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Jun 30, 2024
MotiTest Q2 2024 Earnings Report
Viad Corp's second-quarter performance in 2024 was marked by strong revenue growth, driven by increased demand in both the Pursuit and GES segments, which led to exceeding prior expectations.
Key Takeaways
Viad Corp reported a strong second quarter in 2024, exceeding expectations with significant demand for its extraordinary experiences in both Pursuit and GES. The company saw an 18.2% increase in revenue, driven by growth in both segments.
Revenue increased by 18.2% to $378.5 million compared to Q2 2023.
Net income attributable to Viad increased by $18.4 million to $29.3 million.
Pursuit revenue grew by 14.4%, driven by strong performance in attractions.
GES revenue increased by 19.6%, primarily due to new client wins and continued underlying growth.
MotiTest
MotiTest
Forward Guidance
Viad provided revised guidance for Pursuit that estimates the potential impact of the Jasper wildfire activity, which resulted in the temporary closure of properties in the area. For GES, the company is raising its full year Adjusted EBITDA guidance range by $5 million.
Positive Outlook
- Viad Consolidated Revenue is expected to be $418 to $463 million for the third quarter.
- Viad Consolidated Adjusted EBITDA is expected to be $87 to $105 million for the third quarter.
- Viad Consolidated Cash flow from Operations is expected to be $70 to $80 million for the third quarter.
- GES Revenue is expected to be $258 to $278 million for the third quarter.
- GES Adjusted EBITDA is expected to be $15 to $19 million for the third quarter.
Challenges Ahead
- Wildfires in Jasper bring uncertainty to full year outlook.
- Pursuit's guidance range assumes Jasper National Park re-opens on September 3 and is subject to change due to the evolving wildfire situation.
- Viad Consolidated Capital Expenditures is expected to be $14 to $19 million for the third quarter.
- Viad Consolidated Effective Tax Rate is expected to be 11% to 12% for the third quarter.
- Pursuit Revenue is expected to be $160 to $185 million for the third quarter.