25 slides from Pursuit Attractions And Hospitality's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Earnings Call
THIRD quarter 2024 EARNINGS CALL NOVEMBER 7, 2024 Exhibit 99.2
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “ou
Slide 3: Non-GAAP Financial Measures
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 compa
Slide 4: Q3'24 Earnings Call Highlights
Q3’24 Earnings Call HIGHLIGHTS Strong third quarter performance at both Pursuit and GES 1 Pursuit completes tuck-in acquisition in Glacier National Park for $15.9 million 2 Sale of GES for $535 million is on track to close on December 31, 2024 3
Slide 5: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK
Slide 6: Strong Q3'24 Results
6 STRONG Q3’24 RESULTS Revenue grew 25% versus Q3’23, primarily reflecting growth at GES from major non-annual shows Adjusted EBITDA* grew $16.9 million primarily driven by higher revenue and margin expansion at GES Net Income Attributable to Viad increased primarily due to stronger performance at G
Slide 7: Pursuit Q3'24 Year-over-Year Results
7 PURSUIT Q3’24 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, cons
Slide 8: GES Q3'24 Year-over-Year Results
8 GES Q3’24 YEAR-OVER-YEAR RESULTS Revenue increased 53% year-over-year Spiro revenue increased 40% primarily due to strong client spending on major non-annual shows, which contributed ~$34 million of incremental revenue GES Exhibitions revenue increased 60% primarily due to ~$71 million of incremen
Slide 9: Cash Flow and Balance Sheet Highlights
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. Q3 Cash Flow Items $110M cash from operations $15M capex $94M net debt payments
Slide 10: Financial Outlook – Q4'24 & FY'24
FINANCIAL OUTLOOK – Q4’24 & FY’24 $ MILLIONS Q4’24 GUIDANCE FY’24 GUIDANCE Pursuit: Revenue Adjusted EBITDA $40 to $45 $(12) to $(7) Up low-single digits $87 to $92 GES: Revenue Adjusted EBITDA $200 to $215 $6 to $11 Up low-double digits $90 to $95 Consolidated: Revenue Adjusted EBITDA* Cash from Op
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Slide 12: Pursuit's Revenue Growth
PURSUIT’s REVENUE GROWTH REVENUE ($M) +4% Q3’23 YTD 4% YTD revenue growth despite Jasper wildfire impact 14% growth excluding Jasper properties for Q3’24 Jasper revenue decreased ~$22 million in Q3’24 due to fire disruption Key Drivers: Increased visitation with strong demand for iconic locations an
Slide 13: Pursuit's Q3 YTD Attraction Performance
PURSUIT’s Q3 YTD attraction PERFORMANCE TICKET REVENUE ($M) +12% 2023F 2024P 12% YTD ticket revenue growth with meaningful improvement in effective ticket prices and additional visitors Up 21% when removing Jasper attractions for Q3 Continued demand for our one-of-a-kind experiences and effective dy
Slide 14: Pursuit's Q3 YTD Hospitality Performance
PURSUIT’s Q3 YTD HOSPITALITY PERFORMANCE ROOM REVENUE ($M) 2023F 2024P 8% YTD same-store RevPAR growth with strong increase in ADR All geographies outside of Jasper delivered growth in room revenue Perennial demand for our renowned experiential travel destinations and compression in the market SAME-
Slide 15: Pursuit's Adjusted EBITDA
PURSUIT’s Adjusted EbitdA ADJUSTED EBITDA* ($M) Solid Adjusted EBITDA performance despite Jasper wildfire impact Expect strong growth in 2025 Adjusted EBITDA in excess of $100M including estimated run-rate stand-alone public company costs of $12M to $13M Key Drivers: Higher attraction visitation wit
Slide 16: Pursuit Robust Pipeline of Actionable Investment Opportunities
PURSUIT has a ROBUST pipeline of ACTIONABLE investment opportunities to accelerate growth INVESTMENT CRITERIA 15%+ IRR hurdle rate Iconic, unforgettable, and inspiring Perennial demand High barriers to entry Attractive EBITDA margins High-quality guest experience Countries with strong ease of doing
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Slide 18: GES' Revenue Growth & Margin Expansion
GES’ REVENUE GROWTH & MARGIN EXPANSION Q3’23 YTD Q3’24 YTD FY’23 FY’24 Est. REVENUE ($M) +23% Up low-double digits ADJUSTED EBITDA MARGIN (%) ADJUSTED EBITDA* (M) Q3’23 YTD Q3’24 YTD +~130 bps FY’23 FY’24 Est. +410 bps $42 $84 $68 $90-$95 * Refer to Appendix for a discussion and reconciliation of th
Slide 19: Sale of GES Business to TrueLink for $535M
Sale of GES Business to TrueLink for $535M Expected to Close on December 31, 2024 Both businesses to gain execution flexibility and better allocate growth capital Pursuit becomes a standalone, pure-play attractions and hospitality company with new capital and balance sheet capacity to accelerate REF
Slide 20: Appendix
APPENDIX
Slide 21: GES Sale – Estimated Proforma Net Cash Proceeds
21 GES SALE – ESTIMATED proforma net cash proceeds AS OF 12/31/24 PROFORMA NET CASH PROCEEDS $ MILLIONS EST. Purchase Price* $535 Less: Debt / Debt-Like Items** (75) – (80) Net Cash Proceeds from Truelink 455 – 460 Less: Deferred Cash Payment for One Year* (25) Net Cash at Closing from Truelink 430
Slide 22: Forward-Looking Non-GAAP Financial Measures
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 fina
Slide 23: Non-GAAP Financial Reconciliation
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% int
Slide 24: Pursuit Key Performance Metrics
24 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. Attractions and lodging properties that were temporarily closed due
Slide 25: Pursuit Disaggregation of Revenue
25 Pursuit disaggregation of revenue