Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q2 2022 Earnings Presentation
29 slides from Pursuit Attractions And Hospitality's earnings presentation, Aug 4, 2022
Slide 1: Second Quarter 2022 Earnings Call
SECOND QUARTER 2022 EARNINGS CALL AUGUST 4, 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: Management Representatives
MANAGEMENT REPRESENTATIVES ELLEN INGERSOLL DAVID BARRY CFO PRESIDENT PURSUIT 4
Slide 5: Q2'22 Highlights
Q2’22 HIGHLIGHTS Q2’22 results significantly better than expected and full 1 year expectations raised 2 Strong momentum continues at GES and Pursuit 3 Poised for continued growth in 2023 and beyond 5
Slide 6: Financial Performance
FINANCIAL PERFORMANCE ELLEN INGERSOLL CFO
Slide 7: Strong Q2'22 Results Above Guidance
STRONG Q2’22 RESULTS ABOVE GUIDANCE GES significantly exceeded guidance (in millions) Q2’22 Adjusted EBITDA surpassed high-end of guidance range by ~$23 million Revenue $ 319.2 Pursuit Revenue 77.6 GES Revenue 241.6 Pursuit came in below prior guidance Net income attributable to Viad $ 19.8 pr
Slide 8: Pursuit Q2'22 Results Year-over-Year
PURSUIT Q2’22 RESULTS YEAR-OVER-YEAR (in millions) Q2’22 Q2’21 $ Change Record Q2 revenue was driven by: Lifting of COVID restrictions (including Revenue: Same Store $ 68.2 $ 33.2 $ 35.0 Canadian border re-opening) New Experiences 9.4 3.1 6.2 Refreshing of assets and revenue Total Pursuit $ 77
Slide 9: GES Q2'22 Results Year-over-Year
GES Q2’22 RESULTS YEAR-OVER-YEAR Revenue growth reflects resumption of in- (in millions) Q2’22 Q2’21 $ Change person event activity Revenue: Revenue as % of same 75% Spiro $ 89.4 $ 11.9 $ 77.5 period in 2019 GES Exhibitions 154.6 13.1 141.5 57% 59% 53% Inter-segment Elims (2.4) (0.1) (2.3) Total G
Slide 10: David Barry, President Pursuit
DAVID BARRY PRESIDENT PURSUIT
Slide 11: Pursuit Delivered Record Q2 Revenue
PURSUIT DELIVERED RECORD Q2 REVENUE Pursuit Revenue (in millions) Q2’22 revenue of $77.6 million $77.6 Acquired/opened increased 114% year over year and 9.4 after 2020 40% from Q2’19 11.4 Acquired/opened $55.4 in 2019-2020 $20.8 million was generated by new $36.3 experiences acquired/opened from
Slide 12: Pursuit Attraction Performance – Q2
PURSUIT ATTRACTION PERFORMANCE – Q2 Refresh Build Buy strategy Ticket Revenue ($ Millions) has enabled us to grow +27% $29.3 attractions visitors and $23.0 ticket revenue vs. 2019 through expanded $10.1 portfolio of attractions Q2'19 Q2'21 Q2'22 Same-store visitor counts are experiencing substan
Slide 13: Pursuit Lodging Performance – Q2
PURSUIT LODGING PERFORMANCE – Q2 Rooms Revenue ($ Millions) $20.6 Refresh Build Buy strategy +63% has significantly increased $12.6 $11.4 room count Q2’22 occupancy back to 2019 levels Q2'19 Q2'21 Q2'22 ADR and RevPAR up Q2'19 Q2'21 Q2'22 Y/Y vs. '19 meaningfully Y/Y and Rooms Available Occupa
Slide 14: Pursuit's Lodging Pacing Remains Strong
PURSUIT’S LODGING PACING REMAINS STRONG BANFF JASPER GLACIER PARK ALASKA ROOMS REVENUE ($M, CAD) ROOMS REVENUE ($M, CAD) ROOMS REVENUE ($M) ROOMS REVENUE ($M) +145% +54% +5% +28% 14.3 29.1 15.9 16.7 11.9 13.0 13.3 10.0 9.3 18.9 5.8 2019 2021 2022 2021 2022 2019 2021 2022 2019 2021 2022 ADR +26% vs
Slide 15: Continued Recovery of Long-Haul Tourism Will Drive Further Growth
CONTINUED RECOVERY OF LONG-HAUL TOURISM WILL DRIVE FURTHER GROWTH Pursuit Guest Mix into Western Canada Visitors from the Asia Pacific Region have historically been heavy consumers of 4% 8% Pursuit’s high-margin attractions as they Asia Pacific 26% travel on set and inclusive itineraries These m
Slide 16: Steve Moster, President & CEO
STEVE MOSTER PRESIDENT & CEO
Slide 17: GES Revenue Is Rebounding
GES REVENUE IS REBOUNDING GES Revenue (in millions) Q2’22 revenue of $242 million was stronger than expected $321 Reached ~75% of pre-pandemic 101 $242 Q2’19 89 Spiro Spiro was 88% of Q2’19 220 GES GES Exhibitions was 70% of Q2’19 155 Exhibitions $25 12 Q2'19 Q2'21 Q2'22 Note: Total GES reve
Slide 18: Show Sizes Continued to Improve in Q2
SHOW SIZES CONTINUED TO IMPROVE IN Q2 GES US EXHIBITIONS SAME-SHOW REVENUE VS. 2019 PRE-PANDEMIC OCCURRENCE 87% Same-show revenue for GES US Exhibitions was ~87% of 2019 pre-pandemic levels on 73% average 67% Still seeing wide variation in event 46% performance with some at or above and some wel
Slide 19: GES Exhibitions Improved Cost Structure
GES EXHIBITIONS IMPROVED COST STRUCTURE Transformation of GES’ cost GES Exhibitions YTD Revenue Flow-Through structure during pandemic 6/30/22 YTD 6/30/21 YTD Change continues to yield results YTD flow-through of Revenue $ 266.4 $ 20.2 $ 246.2 Adjusted EBITDA 21.4 (24.2) 22% Flow-Through increme
Slide 20: Financial Outlook
DRAFT FINANCIAL OUTLOOK ELLEN INGERSOLL CFO 20
Slide 21: Financial Outlook - Pursuit
FINANCIAL OUTLOOK - PURSUIT Adjusted EBITDA Guidance KEY ASSUMPTIONS • US same store revenue outperforms 2019 on strong leisure ($millions) travel demand and benefit from continued investment in the Q3’22 FY’22 guest experience • Canada same store revenue remains below 2019 as certain $74 to $82 $70
Slide 22: Financial Outlook - GES
FINANCIAL OUTLOOK - GES Adjusted EBITDA Guidance KEY ASSUMPTIONS ($millions) Q3’22 FY’22 • Exhibitions same-show revenue will generally remain at or better than 75% of pre-pandemic levels $6 to $11 $50 to $60 • Experiential marketing budgets of major Spiro clients will vs. ($4.2) in Q3’21 vs. ($30.4
Slide 23: Appendix
APPENDIX A
Slide 24: Q2 Revenue and Adjusted EBITDA
Q2 REVENUE AND ADJUSTED EBITDA REVENUE AND ADJUSTED EBITDA (000's) Q2'22 Q2'21 VAR ($) Revenue: Pursuit 77,599 36,313 41,286 GES: Spiro 89,425 11,944 77,481 GES Exhibitions 154,600 13,057 141,543 GES Intersegment Eliminations (2,421) (81) (2,340) Total GES 241,604 24,920 216,684 Total Revenue 319,20
Slide 25: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED (000's) 2019 2020 2021 Q1'21 Q2'21 Q1'22 Q2'22 (1) Revenue 1,302,736 415,435 507,340 28,935 61,233 177,360 319,203 Net Income (Loss) Attributable to Viad 22,035 (374,094) (92,655) (43,152) (42,026) (29,001) 19,839 Net Income (Loss) Attributable to
Slide 26: Non-GAAP Financial Reconciliation: Income (Loss) Before Other Items
NON-GAAP FINANCIAL RECONCILIATION INCOME (LOSS) BEFORE OTHER ITEMS (000's) Q2'22 Q2'21 VAR ($) Net Income (Loss) Attributable to Viad 19,839 (42,026) 61,865 (Income) Loss from Discontinued Operations Attributable to Viad (52) 62 (114) Income (Loss) from Continuing Operations Attributable to Viad 19,
Slide 27: Pursuit Key Performance Metrics
PURSUIT KEY PERFORMANCE METRICS 6/30 YTD 2022 2021 2022 2021 Q1 Q2 Q1 Q2 Q3 Q4 FY Attractions KPIs: Number of Visitors 1,034,498 261,772 291,578 742,920 57,486 204,286 935,616 325,785 1,523,173 Effective Ticket Price $ 37.25 $ 44.27 $ 31.56 $ 39.49 $ 25.81 $ 49.46 $ 42.20 $ 30.99 $ 40.16 Ticket Reve
Slide 28: Liquidity Remains Strong
LIQUIDITY REMAINS STRONG LIQUIDITY & Q2'22 CASH FLOWS (000's) Our liquidity position at June 30, 3/31/22 Liquidity 145,317 2022 was $127 million Cash from Operations 26,095 Capital Expenditures: Pursuit (17,219) Pursuit capital expenditures GES (1,825) included growth capital for the Corporate (
Slide 29: Balance Sheet Flexibility to Continue Growth Investments
BALANCE SHEET FLEXIBILITY TO CONTINUE GROWTH INVESTMENTS CAPITALIZATION DATA (000's) Q2'22 Q1'22 Term Loan B, which matures in Cash and Cash Equivalents 54,516 57,902 2028, has no financial covenants Term Loan B 397,000 398,000 Revolving Credit Facility ($100M total facility size) 15,000 - Financi