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: 



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!

Add new comment

Partner Voices
Overview: The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality. In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way. “We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.” Amenities: The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.  The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need. Gold Key Members The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events. OCCC Events: This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.  The Center’s top five events during their 2022-2023 fiscal year included:  AAU Jr. National Volleyball Championships 2023 200,000 Attendees $257 Million in Economic Impact MEGACON 2023 160,000 Attendees $205 Million in Economic Impact Open Championship Series 2023 69,500 Attendees $89 Million in Economic Impact Sunshine Classic 2023 42,000 Attendees $54 Million in Economic Impact Premiere Orlando 2023 42,000 Attendees $108 Million in Economic Impact