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Dec 31, 2020
MotiTest Q4 2020 Earnings Report
Viad Corp's financial performance was impacted by the COVID-19 pandemic, resulting in a significant decrease in revenue and a net loss for the quarter.
Key Takeaways
Viad Corp reported a challenging fourth quarter in 2020, with revenue significantly impacted by the COVID-19 pandemic. The company focused on cash flow management and implemented cost reduction measures to navigate the difficult environment. Despite the challenges, Viad made progress on strategic initiatives and maintained a solid liquidity position.
Total available liquidity was approximately $260 million as of December 31, 2020.
Revenue decreased significantly due to the impact of the COVID-19 pandemic on live events and leisure travel.
Pursuit's revenue decreased by approximately 58% due to border closures and pandemic concerns.
GES's revenue decreased by approximately 93% due to minimal face-to-face event activity.
MotiTest
MotiTest
Forward Guidance
Viad expects leisure travel to lead the recovery in the travel sector and is optimistic about the future of both its businesses, with Pursuit well-positioned to benefit from pent-up demand and GES seeing encouraging booking levels in the back half of 2021.
Positive Outlook
- Leisure travel is expected to lead the way in the travel sector’s post-pandemic recovery.
- Pursuit’s experiences in iconic locations are well-positioned to benefit from pent-up perennial demand.
- Live events are taking place in some locations.
- The level of bookings in the back half of 2021 is encouraging.
- Clients remain eager to return to face-to-face events.
Challenges Ahead
- Industries continue to feel the effects of the pandemic.
- Leisure travel remains muted.
- Live event activity is sparse.
- Recovery at GES will likely take longer to unfold.
- The environment remains challenging and uncertain.