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Dec 31, 2022
MotiTest Q4 2022 Earnings Report
Viad Corp's Q4 2022 results reflected revenue growth driven by the recovery of live events and leisure travel, with Pursuit achieving record revenue and GES outperforming expectations.
Key Takeaways
Viad Corp reported a revenue increase driven by the continued recovery of live event activity and leisure travel. The net loss attributable to Viad improved due to a gain on the sale of a non-core business. Consolidated adjusted EBITDA also improved.
Revenue increased due to recovery of live event activity and leisure travel.
Net loss attributable to Viad improved due to a gain on the sale of a non-core business.
Consolidated adjusted EBITDA improved.
GES significantly outperformed expectations as live event activity returned faster than anticipated.
MotiTest
MotiTest
Forward Guidance
Viad anticipates continued growth in 2023, focusing on maximizing performance within their existing businesses. Pursuit is expected to benefit from the lifting of COVID restrictions and the acceleration of new experiences. GES anticipates headwinds from negative show rotation, which they expect to offset with stronger performance and new wins at Spiro.
Positive Outlook
- Lifting of COVID restrictions at the Canadian border
- Acceleration of new experiences
- Ongoing focus on improving the guest experience
- Exhibitions same show revenue expected to remain at ~90% of 2019 levels
- Spiro clients’ marketing spend expected to be similar to 2022, plus new client wins
Challenges Ahead
- Headwinds of negative show rotation revenue ($30M)
- Sale of ON Services ($50M)
- Uncertain macro backdrop
- Prudent decisions with respect to cost structure
- Prudent decisions with respect to capital investments