Pursuit Attractions And Hospitality, Inc. · NYSE:PRSU
Pursuit Attractions And Hospitality — Viad — Q4 2022 Earnings Presentation
28 slides from Pursuit Attractions And Hospitality's earnings presentation, Feb 9, 2023
Slide 1: Fourth Quarter and Full Year 2022 Earnings Call
FOURTH QUARTER AND FULL YEAR 2022 EARNINGS CALL FEBRUARY 9, 2022
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of forward- • our ability to anticipate and adjust for the impact of • our exposure to labor cost increases and work looking statements. Words, and variations of words, the COVID-19 pandemic on our businesses; stoppages related to unioni
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: Q4'22 Highlights
Q4’22 HIGHLIGHTS Pursuit delivered record revenue and GES outperformed 1 expectations in 2022 Delivered strong 2022 results through strategic focus on scaling 2 Pursuit and improving profitability at GES Expect growth to continue in 2023 with fewer COVID restrictions on 3 international travel and ac
Slide 5: Financial Performance
FINANCIAL PERFORMANCE
Slide 6: Solid Q4'22 Results in Line with Guidance
SOLID Q4’22 RESULTS IN LINE WITH GUIDANCE Revenue grew 35.1% or $64.5 million driven by 46% growth at Pursuit and 34% growth at GES (in millions) Q4’22 Q4’21 $ Change Revenue $ 248.0 $ 183.6 $ 64.5 Net loss attributable to Viad improved by $16.8 million Pursuit Revenue 34.1 23.4 10.8 prima
Slide 7: Pursuit Q4'22 Results Year-over-Year
PURSUIT Q4’22 RESULTS YEAR-OVER-YEAR (in millions) Q4’22 Q4’21 $ Change Revenue: Revenue of $34.1 million increased 46% year- Same Store $ 24.2 $ 18.3 $ 5.9 over-year, reaching a new record New Experiences 10.0 5.1 4.8 Total Pursuit $ 34.1 $ 23.4 $ 10.8 Adjusted EBITDA declined year-over-year Ad
Slide 8: GES Q4'22 Results Year-over-Year
GES Q4’22 RESULTS YEAR-OVER-YEAR (in millions) Q4’22 Q4’21 $ Change Revenue grew 33.5% year over year reflecting Revenue: continued improvement in live event activity Spiro $ 72.1 $ 54.7 $ 17.4 GES Exhibitions 143.6 108.2 35.4 Inter-segment Elims (1.8) (2.7) 0.9 Spiro revenue grew 31.8% Total GE
Slide 9: 2022 Full Year Performance Was Strong
2022 FULL YEAR PERFORMANCE WAS STRONG Viad Consolidated Revenue more than doubled vs. 2021 (in millions) FY’22 FY’21 $ Change GES delivered significant growth as live Revenue $ 1,127.3 $ 507.3 $ 620.0 event activity accelerated in 2022 Net income attributable to Viad $ 23.2 $ (92.7) $ 11
Slide 10: Pursuit
SM T A , PURSU
Slide 11: Pursuit Delivered Record Full Year Revenue
PURSUIT DELIVERED RECORD FULL YEAR REVENUE Pursuit Revenue (in millions) FY’22 revenue of $299.3 million $299.3 increased 60% year over year and Acquired/opened 43.2 after 2020 34% from FY’19 $222.8 44.9 Acquired/opened in 2019-2020 22.6 $187.0 $88.1 million was generated by new 15.6 33.0 experi
Slide 12: Pursuit Attraction Performance – FY
PURSUIT ATTRACTION PERFORMANCE – FY Ticket Revenue ($ Millions) Ticket revenue grew 88% vs. +36% 2021 and 36% vs. 2019 driven $114.9 by Refresh Build Buy expansion of our attractions portfolio $84.5 $61.2 Same-store visitor counts were 15% below 2019 as visitation (especially group) from certain
Slide 13: Pursuit Attraction Performance – Q4
PURSUIT ATTRACTION PERFORMANCE – Q4 Ticket Revenue ($ Millions) Ticket revenue grew 54% vs. Q4’21 and 69% vs. Q4’19 +69% $15.6 New year-round experiences $9.2 $10.1 continued to ramp during Q4 FlyOver Las Vegas visitation grew 21% vs. Q3’22 and 2019 2021 2022 35% vs. Q4’21 Sky Lagoon visitat
Slide 14: Pursuit Lodging Performance – FY
PURSUIT LODGING PERFORMANCE – FY Rooms Revenue ($ Millions) Rooms revenue grew 34% vs. +31% 2021 and 31% vs. 2019 $77.0 $58.7 $57.6 Same-Store RevPAR and ADR up meaningfully vs. 2021 and 2019 from ongoing revenue management focus 2019 2021 2022 Occupancy increased vs. FY'19 FY'21 FY'22 Y/Y vs.
Slide 15: Pursuit Lodging Performance – Q4
PURSUIT LODGING PERFORMANCE – Q4 Rooms Revenue ($ Millions) +31% Rooms revenue grew 17% vs. $7.1 Q4’21 and 31% vs. Q4’19 $6.1 $5.4 Occupancy and ADR were both higher than 2021 and 2019, reflecting strong 2019 2021 2022 demand for our year-round lodges in this seasonally slower quarter Q4'19 Q4'2
Slide 16: GES
Slide 17: GES Revenue Reflects Continued Recovery and Favorable Show Rotation
GES REVENUE REFLECTS CONTINUED RECOVERY AND FAVORABLE SHOW ROTATION GES Revenue (in millions) FY’22 revenue of $828 million $1,080 increased $508 million year-over-year 327 $828 Same-show revenue improved significantly from 2021 but 278 Spiro remained below 2019 Positive show rotation revenue
Slide 18: Show Sizes Remain Strong
SHOW SIZES REMAIN STRONG GES US EXHIBITIONS SAME-SHOW REVENUE* GES continues to perform better than VS. 2019 PRE-PANDEMIC OCCURRENCE expected with strong customer demand 93% 87% 91% In Q4, GES Exhibitions’ same show revenue was over 90% of 2019 levels 73% 67% Additionally, Spiro continues to o
Slide 19: GES Exhibitions Improved Cost Structure
GES EXHIBITIONS IMPROVED COST STRUCTURE Transformation of GES’ cost GES Exhibitions FY Revenue Flow-Through structure during pandemic enabled strong profitability as 2022 2021 Change business activity accelerated in 2022 Revenue $ 557.9 $ 209.5 $ 348.4 Adjusted EBITDA 34.3 (26.1) 20% Flow-Through
Slide 20: Financial Outlook
DRAFT FINANCIAL OUTLOOK 20
Slide 21: Financial Outlook - Pursuit
FINANCIAL OUTLOOK - PURSUIT Pursuit Guidance ($millions) Expect revenue growth in 2023 will be driven by: Q1’23 FY’23 Adjusted ($14) to ($11) $85 to $95 Lifting of all COVID restrictions at EBITDA the Canadian border vs. ($11.5) in Q1’22 vs. $67.9 in FY’22 Acceleration of new experiences Reven
Slide 22: Financial Outlook - GES
FINANCIAL OUTLOOK - GES GES Guidance ($millions) Expect GES will mostly offset the headwinds of negative show rotation revenue ($30M) Q1’23 FY’23 and the sale of ON Services ($50M) in 2023 Adjusted $8 to $11 $48 to $58 EBITDA Exhibitions same show revenue expected vs. $2.7 in Q1’22 vs. $61.3 in
Slide 23: Appendix
APPENDIX A
Slide 24: Q4 and FY Revenue and Adjusted EBITDA
Q4 AND FY REVENUE AND ADJUSTED EBITDA REVENUE AND ADJUSTED EBITDA (000's) Q4'22 Q4'21 VAR ($) FY'22 FY'21 VAR ($) Revenue: Pursuit 34,148 23,390 10,758 299,327 187,048 112,279 GES: Spiro 72,123 54,718 17,405 277,641 116,587 161,054 GES Exhibitions 143,577 108,182 35,395 557,880 209,529 348,351 GES I
Slide 25: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION VIAD CONSOLIDATED (000's) 2019 2020 2021 2022 Q4'21 Q4'22 (1) Revenue 1,302,736 415,435 507,340 1,127,311 183,573 248,027 Net Income (Loss) Attributable to Viad 22,035 (374,094) (92,655) 23,220 (22,544) (5,739) Net Income (Loss) Attributable to Noncontrolling Intere
Slide 26: Non-GAAP Financial Reconciliation
NON-GAAP FINANCIAL RECONCILIATION INCOME (LOSS) BEFORE OTHER ITEMS (000's) Q4'22 Q4'21 VAR ($) FY'22 FY'21 VAR ($) Net Income (Loss) Attributable to Viad (5,739) (22,544) 16,805 23,220 (92,655) 115,875 (Income) Loss from Discontinued Operations Attributable to Viad 137 (24) 161 (148) (558) 410 Incom
Slide 27: Pursuit Key Performance Metrics
PURSUIT KEY PERFORMANCE METRICS 2022 2021 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Attractions KPIs: Number of Visitors 291,578 742,920 1,450,559 446,209 2,931,266 57,486 204,286 935,616 325,785 1,523,173 Effective Ticket Price $ 31.56 $ 39.49 $ 41.93 $ 34.90 $ 39.21 $ 25.81 $ 49.46 $ 42.20 $ 30.99 $ 40.16 Tic
Slide 28: Cash Flow and Balance Sheet Highlights
CASH FLOW AND BALANCE SHEET HIGHLIGHTS LIQUIDITY & CASH FLOW (000's) (000's) Q4'22 Q3'22 9/30/22 Liquidity 165,798 Cash and Cash Equivalents 59,719 79,151 Cash from Operations (33,153) Term Loan B 395,000 397,000 Capital Expenditures: Revolving Credit Facility ($100M total facility size) - - Pursuit