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Dec 31, 2019
MotiTest Q4 2019 Earnings Report
Reported solid revenue growth in the fourth quarter, driven by GES and Pursuit's performance and contributions from the Mountain Park Lodges acquisition.
Key Takeaways
Viad Corp's Q4 2019 results showed solid revenue growth driven by GES and Pursuit, with contributions from acquisitions. However, the company reported a net loss attributable to Viad of $5.4 million, compared to a net loss of $2.3 million in Q4 2018. Full year revenue increased by 5.8% to $1.4 billion.
GES and Pursuit both finished 2019 with solid fourth quarter revenue growth.
Pursuit accelerated its pace of growth with investments in new experiences.
GES continues to drive growth within the corporate event space with a differentiated end-to-end offering.
Significant growth is expected in 2020 as GES benefits from favorable show rotation and Pursuit continues to attract additional visitors.
Forward Guidance
Viad Corp anticipates consolidated revenue to increase at a low-double digit rate from 2019, with adjusted segment EBITDA expected to range between $195 million and $206 million.
Positive Outlook
- Consolidated revenue is expected to increase at a low-double digit rate.
- GES revenue is projected to increase at a low-double digit rate.
- Pursuit revenue is expected to increase by 12% to 17%.
- GES adjusted segment EBITDA is projected to be $109 million to $114 million.
- Pursuit adjusted segment EBITDA is projected to be $86 million to $92 million.
Challenges Ahead
- The guidance assumes minimal impact from the Coronavirus, which may not be the case.
- Pursuit's first quarter operating results are expected to decrease due to additional costs and investments.
- Start-up costs of $5 million to $6 million are expected for new Pursuit attractions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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