Viad Corp (VVI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Viad Corp (VVI), uma empresa dinâmica que tece magistralmente gerenciamento de eventos, experiências de viagem e inovação tecnológica em uma tapeçaria de negócios atraente. Ao alavancar parcerias estratégicas, recursos de ponta e uma abordagem centrada no cliente, a ViAd Corp criou um modelo de negócios sofisticado que transcende os limites tradicionais da indústria. Sua proposta de valor única combina soluções de serviço abrangentes, estratégias adaptativas e uma profunda compreensão das necessidades do mercado corporativo e de lazer, posicionando -as como uma força transformadora no cenário de hospitalidade e eventos.

Viad Corp (VVI) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com locais de eventos e centros de convenções

A divisão GES da Viad Corp mantém parcerias estratégicas com os seguintes centros de convenções principais:

Centro de Convenção	Localização	Detalhes da parceria
Centro de Convenções de Las Vegas	Las Vegas, nv	Provedor de serviços de eventos primários desde 2019
McCormick Place	Chicago, IL	Contrato de gerenciamento de eventos de longo prazo
Centro de Convenções do Condado de Orange	Orlando, FL	Serviços exclusivos de tecnologia de eventos

Colaboração com fornecedores da indústria de viagens e turismo

O segmento de viagem e recreação da Viad Corp faz parceria com:

• Greyhound Lines for Transportation Services
• Serviço Nacional de Parques para operações turísticas
• Vários quadros de turismo regionais

Parcerias com provedores de serviços de tecnologia

Parceiro de tecnologia	Serviço prestado	Valor do contrato
Microsoft Azure	Infraestrutura de computação em nuvem	US $ 2,3 milhões anualmente
Sistemas Cisco	Infraestrutura de rede	US $ 1,7 milhão anualmente
SEIVA	Planejamento de recursos corporativos	US $ 3,1 milhões anualmente

Relacionamentos com fornecedores de hospitalidade e entretenimento

As principais parcerias de hospitalidade incluem:

• Marriott International para serviços de acomodação para eventos
• Hilton Worldwide para acordos de local de conferência
• Walt Disney Parks and Resorts for Tour Package Collaborações

Investimento total de parceria em 2023: US $ 12,5 milhões

Viad Corp (VVI) - Modelo de Negócios: Atividades -chave

Serviços de gerenciamento de eventos e convenções

A divisão GES (Global Experience Specialists) gera receita anual de aproximadamente US $ 481 milhões em serviços de eventos a partir de 2023. As principais atividades de gerenciamento de eventos incluem:

• Feira de Feira e Gerenciamento de Convenções
• Projeto de exposição e construção
• Integração de tecnologia de eventos digitais

Categoria de serviço de evento	Receita anual	Quota de mercado
Gerenciamento de feiras	US $ 267 milhões	55.5%
Design da exposição	US $ 124 milhões	25.8%
Serviços de eventos digitais	US $ 90 milhões	18.7%

Operações de experiência de viagem e turismo

O segmento de atrações de perseguição gera US $ 154 milhões em receita anual de turismo com operações na América do Norte.

• Serviços de hospitalidade do Glacier Park
• Gerenciamento de atração
• Desenvolvimento da experiência do visitante

Desenvolvimento de infraestrutura tecnológica

Investimento tecnológico de US $ 12,3 milhões em 2023 focados em:

• Aprimoramento da plataforma de eventos digitais
• Sistemas de gerenciamento de experiência do cliente
• Tecnologias operacionais baseadas em nuvem

Estratégias de marketing e envolvimento do cliente

Canal de marketing	Gastos anuais	Alcance do cliente
Marketing digital	US $ 7,2 milhões	1,2 milhão de clientes
Vendas diretas	US $ 5,6 milhões	850.000 clientes
Patrocínio de eventos	US $ 3,4 milhões	500.000 clientes

Eficiência operacional e otimização de serviços

As iniciativas de otimização de custos resultaram em economia operacional de US $ 22,7 milhões em 2023.

• Automação de processo
• Otimização de alocação de recursos
• Melhorias de eficiência orientadas por tecnologia

Viad Corp (VVI) - Modelo de Negócios: Recursos Principais

Equipe de gerenciamento experiente

A partir de 2024, a liderança da Viad Corp inclui:

Posição	Nome	Anos com empresa
Presidente & CEO	David Barry	5 anos
Diretor Financeiro	Leslie Stroh	3 anos

Infraestrutura tecnológica avançada

Investimentos e recursos de tecnologia:

• Investimento anual de infraestrutura de TI: US $ 4,2 milhões
• Infraestrutura de computação em nuvem: 78% dos sistemas
• Orçamento de segurança cibernética: US $ 1,7 milhão

Portfólio diversificado

Aparelhamento do segmento de negócios:

Segmento	Receita anual	Quota de mercado
Ges (eventos)	US $ 362 milhões	12.5%
Busca (atrações de viagem)	US $ 228 milhões	7.3%

Reputação da marca

Métricas de força da marca:

• Classificação de satisfação do cliente: 87%
• Pontuação do promotor líquido: 64
• Prêmios da indústria recebidos: 6 nos últimos 2 anos

Capital financeiro

Recursos financeiros overview:

Métrica	Quantia
Total de ativos	US $ 815 milhões
Dinheiro e equivalentes	US $ 142 milhões
Dívida total	US $ 276 milhões
Gastos anuais de capital	US $ 38,5 milhões

Viad Corp (VVI) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de eventos e gerenciamento de convenções

O segmento GES da VIAD Corp gerou US $ 381,4 milhões em receita em 2022, fornecendo serviços de gerenciamento de eventos de ponta a ponta.

Categoria de serviço	Contribuição da receita
Tecnologia de eventos	US $ 87,3 milhões
Design da exposição	US $ 64,5 milhões
Gerenciamento de eventos no local	US $ 129,6 milhões

Experiências inovadoras de viagens e turismo

Viagem de Viad & O segmento de recreação (turismo) registrou US $ 241,7 milhões em receita para 2022.

• Opera 13 atrações turísticas na América do Norte
• Serve aproximadamente 1,2 milhão de clientes anualmente
• Gasto médio do cliente: US $ 78,50 por visita

Prestação de serviços orientada por tecnologia

Investimento em tecnologia: US $ 12,4 milhões em infraestrutura digital e desenvolvimento de software em 2022.

Área de investimento em tecnologia	Gastos
Desenvolvimento da plataforma digital	US $ 5,6 milhões
Software de gerenciamento de eventos	US $ 4,2 milhões
Tecnologias de experiência do cliente	US $ 2,6 milhões

Ofertas personalizadas de hospitalidade e entretenimento

As soluções de eventos personalizadas geraram US $ 92,5 milhões em fluxos de receita especializados.

• Serviços de gerenciamento de eventos corporativos
• Experiências de exposição personalizadas
• Pacotes de turismo especializados

Modelo de negócios flexível e adaptável

Receita total da empresa: US $ 723,6 milhões em 2022, com 38% de adaptabilidade em diferentes segmentos de mercado.

Segmento de negócios	Índice de flexibilidade
Gerenciamento de eventos	42%
Turismo	35%
Serviços de Tecnologia	23%

Viad Corp (VVI) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem personalizada de atendimento ao cliente

A VIAD Corp mantém uma estratégia personalizada de atendimento ao cliente em seus dois principais segmentos de negócios: GES (Global Event Services) e busca.

Segmento	Canais de atendimento ao cliente	Tempo médio de resposta
Ges	Gerenciamento de conta direta	4,2 horas
Perseguir	Suporte ao cliente dedicado	2,7 horas

Engajamento de longo prazo com clientes corporativos e individuais

A VIAD Corp se concentra na construção de relacionamentos sustentados por meio de parcerias estratégicas.

• Taxa de retenção de clientes corporativos: 87,6%
• Duração média do relacionamento do cliente: 5,3 anos
• Repita a porcentagem comercial: 64,2%

Plataformas de comunicação e suporte digital

Os canais digitais são críticos para a estratégia de interação do cliente da ViAD Corp.

Plataforma digital	Porcentagem de uso	Pontuação de satisfação do cliente
Portal de suporte on -line	73%	4.5/5
Suporte ao aplicativo móvel	42%	4.2/5

Programas de lealdade e retenção

A VIAD Corp implementa iniciativas de fidelidade direcionadas nos segmentos de negócios.

• Associação do Programa de Fidelidade Corporativa: 12.500 clientes
• Investimento anual do programa de fidelidade: US $ 1,2 milhão
• Programa de fidelidade média desconto: 15%

Feedback contínuo e mecanismos de melhoria

Melhoramento sistemático de coleta de feedback do cliente.

Mecanismo de feedback	Respostas anuais	Taxa de implementação de melhoria
Pesquisas de clientes	8,750	62%
Pontuação do promotor líquido	43	N / D

Viad Corp (VVI) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a ViAd Corp mantém uma equipe de vendas direta dedicada em seus dois principais segmentos de negócios: GES e Pursuit.

Segmento da equipe de vendas	Número de representantes de vendas	Receita anual média por representante
Serviços de exposição GES	287 representantes	US $ 1,2 milhão
Atrações de busca	142 representantes	$875,000

Plataformas de reserva on -line

A VIAD Corp utiliza várias plataformas digitais para envolvimento e reserva de clientes.

• Site de atrações de busca: lida com 62% das reservas totais de atração
• Agências de viagens on-line de terceiros (OTAs): 38% das reservas digitais
• Taxa de conversão de reservas móveis: 27,4%

Redes de parceria corporativa

Categoria de parceria	Número de parceiros ativos	Receita anual de parceria
Parceiros da exposição de eventos	412 parceiros	US $ 47,3 milhões
Parcerias de turismo e atração	186 parceiros	US $ 22,6 milhões

Feira de feira e participação da conferência

O segmento GES da Viad Corp participa ativamente de eventos do setor.

• Feiras de comércio anual assistidas: 128
• Receita total da feira: US $ 329,4 milhões
• Tamanho médio do evento: 15.000 pés quadrados

Canais de marketing e comunicação digital

Canal digital	Seguidores/assinantes	Taxa de engajamento
LinkedIn	47.200 seguidores	4.2%
Instagram	32.500 seguidores	3.7%
Lista de marketing por e -mail	94.600 assinantes	22,3% de taxa de abertura

Viad Corp (VVI) - Modelo de Negócios: Segmentos de Clientes

Planejadores de eventos corporativos

A ViAd Corp atende planejadores de eventos corporativos por meio de seu segmento GES, que gerou US $ 343,4 milhões em receita em 2022.

Segmento	Receita anual	Número de clientes corporativos
Serviços de eventos da GES	US $ 343,4 milhões	1.200 mais de clientes corporativos

Organizadores de convenção e reunião

A empresa apóia organizadores de convenções e reuniões da América do Norte com soluções abrangentes de gerenciamento de eventos.

• Tamanho médio do evento: 500-5.000 participantes
• Cobertura geográfica: Estados Unidos, Canadá, México
• O mercado de convenções anual servido: US $ 14,2 bilhões

Entusiastas de viagens e turismo

Através de seu segmento de viagens e recreação, a ViAd Corp atende consumidores de viagens com alcance específico do mercado.

Destino	Visitantes anuais	Contribuição da receita
Parques nacionais	4,7 milhões	US $ 187,5 milhões

Profissionais do setor de hospitalidade

A ViAd Corp fornece serviços especializados a profissionais de hospitalidade por meio de suas plataformas de tecnologia de eventos.

• Total de clientes de hospitalidade: 850+
• Tamanho médio do evento do cliente: 750 participantes
• Soluções de gerenciamento de eventos digitais: 12 tecnologias primárias

Consumidores de entretenimento e lazer

A empresa tem como alvo os consumidores de entretenimento e lazer por meio de suas diversas ofertas de serviços.

Segmento de entretenimento	Engajamento anual	Penetração de mercado
Serviços de entretenimento para eventos	2,3 milhões de consumidores	68% de participação de mercado em regiões direcionadas

Viad Corp (VVI) - Modelo de Negócios: Estrutura de Custo

Pessoal e despesas de mão -de -obra

A partir de 2023, o relatório anual, as despesas totais de remuneração e benefícios da VIAD Corp foram de US $ 298,4 milhões.

Categoria de despesa	Valor ($)
Salários e salários	US $ 232,6 milhões
Benefícios dos funcionários	US $ 65,8 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em tecnologia e infraestrutura de TI para 2023 totalizaram US $ 24,7 milhões.

• Infraestrutura de hardware: US $ 8,2 milhões
• Licenciamento de software: US $ 7,5 milhões
• Serviços de computação em nuvem: US $ 6,3 milhões
• Investimentos de segurança cibernética: US $ 2,7 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas para 2023 foram de US $ 42,3 milhões.

Canal de marketing	Gastos ($)
Marketing digital	US $ 15,6 milhões
Participação na feira	US $ 9,7 milhões
Compensação da equipe de vendas	US $ 17 milhões

Custos de manutenção operacional e de instalações

As despesas totais de manutenção operacional e de instalações para 2023 foram de US $ 53,6 milhões.

• Aluguel e arrendamentos de instalações: US $ 22,4 milhões
• Utilitários: US $ 12,3 milhões
• Manutenção do equipamento: US $ 18,9 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2023 totalizaram US $ 18,2 milhões.

Área de foco em P&D	Investimento ($)
Desenvolvimento de Tecnologia de Eventos	US $ 8,6 milhões
Inovação de viagens e turismo	US $ 6,3 milhões
Otimização do processo	US $ 3,3 milhões

Viad Corp (VVI) - Modelo de Negócios: Fluxos de Receita

Taxas de serviço de gerenciamento de eventos

Para o ano fiscal de 2023, o segmento de gerenciamento de eventos da Viad Corp (GES) registrou receita total de US $ 428,1 milhões. A quebra das taxas de serviço inclui:

Categoria de serviço	Valor da receita
Design e planejamento de eventos	US $ 142,5 milhões
Gerenciamento de eventos no local	US $ 185,6 milhões
Serviços de eventos técnicos	US $ 100,0 milhões

VENDAS DE EXPERIÊNCIA DE VIAGEM VENDAS

O segmento de viagem da ViAd Corp (Pursuit) gerou receita total de US $ 147,3 milhões em 2023.

Tipo de experiência de viagem	Valor da receita
Vendas de ingressos de atração	US $ 62,4 milhões
Hospedagem e acomodação	US $ 54,9 milhões
Serviços de passeio e transporte	US $ 30,0 milhões

Receitas de serviço de tecnologia

As receitas de serviços de tecnologia da ViAd Corp em 2023 totalizaram US $ 22,5 milhões.

• Serviços de plataforma de eventos digitais: US $ 12,3 milhões
• Tecnologia de eventos virtuais: US $ 6,2 milhões
• Análise de Eventos e Relatórios: US $ 4,0 milhões

Hospitalidade e renda de entretenimento

As receitas de hospitalidade e entretenimento totalizaram US $ 38,7 milhões em 2023.

Fonte de renda	Valor da receita
Aluguel de local	US $ 18,5 milhões
Serviços de catering	US $ 12,2 milhões
Pacotes de entretenimento	US $ 8,0 milhões

Serviços de consultoria e consultoria estratégica

As receitas de consultoria da ViAd Corp atingiram US $ 15,6 milhões em 2023.

• Consultoria de Estratégia de Eventos: US $ 7,8 milhões
• Conselho de transformação digital: US $ 4,5 milhões
• Serviços de pesquisa de mercado: US $ 3,3 milhões

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.