Viad Corp., a global provider of business event management and experiential marketing services, reported first quarter (Q1) 2024 revenues of $273.5 million, an increase of $12.7 million or 4.9% from Q1 2023.

For Q1, GES, which includes Spiro, reported revenues of $236.3 million, compared with $228.1 million in the same period last year. GES reported an increase of $8.1 million or 3.6% year-over-year, which the company attributed to continued underlying growth that more than offset a $4 million decline due to the timing of major non-annual shows.

Context: GES is a global exhibition management and experiential marketing company offering a range of services to event organizers and brands through GES Exhibitions and Spiro. GES Exhibitions is a global exhibition and trade show management business that partners with exhibition and conference organizers as a full-service provider of strategic and logistics solutions throughout North America, Europe and the Middle East. Spiro is a global experiential marketing agency that partners with brands around the world to manage and elevate their experiential marketing activities.

Q1 trade shows: From January to March, GES produced a number of major U.S. trade shows, including: 

• GES and onPeak supported the HAI HELI-EXPO 2024, held Feb. 27-29 at the Anaheim Convention Center. The association trade show drew 15,000 industry professionals and more than 600 exhibiting companies. HAI announced a new association name, Vertical Aviation International (VAI) and a rebranding of HELI-EXPO as VERTICON. View a video here.
• GES supported the World of Asphalt and AGG1 Aggregates Academy & Expo, held March 25–27 at the Nashville Music City Center. The event drew 400 equipment manufacturers, and the exhibit floor encompassed more than 207,000 square feet, a 14,000 square-foot increase compared to 2022’s event. Read the post-show release here.
• GES executed Questex’s International Beauty Show (IBS New York) and the International Esthetics, Cosmetics, & Spa Conference (IECSC New York), held March 3-5 at the Javits Convention Center. The co-located shows featured more than 500 brands, showcasing their newest products and innovations in the nearly 100,000 square feet of exhibit space. Read the post-show release here.

Recent activations: In recent months, Spiro worked with a number of global brands to produce events and activations, including:

• Metamates event for 6,000 Meta employees in London. Read more about the program here.
• Partnering with SAUDI AIRLINES & CSM Sport & Entertainment, Spiro delivered an exhilarating fan experience and brought bespoke content to life for 25,000 excited race fans at Formula E’s Diriyah E-Prix.
• Last fall, GES produced Future Proof: The World’s First Wealth Management Festival, held Sept. 10-13, 2023, in Huntington Beach, Calif. Read more about the event here.

Deeper dive: GES adjusted EBITDA of $18.9 million increased $2.2 million year-over-year, which company officials said was primarily due to higher revenue and improved margin. Viad invested $20.7 million in capital expenditures for Q1, including $4.3 million for GES.

What they are saying: Steve Moster, Viad’s president and CEO, commented, “We delivered solid first quarter results that were in line with our expectations. GES continues to deliver strong profitable growth, with a 70 basis point year-over-year improvement in its Adjusted EBITDA margin.”

ENN Related: EARNINGS: GES AND SPIRO PARENT COMPANY VIAD POSITIVE ON 2024 AFTER DOUBLE-DIGIT REVENUE GROWTH IN Q4 2023 

2024 Outlook: GES expects revenues of $260-$280 million, with EBITDA of $34.5 to $38.5 million for Q2 and revenues up in the low double-digits for the full year with EBITDA of $80 to $90 million.

Looking ahead: "With accelerating business activity ahead and signs of robust demand for our extraordinary experiences at both Pursuit and GES, our favorable full year outlook remains unchanged,” Moster said. “We continue to expect year-over-year consolidated adjusted EBITDA growth of approximately 16% to 30% in 2024 with strong free cash flow.”

Don’t miss any event-related news: Sign up for our weekly e-newsletter HERE, listen to our latest podcast HERE and engage with us on LinkedIn!