Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $455.7 million, a 25% increase year-over-year [7] - Consolidated adjusted EBITDA was $103.1 million, up $16.9 million from the previous year [7] - GAAP net income attributable to Viad was $48.6 million, reflecting a $7.3 million increase compared to Q3 2023 [7] Business Line Data and Key Metrics Changes - Pursuit reported Q3 revenue of $182.3 million and adjusted EBITDA of $86.3 million, with a margin of 47.4%. Revenue decreased by $4.7 million year-over-year due to wildfire impacts [8] - GES achieved consolidated revenue of $273.4 million and adjusted EBITDA of $20.2 million, marking increases of $94.5 million and $22.2 million respectively from the prior year [9] Market Data and Key Metrics Changes - Jasper Lodges & Attractions experienced a revenue decline of $21.9 million year-over-year, while attractions outside Jasper saw a 13% revenue growth [8] - Year-to-date total attractions ticket revenue grew 12% year-over-year, with a 5% increase in visitors [16] Company Strategy and Development Direction - The company is focused on a "Refresh, Build, Buy" growth strategy, aiming to capitalize on high-margin opportunities in the hospitality and attraction sectors [6][20] - A recent acquisition of Glacier Park Collection for $15.9 million is expected to enhance Pursuit's offerings [6][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of Jasper's tourism, anticipating a 12% increase in travel trade revenue for 2025 compared to 2023 [33] - The company expects to achieve adjusted EBITDA greater than $100 million in 2025, despite the challenges faced in 2024 [18] Other Important Information - The pending sale of GES is expected to be completed by December 31, 2024, allowing Pursuit to operate as a standalone high-growth entity [27] - Total liquidity at the end of Q3 was nearly $230 million, with no borrowings on the revolver [10] Q&A Session Summary Question: Update on FlyOver attractions - Management confirmed that FlyOver Chicago is performing positively and is not planning to deploy capital for new locations currently [30][31] Question: Impact of wildfire on tour and travel - Management anticipates a strong recovery in demand for Jasper, with no significant drop in interest from tour operators [33] Question: Future EBITDA margins for Pursuit - Management expects EBITDA margins to stabilize around 30% for 2025, excluding public company costs [37] Question: Occupancy rates in Jasper - Management indicated that occupancy rates will be high due to the loss of hotel rooms, leading to market compression [38] Question: Transaction-related costs from GES sale - Most transaction-related costs will occur in 2024, with an estimated total of $20 million [40][42]

Core Viewpoint - Viad (VVI) reported quarterly earnings of $2.01 per share, exceeding the Zacks Consensus Estimate of $1.87 per share, and showing an increase from $1.49 per share a year ago, indicating a strong performance in the trade show sector [1] Financial Performance - The company achieved revenues of $455.7 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.26% and up from $365.9 million year-over-year [2] - Over the last four quarters, Viad has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Performance - Viad shares have increased approximately 18.7% since the beginning of the year, while the S&P 500 has gained 24.3%, indicating underperformance relative to the broader market [3] Future Outlook - The company's earnings outlook will be crucial for determining future stock performance, with current consensus EPS estimates at -$1.20 for the upcoming quarter and $1.10 for the current fiscal year [4][7] - The estimate revisions trend for Viad is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Business - Services industry, to which Viad belongs, is currently in the top 33% of over 250 Zacks industries, indicating a favorable industry outlook that could positively impact stock performance [8]

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]