- 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 onDecember 31, 2024
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 |
||||||||||||
(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%).
-
Excluding our Jasper properties, Pursuit revenue increased
-
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.
-
Pursuit revenue of
-
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.
-
Adjusted net income* of
-
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.
-
Pursuit adjusted EBITDA* of
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 ofSeptember 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
Pursuit President
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 |
1% to 2% |
35% to 36% |
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
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
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.
TABLE ONE - QUARTERLY RESULTS (UNAUDITED) |
||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||||||||||||||
(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. |
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
(C) Income tax expense – The effective tax rate was 15.8% for the three months ended
(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 |
Nine months ended |
|||||||||||||||||||||||||
(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
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 |
|
Nine months ended |
||||||||||||||||||||||||
(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 |
|
|
Nine months ended |
|
||||||||||
(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
(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 |
|
|
Nine months ended |
|
||||||||||
(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 |
|
TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED) |
||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||||||||||||||
($ 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 |
||||||||||||||||||||||||||||
(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 |
||||||||||||||||||||||||||||
(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/
Investor Relations
(602) 207-2681
ir@viad.com
Source: