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Sep 30, 2023
MotiTest Q3 2023 Earnings Report
Strong third quarter results were delivered, aligning with guidance due to growing demand for international leisure travel and live events.
Key Takeaways
Viad Corp reported a revenue of $365.9 million and a net income attributable to Viad of $41.3 million for the third quarter of 2023. Pursuit posted record results with significant margin expansion. GES continues to see healthy same-show Exhibition growth and new client wins at Spiro.
Net income attributable to Viad increased $3.2 million.
Consolidated adjusted EBITDA increased $4.3 million primarily due to strong growth and margin performance at Pursuit.
Pursuit posted record results during the peak summer season, benefiting from increased international visitation and solid demand.
GES' results reflect continued strength in live events.
MotiTest
MotiTest
Forward Guidance
Viad anticipates continued strong demand for Pursuit’s leisure travel markets and GES’ live events going forward. Based on this, they have raised the bottom end their full year guidance ranges.
Positive Outlook
- Revenue growth in 2023 driven by lifting of all COVID restrictions at the Canadian border
- Revenue growth in 2023 driven by acceleration of new experiences
- Revenue growth in 2023 driven by ongoing focus on improving the guest experience
- FY margin expands as visitation increases
- FY margin expands as the performance of newer experiences improves
Challenges Ahead
- FY revenue growth is partially offset by impact of non-annual shows
- FY revenue growth is partially offset by the sale of ON Services
- Exhibitions same show revenue expected to return to 2019 levels
- Spiro clients’ marketing spend expected to be similar to 2022, plus new client wins
- Higher revenue and restaffing of the workforce from pandemic levels plus select investments in talent and capabilities at Spiro to fuel growth