MotiTest Q1 2021 Earnings Report
Key Takeaways
Viad Corp reported a first-quarter revenue of $28.9 million, a significant decrease from $294.7 million in the same period last year, primarily due to the impact of the COVID-19 pandemic on live events. The net loss attributable to Viad was $43.2 million. The company's available liquidity was approximately $220 million as of March 31, 2021.
Advance bookings for lodging at Pursuit’s Glacier Park and Alaska Collections are pacing ahead of 2019.
Pursuit’s collection of experiences is growing with three new attractions opening during the second and third quarters.
GES is preparing to service large-scale exhibitions beginning in June with its more variable cost structure.
Viad’s total available liquidity was approximately $220 million as of March 31, 2021.
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MotiTest Revenue by Segment
Forward Guidance
Viad is seeing increased demand and optimism for both leisure travel and in-person events with strong advance bookings for rooms at Pursuit’s iconic locations and Las Vegas recently approved large scale events beginning in June.
Positive Outlook
- Strong advance bookings for rooms at Pursuit’s iconic locations.
- Room reservations pacing ahead of 2019 at the Glacier Park and Alaska Collections.
- Banff bookings will benefit from pent-up perennial demand once Canada re-opens its borders for international tourism.
- Face-to-face events are taking place in some locations.
- Las Vegas recently approved large scale events beginning in June.
Challenges Ahead
- First quarter revenue was affected by pandemic-related restrictions.
- Banff bookings remain constrained by the Canadian border closure.
- International travel remained constrained during this seasonally slow period.
- First quarter cash flow from operations was an outflow of approximately $33 million.
- Financial covenants under our revolving credit facility have been waived through September 2022, during which time we are required to maintain minimum liquidity of $100 million.