VVI - Earnings call transcript Q4 2021

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Operator

00:08 Good evening. Thank you for attending today's Viad Corp Fourth Quarter 2021 Earnings Call. My name is Elena and I will be your moderator. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions] 00:27 I would now like to pass the conference over to our host Carrie Long. ahead. go Please

Carrie Long

and XXXX afternoon call. for us joining XX:XX quarter thank and Viad’s fourth conference full for Good you year earnings

During found Certain of hear and from the risk Ellen Ingersoll, President results constitute will non-GAAP and historical Moster, statements. and Financial filed before and SEC. during current press with call, Information measures, President Officer. this our to segment X viad.com. turn call, adjusted to XX:XX income the our income Chief our Table differ we'll which XX:XX other I'd loss of or facts, reconciliations like from Important over to and of actual Pursuit; cause can the measures, on available other in may CEO including is made David in to the these call earnings GES; be Steve forward-looking President our loss to disclosures Barry, our to in net website With statements our which that, regarding statements and factors not other you Steve. or items forward-looking Viad could XX:XX are attributable reports business During that found the including EBITDA. at certain can those materially concerning call, be referring be quarterly release, annual,

Steve Moster

everyone. for us. joining Thanks afternoon, good and Carrie you, Thank XX:XX

supply Pursuit. and issues a with cost experiences exciting our delivering GES. three that at Pursuit cover quarter new XXXX financial shortly. business recovery results and for new GES, for entire across success the we've the facility activity of the our for happening turn events. the for transformed clients as as live call. will customers I'll the performance the to now demand and full opportunities. our I of During accomplished company needs addition incredible us end the our with In it's to very we provide investing leisure our and experiences extraordinary XX:XX future to performance dynamic accelerated, provide fourth continue and credit recover updates industries call operational labor execution I'm some review remarkable I'd business David, of that will after proud COVID financial excellent financial what structure what's like I'd Before operating David position. into year. environment And like XX:XX to our this business and discuss and of and our some call, our businesses the and we for share attractions their and job to global our for thank discuss continue to actions into our in-person I'm position will guests Ellen the year, world-class industries service to And with chain and call during pent-up with flexibility towards over shortages. our meeting we've our taken pleased has team enabled turn David insight updates opened the iconic restrictions, enhanced to unforgettable over business to growth and with David? XX:XX Pursuit

David Barry

for all pleased Thank Steve. optimistic Thanks, for us. recovery XXXX. full about XXXX, business We're you are rebounded in continues what and joining XX:XX how Pursuit's swing. in with ahead the lies

the Banff $XX.X million operating experiences that leaders location. million start in environment $XX.X in industry million so loss demand increased Las at a quarter In guest to members, hard initiated who COVID-related business team scores. our as Gondola as roadmap open This delivering the with we and a slow improving Skywalk tourism Pursuit my with succeeded while recognition We roughly just frontline experience hospitality have multi-year $X.X travel XX:XX Banff, and revenue the gratitude in of Pursuit's guest with and strong and guest high-quality healthy with our Sky portfolio and very experience compared at (ph) $X.X Before receiving and in packages, XX:XX adversely remain our worked the of RV year-over-year holiday operations. of X:XX ticket Park The Lodge, to Lagoon difficult net total For is round hotels $XX.X impacted nearly lodging to the of Glacier Pursuit Nightrise feeling West in strong. condition. to the offset all holiday terms [indiscernible]. colleagues for our managers exceeded testament from at Dolphin the the in and gift results. for Glacier team our months across gift tickets Glacier our positive the and details, results pandemic, quarter, December equates is XX:XX at attractions and Iceland, and by new X%, part guest like We've XXXX Lagoon promoter products we high. attraction experiences Montana spiked senior incredibly for of are evidence and Village pre-pandemic year driven record from XX:XX recovery sold XX:XX sightseeing variant getting Omicron fourth new experiential immediately by starting invest record serving over EBITDA XXXX. a Jasper, feedback QX the world Buy including our clear. Build, all of that from guests upgrades teams challenges million ongoing Despite to saw and holiday Park is in a seven our challenges, delivering Vegas quality Cabins and through for Icelandic the Village lodging Brewster strategy, season Lagoon. including Adventure, variety meaningful into in the guest the help Finally XXXX. pleased remained FlyOver and XX,XXX the adjusted two Sky scores to were our of seasonally which in new growth been of million to throughout several program members persevere, feedback the delivered just we a we of In Refresh, experiences tours. Several quarter Glacier dedication with iconic properties Pursuits of as increases delivering scores the X% financial which gift fourth In the And historic XXXX we I'd of continued benefit rebound a in XX our to success population Sky living attractions. the fluid revenue saw

impacted visitation, You're metrics. border peak short-term and closures remained these all in per visitation, well our despite overall aware to impacts revenue the we're place XXXX of encouraged customer season, international which by very growth summer the the into

is of and created experience like of Gondola. attraction taking night. the entirety multimedia is and the the Gondola increased from And an American December, the Banff it quarter yields had pent-up price beverage Vegas top at XX:XX X% QX or continued ticket per earning and this retail Gondola a Vancouver, of land, a ticket for significant lenders hotel Nightrise, both part Canada a coordination of in XX:XX Nightrise great in Southwest of the a operations, on specifically, including sensation exciting the Banff XX:XX Attractions continuous and food in of of from first life the stoning out TripAdvisor. lodging, Google the year-over-year strong a rating and the Nightrise effective quarter Launching and -- property sensory increasing stars both and connects into new the creatively the better. guest We improvement, the revenue indigenous and the of on attractions strong saw of increase performance XX% in Nightrise Vegas ancillary For and great third of XXXX addition by Over we levels ticket flying from the within the a a FlyOver effective stars benefited XX% partnership story revenue experience at per Las example revenue the full the while as also respectively. quarter on that ticket attraction (ph) year, in QX basis, with fourth increases. for XXXX, to drove attraction its the ancillary years. also lighting over X of mentioned with demand launch the FlyOver visitors making early drove guests XX% Las experience, as to a only sales same-store X.X the In in FlyOver price even guest.

the XX%. fourth revenue increased XX% room RevPAR same-store increased Relative X%. rooms quarter, XXXX the XX:XX of occupied to quarter grew For by and

on year, by occupancy fiscal and rooms XXX% basis. same-store a ‘XX currency-adjusted year-over-year by RevPAR fourth For the X%, by XX% increased revenue hotel

quality Banff before yields to of as hotels Guest for ranking And and top many occupied their sit know, And increased the are they we're businesses merchandising and F&B best revenue Pursuit's room delivered and we XX% overall eight retail and coffee we've of beverage or XX:XX excited XXX%. EBITDA. guest and family. hospitality the business. $XX for and of the guest food from by by believe the now to food In in these at daily. across in Jasper seeing in XX:XX same is F&B the XXXX beverage an we're beverage and you report As on rating in very What Today get we XXXX. Alaska improve your dinner part the TripAdvisor with that and and satisfaction there the our are may Montana, XX. you experience comments cup as continuing hike our year-over-year in the whether many of offerings. XXXX working of integration complemented XX food And to the segments to and the pleased know are revenue businesses perfect is become region. see not our attractions we have improve vertical menus, in to that retail of of scores high to growth restaurants growth store and a and is five lodging measured are experience stores morning finally, about that We financial it's retail and approximately opportunity per together beverage, We're million revenue constantly Pursuit. categories. in a food down increase important meaningful Collection part grown, contributors pleased we're

delivered properties our XX:XX to on So more retail from as a now, we And trends at attraction which Canada, XXXX, booking to dissuaded ahead. retail confident of compared million, It advanced reservations, season guests year. is and Pursuit year people XXXX, XX% the will at approximately from clear yields so. and ready let's in doing early to the throughout remain us basis. will attention to For lodging open Alaska, XXXX. welcome turn store our prior $XX revenue and travel than will XX% same increased doubled to able Western borders be be Las are not into based Vegas Iceland Montana, on to then We're that our

still compared pacing rate the and at prior a year portfolio, same are cycle Collection, prior Relative for same-store XX% XXXX year ahead XX% to in the the the early and volumes and for anticipate and We're of Banff steadfast already room a pre-pandemic is seeing the reservations ahead across for for to stronger we on quarter in compared growth is third pacing We're compared country the view work healthy ahead we're FlyOver XXXX XXXX with XX:XX basis. X% remain year, last XX:XX average X.X% lodging levels. tourism growth And room Sky approximately XXXX same continues the last nights XX% summer. reporting with are of at on period and year-over-year preparing inbound this increase notable XXXX to in And in XX%. a daily pace of Glacier In booking ADR to Park company both time hard the ADR levels year as industry by XXXX. at our are visitation guest relative hotels XX% our when the and ahead nights bright. trending to Iceland XXXX respectively. that’s in of utilizing in Alaska, Pursuits While And Jasper X%. up Lagoon. books season grow our at XX% same the the up XXXX, critical our is Banff period we from future also XX the pacing Iceland, In to to

important XX:XX our world. around and Build, location. includes to have investments in experience for We at several continue XXXX the will to improve Refresh, Our guest Buy invest plan opportunities the

Last name Skybridge show Banff the locations new FlyOver new told Some include pleased Golden the track a Hotel Downtown the in at on examples, and restaurant the Park featuring topography we film a And that concepts Forest Canadian Jasper in new Golden is two Mountain the inspiring closer in in stunning XX-Room I'm XX:XX opening. today, to National of we schedule begun are and the report Rockies BC, all heart will quarter, Hotel early you construction just Jasper in had Collection. to Park. construction a on of Jasper the New that summer few and for an in

satisfaction. reopens from of for pandemic, closing, assessing guest of our of the Steve, to reiterate to offerings, and opportunities near hospitality team We in to We for continue the opportunities to to these Pursuit that an hard XX:XX working I'll experiences. they industry become mission and our seasonal thankful grade hard In poised best deliver focused acquisition increasing out day we continuation guests employer our in and and volumes We're multiple travel. guests their connecting of welcoming on X,XXX especially geographies bringing choice remain achieving places trajectory quality of as we're and world to forward every next see are through iconic that back of at unforgettable the and high heights the our team and proud to look far development results fully confident growth work are is year-end experience. XXXX more staff to our members, inspiring and and in breadth to you. to new accelerate we're XX:XX of to the the our

Steve Moster

David. Thanks, XX:XX

revenue. this, GES. point was turning month to jump to through of over event with entire XXXX significant steep a reopen averaged in accelerate we December, during quarter. realized the Along than third switching XXXX. saw September began first half as we more From the GES’ a during and industry per the we Now revenue activity

over a event Expo, or took provider GE projects sequential the and grew Expo, Meeting remain banking AUSAs the revenue place million quarter quarter XX:XX $XXX Money the happen, year solution including the Process Our profitability. growth. around to by to for during while XX and software cost to levels for extend events leaner that extraordinary of with support Annual all basis, team members strong GES XX% pre-pandemic to an world, managing Temenos. around teams in thank We in revenue staffing near continue our a activity this hybrid safe, and GES' to our diligently fourth a I events were miles clients. who and did effectively finished XX:XX quarter produced and live Healthcare geographies Some events above prudently working schedules improve. events tight delivering the made big the new to with XXX went and job world, zero from lean you with On below. while fourth hour XXXX significantly others a fantastic experiences want as structure

For revenue last underway. about XX% which compared events average to decline indication the a quarter. well this is of that believe from is pre-pandemic, events that place, an the was about strong -- We improvement that XX% recovery live is took

fourth we rationalizations, activity advantage variabilize the flow This though years. two make through As of XX% prior a quarter presented the result new and fixed through from against height of transportation levels, EBITDA that as the costs. event that light of to costs we quarter increased favorable (ph) revenues to was represents changes permanently especially we primarily these more adjusted quarter as of event XX% changes fourth costs margin working of a the fourth and revenue during lower. These XX:XX compared than carefully the a we benefiting to managed pre-pandemic we As comparable is transformational actions, to $XX.X EBITDA calls, delivered million. model and by are pandemic and XX:XX improved our reduced activity. network that XXXX, results even the past structure on more cost demonstrate costs made incremental on was discussed revenue XXXX adjusted continue the during our labor to shortages by recover pause operating headwinds in impressive As took

successful. Temenos. around and offer both in-person kick-off and positive staff Barcelona. partnered streaming virtually Temenos XXX in extremely X,XXX positive These model by a produce both proving event tested around low attended five was recently events has travel XXXX Now I feedback to The Healthcare streaming. produce clients Healthcare with sales members talk of realms GE for was that feedback. we're worked attendees we for thousands be let overwhelming GE to success last globe from Our an physical ours globe. great a experiences. event them new person of event years. an XX:XX able event There to virtual brand success solution corporate brand cost XX:XX online and great us to from the been event crossed XX:XX Earlier remote is their business, within been provide are we're in for just in sales the was of in experience. mentioned The me and examples to received and with with seeing event the digital to pivot another area people The about the to offering the attendees. flawless team work has along experiences. in-person two flexibility with client attend doing We of included or and that the the

corporate impactful sports and activations, Our strategic experiences, corporate experiences a pop and centers team does a consumer and launches, range our brand up unique management, program product for broad events. customer delivering digital and including exhibition clients, events, of experienced meetings job brand remarkable

We to in GES’ for fragmented service strengthen XX:XX experience team to line, just have we marketing positioning large our an our a and aggregated market opportunity by we incremental home additions [indiscernible] services create margins and investments area series horizontally virtual the new marketing creating such capture making talent we and efficiencies of hybrid of for of spend breadth at experiential ongoing industry approach. clients. brand sell significant are meetings. segments across services a success compete this our and existing have attractive services to our the expand investments And BXC we ability agency. marketing as activations across of are this With strategy and GES' in as at marketing enhancing in the our Through logos BXB to integrated of go-to-market new

and to Association have renewals many system HomeStar, service and GES be across XXXX. Gaming I'm and including work in our We optimistic talented XX:XX of builder. Fannie a team business the new our We SaaS, cloud proud we clients Mae, Indian a to lot B, about [indiscernible] customers. an providing as celebrate wins have national to incredible enter quality world

of hearing renewed in the within what the and policies cases from for industry. with and Variant peak by we the is However, certain swift remains demand to Omicron we're impacting Delta in which from starting and recovery encouraged new will business are travel we're replaced been uncertainties the and rapid event easing to We're see concerns experiencing follow seeing this Experts have events. face COVID face restrictions decline places near-term dynamic. corporate Omicron Variant, a the optimistic are cautiously quarter's with industry that Last travel.

seen fuller pivot the in our activity moving In and have some revenue organizers schedules into in most continues as brand are more activity event preparation primarily face postponements increased XX:XX than to our GES’ XX:XX team in exhibition a excited exhibitors Both and rather the to world's well particularly to Variant attendees. for activity. organizers an year personnel service the and temporarily with we've marketing grow We're decisions and head the to rebuilding to and cancellations, industry were we are employees will acceleration experiences, and cancel improve. our With experienced virtual. add or XXXX, year workforce talent the event ensure events due uncertainties. be marketers, busier to recover event to and of increase for to preparing flow-through positioned year face efforts we're event early we expected are more to impacted, continue in bring for March. experiences resumes a throughout we and Omicron the and motivated the prefer seasonality of quarter, strong memorable quite balance and in profitability made creating the the months the While first to we've will meaningful and back to As for to

attendees. drive value clients ahead as to to and the to with customers awareness Our face future XX:XX return face discuss over irreplaceable call of We from powerful events, to in more the and detail. events is down Ellen? are And to brand our created continue see interact the turn recovery. like is the way committed a live loyalty path bright generate and live we it results now, to as a financial I'd Ellen to sales

Ellen Ingersoll

revenue quarter, of and of approximately prior third half million, positive XX:XX which Steve. activity the improved increase segment cost report which improved and in return of XX:XX we million year new of of EBITDA $XX.X GES. with the face $X.X the the contributed full the from Pursuit, due from reignited. Golden exceeded $XX.X the Las million of in face generated structure slow from quarter, increased and quarter. pre-pandemic FlyOver GES million XXXX fourth revenue pleased This that GES, that amount opened delivered XXXX driven increased event the fourth the improvements fourth At to of this million Lagoon, realized we XX% to that and was the we compared $X.X we've during and XXXX during were large-scale seasonally which the quarter. pre-pandemic by three canceled first leisure I'm we amount incremental $XXX.X EBITDA during XXXX. during in-person year Sky the most this Skybridge an the travel revenue were Pursuit quarter $XX.X recovery of attractions XXXX revenue Vegas as I'm implemented. collectively seasonally contribution in from into and the EBITDA net quarter attractions fourth not million by quarter EBITDA up. postponed live continue year our The and COVID segment these slower fourth positive for the they to as by as quarter that was during or in impacted negative new XX:XX Pursuit's XXXX meaningful was activity overall ramp adjusted events about for the subsidies industries reached primarily the to adjusted as both costs realized to to XX% events accelerated which million from to higher wage year, Canadian and government. $X.X At the revenue quarter, decreased the encouraged lower continued compared prior labor generated the and and Thanks, due

full increase the $XXX.X the million EBITDA response the as adjusted by Pursuit's compared For dramatically slowdown XX:XX as $XX.X million to margin a accelerated Pursuit’s to reduced million in leisure decrease of increased adjusted across cost $XX.X full-year EBITDA a caused experiences. GES’ our revenue high revenue by year XXXX as by on activity event improved of million on $XX.X we pandemic. in travel

for for items quarter Our XX:XX million the charges, million million $XX.X was acquisition Our the $XX and of $XX was quarter other and million full the the for quarter the was the and integration $XX.X net to and for million loss related excludes our for full And an year, attributable year. transaction applicable. cash costs, from and restructuring which $XX.X operations Viad loss as flow before million $XX.X startup approximately full expenses other outflow year. attraction costs, non-recurring for

due changes. Our our outflow operating than for prior cash primarily capital working was the guidance, quarter to greater

maximizing possible during the excellent generation wherever closely an and managing costs Our team did cash our year. job our

capital $XX expenditures the for full Our million year. the quarter and about totaled $XX million for

totaled preferred mainly the XX:XX debt Our $X and growth hotel paid XX-room million Vegas million December $XX XXXX Pursuit cash of B, investments obligations our million convertible in Jasper. and a in million cash FlyOver with XX, million. $XX approximately approximately principal on cash capacity term Las available we other $XXX loan liquidity had credit approximately quarter, We included million, we on revolving and our payment of year year on debt. and approximately During of the facility the $X dividends nearly attraction and during $XXX B. of approximately term lease for CapEx our new the financing $XX and $XX ended for $XXX our million our million approximately including in our equity at On loan total equivalents, on were million

growth in financial are We an with industry strong improving our to liquidity position demand. and flexibility continue excellent our journey

against that scale we hotel We at XX-room can with Pursuit new solid including as platform Refresh, have a us execute in Buy exciting the our Build, growth strategy Jasper.

briefly Now other back We financial and are XX:XX turn including like evaluating I opportunities actively for on our locations. acquisitions high-margin to iconic outlook. before comment growth it to Steve concluding I'd remarks,

visitation. will still below gradually attractions recovers. visitors strong at we are well levels revenue XX:XX expectations that those Pursuit's operating travel XXXX, believe will same-store leisure drive due leisure margin high from XXXX. lower Pursuit’s margin pre-pandemic help return visitation travel. more that will experiences. travel faster into incremental to be haul that business we believe travel above international EBITDA recover levels remain than XXXX our XXXX as which from more Pursuit benefit not Long than in expect recovery revenue that We will that opportunity new did were of international not also just margin exist year both the levels normal of Pursuit XXXX As levels. leisure growth EBITDA than from by getting full-year new will attraction down upshot visitors without from international lot GES, visitor back of full head and experiences, XXXX a from or about have EBITDA a at same-store even this XXXX. in XX% pre-pandemic The to did more see We in is, we driven those full quickly

events international picks of will and XX%. backlog contracted an a in As we expanded GES, of once travel roster beyond, expect At have north XX:XX of clients. and XXXX we return, strong up corporate Pursuit's margin again

we below Based our year strong well be expect XXXX. part brand even pre-pandemic GES' schedule variants. we March. experiences And XXXX the and to the from to in breakeven continue activity activity during again will adjusted during is that activity EBITDA event remains levels, anticipate from clients, will volatility the anticipate current COVID full-year we first beginning will our levels, deliver event on However, that above accelerate due of well if below especially demand event

margin more XX:XX currently lowered our cost negative in at the GES, generate With point to quarter we business and we Pursuit place of to the XXXX, first realize to that new expect GES recover. expansion EBITDA. expect variable During breakeven structure have continues as both and for revenue

we brought and Pursuit we the schedule we experiences, historically the and impact of these the until the ramps to slow the first has And season. EBITDA tourism back seasonally negative although GES’ do events, negative grow new the EBITDA on support not investments in personnel will the year, shift continued meaningful first to higher we expect a during during have quarter. its to our see revenue EBITDA slower made marketing slow due traditionally experiences to expect new few to months be return up. With of activity experiential

first of free to will the hotel million in EBITDA new the XXXX million. our and to currently million million an expect this $XX we growth and range outflow to capital includes range $XX operating cash CapEx season approximately $XX in This assumes return Pursuit’s Jasper. the expenditures during quarter XX-room of in to somewhere get positive. for million to of $X As closer We of XX:XX peak $XX outflow

preferred million principal ahead of payment XX-room approximately construction expenditures $XX to make approximately capital the year, $X on CapEx of at million also Jasper the quarterly Term convertible $X million COVID expectations of $XX For our XX:XX of summer and the million Pursuit dividends will of including growth These hotel for to we to including Loan expect primarily and variant. and expect We in the are equity. pay it cash B full Omicron open. impact the subject our

recover demand cash our manage continue maximize flows our to be our And evident back XXXX It their beyond. to remain to that, of incentive concluding will is over in as to great We value. stewards the focused capital growth on for and XX:XX that some our shareholder for company positioning industries, and Steve we with and the carefully strong continue call remarks. for I'll turn businesses success

Steve Moster

Thanks, XX:XX Ellen.

to our of on for reemerge business. Our well a both positioned strength in the pent-up company sides with of from pandemic is industries demand the position

the opportunity we Pursuit, at at leisure world-class we've at Refresh, for transformed profitable and into XXXX. as New travel strategy we experiences space. by scale event Buy to business recovery extraordinary growth drive this activity to economic this We encouraged will our strong For XX:XX create Pursuit the shareholders. proven a focused head our I'm and GES live and well advantage through in the as remain made GES. on more experiences year continue and of in of progress and optimistic Pursuit and disruption Build, take significantly returns our let's strategy that

margin higher structure the focus and more For profile generating GES, on to-date resume will improve build our cost we progress to cash the on and flexible through we've and clients made margin strong services. flow

path clear significantly have growth shareholder to enhance returns. a and We accelerate

liquidity to quality Our leisure high We experiential our flexibility our continue capitalize and in have XX:XX positions to events. with on strengthen the plan the strong investing future. position. We businesses sustain leading is disruptions have to market BXB and in experiential and pandemic leading financial we travel position market

this who thank for shareholders I support strong ahead XX:XX our and growth. investing in continue our to questions. has future Our be and there opportunities our excited that, pre-pandemic for the that I'm thank to open company. up possible employees are been we'll and bright call growth returns with Viad. strategy all the make for for hardworking tremendous want to proven about And successful long-term driving continued lies their dedicated

Operator

The [Operator with first from XX:XX proceed. Please Research. question comes Instructions] Northcoast you. Mehta Kartik Thank

Kartik Mehta

$XX Ellen, million XX:XX in want outflow do of understood I quarter? Hey. to did I afternoon. what the the for in would you, flow, Good right, just an anticipate the flow to sure I you first get you year? the And of make cash cash terms do $XX on million numbers expect

Ellen Ingersoll

to $XX million in we XX:XX $XX and XX million first to including the And Yes, $XX the the that's only five year, CapEx million $XX correct. and side, quarter, outflow about flow An gave operating in total then $XX to was on cash of for CapEx. outflow million CapEx. the guidance million

Kartik Mehta

near at EBITDA breakeven So or I'm and ensure levels assuming, Pursuit anticipating as GES. XX:XX in for

more that fair? You'd flow, anticipate a bit is free cash breakeven little

Ellen Ingersoll

cash greater be do the in XX:XX working so quarter expect Pursuit. the third Well, we capital the especially On -- greater, will and GES on yes. flow those but and than levels breakeven positive for

Kartik Mehta

just just for down for that what’s to on on about right. made the for getting compared that seeing wondering, level I'm your based What know breakeven. How I you've breakeven lower. what work on guidance Stephen, the much means based wondering I'm you've XXXX and are in terms XXXX. All done. you're XX:XX talked revenue you've expectations all on your GES? revenue GES, progress of revenue

Steve Moster

good a XX:XX the with the It's that on made I'm during really business performed based question. has we happy how pandemic. the Yeah. changes

down fourth quarter during terms revenue. QX had we bit look we QX I had about in also that we to the and between did than that I little profile but at were XX% much incremental our yeah, similar talked remarks of as revenues on difference had I through how flow quarter a fourth ‘XX ‘XX margin the in what the of where about XX% XXXX think half of we of revenue. ‘XX, stronger And

it's of of quality in now To somewhere at that $XX of on million I'm But question in revenue now. So clear right coming that of see that if parts look the of profitability of out we've the that the that we're the year, the revenue the through when moving breakeven, directly revenue, in the look the neighborhood terms mix I improving by it's breakeven I per signs course month lot changes area. of XX:XX is answer a your I and through. made, there encouraged

Ellen as would we the than but put somewhere So mentioned, again, month. anticipate on I $XX around breakeven a million year being a full greater breakeven basis,

Kartik Mehta

question EBITDA kind have because you're increases assuming been then of revenue Pursuit revenue? the Okay. lower to levels? by to going last anticipating attractions just levels inflation you you XX:XX I'm back price seeing. helpful even your and of Is will That's are on I one helped Pursuit. for and all or these new those with that pre-pandemic have expectations to go mean back get ability EBITDA your

Steve Moster

improvement XX:XX the within EBITDA and performance Actual revenue range.

biggest the is we momentum very, So is season. in biggest pace, we -- see for which booking very coming encouragement strong the see

Kartik Mehta

I XX:XX Okay, so apologize.

you pre-pandemic So, than just that said or of you I right? better to words I anticipate I wanted revenue -- out your Did mouth, levels. want be but don't to to in try put kind at

Steve Moster

what XX:XX – we're Yeah. And indicating

Kartik Mehta

Hello. apologize. I XX:XX

Ellen Ingersoll

did is you add to Kartik. David, to That anything XX:XX have else correct, that.

David Barry

XX:XX No.

Kartik Mehta

XX:XX Thank much. really I you appreciate very it.

Steve Moster

Kartik Thanks, XX:XX

Operator

XX:XX Kartik. Batory from comes Tyler Please Thank you, Janney. The next with question proceed.

Tyler Batory

here. the XX:XX taking all Appreciate thus detail Good afternoon. far questions. Thanks for my

you Now QX. I guidance GES' you can or want see the than start happen? people on side well? be you the in cancel you about postponements down more far. share QX observations in from saying any or shows details gave shows for May January. the that March are any do of Steve, or things, seen did Have you XX% expected to cancellations What as please so February

Steve Moster

Yeah. XX:XX

question. it's a So great

amount I Most kind place we -- seeing month cancellations the kind weeks that say, of of have bit and events pace month little has events is to larger the last the tremendous It's very first in attendees. of take business late floor died on opportunity of of couple postponement smaller February. albeit month were and levels postponements into in encouraging them were a the cancellations processing some a of when the January. in really of the to and any event, or pace pre-pandemic and I started will from four a was the XX:XX cancellation here Expo November the one in I declined any expect and January, has weren’t or believe exhibitors smaller. show they Omicron When production was for our continue. There I attend that of looked very the and me. in to the the on for for scale dramatically of So in the in little bit for at down a was January just I events December dramatically. it that quarter. I’ve of didn't of enthusiasm so for the and One during of peak that's heard that the a of the metrics similar Atlanta. It’s

So from very away success greater are that we pointing XXXX. some to positive there are as trends get further

Tyler Batory

QX, talked business in That's as Is that in past size. Great. well. about smaller you continue think, trend but this expect like expected Okay. that to I but more the helpful. XXXX shows about occurred of And the XX:XX in as we've in that something you in one things happening

Steve Moster

second higher XX:XX XX% than were happen phenomenon They events of events, quarter XXXX pre-pandemic their the the there As size. normal about comments, half. number only so fourth or were of we in mentioned I in and a of not more in It back of see that's so. events. were in our We XXXX that scheduling in number smaller anticipate the were would many down XXXX did so that's again a far mainly because from first happen into see the what return that half. will half do that I to that events events postponed seeing is, the return

Tyler Batory

very and some usually Switching business making do are in Banff I'm mostly there. of commentary advance? the some XX:XX David individuals bookings side to just, things their I statistics for or trade travel book summer trade you just of bookings start those Banff when look the on folks to group that include to Jasper, in very any optimistic Okay. Pursuit cited think Jasper, conversations. having strong curious things, does is you the I that Great. helpful. travel side That's in and gears and those I'm mean specifically

David Barry

XX:XX well. Thanks, tell a is alive is travel I trade bit Tyler. can and country-specific. you It

But policies And travel because the countries to to so generally see than more beginning they certainly pickup from place. have recover destinations, the strong outbound. we Europe, and opened have and other when that Australia beginning tour slowly of to we that, from Asian from again partners travel that's certain and opening from certainly put just from moving both in as and world inbound have going are Western

people are to a of and and tour travel, committing spaces seeing we're for space, lot deposited. signs encouraging So

is strong. our very So very, pacing

Tyler Batory

allocation XX:XX perspective. Okay. interested question from from just Excellent. And the then last me, capital a

on going projects talked number in million $XX know capacity I Your on and you million portfolio. now to $XX -- views the right of your investment CapEx given about

what in saw you to If the specifically on and Do you I of there the what think pipeline you share, to much significant too the just looks know go transactions, an the, you're the out you out but trigger potential buy for something. not curious something pull have can ability side I'm opportunity there detail and probably things? Pursuit

David Barry

speak capacity. to XX:XX Ellen Yeah,

interesting various to of and we're thoughtful be that capacity. is there spend opportunities lots lots or time things Ellen Steve and smart the our of And they think I be going what's might at speak and and trying is interesting looking the there to is activity, is how grow on business.

Steve Moster

allocation. Yeah. in capital of XX:XX terms Tyler

projects. think first in made say with happy new and invest during we to decisions I'd I the the some development really to continue I'm pandemic opportunities

where our We side liquidity. And the can capital. is to close ended benefit philosophy we continue the as $XXX into of allocate that for to on of we opportunities to look same, Pursuit will of the we million capital the seeing year we're is So going which allocation go the around XXXX. be business

to So the we have happen. to already we opportunities our bit the a make find we'll committed in and that right in for for acquisitions are deal, development Ellen eyes projects. of to open new we've or XXXX. ability projects size spoke to about reasonable do have But terms it little a way what

Tyler Batory

Great. from me. detail. That's XX:XX Okay. the all Appreciate

Steve Moster

Tyler. Thanks, XX:XX

Operator

Thank question with Maher proceed. from XX:XX B. you, The Bryan Riley. Tyler. Please comes next

Bryan Maher

David, and so far. those XX:XX and Ellen Good evening, for thanks Steve, comments

should from and How XXXX? Pursuit's to inflationary wage through improvements drive costs ability margin a questions and pressure about other thinking move of me. as couple be Just on we we

Steve Moster

bring important what's on fight board. people think and if I you war is talent, to a for in strong a culture work with hard XX:XX hard

want on right the place of facilities rewarding quite efforts on programs, from of a the recruitment leadership work. to so kind right the a we're focused it's good creating and one, environment world. the that good to work that's where So everything combination to people to around And

mix and return numbers visitation our as then our that, of Following guest evolves.

strongly. Our margin return will we believe

well the that is Country So program Visa on we Two doing focused that one the from game. to Commonwealth Commonwealth make that are go to are country people staffed powerful of another. to that things One and right ahead young we're in regard. sure the things allows

and in strong So Australians States success we're both JX Zealanders Jasper feel to and but ahead pressure, to I terms recruiting Canada and doing. is in the the Western United are I we're coming Banff then and Montana, of visa of and and key New those program work. to And the what to competition return in Alaska of we're in well are quite will positioned it. There efforts of think to confident the that ahead continue game of the to be respond the

Bryan Maher

question then just from me. Great. the XX:XX second And

have your give Omicron, and FlyOver are how more trends pricing on properties you to relates you're how initial to expectations. particularly expectations? us can your relative those And little Vegas, doing and then maybe recently, properties since had those expectations visitation Las it evolve color Delta as evolving we and As and to a relative open, been how Lagoon Sky

David Barry

terms Lagoon Sky population is buys think XX:XX someone kind to to spoke that of a XX,XXX and and close success products season in gift the the to the gift about into Iceland which on the product at that's We approximately of astounding. roughly year. generally product and within sell XXX,XXX population Yeah. earlier for that of you holiday the the about When hold

necessarily holiday we destination a buy. product visitor there the it's during period not who is So to a that Iceland

lift in a visitation been all by the health have periods that's greater jurisdictions restrictions. had and lifting we've past we of the tempered success and preparing have those authorities Omicron and didn't strong clearly, when times in that either of terms in indication obviously definitely as great or restrictions but surge help, to we're are imposed So process

year encouraged gives a little that terms is get year to in won't bit, the confidence a all just of into specific to we're different the of yet going unfold. the pacing let of the the I we're how bit but geographies sense both quite by that and evolved So in visitation us quite going

Bryan Maher

And Great. lastly for Ellen. maybe XX:XX

$XX mentioned gave a you I you kind the for number. paces Can the CapEx share believe quarter us think number that think million with of first and I a you million that $XX year quarters? throughout you how

Ellen Ingersoll

Sure. XX:XX

all second and a quarters pretty or evenly the minus plus quarter throughout first million. So, year few four actually pretty

Bryan Maher

XX:XX Okay. Great. Thanks. That's all from me.

Operator

XX:XX The from next Management. Thank Haimes Sage comes proceed. with Bryan. Barry Please you, question Asset

Barry Haimes

help cash whether to just XX:XX year I anticipate pieces XXXX. had the XXXX? get work amortization in year flow Thanks, a expense couple the give Can cash taxes the for of and any us and everybody the on of free Ellen, hard to Thanks. couple questions all interest a you for for and fill to thanks and in for in depreciation you XXXX.

Ellen Ingersoll

specific our sorry, but taxes that don't say, don't any the no I XX:XX that. on rates, current see anything cash given guidance, that We the haven't guidance we I'm of me Barry anything. don't debt D&A, we let current the given anticipate on haven't interest, changing third, and with at now. we that any the guidance see on interest, right it's

we what So no have on update really currently.

Barry Haimes

So follow-up. XX:XX just a

for and looked So both into will the if numbers then? expense, for fourth approximate XXXX quarter those D&A be to interest take I at

Ellen Ingersoll

it. to in the need further how giving that Then guidance you flows would Yeah. CapEx XX:XX it’s But on through. and without hard

Barry Haimes

XX:XX much. Okay. Thanks so

Operator

Company. The Riddick question Marc comes with proceed. XX:XX Thank next & from Sidoti you, Barry. Please

Marc Riddick

specifically that far questions wanted from do the season? hiring, wanted as to you're going amount just a modeling you. on upcoming expectations seeing been for the the I over what have of go and timing, from need expecting answered, as follow to everyone. Hi. to to I Yes. pricing already of or prepare Good what you're evening, dynamic XX:XX you're there -- maybe my Thank hiring some to so just up

David Barry

that Hey, specific -- to Pursuit. And that Mark. XX:XX does

Marc Riddick

commentary hiring within XX:XX there I Pursuit. was on believe

company with think I that So was the was correct.

David Barry

XX:XX as off. you know our season Well, kick Yeah.

end have the then competitive start demand. things start peak where hiring But process. of hiring pick to we we quite members of team staggering more busier second boarding April, to up So to I'm peak meet a in obviously demands what obviously to of when into season. we timing, go get quarter. May, encouraged we're and call We by It's Obviously, and our our on Visa North businesses I we are, focused in and for Canada we're much year. our Commonwealth to then who recruit work to we as America across to other country. earlier, workers mentioned quite started home on earlier come any States time to encourage their JX the and and season and and for American to North both programs come return then And than United spend the

business quite And we're by and focused of within will that's So provide on staffing support levels level that encouraged to service and appropriate. levels up it. to our our we the the match

Marc Riddick

XX:XX you. Thank

David Barry

Welcome. XX:XX

Steve Moster

Marc. Thanks, XX:XX

Operator

Marc. are time. There XX:XX at Instructions] Thank you, no questions additional [Operator this registered

back So for team I'll conference management the the remarks. closing pass to

Steve Moster

update Viad. Thank their the forward time an for and giving interest very Thank XX:XX you you, and look much. in thanks quarter. you for everybody We to for next

Operator

you XX:XX participation. That call. concludes the for Viad earnings quarter Corp fourth XXXX your Thank

disconnect lines. You your now may

Viad (VVI) 11 Feb 222021 Q4 Earnings call transcript