Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q3 2022 Earnings Presentation
26 slides from Pursuit Attractions And Hospitality's earnings presentation, Nov 3, 2022
Slide 1: Third Quarter 2022 Earnings Call
THIRD QUARTER 2022 EARNINGS CALL NOVEMBER 3, 2022
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of forward- • travel industry disruptions; • our multi-employer pension plan funding looking statements. Words, and variations of words, obligations; • seasonality of our businesses; such as “will,” “may,” “expect,” “would,” “could,” “mi
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: Q3'22 Highlights
Q3’22 HIGHLIGHTS Q3’22 results were significantly ahead of 2021 and in line with 1 prior guidance Pursuit posted record revenue driven by new experiences and 2 strengthening international leisure travel GES delivered strong growth driven by continued industry 3 recovery, improved cost structure, and
Slide 5: Financial Performance
FINANCIAL PERFORMANCE
Slide 6: Strong Q3'22 Results in Line with Guidance
STRONG Q3’22 RESULTS IN LINE WITH GUIDANCE Revenue grew 64% or $149 million driven by 39% growth at Pursuit and 89% growth at GES (in millions) Q3’22 Q3’21 $ Change Net income attributable to Viad nearly tripled as Revenue $ 382.7 $ 233.6 $ 149.1 Pursuit Revenue 163.8 117.6 46.2 our action
Slide 7: Pursuit Q3'22 Results Year-over-Year
PURSUIT Q3’22 RESULTS YEAR-OVER-YEAR (in millions) Q3’22 Q3’21 $ Change Record Q3 revenue was driven by: Strong guest demand and reduced COVID Revenue: Same Store $ 145.1 $ 110.2 $ 34.9 restrictions New Experiences 18.7 7.4 11.4 Pricing power for iconic experiences Total Pursuit $ 163.8 $ 117.
Slide 8: GES Q3'22 Results Year-over-Year
GES Q3’22 RESULTS YEAR-OVER-YEAR (in millions) Q3’22 Q3’21 $ Change Revenue grew 88.7% year over year reflecting: Revenue: Continued improvement in live event Spiro $ 73.3 $ 37.9 $ 35.4 GES Exhibitions 147.9 81.1 66.7 activity Inter-segment Elims Total GES $ (2.2) 218.9 $ (3.0) 116.0 $ 0.7 102.9
Slide 9: Pursuit
SM T A , PURSU
Slide 10: Pursuit Delivered Record Q3 Revenue
PURSUIT DELIVERED RECORD Q3 REVENUE Pursuit Revenue (in millions) $163.8 Q3’22 revenue of $163.8 million increased 39% year over year and Acquired/opened 18.7 after 2020 $135.0 19.8 Acquired/opened in 21% from Q3’19 13.3 $117.6 2019-2020 16.3 $38.5 million was generated by new experiences acquir
Slide 11: Pursuit Attraction Performance – Q3
PURSUIT ATTRACTION PERFORMANCE – Q3 Ticket Revenue ($ Millions) Refresh Build Buy strategy has enabled us to grow attractions +25% visitors and ticket revenue vs. 2019 $60.8 $48.7 through expanded portfolio of $39.5 attractions Same-store visitor counts are behind 2019 as visitation 2019 2021 20
Slide 12: Pursuit Lodging Performance – Q3
PURSUIT LODGING PERFORMANCE – Q3 Rooms Revenue ($ Millions) +11% ADR and RevPAR up $42.5 $38.4 $35.4 meaningfully Y/Y and vs. 2019 from ongoing revenue management focus 2019 2021 2022 Q3’22 occupancy approached 2019 levels, despite two weeks of Q3'19 Q3'21 Q3'22 Y/Y vs. '19 Rooms Available 195,7
Slide 13: GES
Slide 14: GES Revenue Reflects Continued Recovery and Favorable Show Rotation
GES REVENUE REFLECTS CONTINUED RECOVERY AND FAVORABLE SHOW ROTATION GES Revenue Q3’22 revenue of $219 million increased (in millions) 88.7% year-over-year and was in line with Q3’19 $217 $219 Spiro Same-show revenue improved 70 73 significantly from 2021 but remained below 2019 $116 38 GES Lar
Slide 15: Show Sizes Continued to Improve in Q3
SHOW SIZES CONTINUED TO IMPROVE IN Q3 GES US EXHIBITIONS SAME-SHOW REVENUE* VS. 2019 PRE-PANDEMIC OCCURRENCE Same-show revenue for GES US 87% 91% Exhibitions was ~91% of 2019 pre- pandemic levels on average 73% 67% Still seeing wide variation in event 46% performance with some at or above and so
Slide 16: GES Exhibitions Improved Cost Structure
GES EXHIBITIONS IMPROVED COST STRUCTURE GES Exhibitions YTD Revenue Flow-Through Transformation of GES’ cost structure during pandemic 9/30/22 YTD 9/30/21 YTD Change continues to yield results Revenue $ 414.3 $ 101.3 $ 313.0 YTD flow-through of Adjusted EBITDA 27.4 (29.3) 21% Flow-Through increm
Slide 17: Financial Outlook
DRAFT FINANCIAL OUTLOOK 17
Slide 18: Financial Outlook - Pursuit
FINANCIAL OUTLOOK - PURSUIT Adjusted EBITDA Guidance KEY ASSUMPTIONS FOR Q4 • Canada Q4 same store revenue improves year-over-year ($millions) during this seasonally slow quarter Q4’22 FY’22 ($9) to ($5) $70 to $74 • New year-round experiences continue to ramp up as guest awareness builds vs. ($9.9)
Slide 19: Financial Outlook - GES
FINANCIAL OUTLOOK - GES Adjusted EBITDA Guidance KEY ASSUMPTIONS FOR Q4 ($millions) • Exhibitions same-show revenue will generally remain at or Q4’22 FY’22 better than 90% of pre-pandemic levels in Q4 $6 to $11 $54 to $60 • Experiential marketing budgets of major Spiro clients will remain at 80%+ of
Slide 20: Appendix
APPENDIX A
Slide 21: Q3 Revenue and Adjusted EBITDA
Q3 REVENUE AND ADJUSTED EBITDA REVENUE AND ADJUSTED EBITDA (000's) Q3'22 Q3'21 VAR ($) Revenue: Pursuit 163,796 117,555 46,241 GES: Spiro 73,277 37,866 35,411 GES Exhibitions 147,872 81,138 66,734 GES Intersegment Eliminations (2,224) (2,960) 736 Total GES 218,925 116,044 102,881 Total Revenue 382,7
Slide 22: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED (000's) 2019 2020 2021 Q1'21 Q2'21 Q3'21 Q1'22 Q2'22 Q3'22 (1) Revenue 1,302,736 415,435 507,340 28,935 61,233 233,599 177,360 319,203 382,721 Net Income (Loss) Attributable to Viad 22,035 (374,094) (92,655) (43,152) (42,026) 15,067 (29,001) 19,839
Slide 23: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION INCOME BEFORE OTHER ITEMS (000's) Q3'22 Q3'21 VAR ($) Net Income Attributable to Viad 40,145 15,067 25,078 (Income) Loss from Discontinued Operations Attributable to Viad 42 (248) 290 Income from Continuing Operations Attributable to Viad 40,187 14,819 25,368 Restru
Slide 24: Pursuit Key Performance Metrics
PURSUIT KEY PERFORMANCE METRICS 9/30 YTD 2022 2021 2022 2021 Q1 Q2 Q3 Q1 Q2 Q3 Q4 FY Attractions KPIs: Number of Visitors 2,485,057 1,197,388 291,578 742,920 1,450,559 57,486 204,286 935,616 325,785 1,523,173 Effective Ticket Price $ 39.98 $ 42.65 $ 31.56 $ 39.49 $ 41.93 $ 25.81 $ 49.46 $ 42.20 $ 30
Slide 25: Liquidity & Cash Flow Summary
LIQUIDITY & CASH FLOW SUMMARY LIQUIDITY & Q3'22 CASH FLOWS (000's) 6/30/22 Liquidity 126,804 Cash from Operations 61,467 Our liquidity position at Capital Expenditures: September 30, 2022 was $166 Pursuit (20,178) million GES (2,940) Corporate (13) Convertible Preferred Equity Cash Dividends (1,95
Slide 26: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (000's) Q3'22 Q2'22 Term Loan B, which matures in Cash and Cash Equivalents 79,151 54,516 2028, has no financial covenants Term Loan B 397,000 397,000 Revolving Credit Facility ($100M total facility size) - 15,000 Financing Lease Obligations 59,996 64,895 The financial c