VVI Viad Corp New

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2024

 

 

 

Viad Corp

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-11015	36-1169950
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
7000 East 1st Avenue
Scottsdale, Arizona				85251-4304
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (602) 207-1000

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $1.50 Par Value		VVI		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On August 6, 2024, we issued a press release announcing our earnings for the second quarter ended June 30, 2024. A copy of the earnings press release is furnished as Exhibit 99.1 to this current report.

This press release, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On August 6, 2024, we posted an earnings presentation to our website at www.viad.com. The information found on, or otherwise accessible through, our website is not incorporated by reference herein. A copy of the earnings presentation is furnished as Exhibit 99.2 to this current report.

This earnings presentation, including Exhibit 99.2, will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit Number		Description
99.1		Viad Corp Press Release dated August 6, 2024
99.2		Earnings Presentation dated August 6, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Viad Corp
		(Registrant)
Date: August 6, 2024		By:	/s/ Leslie S. Striedel
			Leslie S. Striedel
		Title:	Chief Accounting Officer

 

 

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Exhibit 99.1

Viad Corp Reports 2024 SECOND Quarter Results

 

SCOTTSDALE, August 6, 2024 -- Viad Corp (NYSE: VVI), a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing, today reported results for the 2024 second quarter.

Steve Moster, Viad’s President and Chief Executive Officer, commented, “We delivered very strong second quarter results that exceeded our expectations. Both Pursuit and GES have seen significant demand for our extraordinary experiences and achieved remarkable results. Pursuit's 14% revenue growth during the quarter was largely driven by strong performance from our attractions, with a 15% increase in visitors at higher effective ticket prices. GES continues to deliver solid profitable growth primarily from stronger high-margin corporate client spending and disciplined cost management.”

Financial Highlights

		Three months ended June 30,
(in millions, except per share data)		2024				2023				$ Change				% Change
Revenue		$	378.5			$	320.3			$	58.2			18.2%
Pursuit Revenue			101.2				88.5				12.7			14.4%
GES Revenue			277.3				231.8				45.5			19.6%
Net Income Attributable to Viad		$	29.3			$	11.0			$	18.4			**
Adjusted Net Income*			29.2				11.8				17.4			**
Diluted EPS Attributable to Viad		$	0.97			$	0.33			$	0.64			**
Adjusted Diluted EPS*			0.97				0.36				0.61			**
Consolidated Adjusted EBITDA*		$	64.3			$	42.9			$	21.5			50.1%
Pursuit Adjusted EBITDA*			23.7				19.5				4.2			21.5%
GES Adjusted EBITDA*			44.4				26.8				17.6			65.4%
Corporate Adjusted EBITDA*			(3.8	)			(3.5	)			(0.3	)		(8.5%)

 

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

** Change is greater than +/- 100 percent

 

In addition to the commentary below, further information regarding our financial results, trends, and outlook are available in a supplemental earnings presentation, which can be accessed on the “Investors” section of our website, and in the financial tables accompanying this press release.

 

Second Quarter Results

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Cash Flow and Balance Sheet Highlights

 

Jasper Wildfire Update

As we previously reported by 8-K, Jasper National Park was closed and evacuated on July 22, 2024, and a wildfire entered the Jasper townsite on July 24, 2024. The Municipality of Jasper reported that about 70% of the town, including homes, businesses, and hotels were thankfully untouched by fire and are intact. All critical municipal infrastructure was successfully protected, and power is being restored as authorities work to safely re-open the town.

All Pursuit hotels and experiences in the Jasper townsite, as well as our Pyramid Lake Lodge, Miette Mountain Cabins, and Maligne Lake Boat Cruise were not reached by the fire and remain intact. Our known property losses have been limited to the Maligne Canyon Wilderness Kitchen, a restaurant and retail operation about 3 miles outside the town of Jasper.

The majority of the park, including the town of Jasper, remains closed as authorities continue work to control the fire and restore critical services to the Jasper townsite. Parks Canada communicated that if current conditions continue, visitor services in the park are expected to resume September 3, 2024.

We are working with our insurance carriers to determine the extent of potential recoveries from our policies, which will be highly fact determinative based on what we learn when we and our insurance adjusters are able to access our properties.

2024 Outlook

Steve Moster, Viad’s President and Chief Executive Officer, said, “Given our stronger than expected performance during the first half of 2024 and the favorable underlying demand trends we are seeing, we were prepared to raise our full year guidance. However, following the Jasper wildfire activity, which resulted in the temporary closure of our properties in the area, we are providing revised guidance for Pursuit that estimates the potential impact. For GES, we are raising our full year Adjusted EBITDA guidance range by $5 million.”

Our guidance for Viad consolidated, Pursuit, and GES is below. Pursuit's guidance range assumes Jasper National Park re-opens on September 3 and is subject to change due to the evolving wildfire situation. We will update as appropriate during the third quarter.

 

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(in millions)	Third Quarter	Full Year
Viad Consolidated
Revenue	$418 to $463	Up high-single digits
Adjusted EBITDA	$87 to $105	$151 to $176
Cash flow from Operations	$70 to $80	$80 to $100
Capital Expenditures	$14 to $19 (including growth capex of ~$4)	$65 to $70 (including growth capex of ~$20)
Effective Tax Rate	11% to 12%	28% to 29%
Pursuit
Revenue	$160 to $185	In line with prior year
Adjusted EBITDA	$75 to $90	$80 to $95
GES
Revenue	$258 to $278	Up low-double digits
Adjusted EBITDA	$15 to $19	$85 to $95

 

Conference Call Details

Management will host a conference call to review second quarter 2024 results on Tuesday, August 6, 2024, at 5 p.m. (Eastern Time).

The conference call can be accessed with operator assistance by calling (404) 975-4839 or (833) 470-1428 and entering the access code 153001.

To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link: https://www.netroadshow.com/events/login?show=e6b43f98&confId=68140. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. We recommend that you register in advance to ensure access for the full call.

A live audio webcast of the call will also be available in listen-only mode through the “Investors” section of our website. A replay of the webcast will be available on our website shortly after the call and, for a limited time, by calling (929) 458-6194 or (866) 813-9403 and entering the access code 573476.

Additionally, we posted a supplemental earnings presentation, containing our financial results, trends and outlook, on the “Investors” section of our website prior to the conference call. We will refer to this presentation during the call.

About Viad

Viad (NYSE: VVI), is a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing through two businesses: Pursuit and GES. Our business strategy focuses on delivering extraordinary experiences for our teams, clients and guests, and significant and sustainable growth and above-market returns for our shareholders. Viad is an S&P SmallCap 600 company.

Pursuit is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations. Pursuit’s elevated hospitality experiences enable visitors to discover and connect with world-class attractions, distinctive lodges, and engaging tours in stunning national parks and renowned global travel locations, in addition to experiencing our collection of Flyover Attractions in the vibrant cities of Vancouver, Reykjavik, Las Vegas, and Chicago.

GES is a global exhibition services and experiential marketing company offering a comprehensive range of services to the world’s leading event organizers and brands through two reportable segments, GES Exhibitions and Spiro. GES Exhibitions is a global exhibition and trade show management business that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows with teams throughout North America, Europe, and the Middle East. Spiro is a global experiential marketing agency that partners with leading brands around the world to manage and elevate their experiential marketing activities, bonding brand and customer.

For more information, visit www.viad.com.

 

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Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.

Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:

 

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.

 

 

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Forward-Looking Non-GAAP Measures

The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP financial measure because certain reconciling items that impact this metric, including provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP.

Contact

Carrie Long or Michelle Porhola

Investor Relations

(602) 207-2681

ir@viad.com
 

 

 

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VIAD CORP

TABLE ONE - QUARTERLY RESULTS (UNAUDITED)

 

		Three months ended June 30,														Six months ended June 30,
(in thousands, except per share data)		2024				2023				$ Change				% Change		2024				2023				$ Change				% Change
Revenue:
Pursuit		$	101,201			$	88,474			$	12,727			14.4%		$	138,432			$	121,137			$	17,295			14.3%
GES:
Spiro			99,132				80,368				18,764			23.3%			160,380				140,730				19,650			14.0%
GES Exhibitions			180,977				154,534				26,443			17.1%			356,817				324,031				32,786			10.1%
Inter-segment eliminations			(2,772	)			(3,065	)			293			9.6%			(3,594	)			(4,796	)			1,202			25.1%
Total GES			277,337				231,837				45,500			19.6%			513,603				459,965				53,638			11.7%
Total		$	378,538			$	320,311			$	58,227			18.2%		$	652,035			$	581,102			$	70,933			12.2%
Segment operating income (loss):
Pursuit		$	12,638			$	9,811			$	2,827			28.8%		$	(11,193	)		$	(9,301	)		$	(1,892	)		-20.3%
GES:
Spiro			17,517				8,279				9,238			**			21,518				11,453				10,065			87.9%
GES Exhibitions			23,282				15,354				7,928			51.6%			34,639				25,764				8,875			34.4%
Total GES			40,799				23,633				17,166			72.6%			56,157				37,217				18,940			50.9%
Total		$	53,437			$	33,444			$	19,993			59.8%		$	44,964			$	27,916			$	17,048			61.1%
Corporate eliminations			16				16				-			0.0%			32				32				-			0.0%
Corporate activities (Note A)			(5,422	)			(3,511	)			(1,911	)		(54.4%)			(9,855	)			(6,676	)			(3,179	)		-47.6%
Gain on sale of ON Services			-				(204	)			204			(100.0%)			-				(204	)			204			-100.0%
Restructuring (charges) recoveries			825				(192	)			1,017			**			709				(645	)			1,354			**
Other expense, net			(442	)			(448	)			6			1.3%			(880	)			(979	)			99			10.1%
Net interest expense			(12,585	)			(12,356	)			(229	)		(1.9%)			(24,430	)			(24,605	)			175			0.7%
Income (loss) from continuing operations before income taxes			35,829				16,749				19,080			**			10,540				(5,161	)			15,701			**
Income tax expense (Note B)			(5,851	)			(5,028	)			(823	)		(16.4%)			(6,738	)			(4,450	)			(2,288	)		-51.4%
Income (loss) from continuing operations			29,978				11,721				18,257			**			3,802				(9,611	)			13,413			**
Income (loss) from discontinued operations			900				(143	)			1,043			**			833				(201	)			1,034			**
Net income (loss)			30,878				11,578				19,300			**			4,635				(9,812	)			14,447			**
Net income attributable to noncontrolling interest			(1,807	)			(903	)			(904	)		**			(884	)			(505	)			(379	)		-75.0%
Net loss attributable to redeemable noncontrolling interest			240				286				(46	)		(16.1%)			443				409				34			8.3%
Net income (loss) attributable to Viad		$	29,311			$	10,961			$	18,350			**		$	4,194			$	(9,908	)		$	14,102			**
Amounts Attributable to Viad:
Income (loss) from continuing operations		$	28,411			$	11,104			$	17,307			**		$	3,361			$	(9,707	)		$	13,068			**
Income (loss) from discontinued operations			900				(143	)			1,043			**			833				(201	)			1,034			**
Net income (loss)		$	29,311			$	10,961			$	18,350			**		$	4,194			$	(9,908	)		$	14,102			**
Income (loss) per common share attributable to Viad (Note C):
Basic income (loss) per common share		$	0.98			$	0.33			$	0.65			**		$	0.01			$	(0.66	)		$	0.67			**
Diluted income (loss) per common share		$	0.97			$	0.33			$	0.64			**		$	0.01			$	(0.66	)		$	0.67			**
Weighted-average common shares outstanding:
Basic weighted-average outstanding common shares			21,126				20,840				286			1.4%			21,078				20,796				282			1.4%
Additional dilutive shares related to share-based compensation			395				135				260			**			389				-				389			**
Diluted weighted-average outstanding common shares			21,521				20,975				546			2.6%			21,467				20,796				671			3.2%
Adjusted EBITDA* by Reportable Segment:
Pursuit		$	23,678			$	19,482			$	4,196			21.5%		$	12,530			$	9,167			$	3,363			36.7%
GES:
Spiro			18,101				8,940				9,161			**			22,741				12,677				10,064			79.4%
GES Exhibitions			26,313				17,905				8,408			47.0%			40,588				30,912				9,676			31.3%
Total GES			44,414				26,845				17,569			65.4%			63,329				43,589				19,740			45.3%
Corporate			(3,764	)			(3,470	)			(294	)		(8.5%)			(7,220	)			(6,507	)			(713	)		-11.0%
Consolidated Adjusted EBITDA		$	64,328			$	42,857			$	21,471			50.1%		$	68,639			$	46,249			$	22,390			48.4%
Capitalization Data:
Cash and cash equivalents		$	48,981			$	53,179			$	(4,198	)		(7.9%)
Total debt			490,936				477,876				13,060			2.7%
Viad shareholders' equity			37,707				16,487				21,220			**
Non-controlling interests (redeemable and non-redeemable)			88,968				88,216				752			0.9%
Convertible Series A Preferred Stock (Note D):
Convertible preferred stock (including accumulated dividends paid in kind)***			141,827				141,827				-			0.0%
Equivalent number of common shares			6,674				6,674				-			0.0%

 

* Refer to Table Two for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

** Change is greater than +/- 100 percent

*** Amount shown excludes transaction costs, which are netted against the value of the preferred shares when presented on Viad's balance sheet.

 

 

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VIAD CORP

TABLE ONE - NOTES TO QUARTERLY RESULTS (UNAUDITED)

 

(A) Corporate Activities - The increase in corporate activities is primarily due to increased consulting costs.

(B) Income tax expense – The effective tax rate was 16.3% for the three months ended June 30, 2024, 30.0% for the three months ended June 30, 2023., 63.9% for the six months ended June 30, 2024, and a negative 86.2% for six months ended June 30, 2023. The effective tax rates differed from the 21% federal rate as we do not recognize a tax benefit primarily on losses in the United States where we have a valuation allowance. For the six months ended June 30, 2024, we also recorded a $1.1 million benefit for the release of the valuation allowance recorded on the United Kingdom’s tax loss carryforwards, offset by a $0.5 million expense during the first quarter of 2024 to record estimated withholding taxes associated with repatriating Sky Lagoon’s earnings and a valuation allowance against the tax credit generated from this withholding tax. The effective tax rate for the six months ended June 30, 2023, was further impacted by the release of a valuation allowance of $2.1 million during the first quarter of 2023 on deferred tax assets associated with certain separate state filings, which more than offset taxes due in jurisdictions without a valuation allowance.

(C) Income (Loss) per Common Share — We apply the two-class method in calculating income (loss) per common share as preferred stock and unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share.

Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than participating securities. The as-converted method uses net income (loss) available to common shareholders and assumes conversion of all potential shares including participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock.

The components of basic and diluted income (loss) per share are as follows:

		Three months ended June 30,														Six months ended June 30,
(in thousands)		2024				2023				$ Change				% Change		2024				2023				$ Change				% Change
Net income (loss) attributable to Viad		$	29,311			$	10,961			$	18,350			**		$	4,194			$	(9,908	)		$	14,102			**
Convertible preferred stock dividends			(1,950	)			(1,950	)			-			0.0%			(3,900	)			(3,900	)			-			0.0%
Undistributed income (loss) attributable to Viad			27,361				9,011				18,350			**			294				(13,808	)			14,102			**
Less: Allocation to participating securities			(6,569	)			(2,186	)			(4,383	)		**			(71	)			-				(71	)		**
Net income (loss) allocated to Viad common shareholders (basic)		$	20,792			$	6,825			$	13,967			**		$	223			$	(13,808	)		$	14,031			**
Add: Allocation to participating securities			92				11				81			**			1				-				1			**
Net income (loss) allocated to Viad common shareholders (diluted)		$	20,884			$	6,836			$	14,048			**		$	224			$	(13,808	)		$	14,032			**
Basic weighted-average outstanding common shares			21,126				20,840				286			1.4%			21,078				20,796				282			1.4%
Additional dilutive shares related to share-based compensation			395				135				260			**			389				-				389			**
Diluted weighted-average outstanding common shares			21,521				20,975				546			2.6%			21,467				20,796				671			3.2%

** Change is greater than +/- 100 percent

 

(D) Convertible Series A Preferred Stock — On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible into shares of our common stock at a conversion price of $21.25 per share.

 

 

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VIAD CORP

TABLE TWO - NON-GAAP FINANCIAL MEASURES (UNAUDITED)

 

IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

 

This document includes the presentation of "Adjusted Net Income (Loss)", "Adjusted EBITDA", "Segment Operating Income (Loss)", and "Adjusted Segment Operating Income (Loss)", which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items affecting Viad’s consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.

 

Adjusted Net Income (Loss), Segment Operating Income (Loss), and Adjusted Segment Operating Income (Loss) are considered useful operating metrics, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Viad’s performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business. Management also believes that the presentation of Adjusted EBITDA for acquisitions and other major capital projects enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective.

 

		Three months ended June 30,														Six months ended June 30,
(in thousands, except per share data)		2024				2023				$ Change				% Change		2024				2023				$ Change				% Change
Adjusted net income (loss):
Net income (loss) attributable to Viad		$	29,311			$	10,961			$	18,350			**		$	4,194			$	(9,908	)		$	14,102			**
(Income) loss from discontinued operations attributable to Viad			(900	)			143				(1,043	)		**			(833	)			201				(1,034	)		**
Income (loss) from continuing operations attributable to Viad			28,411				11,104				17,307			**			3,361				(9,707	)			13,068			**
Gain on sale of ON Services			-				204				(204	)		(100.0%)			-				204				(204	)		-100.0%
Restructuring charges (recoveries), pre-tax			(825	)			192				(1,017	)		**			(709	)			645				(1,354	)		**
Transaction-related costs and other non-recurring expenses, pre-tax (Note A)			1,682				465				1,217			**			4,559				1,311				3,248			**
Remeasurement of finance lease obligation attributable to Viad, pre-tax (Note B)			(93	)			(184	)			91			49.5%			419				(823	)			1,242			**
Tax expense (benefit) on above items			31				60				(29	)		(48.3%)			(170	)			309				(479	)		**
Favorable tax matters			-				-				-			**			-				(2,103	)			2,103			-100.0%
Adjusted net income (loss)		$	29,206			$	11,841			$	17,365			**		$	7,460			$	(10,164	)		$	17,624			**
Adjusted diluted EPS:
Adjusted net income (loss) (as reconciled above)		$	29,206			$	11,841			$	17,365			**		$	7,460			$	(10,164	)		$	17,624			**
Convertible preferred stock dividends			(1,950	)			(1,950	)			-			0.0%			(3,900	)			(3,900	)			-			0.0%
Undistributed adjusted net income (loss) attributable to Viad (Note C)			27,256				9,891				17,365			**			3,560				(14,064	)			17,624			**
Less: Allocation to participating securities (Note D)			(6,452	)			(2,388	)			(4,064	)		**			(844	)			-				(844	)		**
Diluted adjusted net income (loss) allocated to Viad common shareholders		$	20,804			$	7,503			$	13,301			**		$	2,716			$	(14,064	)		$	16,780			**
Diluted weighted-average outstanding common shares			21,521				20,975				546			2.6%			21,467				20,796				671			3.2%
Adjusted diluted EPS		$	0.97			$	0.36			$	0.61			**		$	0.13			$	(0.68	)		$	0.81			**

 

** Change is greater than +/- 100 percent

 

(A) Transaction-related costs and other non-recurring expenses include:

		Three months ended June 30,								Six months ended June 30,
(in thousands)		2024				2023				2024				2023
Acquisition integration costs - Pursuit1		$	-			$	-			$	-			$	30
Transaction-related costs - Pursuit1			49				42				52				74
Transaction-related costs - Corporate2			1,550				6				2,409				3
Attraction start-up costs1, 3			20				417				1,960				1,109
Other non-recurring expenses2, 4			63				-				138				95
Transaction-related and other non-recurring expenses, pre-tax		$	1,682			$	465			$	4,559			$	1,311

1 Included in segment operating loss

2 Included in corporate activities

3 Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago.

4 Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023.

 

(B) Remeasurement of finance lease obligation attributable to Viad represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation that is attributed to Viad’s 51% interest in Sky Lagoon.

 

(C) We exclude the adjustment to the redemption value of redeemable noncontrolling interest from the calculation of adjusted net income (loss) per share as it is a non-cash adjustment that does not affect net income or loss attributable to Viad.

 

(D) Preferred stock and unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating adjusted net income (loss) per common share unless the effect of such inclusion is anti-dilutive. The following table provides the share data used for calculating the allocation to participating securities if applicable:

		Three months ended June 30,								Six months ended June 30,
(in thousands)		2024				2023				2024				2023
Weighted-average outstanding common shares			21,521				20,975				21,467				20,796
Effect of participating convertible preferred shares (if applicable)			6,674				6,674				6,674				-
Effect of participating non-vested shares (if applicable)			-				-				-				-
Weighted-average shares including effect of participating interests (if applicable)			28,195				27,649				28,141				20,796

 

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VIAD CORP

TABLE TWO - NON-GAAP FINANCIAL MEASURES CONTINUED (UNAUDITED)

 

		Three months ended June 30,														Six months ended June 30,
($ in thousands)		2024				2023				$ Change				% Change		2024				2023				$ Change				% Change
Viad Consolidated:
Revenue		$	378,538			$	320,311			$	58,227			18.2%		$	652,035			$	581,102			$	70,933			12.2%
Net income (loss) attributable to Viad		$	29,311			$	10,961			$	18,350			**		$	4,194			$	(9,908	)		$	14,102			**
Net income attributable to noncontrolling interest			1,807				903				904			**			884				505				379			75.0%
Net loss attributable to redeemable noncontrolling interest			(240	)			(286	)			46			16.1%			(443	)			(409	)			(34	)		-8.3%
(Income) loss from discontinued operations			(900	)			143				(1,043	)		**			(833	)			201				(1,034	)		**
Net interest expense			12,585				12,356				229			1.9%			24,430				24,605				(175	)		-0.7%
Income tax expense			5,851				5,028				823			16.4%			6,738				4,450				2,288			51.4%
Depreciation and amortization			14,797				12,804				1,993			15.6%			28,117				25,279				2,838			11.2%
Gain on sale of ON Services			-				204				(204	)		(100.0%)			-				204				(204	)		-100.0%
Restructuring charges (recoveries)			(825	)			192				(1,017	)		**			(709	)			645				(1,354	)		**
Other expense, net			442				448				(6	)		(1.3%)			880				979				(99	)		-10.1%
Start-up costs (A)			20				417				(397	)		(95.2%)			1,960				1,109				851			76.7%
Transaction-related costs			1,599				48				1,551			**			2,461				77				2,384			**
Integration costs			-				-				-			**			-				30				(30	)		-100.0%
Other non-recurring expenses (B)			63				-				63			**			138				95				43			45.3%
Remeasurement of finance lease obligation (C)			(182	)			(361	)			179			49.6%			822				(1,613	)			2,435			**
Consolidated Adjusted EBITDA		$	64,328			$	42,857			$	21,471			50.1%		$	68,639			$	46,249			$	22,390			48.4%
Adjusted EBITDA attributable to noncontrolling interest			(3,824	)			(2,781	)			(1,043	)		(37.5%)			(5,043	)			(3,426	)			(1,617	)		-47.2%
Consolidated Adjusted EBITDA attributable to Viad		$	60,504			$	40,076			$	20,428			51.0%		$	63,596			$	42,823			$	20,773			48.5%
Consolidated Adjusted EBITDA by Business:
Pursuit		$	23,678			$	19,482			$	4,196			21.5%		$	12,530			$	9,167			$	3,363			36.7%
Total GES			44,414				26,845				17,569			65.4%			63,329				43,589				19,740			45.3%
Total			68,092				46,327				21,765			47.0%			75,859				52,756				23,103			43.8%
Corporate EBITDA (D)			(3,764	)			(3,470	)			(294	)		(8.5%)			(7,220	)			(6,507	)			(713	)		-11.0%
Consolidated Adjusted EBITDA		$	64,328			$	42,857			$	21,471			50.1%		$	68,639			$	46,249			$	22,390			48.4%
Pursuit Adjusted EBITDA:
Revenue		$	101,201			$	88,474			$	12,727			14.4%		$	138,432			$	121,137			$	17,295			14.3%
Cost of services and products			(88,563	)			(78,663	)			(9,900	)		(12.6%)			(149,625	)			(130,438	)			(19,187	)		-14.7%
Segment operating income (loss)			12,638				9,811				2,827			28.8%			(11,193	)			(9,301	)			(1,892	)		-20.3%
Depreciation			9,942				8,279				1,663			20.1%			18,565				16,413				2,152			13.1%
Amortization			1,211				1,294				(83	)		(6.4%)			2,324				2,455				(131	)		-5.3%
Start-up costs (A)			20				417				(397	)		(95.2%)			1,960				1,109				851			76.7%
Transaction-related costs			49				42				7			16.7%			52				74				(22	)		-29.7%
Integration costs			-				-				-			**			-				30				(30	)		-100.0%
Remeasurement of finance lease obligation (C)			(182	)			(361	)			179			49.6%			822				(1,613	)			2,435			**
Adjusted EBITDA		$	23,678			$	19,482			$	4,196			21.5%		$	12,530			$	9,167			$	3,363			36.7%
Adjusted EBITDA attributable to noncontrolling interest			(3,824	)			(2,781	)			(1,043	)		(37.5%)			(5,043	)			(3,426	)			(1,617	)		-47.2%
Adjusted EBITDA attributable to Viad		$	19,854			$	16,701			$	3,153			18.9%		$	7,487			$	5,741			$	1,746			30.4%
Pursuit Operating margin		12.5%				11.1%								1.4%		-8.1%				-7.7%								-0.4%
Pursuit Adjusted EBITDA margin		23.4%				22.0%								1.4%		9.1%				7.6%								1.5%
Total GES Adjusted EBITDA:
Revenue		$	277,337			$	231,837			$	45,500			19.6%		$	513,603			$	459,965			$	53,638			11.7%
Cost of services and products			(236,538	)			(208,204	)			(28,334	)		(13.6%)			(457,446	)			(422,748	)			(34,698	)		-8.2%
Segment operating income			40,799				23,633				17,166			72.6%			56,157				37,217				18,940			50.9%
Depreciation			2,752				2,240				512			22.9%			5,434				4,418				1,016			23.0%
Amortization			863				972				(109	)		(11.2%)			1,738				1,954				(216	)		-11.1%
Total GES Adjusted EBITDA		$	44,414			$	26,845			$	17,569			65.4%		$	63,329			$	43,589			$	19,740			45.3%
Total GES Operating margin		14.7%				10.2%								4.5%		10.9%				8.1%								2.8%
Total GES Adjusted EBITDA margin		16.0%				11.6%								4.4%		12.3%				9.5%								2.9%
GES Adjusted EBITDA by Reportable Segment:
Spiro		$	18,101			$	8,940			$	9,161			**		$	22,741			$	12,677			$	10,064			79.4%
GES Exhibitions			26,313				17,905				8,408			47.0%			40,588				30,912				9,676			31.3%
Total GES		$	44,414			$	26,845			$	17,569			65.4%		$	63,329			$	43,589			$	19,740			45.3%
Spiro Revenue		$	99,132			$	80,368			$	18,764			23.3%		$	160,380			$	140,730			$	19,650			14.0%
Spiro Adjusted EBITDA Margin		18.3%				11.1%								7.1%		14.2%				9.0%								5.2%
GES Exhibitions Revenue		$	180,977			$	154,534			$	26,443			17.1%		$	356,817			$	324,031			$	32,786			10.1%
GES Exhibitions Adjusted EBITDA Margin		14.5%				11.6%								3.0%		11.4%				9.5%								1.8%

** Change is greater than +/- 100 percent

 

(A) Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago.

(B) Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023.

(C) Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.

(D) Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, transaction-related costs and other non-recurring costs included within Corporate activities expense.

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Second quarter 2024 EARNINGS CALL August 6, 2024 Exhibit 99.2

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Forward-looking statements This presentation contains a number of forward-looking statements. Words, and variations  of  words,  such  as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking  statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions or goals also are  forward looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.  Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following: general economic uncertainty in key global markets and a worsening of global economic conditions; travel industry disruptions; the impact of our overall level of indebtedness, as well as our financial covenants, on our operational and financial flexibility; seasonality of our businesses; unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects; the importance of key members of our account teams to our business relationships; our ability to manage our business and continue our growth if we lose any of our key personnel; the competitive nature of the industries in which we operate; our dependence on large exhibition event clients; adverse effects of show rotation on our periodic results and operating margins; transportation disruptions and increases in transportation costs; natural disasters, weather conditions, accidents, and other catastrophic events; our exposure to labor cost increases and work stoppages related to unionized employees; our multi-employer pension plan funding obligations; our ability to successfully integrate and achieve established financial and strategic goals from acquisitions; our exposure to cybersecurity attacks and threats;  our exposure to currency exchange rate fluctuations; liabilities relating to prior and discontinued operations; sufficiency and cost of insurance coverage; and compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data. For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation.

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NON-GAAP FINANCIAL MEASURES This document includes the presentation of “Adjusted EBITDA”, which is supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.  This non-GAAP measure should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.   The use of this non-GAAP financial measure is limited, compared to the GAAP measure of net income attributable to Viad, because it does not consider a variety of items affecting Viad’s consolidated financial performance as explained below.  Because this non-GAAP measure does not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance. Adjusted EBITDA is defined by management as net income attributable to Viad before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, transaction-related costs, attraction start-up costs, restructuring charges, impairment losses, the reduction/increase for income/loss attributable to non-redeemable and redeemable non-controlling interests, and gains or losses from sales of businesses. Adjusted EBITDA is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-recurring integration costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s consolidated and segment performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business. Forward-Looking Non-GAAP Measures The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP measure because certain reconciling items that impact this metric including, provision for income taxes, interest expense, restructuring or impairment charges, transaction-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP.

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Q2’24 Earnings Call HIGHLIGHTS Strong second quarter results exceed prior guidance 1 GES show performance and client spend remain strong; raising full year outlook 2 Pursuit experiencing stronger guest demand; wildfires in Jasper bring uncertainty to full year outlook 3

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FINANCIAL PERFORMANCE

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6 STRONG Q2’24 RESULTS Revenue grew 18% versus Q2’23, reflecting strong growth at both GES and Pursuit Adjusted EBITDA* grew $21.5 million driven by continued improvements at GES and Pursuit Net Income Attributable to Viad and Adjusted Net Income* increased primarily due to stronger business performance, partially offset by higher depreciation expense * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. $ MILLIONS, except per share data Q2’24 CHANGE VS. Q2’23 Revenue $378.5 $58.2 Pursuit Revenue 101.2 12.7 GES Revenue 277.3 45.5 Net Income Attributable to Viad $29.3 $18.4 Adjusted Net Income* 29.2 17.4 Diluted EPS Attributable to Viad $0.97 $0.64 Adjusted Diluted EPS* 0.97 0.61 Consolidated Adjusted EBITDA* $64.3 $21.5 Pursuit Adjusted EBITDA* 23.7 4.2 GES Adjusted EBITDA* 44.4 17.6 Corporate Adjusted EBITDA* (3.8) (0.3)

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7 PURSUIT Q2’24 YEAR-OVER-YEAR RESULTS * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. ** Same-Store metrics include only attractions and lodging properties that Pursuit operated at full capacity, considering seasonal closures, for the entirety of the 2024 and 2023 periods presented. For experiences located outside the United States, financial metric comparisons to the prior year are expressed on a constant U.S. dollar basis. Note: Amounts may not add as presented due to rounding Revenue increased 14% year-over-year led by attractions ticket revenue Attractions ticket revenue grew 20% due to stronger visitors and effective ticket prices New Flyover Chicago attraction was a big contributor to the increased visitors Same-store ticket revenue grew 16% primarily driven by higher effective ticket prices Continued to see robust demand for our experiences and destinations Adjusted EBITDA increased by $4.2 million primarily due to higher revenue and improved margin PURSUIT ($ MILLIONS) Q2’24 CHANGE VS. Q2’23 Revenue: Ticket Revenue $43.7 $7.2 Room Revenue 24.6 2.5 Food & Beverage 15.0 1.4 Retail Operations 10.1 0.9 Transportation and Other 7.8 0.7 Total Revenue $101.2 $12.7 Adjusted EBITDA* $23.7 $4.2 Adjusted EBITDA Margin 23.4% 1.4% Metrics: Attraction Visitors (000’s) 1,054.4 15% Same-Store Attraction ETP** $44 11% Same-Store Hospitality RevPAR** $150 12%

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8 GES Q2’24 YEAR-OVER-YEAR RESULTS Revenue increased 20% year-over-year reflecting: New client wins and continued underlying growth More than offset $11M decline due to the timing of major non-annual shows Excluding the impacts of major non-annual shows, revenue increased 26% Spiro revenue grew 47% with exceptional spending from new and existing corporate clients GES Exhibitions revenue increased 16% primarily due to new client wins and underlying growth Adjusted EBITDA* increased $17.6 million with strong flow-through on the revenue growth GES ($ MILLIONS) Q2’24 CHANGE VS. Q2’23 Revenue: Spiro $99.1 $18.8 GES Exhibitions 181.0 26.4 Inter-Segment Elims (2.8) 0.3 Total Revenue $277.3 $45.5 Adjusted EBITDA*: Spiro $18.1 $9.2 GES Exhibitions 26.3 8.4 Total Adjusted EBITDA* $44.4 $17.6 Adjusted EBITDA Margin: Spiro 18.3% 7.1% GES Exhibitions 14.5% 3.0% Total Adjusted EBITDA Margin 16.0% 4.4% Metrics: Major Non-Annual Show Revenue $2.6 $(10.7) U.S. Exhibition Same-Show Revenue $34.4 2.6% * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. Note: Amounts may not add as presented due to rounding

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9 Cash Flow and Balance Sheet highlights *Capacity available on revolving credit facility is equal to $170M facility size less outstanding balance and letters of credit.

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11 GES’ multiple revenue growth levers Note: The US same show metric compares tradeshows that occurred in the same city for both occurrences and generally represents between ~30% and 40% of the total exhibition revenue. Source: U.S. Travel Association; Statista GES US Exhibitions vs. 2019 Pre-Pandemic Occurrence Q2’23 YTD Q2’24 YTD SAME-SHOW* REVENUE SAME-SHOW* SQUARE FOOTAGE Q2’23 YTD Q2’24 YTD GES Exhibitions is driving higher revenue per net square foot of event space through disciplined pricing and compelling exhibitor offerings, and benefiting from increasing show sizes 64 New clients SINCE SPIRO LAUNCH IN Q1’22 Spiro is growing revenue at high-single to low-double digits through expanding its client roster and selling additional services to existing clients Substantial opportunity for future growth as same-show square footage fully recovers Global market leadership and full suite of value-added services are critical differentiators Corporate marketers have a heightened focus on in-person events to drive targeted audience engagement

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GES’ REVENUE GROWTH 12% year-over-year revenue growth in 1H’24 Excluding major non-annual shows: 16% overall revenue growth 10% Exhibitions revenue growth 29% Spiro revenue growth Continued revenue growth expected for full year Key Drivers: Continued recovery of exhibition show sizes and pricing strength Spiro winning new clients and cultivating existing clients from expanding capabilities 2024 will benefit from major non-annual shows (~$65M of incremental revenue) Q2’23 YTD Q2’24 YTD FY’23 FY’24 Est. REVENUE ($M) +12% Up low-double digits Q1 Q2 Q3 Q4 FY $(4) ~$(11) ~$85-$90 ~$(10) ~$65

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GES’ margin expansion 290 bps year-over-year margin increase in 1H’24 Greater than 8% full year target within reach Key Drivers: Strong flow-through of revenue growth due to cost structure improvements Management’s discipline to maintain and drive SG&A leverage Continued focus on efficiency with lean productivity initiatives Expect to hold at or above 8% target beyond 2024 ADJUSTED EBITDA MARGIN (%) ADJUSTED EBITDA* (M) Q2’23 YTD Q2’24 YTD +~80 bps FY’23 FY’24 Est. +290 bps $44 $63 $68 $85-$95 * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

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GES’ 2025 REVENUE OUTLOOK IS STRONG Expect 2025 revenue to be in line with 2024 with margins of 8%+ REVENUE ($M) KEY DRIVERS Price increases of ~3.5%-6% NSF growth of ~5% Net New Client Wins of ~$25M+ Up low-double digits vs. FY’23 888 ~(65) ~40 ~25+

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PURSUIT’s Q2 YTD attraction PERFORMANCE TICKET REVENUE ($M) +21% 2023F 2024P 21% year-over-year ticket revenue growth driven by strong increases in visitors and effective ticket prices 16% year-over-year same-store ticket revenue growth with significant increase in same-store effective ticket prices Impressive visitation at new Flyover Chicago attraction (opened March 2024) Robust demand for our one-of-a-kind experiences and effective dynamic pricing strategy VISITORS (K) SAME-STORE ETP +14% +12% Note: Same-Store metrics include only attractions properties that Pursuit operated at full capacity, considering seasonal closures, for the entirety of the 2024 and 2023 periods presented. For experiences located outside the United States, financial metric comparisons to the prior year are expressed on a constant U.S. dollar basis. Flyover Chicago Navy Pier

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PURSUIT’s Q2 YTD HOSPITALITY PERFORMANCE ROOM REVENUE ($M) 2023F 2024P 8% year-over-year room revenue growth driven by strong increase in ADR 9% year-over-year same-store room revenue growth with solid increase in same-store ADR All geographies delivered growth in room revenue, with stand-out performance from Canadian hotels Perennial demand for our renowned experiential travel destinations and compression in the market SAME-STORE ADR SAME-STORE OCCUPANCY SAME-STORE REVPAR Note: Same-Store metrics include only lodging properties that Pursuit operated at full capacity, considering seasonal closures, for the entirety of the 2024 and 2023 periods presented. For experiences located outside the United States, financial metric comparisons to the prior year are expressed on a constant U.S. dollar basis. Apgar Village Lodge & Cabins West Glacier, Montana +8% +8% +8%

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+20% US LODGING ROOM REVENUE ON THE BOOKS* (USD $M) +9% CANADIAN LODGING (EXCLUDING JASPER) ROOM REVENUE ON THE BOOKS* (CAD $M) 2022 2023 2024 * Room Revenue on the Books data represents reservations taken to date as of August 1, 2022, 2023, and 2024. 2022 2023 2024 ADR +10% vs. 2023 ADR +6% vs. 2023 % of FY Rooms Available Sold % of FY Rooms Available Sold 67% 65% 68% 56% 62% 67% Lodging pacing is a leading indicator of destination demand and the strength in advanced bookings supports our favorable outlook for both our lodging and attractions PURSUIT’s LODGING BOOKING pace for 2h’24 indicates continued growth

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PURSUIT has a ROBUST pipeline of investment opportunities to accelerate growth INVESTMENT CRITERIA 15%+ IRR hurdle rate Iconic, unforgettable, and inspiring Perennial demand High barriers to entry Attractive EBITDA margins High-quality guest experience Strong ease of doing business BUY EXPERIENCES IN NEW GEOGRAPHIES Sizable iconic, unforgettable, and inspiring properties in the world’s most remarkable destinations Opportunity to balance out seasonality and reduce geographic concentration BUY TUCK-INS WITHIN EXISTING COLLECTIONS Bolt-on acquisitions expand scale and market share in existing geographies Team maintains ongoing dialogue with local operators and has a pulse on future “off market” opportunities REFRESH & BUILD WITHIN EXISTING COLLECTIONS RECENT REFRESH SKY LAGOON EXPANSION Opening Q3 2024 Opportunities at our well-instrumented and high-performing existing experiences that will generate incremental throughput and pricing power 2024 Growth Capex: ~$20M organic and inorganic investment opportunities RECENT REFRESH ICE ODYSSEY Opened Q2 2024

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FINANCIAL OUTLOOK

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FINANCIAL OUTLOOK – Q3’24 & FY’24 $ MILLIONS Q3’24 GUIDANCE FY’24 GUIDANCE Pursuit: Revenue Adjusted EBITDA $160 to $185 $75 to $90 In line with 2023 $80 to $95 GES: Revenue Adjusted EBITDA $258 to $278 $15 to $19 Up low-double digits $85 to $95 Consolidated: Revenue Adjusted EBITDA* Cash from Operations Capital Expenditures Effective Tax Rate $418 to $463 $87 to $105 $70 to $80 $14 to $19 (includes ~$4 for growth) 11% to 12% Up high-single digits $151 to $176 80 to $100 $65 to $70 (includes ~$20 for growth) 28% to 29% *Viad Consolidated Adjusted EBITDA represents segments less corporate costs. Note: Pursuit's guidance range is subject to change due to the evolving Jasper wildfire situation. We will update as appropriate during the third quarter.

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APPENDIX

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FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES We have also provided forward−looking guidance for Adjusted EBITDA, a non−GAAP financial measure. We do not provide a reconciliation of the forward−looking guidance of Adjusted EBITDA, a non−GAAP financial measure, to the most directly comparable GAAP financial measure because, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliations is available to us without unreasonable efforts. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. It is possible that the forward−looking non−GAAP financial measure may be materially different from the corresponding forward-looking GAAP financial measure. NON-GAAP FINANCIAL RECONCILIATION Includes costs primarily related to the development of Pursuit's new FlyOver attraction in Chicago. Includes non-capitalizable fees and expenses related to Viad’s shelf registration in 2024 and Viad’s credit facility refinancing efforts in 2023. Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation. Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, transaction-related costs and other non-recurring costs included within Corporate activities expense.

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NON-GAAP FINANCIAL RECONCILIATION Remeasurement of finance lease obligation attributable to Viad represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation that is attributed to Viad’s 51% interest in Sky Lagoon.

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25 Pursuit key performance metrics *Same-Store metrics include only attractions and lodging properties that Pursuit operated at full capacity, considering seasonal closures, for the entirety of the 2024 and 2023 periods presented. New attraction opened after January 1, 2023, and excluded from the same-store ETP and visitation, includes FlyOver Chicago (opened March 2024). For experiences located outside the United States, financial metric comparisons to the prior year are expressed on a constant U.S. dollar basis, using the current year quarterly average exchange rates for previous periods to eliminate the impact of changes in exchange rates..

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26 Pursuit disaggregation of revenue

v3.24.2.u1

Document And Entity Information	Aug. 06, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 06, 2024
Entity Registrant Name	Viad Corp
Entity Central Index Key	0000884219
Entity Emerging Growth Company	false
Entity File Number	001-11015
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-1169950
Entity Address, Address Line One	7000 East 1st Avenue
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85251-4304
City Area Code	(602)
Local Phone Number	207-1000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.50 Par Value
Trading Symbol	VVI
Security Exchange Name	NYSE

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