Viad(US:VVI)2025-05-09 20:37Revenue Performance - Total revenue for the three months ended March 31, 2025, was $37,579,000, representing a 0.9% increase from $37,231,000 in the same period of 2024[143]. - Attractions revenue increased by $1,012,000, primarily due to a 1.7% increase in the number of visitors and a 2.7% increase in revenue per attraction visitor, despite a $1,300,000 negative impact from foreign exchange[143]. - Hospitality revenue decreased by $386,000, driven by a 3.5% decrease in rooms revenue due to fewer room nights available from renovations[144]. - The number of visitors to attractions increased to 459,460 in Q1 2025, up from 390,784 in Q1 2024, marking a 17.6% increase[146]. Operating Expenses - Operating expenses (excluding depreciation and amortization) decreased by 4.8% to $38,427,000, primarily due to a remeasurement of the Sky Lagoon finance lease obligation[150][151]. - Selling, general, and administrative expenses increased by 33.7% to $17,165,000, largely due to higher transaction-related costs associated with the transition to a standalone company[152]. Tax and Seasonality - The effective tax rate for Q1 2025 was 5.6%, compared to 5.2% in Q1 2024, reflecting the company's valuation allowance on losses in the U.S.[153]. - 77% of the company's revenue was earned during the second and third quarters, indicating significant seasonality in operations[142]. Cash Flow and Liquidity - As of March 31, 2025, total available liquidity was $212.1 million, significantly up from $49.7 million on December 31, 2024[155]. - Net cash used in operating activities attributable to continuing operations was $24.4 million for the three months ended March 31, 2025, compared to $22.4 million for the same period in 2024[160]. - Net cash used in investing activities attributable to continuing operations decreased by $11.2 million to $5.2 million for the three months ended March 31, 2025, primarily due to reduced capital expenditures[161]. - Net cash provided by financing activities attributable to continuing operations decreased by $22.2 million to $3.7 million for the three months ended March 31, 2025, compared to $25.9 million in the same period of 2024[162]. Losses and Liabilities - The company recorded a net loss of $31.4 million for the three months ended March 31, 2025, compared to a net loss of $26.2 million for the same period in 2024[160]. - The company has long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.1 million as of March 31, 2025[168]. - Cumulative unrealized foreign currency translation losses in stockholders' equity were $63.0 million as of March 31, 2025[166]. Future Plans - Capital expenditures for 2025 are planned to be approximately $70 million to $75 million, including $38 million to $43 million for select growth projects[158]. - The company plans to utilize proceeds from the $200 million 2025 Revolving Credit Facility for operations, growth initiatives, and acquisitions[155]. - The company expects to adjust projected capital outlays based on changes in the operating environment[157]. Business Transactions - The sale of the GES Business was completed for an aggregate purchase price of $535 million, with $510 million as the base price and $25 million deferred[139][140]. - Revenue per available room (RevPAR) for hospitality properties was $67.26 in Q1 2025, a slight decrease from $67.56 in Q1 2024, despite an 8.6% increase in RevPAR on a same-store basis[146][148].