Mission Statement, Vision, & Core Values (2024) of Viad Corp (VVI)

An Overview of Viad Corp (VVI)

General Overview of Viad Corp (VVI)

Viad Corp (VVI), established in 1926, has evolved into a diversified holding company with two primary business segments: GES (Global Experience Specialists) and Pursuit. GES provides comprehensive solutions for live events, including event marketing, production, and logistics. Pursuit focuses on hospitality and tourism experiences, managing attractions and accommodations in North America and beyond. As of 2024, Viad Corp reported total sales of approximately $1.1 billion, driven by a strong recovery in the events and tourism sectors post-pandemic.

Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, Viad Corp achieved total revenue of $455.7 million, representing a 24.5% increase compared to $365.9 million in the same period of the previous year. This growth was primarily attributed to a significant rise in revenue from GES, which increased by $94.5 million. However, Pursuit experienced a slight revenue decline of $4.7 million, largely due to the impact of the Jasper wildfires on hospitality operations.

Net income attributable to Viad for the same period was $48.6 million, a 17.8% increase from $41.3 million in the prior year. The diluted income per common share from continuing operations increased to $1.65, up from $1.44, marking a 14.6% rise year-over-year. For the nine months ended September 30, 2024, total revenue reached $1.1 billion, an increase of 17% from $947 million in the prior year period. Net income for this period was reported at $52.8 million, a substantial 68.4% increase from $31.4 million in the same nine-month period of 2023.

Introduction to Viad Corp as an Industry Leader

Viad Corp stands as a prominent player in the event services and tourism sectors, capitalizing on its extensive experience and diversified offerings. The company continues to demonstrate resilience and adaptability, particularly in the face of recent challenges such as the COVID-19 pandemic and natural disasters affecting its operations. With a robust strategy focused on enhancing customer experiences and expanding its market reach, Viad is well-positioned for continued growth. Investors and stakeholders looking to understand the factors behind Viad's success and its strategic direction should explore the company's initiatives and performance metrics further.

Mission Statement of Viad Corp (VVI)

Mission Statement Overview

Viad Corp's mission statement serves as a guiding principle that shapes the company's strategic direction and operational focus. It emphasizes the commitment to providing exceptional experiences in the tourism and event services sectors. By articulating its mission, Viad Corp aims to align its resources and initiatives to achieve long-term success and customer satisfaction.

Core Component 1: Exceptional Customer Experiences

Viad Corp prioritizes delivering exceptional customer experiences across its various business segments. This commitment is evidenced by the company's focus on enhancing service quality and engagement.

• In the third quarter of 2024, total revenue increased by 24.5% year-over-year, reaching $455.7 million, driven primarily by growth in the GES segment, which saw a revenue increase of $94.5 million.
• The Pursuit segment reported a revenue of $182.3 million for the third quarter, demonstrating a commitment to providing quality attractions and hospitality services.

Core Component 2: Innovation and Sustainability

Viad Corp embraces innovation and sustainability as core to its mission. The company continually seeks to improve its offerings and operations through innovative practices and sustainable solutions.

• In 2024, Viad Corp announced plans to invest in high-return unforgettable experiences, aligning with its Refresh, Build, Buy growth strategy, which emphasizes innovation.
• Insurance proceeds of approximately $4.7 million received for losses incurred during the Jasper wildfires reflect the company's proactive approach to risk management and recovery.

Core Component 3: Commitment to Community and Stakeholders

Viad Corp's mission statement underscores a commitment to its community and stakeholders, fostering relationships that contribute to mutual success.

• The company reported a net income attributable to Viad of $52.8 million for the nine months ended September 30, 2024, a substantial increase of 68.4% compared to the prior year, highlighting its financial health and ability to reinvest in community initiatives.
• Viad Corp maintains a strong balance sheet with total available liquidity of $228.8 million as of September 30, 2024, ensuring it can support community and stakeholder engagement initiatives.

Vision Statement of Viad Corp (VVI)

Vision Statement of Viad Corp (VVI)

Viad Corp's vision statement emphasizes its commitment to providing exceptional experiences and innovative solutions across its diverse business segments. The company aims to be a leader in the attractions and hospitality industries, focusing on sustainability, operational excellence, and guest satisfaction.

Viad Corp is dedicated to environmental sustainability as a core component of its vision. The company has implemented various initiatives to reduce its carbon footprint and promote eco-friendly practices. In 2024, Viad Corp reported a decrease in greenhouse gas emissions by 15% compared to the previous year. The company aims to further enhance its sustainability efforts by increasing the use of renewable energy sources in its operations.

Operational excellence is a key focus for Viad Corp, as it strives to enhance efficiency and effectiveness in all areas of its business. In 2024, the company achieved a 10% increase in operational efficiency, which is attributed to the implementation of advanced technologies and process improvements across its attractions and hospitality segments.

Providing outstanding guest experiences remains central to Viad Corp's vision. The company has invested heavily in enhancing customer service and engagement. As of September 30, 2024, Viad Corp reported a 92% customer satisfaction rate across its attractions, up from 88% in the previous year. This improvement is a result of staff training programs and the introduction of new service protocols aimed at elevating guest experiences.

Viad Corp continues to innovate within its attractions segment, introducing new experiences that enhance visitor engagement. In 2024, the company launched the FlyOver Chicago experience, which generated $3.3 million in revenue during its first quarter. This innovative attraction is part of the company's broader strategy to attract more visitors and increase revenue streams.

Viad Corp's vision includes strategic growth initiatives that focus on expanding its market presence. The company plans to invest approximately $50 million in capital expenditures in 2024 to enhance its existing properties and develop new attractions. This investment is expected to drive future revenue growth and enhance the overall customer experience.

In summary, Viad Corp's vision for 2024 is centered around sustainability, operational excellence, guest satisfaction, innovation, and strategic growth. The company's commitment to these key areas positions it as a leader in the attractions and hospitality industries.

Core Values of Viad Corp (VVI)

Integrity

Integrity is a fundamental value at Viad Corp, guiding the company's operations and interactions with stakeholders. It emphasizes honesty, transparency, and accountability in all business dealings.

In 2024, Viad demonstrated its commitment to integrity through various initiatives, including strict compliance with regulatory requirements and the establishment of a robust internal audit process. The company reported a net income of $60,499,000 for the nine months ended September 30, 2024, reflecting its commitment to ethical practices and sound financial management.

Innovation

Innovation drives Viad Corp's growth and competitive edge in the market. The company continually seeks to enhance its services and offerings through creative solutions and new technologies.

As part of its innovation strategy, Viad invested approximately $70 million to $80 million in capital expenditures for the next 12 months, focusing on growth projects. This includes the successful launch of the FlyOver Chicago attraction, which generated $3.3 million in revenue during the three months ended September 30, 2024.

Customer Focus

Customer focus is essential to Viad Corp's mission, ensuring that customer satisfaction remains a priority. The company aims to provide exceptional service and value to its clients.

In 2024, Viad's Pursuit segment achieved a revenue increase of $12.6 million compared to the previous year, largely attributed to enhanced customer experiences and engagement strategies. The company also reported an increase in attractions revenue of 1.5% during the three months ended September 30, 2024, underscoring its commitment to meeting customer needs.

Teamwork

Teamwork is a core value that fosters collaboration and collective success at Viad Corp. The company believes that diverse teams drive better results and innovation.

Viad's emphasis on teamwork is reflected in its share-based compensation expense, which amounted to $10,500,000 for the nine months ended September 30, 2024. This initiative encourages collaboration among employees and aligns their interests with the company's performance.

Sustainability

Sustainability is increasingly important in Viad Corp's operations, focusing on environmental stewardship and responsible business practices.

In 2024, Viad's commitment to sustainability was highlighted by its ongoing efforts to recover from the Jasper wildfires, with insurance proceeds received totaling approximately $4.7 million. The company aims to minimize its environmental impact while ensuring the long-term viability of its business operations.

Updated on 16 Nov 2024

Resources:

1. Viad Corp (VVI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Viad Corp (VVI)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Viad Corp (VVI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.