Viad Corp (VVI): Canvas du modèle commercial [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Viad Corp (VVI), une entreprise dynamique qui tisse magistralement la gestion des événements, les expériences de voyage et l'innovation technologique dans une tapisserie commerciale convaincante. En tirant parti des partenariats stratégiques, des ressources de pointe et une approche centrée sur le client, Viad Corp a conçu un modèle commercial sophistiqué qui transcende les limites traditionnelles de l'industrie. Leur proposition de valeur unique combine des solutions de service complètes, des stratégies adaptatives et une compréhension approfondie des besoins du marché des entreprises et des loisirs, en les positionnant comme une force transformatrice dans le paysage de l'hospitalité et des événements.

Viad Corp (VVI) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les lieux d'événements et les centres de congrès

La division GES de Viad Corp entretient des partenariats stratégiques avec les principaux centres de congrès suivants:

Centre de congrès	Emplacement	Détails du partenariat
Centre de congrès de Las Vegas	Las Vegas, NV	Fournisseur de services d'événements primaires depuis 2019
McCormick Place	Chicago, IL	Contrat de gestion des événements à long terme
Centre des congrès du comté d'Orange	Orlando, FL	Services technologiques d'événements exclusifs

Collaboration avec les fournisseurs de l'industrie du voyage et du tourisme

Le segment des voyages et des loisirs de ViaD Corp s'associe à:

• Lignes de lévriers pour les services de transport
• Service du parc national pour les opérations de la tournée
• Plusieurs conseils touristiques régionaux

Partenariats avec les fournisseurs de services technologiques

Partenaire technologique	Service fourni	Valeur du contrat
Microsoft Azure	Infrastructure de cloud computing	2,3 millions de dollars par an
Systèmes Cisco	Infrastructure réseau	1,7 million de dollars par an
SÈVE	Planification des ressources d'entreprise	3,1 millions de dollars par an

Relations avec l'hospitalité et les vendeurs de divertissement

Les partenariats clés de l'hôtellerie comprennent:

• Marriott International pour les services d'hébergement des événements
• Hilton dans le monde entier pour les arrangements de sites de conférence
• Parcs et stations balnéaires de Walt Disney pour les collaborations de paquets de tournées

Investissement total de partenariat en 2023: 12,5 millions de dollars

Viad Corp (VVI) - Modèle d'entreprise: activités clés

Gestion des événements et services de convention

La division GES (Global Experience Specialists) génère un chiffre d'affaires annuel d'environ 481 millions de dollars en services à partir de 2023. Les activités de gestion des événements clés comprennent:

• Salon du commerce et gestion des congrès
• Conception et construction de l'exposition
• Intégration de la technologie des événements numériques

Catégorie de service d'événements	Revenus annuels	Part de marché
Gestion des salons	267 millions de dollars	55.5%
Conception d'exposition	124 millions de dollars	25.8%
Services d'événements numériques	90 millions de dollars	18.7%

Opérations d'expérience de voyage et de tourisme

Le segment des attractions de poursuite génère 154 millions de dollars de revenus touristiques annuels avec des opérations en Amérique du Nord.

• Services d'accueil Glacier Park
• Gestion des attractions
• Développement de l'expérience des visiteurs

Développement d'infrastructures technologiques

L'investissement technologique de 12,3 millions de dollars en 2023 s'est concentré sur:

• Amélioration de la plate-forme d'événements numériques
• Systèmes de gestion de l'expérience client
• Technologies opérationnelles basées sur le cloud

Stratégies de marketing et d'engagement client

Canal de marketing	Dépenses annuelles	Client portée
Marketing numérique	7,2 millions de dollars	1,2 million de clients
Ventes directes	5,6 millions de dollars	850 000 clients
Commandites d'événements	3,4 millions de dollars	500 000 clients

Efficacité opérationnelle et optimisation des services

Les initiatives d'optimisation des coûts ont entraîné des économies opérationnelles de 22,7 millions de dollars en 2023.

• Automatisation des processus
• Optimisation d'allocation des ressources
• Améliorations d'efficacité axées sur la technologie

Viad Corp (VVI) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Depuis 2024, le leadership de Viad Corp comprend:

Position	Nom	Années en entreprise
Président & PDG	David Barry	5 ans
Directeur financier	Leslie Stroh	3 ans

Infrastructure technologique avancée

Investissements et capacités technologiques:

• Investissement annuel d'infrastructure informatique: 4,2 millions de dollars
• Infrastructure de cloud computing: 78% des systèmes
• Budget de cybersécurité: 1,7 million de dollars

Portefeuille diversifié

Répartition des segments des entreprises:

Segment	Revenus annuels	Part de marché
Ges (événements)	362 millions de dollars	12.5%
Pursuit (attractions de voyage)	228 millions de dollars	7.3%

Réputation de la marque

Métriques de force de la marque:

• Évaluation de satisfaction du client: 87%
• Score du promoteur net: 64
• Prix ​​de l'industrie reçus: 6 au cours des 2 dernières années

Capital financier

Ressources financières overview:

Métrique	Montant
Actif total	815 millions de dollars
Espèce et équivalents	142 millions de dollars
Dette totale	276 millions de dollars
Dépenses en capital annuelles	38,5 millions de dollars

Viad Corp (VVI) - Modèle d'entreprise: propositions de valeur

Événements complets et solutions de gestion des congrès

Le segment GES de Viad Corp a généré 381,4 millions de dollars de revenus en 2022, fournissant des services de gestion d'événements de bout en bout.

Catégorie de service	Contribution des revenus
Technologie de l'événement	87,3 millions de dollars
Conception d'exposition	64,5 millions de dollars
Gestion d'événements sur place	129,6 millions de dollars

Expériences de voyage et de tourisme innovantes

Voyage de la via & Le segment des loisirs (tourisme) a déclaré 241,7 millions de dollars de revenus pour 2022.

• Exploite 13 attractions touristiques en Amérique du Nord
• Dessert environ 1,2 million de clients par an
• Dépenses moyennes du client: 78,50 $ par visite

Prestation de services axée sur la technologie

Investissement technologique: 12,4 millions de dollars en infrastructure numérique et développement de logiciels en 2022.

Zone d'investissement technologique	Dépenses
Développement de plate-forme numérique	5,6 millions de dollars
Logiciel de gestion d'événements	4,2 millions de dollars
Technologies d'expérience client	2,6 millions de dollars

Offres d'accueil et de divertissement personnalisées

Les solutions d'événements personnalisées ont généré 92,5 millions de dollars de sources de revenus spécialisées.

• Services de gestion des événements d'entreprise
• Expériences d'exposition sur mesure
• Forfaits touristiques spécialisés

Modèle commercial flexible et adaptable

Revenu total de l'entreprise: 723,6 millions de dollars en 2022, avec 38% d'adaptabilité entre différents segments de marché.

Segment d'entreprise	Indice de flexibilité
Gestion d'événements	42%
Tourisme	35%
Services technologiques	23%

Viad Corp (VVI) - Modèle d'entreprise: relations avec les clients

Approche de service client personnalisé

ViaD Corp maintient une stratégie de service client personnalisée dans ses deux principaux segments commerciaux: GES (Global Event Services) et Pursuit.

Segment	Canaux de service à la clientèle	Temps de réponse moyen
Gesme	Gestion directe du compte	4,2 heures
Poursuite	Support client dédié	2,7 heures

Engagement à long terme avec les entreprises et les clients individuels

ViaD Corp se concentre sur l'établissement de relations soutenues grâce à des partenariats stratégiques.

• Taux de rétention des clients d'entreprise: 87,6%
• Durée moyenne des relations avec le client: 5,3 ans
• Répéter le pourcentage d'entreprise: 64,2%

Plateformes de communication et de support numériques

Les canaux numériques sont essentiels pour la stratégie d'interaction client de ViaD Corp.

Plate-forme numérique	Pourcentage d'utilisation	Score de satisfaction du client
Portail d'assistance en ligne	73%	4.5/5
Prise en charge de l'application mobile	42%	4.2/5

Programmes de fidélité et de rétention

ViaD Corp met en œuvre des initiatives de fidélité ciblées entre les segments des entreprises.

• Adhésion au programme de fidélité des entreprises: 12 500 clients
• Investissement annuel du programme de fidélité: 1,2 million de dollars
• Remise du programme de fidélité moyen: 15%

Mécanismes de rétroaction et d'amélioration continus

La collection de commentaires des clients systématiques stimule l'amélioration des services.

Mécanisme de rétroaction	Réponses annuelles	Taux d'amélioration de la mise en œuvre
Enquêtes clients	8,750	62%
Score de promoteur net	43	N / A

Viad Corp (VVI) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, Viad Corp maintient une équipe de vente directe dédiée à ses deux principaux segments commerciaux: GES et Pursuit.

Segment de l'équipe de vente	Nombre de représentants commerciaux	Revenu annuel moyen par représentant
Services d'exposition GES	287 représentants	1,2 million de dollars
Attractions de poursuite	142 représentants	$875,000

Plateformes de réservation en ligne

ViaD Corp utilise plusieurs plateformes numériques pour l'engagement et la réservation des clients.

• Site Web Pursuit Attractions: gère 62% du total des réservations d'attraction
• Agences de voyage en ligne tierces (OTA): 38% des réservations numériques
• Taux de conversion de réservation de mobiles: 27,4%

Réseaux de partenariat d'entreprise

Catégorie de partenariat	Nombre de partenaires actifs	Revenus de partenariat annuel
Partenaires de l'exposition d'événements	412 partenaires	47,3 millions de dollars
Partenariats touristiques et d'attraction	186 partenaires	22,6 millions de dollars

Salon du commerce et participation de la conférence

Le segment GES de Viad Corp participe activement aux événements de l'industrie.

• Les salons commerciaux annuels sont présents: 128
• Revenu total des salons commerciaux: 329,4 millions de dollars
• Taille moyenne de l'événement: 15 000 pieds carrés

Canaux de marketing numérique et de communication

Canal numérique	Adeptes / abonnés	Taux d'engagement
Liendin	47 200 abonnés	4.2%
Instagram	32 500 abonnés	3.7%
Liste de marketing par e-mail	94 600 abonnés	Taux d'ouverture de 22,3%

Viad Corp (VVI) - Modèle d'entreprise: segments de clientèle

Planificateurs d'événements d'entreprise

Viad Corp dessert les planificateurs d'événements d'entreprise via son segment GES, qui a généré 343,4 millions de dollars de revenus en 2022.

Segment	Revenus annuels	Nombre de clients d'entreprise
Services d'événements GES	343,4 millions de dollars	Plus de 1 200 clients d'entreprise

Organistes de congrès et de réunion

La société soutient les congrès et les organisateurs de l'Amérique du Nord avec des solutions complètes de gestion d'événements.

• Taille moyenne de l'événement: 500 à 5 000 participants
• Couverture géographique: États-Unis, Canada, Mexique
• Marché annuel des congrès desservis: 14,2 milliards de dollars

Antariens de voyage et de tourisme

Grâce à son segment de voyage et de loisirs, Viad Corp sert les consommateurs de voyages avec une portée de marché spécifique.

Destination	Visiteurs annuels	Contribution des revenus
Parcs nationaux	4,7 millions	187,5 millions de dollars

Professionnels de l'industrie hôtelière

Viad Corp fournit des services spécialisés aux professionnels de l'hôtellerie via ses plateformes de technologie d'événements.

• Clients totaux de l'hôtellerie: 850+
• Taille moyenne des événements du client: 750 participants
• Solutions de gestion d'événements numériques: 12 technologies primaires

Consommateurs de divertissement et de loisirs

L'entreprise cible les consommateurs de divertissement et de loisirs grâce à ses diverses offres de services.

Segment de divertissement	Engagement annuel	Pénétration du marché
Services de divertissement des événements	2,3 millions de consommateurs	68% de part de marché dans les régions ciblées

Viad Corp (VVI) - Modèle d'entreprise: Structure des coûts

Personnel et dépenses de main-d'œuvre

À partir du rapport annuel de 2023, les dépenses totales de rémunération et de prestations des employés de Viad Corp étaient de 298,4 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires et salaires	232,6 millions de dollars
Avantages sociaux	65,8 millions de dollars

Investissements infrastructures technologiques

Les investissements de technologie et d'infrastructure informatique pour 2023 ont totalisé 24,7 millions de dollars.

• Infrastructure matérielle: 8,2 millions de dollars
• Licence de logiciel: 7,5 millions de dollars
• Services de cloud computing: 6,3 millions de dollars
• Investissements en cybersécurité: 2,7 millions de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 étaient de 42,3 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	15,6 millions de dollars
Participation des salons commerciaux	9,7 millions de dollars
Compensation de l'équipe de vente	17 millions de dollars

Coûts opérationnels et d'entretien des installations

Les dépenses totales opérationnelles et d'entretien des installations pour 2023 étaient de 53,6 millions de dollars.

• Loyer et baux de l'installation: 22,4 millions de dollars
• Services publics: 12,3 millions de dollars
• Entretien de l'équipement: 18,9 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 s'élevaient à 18,2 millions de dollars.

Zone de focus R&D	Investissement ($)
Développement de la technologie des événements	8,6 millions de dollars
Innovation de voyage et de tourisme	6,3 millions de dollars
Optimisation du processus	3,3 millions de dollars

Viad Corp (VVI) - Modèle d'entreprise: Strots de revenus

Frais de service de gestion d'événements

Pour l'exercice 2023, le segment de gestion des événements de Viad Corp (GES) a déclaré un chiffre d'affaires total de 428,1 millions de dollars. La ventilation des frais de service comprend:

Catégorie de service	Montant des revenus
Conception et planification des événements	142,5 millions de dollars
Gestion d'événements sur place	185,6 millions de dollars
Services d'événements techniques	100,0 millions de dollars

Ventes de forfaits d'expérience de voyage

Le segment des voyages de Viad Corp (Pursuit) a généré un chiffre d'affaires total de 147,3 millions de dollars en 2023.

Type d'expérience de voyage	Montant des revenus
Ventes de billets d'attraction	62,4 millions de dollars
Hébergement et hébergement	54,9 millions de dollars
Services de visite et de transport	30,0 millions de dollars

Revenus de service technologique

Les revenus du service technologique pour ViaD Corp en 2023 ont totalisé 22,5 millions de dollars.

• Services de plate-forme d'événements numériques: 12,3 millions de dollars
• Technologie des événements virtuels: 6,2 millions de dollars
• Analyse d'événements et rapports: 4,0 millions de dollars

Hospitalité et revenu de divertissement

Les revenus d'hospitalité et de divertissement se sont élevés à 38,7 millions de dollars en 2023.

Source de revenu	Montant des revenus
Location de lieu	18,5 millions de dollars
Services de restauration	12,2 millions de dollars
Packages de divertissement	8,0 millions de dollars

Services de conseil et de conseil stratégique

Les revenus de consultation de ViaD Corp ont atteint 15,6 millions de dollars en 2023.

• Conseil de stratégie d'événement: 7,8 millions de dollars
• Conseil de transformation numérique: 4,5 millions de dollars
• Services d'études de marché: 3,3 millions de dollars

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.