Viad(US:VVI)2024-11-07 22:14Financial 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].