experiential marketing agency that partners with leading brands around the world to manage and elevate their experiential marketing activities, bonding brand and customer.

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

)

 

(2.5%)

 

$

320,689

 

 

$

308,077

 

 

$

12,612

 

 

4.1%

GES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

82,205

 

 

 

58,887

 

 

 

23,318

 

 

39.6%

 

 

242,585

 

 

 

199,617

 

 

 

42,968

 

 

21.5%

GES Exhibitions

 

 

194,806

 

 

 

122,115

 

 

 

72,691

 

 

59.5%

 

 

551,623

 

 

 

446,146

 

 

 

105,477

 

 

23.6%

Inter-segment eliminations

 

 

(3,564

)

 

 

(2,043

)

 

 

(1,521

)

 

(74.4%)

 

 

(7,158

)

 

 

(6,839

)

 

 

(319

)

 

-4.7%

Total GES

 

 

273,447

 

 

 

178,959

 

 

 

94,488

 

 

52.8%

 

 

787,050

 

 

 

638,924

 

 

 

148,126

 

 

23.2%

Total

 

$

455,704

 

 

$

365,899

 

 

$

89,805

 

 

24.5%

 

$

1,107,739

 

 

$

947,001

 

 

$

160,738

 

 

17.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

75,903

 

 

$

81,375

 

 

$

(5,472

)

 

(6.7%)

 

$

64,710

 

 

$

72,074

 

 

$

(7,364

)

 

-10.2%

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

 

 

21.7%

 

$

137,499

 

 

$

103,941

 

 

$

33,558

 

 

32.3%

Corporate eliminations

 

 

13

 

 

 

17

 

 

 

(4

)

 

(23.5%)

 

 

45

 

 

 

49

 

 

 

(4

)

 

-8.2%

Corporate activities (Note A)

 

 

(7,757

)

 

 

(3,579

)

 

 

(4,178

)

 

**

 

 

(17,612

)

 

 

(10,255

)

 

 

(7,357

)

 

-71.7%

Gain on sale of ON Services

 

 

-

 

 

 

-

 

 

 

-

 

 

**

 

 

-

 

 

 

(204

)

 

 

204

 

 

-100.0%

Restructuring (charges) recoveries

 

 

(383

)

 

 

(480

)

 

 

97

 

 

20.2%

 

 

326

 

 

 

(1,125

)

 

 

1,451

 

 

**

Impairment charges (Note B)

 

 

(6,110

)

 

 

-

 

 

 

(6,110

)

 

**

 

 

(6,110

)

 

 

-

 

 

 

(6,110

)

 

**

Other expense, net

 

 

(407

)

 

 

(554

)

 

 

147

 

 

26.5%

 

 

(1,287

)

 

 

(1,533

)

 

 

246

 

 

16.0%

Net interest expense

 

 

(11,428

)

 

 

(12,476

)

 

 

1,048

 

 

8.4%

 

 

(35,858

)

 

 

(37,081

)

 

 

1,223

 

 

3.3%

Income from continuing operations before income taxes

 

 

66,463

 

 

 

58,953

 

 

 

7,510

 

 

12.7%

 

 

77,003

 

 

 

53,792

 

 

 

23,211

 

 

43.1%

Income tax expense (Note C)

 

 

(10,509

)

 

 

(9,173

)

 

 

(1,336

)

 

(14.6%)

 

 

(17,247

)

 

 

(13,623

)

 

 

(3,624

)

 

-26.6%

Income from continuing operations

 

 

55,954

 

 

 

49,780

 

 

 

6,174

 

 

12.4%

 

 

59,756

 

 

 

40,169

 

 

 

19,587

 

 

48.8%

Income (loss) from discontinued operations

 

 

(90

)

 

 

(654

)

 

 

564

 

 

86.2%

 

 

743

 

 

 

(855

)

 

 

1,598

 

 

**

Net income

 

 

55,864

 

 

 

49,126

 

 

 

6,738

 

 

13.7%

 

 

60,499

 

 

 

39,314

 

 

 

21,185

 

 

53.9%

Net income attributable to noncontrolling interest

 

 

(7,178

)

 

 

(7,716

)

 

 

538

 

 

7.0%

 

 

(8,062

)

 

 

(8,221

)

 

 

159

 

 

1.9%

Net (income) loss attributable to redeemable noncontrolling interest

 

 

(71

)

 

 

(139

)

 

 

68

 

 

48.9%

 

 

372

 

 

 

270

 

 

 

102

 

 

37.8%

Net income attributable to Viad

 

$

48,615

 

 

$

41,271

 

 

$

7,344

 

 

17.8%

 

$

52,809

 

 

$

31,363

 

 

$

21,446

 

 

68.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Attributable to Viad:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

48,705

 

 

$

41,925

 

 

$

6,780

 

 

16.2%

 

$

52,066

 

 

$

32,218

 

 

$

19,848

 

 

61.6%

Income (loss) from discontinued operations

 

 

(90

)

 

 

(654

)

 

 

564

 

 

86.2%

 

 

743

 

 

 

(855

)

 

 

1,598

 

 

**

Net income

 

$

48,615

 

 

$

41,271

 

 

$

7,344

 

 

17.8%

 

$

52,809

 

 

$

31,363

 

 

$

21,446

 

 

68.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share attributable to Viad (Note D):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per common share

 

$

1.68

 

 

$

1.43

 

 

$

0.25

 

 

17.5%

 

$

1.69

 

 

$

0.93

 

 

$

0.76

 

 

81.7%

Diluted income per common share

 

$

1.65

 

 

$

1.41

 

 

$

0.24

 

 

17.0%

 

$

1.67

 

 

$

0.92

 

 

$

0.75

 

 

81.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

21,166

 

 

 

20,885

 

 

 

281

 

 

1.3%

 

 

21,107

 

 

 

20,825

 

 

 

282

 

 

1.4%

Additional dilutive shares related to share-based compensation

 

 

449

 

 

 

289

 

 

 

160

 

 

55.4%

 

 

410

 

 

 

200

 

 

 

210

 

 

**

Diluted weighted-average outstanding common shares

 

 

21,615

 

 

 

21,174

 

 

 

441

 

 

2.1%

 

 

21,517

 

 

 

21,025

 

 

 

492

 

 

2.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA* by Reportable Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

86,313

 

 

$

91,788

 

 

$

(5,475

)

 

(6.0%)

 

$

98,843

 

 

$

100,955

 

 

$

(2,112

)

 

-2.1%

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

 

 

89.2%

Total GES

 

 

20,199

 

 

 

(2,004

)

 

 

22,203

 

 

**

 

 

83,528

 

 

 

41,585

 

 

 

41,943

 

 

**

Corporate

 

 

(3,382

)

 

 

(3,530

)

 

 

148

 

 

4.2%

 

 

(10,602

)

 

 

(10,037

)

 

 

(565

)

 

-5.6%

Consolidated Adjusted EBITDA

 

$

103,130

 

 

$

86,254

 

 

$

16,876

 

 

19.6%

 

$

171,769

 

 

$

132,503

 

 

$

39,266

 

 

29.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalization Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,552

 

 

$

106,268

 

 

$

(41,716

)

 

(39.3%)

 

 

 

 

 

 

 

 

Total debt

 

 

398,202

 

 

 

477,645

 

 

 

(79,443

)

 

(16.6%)

 

 

 

 

 

 

 

 

Viad shareholders' equity

 

 

96,765

 

 

 

51,750

 

 

 

45,015

 

 

87.0%

 

 

 

 

 

 

 

 

Non-controlling interests (redeemable and non-redeemable)

 

 

97,300

 

 

 

94,500

 

 

 

2,800

 

 

3.0%

 

 

 

 

 

 

 

 

Convertible Series A Preferred Stock (Note E):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred stock (including accumulated dividends paid in kind)***

 

 

141,827

 

 

 

141,827

 

 

 

-

 

 

0.0%

 

 

 

 

 

 

 

 

Equivalent number of common shares

 

 

6,674

 

 

 

6,674

 

 

 

-

 

 

0.0%

 

 

 

 

 

 

 

 

 

 

* 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 $4.3 million during the three months ended September 30, 2024 and $6.7 million during the nine months ended September 30, 2024.

(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 $5.5 million related to site-specific engineering plans developed for this attraction. Additionally, during July 2024, a wildfire entered Jasper National Park and Pursuit’s Wilderness Kitchen was lost to the wildfire. During the three months ended September 30, 2024, we recorded an impairment charge of $0.6 million against intangible assets (trademark and favorable lease) related to this loss.

(C) Income tax expense – The effective tax rate was 15.8% for the three months ended September 30, 2024, 15.6% for the three months ended September 30, 2023, 22.4% for the nine months ended September 30, 2024, and 25.3% for nine months ended September 30, 2023. The effective tax rates differed from the 21% federal rate as we do not recognize a tax benefit primarily on losses in the United States where we have a valuation allowance. During the three months ended September 30, 2024, we released a valuation allowance of $0.5 million recorded on deferred tax assets with certain separate states. During the nine months ended September 30, 2024, we also recorded a $1.1 million benefit for the release of the valuation allowance recorded on the United Kingdom’s tax loss carryforwards, offset by a $0.5 million expense during the first quarter of 2024 to record estimated withholding taxes associated with repatriating Sky Lagoon’s earnings and a valuation allowance against the tax credit generated from this withholding tax. The effective tax rate for the nine months ended September 30, 2023, was further impacted by the release of a valuation allowance of $2.1 million during the first quarter of 2023 on deferred tax assets associated with certain separate state filings, which more than offset taxes due in jurisdictions without a valuation allowance.

(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

 

 

17.8%

$

52,809

 

 

$

31,363

 

 

$

21,446

 

 

68.4%

Convertible preferred stock dividends

 

 

(1,950

)

 

 

(1,950

)

 

 

-

 

 

0.0%

 

(5,850

)

 

 

(5,850

)

 

 

-

 

 

0.0%

Undistributed income attributable to Viad

 

 

46,665

 

 

 

39,321

 

 

 

7,344

 

 

18.7%

 

46,959

 

 

 

25,513

 

 

 

21,446

 

 

84.1%

Less: Allocation to participating securities

 

 

(11,187

)

 

 

(9,522

)

 

 

(1,665

)

 

(17.5%)

 

(11,282

)

 

 

(6,194

)

 

 

(5,088

)

 

-82.1%

Net income allocated to Viad common shareholders (basic)

 

$

35,478

 

 

$

29,799

 

 

$

5,679

 

 

19.1%

$

35,677

 

 

$

19,319

 

 

$

16,358

 

 

84.7%

Add: Allocation to participating securities

 

 

177

 

 

 

98

 

 

 

79

 

 

80.6%

 

165

 

 

 

44

 

 

 

121

 

 

**

Net income allocated to Viad common shareholders (diluted)

 

$

35,655

 

 

$

29,897

 

 

$

5,758

 

 

19.3%

$

35,842

 

 

$

19,363

 

 

$

16,479

 

 

85.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

21,166

 

 

 

20,885

 

 

 

281

 

 

1.3%

 

21,107

 

 

 

20,825

 

 

 

282

 

 

1.4%

Additional dilutive shares related to share-based compensation

 

 

449

 

 

 

289

 

 

 

160

 

 

55.4%

 

410

 

 

 

200

 

 

 

210

 

 

**

Diluted weighted-average outstanding common shares

 

 

21,615

 

 

 

21,174

 

 

 

441

 

 

2.1%

 

21,517

 

 

 

21,025

 

 

 

492

 

 

2.3%

** 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 $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible into shares of our common stock at a conversion price of $21.25 per share.

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 the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items affecting Viad’s consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.

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

 

 

17.8%

 

$

52,809

 

 

$

31,363

 

 

$

21,446

 

 

68.4%

(Income) loss from discontinued operations attributable to Viad

 

 

90

 

 

 

654

 

 

 

(564

)

 

(86.2%)

 

 

(743

)

 

 

855

 

 

 

(1,598

)

 

**

Income from continuing operations attributable to Viad

 

 

48,705

 

 

 

41,925

 

 

 

6,780

 

 

16.2%

 

 

52,066

 

 

 

32,218

 

 

 

19,848

 

 

61.6%

Gain on sale of ON Services

 

 

-

 

 

 

-

 

 

 

-

 

 

**

 

 

-

 

 

 

204

 

 

 

(204

)

 

-100.0%

Restructuring charges (recoveries), pre-tax

 

 

383

 

 

 

480

 

 

 

(97

)

 

(20.2%)

 

 

(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

 

 

75.3%

Tax expense (benefit) on above items

 

 

104

 

 

 

(216

)

 

 

320

 

 

**

 

 

(66

)

 

 

93

 

 

 

(159

)

 

**

Favorable tax matters

 

 

(532

)

 

 

-

 

 

 

(532

)

 

**

 

 

(532

)

 

 

(2,103

)

 

 

1,571

 

 

74.7%

Adjusted net income

 

$

58,810

 

 

$

43,337

 

 

$

15,473

 

 

35.7%

 

$

66,271

 

 

$

33,173

 

 

$

33,098

 

 

99.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (as reconciled above)

 

$

58,810

 

 

$

43,337

 

 

$

15,473

 

 

35.7%

 

$

66,271

 

 

$

33,173

 

 

$

33,098

 

 

99.8%

Convertible preferred stock dividends

 

 

(1,950

)

 

 

(1,950

)

 

 

-

 

 

0.0%

 

 

(5,850

)

 

 

(5,850

)

 

 

-

 

 

0.0%

Undistributed adjusted net income attributable to Viad (Note C)

 

 

56,860

 

 

 

41,387

 

 

 

15,473

 

 

37.4%

 

 

60,421

 

 

 

27,323

 

 

 

33,098

 

 

**

Less: Allocation to participating securities (Note D)

 

 

(13,415

)

 

 

(9,919

)

 

 

(3,496

)

 

(35.2%)

 

 

(14,304

)

 

 

(6,586

)

 

 

(7,718

)

 

**

Diluted adjusted net income allocated to Viad common shareholders

 

$

43,445

 

 

$

31,468

 

 

$

11,977

 

 

38.1%

 

$

46,117

 

 

$

20,737

 

 

$

25,380

 

 

**

Diluted weighted-average outstanding common shares

 

 

21,615

 

 

 

21,174

 

 

 

441

 

 

2.1%

 

 

21,517

 

 

 

21,025

 

 

 

492

 

 

2.3%

Adjusted diluted EPS

 

$

2.01

 

 

$

1.49

 

 

$

0.52

 

 

34.9%

 

$

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 Chicago and trailing costs related to the FlyOver Toronto lease exit.

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 51% interest in Sky Lagoon.

(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

 

 

24.5%

 

$

1,107,739

 

 

$

947,001

 

 

$

160,738

 

 

17.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Viad

 

$

48,615

 

 

$

41,271

 

 

$

7,344

 

 

17.8%

 

$

52,809

 

 

$

31,363

 

 

$

21,446

 

 

68.4%

Net income attributable to noncontrolling interest

 

 

7,178

 

 

 

7,716

 

 

 

(538

)

 

(7.0%)

 

 

8,062

 

 

 

8,221

 

 

 

(159

)

 

-1.9%

Net income (loss) attributable to redeemable noncontrolling interest

 

 

71

 

 

 

139

 

 

 

(68

)

 

(48.9%)

 

 

(372

)

 

 

(270

)

 

 

(102

)

 

-37.8%

(Income) loss from discontinued operations

 

 

90

 

 

 

654

 

 

 

(564

)

 

(86.2%)

 

 

(743

)

 

 

855

 

 

 

(1,598

)

 

**

Net interest expense

 

 

11,428

 

 

 

12,476

 

 

 

(1,048

)

 

(8.4%)

 

 

35,858

 

 

 

37,081

 

 

 

(1,223

)

 

-3.3%

Income tax expense

 

 

10,509

 

 

 

9,173

 

 

 

1,336

 

 

14.6%

 

 

17,247

 

 

 

13,623

 

 

 

3,624

 

 

26.6%

Depreciation and amortization

 

 

14,844

 

 

 

12,428

 

 

 

2,416

 

 

19.4%

 

 

42,961

 

 

 

37,707

 

 

 

5,254

 

 

13.9%

Gain on sale of ON Services

 

 

-

 

 

 

-

 

 

 

-

 

 

**

 

 

-

 

 

 

204

 

 

 

(204

)

 

-100.0%

Restructuring charges (recoveries)

 

 

383

 

 

 

480

 

 

 

(97

)

 

(20.2%)

 

 

(326

)

 

 

1,125

 

 

 

(1,451

)

 

**

Impairment charges

 

 

6,110

 

 

 

-

 

 

 

6,110

 

 

**

 

 

6,110

 

 

 

-

 

 

 

6,110

 

 

**

Other expense, net

 

 

407

 

 

 

554

 

 

 

(147

)

 

(26.5%)

 

 

1,287

 

 

 

1,533

 

 

 

(246

)

 

-16.0%

Start-up costs (A)

 

 

207

 

 

 

800

 

 

 

(593

)

 

(74.1%)

 

 

2,167

 

 

 

1,909

 

 

 

258

 

 

13.5%

Transaction-related costs

 

 

4,382

 

 

 

124

 

 

 

4,258

 

 

**

 

 

6,843

 

 

 

201

 

 

 

6,642

 

 

**

Integration costs

 

 

2

 

 

 

-

 

 

 

2

 

 

**

 

 

2

 

 

 

30

 

 

 

(28

)

 

-93.3%

Other non-recurring expenses (B)

 

 

17

 

 

 

-

 

 

 

17

 

 

**

 

 

155

 

 

 

95

 

 

 

60

 

 

63.2%

Remeasurement of finance lease obligation (C)

 

 

(1,113

)

 

 

439

 

 

 

(1,552

)

 

**

 

 

(291

)

 

 

(1,174

)

 

 

883

 

 

75.2%

Consolidated Adjusted EBITDA

 

$

103,130

 

 

$

86,254

 

 

$

16,876

 

 

19.6%

 

$

171,769

 

 

$

132,503

 

 

$

39,266

 

 

29.6%

Adjusted EBITDA attributable to noncontrolling interest

 

 

(9,518

)

 

 

(11,347

)

 

 

1,829

 

 

16.1%

 

 

(14,561

)

 

 

(14,773

)

 

 

212

 

 

1.4%

Consolidated Adjusted EBITDA attributable to Viad

 

$

93,612

 

 

$

74,907

 

 

$

18,705

 

 

25.0%

 

$

157,208

 

 

$

117,730

 

 

$

39,478

 

 

33.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA by Business:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

86,313

 

 

$

91,788

 

 

$

(5,475

)

 

(6.0%)

 

$

98,843

 

 

$

100,955

 

 

$

(2,112

)

 

-2.1%

Total GES

 

 

20,199

 

 

 

(2,004

)

 

 

22,203

 

 

**

 

 

83,528

 

 

 

41,585

 

 

 

41,943

 

 

**

Total

 

 

106,512

 

 

 

89,784

 

 

 

16,728

 

 

18.6%

 

 

182,371

 

 

 

142,540

 

 

 

39,831

 

 

27.9%

Corporate EBITDA (D)

 

 

(3,382

)

 

 

(3,530

)

 

 

148

 

 

4.2%

 

 

(10,602

)

 

 

(10,037

)

 

 

(565

)

 

-5.6%

Consolidated Adjusted EBITDA

 

$

103,130

 

 

$

86,254

 

 

$

16,876

 

 

19.6%

 

$

171,769

 

 

$

132,503

 

 

$

39,266

 

 

29.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

182,257

 

 

$

186,940

 

 

$

(4,683

)

 

(2.5%)

 

$

320,689

 

 

$

308,077

 

 

$

12,612

 

 

4.1%

Cost of services and products

 

 

(106,354

)

 

 

(105,565

)

 

 

(789

)

 

(0.7%)

 

 

(255,979

)

 

 

(236,003

)

 

 

(19,976

)

 

-8.5%

Segment operating income

 

 

75,903

 

 

 

81,375

 

 

 

(5,472

)

 

(6.7%)

 

 

64,710

 

 

 

72,074

 

 

 

(7,364

)

 

-10.2%

Depreciation

 

 

10,067

 

 

 

7,708

 

 

 

2,359

 

 

30.6%

 

 

28,632

 

 

 

24,121

 

 

 

4,511

 

 

18.7%

Amortization

 

 

1,169

 

 

 

1,356

 

 

 

(187

)

 

(13.8%)

 

 

3,493

 

 

 

3,811

 

 

 

(318

)

 

-8.3%

Start-up costs (A)

 

 

207

 

 

 

800

 

 

 

(593

)

 

(74.1%)

 

 

2,167

 

 

 

1,909

 

 

 

258

 

 

13.5%

Transaction-related costs

 

 

78

 

 

 

110

 

 

 

(32

)

 

(29.1%)

 

 

130

 

 

 

184

 

 

 

(54

)

 

-29.3%

Integration costs

 

 

2

 

 

 

-

 

 

 

2

 

 

**

 

 

2

 

 

 

30

 

 

 

(28

)

 

-93.3%

Remeasurement of finance lease obligation (C)

 

 

(1,113

)

 

 

439

 

 

 

(1,552

)

 

**

 

 

(291

)

 

 

(1,174

)

 

 

883

 

 

75.2%

Adjusted EBITDA

 

$

86,313

 

 

$

91,788

 

 

$

(5,475

)

 

(6.0%)

 

$

98,843

 

 

$

100,955

 

 

$

(2,112

)

 

-2.1%

Adjusted EBITDA attributable to noncontrolling interest

 

 

(9,518

)

 

 

(11,347

)

 

 

1,829

 

 

16.1%

 

 

(14,561

)

 

 

(14,773

)

 

 

212

 

 

1.4%

Adjusted EBITDA attributable to Viad

 

$

76,795

 

 

$

80,441

 

 

$

(3,646

)

 

(4.5%)

 

$

84,282

 

 

$

86,182

 

 

$

(1,900

)

 

-2.2%

Pursuit Operating margin

 

41.6%

 

43.5%

 

 

 

(1.9%)

 

20.2%

 

23.4%

 

 

 

-3.2%

Pursuit Adjusted EBITDA margin

 

47.4%

 

49.1%

 

 

 

(1.7%)

 

30.8%

 

32.8%

 

 

 

-1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total GES Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

273,447

 

 

$

178,959

 

 

$

94,488

 

 

52.8%

 

$

787,050

 

 

$

638,924

 

 

$

148,126

 

 

23.2%

Cost of services and products

 

 

(256,815

)

 

 

(184,309

)

 

 

(72,506

)

 

(39.3%)

 

 

(714,261

)

 

 

(607,057

)

 

 

(107,204

)

 

-17.7%

Segment operating income (loss)

 

 

16,632

 

 

 

(5,350

)

 

 

21,982

 

 

**

 

 

72,789

 

 

 

31,867

 

 

 

40,922

 

 

**

Depreciation

 

 

2,747

 

 

 

2,357

 

 

 

390

 

 

16.5%

 

 

8,181

 

 

 

6,775

 

 

 

1,406

 

 

20.8%

Amortization

 

 

820

 

 

 

989

 

 

 

(169

)

 

(17.1%)

 

 

2,558

 

 

 

2,943

 

 

 

(385

)

 

-13.1%

Total GES Adjusted EBITDA

 

$

20,199

 

 

$

(2,004

)

 

$

22,203

 

 

**

 

$

83,528

 

 

$

41,585

 

 

$

41,943

 

 

**

Total GES Operating margin

 

6.1%

 

(3.0%)

 

 

 

9.1%

 

9.2%

 

5.0%

 

 

 

4.3%

Total GES Adjusted EBITDA margin

 

7.4%

 

(1.1%)

 

 

 

8.5%

 

10.6%

 

6.5%

 

 

 

4.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

89.2%

Total GES

 

$

20,199

 

 

$

(2,004

)

 

$

22,203

 

 

**

 

$

83,528

 

 

$

41,585

 

 

$

41,943

 

 

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spiro Revenue

 

$

82,205

 

 

$

58,887

 

 

$

23,318

 

 

39.6%

 

$

242,585

 

 

$

199,617

 

 

$

42,968

 

 

21.5%

Spiro Adjusted EBITDA Margin

 

9.2%

 

1.3%

 

 

 

7.9%

 

12.5%

 

6.7%

 

 

 

5.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions Revenue

 

$

194,806

 

 

$

122,115

 

 

$

72,691

 

 

59.5%

 

$

551,623

 

 

$

446,146

 

 

$

105,477

 

 

23.6%

GES Exhibitions Adjusted EBITDA Margin

 

6.5%

 

(2.3%)

 

 

 

8.8%

 

9.6%

 

6.3%

 

 

 

3.3%

 

 

** Change is greater than +/- 100 percent

 

(A) Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago and trailing costs related to the FlyOver Toronto lease exit.

(B) Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023.

(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.

(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.

 

Carrie Long or Michelle Porhola

Investor Relations

(602) 207-2681

ir@viad.com

Source: Viad Corp

FAQ

What was Viad Corp's (VVI) revenue in Q3 2024?

Viad Corp reported Q3 2024 revenue of $455.7 million, representing a 24.5% increase from the previous year.

How did the Jasper wildfire affect Viad's (VVI) Pursuit segment in Q3 2024?

The Jasper wildfire caused temporary closures and lower visitation, resulting in a 2.5% decrease in Pursuit revenue to $182.3 million.

What is the status of Viad Corp's (VVI) GES sale?

The sale of GES for $535 million is on track to close on December 31, 2024.

What acquisition did Viad Corp (VVI) complete in Glacier National Park?

On November 6, 2024, Pursuit acquired Eddie's Café & Mercantile, which includes food and beverage, retail offerings, and the Apgar Lookout Retreat accommodations.

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