Moster commented, "The COVID-19 pandemic continues to have a meaningful impact on the live events industry and leisure travel, and our third quarter results reflect that reality. We continue to believe that virtual cannot replace the value of in-person experiences and interactions, and we are seeing positive signs for future demand. At GES, we're seeing increased RFPs for corporate business and strong contract pacing for future events. At Pursuit, our 2021 bookings for many locations are pacing ahead of the same time last year. These are indicators that our guests and clients are eager to explore and convene when it is safe and possible to do so. That said, given the evolving, uncertain nature of COVID-19, it is not possible to predict how the pandemic and government reactions will continue to impact the events industry and the broader travel market. Accordingly, we will not be re-issuing financial guidance at this time."

As of September 30, 2020, our total available liquidity was approximately $311 million, comprising $56.5 million in cash, $209.8 million of available capacity on our revolving credit facility, and an additional $45 million available to us through a delayed draw commitment from Crestview Partners. On August 5, 2020, we announced that Crestview Partners made an initial investment of $135 million in newly issued perpetual convertible preferred stock, with a delayed draw commitment of up to an additional $45 million. We also announced an amendment to our $450 million credit facility that waives our existing leverage ratio and interest coverage tests until the third quarter of 2022. During the waiver period, those tests are replaced by a minimum liquidity requirement of $125 million that drops to $100 million on December 31, 2020. That press release can be accessed on our website at www.viad.com.

Our third quarter cash flow from operations was an outflow of approximately $14.7 million, reflecting inflows from Pursuit that partially offset outflows at GES and corporate. Our cash flow from investing activities was a net inflow of approximately $9.6 million, which included proceeds of about $17.1 million from the sale of a GES warehouse and other assets, which more than offset capital expenditures of $7.5 million mainly at Pursuit.

Moster commented, "The actions we have taken to strengthen our liquidity position, including the capital investment from Crestview, $46 million raised through asset dispositions, aggressive cost reductions, and the amendment of our credit facility, put us on solid financial footing. Unlike many competitors, we are fortunate to be in a position of relative strength with the ability to resume important growth investments like FlyOver Las Vegas. Construction for this new attraction restarted in September and we are on track to have it open in the 2021 third quarter. Additionally, construction of our new Sky Lagoon attraction in Iceland remains on course for a second quarter 2021 opening."

Viad will host a conference call on Thursday, October 29, 2020, at 5:00 p.m. (Eastern Time) to review third quarter 2020 results. To join the live conference call, please register at least 10 minutes before the start of the call using the following link: www.directeventreg.com/registration/event/3631458. After registering, an email confirmation will be sent that includes dial-in information as well as unique codes for entry into the live call. Registration will be open throughout the call. However, we recommend that you register a day in advance to ensure access for the full call.

A live audio webcast of the call will also be available in listen-only mode through the "Investors" section of our website. A replay of the webcast will be available on our website shortly after the call and, for a limited time, by calling (800) 585-8367 or (416) 621-4642 and entering the passcode 3631458.

Viad (NYSE:VVI), a leading provider of experiential leisure travel and face-to-face events and marketing experiences, generates revenue and shareholder value through two businesses: Pursuit and GES. Pursuit is a collection of inspiring and unforgettable travel experiences in Alaska, Montana, the Canadian Rockies, Vancouver, and Reykjavik, as well as new experiences in development in Las Vegas and Toronto. Pursuit's collection includes attractions, lodges and hotels, and sightseeing tours that connect guests with iconic places. GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers. Our business strategy focuses on providing superior experiential services to our customers and sustainable returns on invested capital to our shareholders. Viad is an S&P SmallCap 600 company. For more information, visit www.viad.com.

This press release contains a number of forward-looking statements. Words, and variations of words, such as "will," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "estimate," "anticipate," "deliver," "seek," "aim," "potential," "target," "outlook," and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.

• the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;
• our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
• general economic uncertainty in key global markets and a worsening of global economic conditions;
• our dependence on large exhibition event clients;
• the importance of key members of our account teams to our business relationships;
• the competitive nature of the industries in which we operate;
• travel industry disruptions;
• unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;
• seasonality of our businesses;
• transportation disruptions and increases in transportation costs;
• natural disasters, weather conditions, and other catastrophic events;
• our multi-employer pension plan funding obligations;
• our exposure to labor cost increases and work stoppages related to unionized employees;
• liabilities relating to prior and discontinued operations;
• adverse effects of show rotation on our periodic results and operating margins;
• our exposure to currency exchange rate fluctuations;
• our exposure to cybersecurity attacks and threats;
• compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;
• the effects of the United Kingdom's exit from the European Union; and
• changes affecting the London Inter-bank Offered Rate.

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, please see Item 1A, "Risk Factors," of our most recent annual report on Form 10-K filed with the SEC and Item 1A, "Risk Factors," of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.