Earnings: Viad’s Revenue, Earnings Beat Forecasts in Q2
August 16, 2024
Viad, a global provider of exhibition services and experiential marketing, reported strong Q2 results that exceed prior guidance. The parent company of global exhibition and trade show management company GES and global brand experience agency Spiro reported that GES revenues increased 19.6% year-over-year, primarily due to new client wins and continued underlying growth.
For Q2 that ended June 30, GES show performance and client spend remain strong, raising the company’s full year outlook, according to a release by Viad.
Here’s a deeper dive into the company’s financial performance.
What they are saying: “We delivered very strong second quarter results that exceeded our expectations,” said Viad President and CEO Steve Moster. “Both Pursuit (a division of Viad) and GES have seen significant demand for our extraordinary experiences and achieved remarkable results. GES continues to deliver solid profitable growth primarily from stronger high-margin corporate client spending and disciplined cost management.”
By the numbers: Viad reported revenues of $378.5 million in Q2, an increase of $58.2 million or 18.2% from Q2 2023. GES revenue of $277.3 million represented an increase of $45.5 million year-over-year. GES adjusted EBITDA of $44.4 million increased $17.6 million year-over-year primarily driven by higher revenue and significant margin expansion.
Related: Earnings: GES and Spiro Report Year-Over-Year Revenue Growth in Q1
Context: In Q2, GES produced a number of corporate events, association exhibitions, and independent trade shows, including the California Dental Association in May in Anaheim, the American Psychiatric Association in May in New York, the Association of Institutional Research in May in Denver, and the American Urological Association in May in San Antonio.
Looking ahead: “Given our stronger than expected performance during the first half of 2024 and the favorable underlying demand trends we are seeing, we were prepared to raise our full year guidance. For GES, we are raising our full year Adjusted EBITDA guidance range by $5 million,” Moster said.
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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