MotiTest Q3 2024 Earnings Report
Key Takeaways
Viad Corp's Q3 2024 results showed significant growth, with revenue increasing by 24.5% to $455.7 million and net income attributable to Viad rising by 17.8% to $48.6 million. Both Pursuit and GES contributed to this strong performance, with GES particularly benefiting from major non-annual shows. The company is also on track to sell GES by the end of the year, focusing on Pursuit as a high-growth business.
Revenue increased by 24.5% year-over-year, reaching $455.7 million.
Net income attributable to Viad increased by 17.8% year-over-year, reaching $48.6 million.
Consolidated adjusted EBITDA increased by 19.6% year-over-year, reaching $103.1 million.
The sale of GES for $535 million is expected to close on December 31, 2024.
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Forward Guidance
Viad Corp. is revising its full year guidance ranges based on stronger than expected performance year-to-date in 2024 and favorable underlying demand trends.
Positive Outlook
- GES will achieve Adjusted EBITDA of $90 million to $95 million.
- Pursuit’s Adjusted EBITDA is narrowed to $87 million to $92 million.
- Viad consolidated revenue is expected to be $240 to $260 million for Q4.
- Viad consolidated Adjusted EBITDA is expected to be $(9) to $0 million for Q4.
- Viad consolidated cash flow from Operations is expected to be $(43) to $(33) million for Q4.
Challenges Ahead
- Viad consolidated revenue is expected to be up high-single to low-double digits for the full year.
- Viad consolidated Adjusted EBITDA is expected to be $163 to $172 million for the full year.
- Viad consolidated cash flow from Operations is expected to be $90 to $100 million for the full year.
- Viad consolidated Capital Expenditures is expected to be $12 to $17 million for Q4.
- Viad consolidated Effective Tax Rate is expected to be 1% to 2% for Q4.