Viad(US:VVI)2025-11-06 21:06Revenue Performance - Total revenue for the three months ended September 30, 2025, was $241.0 million, a 32.2% increase from $182.3 million in the same period of 2024[148] - For the nine months ended September 30, 2025, total revenue was $395.3 million, reflecting a 23.3% increase from $320.7 million in the same period of 2024[148] - Ticket revenue reached $172,543,000 for the nine months ended September 30, 2025, up 26.1% from $134,243,000 in 2024[152] Attractions and Hospitality Performance - Attractions revenue increased by $31.7 million (32.6%) in Q3 2025, driven by a 21.9% increase in visitors and an 8.7% rise in revenue per visitor[148] - Hospitality revenue rose by $26.7 million (33.7%) in Q3 2025, primarily due to a 35.0% increase in Revenue per Available Room (RevPAR) and a 5.2% increase in available room nights[149] - The number of visitors to attractions reached 1,980,681 in Q3 2025, a 21.9% increase compared to 1,195,856 in Q3 2024[150] - RevPAR for hospitality properties was $280.56 in Q3 2025, a 35.0% increase from $207.85 in Q3 2024[150] - The effective ticket price for attractions was $50.69 in Q3 2025, reflecting a 9.3% increase from $46.37 in Q3 2024[150] - Total visitors increased to 3,575,285 for the nine months ended September 30, 2025, a 14.2% increase compared to 2,588,952 in the same period of 2024[152] Expenses and Operating Costs - Operating expenses increased by 26.3% to $86,592,000 for the three months ended September 30, 2025, primarily due to higher variable costs[154] - Selling, general, and administrative expenses rose by 20.0% to $17,445,000 for the three months ended September 30, 2025, driven by transaction-related costs[156] Cash Flow and Liquidity - Net cash provided by operating activities attributable to continuing operations increased by $40.2 million to $99.783 million for the nine months ended September 30, 2025, compared to $59.566 million in the prior year[168] - Net cash used in investing activities attributable to continuing operations increased by $107.9 million to $145.077 million for the nine months ended September 30, 2025, primarily due to cash paid for the acquisition of Tabacón[169] - Net cash provided by financing activities attributable to continuing operations increased by $108.4 million to $33.953 million for the nine months ended September 30, 2025, compared to a net cash used of $74.469 million in the prior year[170] - As of September 30, 2025, total available liquidity was $274,409,000, significantly up from $49,702,000 at the end of 2024[161] Foreign Currency and Liabilities - The company recorded cumulative unrealized foreign currency translation losses of $51.5 million as of September 30, 2025, down from $62.9 million as of December 31, 2024[174] - The company had long-term contractual liabilities denominated in nonfunctional currencies amounting to $46.4 million as of September 30, 2025[176] - The company experienced an unrealized foreign currency translation gain of $15.5 million during the nine months ended September 30, 2025, compared to a loss of $7.7 million in the prior year[174] Capital Expenditures and Investments - The company has planned capital expenditures of approximately $71 million to $76 million for 2025, including $38 million to $43 million on growth projects[166] - Capital expenditures increased to $44.097 million for the nine months ended September 30, 2025, compared to $40.659 million in the prior year[169] Corporate Developments - The company completed the sale of the GES Business for an aggregate purchase price of $535 million on December 31, 2024[143] - The acquisition of Tabacón Thermal Resort & Spa on July 1, 2025, is expected to generate more evenly distributed revenue throughout the year[146] - The company began trading under the new NYSE ticker symbol PRSU on January 2, 2025, following the transformation into Pursuit Attractions and Hospitality, Inc.[144] Tax and Gains - The effective tax rate decreased to 16.8% for the three months ended September 30, 2025, compared to 17.2% in the same period of 2024[159] - The company recorded a gain of $4.2 million related to business interruption proceeds from the Jasper wildfires during the three months ended September 30, 2025[157]