Viad(US:VVI)2023-02-28 21:41Financial Performance - Total revenue for 2022 was $1,127,311,000, a 122.1% increase from $507,340,000 in 2021[130]. - Net income attributable to Viad improved to $23,220,000 in 2022 from a net loss of $92,655,000 in 2021, marking a $115,875,000 improvement[130]. - Segment operating income for 2022 was $68,944,000, compared to a loss of $47,002,000 in 2021, reflecting a $115,946,000 increase[130]. - GES total revenue for 2022 was $827,984,000, a 158.5% increase from $320,292,000 in 2021[152]. - Segment operating income for GES improved to $44,913,000 in 2022, compared to an operating loss of $51,611,000 in 2021[152]. Visitor Statistics - Total visitors to Pursuit attractions reached 2,931,266 in 2022, a 92.4% increase from 1,523,173 in 2021[143]. - The increase in same-store visitors in 2022 was primarily driven by new attractions such as Sky Lagoon and FlyOver Las Vegas, contributing approximately 87% of the total increase[146]. - The number of visitors increased to 1,523,173 in 2021, a 75.2% increase compared to 2020[145]. Revenue Breakdown - Pursuit revenue increased by $112.3 million in 2022, driven by a nearly 90% increase in visitation at Canadian attractions[136]. - New experiences contributed $43.2 million in revenue during 2022, compared to $15.6 million in 2021[136]. - Hospitality revenue for 2022 was $130,303,000, up 31.8% from $98,878,000 in 2021[143]. - Ticket revenue reached $61,166,000 in 2021, up from $20,897,000 in 2020, reflecting significant growth[145]. Operational Metrics - RevPAR (Revenue per Available Room) for hospitality was $134.37 in 2022, a 32.3% increase from $99.57 in 2021[143]. - Revenue per attraction visitor rose to $51.12 in 2021, a 23.3% increase from $43.57 in 2020[145]. - RevPAR improved to $101.59 in 2021, a 49.3% increase compared to $70.89 in 2020[145]. - Average Daily Rate (ADR) increased to $187.99 in 2021, reflecting a 35.5% rise from $138.72 in 2020[145]. Expenses and Charges - Corporate activities expense increased to $13,418,000 in 2022, a 14.8% rise from $11,689,000 in 2021[158]. - Interest expense rose to $34,891,000 in 2022, a 23.2% increase from $28,324,000 in 2021 due to higher interest rates[161]. - Restructuring charges in 2022 amounted to $3.1 million, a decrease from $6.1 million in 2021 and $13.4 million in 2020, primarily related to facility closures and severance at GES[162]. - Impairment charges in 2022 were $0.6 million, significantly lower than the non-cash goodwill impairment of $185.8 million recorded in 2020 due to the COVID-19 pandemic[163]. Tax and Liquidity - The effective income tax rate for 2022 was 28.8%, up from 1.9% in 2021, primarily due to a higher mix of income earned in foreign jurisdictions[164]. - As of December 31, 2022, total available liquidity was $146.4 million, slightly down from $149.0 million in 2021, with unrestricted cash and cash equivalents at $59.7 million[166]. Cash Flow and Investments - Net cash provided by operating activities in 2022 was $73.4 million, a significant improvement of $111.3 million compared to a net cash used of $37.9 million in 2021[172][173]. - Net cash used in investing activities in 2022 was $63.3 million, an increase of $11.5 million from 2021, primarily due to the acquisition of Glacier Raft Company[176]. - Net cash used in financing activities in 2022 was $6.1 million, a decrease of $114.0 million compared to net cash provided of $107.9 million in 2021[178][179]. Future Plans and Capital Expenditures - Planned capital expenditures for 2023 are estimated to be between $75 million and $85 million, including approximately $40 million for growth projects[169]. - The company plans to continue expanding its offerings and enhancing customer experiences through new attractions and services[130]. Shareholder Information - As of December 31, 2022, 546,283 shares remained available for repurchase under the Board of Directors' authorization for share repurchases[183]. - Goodwill balance increased from $112.1 million as of December 31, 2021, to $121.4 million as of December 31, 2022, related to the Pursuit business[190]. Financial Risks and Hedging - A hypothetical 10% change in the Canadian dollar exchange rate would result in a change to 2022 operating income of approximately $3.2 million[211]. - A hypothetical 10% change in interest rates would result in a change to 2022 interest expense of approximately $4 million[213]. - An interest rate cap agreement was entered into on January 4, 2023, to hedge cash flows on $300 million of Term Loan B[214].