Viad Corp (NYSE:VVI) Q1 2018 Earnings Conference Call - Final Transcript

Apr 26, 2018 • 05:00 pm ET

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Viad Corp (NYSE:VVI) Q1 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the Viad Corp First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode until the question-and answer session of today's conference. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect.

And I would like to turn the call over to Carrie Long. You may begin.

Executive
Carrie Long

Thank you, and good afternoon, and thanks to all of you for joining us on Viad's 2018 first quarter earnings conference call. During the call, you'll be hearing from Steve Moster, our President and CEO; and Ellen Ingersoll, our Chief Financial Officer.

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 and quarterly reports filed with the SEC.

Additionally, we'll be referring to certain non-GAAP measures during the call, including income or loss before other items, adjusted segment EBITDA and adjusted segment operating income or loss. These measures exclude restructuring and impairment charges or recoveries, acquisition transaction related and integration costs and FlyOver Iceland start-up costs. Important disclosures regarding these measures, including reconciliations to net income attributable to Viad can be found in Table 2 of our earnings press release, which is available on www.viad.com.

With that, I will turn the call over to Steve.

Executive
Steve W. Moster

Thanks, Carrie, and thank you for joining us on today's call. We delivered solid first quarter earnings, which were lower than prior year due to negative show rotation. Both business units reported results that were in line with our expectations. At GES, we continue to see healthy industry fundamentals and realized our 20th straight quarter of same-show growth. Our US based same-show revenue growth was 3.7% for the quarter, which was a bit softer than our recent trend of mid-single digit growth. This was expected and was primarily due to one event that experienced a net square footage decline compared to its prior occurrence. Our efforts to position GES as the preferred global full-service provider for live events continues to drive results.

Our standard suite of services are strengthening our competitive position and helping to differentiate GES in the marketplace. The strength of our offering was recently validated by Reed Exhibitions, one of the world's largest event organizers. Looking to enhance the attendee experience, REED renewed our registration services contracted for our portfolio of shows in Dubai and added an expanded suite of technology offerings.

Our new contract includes our software as a service registration platform, NFC enabled smart badges and touch points, a lead capture app and an intelligent dashboard to drive engagement on the show floor and maximize the experience for all stakeholders. It's extremely rewarding to deliver innovative tools and services that drive unique value for our customers. As further validation, we were once again recognized as the best supplier to exhibitors at the 2018 Exhibition News Awards for our leading