Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q1 2024 Earnings Presentation
26 slides from Pursuit Attractions And Hospitality's earnings presentation, May 2, 2024
Slide 1: First Quarter 2024 Earnings Call
FIRST quarter 2024 EARNINGS CALL MAY 2, 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” and ”Adjusted Net Income (Loss)”, which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled
Slide 4: Q1'24 Earnings Call Highlights
Q1’24 Earnings Call HIGHLIGHTS Pursuit delivered 14% revenue growth and successfully launched new attraction 1 GES drove margin expansion with healthy revenue growth 2 Maintain outlook for strong full year growth as positive trends continue for both businesses 3 FY’24 Consolidated Adjusted EBITDA ex
Slide 5: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK
Slide 6: Solid Q1'24 Results
6 solid Q1’24 RESULTS Revenue grew 4.9% versus Q1’23, reflecting healthy growth at both Pursuit and GES Adjusted EBITDA* grew $0.9 million driven by continuing improvements at GES Adjusted Net Loss* improved $0.3 million primarily due to stronger consolidated Adjusted EBITDA and lower interest expen
Slide 7: Pursuit Q1'24 Year-over-Year Results
7 PURSUIT Q1’24 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 Q1'24 Year-over-Year Results
8 GES Q1’24 YEAR-OVER-YEAR RESULTS Revenue increased 3.6% year-over-year reflecting: Continued underlying growth More than offset ~$4M decline due to the timing of major non-annual shows Excluding the impacts of major non-annual shows, revenue increased ~6% Spiro revenue grew ~7% on strong spending
Slide 9: Financial Outlook – Q2'24 & FY'24
FINANCIAL OUTLOOK – Q2’24 & FY’24 $ MILLIONS Q2’24 GUIDANCE FY’24 GUIDANCE Pursuit: Revenue Adjusted EBITDA $92 to $97 $20 to $24 Up mid-single digits $105 to $115 GES: Revenue Adjusted EBITDA $260 to $280 $34.5 to $38.5 Up low-double digits $80 to $90 Consolidated: Revenue Adjusted EBITDA* Cash fro
Slide 10: Pursuit
PURSU,T”™
Slide 11: Pursuit's Q1'24 Attraction Performance
PURSUIT’s Q1’24 attraction PERFORMANCE TICKET REVENUE ($M) +25% 2023F 2024P 25% year-over-year ticket revenue growth driven by strong increases in pricing and visitation 18% year-over-year same-store ticket revenue growth with substantial increase in same-store effective ticket price Sky Lagoon sign
Slide 12: Pursuit's Q1'24 Hospitality Performance
PURSUIT’s Q1’24 HOSPITALITY PERFORMANCE ROOM REVENUE ($M) 2023F 2024P Solid room revenue performance during seasonally slow period despite unfavorable weather conditions Year-over-year growth in March helped offset early season softness Continue to expect strong room revenue and RevPAR growth as sea
Slide 13: Pursuit's Lodging Booking Pace
PURSUIT’s LODGING BOOKING PACE +24% US LODGING ROOM REVENUE ON THE BOOKS* (USD $M) +3% CANADIAN LODGING ROOM REVENUE ON THE BOOKS* (CAD $M) 2022 2023 2024 * Room Revenue on the Books data represents reservations taken to date as of April 26, 2022, 2023, and 2024. 2022 2023 2024 ADR +14% vs. 2023 ADR
Slide 14: Pursuit's Revenue Growth
PURSUIT’s REVENUE GROWTH REVENUE ($M) +14% Q1’23 14% year-over-year revenue growth in Q1’24 during seasonally slow period Continued revenue growth expected for full year Key Drivers: Strong demand for iconic, unforgettable, inspiring experiences Increased demand in visitation plus pricing power FlyO
Slide 15: Pursuit's Margin Expansion
PURSUIT’s margin expansion ADJUSTED EBITDA MARGIN (%) Continued strong margin improvement expected for full year 30% full year target within reach Key Drivers: Higher attraction visitation with strong throughput Revenue management Prudent labor and expense management Expect continued multi-year marg
Slide 16: Slide 16
Slide 17: Exhibitions' Same-Show Metrics Continue to Improve
17 EXHIBITIONS’ SAMe-SHOW METRICS CONTINUE TO IMPROVE Continue to see year-over-year improvements in both same-show revenue and square footage Same-show revenue is essentially fully recovered due to pricing power Substantial opportunity for future growth as same-show square footage fully recovers *
Slide 18: Spiro's Winning Growth Strategy
SPIRO’s winning growth strategy Built for strong revenue growth of high-single to low-double digits from new and existing clients in large, fragmented growing experiential marketing market with a forecasted $178B TAM by 2028 RETAIN Maintain marquee client base and use as a foundation for future grow
Slide 19: GES' Revenue Growth
GES’ REVENUE GROWTH 4% year-over-year revenue growth in Q1’24 Excluding major non-annual shows: 6% overall revenue growth 5% Exhibitions revenue growth 7% Spiro revenue growth Continued revenue growth expected for full year Key Drivers: Continued recovery of exhibition show sizes and pricing strengt
Slide 20: GES' Margin Expansion
GES’ margin expansion 70 bps year-over-year margin increase in Q1’24 Greater than 8% full year target within reach Key Drivers: Exhibitions’ show sizes recovering New Spiro wins with improved SG&A leverage Continued focus on efficiency with lean productivity initiatives Expect to hold at or above 8%
Slide 21: Appendix
APPENDIX RNY
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. New attraction opened after January 1, 2023, and excluded from the sa
Slide 25: Pursuit Disaggregation of Revenue
25 Pursuit disaggregation of revenue
Slide 26: Cash Flow and Balance Sheet Highlights
26 Cash Flow and Balance Sheet highlights