Viad(US:VVI)2025-08-07 20:01Revenue Performance - Total revenue for the three months ended June 30, 2025, was $116.743 million, a 15.4% increase from $101.201 million in the same period of 2024[140] - For the six months ended June 30, 2025, total revenue was $154.322 million, an 11.5% increase from $138.432 million in the same period of 2024[140] - Attractions ticket revenue rose by 17.3% to $72,152,000, driven by a 5.2% increase in visitors and an 11.2% increase in effective ticket price[148] Visitor Statistics - The number of visitors to attractions increased to 1,135,144 for the three months ended June 30, 2025, compared to 1,002,312 in the same period of 2024, reflecting a 7.7% growth[145] - For the six months ended June 30, 2025, the number of visitors increased by 5.9% to 1,594,604 compared to 1,393,096 in the same period of 2024[147] Hospitality Performance - Hospitality revenue rose by $3.9 million, driven by a 9.0% increase in Revenue per Available Room (RevPAR), despite a 3.1% decrease in available room nights due to renovations[142] - RevPAR for hospitality properties was $163.11, a 9.0% increase from $149.66 in the same period of 2024[145] - Hospitality revenue increased by 6.8% to $55,679,000, with RevPAR rising by 8.6% to $124.12 due to higher occupancy rates[149] Operating Expenses - Operating expenses (excluding depreciation and amortization) increased by 4.6% to $62,563,000, primarily due to higher variable costs associated with increased transaction volumes[150] - Selling, general, and administrative expenses rose by 14.9% to $15,729,000, largely due to higher transaction-related costs[152] Cash Flow and Liquidity - The company reported a net cash used in operating activities attributable to continuing operations of $2.8 million for the six months ended June 30, 2025[158] - Total available liquidity as of June 30, 2025, was $208,601,000, significantly up from $49,702,000 at the end of 2024[156] - Net cash provided by financing activities attributable to continuing operations decreased by $15.9 million, from $29.8 million in the six months ended June 30, 2024 to $10.1 million in the six months ended June 30, 2025[165] Capital Expenditures and Acquisitions - Capital expenditures for 2025 are planned to be between $71 million and $76 million, including $38 million to $43 million for growth projects[160] - The company acquired ITA for $111 million, funded primarily through $105 million in borrowings under the 2025 Revolving Credit Facility[157] - The acquisition of Tabacón Thermal Resort & Spa was finalized on July 1, 2025, expanding the company's portfolio in Costa Rica[138] Tax and Foreign Currency - The effective tax rate decreased to 28.5% for the three months ended June 30, 2025, compared to 70.9% for the same period in 2024[154] - Cumulative unrealized foreign currency translation losses in stockholders' equity were $44.9 million as of June 30, 2025, down from $62.9 million as of December 31, 2024[169] - An unrealized foreign currency translation gain of $23.5 million was recorded during the six months ended June 30, 2025, compared to a loss of $13.1 million during the same period in 2024[169] Foreign Exchange and Interest Rate Risks - The company is exposed to fluctuations in foreign exchange rates, which may adversely impact overall expected profitability[170] - The company is exposed to short-term and long-term interest rate risk on certain debt obligations[172] - Foreign exchange risk includes potential losses from the translation of foreign currency financial information and remeasurement of foreign currency transactions[168] - The company does not currently hedge its equity risk arising from the translation of foreign-denominated assets and liabilities[169] - The company does not currently hedge its net earnings exposure arising from the translation of foreign revenue and net income[170]