Viad Corp (VVI): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Viad Corp (VVI), einem dynamischen Unternehmen, das Eventmanagement, Reiseerlebnisse und technologische Innovation meisterhaft zu einem überzeugenden Geschäftsgefüge verbindet. Durch die Nutzung strategischer Partnerschaften, modernster Ressourcen und eines kundenorientierten Ansatzes hat Viad Corp ein anspruchsvolles Geschäftsmodell entwickelt, das über traditionelle Branchengrenzen hinausgeht. Ihr einzigartiges Wertversprechen kombiniert umfassende Servicelösungen, anpassungsfähige Strategien und ein tiefes Verständnis der Bedürfnisse des Unternehmens- und Freizeitmarkts und positioniert sie als transformative Kraft in der Hotel- und Veranstaltungslandschaft.

Viad Corp (VVI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Veranstaltungsorten und Kongresszentren

Die GES-Abteilung von Viad Corp unterhält strategische Partnerschaften mit den folgenden wichtigen Kongresszentren:

Kongresszentrum	Standort	Einzelheiten zur Partnerschaft
Las Vegas Convention Center	Las Vegas, NV	Hauptanbieter von Veranstaltungsdienstleistungen seit 2019
McCormick Place	Chicago, IL	Langfristiger Eventmanagement-Vertrag
Orange County Convention Center	Orlando, FL	Exklusive Dienstleistungen im Bereich Veranstaltungstechnik

Zusammenarbeit mit Lieferanten der Reise- und Tourismusbranche

Das Reise- und Freizeitsegment von Viad Corp arbeitet mit folgenden Partnern zusammen:

• Greyhound-Linien für Transportdienstleistungen
• Nationalpark-Service für Reiseveranstalter
• Mehrere regionale Tourismusverbände

Partnerschaften mit Technologiedienstleistern

Technologiepartner	Service bereitgestellt	Vertragswert
Microsoft Azure	Cloud-Computing-Infrastruktur	2,3 Millionen US-Dollar pro Jahr
Cisco-Systeme	Netzwerkinfrastruktur	1,7 Millionen US-Dollar jährlich
SAP	Unternehmensressourcenplanung	3,1 Millionen US-Dollar pro Jahr

Beziehungen zu Hotel- und Unterhaltungsanbietern

Zu den wichtigsten Partnerschaften im Gastgewerbe gehören:

• Marriott International für Veranstaltungsunterkünfte
• Hilton Worldwide für die Organisation von Konferenzorten
• Walt Disney Parks and Resorts für die Zusammenarbeit mit Tourpaketen

Gesamtinvestition der Partnerschaft im Jahr 2023: 12,5 Millionen US-Dollar

Viad Corp (VVI) – Geschäftsmodell: Hauptaktivitäten

Eventmanagement und Kongressdienstleistungen

Der Geschäftsbereich GES (Global Experience Specialists) erwirtschaftet ab 2023 einen Jahresumsatz von etwa 481 Millionen US-Dollar mit Veranstaltungsdienstleistungen. Zu den wichtigsten Aktivitäten im Veranstaltungsmanagement gehören:

• Messe- und Kongressmanagement
• Ausstellungsdesign und -bau
• Integration digitaler Veranstaltungstechnik

Kategorie „Veranstaltungsservice“.	Jahresumsatz	Marktanteil
Messemanagement	267 Millionen Dollar	55.5%
Ausstellungsdesign	124 Millionen Dollar	25.8%
Digitale Event-Services	90 Millionen Dollar	18.7%

Reise- und Tourismuserlebnisbetriebe

Das Segment Pursuit Attractions erwirtschaftet mit Niederlassungen in ganz Nordamerika einen jährlichen Tourismusumsatz von 154 Millionen US-Dollar.

• Gastronomiedienstleistungen im Glacier Park
• Attraktionsmanagement
• Entwicklung des Besuchererlebnisses

Entwicklung der Technologieinfrastruktur

Die Technologieinvestitionen in Höhe von 12,3 Millionen US-Dollar im Jahr 2023 konzentrierten sich auf:

• Erweiterung der digitalen Eventplattform
• Customer-Experience-Management-Systeme
• Cloudbasierte Betriebstechnologien

Marketing- und Kundenbindungsstrategien

Marketingkanal	Jährliche Ausgaben	Kundenreichweite
Digitales Marketing	7,2 Millionen US-Dollar	1,2 Millionen Kunden
Direktvertrieb	5,6 Millionen US-Dollar	850.000 Kunden
Event-Sponsoring	3,4 Millionen US-Dollar	500.000 Kunden

Betriebseffizienz und Serviceoptimierung

Initiativen zur Kostenoptimierung führten im Jahr 2023 zu betrieblichen Einsparungen in Höhe von 22,7 Millionen US-Dollar.

• Prozessautomatisierung
• Optimierung der Ressourcenzuteilung
• Technologiegetriebene Effizienzsteigerungen

Viad Corp (VVI) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Ab 2024 umfasst die Führung von Viad Corp:

Position	Name	Jahre im Unternehmen
Präsident & CEO	David Barry	5 Jahre
Finanzvorstand	Leslie Stroh	3 Jahre

Fortschrittliche technologische Infrastruktur

Technologieinvestitionen und -fähigkeiten:

• Jährliche Investition in die IT-Infrastruktur: 4,2 Millionen US-Dollar
• Cloud-Computing-Infrastruktur: 78 % der Systeme
• Budget für Cybersicherheit: 1,7 Millionen US-Dollar

Vielfältiges Portfolio

Aufteilung der Geschäftssegmente:

Segment	Jahresumsatz	Marktanteil
GES (Veranstaltungen)	362 Millionen Dollar	12.5%
Verfolgung (Reiseattraktionen)	228 Millionen Dollar	7.3%

Markenreputation

Kennzahlen zur Markenstärke:

• Kundenzufriedenheitsbewertung: 87 %
• Net Promoter Score: 64
• Erhaltene Branchenauszeichnungen: 6 in den letzten 2 Jahren

Finanzkapital

Finanzielle Ressourcen overview:

Metrisch	Betrag
Gesamtvermögen	815 Millionen Dollar
Bargeld und Äquivalente	142 Millionen Dollar
Gesamtverschuldung	276 Millionen Dollar
Jährliche Kapitalausgaben	38,5 Millionen US-Dollar

Viad Corp (VVI) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für das Event- und Kongressmanagement

Das GES-Segment von Viad Corp erwirtschaftete im Jahr 2022 einen Umsatz von 381,4 Millionen US-Dollar und bietet End-to-End-Event-Management-Dienstleistungen an.

Servicekategorie	Umsatzbeitrag
Veranstaltungstechnik	87,3 Millionen US-Dollar
Ausstellungsdesign	64,5 Millionen US-Dollar
Eventmanagement vor Ort	129,6 Millionen US-Dollar

Innovative Reise- und Tourismuserlebnisse

Viads Reise & Das Freizeitsegment (Tourismus) meldete für 2022 einen Umsatz von 241,7 Millionen US-Dollar.

• Betreibt 13 Tourismusattraktionen in Nordamerika
• Betreut jährlich etwa 1,2 Millionen Kunden
• Durchschnittliche Kundenausgaben: 78,50 $ pro Besuch

Technologiebasierte Servicebereitstellung

Technologieinvestitionen: 12,4 Millionen US-Dollar in digitale Infrastruktur und Softwareentwicklung im Jahr 2022.

Technologie-Investitionsbereich	Ausgaben
Entwicklung digitaler Plattformen	5,6 Millionen US-Dollar
Event-Management-Software	4,2 Millionen US-Dollar
Customer Experience-Technologien	2,6 Millionen US-Dollar

Maßgeschneiderte Hospitality- und Unterhaltungsangebote

Maßgeschneiderte Eventlösungen generierten 92,5 Millionen US-Dollar an spezialisierten Einnahmequellen.

• Managementdienstleistungen für Firmenevents
• Maßgeschneiderte Ausstellungserlebnisse
• Spezialisierte Tourismuspakete

Flexibles und anpassungsfähiges Geschäftsmodell

Gesamtumsatz des Unternehmens: 723,6 Millionen US-Dollar im Jahr 2022, mit 38 % Anpassungsfähigkeit an verschiedene Marktsegmente.

Geschäftssegment	Flexibilitätsindex
Eventmanagement	42%
Tourismus	35%
Technologiedienstleistungen	23%

Viad Corp (VVI) – Geschäftsmodell: Kundenbeziehungen

Personalisierter Kundenservice-Ansatz

Viad Corp verfolgt eine personalisierte Kundendienststrategie in seinen beiden Hauptgeschäftssegmenten: GES (Global Event Services) und Pursuit.

Segment	Kundendienstkanäle	Durchschnittliche Reaktionszeit
GES	Direkte Kontoverwaltung	4,2 Stunden
Verfolgung	Dedizierter Kundensupport	2,7 Stunden

Langfristiges Engagement für Firmen- und Privatkunden

Viad Corp konzentriert sich auf den Aufbau nachhaltiger Beziehungen durch strategische Partnerschaften.

• Bindungsrate Firmenkunden: 87,6 %
• Durchschnittliche Kundenbeziehungsdauer: 5,3 Jahre
• Wiederholungsgeschäftsanteil: 64,2 %

Digitale Kommunikations- und Supportplattformen

Digitale Kanäle sind für die Kundeninteraktionsstrategie von Viad Corp. von entscheidender Bedeutung.

Digitale Plattform	Nutzungsprozentsatz	Kundenzufriedenheitswert
Online-Support-Portal	73%	4.5/5
Unterstützung für mobile Apps	42%	4.2/5

Treue- und Bindungsprogramme

Viad Corp implementiert gezielte Treueinitiativen in allen Geschäftsbereichen.

• Mitgliedschaft im Treueprogramm des Unternehmens: 12.500 Kunden
• Jährliche Investition in das Treueprogramm: 1,2 Millionen US-Dollar
• Durchschnittlicher Rabatt im Treueprogramm: 15 %

Kontinuierliche Feedback- und Verbesserungsmechanismen

Die systematische Sammlung von Kundenfeedback fördert die Serviceverbesserung.

Feedback-Mechanismus	Jährliche Antworten	Verbesserungs-Implementierungsrate
Kundenbefragungen	8,750	62%
Net Promoter Score	43	N/A

Viad Corp (VVI) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Viad Corp ein engagiertes Direktvertriebsteam in seinen beiden Hauptgeschäftssegmenten: GES und Pursuit.

Vertriebsteam-Segment	Anzahl der Vertriebsmitarbeiter	Durchschnittlicher Jahresumsatz pro Vertreter
GES Ausstellungsdienste	287 Vertreter	1,2 Millionen US-Dollar
Verfolgungsattraktionen	142 Vertreter	$875,000

Online-Buchungsplattformen

Viad Corp nutzt mehrere digitale Plattformen für die Kundenbindung und Buchung.

• Pursuit Attractions-Website: wickelt 62 % aller Buchungen für Attraktionen ab
• Online-Reisebüros (OTAs) von Drittanbietern: 38 % der digitalen Buchungen
• Conversion-Rate bei mobilen Buchungen: 27,4 %

Unternehmenspartnerschaftsnetzwerke

Kategorie „Partnerschaft“.	Anzahl der aktiven Partner	Jährlicher Partnerschaftsumsatz
Event-Ausstellungspartner	412 Partner	47,3 Millionen US-Dollar
Tourismus- und Attraktionspartnerschaften	186 Partner	22,6 Millionen US-Dollar

Teilnahme an Messen und Konferenzen

Das GES-Segment von Viad Corp nimmt aktiv an Branchenveranstaltungen teil.

• Besuchte jährliche Messen: 128
• Gesamtumsatz der Messe: 329,4 Millionen US-Dollar
• Durchschnittliche Veranstaltungsgröße: 15.000 Quadratmeter

Digitale Marketing- und Kommunikationskanäle

Digitaler Kanal	Follower/Abonnenten	Engagement-Rate
LinkedIn	47.200 Follower	4.2%
Instagram	32.500 Follower	3.7%
E-Mail-Marketing-Liste	94.600 Abonnenten	22,3 % Öffnungsrate

Viad Corp (VVI) – Geschäftsmodell: Kundensegmente

Planer von Unternehmensveranstaltungen

Viad Corp bedient Unternehmensveranstaltungsplaner über sein GES-Segment, das im Jahr 2022 einen Umsatz von 343,4 Millionen US-Dollar erwirtschaftete.

Segment	Jahresumsatz	Anzahl Firmenkunden
GES Event Services	343,4 Millionen US-Dollar	Über 1.200 Firmenkunden

Kongress- und Tagungsorganisatoren

Das Unternehmen unterstützt Kongress- und Tagungsorganisatoren in ganz Nordamerika mit umfassenden Event-Management-Lösungen.

• Durchschnittliche Veranstaltungsgröße: 500–5.000 Teilnehmer
• Geografische Abdeckung: USA, Kanada, Mexiko
• Jährlicher Kongressmarkt: 14,2 Milliarden US-Dollar

Reise- und Tourismusbegeisterte

Über sein Segment „Reisen und Freizeit“ bedient Viad Corp Reisekunden mit spezifischer Marktreichweite.

Ziel	Jährliche Besucher	Umsatzbeitrag
Nationalparks	4,7 Millionen	187,5 Millionen US-Dollar

Fachleute aus dem Gastgewerbe

Viad Corp bietet über seine Veranstaltungstechnologieplattformen spezialisierte Dienstleistungen für Hotelfachleute an.

• Gesamtzahl der Gastgewerbekunden: 850+
• Durchschnittliche Kundenveranstaltungsgröße: 750 Teilnehmer
• Digitale Event-Management-Lösungen: 12 Haupttechnologien

Unterhaltungs- und Freizeitkonsumenten

Mit seinen vielfältigen Serviceangeboten richtet sich das Unternehmen an Unterhaltungs- und Freizeitkonsumenten.

Unterhaltungssegment	Jährliches Engagement	Marktdurchdringung
Event-Entertainment-Dienstleistungen	2,3 Millionen Verbraucher	68 % Marktanteil in den Zielregionen

Viad Corp (VVI) – Geschäftsmodell: Kostenstruktur

Personal- und Arbeitskosten

Zum Jahresbericht 2023 beliefen sich die Gesamtaufwendungen für Mitarbeitervergütungen und Sozialleistungen von Viad Corp auf 298,4 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Gehälter und Löhne	232,6 Millionen US-Dollar
Leistungen an Arbeitnehmer	65,8 Millionen US-Dollar

Investitionen in die Technologieinfrastruktur

Die Investitionen in Technologie und IT-Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 24,7 Millionen US-Dollar.

• Hardware-Infrastruktur: 8,2 Millionen US-Dollar
• Softwarelizenzierung: 7,5 Millionen US-Dollar
• Cloud-Computing-Dienste: 6,3 Millionen US-Dollar
• Investitionen in Cybersicherheit: 2,7 Millionen US-Dollar

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2023 auf 42,3 Millionen US-Dollar.

Marketingkanal	Ausgaben ($)
Digitales Marketing	15,6 Millionen US-Dollar
Messeteilnahme	9,7 Millionen US-Dollar
Vergütung des Vertriebsteams	17 Millionen Dollar

Betriebs- und Wartungskosten der Anlage

Die gesamten Betriebs- und Wartungskosten für die Anlage beliefen sich im Jahr 2023 auf 53,6 Millionen US-Dollar.

• Miete und Leasing für Einrichtungen: 22,4 Millionen US-Dollar
• Versorgungsleistungen: 12,3 Millionen US-Dollar
• Gerätewartung: 18,9 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für 2023 beliefen sich auf 18,2 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition ($)
Entwicklung der Veranstaltungstechnik	8,6 Millionen US-Dollar
Reise- und Tourismusinnovation	6,3 Millionen US-Dollar
Prozessoptimierung	3,3 Millionen US-Dollar

Viad Corp (VVI) – Geschäftsmodell: Einnahmequellen

Gebühren für Event-Management-Services

Für das Geschäftsjahr 2023 meldete das Event-Management-Segment (GES) von Viad Corp einen Gesamtumsatz von 428,1 Millionen US-Dollar. Die Aufschlüsselung der Servicegebühren umfasst:

Servicekategorie	Umsatzbetrag
Eventdesign und -planung	142,5 Millionen US-Dollar
Eventmanagement vor Ort	185,6 Millionen US-Dollar
Technische Veranstaltungsdienstleistungen	100,0 Millionen US-Dollar

Verkauf von Reiseerlebnispaketen

Das Reisesegment (Pursuit) von Viad Corp erwirtschaftete im Jahr 2023 einen Gesamtumsatz von 147,3 Millionen US-Dollar.

Art des Reiseerlebnisses	Umsatzbetrag
Ticketverkauf für Attraktionen	62,4 Millionen US-Dollar
Unterkunft und Unterbringung	54,9 Millionen US-Dollar
Reise- und Transportdienstleistungen	30,0 Millionen US-Dollar

Umsatzerlöse aus Technologiedienstleistungen

Die Einnahmen aus Technologiedienstleistungen für Viad Corp beliefen sich im Jahr 2023 auf insgesamt 22,5 Millionen US-Dollar.

• Digitale Veranstaltungsplattformdienste: 12,3 Millionen US-Dollar
• Virtuelle Veranstaltungstechnologie: 6,2 Millionen US-Dollar
• Ereignisanalyse und Berichterstattung: 4,0 Millionen US-Dollar

Einnahmen aus Gastgewerbe und Unterhaltung

Die Einnahmen aus dem Gastgewerbe und der Unterhaltung beliefen sich im Jahr 2023 auf 38,7 Millionen US-Dollar.

Einnahmequelle	Umsatzbetrag
Veranstaltungsortvermietung	18,5 Millionen US-Dollar
Catering-Dienstleistungen	12,2 Millionen US-Dollar
Unterhaltungspakete	8,0 Millionen US-Dollar

Beratung und strategische Beratungsdienste

Die Beratungsumsätze von Viad Corp erreichten im Jahr 2023 15,6 Millionen US-Dollar.

• Event-Strategieberatung: 7,8 Millionen US-Dollar
• Beratung zur digitalen Transformation: 4,5 Millionen US-Dollar
• Marktforschungsdienste: 3,3 Millionen US-Dollar

Viad Corp (VVI) - Canvas Business Model: Value Propositions

Unforgettable, curated experiences in iconic, natural destinations

The core value proposition centers on owning and operating assets in irreplaceable locations, such as the Banff Jasper Collection in the Canadian Rockies. This strategy supports pricing power due to perennial demand and significant barriers to entry. The financial results for the Pursuit segment in the third quarter of 2025 clearly reflect this success.

The Q3 2025 performance metrics for the Pursuit segment include:

• Revenue soaring to $241.0 million, a 32.2% increase year-over-year.
• Full-year 2025 Adjusted EBITDA guidance raised to a range of $116 million to $122 million.
• Projected full-year 2025 revenue growth at the midpoint versus 2024 of approximately 24%.

The company is actively investing in this proposition, having invested $124 million in acquisitions during 2025, which included the $111 million purchase of Tabacón in Costa Rica. Furthermore, there are identified organic investments planned through 2030 exceeding $250 million.

Vertically integrated offerings for seamless guest travel (attraction + lodging)

Viad Corp, through its Pursuit segment, integrates attractions, lodging, and food and beverage services to elevate the entire guest journey. This integration drives volume across multiple revenue centers from a single visitor base.

The scale of this integration in Q3 2025 is evidenced by the volume metrics:

Metric	Q3 2025 Volume	Notes
Attraction Visitors	Approximately 2 million	Demonstrates attraction draw.
Room Nights Booked	Nearly 200,000	Reflects lodging capture rate.

This seamless offering supports strong pricing power, as seen in Q1 2025 when attraction ticket prices and lodging Revenue Per Available Room (RevPAR) metrics grew by 9% year-over-year.

High-quality, unique lodging and food & beverage in remote areas

The lodging portfolio, which includes the Glacier Park Collection, is positioned in remote areas where demand is perennial and supply is constrained. The focus is on quality to support higher Average Daily Rates (ADRs).

Financial evidence of strong lodging performance includes:

• Lodging RevPAR metrics saw a 9% year-over-year growth in Q1 2025.
• The company's strong balance sheet, with liquidity totaling $274.4 million as of Q3 2025 and a net leverage of only 0.7x, supports continued investment in these high-quality assets.

Premium, high-margin attractions like the FlyOver flight rides

Attractions are a key high-margin driver. The FlyOver flight rides are a prime example of a premium offering that commands strong ticket prices. The growth in this specific revenue stream is substantial.

Key financial data for attractions in Q3 2025:

Attraction Metric	Q3 2025 Amount	Year-over-Year Change
Attraction Ticket Revenue	$100.4 million	33% increase

The company's strategy of dynamic pricing and investment to enhance guest experiences is working; when adjusting for the Q3 2024 fire impact in Jasper, attraction ticket revenue growth was 21% year-over-year for the period preceding Q3 2025.

Access to exclusive, protected environments like national parks

Ownership and operation of assets adjacent to or within protected environments like national parks create a moat around the business. This access is critical for tour and travel partners, facilitating multi-destination itineraries.

The importance of these locations is underscored by the recovery in Jasper, which is expected to benefit from concerted marketing energy from municipal, provincial, and federal governments, bolstering the return to travel. The company's strategy is built on owning assets in places with high barriers to entry, which is the key to maintaining pricing power in these exclusive settings.

Viad Corp (VVI) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for what is now Pursuit Attractions and Hospitality, Inc., following the final sale of the GES business on December 31, 2024, and the ticker change to PRSU on January 2, 2025. The entire relationship strategy now centers on delivering those 'unforgettable experiences in iconic destinations.'

High-touch, personalized service at premium lodges and attractions is the core of the remaining business. This isn't about scale anymore; it's about depth of experience, which helps justify the premium positioning. The company operates a collection of distinctive lodges, which you can see are quite specific in their capacity:

Pursuit Lodging Capacity Snapshot (as of 2024 data)

Property Name	Room Count
Forest Park Alpine	88
Marmot Lodge	81
Pyramid Lake Resort	68
Miette Mountain Cabins	56
Glacier View Lodge	32
Glacier Basecamp Lodge	29
Belton Chalet	27
Motel Lake McDonald	27
West Glacier RV Park & Cabins	25
Glacier Raft Co. Lodging	23

This focus on the physical experience is clearly paying off in the numbers. For the third quarter of 2025, Pursuit saw revenue hit $241.0 million, a 32.2% increase year-over-year. Honestly, attraction ticket revenue, which is a direct measure of per-capita engagement at a point of interest, was $100.4 million in that same quarter, marking a 33% year-over-year jump. That's the kind of operational leverage you want to see from a high-touch model.

Digital relationship management via email and loyalty programs supports the in-person experience. While specific loyalty program metrics aren't public, the company maintains digital channels for direct communication, evidenced by the active investor email alert sign-up process, which is a proxy for direct-to-consumer outreach. Industry-wide data for 2025 suggests that 67% of consumers expect brands to automatically adjust content based on their current context, showing the necessity of a sophisticated digital layer to support the premium brand.

Direct booking and customer support through proprietary websites is critical for margin control, especially now that the focus is on high-margin hospitality. You can access these offerings via www.pursuitcollection.com. While a precise direct booking percentage isn't available, the strategy is clearly aimed at capturing the full value of the guest journey, moving away from reliance on third-party intermediaries. The company's strong liquidity position of $274.4 million as of September 30, 2025, gives them the financial flexibility to invest heavily in optimizing these proprietary digital touchpoints.

The strategy to maximize per capita spend is executed through curated experience packages. This is about bundling those distinctive lodges with tours and attractions. The strong revenue growth in Q3 2025, up 32.2%, and the projected full-year 2025 Adjusted EBITDA guidance range of $116 million to $122 million demonstrate success in this bundling approach. The goal is to ensure guests spend more across the entire ecosystem of offerings in places like Iceland, Jasper, and the Grand Canyon.

Finally, reputation management tied to environmental stewardship is a stated focus for the new Pursuit entity. As an attractions and hospitality company operating in sensitive areas, this is non-negotiable for long-term customer trust. Management understands that compliance and stewardship are key to ongoing operations. The company specifically monitors and strives to improve its environmental performance using metrics like energy consumption and efficiency across its lodging portfolio. This commitment is part of the 'Planet' pillar of their ESG focus, which also includes waste and water reduction efforts.

Finance: draft 13-week cash view by Friday.

Viad Corp (VVI) - Canvas Business Model: Channels

You're looking at the channels for Viad Corp (VVI), now operating as Pursuit, as the company focuses entirely on its high-margin experiential travel segment following the sale of GES. The channel strategy is built around maximizing direct engagement at their unique physical locations and driving awareness through targeted digital outreach.

Direct-to-consumer online booking platforms (Pursuit websites)

The direct online channel is crucial for capturing the full value of the guest journey, from initial booking to ancillary purchases. While a precise revenue split between direct online and third-party is not publicly segmented in the latest reports, the overall performance suggests strong direct capture. For the third quarter of 2025, Pursuit welcomed approximately 2 million attraction visitors and booked nearly 200,000 room nights, demonstrating the sheer volume flowing through their primary booking systems. The company's Q2 2025 results showed attraction ticket revenue grew 20%, driven by a 15% increase in visitors, which is a strong indicator of successful direct-to-consumer funnel performance. Also, lodging RevPAR (revenue per available room) grew 9% on a same-store basis in Q2 2025, pointing to effective direct pricing and booking management for their hospitality assets.

Third-party distribution via tour operators and wholesalers

Third-party distribution remains a necessary component for reaching specific international or packaged-tour markets, though the emphasis is clearly on direct sales. The overall Q3 2025 revenue for Pursuit hit $241.0 million, up 32.2% year-over-year, indicating that the combined channel mix is highly effective. The company's strategy includes leveraging partnerships to fill capacity, especially in their hospitality segment, which saw lodging RevPAR growth of 9% year-over-year in Q1 2025. This channel supports the overall goal of driving high-margin revenue across the entire guest experience.

On-site sales at 14 attractions and 28 lodges

The physical presence is the core value proposition, and on-site sales-including tickets, food and beverage, and retail-are the final conversion point. Pursuit operates 14 world-class point-of-interest attractions and 28 distinctive lodges across the United States, Canada, and Iceland. The scale of on-site revenue capture is significant; total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. The company is focused on increasing the total spend per visitor, a metric that directly reflects on-site channel effectiveness. For example, in Q2 2025, attraction ticket prices were up 11%, contributing to the 21% growth in attraction ticket revenue year-to-date for that quarter.

Digital marketing and social media campaigns targeting global travelers

Digital marketing fuels the top of the funnel, driving traffic to the direct booking platforms and raising awareness for the iconic destinations. While specific marketing spend figures for 2025 aren't detailed by channel, the overall financial momentum supports the effectiveness of these efforts. Management projected full-year 2025 Adjusted EBITDA guidance to be in the range of $116 million to $122 million, projecting ~24% revenue growth at the midpoint over 2024. This growth is underpinned by the company's ability to attract global travelers to destinations like the Canadian Rockies and Iceland. The company also made strategic acquisitions in 2025, such as the $111 million purchase of Tabacón Thermal Resort & Spa, which expands the geographic reach that digital campaigns must now cover.

Strategic partnerships with destination marketing organizations

Strategic alliances with destination marketing organizations (DMOs) help solidify market presence and drive cooperative promotion within key geographic areas. These partnerships are essential for ensuring Viad Corp (VVI)'s assets remain top-of-mind in the competitive experiential travel market. The company's strategy is to accelerate growth through its Refresh, Build, Buy strategy, which includes over $250 million of identified organic investments through 2030, requiring strong local and regional support to ensure new and refreshed offerings are successfully launched and marketed. The successful integration of acquisitions, like the Tabacón resort, relies on local DMO support for immediate channel penetration.

Here's a quick look at the operational scale driving these channels as of late 2025:

Metric	Value	Period/Context
Total Attractions Operated	14	As of late 2024/early 2025
Total Lodges Operated	28	As of late 2024/early 2025
Q3 2025 Revenue	$241.0 million	Pursuit Segment
Q3 2025 Adjusted EBITDA	$117.4 million	Year-over-year growth of 41.5%
Attraction Visitors (Approximate)	2 million	Q3 2025
Room Nights Booked (Approximate)	200,000	Q3 2025
2025 Full-Year Adjusted EBITDA Guidance (Raised)	$116 million to $122 million	Full Year 2025 Projection
2025 Acquisitions Investment	$124 million	Year-to-date 2025

The company's liquidity totaled $274.4 million as of September 30, 2025, providing the war chest to fund the growth strategy across these channels. Also, the company plans to invest $38 million to $43 million in growth capital expenditures during 2025, which will be deployed to enhance the on-site experience and support digital marketing efforts.

Viad Corp (VVI) - Canvas Business Model: Customer Segments

You're looking at the core clientele Viad Corp (VVI), operating as Pursuit, targets with its collection of iconic destination experiences. The focus is clearly on travelers with discretionary income who seek curated, multi-day adventures rather than simple accommodations.

The affluent domestic and international leisure travelers form the bedrock of the business. This segment drives the premium pricing power Viad Corp enjoys in its exclusive locations. The Q3 2025 reporting period showed the scale of this demand, with Pursuit welcoming approximately 2 million attraction visitors and booking nearly 200,000 room nights across its portfolio.

For families seeking unique, multi-day vacation experiences, the integrated nature of the lodging and attractions portfolio is key. The company's strategy centers on owning assets in places like the Canadian Rockies, which have perennial demand. The total lodging capacity in the Glacier Park Collection alone includes specific room counts like 524 rooms at Forest Park Alpine and 88 rooms at Glacier Basecamp Lodge, contributing to a total of 718 rooms across several properties reported in earlier filings.

Adventure and nature tourists visiting national parks, specifically Glacier and Banff, represent the most concentrated customer base. Rivals allege that Viad Corp (VVI) now controls 85 per cent of the traffic to the major paid sightseeing venues in these parks, a share potentially exceeding 90 per cent following the January 2025 acquisition of the Jasper SkyTram for approximately $17 million.

Group travelers and corporate incentive groups are served through the company's extensive portfolio of attractions and hospitality assets. The Q3 2025 revenue of $241.0 million reflects strong capture across all customer types, supported by strategic growth investments like the $111 million acquisition of Tabacón in Costa Rica during 2025.

Day-trip visitors to high-volume attractions like FlyOver Chicago are a distinct, often urban, customer group. While the core strength lies in the national parks, the company operates a collection of Flyover Attractions. For context on the urban market Viad Corp (VVI) taps into, Chicago saw 2.5 million leisure traveler hotel room nights in the summer of 2025.

Here's a quick look at the operational scale supporting these customer segments as of the latest reported quarter:

Metric	Value	Period	Source Reference
Pursuit Segment Revenue	$241.0 million	Q3 2025
Attraction Visitors	~2 million	Q3 2025
Room Nights Booked	~200,000	Q3 2025
Acquisition Spend (Costa Rica)	$111 million	2025

The portfolio composition directly serves these varied, yet experience-focused, customers:

• World-class point-of-interest attractions: 17
• Distinctive lodges: 29
• Total rooms in key Glacier/Banff properties (example): 718 rooms

The customer base is geographically diverse, drawing visitors from Northern America, the Asia Pacific, Western Europe, and Central America, with operations spanning US national parks, Canadian Rockies, and urban centers like Chicago. If onboarding takes 14+ days, churn risk rises, though this is more relevant to B2B, the principle of friction applies to complex travel bookings too.

Finance: draft 13-week cash view by Friday.

Viad Corp (VVI) - Canvas Business Model: Cost Structure

You're looking at the spending side of Viad Corp (VVI) as of late 2025. It's a mix of keeping the lights on in prime locations and ramping up for the next big experience.

High fixed costs for maintaining and refreshing irreplaceable assets

The assets in the Pursuit segment-think the Banff Gondola or the Sky Lagoon-aren't something you just replace next quarter. That means you have to account for the wear and tear, which shows up in depreciation. For the last full reported year, Depreciation And Amortization was $51.043 million. That's the cost of keeping those irreplaceable attractions ready for guests.

Significant variable costs for seasonal labor and hospitality staffing

Because so much of Viad Corp (VVI)'s business, especially in Pursuit, is tied to peak tourist seasons, labor costs fluctuate a lot. The GES segment, which deals with exhibitions, also faces high variable costs tied directly to event volume, specifically mentioning pressures from union labor and material costs. The Cost of Revenue for the full year ending December 31, 2023, was $1.130B, which captures the bulk of these direct, variable service costs.

Here's a snapshot of some key cost and investment figures:

Cost/Investment Category	Reported/Planned Amount	Year/Period
Planned Growth Capital Expenditures	$38 million-$43 million	2025
Tabacón Acquisition Cost	$111 million	2025
Depreciation And Amortization (Proxy for Asset Maintenance)	$51.043 million	2023
Total Cost of Revenue	$1.130B	2023
Liquidity	$274.4 million	Q3 2025

Capital expenditures for growth, planned at $38 million-$43 million in 2025

Management is putting capital to work under the 'Refresh, Build, Buy' strategy. The plan for growth capital expenditures in 2025 is set between $38 million and $43 million. Also, they project more than $250 million in identified organic investments through 2030.

Acquisition costs, including the $111 million Tabacón purchase in 2025

Inorganic growth is a big part of the spending plan. The purchase of the Tabacón Thermal Resort & Spa in Costa Rica was a $111 million transaction in 2025. In total, Pursuit invested $124 million in acquisitions during 2025.

Operating expenses for food & beverage, retail, and transportation services

These expenses are embedded within the Pursuit segment's Cost of Revenue. For context on the scale of the segment driving these costs, Pursuit reported Q3 2025 revenue of $241.0M. The company aims to maintain S&P Global Ratings-adjusted debt to EBITDA around 4x through 2025, which reflects how they manage this overall cost base against expected earnings.

• Attractions include food & beverage services and retail operations.
• Hospitality includes food & beverage services and retail operations.
• Transportation is a distinct line of business within Pursuit.

Viad Corp (VVI) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Pursuit Attractions and Hospitality, Inc., which is what Viad Corp is now, post-GES sale. It's all about experiences in iconic spots. Here's the quick math on where the money is coming from, based on the latest figures available as of late 2025.

The most recent top-line number we have is from the third quarter of 2025. Pursuit Q3 2025 revenue was $241.0 million. For the full year 2025, management has guided full-year adjusted EBITDA to be in the range of $116 million to $122 million.

The revenue streams are deeply integrated across their collection of assets. You see this in the performance of their core offerings:

• Attraction ticket sales are a primary driver, with assets like FlyOver and Sky Lagoon fueling growth.
• Lodging revenue comes from their portfolio of distinctive hotels and lodges.
• Food & beverage and retail sales contribute, often showing high per capita spend from captive audiences.
• Sightseeing tour and ground transportation fees round out the package, ensuring a seamless guest journey.

To give you a clearer picture of the underlying performance drivers for these streams, look at the second quarter 2025 same-store metrics, which show pricing power:

Revenue Component Driver	Latest Reported Growth Metric (Same-Store Basis)	Context/Asset Example
Attraction Ticket Sales	11% increase in attraction ticket prices	FlyOver, Sky Lagoon
Lodging Revenue	9% growth in RevPAR (Revenue Per Available Room)	Lodging from distinctive hotels and lodges

The user-specified structure for lodging mentions 28 distinctive hotels and lodges, which feed the lodging revenue stream. The latest public data suggests the portfolio has grown to 29 distinctive lodges as of November 2025. The attractions segment includes 17 world-class point-of-interest attractions. The company is actively planning for future growth, with >$250 million in identified organic investments planned through 2030.

The company is definitely leaning into experiences where they have a strong foothold. Still, the success of the food & beverage and retail components is tied directly to the volume of attraction and lodging guests.