Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q1 2023 Earnings Presentation
26 slides from Pursuit Attractions And Hospitality's earnings presentation, May 4, 2023
Slide 1: First Quarter 2023 Earnings Call
FIRST QUARTER 2023 EARNINGS CALL MAY 4, 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: Q1'23 Highlights
Q1’23 HIGHLIGHTS 1 Q1 year-over-year growth exceeded expectations Strong momentum continues for GES live event activity and 2 leisure travel to Pursuit’s markets Raising full year guidance for revenue, adjusted EBITDA, and 3 free cash flow 4
Slide 5: Financial Performance
FINANCIAL PERFORMANCE
Slide 6: Strong Q1'23 Results Exceeded Guidance
STRONG Q1’23 RESULTS EXCEEDED GUIDANCE (in millions) Q1’23 Q1’22 $ Change ➢ Revenue grew 47% or $83.4 million primarily due Revenue $ 260.8 $ 177.4 $ 83.4 to strengthening demand for exhibitions and events Pursuit Revenue 32.7 23.8 8.9 and higher international tourism in Western Canada GES Rev
Slide 7: Q1'23 Results Up Significantly Year-Over-Year
Q1’23 RESULTS UP SIGNIFICANTLY YEAR-OVER-YEAR PURSUIT GES ➢ Revenue of $32.7 million increased 37.3% ➢ Revenue of $228.1 million increased 48.5% during seasonally slow first quarter due to reflecting continued improvement in live stronger international visitation at Sky event activity Lagoon, our ye
Slide 8: Pursuit
PURSU,T”
Slide 9: Pursuit Delivered Record First Quarter Revenue
PURSUIT DELIVERED RECORD FIRST QUARTER REVENUE Pursuit Revenue (in millions) ➢ Q1’23 revenue of $32.7 million $32.7 increased 37% year over year and 206% from Q1’19 $23.8 New 16.9 Experiences(1) ➢ $16.9 million was generated by new 11.5 experiences acquired/opened from $10.7 2019 to present 15.7 Sam
Slide 10: Pursuit Attraction Performance – Q1
PURSUIT ATTRACTION PERFORMANCE – Q1 Ticket Revenue ($ Millions) ➢ Ticket revenue grew 55% vs. Q1’22 and 302% vs. Q1’19 +302% $14.3 ➢ New year-round experiences continued to ramp during Q1 $9.2 $3.6 ▪ Sky Lagoon visitation grew 74% vs. Q1’22 Q1’19 Q1’22 Q1’23 ▪ FlyOver Iceland visitation grew 47% vs.
Slide 11: Pursuit Lodging Performance – Q1
PURSUIT LODGING PERFORMANCE – Q1 Rooms Revenue ($ Millions) +235% ➢ Rooms revenue grew 10% vs. $7.6 $6.9 Q1’22 and 235% vs. Q1’19 ➢ RevPAR and Occupancy were $2.3 both higher than 2022 and 2019, reflecting strong Q1’19 Q1’22 Q1’23 demand for our year-round Q1'19 Q1'22 Q1'23 Y/Y vs. '19 lodges in thi
Slide 12: Pursuit's Lodging Booking Pace Is Strong
PURSUIT’S LODGING BOOKING PACE IS STRONG Banff and Jasper are accelerating Glacier and Alaska pacing is very strong with the removal of COVID and similar to 2022, which was a record year restrictions and quarantine risk for these geographies Banff & Jasper Glacier Park Alaska Rooms Revenue* ($M, CAD
Slide 13: Slide 13
Slide 14: GES Revenue Reflects Continued Recovery
GES REVENUE REFLECTS CONTINUED RECOVERY GES Revenue (in millions) ➢ Q1’23 revenue increased ~$75 million year-over-year $262 18 ON Services(1) $228 ▪ Live event activity continues to 15 Major Non-Annual strengthen Shows(2) 20 $154 ▪ Show rotation(2) benefited revenue 8 by ~$8 million vs. Q1’22 and ~
Slide 15: Spiro Grows Top Line at Strong Margin
SPIRO GROWS TOP LINE AT STRONG MARGIN Spiro Revenue (in millions) ➢ Spiro revenue of $60.4 million increased $17.5 million year-over-year $67 $60 ➢ Continuing to win new logos and cultivate 13 ON Services(1) Major Non-Annual 4 existing clients from expanding capabilities 1 Shows(2) $43 5 ▪ Clients’
Slide 16: GES Exhibitions Improves Profitability
GES EXHIBITIONS IMPROVES PROFITABILITY GES Exhibitions Revenue ➢ GES Exhibitions revenue of $169.5 million (in millions) increased $57.7 million year-over-year $195 ▪ Shows returned to normal schedules 5 ON Services(1) following COVID postponements in Q1’22 14 Major Non-Annual $169 Shows(2) 16 ▪ Sam
Slide 17: 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 91% ➢ In Q1, GES Exhibitions’ same show 81% revenue was over 90% of 2019 levels GES’ revenue ➢ Show sizes on average were still ~20% p
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 ~10% to 15% $299.3 Canadian border, acceleration of new experiences, and ongoing Adjusted EBITDA $85 to $95 $67.
Slide 20: Financial Outlook – Q2
FINANCIAL OUTLOOK – Q2 $millions Q2’23 Guidance Q2’22 Actual Pursuit: • Growth driven by lifting of all COVID restrictions at the Canadian border, acceleration of new experiences, and ongoing focus on Revenue $89 to $93 $77.6 improving the guest experience Adjusted EBITDA $19 to $22 $15.6 GES: • Rev
Slide 21: Appendix
APPENDIX
Slide 22: Q1 Revenue and Adjusted EBITDA
Q1 REVENUE AND ADJUSTED EBITDA REVENUE AND ADJUSTED EBITDA (000's) Q1'23 Q1'22 VAR ($) Revenue: Pursuit 32,663 23,784 8,879 GES: Spiro 60,362 42,816 17,546 GES Exhibitions 169,497 111,831 57,666 GES Intersegment Eliminations (1,731) (1,071) (660) Total GES 228,128 153,576 74,552 Total Revenue 260,79
Slide 23: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED (000's) 2019 2020 2021 2022 Q1'22 Q1'23 (1) Revenue 1,302,736 415,435 507,340 1,127,311 177,360 260,791 Net Income (Loss) Attributable to Viad 22,035 (374,094) (92,655) 23,220 (29,001) (20,869) Net Income (Loss) Attributable to Noncontrolling Inter
Slide 24: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION LOSS BEFORE OTHER ITEMS (000's) Q1'23 Q1'22 VAR ($) Net Loss Attributable to Viad (20,869) (29,001) 8,132 (Income) Loss from Discontinued Operations Attributable to Viad 58 (275) 333 Loss from Continuing Operations Attributable to Viad (20,811) (29,276) 8,465 Restru
Slide 25: Pursuit Key Performance Metrics
PURSUIT KEY PERFORMANCE METRICS 2023 2022 Q1 Q1 Q2 Q3 Q4 FY Attractions KPIs: Number of Visitors 409,136 291,578 742,920 1,450,559 446,209 2,931,266 Effective Ticket Price $ 34.86 $ 31.56 $ 39.49 $ 41.93 $ 34.90 $ 39.21 Ticket Revenue (000s) $ 14,261 $ 9,202 $ 29,337 $ 60,825 $ 15,572 $ 114,936 Reve
Slide 26: Cash Flow and Balance Sheet Highlights
CASH FLOW AND BALANCE SHEET HIGHLIGHTS LIQUIDITY & CASH FLOW (000's) (000's) Q1'23 Q4'22 12/31/22 Liquidity 146,389 Cash and Cash Equivalents 50,818 59,719 Cash from Operations 10,069 Term Loan B 394,000 395,000 Capital Expenditures: Revolving Credit Facility ($100M total facility size) - - Pursuit