MotiTest Q3 2021 Earnings Report
Key Takeaways
Viad Corp reported a significant recovery in Q3 2021, with revenue reaching 66% of pre-COVID levels. The company achieved positive net income and free cash flow, driven by strong performance in both Pursuit and GES segments.
Revenue reached 66% of pre-COVID levels as business activity continues to accelerate at Pursuit and GES.
Net Income and free cash flow turn positive.
Pursuit opened third new attraction this year.
Leisure travel and events are beginning to return to in-person formats.
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MotiTest Revenue by Segment
Forward Guidance
Viad Corp is in a solid position to pursue additional investments that will continue to accelerate Pursuit’s high-margin growth. Construction of Pursuit’s new 88-room hotel in Jasper is progressing well and is expected to open ahead of the 2022 peak season. The company continues to work through planning and permitting for FlyOver Toronto, targeted to open in 2024.
Positive Outlook
- Strong liquidity
- Improving industry fundamentals
- Flexibility offered by new credit facility
- Pursuit's new 88-room hotel in Jasper is progressing well
- FlyOver Toronto experience is targeted to open in 2024
Challenges Ahead
- Impact of the COVID-19 pandemic on financial condition, liquidity, and cash flow
- General economic uncertainty in key global markets and a worsening of global economic conditions
- Travel industry disruptions
- Unanticipated delays and cost overruns of capital projects
- Exposure to cybersecurity attacks and threats