Loading...
•
Mar 31, 2023
MotiTest Q1 2023 Earnings Report
Viad Corp's first quarter 2023 results were reported, showcasing significant year-over-year growth and exceeding expectations.
Key Takeaways
Viad Corp reported strong first-quarter results, driven by improvements in live event activity and leisure travel. Revenue increased, and the net loss attributable to Viad improved due to strengthening demand for exhibitions and events and higher international tourism. Consolidated adjusted EBITDA also improved and exceeded the prior guidance range.
Revenue increased by $83.4 million due to improvements in live event activity and leisure travel.
Net loss attributable to Viad improved by $8.1 million due to strengthening demand for exhibitions and events and higher international tourism.
Consolidated adjusted EBITDA improved by $14.7 million, exceeding the high-end of prior guidance.
Pursuit continues to post record levels of revenue, with first quarter revenue more than tripling the amount generated in 2019.
MotiTest
MotiTest
Forward Guidance
Viad Corp raised its full year guidance, seeing strengthening demand across the exhibition and event sector and from international leisure travel to Pursuit’s markets, along with acceleration of visitation at Pursuit’s new experiences.
Positive Outlook
- Lifting of all COVID restrictions at the Canadian border
- Acceleration of new experiences
- Ongoing focus on improving the guest experience
Challenges Ahead
- Expect GES will mostly offset the headwinds of negative show rotation revenue ($30M)
- The sale of ON Services ($50M)
- Exhibitions same show revenue expected to remain at ~90% of 2019 levels
- Spiro clients’ marketing spend expected to be similar to 2022, plus new client wins
- We intend to prudently invest in talent and capabilities at Spiro to fuel growth in 2023 and beyond