Viad Corp (VVI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Vied Corp (VVI), una empresa dinámica que teje magistralmente la gestión de eventos, las experiencias de viaje y la innovación tecnológica en un tapiz empresarial convincente. Al aprovechar las asociaciones estratégicas, los recursos de vanguardia y un enfoque centrado en el cliente, Vied Corp ha creado un modelo de negocio sofisticado que trasciende las fronteras tradicionales de la industria. Su propuesta de valor única combina soluciones de servicio integrales, estrategias adaptativas y una comprensión profunda de las necesidades del mercado corporativo y de ocio, posicionándolas como una fuerza transformadora en el panorama de la hospitalidad y los eventos.

VIED CORP (VVI) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con lugares para eventos y centros de convenciones

La división GES de Viad Corp mantiene asociaciones estratégicas con los siguientes centros de convenciones clave:

Centro de convenciones	Ubicación	Detalles de la asociación
Centro de convenciones de Las Vegas	Las Vegas, NV	Proveedor de servicios de eventos primarios desde 2019
McCormick Place	Chicago, IL	Contrato de gestión de eventos a largo plazo
Centro de convenciones del condado de Orange	Orlando, FL	Servicios de tecnología de eventos exclusivos

Colaboración con proveedores de la industria de viajes y turismo

El segmento de viajes y recreación de Viad Corp se asocia con:

• Líneas de galgo para servicios de transporte
• Servicio de Parques Nacionales para operaciones turísticas
• Múltiples tableros de turismo regionales

Asociaciones con proveedores de servicios de tecnología

Socio tecnológico	Servicio proporcionado	Valor de contrato
Microsoft Azure	Infraestructura de computación en la nube	$ 2.3 millones anualmente
Sistemas de Cisco	Infraestructura de red	$ 1.7 millones anuales
SAVIA	Planificación de recursos empresariales	$ 3.1 millones anualmente

Relaciones con proveedores de hospitalidad y entretenimiento

Las asociaciones clave de hospitalidad incluyen:

• Marriott International para servicios de alojamiento para eventos
• Hilton Worldwide para los arreglos de sede de la conferencia
• Walt Disney Parks and Resorts para colaboraciones de paquetes de turismo

Inversión total de asociación en 2023: $ 12.5 millones

VIED CORP (VVI) - Modelo de negocio: actividades clave

Servicios de gestión de eventos y convenciones

La división GES (Global Experience Specialists) genera ingresos anuales de aproximadamente $ 481 millones en servicios de eventos a partir de 2023. Las actividades clave de gestión de eventos incluyen:

• Gestión de ferias y convenciones
• Diseño y construcción de la exposición
• Integración de tecnología de eventos digitales

Categoría de servicio de eventos	Ingresos anuales	Cuota de mercado
Gestión de ferias comerciales	$ 267 millones	55.5%
Diseño de exhibición	$ 124 millones	25.8%
Servicios de eventos digitales	$ 90 millones	18.7%

Operaciones de experiencia en viajes y turismo

El segmento de atracciones de búsqueda genera $ 154 millones en ingresos turísticos anuales con operaciones en América del Norte.

• Servicios de hospitalidad de Glacier Park
• Gestión de atracciones
• Desarrollo de la experiencia de los visitantes

Desarrollo de infraestructura tecnológica

La inversión tecnológica de $ 12.3 millones en 2023 se centró en:

• Mejora de la plataforma de eventos digitales
• Sistemas de gestión de la experiencia del cliente
• Tecnologías operativas basadas en la nube

Estrategias de marketing y participación del cliente

Canal de marketing	Gasto anual	Alcance del cliente
Marketing digital	$ 7.2 millones	1.2 millones de clientes
Ventas directas	$ 5.6 millones	850,000 clientes
Patrocinios de eventos	$ 3.4 millones	500,000 clientes

Eficiencia operativa y optimización de servicios

Las iniciativas de optimización de costos dieron como resultado ahorros operativos de $ 22.7 millones en 2023.

• Automatización de procesos
• Optimización de asignación de recursos
• Mejoras de eficiencia basadas en tecnología

VIED CORP (VVI) - Modelo de negocio: recursos clave

Equipo de gestión experimentado

A partir de 2024, el liderazgo de Vied Corp incluye:

Posición	Nombre	Años con la empresa
Presidente & CEO	David Barry	5 años
director de Finanzas	Leslie Stroh	3 años

Infraestructura tecnológica avanzada

Inversiones y capacidades tecnológicas:

• Inversión anual de infraestructura de TI: $ 4.2 millones
• Infraestructura de computación en la nube: 78% de los sistemas
• Presupuesto de ciberseguridad: $ 1.7 millones

Cartera diversa

Desglose del segmento de negocios:

Segmento	Ingresos anuales	Cuota de mercado
GES (eventos)	$ 362 millones	12.5%
Pursuit (atracciones de viaje)	$ 228 millones	7.3%

Reputación de la marca

Métricas de fuerza de la marca:

• Calificación de satisfacción del cliente: 87%
• Puntuación del promotor neto: 64
• Premios de la industria recibidos: 6 en los últimos 2 años

Capital financiero

Recursos financieros overview:

Métrico	Cantidad
Activos totales	$ 815 millones
Efectivo y equivalentes	$ 142 millones
Deuda total	$ 276 millones
Gastos de capital anuales	$ 38.5 millones

VIED CORP (VVI) - Modelo de negocio: propuestas de valor

Soluciones integrales de gestión de eventos y convenciones

El segmento GES de Viad Corp generó ingresos de $ 381.4 millones en 2022, proporcionando servicios de gestión de eventos de extremo a extremo.

Categoría de servicio	Contribución de ingresos
Tecnología de eventos	$ 87.3 millones
Diseño de exhibición	$ 64.5 millones
Gestión de eventos en el sitio	$ 129.6 millones

Experiencias innovadoras de viajes y turismo

Viaje de Vied & El segmento de recreación (turismo) reportó $ 241.7 millones en ingresos para 2022.

• Opera 13 atracciones turísticas en América del Norte
• Atiende a aproximadamente 1,2 millones de clientes anualmente
• Gasto promedio del cliente: $ 78.50 por visita

Entrega de servicios basados ​​en tecnología

Inversión tecnológica: $ 12.4 millones en infraestructura digital y desarrollo de software en 2022.

Área de inversión tecnológica	Gasto
Desarrollo de plataforma digital	$ 5.6 millones
Software de gestión de eventos	$ 4.2 millones
Tecnologías de experiencia del cliente	$ 2.6 millones

Ofertas personalizadas de hospitalidad y entretenimiento

Las soluciones de eventos personalizados generaron $ 92.5 millones en fuentes de ingresos especializadas.

• Servicios de gestión de eventos corporativos
• Experiencias de exhibición a medida
• Paquetes de turismo especializados

Modelo de negocio flexible y adaptable

Ingresos totales de la compañía: $ 723.6 millones en 2022, con un 38% de adaptabilidad en diferentes segmentos de mercado.

Segmento de negocios	Índice de flexibilidad
Gestión de eventos	42%
Turismo	35%
Servicios tecnológicos	23%

VIED CORP (VVI) - Modelo de negocios: relaciones con los clientes

Enfoque de servicio al cliente personalizado

Viad Corp mantiene una estrategia personalizada de servicio al cliente en sus dos segmentos comerciales principales: GES (Servicios de eventos globales) y Pursuit.

Segmento	Canales de servicio al cliente	Tiempo de respuesta promedio
GES	Administración de cuentas directas	4.2 horas
Buscar	Atención al cliente dedicada	2.7 horas

Compromiso a largo plazo con clientes corporativos e individuales

Viad Corp se centra en construir relaciones sostenidas a través de asociaciones estratégicas.

• Tasa de retención de clientes corporativos: 87.6%
• Duración promedio de la relación con el cliente: 5.3 años
• Repetir porcentaje comercial: 64.2%

Plataformas de comunicación digital y soporte

Los canales digitales son críticos para la estrategia de interacción con el cliente de Vied Corp.

Plataforma digital	Porcentaje de uso	Puntuación de satisfacción del cliente
Portal de soporte en línea	73%	4.5/5
Soporte de aplicaciones móviles	42%	4.2/5

Programas de lealtad y retención

Viad Corp implementa iniciativas de lealtad dirigidas en los segmentos de negocios.

• Membresía del Programa de Lealtad Corporativa: 12,500 clientes
• Inversión anual del programa de lealtad: $ 1.2 millones
• Descuento de programa promedio del programa de lealtad: 15%

Retroalimentación continua y mecanismos de mejora

Comentarios sistemáticos de la recopilación de comentarios de los clientes Mejora del servicio.

Mecanismo de retroalimentación	Respuestas anuales	Tasa de implementación de mejora
Encuestas de clientes	8,750	62%
Puntuación del promotor neto	43	N / A

VIED CORP (VVI) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Viad Corp mantiene un equipo de ventas directo dedicado en sus dos segmentos comerciales principales: GES y Pursuit.

Segmento del equipo de ventas	Número de representantes de ventas	Ingresos anuales promedio por representante
Servicios de exhibición de GES	287 representantes	$ 1.2 millones
Atracciones de búsqueda	142 representantes	$875,000

Plataformas de reserva en línea

Viad Corp utiliza múltiples plataformas digitales para la participación y reserva del cliente.

• Sitio web de Atracciones de búsqueda: maneja el 62% de las reservas de atracciones totales
• Agencias de viajes en línea de terceros (OTA): 38% de las reservas digitales
• Tasa de conversión de reserva móvil: 27.4%

Redes de asociación corporativa

Categoría de asociación	Número de socios activos	Ingresos anuales de asociación
Socios de exhibición de eventos	412 socios	$ 47.3 millones
Asociaciones de turismo y atracción	186 socios	$ 22.6 millones

Participación en la feria y la conferencia

El segmento GES de Viad Corp participa activamente en eventos de la industria.

• Asiste las ferias comerciales anuales: 128
• Ingresos de la feria comercial total: $ 329.4 millones
• Tamaño promedio del evento: 15,000 pies cuadrados

Canales de marketing digital y comunicación

Canal digital	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	47,200 seguidores	4.2%
Instagram	32,500 seguidores	3.7%
Lista de marketing por correo electrónico	94,600 suscriptores	22.3% de tasa de apertura

VIED CORP (VVI) - Modelo de negocio: segmentos de clientes

Planificadores de eventos corporativos

Viad Corp sirve a los planificadores de eventos corporativos a través de su segmento GES, que generó $ 343.4 millones en ingresos en 2022.

Segmento	Ingresos anuales	Número de clientes corporativos
Servicios de eventos GES	$ 343.4 millones	1,200+ clientes corporativos

Organizadores de la Convención y la Reunión

La compañía apoya a los organizadores de convenciones y reuniones en América del Norte con soluciones integrales de gestión de eventos.

• Tamaño promedio del evento: 500-5,000 asistentes
• Cobertura geográfica: Estados Unidos, Canadá, México
• Mercado anual de convenciones servida: $ 14.2 mil millones

Entudos de viajes y turismo

A través de su segmento de viajes y recreación, Viad Corp sirve a los consumidores de viajes con un alcance específico del mercado.

Destino	Visitantes anuales	Contribución de ingresos
Parques nacionales	4.7 millones	$ 187.5 millones

Profesionales de la industria hotelera

Viad Corp brinda servicios especializados a profesionales de la hospitalidad a través de sus plataformas de tecnología de eventos.

• Total Hospitality Clients: 850+
• Tamaño promedio del evento del cliente: 750 asistentes
• Soluciones de gestión de eventos digitales: 12 tecnologías primarias

Consumidores de entretenimiento y ocio

La compañía se dirige a los consumidores de entretenimiento y ocio a través de sus diversas ofertas de servicios.

Segmento de entretenimiento	Compromiso anual	Penetración del mercado
Servicios de entretenimiento de eventos	2.3 millones de consumidores	68% de participación de mercado en regiones dirigidas

VIED CORP (VVI) - Modelo de negocio: Estructura de costos

Personal y gastos laborales

A partir del informe anual de 2023, la compensación total de los empleados de Vied Corp y los gastos de beneficios fueron de $ 298.4 millones.

Categoría de gastos	Monto ($)
Salarios y salarios	$ 232.6 millones
Beneficios para empleados	$ 65.8 millones

Inversiones de infraestructura tecnológica

Las inversiones en tecnología e infraestructura de TI para 2023 totalizaron $ 24.7 millones.

• Infraestructura de hardware: $ 8.2 millones
• Licencias de software: $ 7.5 millones
• Servicios de computación en la nube: $ 6.3 millones
• Inversiones de ciberseguridad: $ 2.7 millones

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2023 fueron de $ 42.3 millones.

Canal de marketing	Gasto ($)
Marketing digital	$ 15.6 millones
Participación de la feria comercial	$ 9.7 millones
Compensación del equipo de ventas	$ 17 millones

Costos de mantenimiento operativo y de instalaciones

Los gastos de mantenimiento operativo y de mantenimiento de las instalaciones para 2023 fueron de $ 53.6 millones.

• Alquiler y arrendamientos de la instalación: $ 22.4 millones
• Utilidades: $ 12.3 millones
• Mantenimiento del equipo: $ 18.9 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 ascendieron a $ 18.2 millones.

Área de enfoque de I + D	Inversión ($)
Desarrollo de tecnología de eventos	$ 8.6 millones
Innovación de viajes y turismo	$ 6.3 millones
Optimización de procesos	$ 3.3 millones

VIED CORP (VVI) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de gestión de eventos

Para el año fiscal 2023, el segmento de gestión de eventos (GES) de Vied Corp informó ingresos totales de $ 428.1 millones. El desglose de las tarifas de servicio incluye:

Categoría de servicio	Monto de ingresos
Diseño y planificación de eventos	$ 142.5 millones
Gestión de eventos en el sitio	$ 185.6 millones
Servicios de eventos técnicos	$ 100.0 millones

Venta de paquetes de experiencia de viaje

El segmento de viaje de Viad Corp generó ingresos totales de $ 147.3 millones en 2023.

Tipo de experiencia de viaje	Monto de ingresos
Venta de entradas de atracción	$ 62.4 millones
Alojamiento y alojamiento	$ 54.9 millones
Servicios de recorrido y transporte	$ 30.0 millones

Ingresos del servicio tecnológico

Los ingresos por servicios tecnológicos para Viad Corp en 2023 totalizaron $ 22.5 millones.

• Servicios de plataforma de eventos digitales: $ 12.3 millones
• Tecnología de eventos virtuales: $ 6.2 millones
• Análisis de eventos e informes: $ 4.0 millones

Ingresos de hospitalidad e entretenimiento

Los ingresos de hospitalidad y entretenimiento ascendieron a $ 38.7 millones en 2023.

Fuente de ingresos	Monto de ingresos
Alquiler de lugar	$ 18.5 millones
Servicios de catering	$ 12.2 millones
Paquetes de entretenimiento	$ 8.0 millones

Servicios de consultoría y asesoramiento estratégico

Los ingresos de consultoría para Viad Corp alcanzaron los $ 15.6 millones en 2023.

• Consultoría de estrategia de eventos: $ 7.8 millones
• Aviso de transformación digital: $ 4.5 millones
• Servicios de investigación de mercado: $ 3.3 millones

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.