Viad(US:VVI)2024-11-07 21:17Revenue 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]