26 slides from Pursuit Attractions And Hospitality's earnings presentation, Aug 6, 2024
Slide 1: Second quarter 2024 Earnings Call
Second quarter 2024 EARNINGS CALL August 6, 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,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,”
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: Q2'24 Earnings Call Highlights
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
Slide 5: Financial Performance
FINANCIAL PERFORMANCE SB
Slide 6: Strong Q2'24 Results
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 perform
Slide 7: Pursuit Q2'24 Year-over-Year Results
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, cons
Slide 8: GES Q2'24 Year-over-Year Results
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%
Slide 9: Cash Flow and Balance Sheet Highlights
9 Cash Flow and Balance Sheet highlights *Capacity available on revolving credit facility is equal to $170M facility size less outstanding balance and letters of credit.
Slide 10: Slide 10
Slide 11: GES' multiple revenue growth levers
11 GES’ multiple revenue growth levers Note: The US same show metric compares tradeshows that occurred in the same city for both occurrences and generally represents between ~30% and 40% of the total exhibition revenue. Source: U.S. Travel Association; Statista GES US Exhibitions vs. 2019 Pre-Pandem
Slide 12: GES' Revenue Growth
GES’ REVENUE GROWTH 12% year-over-year revenue growth in 1H’24 Excluding major non-annual shows: 16% overall revenue growth 10% Exhibitions revenue growth 29% Spiro revenue growth Continued revenue growth expected for full year Key Drivers: Continued recovery of exhibition show sizes and pricing str
Slide 13: GES' Margin Expansion
GES’ margin expansion 290 bps year-over-year margin increase in 1H’24 Greater than 8% full year target within reach Key Drivers: Strong flow-through of revenue growth due to cost structure improvements Management’s discipline to maintain and drive SG&A leverage Continued focus on efficiency with lea
Slide 14: GES' 2025 Revenue Outlook Is Strong
GES’ 2025 REVENUE OUTLOOK IS STRONG Expect 2025 revenue to be in line with 2024 with margins of 8%+ REVENUE ($M) KEY DRIVERS Price increases of ~3.5%-6% NSF growth of ~5% Net New Client Wins of ~$25M+ Up low-double digits vs. FY’23 888 ~(65) ~40 ~25+
Slide 15: Pursuit
PURSU,T”™
Slide 16: Pursuit's Q2 YTD Attraction Performance
PURSUIT’s Q2 YTD attraction PERFORMANCE TICKET REVENUE ($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
Slide 17: Pursuit's Q2 YTD Hospitality Performance
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 perfor
Slide 18: Pursuit's Lodging Booking Pace for 2H'24
+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. 202
Slide 19: Pursuit has a robust pipeline of investment opportunities
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 I
Slide 20: Financial Outlook
FINANCIAL OUTLOOK
Slide 21: Financial Outlook – Q3'24 & FY'24
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 Opera
Slide 22: Appendix
APPENDIX RNY
Slide 23: 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 24: 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 25: Pursuit key performance metrics
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 sa
Slide 26: Pursuit disaggregation of revenue
26 Pursuit disaggregation of revenue