Viad Q2 Revenues Surge Nearly 24 Percent to $317 Million
August 1, 2015
The second quarter of 2015 was a good one for Phoenix-based Viad, the parent company of Global Experience Specialists, with revenues surging 23.7 percent to $317 million, compared with $256.4 million during the same time period the year before.
GES had a particularly strong quarter, with revenues increasing to $286.6 million, a 26.5 percent increase, compared with $226.6 million during the same time period the year before.
“GES delivered much stronger results in the second quarter than we had previously expected,” said Steve Moster, president and CEO.
He added, “The upside came from a number of areas, including same-show revenue growth, a near historic level of revenue from short-term bookings and a significant increase in sales to our corporate clients. The team did a great job driving this additional revenue to the bottom line.”
U.S. organic growth for GES in Q2 was $196.9 million, a 16.6 percent increase, compared with $168.8 million during the same time period the year before. International growth was even higher up to $85.7 million, compared with $63.4 million during the same time period the year before.
Moster said same-show growth of 7 percent in the second quarter was higher than the 5 percent that was expected, adding that it was a “positive sign for the industry.”
He also said that the company did “very well in short-term bookings”, which were contracts that came in since the beginning of the year.
“It really points back to the value proposition we have for our clients,” Moster said.
A big part of that value proposition is being a full-service destination for all of their client’s needs, which the company has striven for with the acquisition of companies such as onPeak, N200 and Blitz Communications. Moster said the acquisitions have “delivered as expected. “
He added the second quarter saw a lot of “great activity with cross-selling.” For example, existing shows, such as HAI HELI-EXPO and SIA Snow Show, to name a few, added additional services GES offered.
As to overall 2015 expectations, consolidated revenue is expected to be comparable to 2014 full-year revenue, despite negative show rotation of approximately $70 million and unfavorable currency translation of approximately $40 million.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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