MotiTest Q1 2022 Earnings Report
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.
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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