Viad Corp (VVI)

Return on total capital

		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 interest and tax (EBIT) (ttm)	US$ in thousands	82,794	87,715	81,978	84,592	68,084	46,142	18,873	-50,713	-66,119	-102,954	-157,441	-284,390	-341,642	-297,709	-226,089	-37,167	38,740	50,036	53,792	65,404
Long-term debt	US$ in thousands	349,800	326,700	320,800	318,100	301,800	322,200	340,800	330,600	328,900	310,500	355,100	329,100	254,000	222,000	398,300	430,100	304,000	297,800	316,600	239,100
Total stockholders’ equity	US$ in thousands	43,433	51,750	16,487	-4,248	14,530	617,162	-7,591	-18,169	6,282	25,608	18,751	56,502	95,955	134,848	153,772	349,295	467,498	465,037	438,909	420,403
Return on total capital		21.05%	23.18%	24.31%	26.95%	21.52%	4.91%	5.66%	-16.23%	-19.73%	-30.63%	-42.11%	-73.75%	-97.62%	-83.43%	-40.95%	-4.77%	5.02%	6.56%	7.12%	9.92%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $82,794K ÷ ($349,800K + $43,433K)
= 21.05%

The return on total capital for Viad Corp. has varied over the past eight quarters, ranging from a low of -7.84% in Q1 2022 to a high of 15.02% in Q4 2023. Overall, the trend has shown improvement since the negative return in Q1 2022. Throughout the data period, the return on total capital has generally been positive, indicating that the company is efficiently utilizing its capital to generate returns for investors. The average return on total capital over the period is approximately 8.63%, suggesting that Viad Corp. has been able to effectively manage its capital to create value for its stakeholders. However, there are fluctuations in the figures, which may require further investigation to understand the factors influencing the company's capital efficiency.