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Sep 30, 2020
MotiTest Q3 2020 Earnings Report
Viad Corp experienced a significant revenue decline due to the COVID-19 pandemic's impact on event activity and leisure travel, but Pursuit showed resilience with improving revenue trends.
Key Takeaways
Viad Corp reported a challenging third quarter in 2020, with a significant decrease in revenue and a net loss attributable to Viad, primarily due to the impact of the COVID-19 pandemic on the live events industry and leisure travel. However, Pursuit demonstrated resilience with improving revenue trends, and the company maintained a strong liquidity position.
Total available liquidity was $311 million as of September 30, 2020.
Pursuit delivered stronger than expected performance with 60% occupancy despite ongoing border closures and other restrictions due to COVID-19.
GES continued transformation efforts with additional cost structure improvements and ongoing focus on securing future business.
Construction of FlyOver Las Vegas and Sky Lagoon attractions on track for opening in 2021.
MotiTest
MotiTest
Forward Guidance
Given the evolving, uncertain nature of COVID-19, it is not possible to predict how the pandemic and government reactions will continue to impact the events industry and the broader travel market. Accordingly, the company will not be re-issuing financial guidance at this time.
Positive Outlook
- Seeing increased RFPs for corporate business.
- Strong contract pacing for future events.
- 2021 bookings for many locations are pacing ahead of the same time last year.
- Guests and clients are eager to explore and convene when it is safe and possible to do so.
- Construction for FlyOver Las Vegas restarted in September and is on track to have it open in the 2021 third quarter.
Challenges Ahead
- COVID-19 pandemic continues to have a meaningful impact on the live events industry.
- COVID-19 pandemic continues to have a meaningful impact on leisure travel.
- Ongoing pandemic and related government restrictions have kept the live events market largely closed.
- GES responded by reducing operating costs to minimal essential levels to preserve liquidity.
- It is not possible to predict how the pandemic and government reactions will continue to impact the events industry and the broader travel market.