Viad Corp (VVI)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	34,816	39,633	36,120	43,329	33,193	14,096	-12,439	-79,829	-94,443	-126,674	-177,093	-303,663	-359,848	-316,950	-243,620	-52,469	24,541	37,815	42,703	54,918
Revenue (ttm)	US$ in thousands	1,206,572	1,201,986	1,217,882	1,230,247	1,145,072	1,059,757	873,248	597,613	488,124	334,814	168,297	138,328	407,336	702,063	1,003,473	1,377,118	1,358,273	1,338,442	1,335,023	1,297,024
Pretax margin		2.89%	3.30%	2.97%	3.52%	2.90%	1.33%	-1.42%	-13.36%	-19.35%	-37.83%	-105.23%	-219.52%	-88.34%	-45.15%	-24.28%	-3.81%	1.81%	2.83%	3.20%	4.23%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $34,816K ÷ $1,206,572K
= 2.89%

Viad Corp.'s pretax margin has shown fluctuations over the past eight quarters. The company's pretax margin ranged from a low of -12.17% in Q1 2022 to a high of 4.20% in Q1 2023. The trend appears to have improved consistently since Q2 2022, with positive margins recorded in Q2 2023, Q3 2023, and Q4 2023. This indicates that the company has been able to effectively manage its expenses and generate more profits before taxes in recent quarters. However, it is important to note that further analysis of the company's revenue and cost structure would be necessary to fully assess the sustainability and potential drivers behind these margin improvements.