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Overview and Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Corrections to Prior Period Adjustments and Previously Issued Financial Statements

The following tables present the effect of this correction on selected line items of our previously issued financial statements:

Condensed Consolidated Balance Sheets

 

 

September 30, 2022

 

(in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Long-term debt and finance obligations

 

$

450,085

 

 

$

5,380

 

 

$

455,465

 

Other deferred items and liabilities

 

$

70,300

 

 

$

(992

)

 

$

69,308

 

Total liabilities

 

$

915,397

 

 

$

4,388

 

 

$

919,785

 

Accumulated deficit

 

$

(324,587

)

 

$

(2,024

)

 

$

(326,611

)

Accumulated other comprehensive loss

 

$

(61,010

)

 

$

(419

)

 

$

(61,429

)

Total Viad stockholders’ equity

 

$

7,759

 

 

$

(2,443

)

 

$

5,316

 

Non-redeemable noncontrolling interest

 

$

83,629

 

 

$

(1,945

)

 

$

81,684

 

Total stockholders’ equity

 

$

91,388

 

 

$

(4,388

)

 

$

87,000

 

Condensed Consolidated Statements of Operations

 

 

Three Months Ended September 30, 2022

 

(in thousands, except per share data)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Costs of services

 

$

246,472

 

 

$

4,961

 

 

$

251,433

 

Total costs and expenses

 

$

327,091

 

 

$

4,961

 

 

$

332,052

 

Income from continuing operations before income taxes

 

$

55,630

 

 

$

(4,961

)

 

$

50,669

 

Income tax expense

 

$

9,802

 

 

$

(992

)

 

$

8,810

 

Income from continuing operations

 

$

45,828

 

 

$

(3,969

)

 

$

41,859

 

Net income

 

$

45,786

 

 

$

(3,969

)

 

$

41,817

 

Net income attributable to non-redeemable noncontrolling interest

 

$

(5,729

)

 

$

1,945

 

 

$

(3,784

)

Net income attributable to Viad

 

$

40,145

 

 

$

(2,024

)

 

$

38,121

 

Diluted income per common share:

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.38

 

 

$

(0.09

)

 

$

1.29

 

Net income attributable to Viad common stockholders

 

$

1.38

 

 

$

(0.09

)

 

$

1.29

 

Basic income per common share:

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.40

 

 

$

(0.10

)

 

$

1.30

 

Net income attributable to Viad common stockholders

 

$

1.40

 

 

$

(0.10

)

 

$

1.30

 

Amounts attributable to Viad

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

40,187

 

 

$

(2,024

)

 

$

38,163

 

Net income

 

$

40,145

 

 

$

(2,024

)

 

$

38,121

 

 

 

 

 

Nine Months Ended September 30, 2022

 

(in thousands, except per share data)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Costs of services

 

$

641,603

 

 

$

4,961

 

 

$

646,564

 

Total costs and expenses

 

$

833,385

 

 

$

4,961

 

 

$

838,346

 

Income from continuing operations before income taxes

 

$

45,899

 

 

$

(4,961

)

 

$

40,938

 

Income tax expense

 

$

10,579

 

 

$

(992

)

 

$

9,587

 

Income from continuing operations

 

$

35,320

 

 

$

(3,969

)

 

$

31,351

 

Net income

 

$

35,605

 

 

$

(3,969

)

 

$

31,636

 

Net income attributable to non-redeemable noncontrolling interest

 

$

(4,976

)

 

$

1,945

 

 

$

(3,031

)

Net income attributable to Viad

 

$

30,983

 

 

$

(2,024

)

 

$

28,959

 

Diluted income per common share:

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

0.88

 

 

$

(0.10

)

 

$

0.78

 

Net income attributable to Viad common stockholders

 

$

0.89

 

 

$

(0.10

)

 

$

0.79

 

Basic income per common share:

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

0.88

 

 

$

(0.09

)

 

$

0.79

 

Net income attributable to Viad common stockholders

 

$

0.89

 

 

$

(0.09

)

 

$

0.80

 

Amounts attributable to Viad

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

30,698

 

 

$

(2,024

)

 

$

28,674

 

Net income

 

$

30,983

 

 

$

(2,024

)

 

$

28,959

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

 

Three Months Ended September 30, 2022

 

(in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Net income

 

$

45,786

 

 

$

(3,969

)

 

$

41,817

 

Unrealized foreign currency translation adjustments

 

$

(26,427

)

 

$

(419

)

 

$

(26,846

)

Comprehensive income (loss)

 

$

19,870

 

 

$

(4,388

)

 

$

15,482

 

Comprehensive income attributable to non-redeemable noncontrolling interest

 

$

(5,729

)

 

$

1,945

 

 

$

(3,784

)

Comprehensive income (loss) attributable to Viad

 

$

9,173

 

 

$

(2,443

)

 

$

6,730

 

 

 

 

Nine Months Ended September 30, 2022

 

(in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Net income

 

$

35,605

 

 

$

(3,969

)

 

$

31,636

 

Unrealized foreign currency translation adjustments

 

$

(34,558

)

 

$

(419

)

 

$

(34,977

)

Comprehensive income (loss)

 

$

2,024

 

 

$

(4,388

)

 

$

(2,364

)

Comprehensive income attributable to non-redeemable noncontrolling interest

 

$

(4,976

)

 

$

1,945

 

 

$

(3,031

)

Comprehensive income (loss) attributable to Viad

 

$

(8,931

)

 

$

(2,443

)

 

$

(11,374

)

Condensed Consolidated Statements of Cash Flows

 

 

September 30, 2022

 

(in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

As Restated

 

Net income

 

$

35,605

 

 

$

(3,969

)

 

$

31,636

 

Deferred income taxes

 

$

346

 

 

$

(992

)

 

$

(646

)

Other non-cash items, net

 

$

6,933

 

 

$

4,961

 

 

$

11,894

 

Schedule of Description of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements:

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers

 

Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree.

 

1/1/2023

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

This new guidance will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. It does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. We do not expect this new standard to have a material impact on our related disclosures.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity

 

The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.

ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

 

Amendment improves the transparency of disclosures about government assistance received by business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

 

1/1/2022

 

We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.

Schedule of Cash and Cash Equivalents and Restricted Cash Balances

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

79,151

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,049

 

 

 

2,703

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

84,200

 

 

$

64,303