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Viad Corp
11/7/2024
Good afternoon, my name is Jayla and I will be a conference operator today. At this time, I would like to welcome everyone to the VIAD Corps Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. If you're alone, you may begin your conference.
Good afternoon, and thank you for joining us for VIAB's 2024 Third Quarter Earnings Conference Call. During the call, you will hear from Steve Moster, our President and CEO, Ellen Ingersoll, our Chief Financial Officer, and David Berry, President and future CEO of Pursuits. As they discuss their business performance and outlook, they will reference specific pages from our earnings presentation, which is available on the investors section of our website. And before I turn the call over to Steve, I would like to draw your attention to pages two and three of our presentation, which contain important disclosures regarding the use of non-GAAP measures and forward-looking statements that we will provide during the call. And now, I'll turn it over to Steve, who will start on page four of our presentation.
Thanks, Kerry, and thanks for all of you for joining our call. I'd like to start off by discussing our three key business highlights and updates. First, I'm happy to report that both Pursuit and GES delivered very strong performance during the third quarter. Pursuit's adjusted EBITDA came in near the high end of our guidance range. Outside of Jasper, we continue to see strong demand for our attractions and lodges and the iconic locations in which we operate. GES's adjusted EBITDA was above our guidance with impressive revenue growth and margin improvement. We successfully serviced our major non-annual shows during this quarter and remain focused on discipline cost management. Second, I'm also pleased to announce that we recently completed a $15.9 million tuck-in acquisition for Pursuit's Glacier Park collection to expand our successful offering in that area. And third, We are on track to complete the transformative sale of GES by the end of the year. This transaction will establish pursuit at a pure play high growth and high margin business. Standalone pursuit will have the financial flexibility and the balance sheet to accelerate its refresh build by growth strategy and capitalize on a substantial growth prospects in the hospitality and attraction space. And now I'd like to turn the call over to Ellen, who will review our third quarter financial performance. Ellen.
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