Viad Corp (NYSE:VVI) Q4 2023 Earnings Conference Call February 8, 2024 5:00 PM ET
Company Participants
Carrie Long - IR
Steve Moster - President and CEO and President-GES
Ellen Ingersoll - CFO
David Barry - President of Pursuit
Conference Call Participants
Bryan Maher - B. Riley
Kartik Mehta - Northcoast Research
Tyler Batory - Oppenheimer
Alex Fuhrman - Craig-Hallum
Operator
Good afternoon. My name is Lydia, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Viad Corp's Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]
I'll now hand you over to Carrie Long to begin. Please go ahead.
Carrie Long
Good afternoon and thank you for joining us for Viad's 2023 fourth quarter and full year earnings conference call. We issued our earnings release after the market close today, along with an earnings presentation, which are both available on our website at viad.com. We'll be referencing specific pages from the presentation during the call as we discuss our business performance and outlook. I'd like to point out that our earnings press release and presentation contain important disclosures regarding non-GAAP measures that we'll be referencing during the call, including adjusted EBITDA and income before other items.
During the call, you'll be hearing from Steve Moster, our President and CEO and President of GES; Ellen Ingersoll, our Chief Financial Officer; and David Barry, President of Pursuit. Before I turn the call over to Steve, I'd like to remind everyone that certain statements made during the call, which are not historical facts, may constitute forward-looking statements. Information concerning business and other risk factors that could cause actual results to materially differ from those in the forward-looking statements can be found in our annual, quarterly and other current reports filed with the SEC.
And with that, I will turn the call over to Steve, who will be starting on Page 4 of the earnings presentation.
Steve Moster
Thanks Carrie, and thanks to all of you for joining our call.
I'm very happy to report that our finish to 2023 exceeded our expectations in what was a great year for our businesses. GES substantially outperformed our prior guidance during the quarter and Pursuit delivered solid results in this seasonally slower period.
Looking at the year as a whole, Pursuit set new records for both revenue and EBITDA, with the continued return of international leisure travel to our destinations and our expanded portfolio of experiences. GES delivered strong full year revenue growth with an EBITDA margin that was just 30 basis points shy of our 8% target, and as positive momentum continued for GES and the industry overall.