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Mar 31, 2022
MotiTest Q1 2022 Earnings Report
Viad Corp's first quarter 2022 results significantly exceeded expectations, driven by stronger revenue at GES and record revenue at Pursuit.
Key Takeaways
Viad Corp reported first quarter 2022 financial results that significantly exceeded expectations. The company's revenue increased by $148.4 million compared to the first quarter of 2021, driven by stronger performance at GES and record revenue at Pursuit. Net loss attributable to Viad was $(29.0) million, an improvement of $14.2 million compared to the prior year.
Q1 2022 results significantly exceeded expectations, leading to raised full-year expectations.
Pursuit's Refresh, Build, Buy strategy continues to fuel growth.
GES launched Spiro to accelerate growth in Brand Experiences.
Advance bookings at Pursuit point to a very strong peak season this summer.
MotiTest
MotiTest
Forward Guidance
Assuming no future material adverse changes to the macro environment from COVID, geo-political events, or other factors, we expect Adjusted EBITDA will be in the ranges shown in the following table. We continue to operate in a very dynamic environment and our performance could vary significantly from the amounts shown below.
Positive Outlook
- US same store revenue out-performs 2019 on strong domestic leisure travel demand
- Canada same store revenue remains below 2019 on partial recovery of long-haul international leisure travel
- New experiences continue to ramp as awareness builds and long-haul leisure travel partially recovers
- Revenue management efforts to drive rate increases offset wage inflation
- Exhibitions same-show revenue will generally remain at or better than 75% of pre-pandemic levels
Challenges Ahead
- Overall margins will improve from 2021 but remain below 2019 due to guest mix
- Experiential marketing budgets of major Spiro clients are approximately 80% of pre-pandemic levels
- SG&A will gradually increase to support increased business activity and future revenue growth
- Run rate remains consistent with first quarter