Viad Corp

NYSE:VVIUnited States

May 2, 2024

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• -- Earnings Flash (VVI) VIAD Reports Q1 Revenue $273.5M, vs. Street Est of $269.5M, from 4:22PM ET on Thursday May 02, 2024 by MT Newswires

  4:22PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: VVI
  04:22 PM EDT, 05/02/2024 (MT Newswires) -- ...

• -- GUIDANCE: (VVI) VIAD Sees Q2 Revenue Range $352M - $377M, from 4:22PM ET on Thursday May 02, 2024 by MT Newswires

  4:22PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: VVI
  04:22 PM EDT, 05/02/2024 (MT Newswires) -- ...

• Viad Corp Reports 2024 First Quarter Results, from 4:10PM ET on Thursday May 02, 2024 by Business Wire

  4:10PM ET on Thursday May 02, 2024 by Business Wire
  Companies Mentioned: VVI

  Viad Corp (NYSE: VVI), a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition management services, and experiential marketing, today reported results for the 2024 first quarter.

• Viad Corp Reports 2024 First Quarter Results, from 4:10PM ET on Thursday May 02, 2024 by Dow Jones

  4:10PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: VVI
  Transaction-related costs - Pursuit(1) 3 32 Transaction-related costs - Corporate(2) 859 (3) Attraction start-up costs(1, 3) 1,940 692 Other non-recurring expenses(2, 4) 75 95 ----- ------------ ------- Transaction-related and other non-recurring expenses, pre-tax $ 2,877 $ 846 ===== ============ ======= (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. (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 income before other items 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 income (loss) before other items 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 March 31, --------------------------------- (in thousands) 2024 2023 --------------- ---------------- Weighted-average outstanding common shares 21,029 20,751 Effect of participating convertible preferred shares (if applicable) - - Effect of participating non-vested shares (if applicable) - - -------------- -------------- Weighted-average shares including effect of participating interests (if applicable) 21,029 20,751 ============== ============== VIAD CORP TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED) Three months ended March 31, ------------------------------------------ ($ in thousands) 2024 2023 $ Change % Change ---------- ---------- -------- -------- Viad Consolidated: Revenue $ 273,497 $ 260,791 $12,706 4.9% ======== ======== ====== ======== Net loss attributable to Viad $ (25,117) $ (20,869) $(4,248) (20.4%) Net loss attributable to noncontrolling interest (923) (398) (525) ** Net loss attributable to redeemable noncontrolling interest (203) (123) (80) (65.0%) Loss from discontinued operations 67 58 9 15.5% Net interest expense 11,845 12,249 (404) (3.3%) Income tax expense (benefit) 887 (578) 1,465 ** Depreciation and amortization 13,320 12,475 845 6.8% Restructuring charges 116 453 (337) (74.4%) Other expense, net 438 531 (93) (17.5%) Start-up costs (A) 1,940 692 1,248 ** Transaction-related costs 862 29 833 ** Integration costs - 30 (30) (100.0%) Other non-recurring expenses 75 95 (20) (21.1%) Remeasurement of finance lease obligation (B) 1,004 (1,252) 2,256 ** -------- -------- ------ -------- Consolidated Adjusted EBITDA $ 4,311 $ 3,392 $ 919 27.1% ======== ======== ====== ======== Adjusted EBITDA attributable to noncontrolling interest (1,219) (645) (574) (89.0%) -------- -------- ------ -------- Consolidated Adjusted EBITDA attributable to Viad $ 3,092 $ 2,747 $ 345 12.6% ======== ======== ====== ======== Consolidated Adjusted EBITDA by Business: Pursuit $ (11,148) $ (10,315) $ (833) (8.1%) Total GES 18,915 16,744 2,171 13.0% -------- -------- ------ -------- Total Segment EBITDA 7,767 6,429 1,338 20.8% Corporate EBITDA (3,456) (3,037) (419) (13.8%) -------- -------- ------ -------- Consolidated Adjusted EBITDA $ 4,311 $ 3,392 $ 919 27.1% ======== ======== ====== ======== Pursuit Adjusted EBITDA: Revenue $ 37,231 $ 32,663 $ 4,568 14.0% Cost of services and products (61,062) (51,775) (9,287) (17.9%) -------- -------- ------ -------- Segment operating loss (23,831) (19,112) (4,719) (24.7%) Depreciation 8,623 8,134 489 6.0% Amortization 1,113 1,161 (48) (4.1%) Start-up costs (A) 1,940 692 1,248 ** Transaction-related costs 3 32 (29) (90.6%) Integration costs - 30 (30) (100.0%) Remeasurement of finance lease obligation (B) 1,004 (1,252) 2,256 ** -------- -------- ------ -------- Adjusted EBITDA $ (11,148) $ (10,315) $ (833) (8.1%) ======== ======== ====== ======== Adjusted EBITDA attributable to noncontrolling interest (1,219) (645) (574) (89.0%) -------- -------- ------ -------- Adjusted EBITDA attributable to Viad $ (12,367) $ (10,960) $(1,407) (12.8%) ======== ======== ====== ======== Pursuit Operating margin (64.0%) (58.5%) (5.5%) Pursuit Adjusted EBITDA margin (29.9%) (31.6%) 1.6% Total GES Adjusted EBITDA: Revenue $ 236,266 $ 228,128 $ 8,138 3.6% Cost of services and products (220,908) (214,544) (6,364) (3.0%) -------- -------- ------ -------- Segment operating income 15,358 13,584 1,774 13.1% Depreciation 2,682 2,178 504 23.1% Amortization 875 982 (107) (10.9%) -------- -------- ------ -------- Total GES Adjusted EBITDA $ 18,915 $ 16,744 $ 2,171 13.0% ======== ======== ====== ======== Total GES Operating margin 6.5% 6.0% 0.5% Total GES Adjusted EBITDA margin 8.0% 7.3% 0.7% GES Adjusted EBITDA by Reportable Segment: Spiro $ 4,640 $ 3,737 $ 903 24.2% GES Exhibitions 14,275 13,007 1,268 9.7% -------- -------- ------ -------- Total GES $ 18,915 $ 16,744 $ 2,171 13.0% ======== ======== ====== ======== Spiro Revenue $ 61,248 $ 60,362 $ 886 1.5% ======== ======== ====== ======== Spiro Adjusted EBITDA Margin 7.6% 6.2% 1.4% GES Exhibitions Revenue $ 175,840 $ 169,497 $ 6,343 3.7% ======== ======== ====== ======== GES Exhibitions Adjusted EBITDA Margin 8.1% 7.7% 0.4% ** Change is greater than +/- 100 percent (A) Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago. (B) 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.
  

• *DJ Viad 1Q Loss/Shr $1.29 >VVI, from 4:10PM ET on Thursday May 02, 2024 by Dow Jones

  4:10PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: VVI
  Transaction-related costs - Pursuit(1) 3 32 Transaction-related costs - Corporate(2) 859 (3) Attraction start-up costs(1, 3) 1,940 692 Other non-recurring expenses(2, 4) 75 95 ----- ------------ ------- Transaction-related and other non-recurring expenses, pre-tax $ 2,877 $ 846 ===== ============ ======= (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. (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 income before other items 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 income (loss) before other items 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 March 31, --------------------------------- (in thousands) 2024 2023 --------------- ---------------- Weighted-average outstanding common shares 21,029 20,751 Effect of participating convertible preferred shares (if applicable) - - Effect of participating non-vested shares (if applicable) - - -------------- -------------- Weighted-average shares including effect of participating interests (if applicable) 21,029 20,751 ============== ============== VIAD CORP TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED) Three months ended March 31, ------------------------------------------ ($ in thousands) 2024 2023 $ Change % Change ---------- ---------- -------- -------- Viad Consolidated: Revenue $ 273,497 $ 260,791 $12,706 4.9% ======== ======== ====== ======== Net loss attributable to Viad $ (25,117) $ (20,869) $(4,248) (20.4%) Net loss attributable to noncontrolling interest (923) (398) (525) ** Net loss attributable to redeemable noncontrolling interest (203) (123) (80) (65.0%) Loss from discontinued operations 67 58 9 15.5% Net interest expense 11,845 12,249 (404) (3.3%) Income tax expense (benefit) 887 (578) 1,465 ** Depreciation and amortization 13,320 12,475 845 6.8% Restructuring charges 116 453 (337) (74.4%) Other expense, net 438 531 (93) (17.5%) Start-up costs (A) 1,940 692 1,248 ** Transaction-related costs 862 29 833 ** Integration costs - 30 (30) (100.0%) Other non-recurring expenses 75 95 (20) (21.1%) Remeasurement of finance lease obligation (B) 1,004 (1,252) 2,256 ** -------- -------- ------ -------- Consolidated Adjusted EBITDA $ 4,311 $ 3,392 $ 919 27.1% ======== ======== ====== ======== Adjusted EBITDA attributable to noncontrolling interest (1,219) (645) (574) (89.0%) -------- -------- ------ -------- Consolidated Adjusted EBITDA attributable to Viad $ 3,092 $ 2,747 $ 345 12.6% ======== ======== ====== ======== Consolidated Adjusted EBITDA by Business: Pursuit $ (11,148) $ (10,315) $ (833) (8.1%) Total GES 18,915 16,744 2,171 13.0% -------- -------- ------ -------- Total Segment EBITDA 7,767 6,429 1,338 20.8% Corporate EBITDA (3,456) (3,037) (419) (13.8%) -------- -------- ------ -------- Consolidated Adjusted EBITDA $ 4,311 $ 3,392 $ 919 27.1% ======== ======== ====== ======== Pursuit Adjusted EBITDA: Revenue $ 37,231 $ 32,663 $ 4,568 14.0% Cost of services and products (61,062) (51,775) (9,287) (17.9%) -------- -------- ------ -------- Segment operating loss (23,831) (19,112) (4,719) (24.7%) Depreciation 8,623 8,134 489 6.0% Amortization 1,113 1,161 (48) (4.1%) Start-up costs (A) 1,940 692 1,248 ** Transaction-related costs 3 32 (29) (90.6%) Integration costs - 30 (30) (100.0%) Remeasurement of finance lease obligation (B) 1,004 (1,252) 2,256 ** -------- -------- ------ -------- Adjusted EBITDA $ (11,148) $ (10,315) $ (833) (8.1%) ======== ======== ====== ======== Adjusted EBITDA attributable to noncontrolling interest (1,219) (645) (574) (89.0%) -------- -------- ------ -------- Adjusted EBITDA attributable to Viad $ (12,367) $ (10,960) $(1,407) (12.8%) ======== ======== ====== ======== Pursuit Operating margin (64.0%) (58.5%) (5.5%) Pursuit Adjusted EBITDA margin (29.9%) (31.6%) 1.6% Total GES Adjusted EBITDA: Revenue $ 236,266 $ 228,128 $ 8,138 3.6% Cost of services and products (220,908) (214,544) (6,364) (3.0%) -------- -------- ------ -------- Segment operating income 15,358 13,584 1,774 13.1% Depreciation 2,682 2,178 504 23.1% Amortization 875 982 (107) (10.9%) -------- -------- ------ -------- Total GES Adjusted EBITDA $ 18,915 $ 16,744 $ 2,171 13.0% ======== ======== ====== ======== Total GES Operating margin 6.5% 6.0% 0.5% Total GES Adjusted EBITDA margin 8.0% 7.3% 0.7% GES Adjusted EBITDA by Reportable Segment: Spiro $ 4,640 $ 3,737 $ 903 24.2% GES Exhibitions 14,275 13,007 1,268 9.7% -------- -------- ------ -------- Total GES $ 18,915 $ 16,744 $ 2,171 13.0% ======== ======== ====== ======== Spiro Revenue $ 61,248 $ 60,362 $ 886 1.5% ======== ======== ====== ======== Spiro Adjusted EBITDA Margin 7.6% 6.2% 1.4% GES Exhibitions Revenue $ 175,840 $ 169,497 $ 6,343 3.7% ======== ======== ====== ======== GES Exhibitions Adjusted EBITDA Margin 8.1% 7.7% 0.4% ** Change is greater than +/- 100 percent (A) Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago. (B) 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.