UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 3, 2022

VIAD CORP
 (Exact name of registrant as specified in its charter)

Delaware	001-11015	36-1169950	
(State or other jurisdiction
of incorporation)	(Commission File Number)	(IRS Employer
Identification No.)	
 	 	 	
7000 East 1st Avenue
Scottsdale, Arizona	 	85251-4304	
(Address of principal executive offices)	 	(Zip Code)	
 
Registrant’s telephone number, including area code: (602) 207-1000
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class	 	Trading
Symbol(s)	 	Name of each exchange on which registered	
Common Stock, $1.50 Par Value	 	VVI	 	New York Stock Exchange	
Preferred Stock Purchase Rights	 	__	 	New York Stock Exchange	
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.
On November 3, 2022, we issued a press release announcing our earnings for the third quarter ended September 30, 2022. A copy of the earnings press release is furnished as Exhibit 99.1 to this current report.
This press release, including Exhibit 99.1, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
On November 3, 2022, we posted an investor presentation to our website at www.viad.com. The information found on, or otherwise accessible through, our website is not incorporated by reference herein. A copy of the investor presentation is furnished as Exhibit 99.2 to this current report.
This investor presentation, including Exhibit 99.2, will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and it will not be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
 (d) Exhibits

Exhibit
Number	 	Description	
 	 	 	
99.1	 	Viad Corp Press Release dated November 3 , 2022	
99.2	 	Investor Presentation dated November 3, 2022	
104	 	 Cover Page Interactive Data File (embedded within the Inline XBRL document)	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	Viad Corp	
 	(Registrant)	
 	 	 	
November 3, 2022	By:	/s/ Leslie S. Striedel	
 	 	Leslie S. Striedel	
 	 	Chief Accounting Officer	

Exhibit 99.1

NEWS FOR IMMEDIATE RELEASE

Viad Corp Reports Results for the 2022 Third Quarter

●	Q3’22 results were significantly ahead of 2021, in line with prior guidance	
●	Pursuit posted record revenue driven by new experiences and strengthening international leisure travel	
●	GES delivered strong growth driven by continued industry recovery, improved cost structure, and solid execution	

SCOTTSDALE, November 3, 2022 -- Viad Corp (NYSE: VVI), a leading provider of experiential leisure travel and live events and marketing experiences, today reported net income attributable to Viad of $40.1 million for the 2022 third quarter.
Steve Moster, Viad’s president and chief executive officer, commented, “We delivered substantial growth during the third quarter as Pursuit and GES both experienced stronger demand. Revenue increased nearly 64 percent year-over-year and consolidated Adjusted EBITDA reached $82 million, surpassing the amount we realized in the 2019 third quarter.”
Moster continued, “Our actions to scale Pursuit, transform GES Exhibitions’ cost structure, and strengthen Spiro’s capabilities are accelerating our growth as we capitalize on the recovery of our industries.  I am very pleased with our performance thus far and excited about our trajectory.”
Third Quarter 2022 Financial Highlights

 	 	Three months ended September 30,	 	
(in millions)	 	2022	 	 	2021	 	 	$ Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	382.7	 	 	$	233.6	 	 	$	149.1	 	
Pursuit Revenue	 	 	163.8	 	 	 	117.6	 	 	 	46.2	 	
GES Revenue	 	 	218.9	 	 	 	116.0	 	 	 	102.9	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Viad	 	$	40.1	 	 	$	15.1	 	 	$	25.1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA*	 	$	82.0	 	 	$	52.3	 	 	$	29.7	 	
Pursuit Adjusted EBITDA*	 	 	75.1	 	 	 	59.6	 	 	 	15.5	 	
GES Adjusted EBITDA*	 	 	10.7	 	 	 	(4.2	)	 	 	14.9	 	
Corporate Adjusted EBITDA*	 	 	(3.8	)	 	 	(3.1	)	 	 	(0.7	)	

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
Net income attributable to Viad improved by $25 million from the 2021 third quarter primarily driven by higher revenue at GES and Pursuit.
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Pursuit Results
Pursuit’s third quarter revenue increased $46.2 million (39%) from the 2021 quarter. Pursuit’s same-store revenue from experiences that were owned and open prior to 2021 was $145.1 million, up $34.9 million from the 2021 third quarter primarily due to stronger visitation at our Canadian experiences, which were impacted in 2021 by border restrictions. Revenue from new experiences opened or acquired from 2021 forward was $18.7 million versus $7.4 million in the prior year quarter, reflecting the continued ramping of Sky Lagoon and Golden Skybridge and the additions of FlyOver Las Vegas and Glacier Raft Company.
Pursuit’s third quarter adjusted EBITDA increased by $15.5 million versus the 2021 third quarter primarily due to the increase in revenue.
Regarding Pursuit’s results, Moster commented, “Pursuit delivered significant year-over-year growth during the third quarter as international tourism to Canada and Iceland improved versus 2021 and our U.S. hotels and attractions continued to post very strong results. Although we haven’t yet seen a full recovery of long-haul international guests to our Canadian experiences, Pursuit continues to achieve record levels of revenue due to our ongoing Refresh, Build, Buy efforts.  We are driving growth through investments in new attractions and hotels, as well as upgraded food and beverage and retail offerings across our existing portfolio.”
Moster continued, “As long-haul leisure travel continues to recover and awareness of our newest attractions builds, we expect strong growth will continue beyond 2022.”
GES Results
GES’ third quarter revenue increased $102.9 million (89%) from the 2021 third quarter and Adjusted EBITDA improved by $14.9 million. These improvements are primarily due to increased live event activity as compared to the 2021 third quarter.
Regarding GES’ overall results, Moster commented, “GES posted strong third quarter results as live event activity continued to improve and we realized the benefits of an improved cost structure.  Same-show revenues for events produced by our U.S. exhibitions team grew to 91% of 2019 pre-pandemic levels, up from 46% in the 2021 third quarter, and we continued to see solid spending from Spiro’s corporate clients.”
Moster continued, “The benefits of our cost structure improvements are apparent when comparing our third quarter results to those achieved in the 2019 third quarter.  On essentially the same level of revenue, we delivered adjusted EBITDA that was $13.5 million better than the 2019 third quarter.  I remain confident that the actions we took during the pandemic have positioned GES Exhibitions and Spiro for greater success in the future.”
The following table provides a comparison of 2022 third quarter revenue and Adjusted EBITDA to the comparable period in 2021 for GES’ two reportable segments.
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 	 	Three months ended September 30,	 	
(in millions)	 	2022	 	 	2021	 	 	$ Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenue:	 	 	 	 	 	 	 	 	 	
Spiro	 	$	73.3	 	 	$	37.9	 	 	$	35.4	 	
GES Exhibitions	 	 	147.9	 	 	 	81.1	 	 	 	66.7	 	
Inter-segment Eliminations	 	 	(2.2	)	 	 	(3.0	)	 	 	0.7	 	
Total GES	 	$	218.9	 	 	$	116.0	 	 	$	102.9	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA*:	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	$	4.7	 	 	$	0.9	 	 	$	3.8	 	
GES Exhibitions	 	 	6.0	 	 	 	(5.1	)	 	 	11.1	 	
Total GES	 	$	10.7	 	 	$	(4.2	)	 	$	14.9	 	

* Refer to Table Two of this press release for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.
Balance Sheet and Cash Flow Highlights
We ended the third quarter with total liquidity of $165.8 million, comprising cash and cash equivalents of $79.2 million and $86.6 million of capacity available on our revolving credit facility ($100 million total facility size, less $13.4 million in letters of credit). Our debt totaled $479.4 million, including $397 million outstanding on our Term Loan B, financing lease obligations of approximately $60 million (which primarily comprises real estate leases at Pursuit), and approximately $22 million in other debt.
Our 2022 third quarter cash flow from operations was an inflow of approximately $61 million, our capital expenditures totaled approximately $23 million, and we paid approximately $2 million in cash dividends on our convertible preferred equity.  Our net debt payments during the quarter were approximately $8 million, including $15 million on our revolver offset in part by other borrowings of approximately $7 million.
Moster commented, “During the third quarter, we completed construction of and opened our new Forest Park Hotel in downtown Jasper and continued to make progress with other growth investments including FlyOver Chicago and a new mountain coaster at our Golden Skybridge attraction.  We remain focused on prudent cash management to maintain a strong liquidity position while also making smart investments in high-return growth opportunities through Pursuit’s Refresh, Build, Buy strategy.”
2022 Outlook
Regarding Viad’s outlook, Moster commented, “We have experienced very strong recovery across our businesses this year and we expect that will continue into the fourth quarter. At Pursuit, we’ll enter a seasonally slower part of the year, but we expect to deliver higher adjusted EBITDA as compared to the 2021 fourth quarter as same-store revenue improves and our newer year-round attractions continue to grow.  At GES, we expect the recent positive trends we have experienced in same-show revenue and corporate client spending will continue and result in higher fourth quarter revenue than we experienced in 2021.”
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Our guidance for Adjusted EBITDA is as follows:

(in millions)	 	Fourth Quarter	 	Full Year	 	Key Assumptions for Q4	
Pursuit	 	$(9)  to  $(5)	 	$70  to $74	 	●	Canada Q4 same store revenue improves year-over-year during this seasonally slow quarter	
 	 	(vs. negative $9.9 in 2021)	 	(vs. $42.7 in 2021 and prior guidance of $70 to $80)	 	●	New year-round experiences continue to ramp up as guest awareness builds	
 	 	 	 	 	 	●	Revenue management efforts and pricing power help offset wage rate and other inflationary pressures	
 	 	 	 	 	 	 	 	
GES	 	  $6 to  $11	 	$54  to $60	 	●	Exhibitions same-show revenue will generally remain at or better than 90% of pre-pandemic levels in Q4	
 	 	(vs. $9.6 in 2021)	 	(vs. negative $30.4 in 2021 and prior guidance of $50 to $60)	 	●	Experiential marketing budgets of major Spiro clients will remain at 80%+ of pre-pandemic levels	
 	 	 	 	 	 	●	SG&A higher year-over-year to support increased business activity and future revenue growth	
 	 	 	 	 	 	 	 	
Corporate	 	~$(3.5)	 	~$(13.5)	 	●	Run rate remains similar to YTD	

Conference Call Details
Management will host a conference call to review third quarter 2022 results on Thursday, November 3, 2022, at 5 p.m. (Eastern Time).
To join the live conference call, please register at least 10 minutes before the start of the call using the following link: https://www.netroadshow.com/events/login?show=7bb85684&confId=41918. After registering, an email confirmation will be sent that includes dial-in information as well as unique codes for entry into the live call. Registration will be open throughout the call.
A live audio webcast of the call will also be available in listen-only mode through the “Investors” section of our website. A replay of the webcast will be available on our website shortly after the call and, for a limited time, by calling (866) 813-9403 or (929) 458-6194 and entering the conference ID 371624.
Additionally, we will post a supplemental presentation, containing highlights of our results, trends and outlook, on the “Investors” section of our website prior to the conference call.  We will refer to this presentation during the call.
About Viad
Viad (NYSE: VVI), is a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events through two businesses: Pursuit and GES. Our business strategy focuses on delivering extraordinary experiences for our teams, clients and guests, and significant and sustainable growth and above-market returns for our shareholders. Viad is an S&P SmallCap 600 company.
Pursuit is a collection of inspiring and unforgettable travel experiences in Alaska, Montana, the Canadian Rockies, Vancouver, Reykjavik, and Las Vegas, as well as new experiences planned in Chicago and Toronto. Pursuit’s collection includes attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places.
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GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers through two reportable segments, Spiro and GES Exhibitions. Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. GES Exhibitions is a global exhibition services company that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows with teams throughout North America, Europe, and the Middle East.
For more information, visit www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements.  These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.

Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:

●	general economic uncertainty in key global markets and a worsening of global economic conditions;	
●	travel industry disruptions;	
●	seasonality of our businesses;	
●	the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;	
●	our ability to anticipate and adjust for the impact of the COVID-19 pandemic on our businesses;	
●	unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;	
●	our exposure to labor shortages, turnover, and labor cost increases;	
●	the importance of key members of our account teams to our business relationships;	
●	the competitive nature of the industries in which we operate;	
●	our dependence on large exhibition event clients;	
●	adverse effects of show rotation on our periodic results and operating margins;	
●	transportation disruptions and increases in transportation costs;	
●	natural disasters, weather conditions, accidents, and other catastrophic events;	
●	our exposure to labor cost increases and work stoppages related to unionized employees;	
●	our multi-employer pension plan funding obligations;	
●	our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;	
●	our exposure to cybersecurity attacks and threats;	
●	our exposure to currency exchange rate fluctuations;	
●	liabilities relating to prior and discontinued operations; and	
●	compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data.	

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For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.

Forward-Looking Non-GAAP Measures
The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP financial measure because certain reconciling items that impact this metric including, provision for income taxes, interest expense, restructuring or impairment charges, acquisition-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP.

Contact
Carrie Long or Michelle Porhola
Investor Relations
(602) 207-2681
ir@viad.com

###

VIAD CORP AND SUBSIDIARIES	 	
TABLE ONE - QUARTERLY RESULTS	 	
(UNAUDITED)	 	

 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
(in thousands, except per share data)	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	163,796	 	 	$	117,555	 	 	$	46,241	 	 	 	39.3	%	 	 	265,179	 	 	 	163,658	 	 	 	101,521	 	 	 	62.0	%	
GES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	 	73,277	 	 	 	37,866	 	 	 	35,411	 	 	 	93.5	%	 	$	205,518	 	 	$	61,869	 	 	$	143,649	 	 	 	 **		
GES Exhibitions	 	 	147,872	 	 	 	81,138	 	 	 	66,734	 	 	 	82.2	%	 	 	414,303	 	 	 	101,347	 	 	 	312,956	 	 	 	 **		
Inter-segment eliminations	 	 	(2,224	)	 	 	(2,960	)	 	 	736	 	 	 	24.9	%	 	 	(5,716	)	 	 	(3,107	)	 	 	(2,609	)	 	 	-84.0	%	
Total GES	 	 	218,925	 	 	 	116,044	 	 	 	102,881	 	 	 	88.7	%	 	$	614,105	 	 	$	160,109	 	 	$	453,996	 	 	 	 **		
Total revenue	 	$	382,721	 	 	$	233,599	 	 	$	149,122	 	 	 	63.8	%	 	$	879,284	 	 	$	323,767	 	 	$	555,517	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment operating income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	64,710	 	 	$	49,601	 	 	 	15,109	 	 	 	30.5	%	 	 	49,083	 	 	 	23,183	 	 	 	25,900	 	 	 	 **		
GES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	 	3,720	 	 	 	(399	)	 	 	4,119	 	 	 	 **		 	 	18,328	 	 	 	(14,779	)	 	$	33,107	 	 	 	 **		
GES Exhibitions	 	 	2,870	 	 	 	(9,100	)	 	 	11,970	 	 	 	 **		 	 	17,788	 	 	 	(41,521	)	 	 	59,309	 	 	 	 **		
Total GES	 	 	6,590	 	 	 	(9,499	)	 	 	16,089	 	 	 	 **		 	 	36,116	 	 	 	(56,300	)	 	 	92,416	 	 	 	 **		
Segment operating income (loss)	 	$	71,300	 	 	$	40,102	 	 	$	31,198	 	 	 	77.8	%	 	$	85,199	 	 	$	(33,117	)	 	$	118,316	 	 	 	 **		
Corporate eliminations	 	 	17	 	 	 	17	 	 	 	-	 	 	 	0.0	%	 	 	51	 	 	 	52	 	 	 	(1	)	 	 	-1.9	%	
Corporate activities (Note A)	 	 	(3,768	)	 	 	(3,093	)	 	 	(675	)	 	 	-21.8	%	 	 	(9,881	)	 	 	(8,104	)	 	 	(1,777	)	 	 	-21.9	%	
Restructuring charges (Note B)	 	 	(1,387	)	 	 	(2,186	)	 	 	799	 	 	 	36.6	%	 	 	(3,467	)	 	 	(5,799	)	 	 	2,332	 	 	 	40.2	%	
Impairment charges	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 **		 	 	(583	)	 	 	-	 	 	 	(583	)	 	 	 **		
Other expense	 	 	(280	)	 	 	(466	)	 	 	186	 	 	 	39.9	%	 	 	(1,530	)	 	 	(1,563	)	 	 	33	 	 	 	2.1	%	
Net interest expense (Note C)	 	 	(10,252	)	 	 	(9,518	)	 	 	(734	)	 	 	-7.7	%	 	 	(23,890	)	 	 	(20,168	)	 	 	(3,722	)	 	 	-18.5	%	
Income (loss) from continuing operations before income taxes	 	 	55,630	 	 	 	24,856	 	 	 	30,774	 	 	 	 **		 	 	45,899	 	 	 	(68,699	)	 	 	114,598	 	 	 	 **		
Income tax expense (Note D)	 	 	(9,802	)	 	 	(5,329	)	 	 	(4,473	)	 	 	-83.9	%	 	 	(10,579	)	 	 	(118	)	 	 	(10,461	)	 	 	 **		
Income (loss) from continuing operations	 	 	45,828	 	 	 	19,527	 	 	 	26,301	 	 	 	 **		 	 	35,320	 	 	 	(68,817	)	 	 	104,137	 	 	 	 **		
Income (loss) from discontinued operations	 	 	(42	)	 	 	248	 	 	 	(290	)	 	 	 **		 	 	285	 	 	 	534	 	 	 	(249	)	 	 	-46.6	%	
Net income (loss)	 	 	45,786	 	 	 	19,775	 	 	 	26,011	 	 	 	 **		 	 	35,605	 	 	 	(68,283	)	 	 	103,888	 	 	 	 **		
Net income attributable to noncontrolling interest	 	 	(5,729	)	 	 	(5,004	)	 	 	(725	)	 	 	-14.5	%	 	 	(4,976	)	 	 	(3,049	)	 	 	(1,927	)	 	 	-63.2	%	
Net loss attributable to redeemable noncontrolling interest	 	 	88	 	 	 	296	 	 	 	(208	)	 	 	-70.3	%	 	 	354	 	 	 	1,221	 	 	 	(867	)	 	 	-71.0	%	
Net income (loss) attributable to Viad	 	$	40,145	 	 	$	15,067	 	 	$	25,078	 	 	 	 **		 	$	30,983	 	 	$	(70,111	)	 	$	101,094	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Amounts Attributable to Viad:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations	 	$	40,187	 	 	$	14,819	 	 	$	25,368	 	 	 	 **		 	$	30,698	 	 	$	(70,645	)	 	$	101,343	 	 	 	 **		
Income (loss) from discontinued operations	 	 	(42	)	 	 	248	 	 	 	(290	)	 	 	 **		 	 	285	 	 	 	534	 	 	 	(249	)	 	 	-46.6	%	
Net income (loss)	 	$	40,145	 	 	$	15,067	 	 	$	25,078	 	 	 	 **		 	$	30,983	 	 	$	(70,111	)	 	$	101,094	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) per common share attributable to Viad (Note E):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic income (loss) per common share	 	$	1.40	 	 	$	0.46	 	 	$	0.94	 	 	 	 **		 	$	0.89	 	 	$	(3.77	)	 	$	4.66	 	 	 	 **		
Diluted income (loss) per common share	 	$	1.38	 	 	$	0.46	 	 	$	0.92	 	 	 	 **		 	$	0.89	 	 	$	(3.77	)	 	$	4.66	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted-average common shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic weighted-average outstanding common shares	 	 	20,612	 	 	 	20,420	 	 	 	192	 	 	 	0.9	%	 	 	20,567	 	 	 	20,396	 	 	 	171	 	 	 	0.8	%	
Additional dilutive shares related to share-based compensation	 	 	277	 	 	 	322	 	 	 	(45	)	 	 	-14.0	%	 	 	214	 	 	 	-	 	 	 	214	 	 	 	 **		
Diluted weighted-average outstanding common shares	 	 	20,889	 	 	 	20,742	 	 	 	147	 	 	 	0.7	%	 	 	20,781	 	 	 	20,396	 	 	 	385	 	 	 	1.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA* by Reportable Segment:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	75,085	 	 	$	59,593	 	 	$	15,492	 	 	 	26.0	%	 	$	79,200	 	 	$	52,543	 	 	$	26,657	 	 	 	50.7	%	
GES:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	 	4,688	 	 	 	890	 	 	 	3,798	 	 	 	 **		 	 	21,180	 	 	 	(10,709	)	 	 	31,889	 	 	 	 **		
GES Exhibitions	 	 	5,997	 	 	 	(5,115	)	 	 	11,112	 	 	 	 **		 	 	27,356	 	 	 	(29,303	)	 	 	56,659	 	 	 	 **		
Total GES	 	 	10,685	 	 	 	(4,225	)	 	 	14,910	 	 	 	 **		 	 	48,536	 	 	 	(40,012	)	 	 	88,548	 	 	 	 **		
Corporate	 	 	(3,811	)	 	 	(3,064	)	 	 	(747	)	 	 	-24.4	%	 	 	(9,613	)	 	 	(7,390	)	 	 	(2,223	)	 	 	-30.1	%	
Consolidated Adjusted EBITDA	 	 	81,959	 	 	 	52,304	 	 	 	29,655	 	 	 	56.7	%	 	 	118,123	 	 	 	5,141	 	 	 	112,982	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of September 30,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capitalization Data:	 	 	2022	 	 	 	2021	 	 	$ Change	 	 	% Change	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	 	79,151	 	 	 	110,756	 	 	 	(31,605	)	 	 	-28.5	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total debt	 	 	479,378	 	 	 	469,905	 	 	 	9,473	 	 	 	2.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Viad shareholders' equity	 	 	7,759	 	 	 	25,608	 	 	 	(17,849	)	 	 	-69.7	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-controlling interests (redeemable and non-redeemable)	 	 	88,886	 	 	 	91,902	 	 	 	(3,016	)	 	 	-3.3	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Convertible Series A Preferred Stock (Note F):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Convertible preferred stock (including accumulated dividends paid in kind)***	 	 	141,827	 	 	 	141,827	 	 	 	-	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equivalent number of common shares	 	 	6,674	 	 	 	6,674	 	 	 	-	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

* Refer to Table Two for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.	
** Change is greater than +/- 100 percent	
*** Amount shown excludes transaction costs, which are netted against the value of the preferred shares when presented on Viad's balance sheet.	

VIAD CORP AND SUBSIDIARIES	
TABLE ONE - NOTES TO QUARTERLY RESULTS	
(UNAUDITED)	
 	 	
(A)	Corporate Activities — The increase in corporate activities expense during the three and nine months ended September 30, 2022 was primarily due to higher performance-based compensation expense.	
 	 	
(B)	Restructuring Charges — Restructuring charges during the three and nine months ended September 30, 2022 and 2021 were primarily related to facility closures and severance at GES. In response to the COVID-19 pandemic, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments.	
 	 	
(C)	Net Interest Expense — The increase in interest expense during the three and nine months ended September 30, 2022 was primarily due to higher interest rates and higher debt balances in 2022, offset in part by $0.1 million in capitalized interest recorded during the three months ended September 30, 2022 and $2.7 million during the nine months ended September 30, 2022.	
 	 	
(D)	Income Tax Expense – The effective rate was 18% for the three months ended September 30, 2022 and 21% for the three months ended September 30, 2021.  The effective rate was 23% for the nine months ended September 30, 2022 and 0% for the nine months ended September 30, 2021. The effective tax rates differed from the blended statutory rate primarily as a result of excluding the tax expense or benefit in jurisdictions where we have a valuation allowance. The minimal tax expense recorded for the nine months ended September 30, 2021 on a pre-tax loss was due to the minimal pre-tax income earned in jurisdictions with no valuation allowance.	
 	 	
(E)	Income (Loss) per Common Share — We apply the two-class method in calculating income (loss) per common share as preferred stock and unvested share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share.	
 	 	
 	Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or as-converted method.  The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than participating securities.  The as-converted method uses net income (loss) available to common shareholders and assumes conversion of all potential shares including participating securities.  Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock.	
 	 	
 	Additionally, the adjustment to the carrying value of redeemable non-controlling interests is reflected in income (loss) per common share.	
 	 	
 	The components of basic and diluted income (loss) per share are as follows:	

 	 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
 	(in thousands)	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net income (loss) attributable to Viad	 	$	40,145	 	 	$	15,067	 	 	$	25,078	 	 	 	 **		 	$	30,983	 	 	$	(70,111	)	 	$	101,094	 	 	 	 **		
 	Convertible preferred stock dividends paid in cash	 	 	(1,950	)	 	 	(1,950	)	 	 	-	 	 	 	0.0	%	 	 	(5,850	)	 	 	(1,950	)	 	 	(3,900	)	 	 	 **		
 	Convertible preferred stock dividends paid in kind	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 **		 	 	-	 	 	 	(3,821	)	 	 	3,821	 	 	 	-100.0	%	
 	Adjustment to the redemption value of redeemable noncontrolling interest	 	 	-	 	 	 	(488	)	 	 	488	 	 	 	-100.0	%	 	 	(763	)	 	 	(1,091	)	 	 	328	 	 	 	30.1	%	
 	Undistributed income (loss) attributable to Viad	 	 	38,195	 	 	 	12,629	 	 	 	25,566	 	 	 	 **		 	 	24,370	 	 	 	(76,973	)	 	 	101,343	 	 	 	 **		
 	Less: Allocation to participating securities	 	 	(9,368	)	 	 	(3,141	)	 	 	(6,227	)	 	 	 **		 	 	(5,991	)	 	 	-	 	 	 	(5,991	)	 	 	 **		
 	Net income (loss) allocated to Viad common shareholders (basic)	 	$	28,827	 	 	$	9,488	 	 	$	19,339	 	 	 	 **		 	$	18,379	 	 	$	(76,973	)	 	$	95,352	 	 	 	 **		
 	Add: Allocation to participating securities	 	 	94	 	 	 	36	 	 	 	-	 	 	 	 **		 	 	46	 	 	 	-	 	 	 	-	 	 	 	 **		
 	Net income (loss) allocated to Viad common shareholders (diluted)	 	$	28,921	 	 	$	9,524	 	 	$	19,339	 	 	 	 **		 	$	18,425	 	 	$	(76,973	)	 	$	95,352	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Basic weighted-average outstanding common shares	 	 	20,612	 	 	 	20,420	 	 	 	192	 	 	 	0.9	%	 	 	20,567	 	 	 	20,396	 	 	 	171	 	 	 	0.8	%	
 	Additional dilutive shares related to share-based compensation	 	 	277	 	 	 	322	 	 	 	(45	)	 	 	-14.0	%	 	 	214	 	 	 	-	 	 	 	214	 	 	 	 **		
 	Diluted weighted-average outstanding common shares	 	 	20,889	 	 	 	20,742	 	 	 	147	 	 	 	0.7	%	 	 	20,781	 	 	 	20,396	 	 	 	385	 	 	 	1.9	%	

(F)	Convertible Series A Preferred Stock — On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible into shares of our common stock at a conversion price of $21.25 per share.  A total of $6.8 million of dividends have been paid in kind, including $3.8 million during the first and second quarters of 2021. We began paying preferred stock dividends in cash during the 2021 third quarter and we intend to pay in cash for the foreseeable future.	

VIAD CORP AND SUBSIDIARIES	
TABLE TWO - NON-GAAP FINANCIAL MEASURES	
(UNAUDITED)	
 	
IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES	
 	
This document includes the presentation of "Income (Loss) Before Other Items", "Adjusted EBITDA", "Segment Operating Income (Loss)", and "Adjusted Segment Operating Income (Loss)", which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.  These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes for, other similar measures reported in accordance with GAAP.  The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items affecting Viad’s consolidated financial performance as reconciled below.  Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.	
 	
Income (Loss) Before Other Items, Segment Operating Income (Loss), and Adjusted Segment Operating Income (Loss) are considered useful operating metrics, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Viad’s performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business. Management also believes that the presentation of Adjusted EBITDA for acquisitions and other major capital projects enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective.	

 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
(in thousands, except per share data)	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	 	2022	 	 	2021	 	 	$ Change	 	 	% Change	 	
Income (loss) before other items:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Viad	 	$	40,145	 	 	$	15,067	 	 	$	25,078	 	 	 	 **		 	$	30,983	 	 	$	(70,111	)	 	$	101,094	 	 	 	 **		
(Income) loss from discontinued operations attributable to Viad	 	 	42	 	 	 	(248	)	 	 	290	 	 	 	 **		 	 	(285	)	 	 	(534	)	 	 	249	 	 	 	46.6	%	
Income (loss) from continuing operations attributable to Viad	 	 	40,187	 	 	 	14,819	 	 	 	25,368	 	 	 	 **		 	 	30,698	 	 	 	(70,645	)	 	 	101,343	 	 	 	 **		
Restructuring charges, pre-tax	 	 	1,387	 	 	 	2,186	 	 	 	(799	)	 	 	-36.6	%	 	 	3,467	 	 	 	5,799	 	 	 	(2,332	)	 	 	-40.2	%	
Impairment charges, pre-tax	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 **		 	 	583	 	 	 	-	 	 	 	583	 	 	 	 **		
Pension plan withdrawal, pre-tax	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 **		 	 	-	 	 	 	57	 	 	 	(57	)	 	 	-100.0	%	
Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)	 	 	1,454	 	 	 	1,802	 	 	 	(348	)	 	 	-19.3	%	 	 	3,312	 	 	 	6,324	 	 	 	(3,012	)	 	 	-47.6	%	
Tax benefit on above items	 	 	(127	)	 	 	(362	)	 	 	235	 	 	 	64.9	%	 	 	(265	)	 	 	(680	)	 	 	415	 	 	 	61.0	%	
Income (loss) before other items	 	$	42,901	 	 	$	18,445	 	 	$	24,456	 	 	 	 **		 	$	37,795	 	 	$	(59,145	)	 	$	96,940	 	 	 	 **		

The components of income (loss) before other items per share are as follows:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before other items (as reconciled above)	 	 	42,901	 	 	 	18,445	 	 	 	24,456	 	 	 	 **		 	 	37,795	 	 	 	(59,145	)	 	 	96,940	 	 	 	 **		
Convertible preferred stock dividends paid in cash	 	 	(1,950	)	 	 	(1,950	)	 	 	-	 	 	 	0.0	%	 	 	(5,850	)	 	 	(1,950	)	 	 	(3,900	)	 	 	 **		
Convertible preferred stock dividends paid in kind	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 **		 	 	-	 	 	 	(3,821	)	 	 	3,821	 	 	 	-100.0	%	
Undistributed income (loss) before other items attributable to Viad (Note B)	 	 	40,951	 	 	 	16,495	 	 	 	24,456	 	 	 	 **		 	 	31,945	 	 	 	(64,916	)	 	 	96,861	 	 	 	 **		
Less: Allocation to participating securities (Note C)	 	 	(9,943	)	 	 	(4,055	)	 	 	(5,888	)	 	 	 **		 	 	(7,792	)	 	 	-	 	 	 	(7,792	)	 	 	 **		
Diluted income (loss) before other items allocated to Viad common shareholders	 	$	31,008	 	 	$	12,440	 	 	$	18,568	 	 	 	 **		 	$	24,153	 	 	$	(64,916	)	 	$	89,069	 	 	 	 **		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted weighted-average outstanding common shares	 	 	20,889	 	 	 	20,742	 	 	 	147	 	 	 	0.7	%	 	 	20,781	 	 	 	20,396	 	 	 	385	 	 	 	1.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before other items per common share	 	$	1.48	 	 	$	0.60	 	 	$	0.88	 	 	 	 **		 	$	1.16	 	 	$	(3.18	)	 	$	4.34	 	 	 	 **		

(A)	Acquisition-related costs and other non-recurring expenses include:	

 	 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
 	(in thousands)	 	2022	 	 	2021	 	 	2022	 	 	2021	 	
 	Acquisition integration costs - Pursuit1	 	$	17	 	 	$	-	 	 	$	136	 	 	$	6	 	
 	Acquisition transaction-related costs - Pursuit1	 	 	834	 	 	 	381	 	 	 	1,235	 	 	 	653	 	
 	Acquisition transaction-related costs - Corporate2	 	 	(69	)	 	 	4	 	 	 	39	 	 	 	63	 	
 	Attraction start-up costs1, 3	 	 	672	 	 	 	1,415	 	 	 	1,751	 	 	 	5,033	 	
 	Other non-recurring expenses2, 4	 	 	-	 	 	 	2	 	 	 	151	 	 	 	569	 	
 	Acquisition-related and other non-recurring expenses, pre-tax	 	$	1,454	 	 	$	1,802	 	 	$	3,312	 	 	$	6,324	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1 Included in segment operating loss     	
 	2 Included in corporate activities	
 	3 Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, the Golden Skybridge and Forest Park Hotel in Canada.	
 	4 Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.	

(B)	We exclude the adjustment to the redemption value of redeemable noncontrolling interest from the calculation of income before other items per share as it is a non-cash adjustment that does not affect net income or loss attributable to Viad.	
 	                	
(C)	Preferred stock and unvested share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) before other items per common share unless the effect of such inclusion is anti-dilutive.  The following table provides the share data used for calculating the allocation to participating securities if applicable:	

 	 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
 	(in thousands)	 	2022	 	 	2021	 	 	2022	 	 	2021	 	
 	Weighted-average outstanding common shares	 	 	20,889	 	 	 	20,742	 	 	 	20,781	 	 	 	20,396	 	
 	Effect of participating convertible preferred shares (if applicable)	 	 	6,674	 	 	 	6,674	 	 	 	6,674	 	 	 	-	 	
 	Effect of participating non-vested shares (if applicable)	 	 	24	 	 	 	87	 	 	 	30	 	 	 	-	 	
 	Weighted-average shares including effect of participating interests (if applicable)	 	 	27,587	 	 	 	27,503	 	 	 	27,485	 	 	 	20,396	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
** Change is greater than +/- 100 percent	

VIAD CORP AND SUBSIDIARIES	
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)	
(UNAUDITED)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store - The term "same-store" is used within this document to refer to results without the impact of new experiences, if any, until such new experiences are included in the entirety of both comparable periods. Management believes that the presentation of "same-store" results permits investors to better understand Viad's performance without the effects of new experiences.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three months ended September 30, 2022	 	 	Three months ended September 30, 2021	 	
($ in thousands)	 	As Reported	 	 	New
Experiences
(Note A)	 	 	Same-Store	 	 	As Reported	 	 	New
Experiences
(Note A)	 	 	Same-Store	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Viad Consolidated:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	382,721	 	 	$	18,731	 	 	$	363,990	 	 	$	233,599	 	 	$	7,377	 	 	$	226,222	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Viad	 	$	40,145	 	 	 	 	 	 	 	 	 	 	$	15,067	 	 	 	 	 	 	 	 	 	
Net income attributable to noncontrolling interest	 	 	5,729	 	 	 	 	 	 	 	 	 	 	 	5,004	 	 	 	 	 	 	 	 	 	
Net loss attributable to redeemable noncontrolling interest	 	 	(88	)	 	 	 	 	 	 	 	 	 	 	(296	)	 	 	 	 	 	 	 	 	
(Income) loss from discontinued operations	 	 	42	 	 	 	 	 	 	 	 	 	 	 	(248	)	 	 	 	 	 	 	 	 	
Net interest expense	 	 	10,252	 	 	 	 	 	 	 	 	 	 	 	9,518	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	9,802	 	 	 	 	 	 	 	 	 	 	 	5,329	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	12,956	 	 	 	 	 	 	 	 	 	 	 	13,476	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	1,387	 	 	 	 	 	 	 	 	 	 	 	2,186	 	 	 	 	 	 	 	 	 	
Other expense	 	 	280	 	 	 	 	 	 	 	 	 	 	 	466	 	 	 	 	 	 	 	 	 	
Start-up costs (B)	 	 	672	 	 	 	 	 	 	 	 	 	 	 	1,415	 	 	 	 	 	 	 	 	 	
Acquisition transaction-related costs	 	 	765	 	 	 	 	 	 	 	 	 	 	 	385	 	 	 	 	 	 	 	 	 	
Integration costs	 	 	17	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	
Other non-recurring expenses	 	 	-	 	 	 	 	 	 	 	 	 	 	 	2	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA	 	$	81,959	 	 	$	6,307	 	 	$	75,652	 	 	$	52,304	 	 	$	3,118	 	 	$	49,186	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA by Business:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	75,085	 	 	$	6,307	 	 	$	68,778	 	 	$	59,593	 	 	$	3,118	 	 	$	56,475	 	
Total GES	 	 	10,685	 	 	 	-	 	 	 	10,685	 	 	 	(4,225	)	 	 	-	 	 	 	(4,225	)	
Total Segment EBITDA	 	 	85,770	 	 	 	6,307	 	 	 	79,463	 	 	 	55,368	 	 	 	3,118	 	 	 	52,250	 	
Corporate EBITDA	 	 	(3,811	)	 	 	-	 	 	 	(3,811	)	 	 	(3,064	)	 	 	-	 	 	 	(3,064	)	
Consolidated Adjusted EBITDA	 	$	81,959	 	 	$	6,307	 	 	$	75,652	 	 	$	52,304	 	 	$	3,118	 	 	$	49,186	 	

Pursuit Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	163,796	 	 	$	18,731	 	 	$	145,065	 	 	$	117,555	 	 	$	7,377	 	 	$	110,178	 	
Cost of services and products	 	 	(99,086	)	 	 	(14,743	)	 	 	(84,343	)	 	 	(67,954	)	 	 	(6,465	)	 	 	(61,489	)	
Segment operating income	 	 	64,710	 	 	 	3,988	 	 	 	60,722	 	 	 	49,601	 	 	 	912	 	 	 	48,689	 	
Depreciation	 	 	7,501	 	 	 	1,180	 	 	 	6,321	 	 	 	6,734	 	 	 	400	 	 	 	6,334	 	
Amortization	 	 	1,351	 	 	 	450	 	 	 	901	 	 	 	1,462	 	 	 	391	 	 	 	1,071	 	
Start-up costs (B)	 	 	672	 	 	 	672	 	 	 	-	 	 	 	1,415	 	 	 	1,415	 	 	 	-	 	
Acquisition transaction-related costs	 	 	834	 	 	 	-	 	 	 	834	 	 	 	381	 	 	 	-	 	 	 	381	 	
Integration costs	 	 	17	 	 	 	17	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	
Adjusted EBITDA	 	$	75,085	 	 	$	6,307	 	 	$	68,778	 	 	$	59,593	 	 	$	3,118	 	 	$	56,475	 	
Pursuit Operating margin	 	 	39.5	%	 	 	21.3	%	 	 	41.9	%	 	 	42.2	%	 	 	12.4	%	 	 	44.2	%	
Pursuit Adjusted EBITDA margin	 	 	45.8	%	 	 	33.7	%	 	 	47.4	%	 	 	50.7	%	 	 	42.3	%	 	 	51.3	%	

Total GES Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	218,925	 	 	$	-	 	 	$	218,925	 	 	$	116,044	 	 	$	-	 	 	$	116,044	 	
Cost of services and products	 	 	(212,335	)	 	 	-	 	 	 	(212,335	)	 	 	(125,543	)	 	 	-	 	 	 	(125,543	)	
Segment operating income (loss)	 	 	6,590	 	 	 	-	 	 	 	6,590	 	 	 	(9,499	)	 	 	-	 	 	 	(9,499	)	
Depreciation	 	 	2,970	 	 	 	-	 	 	 	2,970	 	 	 	4,024	 	 	 	-	 	 	 	4,024	 	
Amortization	 	 	1,125	 	 	 	-	 	 	 	1,125	 	 	 	1,250	 	 	 	-	 	 	 	1,250	 	
Total GES Adjusted EBITDA	 	$	10,685	 	 	$	-	 	 	$	10,685	 	 	$	(4,225	)	 	$	-	 	 	$	(4,225	)	
Total GES Operating margin	 	 	3.0	%	 	 	 	 	 	 	3.0	%	 	 	-8.2	%	 	 	 	 	 	 	-8.2	%	
Total GES Adjusted EBITDA margin	 	 	4.9	%	 	 	 	 	 	 	4.9	%	 	 	-3.6	%	 	 	 	 	 	 	-3.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Adjusted EBITDA by Reportable Segment:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	$	4,688	 	 	 	 	 	 	$	4,688	 	 	$	890	 	 	 	 	 	 	$	890	 	
GES Exhibitions	 	 	5,997	 	 	 	 	 	 	 	5,997	 	 	 	(5,115	)	 	 	 	 	 	 	(5,115	)	
Total GES	 	$	10,685	 	 	$	-	 	 	$	10,685	 	 	$	(4,225	)	 	$	-	 	 	$	(4,225	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Revenue	 	$	73,277	 	 	$	-	 	 	$	73,277	 	 	$	37,866	 	 	$	-	 	 	$	37,866	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Adjusted EBITDA Margin	 	 	6.4	%	 	 	 	 	 	 	6.4	%	 	 	2.4	%	 	 	 	 	 	 	2.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Revenue	 	$	147,872	 	 	$	-	 	 	$	147,872	 	 	$	81,138	 	 	$	-	 	 	$	81,138	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Adjusted EBITDA Margin	 	 	4.1	%	 	 	 	 	 	 	4.1	%	 	 	-6.3	%	 	 	 	 	 	 	-6.3	%	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(A) New Experiences comprises the following attractions and hotel properties that were opened or acquired after January 1, 2021: Sky Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and opened June 2021), FlyOver Las Vegas (opened September 2021), Glacier Raft Company (acquired April 2022), and Forest Park Hotel (opened August 2022) and costs related to the development of new experiences.	 	
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, and Forest Park Hotel in Canada.	 	 	 	 	 	 	 	 	 	

VIAD CORP AND SUBSIDIARIES	
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)	
(UNAUDITED)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same-Store - The term "same-store" is used within this document to refer to results without the impact of new experiences, if any, until such new experiences are included in the entirety of both comparable periods. Management believes that the presentation of "same-store" results permits investors to better understand Viad's performance without the effects of new experiences.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Nine months ended September 30, 2022	 	 	Nine months ended September 30, 2021	 	
($ in thousands)	 	As Reported	 	 	New
Experiences
(Note A)	 	 	Same-Store	 	 	As Reported	 	 	New
Experiences
(Note A)	 	 	Same-Store	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Viad Consolidated:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	879,284	 	 	$	33,219	 	 	$	846,065	 	 	$	323,767	 	 	$	10,504	 	 	$	313,263	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Viad	 	$	30,983	 	 	 	 	 	 	 	 	 	 	$	(70,111	)	 	 	 	 	 	 	 	 	
Net income attributable to noncontrolling interest	 	 	4,976	 	 	 	 	 	 	 	 	 	 	 	3,049	 	 	 	 	 	 	 	 	 	
Net loss attributable to redeemable noncontrolling interest	 	 	(354	)	 	 	 	 	 	 	 	 	 	 	(1,221	)	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	 	(285	)	 	 	 	 	 	 	 	 	 	 	(534	)	 	 	 	 	 	 	 	 	
Net interest expense	 	 	23,890	 	 	 	 	 	 	 	 	 	 	 	20,168	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	10,579	 	 	 	 	 	 	 	 	 	 	 	118	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	39,442	 	 	 	 	 	 	 	 	 	 	 	39,986	 	 	 	 	 	 	 	 	 	
Restructuring charges	 	 	3,467	 	 	 	 	 	 	 	 	 	 	 	5,799	 	 	 	 	 	 	 	 	 	
Impairment charges	 	 	583	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	
Other expense	 	 	1,530	 	 	 	 	 	 	 	 	 	 	 	1,563	 	 	 	 	 	 	 	 	 	
Start-up costs (B)	 	 	1,751	 	 	 	 	 	 	 	 	 	 	 	5,033	 	 	 	 	 	 	 	 	 	
Acquisition transaction-related costs	 	 	1,274	 	 	 	 	 	 	 	 	 	 	 	716	 	 	 	 	 	 	 	 	 	
Integration costs	 	 	136	 	 	 	 	 	 	 	 	 	 	 	6	 	 	 	 	 	 	 	 	 	
Other non-recurring expenses (C)	 	 	151	 	 	 	 	 	 	 	 	 	 	 	569	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA	 	$	118,123	 	 	$	6,175	 	 	$	111,948	 	 	$	5,141	 	 	$	4,169	 	 	$	972	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA by Business:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	79,200	 	 	$	6,175	 	 	$	73,025	 	 	$	52,543	 	 	$	4,169	 	 	$	48,374	 	
Total GES	 	 	48,536	 	 	 	-	 	 	 	48,536	 	 	 	(40,012	)	 	 	-	 	 	 	(40,012	)	
Total Segment EBITDA	 	 	127,736	 	 	 	6,175	 	 	 	121,561	 	 	 	12,531	 	 	 	4,169	 	 	 	8,362	 	
Corporate EBITDA	 	 	(9,613	)	 	 	-	 	 	 	(9,613	)	 	 	(7,390	)	 	 	-	 	 	 	(7,390	)	
Consolidated Adjusted EBITDA	 	$	118,123	 	 	$	6,175	 	 	$	111,948	 	 	$	5,141	 	 	$	4,169	 	 	$	972	 	

Pursuit Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	265,179	 	 	$	33,219	 	 	$	231,960	 	 	$	163,658	 	 	$	10,504	 	 	$	153,154	 	
Cost of services and products	 	 	(216,096	)	 	 	(33,875	)	 	 	(182,221	)	 	 	(140,475	)	 	 	(12,865	)	 	 	(127,610	)	
Segment operating income (loss)	 	 	49,083	 	 	 	(656	)	 	 	49,739	 	 	 	23,183	 	 	 	(2,361	)	 	 	25,544	 	
Depreciation	 	 	23,149	 	 	 	3,672	 	 	 	19,477	 	 	 	19,737	 	 	 	459	 	 	 	19,278	 	
Amortization	 	 	3,846	 	 	 	1,272	 	 	 	2,574	 	 	 	3,931	 	 	 	1,038	 	 	 	2,893	 	
Start-up costs (B)	 	 	1,751	 	 	 	1,751	 	 	 	-	 	 	 	5,033	 	 	 	5,033	 	 	 	-	 	
Acquisition transaction-related costs	 	 	1,235	 	 	 	-	 	 	 	1,235	 	 	 	653	 	 	 	-	 	 	 	653	 	
Integration costs	 	 	136	 	 	 	136	 	 	 	-	 	 	 	6	 	 	 	-	 	 	 	6	 	
Adjusted EBITDA	 	$	79,200	 	 	$	6,175	 	 	$	73,025	 	 	$	52,543	 	 	$	4,169	 	 	$	48,374	 	
Pursuit Operating margin	 	 	18.5	%	 	 	-2.0	%	 	 	21.4	%	 	 	14.2	%	 	 	-22.5	%	 	 	16.7	%	
Pursuit Adjusted EBITDA margin	 	 	29.9	%	 	 	18.6	%	 	 	31.5	%	 	 	32.1	%	 	 	39.7	%	 	 	31.6	%	

Total GES Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	614,105	 	 	$	-	 	 	$	614,105	 	 	$	160,109	 	 	$	-	 	 	$	160,109	 	
Cost of services and products	 	 	(577,989	)	 	 	-	 	 	 	(577,989	)	 	 	(216,409	)	 	 	-	 	 	 	(216,409	)	
Segment operating income (loss)	 	 	36,116	 	 	 	-	 	 	 	36,116	 	 	 	(56,300	)	 	 	-	 	 	 	(56,300	)	
Depreciation	 	 	9,112	 	 	 	-	 	 	 	9,112	 	 	 	12,573	 	 	 	-	 	 	 	12,573	 	
Amortization	 	 	3,308	 	 	 	-	 	 	 	3,308	 	 	 	3,715	 	 	 	-	 	 	 	3,715	 	
Total GES Adjusted EBITDA	 	$	48,536	 	 	$	-	 	 	$	48,536	 	 	$	(40,012	)	 	$	-	 	 	$	(40,012	)	
Total GES Operating margin	 	 	5.9	%	 	 	 	 	 	 	5.9	%	 	 	-35.2	%	 	 	 	 	 	 	-35.2	%	
Total GES Adjusted EBITDA margin	 	 	7.9	%	 	 	 	 	 	 	7.9	%	 	 	-25.0	%	 	 	 	 	 	 	-25.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Adjusted EBITDA by Reportable Segment:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	$	21,180	 	 	 	 	 	 	$	21,180	 	 	$	(10,709	)	 	 	 	 	 	$	(10,709	)	
GES Exhibitions	 	 	27,356	 	 	 	 	 	 	 	27,356	 	 	 	(29,303	)	 	 	 	 	 	 	(29,303	)	
Total GES	 	$	48,536	 	 	$	-	 	 	$	48,536	 	 	$	(40,012	)	 	$	-	 	 	$	(40,012	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Revenue	 	$	205,518	 	 	$	-	 	 	$	205,518	 	 	$	61,869	 	 	$	-	 	 	$	61,869	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Adjusted EBITDA Margin	 	 	10.3	%	 	 	 	 	 	 	10.3	%	 	 	-17.3	%	 	 	 	 	 	 	-17.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Revenue	 	$	414,303	 	 	$	-	 	 	$	414,303	 	 	$	101,347	 	 	$	-	 	 	$	101,347	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Adjusted EBITDA Margin	 	 	6.6	%	 	 	 	 	 	 	6.6	%	 	 	-28.9	%	 	 	 	 	 	 	-28.9	%	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(A) New Experiences comprises the following attractions and hotel properties that were opened or acquired after January 1, 2021: Sky Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and opened June 2021), FlyOver Las Vegas (opened September 2021), Glacier Raft Company (acquired April 2022), and Forest Park Hotel (opened August 2022) and costs related to the development of new experiences.	 	
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, the Golden Skybridge, and Forest Park Hotel in Canada.	 	
(C) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

VIAD CORP AND SUBSIDIARIES	 	
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)	 	
(UNAUDITED)	 	

The following table provides revenue and Adjusted EBITDA by quarter for 2021, along with reconciliations of Adjusted EBITDA to the nearest GAAP measure, net income attributable to Viad.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2021	 	
($ in thousands)	 	First Quarter	 	 	Second Quarter	 	 	Third Quarter	 	 	Fourth Quarter	 	 	Full Year	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Viad Consolidated:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net (loss) income attributable to Viad	 	$	(43,152	)	 	$	(42,026	)	 	$	15,067	 	 	$	(22,544	)	 	$	(92,655	)	
Net (loss) income attributable to noncontrolling interest	 	 	(1,445	)	 	 	(510	)	 	 	5,004	 	 	 	(1,363	)	 	 	1,686	 	
Net loss attributable to redeemable noncontrolling interest	 	 	(494	)	 	 	(431	)	 	 	(296	)	 	 	(545	)	 	 	(1,766	)	
(Income) loss from discontinued operations	 	 	(348	)	 	 	62	 	 	 	(248	)	 	 	(24	)	 	 	(558	)	
Net interest expense	 	 	5,085	 	 	 	5,565	 	 	 	9,518	 	 	 	8,156	 	 	 	28,324	 	
Income tax expense (benefit)	 	 	(3,045	)	 	 	(2,166	)	 	 	5,329	 	 	 	(1,906	)	 	 	(1,788	)	
Depreciation and amortization	 	 	13,177	 	 	 	13,333	 	 	 	13,476	 	 	 	13,764	 	 	 	53,750	 	
Restructuring charges	 	 	2,826	 	 	 	787	 	 	 	2,186	 	 	 	267	 	 	 	6,066	 	
Other expense	 	 	360	 	 	 	680	 	 	 	466	 	 	 	507	 	 	 	2,013	 	
Pension plan withdrawal	 	 	-	 	 	 	57	 	 	 	-	 	 	 	-	 	 	 	57	 	
Start-up costs (A)	 	 	1,564	 	 	 	2,054	 	 	 	1,415	 	 	 	(289	)	 	 	4,744	 	
Acquisition transaction-related costs	 	 	243	 	 	 	88	 	 	 	385	 	 	 	176	 	 	 	892	 	
Integration costs	 	 	1	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	6	 	
Other non-recurring expenses (B)	 	 	10	 	 	 	557	 	 	 	2	 	 	 	-	 	 	 	569	 	
Consolidated Adjusted EBITDA	 	$	(25,218	)	 	$	(21,945	)	 	$	52,304	 	 	$	(3,801	)	 	$	1,340	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Adjusted EBITDA by Business:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pursuit	 	$	(9,061	)	 	$	2,011	 	 	$	59,593	 	 	$	(9,854	)	 	$	42,689	 	
Total GES	 	 	(14,226	)	 	 	(21,561	)	 	 	(4,225	)	 	 	9,649	 	 	 	(30,363	)	
Total Segment EBITDA	 	 	(23,287	)	 	 	(19,550	)	 	 	55,368	 	 	 	(205	)	 	 	12,326	 	
Corporate EBITDA	 	 	(1,931	)	 	 	(2,395	)	 	 	(3,064	)	 	 	(3,596	)	 	 	(10,986	)	
Consolidated Adjusted EBITDA	 	$	(25,218	)	 	$	(21,945	)	 	$	52,304	 	 	$	(3,801	)	 	$	1,340	 	

Pursuit Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	9,790	 	 	$	36,313	 	 	$	117,555	 	 	$	23,390	 	 	$	187,048	 	
Cost of services and products	 	 	(28,111	)	 	 	(44,410	)	 	 	(67,954	)	 	 	(41,964	)	 	 	(182,439	)	
Segment operating income (loss)	 	 	(18,321	)	 	 	(8,097	)	 	 	49,601	 	 	 	(18,574	)	 	 	4,609	 	
Depreciation	 	 	6,457	 	 	 	6,546	 	 	 	6,734	 	 	 	7,623	 	 	 	27,360	 	
Amortization	 	 	1,030	 	 	 	1,439	 	 	 	1,462	 	 	 	1,177	 	 	 	5,108	 	
Start-up costs (A)	 	 	1,564	 	 	 	2,054	 	 	 	1,415	 	 	 	(289	)	 	 	4,744	 	
Acquisition transaction-related costs	 	 	208	 	 	 	64	 	 	 	381	 	 	 	209	 	 	 	862	 	
Integration costs	 	 	1	 	 	 	5	 	 	 	-	 	 	 	-	 	 	 	6	 	
Adjusted EBITDA	 	$	(9,061	)	 	$	2,011	 	 	$	59,593	 	 	$	(9,854	)	 	$	42,689	 	
Pursuit Operating margin	 	 	 **		 	 	-22.3	%	 	 	42.2	%	 	 	-79.4	%	 	 	2.5	%	
Pursuit Adjusted EBITDA margin	 	 	-92.6	%	 	 	5.5	%	 	 	50.7	%	 	 	-42.1	%	 	 	22.8	%	

Total GES Adjusted EBITDA:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	19,145	 	 	$	24,920	 	 	$	116,044	 	 	$	160,183	 	 	$	320,292	 	
Cost of services and products	 	 	(39,049	)	 	 	(51,817	)	 	 	(125,543	)	 	 	(155,494	)	 	 	(371,903	)	
Segment operating income (loss)	 	 	(19,904	)	 	 	(26,897	)	 	 	(9,499	)	 	 	4,689	 	 	 	(51,611	)	
Depreciation	 	 	4,433	 	 	 	4,116	 	 	 	4,024	 	 	 	3,746	 	 	 	16,319	 	
Amortization	 	 	1,245	 	 	 	1,220	 	 	 	1,250	 	 	 	1,214	 	 	 	4,929	 	
Total GES Adjusted EBITDA	 	$	(14,226	)	 	$	(21,561	)	 	$	(4,225	)	 	$	9,649	 	 	$	(30,363	)	
Total GES Operating margin	 	 	 **		 	 	 **		 	 	-8.2	%	 	 	2.9	%	 	 	-16.1	%	
Total GES Adjusted EBITDA margin	 	 	-74.3	%	 	 	-86.5	%	 	 	-3.6	%	 	 	6.0	%	 	 	-9.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Adjusted EBITDA by Reportable Segment:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro	 	$	(5,542	)	 	$	(6,057	)	 	$	890	 	 	$	6,430	 	 	$	(4,279	)	
GES Exhibitions	 	 	(8,684	)	 	 	(15,504	)	 	 	(5,115	)	 	 	3,219	 	 	 	(26,084	)	
Total GES	 	$	(14,226	)	 	$	(21,561	)	 	$	(4,225	)	 	$	9,649	 	 	$	(30,363	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Revenue	 	$	12,059	 	 	$	11,944	 	 	$	37,866	 	 	$	54,718	 	 	$	116,587	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Spiro Adjusted EBITDA Margin	 	 	-46.0	%	 	 	-50.7	%	 	 	2.4	%	 	 	11.8	%	 	 	-3.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Revenue	 	$	7,152	 	 	$	13,057	 	 	$	81,129	 	 	$	108,152	 	 	$	209,490	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GES Exhibitions Adjusted EBITDA Margin	 	 	 **		 	 	 **		 	 	-6.3	%	 	 	3.0	%	 	 	-12.5	%	

(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto, the Sky Lagoon in Iceland, the Golden Skybridge and Forest Park Hotel in Canada.	 	
(B) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.	 	 	 	 	 	 	 	 	 	 	 	 	 	

Exhibit 99.2

 THIRD QUARTER 2022 EARNINGS CALL  NOVEMBER 3, 2022 

 Forward-looking statements  This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions or goals also are forward looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.   Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:  the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;  our ability to anticipate and adjust for the impact of the COVID-19 pandemic on our businesses;  general economic uncertainty in key global markets and a worsening of global economic conditions;  travel industry disruptions;  seasonality of our businesses;  unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;  our exposure to labor shortages, turnover, and labor cost increases;  the importance of key members of our account teams to our business relationships;  the competitive nature of the industries in which we operate;  our dependence on large exhibition event clients;  adverse effects of show rotation on our periodic results and operating margins;  transportation disruptions and increases in transportation costs;  natural disasters, weather conditions, accidents, and other catastrophic events;  our exposure to labor cost increases and work stoppages related to unionized employees;  our multi-employer pension plan funding obligations;  our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;  our exposure to cybersecurity attacks and threats;   our exposure to currency exchange rate fluctuations;  liabilities relating to prior and discontinued operations; and  compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data.  For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation.  2 

 NON-GAAP FINANCIAL MEASURES  This document includes the presentation of “Adjusted EBITDA” and ”Income (Loss) Before Other Items”, which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies.  These non-GAAP measures should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.    The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because it does not consider a variety of items affecting Viad’s consolidated financial performance as explained below.  Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.  Adjusted EBITDA is defined by management as net income attributable to Viad before income (loss) from discontinued operations, interest expense and interest income, income taxes, depreciation and amortization, acquisition-related costs, attraction start-up costs, restructuring charges, impairment charges, and the reduction/increase for income/loss attributable to non-redeemable and redeemable non-controlling interests.   Adjusted EBITDA is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-recurring integration costs, non-cash amortization and depreciation, and non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s consolidated and segment performance. Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business.  Income (Loss) Before Other Items is defined by management as net income attributable to Viad before income (loss) from discontinued operations, acquisition-related costs, attraction start-up costs, restructuring charges, impairment charges, other non-recurring expenses, and tax matters.   Income (Loss) Before Other Items is considered a useful operating metric, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s performance.   3  Forward-Looking Non-GAAP Measures  The company has not quantitatively reconciled its guidance for adjusted EBITDA to its respective most comparable GAAP measure because certain reconciling items that impact this metric including, provision for income taxes, interest expense, restructuring or impairment charges, acquisition-related costs, and attraction start-up costs have not occurred, are out of the company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the nearest GAAP financial measure are not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the company’s results as reported under GAAP. 

 Q3’22 HIGHLIGHTS  4 

 FINANCIAL PERFORMANCE 

 6  strong Q3’22 RESULTS IN LINE WITH GUIDANCE  6  Revenue grew 64% or $149 million driven by 39% growth at Pursuit and 89% growth at GES  Net income attributable to Viad nearly tripled as our actions to scale Pursuit, transform GES Exhibitions’ cost structure, and strengthen Spiro’s capabilities accelerated our growth  Consolidated Adjusted EBITDA of $82 million surpassed the level achieved in Q3’19  GES Adjusted EBITDA was near the high-end of guidance range on continued strengthening of live event activity and great execution  Pursuit Adjusted EBITDA was near the low-end of guidance range primarily due to fire and supply chain disruptions  * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.  (in millions)​  Q3’22​  Q3’21  $ Change   ​   ​  ​  ​  Revenue​  $​  382.7​  $  233.6    $  149.1   ​  Pursuit Revenue​  ​     163.8 ​  117.6  46.2   ​  GES Revenue​  ​    218.9 ​  116.0  102.9   ​   ​  ​   ​  Net income attributable to Viad​  $​    40.1​  $  15.1  $  25.1  ​  ​  ​  ​  ​  ​  ​  Consolidated Adjusted EBITDA*​  $​    82.0​  $  52.3  $  29.7   ​  Pursuit Adjusted EBITDA*​   ​    75.1​  59.6  15.5   ​  GES Adjusted EBITDA*​   ​       10.7  (4.2)  14.9   ​  Corporate Adjusted EBITDA*​   ​      (3.8)​  (3.1)  (0.7) 

 7  Pursuit Q3’22 RESULTS Year-over-year  7  New Experiences include:  Forest Park Hotel (opened August 2022)  Glacier Raft Co (acquired April 2022)  FlyOver Las Vegas (opened September 2021)  Golden Skybridge (acquired March 2021 and opened June 2021)   Sky Lagoon (opened May 2021)  (in millions)  Q3’22     Q3’21     $ Change                                Revenue:                             Same Store  $   145.1     $   110.2      $   34.9      New Experiences      18.7         7.4          11.4     Total Pursuit  $   163.8      $   117.6     $   46.2                                 Adjusted EBITDA*:                             Same Store  $   68.8     $   56.5     $   12.3     New Experiences      6.3         3.1          3.2     Total Pursuit  $   75.1     $   59.6     $   15.5  Record Q3 revenue was driven by:  Strong guest demand and reduced COVID restrictions  Pricing power for iconic experiences  Growth from new experiences  Adjusted EBITDA growth reflects:  Higher revenue  Q3’21 benefit of $4.3 million in wage subsidies from the Canadian government  * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. 

 8  GES Q3’22 RESULTS Year-over-year  8  (in millions)  Q3’22     Q3’21     $ Change                                Revenue:                             Spiro  $   73.3      $   37.9      $   35.4      GES Exhibitions      147.9          81.1          66.7     Inter-segment Elims      (2.2)         (3.0)         0.7     Total GES  $   218.9      $   116.0     $   102.9   Adjusted EBITDA*:                             Spiro  $   4.7      $   0.9     $   3.8      GES Exhibitions      6.0          (5.1)         11.1      Total GES  $   10.7      $   (4.2)     $   14.9   Revenue grew 88.7% year over year reflecting:  Continued improvement in live event activity  Favorable show rotation from large non-annual events  Spiro revenue grew 93.5%  Exhibitions revenue grew 82.2%  Adjusted EBITDA growth reflects higher revenue and staffing levels to support increased business activity  * Refer to Appendix for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. 

 

 10  Pursuit delivered record q3 revenue  Q3’22 revenue of $163.8 million increased 39% year over year and 21% from Q3’19  $38.5 million was generated by new experiences acquired/opened from 2019 to present  As compared to Q3’19, we drove revenue growth of 3% from experiences owned/open prior to 2019  Pursuit Revenue  (in millions)  Acquired/opened after 2020  Acquired/opened in 2019-2020  Owned/opened prior to 2019  New Experiences Acquired/Opened After 2020:  Forest Park Hotel (opened August 2022)  Glacier Raft Co (acquired April 2022)  FlyOver Las Vegas (opened September 2021)  Sky Lagoon (opened May 2021)  Golden Skybridge (acquired March 2021 / opened June 2021)  New Experiences Acquired/Open in 2019-2020:  Glacier Basecamp Lodge (acquired January 2020)  Open Top Touring (opened September 2020)  FlyOver Iceland (opened August 2019)  West Glacier RV Park (opened July 2019)  Mountain Park Lodges (acquired June 2019)  Belton Chalet (acquired May 2019) 

 11  Pursuit attraction PERFORMANCE – Q3  Refresh Build Buy strategy has enabled us to grow attractions visitors and ticket revenue vs. 2019 through expanded portfolio of attractions  Same-store visitor counts are behind 2019 as visitation (especially group) from certain long haul destination markets has yet to recover  Attraction margins are strong but below 2019 due to:  Lower same-store visitation  Newer attractions that have yet to fully ramp  Note: New attractions include Glacier Raft Co (acquired April 2022), FlyOver Las Vegas (opened September 2021), Sky Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 / opened June 2021), Open Top Touring (opened September 2020), and FlyOver Iceland (opened August 2019). Same-store ETP is presented on a constant currency basis and excludes new attractions.   2019  2021  2022  +25%  Ticket Revenue ($ Millions) 

 12  Pursuit LODGING PERFORMANCE – Q3  ADR and RevPAR up meaningfully Y/Y and vs. 2019 from ongoing revenue management focus  Q3’22 occupancy approached 2019 levels, despite two weeks of forest fire and power outage impacts in Jasper  Note: Same-store RevPAR is presented on a constant currency basis and excludes: Forest Park Hotel (opened August 2022), Glacier Raft Co (acquired April 2022), Glacier Basecamp Lodge (acquired January 2020), West Glacier RV Park (opened July 2019), Mountain Park Lodges (acquired June 2019), and Belton Chalet (acquired May 2019).  2019  2021  2022  +11%  Rooms Revenue ($ Millions) 

 

 14  GES REVENUE reflects continued recovery and favorable show rotation  GES Revenue  (in millions)  Q3’22 revenue of $219 million increased 88.7% year-over-year and was in line with Q3’19  Same-show revenue improved significantly from 2021 but remained below 2019  Large non-annual events* added ~$30 million in revenue vs. Q3’21 and ~$55 million vs. Q3’19   EBITDA increased $13.5 million vs. Q3’19 reflecting improved cost structure  Spiro  GES Exhibitions  Note: Total GES revenue is net of inter-segment eliminations  * Q3’22 included: IMTS; Farnborough Airshow; International Woodworking Fair. Q3’21 included: MINExpo. 

 15  SHOW SIZES continued to Improve in Q3  15  Same-show revenue for GES US Exhibitions was ~91% of 2019 pre-pandemic levels on average  Still seeing wide variation in event performance with some at or above and some well-below pre-pandemic level  Expect show sizes to remain around 90% during Q4  GES US EXHIBITIONS SAME-SHOW REVENUE*   VS. 2019 PRE-PANDEMIC OCCURRENCE  * The US same show metric compares tradeshows that occurred in the same city for both occurrences and represented between 30% and 50% of the total exhibition revenue during each of the last five quarters 

 16  Ges exhibitions IMPROVED COST STRUCTURE  16  GES Exhibitions YTD Revenue Flow-Through  Transformation of GES’ cost structure during pandemic continues to yield results  YTD flow-through of incremental GES Exhibitions revenue to Adjusted EBITDA met our target of >20% 

 17  FINANCIAL OUTLOOK 

 18  FINANCIAL OUTLOOK - pursuit  18  KEY ASSUMPTIONS FOR Q4  Canada Q4 same store revenue improves year-over-year during this seasonally slow quarter   New year-round experiences continue to ramp up as guest awareness builds  Revenue management efforts and pricing power help offset wage rate and other inflationary pressures  Adjusted EBITDA Guidance ($millions)  Q4’22  FY’22  ($9) to ($5)  vs. ($9.9) in Q4’21 and ($2.5) in Q4’19   $70 to $74  vs. $42.7 in FY’21 and $81.2 in FY’19   FY guidance range tightened (was $70 to $80); lower mid-point due to Q3 results coming in near low end of guidance 

 19  FINANCIAL OUTLOOK - ges  19  KEY ASSUMPTIONS FOR Q4  Exhibitions same-show revenue will generally remain at or better than 90% of pre-pandemic levels in Q4  Experiential marketing budgets of major Spiro clients will remain at 80%+ of pre-pandemic levels  SG&A higher year-over-year to support increased business activity and future revenue growth  Adjusted EBITDA Guidance ($millions)  Q4’22  FY’22  $6 to $11  vs. $9.6 in Q4’21 and $19.1 in Q4’19   $54 to $60  vs. ($30.4) in FY’21 and $71.5 in FY’19   FY guidance range tightened (was $50 to $60); higher mid-point due to Q3 results coming in near high-end of guidance 

 APPENDIX 

 21  Q3 REVENUE AND ADJUSTED EBITDA 

 FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES  We have also provided the following forward−looking non−GAAP financial measure: Adjusted EBITDA. We do not provide a reconciliation of this forward−looking non−GAAP financial measure to the most directly comparable GAAP financial measure because, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliations is available to us without unreasonable efforts. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. It is possible that the forward−looking non−GAAP financial measure may be materially different from the corresponding forward-looking non−GAAP financial measure.  NON-GAAP FINANCIAL RECONCILIATION  22  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.  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 Hotel in Canada.  Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.  Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and other non-recurring costs included within Corporate activities expense.  Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.  

 23  NON-GAAP FINANCIAL RECONCILIATION 

 24  Pursuit key performance metrics  24 

 25  Liquidity & Cash Flow Summary  25  Our liquidity position at September 30, 2022 was $166 million  Pursuit capital expenditures included growth capital for the Forest Park Hotel (opened August 2022), FlyOver Chicago, and a new mountain coaster experience at the Golden Skybridge  * Capacity available is equal to $100 million total facility size less outstanding balance and letters of credit. 

 26  BALANCE SHEET highlights  26  Term Loan B, which matures in 2028, has no financial covenants  The financial covenants related to our revolving credit facility provide flexibility through Q1’23  Max leverage ratio of 5.25x for 9/30/22 TTM, declining to 4.75x at 12/31/22, 4.5x at 3/31/23, and 4.0x thereafter  Convertible preferred stock has a conversion price of $21.25 per common share  * Capacity available is equal to $100 million total facility size less outstanding balance and letters of credit.