[Executive Summary & Q1 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q1%202024%20Highlights) Viad Corp reported solid Q1 2024 results with strong revenue growth for Pursuit and improved Adjusted EBITDA margin for GES, maintaining its positive full-year outlook [President & CEO Commentary](index=1&type=section&id=President%20%26%20CEO%20Commentary) Steve Moster reported solid Q1 results, highlighting strong Pursuit revenue growth and improved GES Adjusted EBITDA margin, while reaffirming the full-year outlook - Pursuit achieved **14% revenue growth**, driven by strong attractions performance, including the successful launch of the new FlyOver Chicago attraction[2](index=2&type=chunk) - GES delivered strong profitable growth, with a **70 basis point year-over-year improvement** in its Adjusted EBITDA margin[2](index=2&type=chunk) - Viad maintains its full-year outlook, expecting consolidated adjusted EBITDA growth of approximately **16% to 30% in 2024**, alongside strong free cash flow[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Viad Corp's Q1 2024 total revenue increased by 4.9% to $273.5 million, driven by Pursuit, with consolidated adjusted EBITDA rising significantly by 27.1% Q1 2024 Financial Performance (Millions) | Metric | Q1 2024 (Millions) | Q1 2023 (Millions) | $ Change | % Change | | :--------------------------------- | :------------------ | :------------------ | :------- | :------- | | Revenue | $273.5 | $260.8 | $12.7 | 4.9% | | Pursuit Revenue | $37.2 | $32.7 | $4.6 | 14.0% | | GES Revenue | $236.3 | $228.1 | $8.1 | 3.6% | | Net Loss Attributable to Viad | $(25.1) | $(20.9) | $(4.2) | (20.4%) | | Adjusted Net Loss* | $(21.7) | $(22.0) | $0.3 | 1.2% | | Diluted EPS Attributable to Viad | $(1.29) | $(1.10) | $(0.19) | (17.3%) | | Adjusted Diluted EPS* | $(1.13) | $(1.15) | $0.02 | 1.7% | | Consolidated Adjusted EBITDA* | $4.3 | $3.4 | $0.9 | 27.1% | | Pursuit Adjusted EBITDA* | $(11.1) | $(10.3) | $(0.8) | (8.1%) | | GES Adjusted EBITDA* | $18.9 | $16.7 | $2.2 | 13.0% | [First Quarter 2024 Results Overview](index=2&type=section&id=First%20Quarter%202024%20Results%20Overview) Viad's Q1 2024 saw consolidated revenue growth, a widened net loss due to non-operational items, and increased adjusted EBITDA, with varied segment performance [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Viad's consolidated revenue grew by 4.9% to $273.5 million, while net loss increased due to non-operational items and tax expense, and adjusted EBITDA improved by $0.9 million - Consolidated revenue increased by **$12.7 million (4.9%)** to **$273.5 million** from the 2023 first quarter[7](index=7&type=chunk) - Net loss attributable to Viad increased by **$4.2 million** to **$25.1 million**, primarily due to higher non-operational items and income tax expense[7](index=7&type=chunk) - Consolidated adjusted EBITDA increased by **$0.9 million** to **$4.3 million**, reflecting stronger overall performance[7](index=7&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Pursuit's revenue grew 14.0% from attractions like Sky Lagoon and FlyOver Chicago, while GES revenue increased 3.6% with a 13.0% rise in Adjusted EBITDA due to improved margins - Pursuit revenue increased by **$4.6 million (14.0%)** year-over-year to **$37.2 million**, primarily driven by growth at year-round attractions like Sky Lagoon and the opening of FlyOver Chicago[7](index=7&type=chunk) - GES revenue increased by **$8.1 million (3.6%)** year-over-year to **$236.3 million**, primarily due to continued underlying growth[7](index=7&type=chunk) - GES adjusted EBITDA increased by **$2.2 million (13.0%)** year-over-year to **$18.9 million**, attributed to higher revenue and improved margin[7](index=7&type=chunk) [Cash Flow and Balance Sheet](index=2&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) Viad reported a Q1 cash flow from operations outflow of $7.5 million, capital expenditures of $20.7 million, total liquidity of $137.2 million, and a net leverage ratio of 2.7 - Cash flow from operations was an outflow of **$7.5 million** for the first quarter[7](index=7&type=chunk) - Capital expenditures totaled **$20.7 million**, with **$16.4 million** for Pursuit (including **$8 million** for growth projects) and **$4.3 million** for GES[7](index=7&type=chunk) - Total liquidity at March 31, 2024, was **$137.2 million**, comprising **$48.8 million** in cash and **$88.4 million** available on the revolving credit facility, with total debt at **$488.4 million** and a net leverage ratio of **2.7**[7](index=7&type=chunk) [2024 Financial Outlook](index=2&type=section&id=2024%20Outlook) Viad projects high-single to low-double digit revenue growth and Adjusted EBITDA between $171 million and $191 million for 2024, with both segments contributing [2024 Outlook](index=2&type=section&id=2024%20Outlook) Viad projects high-single to low-double digit revenue growth and Adjusted EBITDA between $171 million and $191 million for the full year 2024, with specific targets for Q2 2024 Financial Outlook (Millions) | (in millions) | Second Quarter | Full Year | | :-------------------------- | :------------- | :--------------------------------- | | **Viad Consolidated** | | | | Revenue | $352 to $377 | Up high-single to low-double digits | | Adjusted EBITDA | $51 to $59 | $171 to $191 | | Cash flow from Operations | $35 to $45 | $120 to $140 | | Capital Expenditures | $20 to $25 | $65 to $70 | | **Pursuit** | | | | Revenue | $92 to $97 | Up mid-single digits | | Adjusted EBITDA | $20 to $24 | $105 to $115 | | **GES** | | | | Revenue | $260 to $280 | Up low-double digits | | Adjusted EBITDA | $34.5 to $38.5 | $80 to $90 | [Company Overview](index=3&type=section&id=Company%20Overview) Viad Corp is a global provider of extraordinary experiences through its Pursuit and GES segments, focused on sustainable growth and above-market shareholder returns [About Viad Corp](index=3&type=section&id=About%20Viad%20Corp) Viad (NYSE: VVI) is a global provider of extraordinary experiences, including attractions, hospitality, and exhibition services, aiming for sustainable growth and above-market returns - Viad (NYSE: VVI) is a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition management services, and experiential marketing[12](index=12&type=chunk) - The company's business strategy emphasizes delivering extraordinary experiences for teams, clients, and guests, and achieving significant, sustainable growth and above-market returns for shareholders[12](index=12&type=chunk) - Viad is recognized as an **S&P SmallCap 600 company**[12](index=12&type=chunk) [Business Segments](index=3&type=section&id=Business%20Segments) Viad operates through Pursuit, focusing on global attractions and hospitality, and GES, providing exhibition management and experiential marketing services worldwide [Pursuit](index=3&type=section&id=Pursuit) Pursuit is a global attractions and hospitality company operating experiences in iconic destinations, offering world-class attractions, lodges, and tours - Pursuit is a global attractions and hospitality company that owns and operates a collection of experiences in iconic destinations[13](index=13&type=chunk) - It offers world-class attractions, distinctive lodges, and engaging tours in national parks and global travel locations[13](index=13&type=chunk) - Pursuit also includes **Flyover Attractions** in Vancouver, Reykjavik, Las Vegas, and Chicago[13](index=13&type=chunk) [GES](index=3&type=section&id=GES) GES is a global exhibition management and experiential marketing company, comprising GES Exhibitions and Spiro, serving various industries worldwide - GES is a global exhibition management and experiential marketing company[14](index=14&type=chunk) - It comprises two reportable segments: **GES Exhibitions** and **Spiro**[14](index=14&type=chunk) - GES Exhibitions provides full-service strategic and logistics solutions for exhibition and conference organizers across North America, Europe, and the Middle East, while Spiro is a global experiential marketing agency[14](index=14&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Viad Corp held a conference call on May 2, 2024, to discuss Q1 2024 results, with access details provided for participants and a supplemental earnings presentation [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Viad Corp hosted a conference call on May 2, 2024, to discuss Q1 2024 results, providing access via operator, pre-registration, and a live audio webcast with a supplemental presentation - A conference call to review first quarter 2024 results was held on **Thursday, May 2, 2024, at 5 p.m. (Eastern Time)**[8](index=8&type=chunk) - Participants could access the call via operator assistance or pre-register online to bypass the operator[8](index=8&type=chunk)[9](index=9&type=chunk) - A live audio webcast and a replay were made available through the 'Investors' section of Viad's website, where a supplemental earnings presentation was also posted[10](index=10&type=chunk)[11](index=11&type=chunk) [Detailed Financial Statements (Unaudited)](index=6&type=section&id=Detailed%20Financial%20Statements%20(Unaudited)) This section presents Viad Corp's unaudited detailed quarterly financial statements for Q1 2024, including revenue, operating income, net loss, EPS, Adjusted EBITDA, and capitalization data [Quarterly Results (Table One)](index=6&type=section&id=Quarterly%20Results%20(Table%20One)) Table One details Viad Corp's unaudited Q1 2024 quarterly results, providing comprehensive data on revenue, operating income/loss, net loss, EPS, Adjusted EBITDA by segment, and capitalization [Revenue by Segment](index=6&type=section&id=Revenue%20by%20Segment) This table details Viad Corp's Q1 2024 revenue breakdown by segment, including Pursuit, Spiro, and GES Exhibitions, showing year-over-year changes | Segment | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :---------------- | :------------------ | :------------------ | :------- | :------- | | Pursuit | $37,231 | $32,663 | $4,568 | 14.0% | | Spiro | $61,248 | $60,362 | $886 | 1.5% | | GES Exhibitions | $175,840 | $169,497 | $6,343 | 3.7% | | Total GES | $236,266 | $228,128 | $8,138 | 3.6% | | Total revenue | $273,497 | $260,791 | $12,706 | 4.9% | [Segment Operating Income (Loss)](index=6&type=section&id=Segment%20Operating%20Income%20(Loss)) This table presents Viad Corp's Q1 2024 operating income and loss for Pursuit, Spiro, and GES Exhibitions, highlighting segment performance | Segment | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :---------------------- | :------------------ | :------------------ | :------- | :------- | | Pursuit | $(23,831) | $(19,112) | $(4,719) | (24.7%) | | Spiro | $4,001 | $3,174 | $827 | 26.1% | | GES Exhibitions | $11,357 | $10,410 | $947 | 9.1% | | Total GES | $15,358 | $13,584 | $1,774 | 13.1% | | Segment operating loss | $(8,473) | $(5,528) | $(2,945) | (53.3%) | [Net Loss and EPS](index=6&type=section&id=Net%20Loss%20and%20EPS) This table outlines Viad Corp's Q1 2024 net loss attributable to Viad and basic and diluted loss per common share, with year-over-year comparisons | Metric | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :----------------------------------- | :------------------ | :------------------ | :------- | :------- | | Net loss attributable to Viad | $(25,117) | $(20,869) | $(4,248) | (20.4%) | | Basic loss per common share | $(1.29) | $(1.10) | $(0.19) | (17.3%) | | Diluted loss per common share | $(1.29) | $(1.10) | $(0.19) | (17.3%) | [Adjusted EBITDA by Segment](index=6&type=section&id=Adjusted%20EBITDA%20by%20Segment) This table provides Viad Corp's Q1 2024 Adjusted EBITDA for Pursuit, Spiro, GES Exhibitions, and Corporate, along with consolidated figures | Segment | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :-------------------------- | :------------------ | :------------------ | :------- | :------- | | Pursuit | $(11,148) | $(10,315) | $(833) | (8.1%) | | Spiro | $4,640 | $3,737 | $903 | 24.2% | | GES Exhibitions | $14,275 | $13,007 | $1,268 | 9.7% | | Total GES | $18,915 | $16,744 | $2,171 | 13.0% | | Corporate | $(3,456) | $(3,037) | $(419) | (13.8%) | | Consolidated Adjusted EBITDA | $4,311 | $3,392 | $919 | 27.1% | [Capitalization Data](index=6&type=section&id=Capitalization%20Data) This table presents Viad Corp's capitalization data as of March 31, 2024, including cash, total debt, shareholders' equity, and convertible preferred stock | Metric | March 31, 2024 (Thousands) | March 31, 2023 (Thousands) | $ Change | % Change | | :------------------------------------------------ | :------------------------- | :------------------------- | :------- | :------- | | Cash and cash equivalents | $48,799 | $50,818 | $(2,019) | (4.0%) | | Total debt | $488,381 | $478,422 | $9,959 | 2.1% | | Viad shareholders' equity | $12,247 | $(4,248) | $16,495 | ** | | Convertible preferred stock (including accumulated dividends paid in kind) | $141,827 | $141,827 | $- | 0.0% | [Notes to Quarterly Results (Table One)](index=7&type=section&id=TABLE%20ONE%20-%20NOTES%20TO%20QUARTERLY%20RESULTS%20(UNAUDITED)) The notes provide context for Q1 2024 financial results, explaining corporate activities, income tax rates, income per common share calculation, and convertible preferred stock details [Corporate Activities](index=7&type=section&id=Corporate%20Activities) The increase in corporate activities is primarily attributed to higher transaction-related consulting costs incurred during the first quarter - The increase in corporate activities is primarily due to increased **transaction-related consulting costs**[25](index=25&type=chunk) [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) The effective tax rate was negative 3.5% for Q1 2024, influenced by a valuation allowance release and estimated withholding taxes on Sky Lagoon earnings - The effective tax rate was **negative 3.5%** for Q1 2024, compared to **positive 2.6%** for Q1 2023[26](index=26&type=chunk) - The 2024 rate included a **$1.1 million benefit** from the release of a valuation allowance on UK tax loss carryforwards, offset by a **$0.5 million expense** for estimated withholding taxes on Sky Lagoon earnings[26](index=26&type=chunk) [Income (Loss) per Common Share](index=7&type=section&id=Income%20(Loss)%20per%20Common%20Share) Viad applies the two-class method for calculating income (loss) per common share, treating preferred stock and unvested share-based awards as participating securities - The company applies the **two-class method** for calculating income (loss) per common share, considering preferred stock and unvested share-based payment awards as participating securities[27](index=27&type=chunk) Net Loss Allocated to Common Shareholders (Thousands) | Metric | Q1 2024 (Thousands) | Q1 2023 (Thousands) | | :------------------------------------------ | :------------------ | :------------------ | | Net loss attributable to Viad | $(25,117) | $(20,869) | | Convertible preferred stock dividends | $(1,950) | $(1,950) | | Net loss allocated to Viad common shareholders (basic) | $(27,067) | $(22,819) | | Basic weighted-average outstanding common shares | 21,029 | 20,751 | [Convertible Series A Preferred Stock](index=7&type=section&id=Convertible%20Series%20A%20Preferred%20Stock) Viad issued 135,000 shares of Convertible Series A Preferred Stock for $135 million on August 5, 2020, with a 5.5% cumulative quarterly dividend - On August 5, 2020, Viad issued **135,000 shares** of Convertible Series A Preferred Stock for **$135 million**[30](index=30&type=chunk) - The preferred stock carries a **5.5% cumulative quarterly dividend**, payable in cash or in-kind, and is convertible into common stock at **$21.25 per share**[30](index=30&type=chunk) [Non-GAAP Financial Measures (Table Two)](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20(Table%20Two)) Table Two provides disclosures and reconciliations of non-GAAP measures like Adjusted Net Loss, Adjusted Diluted EPS, and Adjusted EBITDA to comparable GAAP measures, clarifying adjustments [Important Disclosures](index=8&type=section&id=Important%20Disclosures) The document uses non-GAAP measures like Adjusted Net Income (Loss) and Adjusted EBITDA to supplement GAAP results for management's performance analysis - The document includes non-GAAP measures such as '**Adjusted Net Income (Loss)**', '**Adjusted EBITDA**', and '**Segment Operating Income (Loss)**' to supplement GAAP results[32](index=32&type=chunk) - These non-GAAP measures are used by management for period-to-period comparisons and analysis of operating performance, but should not be considered substitutes for GAAP measures[32](index=32&type=chunk) - Management believes Adjusted EBITDA provides useful information for investors regarding Viad's results, performance, and capital investment effectiveness[33](index=33&type=chunk) [Adjusted Net Loss and EPS Reconciliation](index=8&type=section&id=Adjusted%20Net%20Loss%20and%20EPS%20Reconciliation) This table reconciles Viad Corp's Q1 2024 net loss attributable to Viad to adjusted net loss and adjusted diluted EPS, detailing various adjustments | Metric | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :------------------------------------------------ | :------------------ | :------------------ | :------- | :------- | | Net loss attributable to Viad | $(25,117) | $(20,869) | $(4,248) | (20.4%) | | Loss from discontinued operations attributable to Viad | $67 | $58 | $9 | 15.5% | | Restructuring charges, pre-tax | $116 | $453 | $(337) | (74.4%) | | Transaction-related costs and other non-recurring expenses, pre-tax | $2,877 | $846 | $2,031 | ** | | Remeasurement of finance lease obligation attributable to Viad, pre-tax | $512 | $(639) | $1,151 | ** | | Tax expense (benefit) on above items | $(201) | $249 | $(450) | ** | | Favorable tax matters | $- | $(2,103) | $2,103 | (100.0%) | | **Adjusted net loss** | $(21,746) | $(22,005) | $259 | 1.2% | | **Adjusted diluted EPS** | $(1.13) | $(1.15) | $0.02 | 1.7% | [Consolidated Adjusted EBITDA Reconciliation](index=9&type=section&id=Consolidated%20Adjusted%20EBITDA%20Reconciliation) This table reconciles Viad Corp's Q1 2024 net loss attributable to Viad to consolidated Adjusted EBITDA, detailing adjustments for interest, taxes, depreciation, and other items | Metric | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :------------------------------------ | :------------------ | :------------------ | :------- | :------- | | Net loss attributable to Viad | $(25,117) | $(20,869) | $(4,248) | (20.4%) | | Net interest expense | $11,845 | $12,249 | $(404) | (3.3%) | | Income tax expense (benefit) | $887 | $(578) | $1,465 | ** | | Depreciation and amortization | $13,320 | $12,475 | $845 | 6.8% | | Restructuring charges | $116 | $453 | $(337) | (74.4%) | | Start-up costs | $1,940 | $692 | $1,248 | ** | | Transaction-related costs | $862 | $29 | $833 | ** | | Remeasurement of finance lease obligation | $1,004 | $(1,252) | $2,256 | ** | | **Consolidated Adjusted EBITDA** | $4,311 | $3,392 | $919 | 27.1% | [Segment Adjusted EBITDA Reconciliation](index=9&type=section&id=Segment%20Adjusted%20EBITDA%20Reconciliation) This table reconciles Viad Corp's Q1 2024 Adjusted EBITDA for Pursuit, GES, Spiro, and GES Exhibitions, including their respective margins | Segment | Q1 2024 (Thousands) | Q1 2023 (Thousands) | $ Change | % Change | | :-------------------------- | :------------------ | :------------------ | :------- | :------- | | Pursuit Adjusted EBITDA | $(11,148) | $(10,315) | $(833) | (8.1%) | | Total GES Adjusted EBITDA | $18,915 | $16,744 | $2,171 | 13.0% | | Spiro Adjusted EBITDA | $4,640 | $3,737 | $903 | 24.2% | | GES Exhibitions Adjusted EBITDA | $14,275 | $13,007 | $1,268 | 9.7% | | Pursuit Adjusted EBITDA margin | (29.9%) | (31.6%) | | 1.6% | | Total GES Adjusted EBITDA margin | 8.0% | 7.3% | | 0.7% | | Spiro Adjusted EBITDA Margin | 7.6% | 6.2% | | 1.4% | | GES Exhibitions Adjusted EBITDA Margin | 8.1% | 7.7% | | 0.4% | [Legal Disclosures & Investor Relations](index=4&type=section&id=Legal%20Disclosures%20%26%20Investor%20Relations) This section provides legal disclaimers regarding forward-looking statements and non-GAAP measures, along with contact information for investor relations [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section identifies forward-looking statements and outlines risks that could cause actual results to differ, directing readers to the Form 10-K for comprehensive risk discussions - The press release contains forward-looking statements, identified by words such as '**will**,' '**expect**,' '**plan**,' '**believe**,' and '**outlook**,' which are subject to risks and uncertainties[17](index=17&type=chunk) - Important factors that could cause actual results to differ include general economic uncertainty, travel industry disruptions, indebtedness, seasonality, project delays, competition, and cybersecurity threats[18](index=18&type=chunk) - Readers are advised to refer to **Item 1A, 'Risk Factors,'** of the company's most recent annual report on Form 10-K for a more complete discussion of risks[18](index=18&type=chunk) [Forward-Looking Non-GAAP Measures](index=5&type=section&id=Forward-Looking%20Non-GAAP%20Measures) Viad has not quantitatively reconciled its adjusted EBITDA guidance to GAAP due to the unpredictability of certain reconciling items that could significantly impact GAAP results - The company has not quantitatively reconciled its guidance for **adjusted EBITDA** to its most comparable GAAP financial measure[19](index=19&type=chunk) - This is because certain reconciling items, such as income taxes, interest expense, restructuring charges, and attraction start-up costs, are out of the company's control or cannot be reasonably predicted[19](index=19&type=chunk) - The unavailable reconciling items could significantly impact the company's results as reported under GAAP[19](index=19&type=chunk) [Investor Contact](index=5&type=section&id=Investor%20Contact) Contact information for Viad Corp's Investor Relations department is provided for all investor inquiries - For investor relations inquiries, contact **Carrie Long or Michelle Porhola at (602) 207-2681 or ir@viad.com**[20](index=20&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-11015 Viad Corp (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by $43.7 million or 17.6% year-over-year, with adjusted EBITDA rising by $16.5 million [7][8] - Full year consolidated adjusted EBITDA increased by $30.9 million or 26.6% on a 9.9% increase in revenue [13][14] - Total liquidity at the end of 2023 was $160.7 million, down from $201.3 million at the end of Q3 2023 [15] Business Line Data and Key Metrics Changes - Pursuit's fourth quarter revenue grew by $8.1 million or 23.6% year-over-year, with adjusted EBITDA improving by $2.9 million [9] - GES delivered consolidated revenue growth of $35.6 million or 16.6%, with adjusted EBITDA growth of $13.9 million [11] - Pursuit's full year ticket revenue grew approximately 25% to $143 million, driven by a 21% increase in visitation [24] Market Data and Key Metrics Changes - GES exhibitions revenue growth rate was about 23% versus the 2022 fourth quarter, driven by strong spending from existing and new clients [12] - U.S. Exhibitions same-show revenue grew about 19% and event sizes increased about 11% compared to the prior year [52] Company Strategy and Development Direction - The company anticipates strong revenue and EBITDA growth in 2024, driven by robust demand and the opening of FlyOver Chicago [6][20] - Pursuit's strategy focuses on maximizing guest experiences and revenue through new attractions and improved operational efficiency [39][40] - GES aims to maintain an adjusted EBITDA margin of about 8.5% in 2024, supported by a strong non-annual show schedule [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism entering 2024, citing robust demand for experiences and a strong non-annual show schedule [6][20] - The company expects full year consolidated adjusted EBITDA to be in the range of $171 million to $191 million, reflecting a growth of approximately 16% to 30% from 2023 [17][19] - Management noted that corporate marketing budgets are exceeding 2019 levels, indicating a positive outlook for trade shows and corporate events [68] Other Important Information - The company ended 2023 with cash flow from operations of $106.7 million and capital expenditures totaling $78.3 million [16] - The effective tax rate for the full year is anticipated to be between 27% to 28% [21] Q&A Session Summary Question: What are the larger non-annual shows for 2024? - The larger shows in 2024 are IMTS, MINExpo, and the Farnborough Airshow, all occurring in the third quarter [58][59] Question: How did the closure of Blue Lagoon affect Sky Lagoon? - Blue Lagoon had multiple closures due to volcanic activity, which benefited Sky Lagoon by increasing its visibility and guest numbers [60] Question: What contributed to the margin improvement in Pursuit? - The margin improvement was driven by increased visitation and effective management efforts across the team [61] Question: What is the status of FlyOver Chicago and other projects? - FlyOver Chicago is on time and within budget, while Toronto's project is still in discussions with the city [63][64] Question: What are the expectations for same-show revenue in 2024? - Same-show revenue is expected to grow in the mid-single digit range, driven by pricing and increased event square footage [72][73] Question: How will the new attractions contribute to revenue in 2024? - Continued growth is anticipated from new attractions, with expectations for increased visitations [69] Question: What is the outlook for Pursuit's EBITDA margin? - The company is confident in achieving a 30% EBITDA margin in 2024 [77] Question: How will the growth CapEx be allocated? - About $6 million of the $20 million growth CapEx is for FlyOver Chicago, with the rest allocated to various smaller projects [78][84] Question: Can GES maintain its EBITDA margin in future years? - The expectation is to maintain an 8% or higher EBITDA margin even in years with less non-annual show revenue [90]

Financial Performance and Key Metrics - Net income attributable to Viad was $41.3 million for Q3 2023, an increase of approximately $3.2 million from Q3 2022 [9] - Consolidated adjusted EBITDA was $86.3 million, up approximately $4.3 million year-over-year, primarily due to strong growth and margin performance at Pursuit [9][10] - Consolidated revenue reached $365.9 million, approximately $11 million above the midpoint of guidance, with a year-over-year revenue decline anticipated due to timing of major non-annual shows and the sale of a noncore business [9][10] Business Line Performance - Pursuit's Q3 revenue grew 14% to $186.9 million, driven by increased international tourists and investments in experiences [10][11] - GES delivered consolidated revenue of $179 million with adjusted EBITDA of negative $2 million, both at the high end of guidance ranges [11][12] - Pursuit's adjusted EBITDA increased to $91.8 million, with a margin improvement of 330 basis points to 49.1% [11][12] Market Data and Key Metrics - Pursuit's attractions ticket revenue grew 18% year-over-year, with a 15% increase in visitors [10] - GES Exhibitions posted revenue growth of about 19% over the prior year, with same-show revenue growth of 14% from U.S. exhibitions [12] - GES's full year underlying revenue growth is expected to be about 15%, excluding impacts from major non-annual shows and the sale of ON Services [31] Company Strategy and Industry Competition - The company is focused on a "Refresh-Build-Buy" growth strategy, aiming to triple Pursuit's adjusted EBITDA by the end of 2024 [24] - GES is positioned for continued growth with favorable trends in live events and experiential marketing, targeting an adjusted EBITDA margin of greater than 8% by 2024 [33][34] - The company remains committed to creating extraordinary experiences and strong returns for shareholders [35] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for 2023 and 2024, driven by strong demand for leisure travel and live events [6][7] - The company anticipates continued visitation growth, particularly in Western Canada, supported by improved international travel [39][40] - Management highlighted the importance of maintaining a lean cost structure and improving efficiency to enhance profitability [33][34] Other Important Information - The company ended Q3 with total liquidity of $201.3 million, reflecting strong cash flows from operations [14] - A $70 million prepayment of the term loan B was made, providing a lower cost of debt and increased flexibility [15] - The company expects operating cash outflows in Q4 to be approximately $37 million to $27 million, with capital expenditures of about $20 million to $25 million [15] Q&A Session Summary Question: Development timeline and cost for Golden SkyBridge - Management is in the master planning phase for potential expansions and will provide updates as developments occur [37] Question: Impact of weather on visitation in Western Canada - Management noted that strong visitation continued through the fall, aided by favorable weather conditions [38] Question: Expected growth in visitation for 2024 - Management is optimistic about continued growth in visitation, particularly with improved international travel [39][40] Question: Future margin growth for GES - Management indicated that there is significant room for margin improvement beyond the 8% target for 2024, driven by efficiency initiatives and increased event sizes [41] Question: Recovery of square footage in GES - Management expects meaningful progress in closing the gap on square footage compared to 2019 levels over the next few years [43] Question: Performance of Spiro business - Management anticipates significant growth in Spiro as investments made in 2023 begin to pay off [44] Question: Performance of new attractions in Pursuit - Management confirmed that new attractions are performing well, with ample room for continued growth in visitation and pricing [46] Question: RevPAR growth and demand for high-end experiences - Management is confident in the continued demand for high-end experiences and expects RevPAR growth to persist [62]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Viad Corp's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, are presented with detailed notes - Financial statements are unaudited and prepared in accordance with GAAP and SEC Form 10-Q instructions for interim financial information[30](index=30&type=chunk) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets present the company's financial position, showing increased total assets and liabilities as of September 30, 2023 | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (in thousands) | | :----------------------------- | :-------------------------- | :-------------------------- | :-------------------- | | Total Assets | $1,200,544 | $1,090,346 | +$110,198 | | Total Liabilities | $921,703 | $855,959 | +$65,744 | | Total Stockholders' Equity | $141,442 | $96,840 | +$44,602 | | Cash and cash equivalents | $106,268 | $59,719 | +$46,549 | | Current contract costs | $34,120 | $14,331 | +$19,789 | | Contract liabilities | $82,398 | $43,950 | +$38,448 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations detail the company's revenues, costs, and net income, showing increased net income attributable to Viad for both three and nine-month periods | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Revenue | $365,899 | $382,721 | $947,001 | $879,284 | | Total Costs & Expenses| $306,946 | $332,052 | $893,209 | $838,346 | | Net Income | $49,126 | $41,817 | $39,314 | $31,636 | | Net Income Attributable to Viad | $41,271 | $38,121 | $31,363 | $28,959 | | Diluted EPS (Viad common stockholders) | $1.41 | $1.29 | $0.92 | $0.79 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This statement presents net income and other comprehensive income (loss) components, showing a significant increase in comprehensive income attributable to Viad for both periods in 2023 | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $49,126 | $41,817 | $39,314 | $31,636 | | Unrealized foreign currency translation adjustments | $(7,840) | $(26,846) | $110 | $(34,977) | | Comprehensive income (loss) attributable to Viad | $31,873 | $6,730 | $32,180 | $(11,374) | [Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20and%20Mezzanine%20Equity) This statement details changes in stockholders' and mezzanine equity, including net income, preferred stock dividends, and share-based compensation - Net income attributable to Viad for the nine months ended September 30, 2023, was **$31,363 thousand**, contributing to the increase in stockholders' equity[21](index=21&type=chunk) | Metric (in thousands) | Balance, Dec 31, 2022 | Balance, Sep 30, 2023 | | :-------------------- | :-------------------- | :-------------------- | | Total Viad Stockholders' Equity | $14,530 | $51,750 | | Convertible Series A Preferred Stock | $132,591 | $132,591 | | Redeemable noncontrolling interest | $4,956 | $4,808 | | Non-redeemable noncontrolling interest | $82,310 | $89,692 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statements present cash generated from or used in operating, investing, and financing activities, showing increased operating cash flow and a shift in financing activities | Metric (in thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $116,554 | $105,485 | | Net cash used in investing activities | $(53,504) | $(80,027) | | Net cash (used in) provided by financing activities | $(12,901) | $428 | | Net change in cash, cash equivalents, and restricted cash | $49,801 | $19,897 | | Cash, cash equivalents, and restricted cash, end of period | $114,365 | $84,200 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, segment information, debt, equity, and other significant financial items [Note 1. Overview and Basis of Presentation](index=9&type=section&id=Note%201.%20Overview%20and%20Basis%20of%20Presentation) This note outlines the basis of presentation for the unaudited condensed consolidated financial statements and describes Viad Corp's business segments and accounting policies - Viad Corp operates through three reportable segments: Pursuit (hospitality and leisure), Spiro (experiential marketing), and GES Exhibitions (global exhibition services)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The adoption of ASU 2021-08 (Business Combinations) and ASU 2022-04 (Supplier Finance Programs) did not have a material impact on the consolidated financial statements, with the latter's rollforward requirement effective in Q1 2024[36](index=36&type=chunk) | Cash Component (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------- | :----------- | :----------- | | Cash and cash equivalents | $106,268 | $59,719 | | Restricted cash | $8,097 | $4,845 | | Total | $114,365 | $64,564 | [Note 2. Revenue and Related Contract Costs and Contract Liabilities](index=12&type=section&id=Note%202.%20Revenue%20and%20Related%20Contract%20Costs%20and%20Contract%20Liabilities) This note details the company's revenue recognition policies, accounting for contract liabilities and costs, and provides disaggregated revenue data by segment - Pursuit recognizes service revenue over time and product revenue at a point in time, while GES generally recognizes service revenue over the duration of live events and product revenue upon delivery[41](index=41&type=chunk)[42](index=42&type=chunk) | Contract Liabilities (in thousands) | Amount | | :---------------------------------- | :--------- | | Balance at Dec 31, 2022 | $44,757 | | Cash additions | $185,615 | | Revenue recognized | $(147,819) | | Balance at Sep 30, 2023 | $82,544 | | Contract Costs (in thousands) | Amount | | :---------------------------- | :--------- | | Balance at Dec 31, 2022 | $16,568 | | Additions | $57,186 | | Expenses | $(37,920) | | Balance at Sep 30, 2023 | $35,793 | | Pursuit Revenue (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------- | :-------------------------- | :--------------------------

Viad Corp (NYSE:VVI) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET Company Participants Carrie Long - Investor Relations Steve Moster - President & Chief Executive Officer & President-GES Ellen Ingersoll - Chief financial Officer David Barry - President of Pursuit Conference Call Participants Tyler Batory - Oppenheimer Kartik Mehta - Northcoast Research Bryan Maher - B. Riley Securities Alex Fuhrman - Craig-Hallum Capital Group Operator Good afternoon. My name is Aisha, and I will be your conf ...

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Viad Corp's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with detailed accounting notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets increased to $1.15 billion and total liabilities rose to $915.5 million, with a slight increase in stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,152,767** | **$1,090,346** | | Total current assets | $269,192 | $239,555 | | Property and equipment, net | $567,117 | $549,578 | | Goodwill | $123,899 | $121,429 | | **Total Liabilities** | **$915,473** | **$855,959** | | Total current liabilities | $257,086 | $211,117 | | Long-term debt and finance obligations | $459,482 | $456,752 | | **Total Stockholders' Equity** | **$99,976** | **$96,840** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Viad reported Q2 2023 revenue of $320.3 million with net income decreasing to $11.0 million, while six-month revenue grew to $581.1 million with a slight widening of net loss Key Operating Results (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $320,311 | $319,203 | $581,102 | $496,563 | | Income (loss) from continuing operations | $11,721 | $20,110 | $(9,611) | $(10,508) | | Net income (loss) attributable to Viad | $10,961 | $19,839 | $(9,908) | $(9,162) | | Diluted EPS attributable to Viad | $0.33 | $0.64 | $(0.66) | $(0.67) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $38.8 million for the six months ended June 30, 2023, with significant cash used in investing and financing activities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $38,800 | $44,018 | | Net cash used in investing activities | $(32,152) | $(56,972) | | Net cash (used in) provided by financing activities | $(11,108) | $10,515 | | Net change in cash, cash equivalents, and restricted cash | $(3,504) | $(4,363) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover Viad's accounting policies, segment operations including Pursuit, Spiro, and GES Exhibitions, and financial details on revenue, acquisitions, and debt - Viad Corp operates through three reportable segments: **Pursuit** (travel experiences), **Spiro** (experiential marketing), and **GES Exhibitions** (exhibition services)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) Disaggregated Revenue by Segment - Six Months Ended June 30 (in thousands) | Segment | 2023 Revenue | 2022 Revenue | | :--- | :--- | :--- | | Pursuit | $121,137 | $101,383 | | Spiro | $140,730 | $132,241 | | GES Exhibitions | $324,031 | $266,431 | - On April 6, 2022, the company acquired Glacier Raft Company for a purchase price of **$26.5 million in cash**[66](index=66&type=chunk) - On December 15, 2022, the company sold its ON Services audio-visual business for approximately **$30.0 million**, recognizing a gain of **$19.6 million**[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting Q2 2023 revenue growth with declining net income, while first-half revenue increased 17.0% driven by GES and Pursuit, supported by sufficient liquidity - For the six months ended June 30, 2023, total revenue increased **17.0% to $581.1 million**, while segment operating income more than doubled to **$27.9 million** from **$13.9 million** in the prior year period[151](index=151&type=chunk)[154](index=154&type=chunk) - The company plans capital expenditures of approximately **$75 million to $85 million** for the next 12 months, including about **$35 million** for growth projects like FlyOver Chicago[178](index=178&type=chunk) - Total available liquidity as of June 30, 2023, was **$148.2 million**, consisting of **$53.2 million in cash** and **$95.0 million** available on the Revolving Credit Facility[174](index=174&type=chunk) [Results of Operations by Segment](index=38&type=section&id=Results%20of%20Operations%20by%20Segment) Q2 2023 saw Pursuit revenue grow 14.0% to $88.5 million with operating income up 76.1%, while GES revenue decreased 4.0% to $231.8 million with operating income down 24.1% Pursuit Segment Performance - Q2 2023 vs Q2 2022 | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $88,474 | $77,599 | 14.0% | | Segment Operating Income | $9,811 | $5,571 | 76.1% | - Pursuit's Q2 2023 revenue growth was driven by stronger international visitation in Western Canada and Iceland, with visitor numbers at Golden Skybridge, Sky Lagoon, and Banff Gondola increasing **62%**, **22%**, and **17%** respectively[156](index=156&type=chunk) GES Segment Performance - Q2 2023 vs Q2 2022 | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $231,837 | $241,604 | (4.0)% | | Segment Operating Income | $23,633 | $31,120 | (24.1)% | - GES Exhibitions' Q2 revenue was impacted by the sale of ON Services (which contributed **$6.4 million** in Q2 2022) and negative show rotation, offset by same-show revenue growth of approximately **18.9%**[166](index=166&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity, with $53.2 million cash and $95.0 million available on its credit facility, to fund operations and planned capital expenditures of $75-$85 million - The company's primary source of liquidity is cash from operations, which provided **$38.8 million** in the first six months of 2023[174](index=174&type=chunk)[181](index=181&type=chunk) - On January 4, 2023, the company entered into an interest rate cap agreement to manage interest rate exposure on **$300 million** of its Term Loan B borrowings[176](index=176&type=chunk) - The company's share repurchase program remains suspended as of June 30, 2023[185](index=185&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Viad faces market risks from foreign exchange rate fluctuations and interest rate changes, with variable-rate debt partially hedged by an interest rate cap agreement - The company's primary market risks are foreign exchange rate fluctuations and interest rate changes[192](index=192&type=chunk) - As of June 30, 2023, the company had cumulative unrealized foreign currency translation losses of **$35.0 million** recorded in stockholders' equity[194](index=194&type=chunk) - To mitigate interest rate risk, the company entered into an interest rate cap agreement effective January 31, 2023, to hedge cash flows on **$300 million** of its Term Loan B[197](index=197&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with a previously reported material weakness now remediated - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2023[198](index=198&type=chunk) - A material weakness identified as of December 31, 2022, related to accounting for a finance lease at the Sky Lagoon attraction in Iceland, has been remediated as of June 30, 2023[199](index=199&type=chunk)[200](index=200&type=chunk) [PART II - OTHER INFORMATION](index=46&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including claims related to a 2020 Ice Explorer accident, with no material financial impact expected - The company refers to Note 22 for details on legal proceedings, which discusses the ongoing management of claims related to the July 2020 Ice Explorer accident[203](index=203&type=chunk)[129](index=129&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the company's 2022 Annual Report on Form 10-K - The company states there are no material changes from the risk factors disclosed in its 2022 Form 10-K[204](index=204&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's share repurchase program remained suspended in Q2 2023, with only 257 shares acquired for tax withholding on vested awards - The company's share repurchase program remained suspended during the second quarter of 2023[207](index=207&type=chunk) - A total of **257 shares** were repurchased during Q2 2023, solely to cover tax withholding on vested share-based awards[207](index=207&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q2 2023 - No directors or officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2023[208](index=208&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL data files - Exhibits filed include CEO/CFO certifications (**31.1**, **31.2**, **32.1**) and XBRL data files[210](index=210&type=chunk) [Signatures](index=48&type=section&id=SIGNATURES) The Form 10-Q was signed on August 4, 2023, by Leslie S. Striedel, Chief Accounting Officer - The Form 10-Q was signed on August 4, 2023, by Leslie S. Striedel, Chief Accounting Officer[214](index=214&type=chunk)

SECOND QUARTER 2023 EARNINGS CALL AUGUST 3, 2023 | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------- ...

Viad Corp (NYSE:VVI) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Carrie Long - Investor Relations Steve Moster - President and Chief Executive Officer and President-GES David Barry - President of Pursuit Ellen Ingersoll - Chief financial Officer Conference Call Participants Kartik Mehta - Northcoast Research Bryan Maher - B. Riley Securities Tyler Batory - Oppenheimer Barry Haimes - Sage Asset Management Operator Good afternoon. My name is Abbie, and I will be your conferenc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to Commission file number: 001-11015 Viad Corp (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...