Earnings: GES and Spiro Parent Company Viad Positive on 2024 After Double-Digit Revenue Growth in Q4 2023

February 15, 2024

Viad Corp., parent of Global Experience Specialists (GES) and Spiro, said it is moving into 2024 with momentum after revenues for the company’s experiential marketing and exhibition management services surged in the fourth quarter (Q4) of 2023, helped by increasing demand for in-person events by corporate clients and exhibiting companies. 

On Feb. 8, the company posted revenue of $291.7 million for the last three months of 2023, up 17.6% from the prior-year period. Viad’s full-year 2023 revenues increased 9.9% YOY, from $1.1 billion in 2022 to $1.2 billion in 2023, according to the company’s results for the Q4 and the full year 2023

GES, which includes Spiro, outperformed expectations with 7% full-year revenue growth and healthy margins, and growth and margin improvement is expected again in 2024.

Viad President and CEO Steve Moster said, “We delivered strong fourth quarter and full year results, with consolidated revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) exceeding the high-end of our guidance. GES’ results significantly surpassed our expectations due to increased corporate client spending on high-margin experiential marketing services.”

What’s behind the numbers? We take a deeper dive into the data and the shows that are driving the results.

2023 Results

Steve Moster, GES
Steve Moster, GES

Revenue in 2023 increased $111.4 million from the 2022 full year. GES revenue of $888.4 million increased $60.4 million (7.3%) YOY, primarily due to improved demand for exhibition management and experiential marketing services, which more than offset a $74 million year-over-year revenue impact from the sale of a non-core audio-visual services business in 2022 and the timing of major non-annual shows.

GES adjusted EBITDA of $68.2 million increased $6.9 million (11.3%) YOY, primarily driven by higher revenue and improved margin.


Q4 Results

Revenue of $291.7 million increased $43.7 million (17.6%) from Q4 2022. GES revenue of $249.5 million increased $35.6 million (16.6%) YOY, primarily due to continued underlying growth and about $9 million of incremental revenue from non-annual shows, partially offset by the loss of $13 million in revenue from a non-core audio visual services business that was sold in 2022.

GES adjusted EBITDA of $26.6 million increased $13.9 million YOY, primarily due to higher revenue and improved margin.

In Q4, GES produced a number of major trade shows, including:


2024 Outlook

GES is expecting revenues of $225 to $245 million in Q1 and an increase of low-double digits for the full year 2024. The guidance is based on three key assumptions:

  • Major non-annual show with about $65 million of incremental revenue, compared with 2023, primarily in Q3
  • Strong demand for GES’ experiential marketing and exhibition management services
  • Increased exhibition and event show sizes
GES Show
GES produced the American Epilepsy Society Annual Meeting at the Orange County Convention Center in Q1 2024

In January, the company announced leadership changes, with two major executive promotions: Jeff Quade to president of GES Exhibitions – North America and Jason Stead to GES Exhibitions – EMEA. Read our full story here.

Moster said,“We are entering 2024 with great momentum as we see robust demand for our extraordinary experiences at both Pursuit and GES. We expect to deliver full year consolidated adjusted EBITDA year-over-year growth of approximately 16% to 30% in 2024 with strong free cash flow.”

In Q1 2024, GES has already produced a number of trade shows, including: 



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