Viad(VVI) - 2024 Q4 - Annual Results

Revenue and Income - Pursuit reported a revenue of $366.5 million for 2024, an increase of $16.2 million (4.6%) year-over-year, primarily driven by growth in attractions ticket revenue[6]. - Net income attributable to Pursuit for 2024 was $368.5 million, a significant increase of $352.5 million from 2023, largely due to the sale of the GES business[10]. - Pursuit's revenue for Q4 2024 was $45,799,000, an increase of 8.5% from $42,208,000 in Q4 2023[29]. - Net income attributable to Pursuit for Q4 2024 was $315,735,000, compared to a net loss of $15,346,000 in Q4 2023, representing a change of $331,081,000[29]. - Pursuit's revenue for Q2 2024 was $37,231,000, compared to $32,663,000 in Q1 2023, reflecting a 14.3% increase quarter-over-quarter[55]. - Pursuit's consolidated revenue for FY 2023 was $350,285,000, with a net income of $16,017,000[55]. Business Transactions and Acquisitions - The company completed the sale of its GES business for $535 million, resulting in net cash proceeds of approximately $410 million at closing[3]. - The company completed three strategic tuck-in acquisitions in 2024 for approximately $34 million, enhancing its growth strategy[12]. - The company terminated and repaid approximately $393 million in obligations under its previous credit facility following the sale of the GES business[35]. - The company anticipates annual interest savings of approximately $30 million following the repayment of its Term Loan B using proceeds from the GES sale[13]. EBITDA and Financial Performance - Pursuit's consolidated adjusted EBITDA for 2024 was $77.1 million, a decrease of $1.8 million (2.3%) year-over-year, impacted by the Jasper wildfire[10]. - Consolidated adjusted EBITDA for the year ended December 31, 2024, was $77,066,000, a decrease of 2.3% from $78,869,000 in 2023[29]. - Adjusted EBITDA for the year ended December 31, 2024, was $368,544, up from $352,527 in 2023, reflecting a $16,017 increase[44]. - Consolidated Adjusted EBITDA for Q2 2024 was $(14,604,000), with a margin of (39.2%), compared to $16,012,000 and a margin of 18.1% in Q1 2023[55]. Expenses and Charges - The cost of services and products increased by 15.0% to $69,995,000 in Q4 2024 from $60,891,000 in Q4 2023[29]. - Pursuit recorded an impairment charge of $41,462,000 in Q4 2024 related to long-lived assets and goodwill[34]. - The company incurred impairment charges of $41,462,000 in Q4 2024, with total impairment charges for the year reaching $47,572,000[50]. - The company reported a restructuring charge of $3,156 in Q4 2024, compared to a recovery of $(10) in Q4 2023[44]. - Pursuit's restructuring charges for Q4 2024 were $3,156,000, compared to a recovery of $(10,000) in Q4 2023, indicating a significant shift in operational costs[50]. Future Outlook and Investments - For 2025, Pursuit expects revenue growth in the low double digits compared to 2024, with adjusted EBITDA projected to be between $98 million and $108 million[15]. - Pursuit plans to invest approximately $38 million to $43 million in growth capital expenditures in 2025, focusing on enhancing guest experiences[14]. - The company plans to continue developing new attractions, including the Flyover attraction in Chicago, which is part of their market expansion strategy[57]. Shareholder Information - Basic income per common share for Q4 2024 was $10.81, compared to a loss of $0.83 per share in Q4 2023, a change of $11.64[29]. - Pursuit's basic weighted-average outstanding common shares increased by 6.8% to 22,356,000 in Q4 2024 from 20,942,000 in Q4 2023[40]. - The weighted-average outstanding common shares increased to 22,356 in Q4 2024, up 6.8% from 20,942 in Q4 2023[48]. Tax and Interest - The effective tax rate for Q4 2024 was 7.3%, compared to 4.0% in Q4 2023[36]. - Income tax expense for Q4 2024 was $(5,300,000), a decrease of $4,307,000 or 433.5% compared to $(993,000) in Q4 2023[50]. - The company reported a net interest expense of $3,862,000 for Q4 2024, an increase of $2,613,000 or 209.2% from $1,249,000 in Q4 2023[50]. - The company reported a net interest expense of $2,922,000 in Q2 2024, down from $1,471,000 in Q1 2023[55].