Investor Presentaiton
NON-GAAP FINANCIAL RECONCILIATION
PURSUIT ($M)
Revenue
Operating Income (Loss)
Depreciation
Amortization
Start-up Costs (A)
2015
2016
2017
2018
2019
2020
2021
2022
$ 112.2 $
153.4 $
173.9 $
185.3 $ 222.8 $
76.8 $
187.0 $ 299.3
$
27.8 $
35.8 $
47.9 $ 48.9 $ 54.3 $
(42.3) $
4.6 $
24.0
7.7
12.1
16.1
17.2
20.4
24.8
27.4
31.1
0.3
0.9
1.6
1.5
2.7
3.6
5.1
5.0
0.1
0.9
2.3
4.2
4.7
2.2
Fire-related Business Interruption Matters
Acquisition Integration & Transaction Costs
0.1
-
1.1
=
-
-
0.4
0.1
1.4
0.1
0.9
1.5
Remeasurement of finance lease obligation (B)
Adjusted EBITDA
4.2
$
35.8 $
49.9 $
66.0 $
68.6 $
81.2 $
Less: Capital Expenditures
(13.1)
(31.9)
(30.8)
(56.9)
(49.9)
(9.7) $
(43.2)
42.7 $
67.9
(54.3)
(56.8)
Free Cash Flow
$
22.7 $
18.0 $
35.2 $
11.7 $
31.3 $
(52.9) $
Cumulative Free Cash Flow
$
22.7 $
40.7 $
76.0 $
87.7 $
119.0
$
66.1 $
(11.6) $
54.4 $
11.2
65.6
Adjusted EBITDA Margin
GES ($M)
Revenue (¹)
976.9 $ 1,054.7 $ 1,133.1 $ 1,052.0 $ 1,079.9 $
Operating Income (Loss)
Depreciation
Amortization
Restructuring Related Inventory Write-Off (C)
31.9%
32.5%
38.0%
37.0%
36.4%
2015
2016
2017
2018
2019
-12.7%
2020
22.8%
22.7%
2021
2022
$
338.6 $
320.3 $
828.0
27.6 $
51.1 $
50.7 $
39.6 $
35.9 $
(73.9) $
(51.6) $
44.9
20.2
21.3
26.4
28.5
24.9
21.6
16.3
11.9
6.9
8.3
10.8
9.5
10.6
6.5
4.9
4.4
5.3
Acquisition Integration & Transaction Costs
0.9
0.6
0.2
0.2
Adjusted EBITDA
Less: Capital Expenditures
Free Cash Flow
Cumulative Free Cash Flow
$
55.6 $
81.2 $
88.2 $
77.7 $
71.5 $
(40.5) $
(30.4) $
61.3
(16.4)
(19.3)
(25.4)
(26.3)
(26.2)
(10.4)
$
39.2 $
61.9 $
$
39.2 $
101.1 $
62.7 $
163.8 $
51.4 $
215.2 $
45.3 $
260.5 $
(50.9) $
209.6 $
(3.1)
(33.5) $
176.1 $
(10.3)
51.0
227.0
Adjusted EBITDA Margin
(1)
5.7%
7.7%
7.8%
7.4%
6.6%
-12.0%
-9.5%
7.4%
Revenue has been adjusted in 2019 for immaterial errors related to the revenue recognition of GES' Corporate Accounts' third-party services, which are now reported on a net basis to reflect only the fees received for arranging these services.
(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, and the Golden Skybridge and Forest Park Alpine Hotel in Canada.
(B) Remeasurement of finance lease obligation represents the non-cash foreign exchange loss/(gain) included within Cost of Services related to the periodic remeasurement of the Sky Lagoon finance lease obligation.
(C) Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
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