Financial Performance - Total revenue for the three months ended September 30, 2024, increased by $89.8 million to $455.7 million, a 24.5% increase compared to $365.9 million in the same period of 2023 [107]. - Net income attributable to Viad for the three months ended September 30, 2024, increased by $7.3 million to $48.6 million, a 17.8% increase compared to $41.3 million in the same period of 2023 [109]. - The company reported a total revenue increase of $160.7 million for the nine months ended September 30, 2024, driven by a $148.1 million increase in GES revenue [110]. - Net income for the nine months ended September 30, 2024, was $60,499,000, an increase of 54% compared to $39,314,000 in 2023 [131]. - Net cash provided by operating activities was $133.1 million for the nine months ended September 30, 2024 [126]. - Net cash provided by operating activities increased to $133,096,000 from $116,554,000, reflecting a growth of 14% [131]. Segment Performance - GES reported total revenue of $273.4 million for the three months ended September 30, 2024, a 52.8% increase from $179.0 million in the same period of 2023 [119]. - GES's segment operating income increased by $22.0 million during the three months ended September 30, 2024 [109]. - Total segment operating income for GES was $16.6 million for the three months ended September 30, 2024, compared to a loss of $5.4 million in the same period of 2023 [119]. - Pursuit's revenue decreased by $4.7 million during the three months ended September 30, 2024, primarily due to a $5.3 million decrease in hospitality revenue attributed to the Jasper wildfires [112]. - Pursuit's attractions revenue increased by $1.4 million during the three months ended September 30, 2024, due to a 4.2% increase in revenue per attraction visitor [112]. - Pursuit's segment operating income decreased by $7.4 million during the nine months ended September 30, 2024, primarily due to the impact of the Jasper wildfires [113]. Visitor Metrics - The number of visitors for the attractions business reported 3,130,570 for the nine months ended September 30, 2024, reflecting a 2.9% increase compared to the same period in 2023 [117]. - Ticket revenue for the attractions business reached $136,842,000 for the nine months ended September 30, 2024, with a 4.6% increase year-over-year [117]. - Revenue per attraction visitor was $56.42 for the nine months ended September 30, 2024, reflecting a 3.6% increase compared to the previous year [117]. Hospitality Metrics - RevPAR for the hospitality segment decreased to $153.41 for the nine months ended September 30, 2024, primarily due to reduced rooms revenue from the Jasper wildfires [117]. - Rooms revenue for the hospitality segment increased by 8.5% on a same-store basis for the nine months ended September 30, 2024 [117]. - The occupancy rate for the hospitality segment was 67.0% for the nine months ended September 30, 2024, down from 75.0% in the same period last year [117]. - The average daily rate (ADR) increased by 5.5% to $229.08 for the nine months ended September 30, 2024 [117]. Insurance and Wildfire Impact - The company received $4.7 million in insurance proceeds as a partial settlement related to the Jasper wildfires during the three months ended September 30, 2024 [104]. - The company is currently assessing the full value of losses related to the Jasper wildfires, with ongoing discussions with insurance carriers for potential recoveries [104]. - Net cash used in investing activities decreased by $4,661,000 to $48,843,000, primarily due to $3,823,000 in insurance proceeds related to the Jasper wildfires [132]. Capital and Liquidity - The company plans capital expenditures of approximately $70 million to $80 million over the next 12 months, including $30 million to $40 million on growth projects [128]. - As of September 30, 2024, the company had $64.6 million in unrestricted cash and cash equivalents, up from $52.7 million at the end of 2023 [124]. - The company had total available liquidity of $228.8 million as of September 30, 2024, compared to $160.7 million at the end of 2023 [124]. Debt and Financing - Proceeds from borrowings significantly increased to $374,282,000 from $49,044,000, indicating a rise of 664% [134]. - Net cash used in financing activities rose to $75,989,000, an increase of $63,088,000 compared to $12,901,000 in the previous year [134]. - The company recorded impairment charges of $6,110,000, with $5,500,000 related to the termination of a facility lease [131]. Shareholder Actions - Share repurchase authorization remains in place with 546,283 shares available for repurchase as of September 30, 2024 [135]. Other Financial Metrics - The effective tax rate for the three months ended September 30, 2024, was 15.8%, compared to 15.6% for the same period in 2023 [123]. - As of September 30, 2024, the company had cumulative unrealized foreign currency translation losses of $41,900,000 [138]. - Long-term contractual liabilities denominated in nonfunctional currencies amounted to $46,700,000 as of September 30, 2024 [139]. - The company entered into an interest rate cap agreement to hedge cash flows on $300,000,000 of SOFR-based borrowings [139].

Revenue Performance - Revenue for Q3 2024 was $455.7 million, an increase of $89.8 million (24.5%) compared to Q3 2023[6] - GES revenue increased to $273.4 million, up $94.5 million (52.8%) year-over-year, driven by approximately $104 million from major non-annual shows[7] - Total GES revenue for Q3 2024 was $455,704, a 24.5% increase from $365,899 in Q3 2023[17] - For the nine months ended September 30, 2024, revenue reached $1.1 billion, reflecting a 17.0% increase compared to $947.0 million in the same period of 2023[22] Net Income and Earnings - Net income attributable to Viad was $48.6 million, an increase of $7.3 million (17.8%) from Q3 2023[4] - Net income for Q3 2024 was $55,864, reflecting a 13.7% increase from $49,126 in Q3 2023[17] - Net income attributable to Viad for Q3 2024 was $48.6 million, up 17.8% from $41.3 million in Q3 2023[22] - Net income allocated to Viad common shareholders (diluted) for the three months ended September 30, 2024, was $35.655 million, a 19.3% increase from $29.897 million in 2023[19] Adjusted Income and EBITDA - Adjusted net income rose to $58.8 million, up $15.5 million (35.7%) year-over-year, mainly due to improved GES performance[7] - Consolidated adjusted EBITDA for Q3 2024 was $103.1 million, an increase of $16.9 million (19.6%) from the previous year[4] - Adjusted EBITDA for Q3 2024 was $103,130, a 19.6% increase from $86,254 in Q3 2023[17] - GES is expected to achieve adjusted EBITDA of $90 million to $95 million for the full year, an increase from previous guidance[11] Operational Highlights - Pursuit revenue decreased to $182.3 million, down $4.7 million (-2.5%) year-over-year, primarily due to temporary closures from the Jasper wildfire[7] - Pursuit completed the acquisition of Eddie's Café & Mercantile, enhancing its Glacier Park Collection[10] - The company is in the process of selling its GES business, but the completion timeframe and terms are uncertain[15] - There is a risk that the company may not realize the expected strategic, financial, and operational benefits from the GES business sale[15] Financial Position - Viad's total liquidity was $228.8 million as of September 30, 2024, with a net leverage ratio of 1.7x[9] - Total debt decreased by 16.6% to $398,202 from $477,645 year-over-year[17] - Viad shareholders' equity increased by 87.0% to $96,765 compared to $51,750 in Q3 2023[17] Shareholder Metrics - Basic income per common share rose by 17.5% to $1.68 from $1.43 in the same quarter last year[17] - Diluted income per common share increased by 17.0% to $1.65 compared to $1.41 in Q3 2023[17] - Diluted adjusted EPS for the three months ended September 30, 2024, was $2.01, up 34.9% from $1.49 in the prior year[20] Tax and Impairment Charges - The effective tax rate for the three months ended September 30, 2024, was 15.8%, compared to 15.6% for the same period in 2023[18] - Impairment charges recorded during the three months ended September 30, 2024, totaled $5.5 million related to the FlyOver attraction and $0.6 million for intangible assets due to wildfire losses[18] - The company incurred impairment charges of $6.1 million in Q3 2024, with no such charges reported in Q3 2023[22] Market Strategy - The company plans to continue its market expansion and product development, particularly focusing on the FlyOver attractions[20]

Group 1: Momentum Investing Overview - Momentum investing contrasts with the traditional "buy low and sell high" strategy, focusing instead on "buying high and selling higher" to capitalize on fast-moving stocks [1] - Identifying the right entry point for trending stocks can be challenging, as they may lose momentum if future growth does not justify their high valuations [1] Group 2: Investment Strategy - A safer investment approach involves targeting bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [2] - The 'Fast-Paced Momentum at a Bargain' screen is effective in spotting fast-moving stocks that remain attractively priced [2] Group 3: Viad (VVI) Stock Analysis - Viad (VVI) has shown a four-week price change of 8.9%, indicating growing investor interest [3] - Over the past 12 weeks, VVI's stock has gained 28.1%, with a beta of 2.04, suggesting it moves 104% higher than the market in either direction [4] - VVI has a Momentum Score of B, indicating a favorable time to invest based on momentum [5] - The stock has a Zacks Rank 2 (Buy) due to upward trends in earnings estimate revisions, which attract more investor interest [6] - VVI is trading at a Price-to-Sales ratio of 0.63, suggesting it is undervalued at 63 cents for each dollar of sales [6] Group 4: Additional Investment Opportunities - Besides VVI, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting additional investment opportunities [7] - The Zacks Premium Screens offer over 45 different strategies tailored to help investors find winning stock picks [8]

Group 1 - Viad Corp shares increased by 17.5% to $42.05, with a higher-than-average trading volume, compared to a 2.2% gain over the past four weeks [1] - The surge in investor optimism followed the announcement of Viad's sale of its GES business to Truelink Capital for $535 million, indicating a strategic shift towards experiential tourism [1] - Viad plans to rebrand itself as Pursuit after the transaction, reflecting its strengthened focus on the tourism segment [1] Group 2 - The expected quarterly earnings for Viad are $1.87 per share, representing a year-over-year increase of 25.5%, with revenues projected at $437.1 million, up 19.5% from the previous year [1] - The consensus EPS estimate for Viad has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [2] - Viad holds a Zacks Rank of 3 (Hold), while another company in the same industry, Crawford & Company B, has a Zacks Rank of 4 (Sell) [2]

Core Insights - The focus is on identifying strong stocks through the Zacks Rank system, which emphasizes earnings estimates and revisions [1] - Value investing is highlighted as a preferred strategy for finding undervalued stocks using fundamental analysis and traditional valuation metrics [2] Company Analysis: Viad Corp (VVI) - Viad Corp (VVI) has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating it is a high-quality value stock [3] - VVI has a PEG ratio of 1.70, which is lower than the industry average of 2.63, suggesting it may be undervalued [4] - The company's PEG ratio has fluctuated between a high of 4.02 and a low of 1.03 over the past year, with a median of 1.37 [4] - VVI's P/S ratio is 0.58, significantly lower than the industry average of 1.02, further indicating potential undervaluation [5] - Overall, VVI is positioned as one of the market's strongest value stocks based on its earnings outlook and valuation metrics [6]

Group 1 - The stock of Viad Corp (VVI) is experiencing significant attention due to high implied volatility in the options market, particularly the Sep 20, 2024 $20.00 Put option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in Viad's stock price, potentially due to an upcoming event [2] - Viad currently holds a Zacks Rank 4 (Sell) in the Business - Services industry, with no analysts increasing earnings estimates for the current quarter, leading to a downward revision of the Zacks Consensus Estimate from $2.44 to $1.87 per share [3] Group 2 - The high implied volatility surrounding Viad's stock may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]

Viad (VVI) came out with quarterly earnings of $0.97 per share, beating the Zacks Consensus Estimate of $0.77 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 25.97%. A quarter ago, it was expected that this trade show company would post a loss of $0.98 per share when it actually produced a loss of $1.13, delivering a surprise of -15.31%. Over the last four quarters, the company ha ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by $12.7 million or 4.9% year-over-year, with healthy growth at both Pursuit and GES [10] - Consolidated adjusted EBITDA increased by $0.9 million, while the first quarter adjusted net loss improved by $0.3 million [10] - GAAP net loss attributable to Viad was $4.2 million higher than the first quarter of 2023, primarily due to increased non-operational items and income tax expense [10] Business Line Data and Key Metrics Changes - Pursuit's first quarter revenue grew by $4.6 million or 14% year-over-year, driven by a 25% increase in attraction ticket revenue [11] - GES delivered consolidated revenue growth of $8.1 million or 3.6%, with adjusted EBITDA growth of $2.2 million [13] - GES Exhibitions revenue growth was about 5% when excluding the impact of major non-annual events [13] Market Data and Key Metrics Changes - Total liquidity at the end of the first quarter was $137.2 million, comprising $48.8 million in cash and $88.4 million of available capacity on the revolving credit facility [14] - The net leverage ratio was 2.7x, near the low end of the target ratio range of 2.5x to 3.5x [15] Company Strategy and Development Direction - The company maintains a favorable outlook for strong growth, expecting approximately 16% to 30% year-over-year growth in full-year consolidated adjusted EBITDA [7] - Pursuit aims for full-year adjusted EBITDA in the range of $105 million to $115 million, with a margin of about 30% [18] - GES expects full-year adjusted EBITDA to be in the range of $80 million to $90 million, with a margin of about 8.5% [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the year ahead, citing robust demand for destinations and experiences, including the new FlyOver Chicago attraction [6][8] - The company anticipates strong operating cash flow, particularly in the third quarter, with a full-year operating cash inflow expected in the range of $120 million to $140 million [21] - Management noted that consumer confidence is higher year-over-year, contributing to positive momentum in bookings and spending [57] Other Important Information - The company successfully repriced its Term Loan B, reducing the borrowing rate by 75 basis points, which will lower annual interest costs by more than $2.5 million [16] - The company is committed to balancing growth investments with maintaining a strong balance sheet and ample liquidity [21] Q&A Session Summary Question: Update on volcanic activity in Iceland and its impact - Management noted that visitation to Iceland is up, and while there are periodic closures due to volcanic activity, it has driven more visitors to Sky Lagoon [54] Question: Correlation between FlyOver Chicago and Las Vegas - Management indicated strong initial visitation and positive EBITDA for FlyOver Chicago, noting less competition compared to Las Vegas [55] Question: RevPAR expectations for the upcoming year - Management expressed confidence in RevPAR growth, citing strong early bookings and effective inventory management [59] Question: Update on GES and forward spending - Management reported strong demand for services, with no signs of hesitation in corporate spending [77] Question: Inorganic growth opportunities - Management highlighted ongoing opportunities for organic growth and investments in existing properties [78] Question: Labor market conditions for the upcoming season - Management stated that hiring has improved significantly compared to previous years, with a fully staffed team ready for the season [79]

Financial Performance - Q1 2024 - Viad's Q1 2024 revenue increased by 49% to $2735 million compared to Q1 2023[12] - Consolidated Adjusted EBITDA grew by $09 million in Q1 2024 compared to Q1 2023[12] - Net loss attributable to Viad increased by $42 million in Q1 2024 compared to Q1 2023, primarily due to higher non-operational items and income tax expense[13] Pursuit Segment - Pursuit's Q1 2024 revenue increased by 14% to $372 million year-over-year, driven by attractions ticket revenue[12, 15] - Attractions ticket revenue grew by 25% due to higher effective ticket prices and a 10% increase in visitors[15] - Pursuit's Adjusted EBITDA decreased by $08 million to $(111) million, reflecting increased operating costs to support higher business volume[12, 15] - Pursuit's same-store attraction ETP increased by 161% to $41[15] GES Segment - GES' Q1 2024 revenue increased by 36% to $2363 million year-over-year[12, 16] - GES Exhibitions revenue grew by approximately 5%, and Spiro revenue grew by approximately 7%[17] - GES' Adjusted EBITDA increased by $22 million to $189 million, with strong flow-through on revenue growth[12, 16] - US Exhibition Same-Show Revenue increased by 61%[16] Financial Outlook - The company expects consolidated Adjusted EBITDA to grow by approximately 16-30% from 2023[10] - The company anticipates Pursuit's revenue to increase by mid-single digits for FY24[18, 32] - The company anticipates GES' revenue to increase by low-double digits for FY24[18, 43]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Viad Corp as of March 31, 2024, and for the three months then ended [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Viad Corp reported a **4.9%** revenue increase to **$273.5 million** in Q1 2024, but net loss widened to **$25.1 million**, with a **$7.5 million** operating cash outflow Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $283,520 | $235,777 | | **Total Assets** | **$1,180,300** | **$1,137,322** | | **Total current liabilities** | $292,271 | $229,796 | | **Total liabilities** | $944,195 | $867,377 | | **Total stockholders' equity** | $99,091 | $132,621 | | **Total Liabilities, Mezzanine Equity, and Stockholders' Equity** | **$1,180,300** | **$1,137,322** | Condensed Consolidated Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total revenue** | $273,497 | $260,791 | | **Loss from continuing operations** | $(26,176) | $(21,332) | | **Net loss** | $(26,243) | $(21,390) | | **Net loss attributable to Viad** | $(25,117) | $(20,869) | | **Diluted loss per common share** | $(1.29) | $(1.10) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $(7,543) | $10,069 | | **Net cash used in investing activities** | $(20,716) | $(11,359) | | **Net cash provided by (used in) financing activities** | $25,381 | $(6,492) | | **Net change in cash, cash equivalents, and restricted cash** | $(3,828) | $(7,378) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details Viad's three operating segments, revenue policies, debt structure, including a recent credit facility amendment, and segment-level financial performance - Viad operates through three reportable segments[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - **Pursuit**: A collection of travel experiences including attractions, hotels, and transportation services - **Spiro**: An experiential marketing agency for global brands - **GES Exhibitions**: A global full-service provider for exhibition and conference organizers Revenue by Segment (in thousands) | Segment | Q1 2024 Revenue | Q1 2023 Revenue | | :--- | :--- | :--- | | Pursuit | $37,231 | $32,663 | | Spiro | $61,248 | $60,362 | | GES Exhibitions | $175,840 | $169,497 | | **Total Revenue** | **$273,497** | **$260,791** | - The company's primary debt is the 2021 Credit Facility, which includes a Term Loan B due in 2028 and a **$170 million** Revolving Credit Facility due in 2026[81](index=81&type=chunk)[82](index=82&type=chunk) In April 2024, an amendment reduced the interest rate on the Term Loan B by **0.75%** to SOFR + **4.25%**[144](index=144&type=chunk) Segment Operating Income (Loss) (in thousands) | Segment | Q1 2024 Operating Income (Loss) | Q1 2023 Operating Income (Loss) | | :--- | :--- | :--- | | Pursuit | $(23,831) | $(19,112) | | Spiro | $4,001 | $3,174 | | GES Exhibitions | $11,357 | $10,410 | | **Total Segment Operating Loss** | **$(8,473)** | **$(5,528)** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 results, noting revenue growth from GES and Pursuit, but a wider net loss due to Pursuit's start-up costs, while maintaining **$137.2 million** in liquidity [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Total revenue increased **4.9%** to **$273.5 million**, driven by Pursuit and GES, though Pursuit's operating loss widened due to start-up costs for new attractions Financial Highlights (in thousands) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $273,497 | $260,791 | 4.9% | | Net loss attributable to Viad | $(25,117) | $(20,869) | (20.4)% | | Segment operating loss | $(8,473) | $(5,528) | (53.3)% | - Pursuit's revenue increased by **$4.6 million** (**14.0%**), primarily from a **$4.0 million** rise in attractions revenue[153](index=153&type=chunk) This was driven by a **10.4%** increase in visitors and a **9.5%** increase in revenue per visitor, with strong demand at Sky Lagoon and the opening of FlyOver Chicago[154](index=154&type=chunk) The segment's operating loss widened by **$4.7 million** due to higher operating costs and start-up expenses[155](index=155&type=chunk) - GES revenue increased by **$8.1 million** (**3.6%**)[162](index=162&type=chunk) GES Exhibitions revenue grew **$6.3 million** due to larger show sizes and **6.1%** same-show revenue growth[163](index=163&type=chunk) Spiro revenue increased **$0.9 million** from strong client spending[164](index=164&type=chunk) Total GES segment operating income rose by **$1.8 million** to **$15.4 million**[164](index=164&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Viad maintained **$137.2 million** in liquidity as of March 31, 2024, with planned capital expenditures of **$60-$70 million** for growth, and experienced a **$7.5 million** operating cash outflow in Q1 2024 Available Liquidity (in thousands) | Component | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Unrestricted cash and cash equivalents | $48,799 | $52,704 | | Available capacity on Revolving Credit Facility | $88,432 | $108,040 | | **Total available liquidity** | **$137,231** | **$160,744** | - The company plans capital expenditures of approximately **$60 million** to **$70 million** for the next 12 months, including about **$20 million** for select growth projects, primarily to support Pursuit's growth strategy[175](index=175&type=chunk) - In April 2024, the company amended its 2021 Credit Agreement, reducing the applicable rate on its Term Loan B by **0.75%** to SOFR + **4.25%**[173](index=173&type=chunk) - Net cash used in operating activities was **$7.5 million** in Q1 2024, a **$17.6 million** decrease from the **$10.1 million** provided by operating activities in Q1 2023, primarily due to working capital changes and a higher operating loss at Pursuit[177](index=177&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign exchange rate fluctuations across international operations and interest rate changes, which are partially hedged by an interest rate cap on **$300 million** of variable-rate debt - The company is exposed to foreign exchange risk from operations primarily in Canada, the United Kingdom, Iceland, the Netherlands, the Middle East, and Germany[189](index=189&type=chunk) This risk impacts the translation of foreign subsidiary financial statements into U.S. dollars[190](index=190&type=chunk) - To manage interest rate risk, the company entered into an interest rate cap agreement effective January 2023 to hedge cash flows on **$300 million** of its SOFR-based borrowings under the 2021 Credit Facility[193](index=193&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2024, the CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during Q1 2024 - Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of March 31, 2024[194](index=194&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2024, that materially affected, or are reasonably likely to materially affect, internal controls[195](index=195&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is managing claims from a July 2020 Ice Explorer accident, believing its reserves and insurance coverage are sufficient for potential liabilities - The company continues to manage legal defense of claims from victims and families related to a July 2020 Ice Explorer accident at the Athabasca Glacier[128](index=128&type=chunk) - Management believes that its financial reserves and insurance coverage are sufficient to cover potential claims related to this accident, subject to customary deductibles[128](index=128&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the detailed risk factors outlined in the company's 2023 Form 10-K, as no new material risks are presented here - The report refers readers to the risk factors discussed in Part I, Item 1A of the 2023 Form 10-K for information on factors that could materially affect the company's business and financial condition[199](index=199&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Viad Corp did not repurchase any common stock in Q1 2024, with its share repurchase program remaining suspended since March 2020, leaving **546,283** shares available for future repurchase - No shares of common stock were repurchased during the three months ended March 31, 2024, under the company's publicly announced plans[202](index=202&type=chunk) - The Board of Directors suspended the share repurchase program in March 2020[114](index=114&type=chunk) As of March 31, 2024, **546,283** shares remain available for repurchase under prior authorizations[202](index=202&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No director or executive officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the first quarter of 2024 - During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[203](index=203&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Fourth Amendment to the 2021 Credit Agreement and CEO/CFO certifications - A key exhibit filed is the Fourth Amendment, dated April 26, 2024, to the Credit Agreement among Viad Corp and its lenders[205](index=205&type=chunk) - Other exhibits include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[205](index=205&type=chunk)