Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q2 2023 Earnings Presentation
26 slides from Pursuit Attractions And Hospitality's earnings presentation, Aug 3, 2023
Slide 1: Second Quarter 2023 Earnings Call
SECOND QUARTER 2023 EARNINGS CALL AUGUST 3, 2023
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of forward- • seasonality of our businesses; • natural disasters, weather conditions, accidents, and looking statements. Words, and other catastrophic events; • the impact of the COVID-19 pandemic on our variations of words, such as “wil
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This document includes the presentation of “Adjusted Adjusted EBITDA is defined by management as net Income (Loss) Before Other Items is defined by EBITDA” and ”Income (Loss) Before Other Items”, income attributable to Viad before income (loss) from management as net inco
Slide 4: Q2'23 Highlights
Q2’23 HIGHLIGHTS Strong momentum continues for leisure travel to Pursuit’s 1 markets and GES live event activity GES’s second quarter results were better than prior guidance; 2 raising full year outlook Pursuit is pacing for significant YOY growth with strong 3 advance bookings for 2H’23 that are ab
Slide 5: Financial Performance
FINANCIAL PERFORMANCE
Slide 6: Strong Q2'23 Results
STRONG Q2’23 RESULTS ➢ Revenue increased $1.1 million as higher international tourism in Western Canada and Iceland and stronger demand for exhibitions and events more than offset a (in millions) Q2’23 Q2’22 $ Change $16 million revenue reduction due to timing of events at Revenue $ 320.3 $ 319
Slide 7: Q2'23 Year-over-Year Results
Q2’23 YEAR-OVER-YEAR RESULTS PURSUIT GES ➢ Revenue of $88.5 million increased 14% ➢ Revenue of $231.8 million decreased 4.0% primarily due to stronger international visitation ▪ Strong same-show revenue growth (+19% y/o/y) ➢ Adjusted EBITDA increased $3.9 million ▪ Sale of ON Services (-$16 million)
Slide 8: Pursuit
PURSU,T”
Slide 9: Pursuit Second Quarter Results
PURSUIT SECOND QUARTER RESULTS Pursuit Revenue ➢ Record Q2 revenue of $88.5 million (in millions) increased 14% from Q2’22 and 60% $88.5 from Q2’19 reflecting the strength of $77.6 26.3 New our Refresh, Build, Buy strategy Experiences(1) $55.4 20.8 ▪ New experiences acquired/opened from 2019 to pres
Slide 10: Pursuit Attraction Performance – Q2
PURSUIT ATTRACTION PERFORMANCE – Q2 ➢ Ticket revenue grew 25% vs. Q2’22 Ticket Revenue ($ Millions) and 59% vs. Q2’19 +59% ➢ Same-store visitors improved $36.5 $29.3 significantly y/o/y and were within $23.0 2% of pre-pandemic levels ▪ Introduction of Pursuit Pass is driving higher visits and advanc
Slide 11: Pursuit Lodging Performance – Q2
PURSUIT LODGING PERFORMANCE – Q2 Rooms Revenue ($ Millions) +75% ➢ Rooms revenue grew 8% vs. $20.6 $22.1 Q2’22 and 75% vs. Q2’19 $12.6 ➢ Higher RevPAR and ADR than 2022 and 2019 from strong demand and refresh Q2’19 Q2’22 Q2’23 improvements to the guest experience Q2'19 Q2'22 Q2'23 Y/Y vs. '19 Rooms
Slide 12: Pursuit's Lodging Booking Pace for 2H'23
PURSUIT’S LODGING BOOKING PACE FOR 2H’23 Banff and Jasper pacing is Glacier and Alaska pacing remains robust and accelerating with strong US in line with record-breaking prior year for visitation into Western Canada these geographies Banff & Jasper Glacier Park Alaska Rooms Revenue* ($M, CAD) Rooms
Slide 13: Slide 13
Slide 14: GES Second Quarter Results
GES SECOND QUARTER RESULTS GES Revenue (in millions) ➢ Q2’23 revenue of $231.8 million decreased $9.8 million year-over-year $321 primarily due to: ON Services(1) 24 Major 17 ▪ Sale of ON Services(1) (~$16 million) and Non-Annual $242 $232 postponed shows from Q1’22 into Q2’22 Shows(2) 16 13 returni
Slide 15: GES Exhibitions Second Quarter Results
GES EXHIBITIONS SECOND QUARTER RESULTS GES Exhibitions Revenue (in millions) ➢ GES Exhibitions revenue of $154.5 million was essentially flat year-over-year primarily due to: $155 $155 ▪ Same-show revenue growth of 19% from Q2’22 ▪ Partially offset by postponed shows from Q1’22 into Q2’22 returning
Slide 16: Exhibitions' Industry Has Substantially Recovered With Room for More Growth
EXHIBITIONS’ INDUSTRY HAS SUBSTANTIALLY RECOVERED WITH ROOM FOR MORE GROWTH GES US Exhibitions Same-Show* Revenue and Square Footage vs. 2019 Pre-Pandemic Occurrence ➢ In Q2’23, GES Exhibitions’ GES’ revenue per net square foot of event same show revenue had space has improved vs. pre-pandemic nearl
Slide 17: Spiro Second Quarter Results
SPIRO SECOND QUARTER RESULTS Spiro Revenue ➢ Spiro revenue of $80.4 million decreased $9.1 million (in millions) year-over-year primarily due to: ▪ Sale of ON Services (~$9 million), shifts in timing of client spend, $89 and non-recurring business $80 ▪ Partially offset by positive show rotation fro
Slide 18: Financial Outlook
DRAFT FINANCIAL OUTLOOK 18
Slide 19: Financial Outlook – Full Year
FINANCIAL OUTLOOK – FULL YEAR $millions FY’23 Guidance FY’22 Actual Pursuit: • • Unchanged from prior guidance Revenue growth driven by lifting of all COVID restrictions at the Revenue Up ~15% $299.3 Canadian border, acceleration of new experiences, and ongoing Adjusted EBITDA $85 to $95 $67.9 • foc
Slide 20: Financial Outlook – Q3'23
FINANCIAL OUTLOOK – Q3’23 $millions Q3’23 Guidance Q3’22 Actual Pursuit: • Growth driven by lifting of all COVID restrictions at the Canadian border, acceleration of new experiences, and ongoing focus on Revenue $175 to $190 $163.8 improving the guest experience Adjusted EBITDA $87 to $95 $75.1 GES:
Slide 21: Appendix
APPENDIX
Slide 22: Q2 Revenue and Adjusted EBITDA
Q2 REVENUE AND ADJUSTED EBITDA REVENUE AND ADJUSTED EBITDA (000's) Q2'23 Q2'22 VAR ($) Revenue: Pursuit 88,474 77,599 10,875 GES: Spiro 80,368 89,425 (9,057) GES Exhibitions 154,534 154,600 (66) GES Intersegment Eliminations (3,065) (2,421) (644) Total GES 231,837 241,604 (9,767) Total Revenue 320,3
Slide 23: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED (000's) 2019 2020 2021 2022 Q2'22 Q2'23 Revenue(1) 1,302,736 415,435 507,340 1,127,311 319,203 320,311 Net Income (Loss) Attributable to Viad 22,035 (374,094) (92,655) 23,220 19,839 10,961 Net Income (Loss) Attributable to Noncontrolling Interest 2
Slide 24: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION INCOME BEFORE OTHER ITEMS (000's) Q2'23 Q2'22 VAR ($) Net Income Attributable to Viad 10,961 19,839 (8,878) (Income) Loss from Discontinued Operations Attributable to Viad 143 (52) 195 Income from Continuing Operations Attributable to Viad 11,104 19,787 (8,683) ON S
Slide 25: Pursuit Key Performance Metrics
PURSUIT KEY PERFORMANCE METRICS 6/30 YTD 2023 2022 2023 2022 Q1 Q2 Q1 Q2 Q3 Q4 FY Attractions KPIs: Number of Visitors 1,323,453 1,034,498 409,136 914,317 291,578 742,920 1,450,559 446,209 2,931,266 Effective Ticket Price $ 38.39 $ 37.25 $ 34.86 $ 39.97 $ 31.56 $ 39.49 $ 41.93 $ 34.90 $ 39.21 Ticket
Slide 26: Cash Flow and Balance Sheet Highlights
CASH FLOW AND BALANCE SHEET HIGHLIGHTS LIQUIDITY & CASH FLOW (000's) (000's) Q2'23 Q1'23 3/31/23 Liquidity 139,891 Cash and Cash Equivalents 53,179 50,818 Cash from Operations 28,731 Term Loan B 393,000 394,000 Capital Expenditures: Revolving Credit Facility ($100M total facility size) - - Pursuit (