|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
||
|
|
Exhibit
Number
|
Description
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
Viad Corp
|
|||
(Registrant)
|
|||
February 10, 2022
|
By:
|
/s/ Leslie S. Striedel
|
|
Leslie S. Striedel
|
|||
Chief Accounting Officer
|
|
Exhibit 99.1
|
•
|
Delivers significant improvement in full year results with continued recovery at both Pursuit and GES
|
•
|
Pursuit fourth quarter revenue exceeds pre-COVID levels driven by new attractions
|
•
|
GES fourth quarter revenue increases 38% on sequential quarter basis
|
●
|
the impact of the COVID-19 pandemic on our financial condition, liquidity, and cash flow;
|
●
|
our ability to anticipate and adjust for the impact of the COVID-19 pandemic on our businesses;
|
●
|
general economic uncertainty in key global markets and a worsening of global economic conditions;
|
●
|
travel industry disruptions;
|
●
|
our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
|
●
|
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;
|
●
|
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; and
|
●
|
changes affecting the London Inter-bank Offered Rate.
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
$ Change
|
% Change
|
2021
|
2020
|
$ Change
|
% Change
|
||||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||||||
GES
|
$
|
160,183
|
$
|
18,695
|
$
|
141,488
|
** |
$
|
320,292
|
$
|
338,625
|
$
|
(18,333
|
)
|
-5.4
|
%
|
||||||||||||||||
Pursuit
|
23,390
|
9,208
|
14,182
|
** |
187,048
|
76,810
|
110,238
|
** |
|
|||||||||||||||||||||||
Total revenue
|
$
|
183,573
|
$
|
27,903
|
$
|
155,670
|
** |
$
|
507,340
|
$
|
415,435
|
$
|
91,905
|
22.1
|
%
|
|||||||||||||||||
Segment operating income (loss):
|
||||||||||||||||||||||||||||||||
GES
|
$
|
4,689
|
$
|
(34,447
|
)
|
$
|
39,136
|
** |
$
|
(51,611
|
)
|
$
|
(73,897
|
)
|
$
|
22,286
|
30.2
|
%
|
||||||||||||||
Pursuit
|
(18,574
|
)
|
(15,844
|
)
|
(2,730
|
)
|
-17.2
|
%
|
4,609
|
(42,343
|
)
|
46,952
|
** |
|
||||||||||||||||||
Segment operating loss
|
(13,885
|
)
|
(50,291
|
)
|
36,406
|
72.4
|
%
|
(47,002
|
)
|
(116,240
|
)
|
69,238
|
59.6
|
%
|
||||||||||||||||||
Corporate eliminations
|
18
|
17
|
1
|
5.9
|
%
|
70
|
65
|
5
|
7.7
|
%
|
||||||||||||||||||||||
Corporate activities (Note A)
|
(3,585
|
)
|
(2,785
|
)
|
(800
|
)
|
-28.7
|
%
|
(11,689
|
)
|
(8,687
|
)
|
(3,002
|
)
|
-34.6
|
%
|
||||||||||||||||
Restructuring charges (Note B)
|
(267
|
)
|
(1,070
|
)
|
803
|
75.0
|
%
|
(6,066
|
)
|
(13,440
|
)
|
7,374
|
54.9
|
%
|
||||||||||||||||||
Impairment charges (Note C)
|
-
|
-
|
-
|
** |
-
|
(203,076
|
)
|
203,076
|
-100.0
|
%
|
||||||||||||||||||||||
Pension plan withdrawal
|
-
|
-
|
-
|
** |
(57
|
)
|
(462
|
)
|
405
|
87.7
|
%
|
|||||||||||||||||||||
Other expense
|
(507
|
)
|
(238
|
)
|
(269
|
)
|
** |
(2,013
|
)
|
(1,132
|
)
|
(881
|
)
|
-77.8
|
%
|
|||||||||||||||||
Net interest expense (Note D)
|
(8,156
|
)
|
(3,488
|
)
|
(4,668
|
)
|
** |
(28,324
|
)
|
(17,887
|
)
|
(10,437
|
)
|
-58.3
|
%
|
|||||||||||||||||
Loss from continuing operations before income taxes
|
(26,382
|
)
|
(57,855
|
)
|
31,473
|
54.4
|
%
|
(95,081
|
)
|
(360,859
|
)
|
265,778
|
73.7
|
%
|
||||||||||||||||||
Income tax (expense) benefit (Note E)
|
1,906
|
6,208
|
(4,302
|
)
|
-69.3
|
%
|
1,788
|
(14,246
|
)
|
16,034
|
** | |||||||||||||||||||||
Loss from continuing operations
|
(24,476
|
)
|
(51,647
|
)
|
27,171
|
52.6
|
%
|
(93,293
|
)
|
(375,105
|
)
|
281,812
|
75.1
|
%
|
||||||||||||||||||
Income (loss) from discontinued operations (Note F)
|
24
|
(25
|
)
|
49
|
** |
558
|
(1,847
|
)
|
2,405
|
** | ||||||||||||||||||||||
Net loss
|
(24,452
|
)
|
(51,672
|
)
|
27,220
|
52.7
|
%
|
(92,735
|
)
|
(376,952
|
)
|
284,217
|
75.4
|
%
|
||||||||||||||||||
Net (income) loss attributable to noncontrolling interest
|
1,363
|
740
|
623
|
84.2
|
%
|
(1,686
|
)
|
1,376
|
(3,062
|
)
|
** | |||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
545
|
459
|
86
|
18.7
|
%
|
1,766
|
1,482
|
284
|
19.2
|
%
|
||||||||||||||||||||||
Net loss attributable to Viad
|
$
|
(22,544
|
)
|
$
|
(50,473
|
)
|
$
|
27,929
|
55.3
|
%
|
$
|
(92,655
|
)
|
$
|
(374,094
|
)
|
$
|
281,439
|
75.2
|
%
|
||||||||||||
Amounts Attributable to Viad:
|
||||||||||||||||||||||||||||||||
Loss from continuing operations
|
$
|
(22,568
|
)
|
$
|
(50,448
|
)
|
$
|
27,880
|
55.3
|
%
|
$
|
(93,213
|
)
|
$
|
(372,247
|
)
|
$
|
279,034
|
75.0
|
%
|
||||||||||||
Income (loss) from discontinued operations (Note F)
|
24
|
(25
|
)
|
49
|
** |
558
|
(1,847
|
)
|
2,405
|
** |
|
|||||||||||||||||||||
Net loss
|
$
|
(22,544
|
)
|
$
|
(50,473
|
)
|
$
|
27,929
|
55.3
|
%
|
$
|
(92,655
|
)
|
$
|
(374,094
|
)
|
$
|
281,439
|
75.2
|
%
|
||||||||||||
Loss per common share attributable to Viad (Note G):
|
||||||||||||||||||||||||||||||||
Basic loss per common share
|
$
|
(1.23
|
)
|
$
|
(2.58
|
)
|
$
|
1.35
|
52.3
|
%
|
$
|
(5.01
|
)
|
$
|
(18.64
|
)
|
$
|
13.63
|
73.1
|
%
|
||||||||||||
Diluted loss per common share
|
$
|
(1.23
|
)
|
$
|
(2.58
|
)
|
$
|
1.35
|
52.3
|
%
|
$
|
(5.01
|
)
|
$
|
(18.64
|
)
|
$
|
13.63
|
73.1
|
%
|
||||||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||||||||||||||||||
Basic weighted-average outstanding common shares
|
20,456
|
20,325
|
131
|
0.6
|
%
|
20,411
|
20,279
|
132
|
0.7
|
%
|
||||||||||||||||||||||
Additional dilutive shares related to share-based compensation
|
-
|
-
|
-
|
** |
-
|
-
|
-
|
** | ||||||||||||||||||||||||
Diluted weighted-average outstanding common shares
|
20,456
|
20,325
|
131
|
0.6
|
%
|
20,411
|
20,279
|
132
|
0.7
|
%
|
||||||||||||||||||||||
As of December 31,
|
||||||||||||||||||||||||||||||||
Capitalization Data: | 2021 |
2020
|
$ Change
|
% Change
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
61,600
|
39,545
|
22,055
|
55.8
|
%
|
|||||||||||||||||||||||||||
Total debt
|
474,184
|
296,428
|
177,756
|
60.0
|
%
|
|||||||||||||||||||||||||||
Viad shareholders' equity
|
6,282
|
95,955
|
(89,673)
|
|
-93.5
|
%
|
||||||||||||||||||||||||||
Non-controlling interests (redeemable and non-redeemable)
|
91,000
|
83,369
|
7,631
|
9.2
|
%
|
|||||||||||||||||||||||||||
Convertible Series A Preferred Stock (Note H):
|
||||||||||||||||||||||||||||||||
Convertible preferred shares issued and outstanding
|
141,827
|
138,006
|
3,821
|
2.8
|
%
|
|||||||||||||||||||||||||||
Equivalent number of common shares
|
6,674
|
6,494
|
180
|
2.8
|
%
|
|||||||||||||||||||||||||||
** Change is greater than +/- 100 percent
|
(A)
|
Corporate Activities — The increase in corporate activities expense during 2021 relative to 2020 was primarily due to higher performance-based
compensation expense as we reduced our estimated performance achievement to zero in 2020 as a result of the COVID-19 pandemic, offset in part by fees and expenses related to the equity raise and credit facility amendment in 2020.
|
||||||||||||||||
(B)
|
Restructuring Charges — Restructuring charges during 2021 and 2020 were primarily related to facility closures and the elimination of certain
positions at GES. In response to the COVID-19 pandemic, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more
profitable market segments, as well as charges related to the closure of GES’ United Kingdom based audio-visual services business in 2020. Restructuring charges in 2020 also included the elimination of certain positions at our corporate
office.
|
||||||||||||||||
(C)
|
Impairment Charges — Due to the deteriorating macroeconomic environment in 2020 related to the COVID-19 pandemic, resulting in disruptions to our
operations and the decline in our stock price, we recorded non-cash goodwill impairment charges of $185.8 million, a non-cash impairment charge to intangible assets of $15.7 million related to GES’ United States audio-visual production
business, and a fixed asset impairment charge of $1.6 million.
|
||||||||||||||||
(D)
|
Net Interest Expense — The increase in interest expense relative to 2020 was primarily due to higher interest rates and higher debt balances
during 2021. Additionally, as a result of the refinance and the repayment of the 2018 Credit Facility, we recorded $2.1 million of interest expense related to the write-off of unamortized debt issuance costs during 2021.
|
||||||||||||||||
(E)
|
Income Tax (Expense) Benefit – Our effective income tax rate was 2% for 2021 as compared to a negative 4% for 2020. The effective tax rate for
2021 was lower than the blended statutory rate primarily as a result of excluding the tax benefit on losses recognized in the United States, the United Kingdom, and other European countries where we have a valuation allowance. The
negative effective tax rate for 2020 was due to the recording of a $25.5 million valuation allowance against our remaining deferred tax assets (net) in the United States, United Kingdom, and other European countries, as well as no tax
benefits on non-deductible goodwill impairments and losses recognized in those jurisdictions.
|
||||||||||||||||
(F)
|
Income (Loss) from Discontinued Operations — Loss from discontinued operations during 2020 was primarily due to a settlement and legal expenses
related to previously sold operations.
|
||||||||||||||||
(G)
|
Income (Loss) per Common Share — We apply the two-class method in calculating income (loss) per common share as preferred stock and unvested
share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share.
|
||||||||||||||||
Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method
uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than participating securities. The as-converted method uses net income (loss) available to common shareholders and assumes
conversion of all potential shares including participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock.
|
|||||||||||||||||
Additionally, the adjustment to the carrying value of redeemable non-controlling interests is reflected in income (loss) per common share.
|
|||||||||||||||||
The components of basic and diluted income (loss) per share are as follows:
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2021
|
2020
|
$ Change
|
% Change
|
2021
|
2020
|
$ Change
|
% Change
|
||||||||||||||||||||||||
Net loss attributable to Viad
|
$
|
(22,544
|
)
|
$
|
(50,473
|
)
|
$
|
27,929
|
55.3
|
%
|
$
|
(92,655
|
)
|
$
|
(374,094
|
)
|
$
|
281,439
|
75.2
|
%
|
||||||||||||
Convertible preferred stock dividends paid in cash
|
(1,950
|
)
|
-
|
(1,950
|
)
|
** |
(3,900
|
)
|
-
|
(3,900
|
)
|
** | ||||||||||||||||||||
Convertible preferred stock dividends paid in kind
|
-
|
(1,872
|
)
|
1,872
|
-100.0
|
%
|
(3,821
|
)
|
(3,006
|
)
|
(815
|
)
|
-27.1
|
%
|
||||||||||||||||||
Adjustment to the redemption value of redeemable noncontrolling interest
|
(706
|
)
|
-
|
(706
|
)
|
** |
(1,797
|
)
|
(926
|
)
|
(871
|
)
|
-94.1
|
%
|
||||||||||||||||||
Undistributed income (loss) attributable to Viad
|
(25,200
|
)
|
(52,345
|
)
|
27,145
|
51.9
|
%
|
(102,173
|
)
|
(378,026
|
)
|
275,853
|
73.0
|
%
|
||||||||||||||||||
Less: Allocation to participating securities
|
-
|
-
|
-
|
** |
-
|
-
|
-
|
** | ||||||||||||||||||||||||
Net loss allocated to Viad common shareholders (basic)
|
$
|
(25,200
|
)
|
$
|
(52,345
|
)
|
$
|
27,145
|
51.9
|
%
|
$
|
(102,173
|
)
|
$
|
(378,026
|
)
|
$
|
275,853
|
73.0
|
%
|
||||||||||||
Add: Allocation to participating securities
|
-
|
-
|
-
|
** |
-
|
-
|
-
|
** | ||||||||||||||||||||||||
Net loss allocated to Viad common shareholders (diluted)
|
$
|
(25,200
|
)
|
$
|
(52,345
|
)
|
$
|
27,145
|
51.9
|
%
|
$
|
(102,173
|
)
|
$
|
(378,026
|
)
|
$
|
275,853
|
73.0
|
%
|
||||||||||||
Basic weighted-average outstanding common shares
|
20,456
|
20,325
|
131
|
0.6
|
%
|
20,411
|
20,279
|
132
|
0.7
|
%
|
||||||||||||||||||||||
Additional dilutive shares related to share-based compensation
|
-
|
-
|
-
|
** |
-
|
-
|
-
|
** |
|
|||||||||||||||||||||||
Diluted weighted-average outstanding common shares
|
20,456
|
20,325
|
131
|
0.6
|
%
|
20,411
|
20,279
|
132
|
0.7
|
%
|
||||||||||||||||||||||
(H)
|
Convertible Series A Preferred Stock — On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible
Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash
or in-kind at Viad’s option and is convertible into shares of our common stock at a conversion price of $21.25 per share. During the twelve months ended December 30, 2021, $7.7 million of dividends were deemed declared of which $3.8
million was paid in-kind during the first and second quarters of 2021 and $3.9 million was paid in cash during the third and fourth quarters of 2021. We intend to pay preferred stock dividends in cash for the foreseeable future.
|
The following table provides a summary of changes in Convertible Series A Preferred Stock shares outstanding:
|
||||||||||||||||
Three months ended
|
Year ended
|
|||||||||||||||
(in thousands)
|
December 31,
|
December 31,
|
||||||||||||||
Convertible Series A Preferred Stock shares issued and outstanding:
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Beginning of the period
|
141,827
|
136,134
|
138,006
|
-
|
||||||||||||
New shares issued
|
-
|
-
|
-
|
135,000
|
||||||||||||
Dividends paid in kind
|
-
|
1,872
|
3,821
|
3,006
|
||||||||||||
End of the period
|
141,827
|
138,006
|
141,827
|
138,006
|
||||||||||||
** Change is greater than +/- 100 percent
|
VIAD CORP AND SUBSIDIARIES
|
TABLE TWO - NON-GAAP FINANCIAL MEASURES
|
(UNAUDITED)
|
IMPORTANT DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
|
|||||||||||||||||
This document includes the presentation of "Income (Loss) Before Other Items", "Adjusted EBITDA", "Segment Operating Income (Loss)", and
"Adjusted Segment Operating Income (Loss)", which are supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures
presented by other companies. These non-GAAP measures are utilized by management to facilitate period-to-period comparisons and analysis of Viad’s operating performance and should be considered in addition to, but not as substitutes
for, other similar measures reported in accordance with GAAP. The use of these non-GAAP financial measures is limited, compared to the GAAP measure of net income attributable to Viad, because they do not consider a variety of items
affecting Viad’s consolidated financial performance as reconciled below. Because these non-GAAP measures do not consider all items affecting Viad’s consolidated financial performance, a user of Viad’s financial information should
consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of the Company’s performance.
|
|||||||||||||||||
Income (Loss) Before Other Items, Segment Operating Income (Loss), and Adjusted Segment Operating Income (Loss) are considered useful operating
metrics, in addition to net income attributable to Viad, as potential variations arising from non-operational expenses/income are eliminated, thus resulting in additional measures considered to be indicative of Viad’s performance.
Management believes that the presentation of Adjusted EBITDA provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business.
Management also believes that the presentation of Adjusted EBITDA for acquisitions and other major capital projects enables investors to assess how effectively management is investing capital into major corporate development projects,
both from a valuation and return perspective.
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
$ Change
|
% Change
|
2021
|
2020
|
$ Change
|
% Change
|
||||||||||||||||||||||||
Loss before other items:
|
||||||||||||||||||||||||||||||||
Net loss attributable to Viad
|
$
|
(22,544
|
)
|
$
|
(50,473
|
)
|
$
|
27,929
|
55.3
|
%
|
$
|
(92,655
|
)
|
$
|
(374,094
|
)
|
$
|
281,439
|
75.2
|
%
|
||||||||||||
(Income) loss from discontinued operations attributable to Viad
|
(24
|
)
|
25
|
(49
|
)
|
** |
|
(558
|
)
|
1,847
|
(2,405
|
)
|
** | |||||||||||||||||||
Loss from continuing operations attributable to Viad
|
(22,568
|
)
|
(50,448
|
)
|
27,880
|
55.3
|
%
|
(93,213
|
)
|
(372,247
|
)
|
279,034
|
75.0
|
%
|
||||||||||||||||||
Restructuring charges, pre-tax
|
267
|
1,070
|
(803
|
)
|
-75.0
|
%
|
6,066
|
13,440
|
(7,374
|
)
|
-54.9
|
%
|
||||||||||||||||||||
Impairment charges, pre-tax
|
-
|
-
|
-
|
** |
-
|
203,076
|
(203,076
|
)
|
-100.0
|
%
|
||||||||||||||||||||||
Pension plan withdrawal, pre-tax
|
-
|
-
|
-
|
** |
57
|
462
|
(405
|
)
|
-87.7
|
%
|
||||||||||||||||||||||
Restructuring related inventory write-off, pre-tax
|
-
|
5,300
|
(5,300
|
)
|
-100.0
|
%
|
-
|
5,300
|
(5,300
|
)
|
-100.0
|
%
|
||||||||||||||||||||
Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)
|
(113
|
)
|
1,398
|
(1,511
|
)
|
** |
6,211
|
6,188
|
23
|
0.4
|
%
|
|||||||||||||||||||||
Tax benefit on above items
|
(43
|
)
|
(134
|
)
|
91
|
67.9
|
%
|
(723
|
)
|
(256
|
)
|
(467
|
)
|
** | ||||||||||||||||||
Unfavorable tax matters
|
-
|
-
|
-
|
** |
-
|
25,500
|
(25,500
|
)
|
-100.0
|
%
|
||||||||||||||||||||||
Loss before other items
|
$
|
(22,457
|
)
|
$
|
(42,814
|
)
|
$
|
20,357
|
47.5
|
%
|
$
|
(81,602
|
)
|
$
|
(118,537
|
)
|
$
|
36,935
|
31.2
|
%
|
||||||||||||
The components of income (loss) before other items per share are as follows:
|
||||||||||||||||||||||||||||||||
Loss before other items (as reconciled above)
|
(22,457
|
)
|
(42,814
|
)
|
20,357
|
47.5
|
%
|
(81,602
|
)
|
(118,537
|
)
|
36,935
|
31.2
|
%
|
||||||||||||||||||
Convertible preferred stock dividends paid in cash
|
(1,950
|
)
|
-
|
(1,950
|
)
|
** |
(3,900
|
)
|
-
|
(3,900
|
)
|
** |
|
|||||||||||||||||||
Convertible preferred stock dividends paid in kind
|
-
|
(1,872
|
)
|
1,872
|
-100.0
|
%
|
(3,821
|
)
|
(3,006
|
)
|
(815
|
)
|
-27.1
|
%
|
||||||||||||||||||
Undistributed loss before other items attributable to Viad (Note B)
|
(24,407
|
)
|
(44,686
|
)
|
20,279
|
45.4
|
%
|
(89,323
|
)
|
(121,543
|
)
|
32,220
|
26.5
|
%
|
||||||||||||||||||
Less: Allocation to participating securities (Note C)
|
-
|
-
|
-
|
** |
-
|
-
|
-
|
** | ||||||||||||||||||||||||
Diluted loss before other items allocated to Viad common shareholders
|
$
|
(24,407
|
)
|
$
|
(44,686
|
)
|
$
|
20,279
|
45.4
|
%
|
$
|
(89,323
|
)
|
$
|
(121,543
|
)
|
$
|
32,220
|
26.5
|
%
|
||||||||||||
Diluted weighted-average outstanding common shares
|
20,456
|
20,325
|
131
|
0.6
|
%
|
20,411
|
20,279
|
132
|
0.7
|
%
|
||||||||||||||||||||||
Loss before other items per common share
|
$
|
(1.19
|
)
|
$
|
(2.20
|
)
|
$
|
1.01
|
45.9
|
%
|
$
|
(4.38
|
)
|
$
|
(5.99
|
)
|
$
|
1.61
|
26.9
|
%
|
||||||||||||
(A) Acquisition-related costs and other non-recurring expenses include:
|
||||||||||||||||||||||||||||||||
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||||||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||||||||||||||||||
Acquisition integration costs - Pursuit1
|
$
|
-
|
$
|
-
|
$
|
6
|
$
|
62
|
||||||||||||||||||||||||
Acquisition transaction-related costs - Pursuit1
|
209
|
-
|
862
|
-
|
||||||||||||||||||||||||||||
Acquisition transaction-related costs - Corporate2
|
(33
|
)
|
11
|
30
|
194
|
|||||||||||||||||||||||||||
Attraction start-up costs1, 3
|
(289
|
)
|
1,298
|
4,744
|
4,162
|
|||||||||||||||||||||||||||
Other non-recurring expenses2, 4
|
-
|
89
|
569
|
1,770
|
||||||||||||||||||||||||||||
Acquisition-related and other non-recurring expenses, pre-tax
|
$
|
(113
|
)
|
$
|
1,398
|
$
|
6,211
|
$
|
6,188
|
|||||||||||||||||||||||
1 Included in segment operating loss
|
||||||||||||||||||||||||||||||||
2 Included in corporate activities
|
||||||||||||||||||||||||||||||||
3 Includes costs related to the development of Pursuit's new FlyOver attractions in Iceland, Las Vegas, and Toronto, the Sky Lagoon
in Iceland, and the Golden Skybridge in Canada.
|
||||||||||||||||||||||||||||||||
4 Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
(B)
|
We exclude the adjustment to the redemption value of redeemable noncontrolling interest from the calculation of income before other items per
share as it is a non-cash adjustment that does not affect net income or loss attributable to Viad.
|
||||||||||||||||
(C)
|
Preferred stock and unvested share-based payment awards that contain nonforteitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating
income (loss) before other items per common share unless the effect of such inclusion is anti-dilutive. The following table provides the share data used for calculating the allocation to participating securities if applicable:
|
Three months ended December 31,
|
Year ended December 31,
|
|||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Weighted-average outstanding common shares
|
20,456
|
20,325
|
20,411
|
20,279
|
||||||||||||
Effect of participating convertible preferred shares (if applicable)
|
-
|
-
|
-
|
-
|
||||||||||||
Effect of participating non-vested shares (if applicable)
|
-
|
-
|
-
|
-
|
||||||||||||
Weighted-average shares including effect of participating interests (if applicable)
|
20,456
|
20,325
|
20,411
|
20,279
|
||||||||||||
** Change is greater than +/- 100 percent
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||||||||||
Organic - The term "organic" is used
within this document to refer to results without the impact of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods. The impact of exchange rate variances
(or "FX Impact") is calculated as the difference between current period activity translated at the current period's exchange rates and the comparable prior period's exchange rates. Management believes that the presentation of
"organic" results permits investors to better understand Viad's performance without the effects of exchange rate variances or acquisitions.
|
||||||||||||||||||||||||||||
Three months ended December 31, 2021
|
Three months ended December 31, 2020
|
|||||||||||||||||||||||||||
($ in thousands)
|
As Reported
|
Acquisitions (Note A)
|
FX Impact
|
Organic
|
As Reported
|
Acquisitions (Note A)
|
Organic
|
|||||||||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
183,573
|
$
|
107
|
$
|
932
|
$
|
182,534
|
$
|
27,903
|
$
|
-
|
$
|
27,903
|
||||||||||||||
Net loss attributable to Viad
|
$
|
(22,544
|
)
|
$
|
(50,473
|
)
|
||||||||||||||||||||||
Net loss attributable to noncontrolling interest
|
(1,363
|
)
|
(740
|
)
|
||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(545
|
)
|
(459
|
)
|
||||||||||||||||||||||||
(Income) loss from discontinued operations
|
(24
|
)
|
25
|
|||||||||||||||||||||||||
Income tax benefit
|
(1,906
|
)
|
(6,208
|
)
|
||||||||||||||||||||||||
Net interest expense
|
8,156
|
3,488
|
||||||||||||||||||||||||||
Other expense
|
507
|
238
|
||||||||||||||||||||||||||
Restructuring charges
|
267
|
1,070
|
||||||||||||||||||||||||||
Depreciation and amortization
|
13,764
|
13,514
|
||||||||||||||||||||||||||
Attraction start-up costs (B)
|
(289
|
)
|
1,298
|
|||||||||||||||||||||||||
Acquisition transaction-related costs
|
176
|
11
|
||||||||||||||||||||||||||
Other non-recurring expenses (C)
|
-
|
89
|
||||||||||||||||||||||||||
Restructuring related inventory write-off (D)
|
-
|
5,300
|
||||||||||||||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
(3,801
|
)
|
$
|
(221
|
)
|
$
|
(25
|
)
|
$
|
(3,555
|
)
|
$
|
(32,847
|
)
|
$
|
-
|
$
|
(32,847
|
)
|
||||||||
Corporate Adjusted EBITDA & corporate eliminations (E)
|
3,596
|
-
|
-
|
3,596
|
2,655
|
-
|
2,655
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
(205
|
)
|
$
|
(221
|
)
|
$
|
(25
|
)
|
$
|
41
|
$
|
(30,192
|
)
|
$
|
-
|
$
|
(30,192
|
)
|
|||||||||
GES Segment:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
160,183
|
$
|
-
|
$
|
322
|
$
|
159,861
|
$
|
18,695
|
$
|
-
|
$
|
18,695
|
||||||||||||||
Segment operating income (loss)
|
$
|
4,689
|
$
|
-
|
$
|
(48
|
)
|
$
|
4,737
|
$
|
(34,447
|
)
|
$
|
-
|
$
|
(34,447
|
)
|
|||||||||||
Restructuring related inventory write-off (D)
|
-
|
-
|
-
|
-
|
5,300
|
-
|
5,300
|
|||||||||||||||||||||
Adjusted segment operating income (loss)
|
4,689
|
-
|
(48
|
)
|
4,737
|
(29,147
|
)
|
-
|
(29,147
|
)
|
||||||||||||||||||
Segment depreciation
|
3,746
|
-
|
9
|
3,737
|
4,956
|
-
|
4,956
|
|||||||||||||||||||||
Segment amortization
|
1,214
|
-
|
1
|
1,213
|
1,353
|
-
|
1,353
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
9,649
|
$
|
-
|
$
|
(38
|
)
|
$
|
9,687
|
$
|
(22,838
|
)
|
$
|
-
|
$
|
(22,838
|
)
|
|||||||||||
Adjusted segment operating margin
|
2.9
|
%
|
-14.9
|
%
|
3.0
|
%
|
**
|
**
|
||||||||||||||||||||
Segment Adjusted EBITDA margin
|
6.0
|
%
|
-11.8
|
%
|
6.1
|
%
|
**
|
**
|
||||||||||||||||||||
Pursuit Segment:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
23,390
|
$
|
107
|
$
|
610
|
$
|
22,673
|
$
|
9,208
|
$
|
-
|
$
|
9,208
|
||||||||||||||
Segment operating loss
|
$
|
(18,574
|
)
|
$
|
(248
|
)
|
$
|
(165
|
)
|
$
|
(18,161
|
)
|
$
|
(15,844
|
)
|
$
|
-
|
$
|
(15,844
|
)
|
||||||||
Acquisition transaction-related costs
|
209
|
-
|
2
|
207
|
-
|
-
|
-
|
|||||||||||||||||||||
Attraction start-up costs (B)
|
(289
|
)
|
-
|
-
|
(289
|
)
|
1,298
|
-
|
1,298
|
|||||||||||||||||||
Adjusted segment operating loss
|
(18,654
|
)
|
(248
|
)
|
(163
|
)
|
(18,243
|
)
|
(14,546
|
)
|
-
|
(14,546
|
)
|
|||||||||||||||
Segment depreciation
|
7,623
|
27
|
151
|
7,445
|
6,372
|
-
|
6,372
|
|||||||||||||||||||||
Segment amortization
|
1,177
|
-
|
25
|
1,152
|
820
|
-
|
820
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
(9,854
|
)
|
$
|
(221
|
)
|
$
|
13
|
$
|
(9,646
|
)
|
$
|
(7,354
|
)
|
$
|
-
|
$
|
(7,354
|
)
|
|||||||||
Adjusted segment operating margin
|
-79.8
|
%
|
**
|
-26.7
|
%
|
-80.5
|
%
|
**
|
**
|
|||||||||||||||||||
Segment Adjusted EBITDA margin
|
-42.1
|
%
|
**
|
2.1
|
%
|
-42.5
|
%
|
-79.9
|
%
|
-79.9
|
%
|
|||||||||||||||||
(A) Acquisitions include the Golden Skybridge (acquired March 2021 and opened June 2021) for Pursuit.
|
||||||||||||||||||||||||||||
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas and Toronto, the Sky Lagoon in Iceland, and
the Golden Skybridge in Canada.
|
||||||||||||||||||||||||||||
(C) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
||||||||||||||||||||||||||||
(D) Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
|
||||||||||||||||||||||||||||
(E) Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and
other non-recurring costs included within Corporate activities expense.
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||||||||||
Year ended December 31, 2021
|
Year ended December 31, 2020
|
|||||||||||||||||||||||||||
($ in thousands)
|
As Reported
|
Acquisitions (Note A)
|
FX Impact
|
Organic
|
As Reported
|
Acquisitions (Note A)
|
Organic |
|||||||||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
507,340
|
$
|
2,638
|
$
|
7,512
|
$
|
497,190
|
$
|
415,435
|
$
|
-
|
$
|
415,435
|
||||||||||||||
Net loss attributable to Viad
|
$
|
(92,655
|
)
|
$
|
(374,094
|
)
|
||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest
|
1,686
|
(1,376
|
)
|
|||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(1,766
|
)
|
(1,482
|
)
|
||||||||||||||||||||||||
(Income) loss from discontinued operations
|
(558
|
)
|
1,847
|
|||||||||||||||||||||||||
Income tax expense (benefit)
|
(1,788
|
)
|
14,246
|
|||||||||||||||||||||||||
Net interest expense
|
28,324
|
17,887
|
||||||||||||||||||||||||||
Other expense
|
2,013
|
1,132
|
||||||||||||||||||||||||||
Pension plan withdrawal
|
57
|
462
|
||||||||||||||||||||||||||
Impairment charges
|
-
|
203,076
|
||||||||||||||||||||||||||
Restructuring charges
|
6,066
|
13,440
|
||||||||||||||||||||||||||
Depreciation and amortization
|
53,750
|
56,565
|
||||||||||||||||||||||||||
Attraction start-up costs (B)
|
4,744
|
4,162
|
||||||||||||||||||||||||||
Integration costs
|
6
|
62
|
||||||||||||||||||||||||||
Acquisition transaction-related costs
|
892
|
194
|
||||||||||||||||||||||||||
Other non-recurring expenses (C)
|
569
|
1,770
|
||||||||||||||||||||||||||
Restructuring related inventory write-off (D)
|
-
|
5,300
|
||||||||||||||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
1,340
|
$
|
993
|
$
|
225
|
$
|
122
|
$
|
(56,809
|
)
|
$
|
-
|
$
|
(56,809
|
)
|
||||||||||||
Corporate Adjusted EBITDA & corporate eliminations (E)
|
10,986
|
-
|
-
|
10,986
|
6,561
|
-
|
6,561
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
12,326
|
$
|
993
|
$
|
225
|
$
|
11,108
|
$
|
(50,248
|
)
|
$
|
-
|
$
|
(50,248
|
)
|
||||||||||||
GES:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
320,292
|
$
|
-
|
$
|
2,099
|
$
|
318,193
|
$
|
338,625
|
$
|
-
|
$
|
338,625
|
||||||||||||||
Segment operating loss
|
$
|
(51,611
|
)
|
$
|
-
|
$
|
(849
|
)
|
$
|
(50,762
|
)
|
$
|
(73,897
|
)
|
$
|
-
|
$
|
(73,897
|
)
|
|||||||||
Restructuring related inventory write-off (D)
|
-
|
-
|
-
|
-
|
5,300
|
-
|
5,300
|
|||||||||||||||||||||
Adjusted segment operating loss
|
(51,611
|
)
|
-
|
(849
|
)
|
(50,762
|
)
|
(68,597
|
)
|
-
|
(68,597
|
)
|
||||||||||||||||
Depreciation
|
16,319
|
-
|
178
|
16,141
|
21,609
|
-
|
21,609
|
|||||||||||||||||||||
Amortization
|
4,929
|
-
|
22
|
4,907
|
6,465
|
-
|
6,465
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
(30,363
|
)
|
$
|
-
|
$
|
(649
|
)
|
$
|
(29,714
|
)
|
$
|
(40,523
|
)
|
$
|
-
|
$
|
(40,523
|
)
|
|||||||||
Adjusted segment operating margin
|
-16.1
|
%
|
-40.4
|
%
|
-16.0
|
%
|
-20.3
|
%
|
-20.3
|
%
|
||||||||||||||||||
Segment Adjusted EBITDA margin
|
-9.5
|
%
|
-30.9
|
%
|
-9.3
|
%
|
-12.0
|
%
|
-12.0
|
%
|
||||||||||||||||||
Pursuit:
|
||||||||||||||||||||||||||||
Revenue
|
$
|
187,048
|
$
|
2,638
|
$
|
5,413
|
$
|
178,997
|
$
|
76,810
|
$
|
-
|
$
|
76,810
|
||||||||||||||
Segment operating income (loss)
|
$
|
4,609
|
$
|
923
|
$
|
(590
|
)
|
$
|
4,276
|
$
|
(42,343
|
)
|
$
|
-
|
$
|
(42,343
|
)
|
|||||||||||
Integration costs
|
6
|
6
|
-
|
-
|
62
|
-
|
62
|
|||||||||||||||||||||
Acquisition transaction-related costs
|
862
|
-
|
34
|
828
|
-
|
-
|
-
|
|||||||||||||||||||||
Attraction start-up costs (B)
|
4,744
|
-
|
-
|
4,744
|
4,162
|
-
|
4,162
|
|||||||||||||||||||||
Adjusted segment operating income (loss)
|
10,221
|
929
|
(556
|
)
|
9,848
|
(38,119
|
)
|
-
|
(38,119
|
)
|
||||||||||||||||||
Depreciation
|
27,360
|
64
|
1,195
|
26,101
|
24,760
|
-
|
24,760
|
|||||||||||||||||||||
Amortization
|
5,108
|
-
|
235
|
4,873
|
3,634
|
-
|
3,634
|
|||||||||||||||||||||
Segment Adjusted EBITDA
|
$
|
42,689
|
$
|
993
|
$
|
874
|
$
|
40,822
|
$
|
(9,725
|
)
|
$
|
-
|
$
|
(9,725
|
)
|
||||||||||||
Adjusted segment operating margin
|
5.5
|
%
|
35.2
|
%
|
-10.3
|
%
|
5.5
|
%
|
-49.6
|
%
|
-49.6
|
%
|
||||||||||||||||
Segment Adjusted EBITDA margin
|
22.8
|
%
|
37.6
|
%
|
16.1
|
%
|
22.8
|
%
|
-12.7
|
%
|
-12.7
|
%
|
||||||||||||||||
(A) Acquisitions include the Golden Skybridge (acquired March 2021 and opened June 2021) for Pursuit.
|
||||||||||||||||||||||||||||
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas and Toronto, the Sky Lagoon in Iceland, and
the Golden Skybridge in Canada.
|
||||||||||||||||||||||||||||
(C) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
||||||||||||||||||||||||||||
(D) Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
|
||||||||||||||||||||||||||||
(E) Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and
other non-recurring costs included within Corporate activities expense.
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||
|
2021 | |||||||||||||||||||
($ in thousands)
|
Q1
|
Q2
|
Q3
|
Q4
|
Full Year
|
|||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||
Revenue
|
$
|
28,935
|
$
|
61,233
|
$
|
233,599
|
$
|
183,573
|
$
|
507,340
|
||||||||||
Net income (loss) attributable to Viad
|
$
|
(43,152
|
)
|
$
|
(42,026
|
)
|
$
|
15,067
|
$
|
(22,544
|
)
|
$
|
(92,655
|
)
|
||||||
Net income (loss) attributable to noncontrolling interest
|
(1,445
|
)
|
(510
|
)
|
5,004
|
(1,363
|
)
|
1,686
|
||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(494
|
)
|
(431
|
)
|
(296
|
)
|
(545
|
)
|
(1,766
|
)
|
||||||||||
(Income) loss from discontinued operations
|
(348
|
)
|
62
|
(248
|
)
|
(24
|
)
|
(558
|
)
|
|||||||||||
Income tax expense (benefit)
|
(3,045
|
)
|
(2,166
|
)
|
5,329
|
(1,906
|
)
|
(1,788
|
)
|
|||||||||||
Net interest expense
|
5,085
|
5,565
|
9,518
|
8,156
|
28,324
|
|||||||||||||||
Other expense
|
360
|
680
|
466
|
507
|
2,013
|
|||||||||||||||
Pension plan withdrawal
|
-
|
57
|
-
|
-
|
57
|
|||||||||||||||
Restructuring charges
|
2,826
|
787
|
2,186
|
267
|
6,066
|
|||||||||||||||
Depreciation and amortization
|
13,177
|
13,333
|
13,476
|
13,764
|
53,750
|
|||||||||||||||
Attraction start-up costs (A)
|
1,564
|
2,054
|
1,415
|
(289
|
)
|
4,744
|
||||||||||||||
Integration costs
|
1
|
5
|
-
|
-
|
6
|
|||||||||||||||
Acquisition transaction-related costs
|
243
|
88
|
385
|
176
|
892
|
|||||||||||||||
Other non-recurring expenses (B)
|
10
|
557
|
2
|
-
|
569
|
|||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
(25,218
|
)
|
$
|
(21,945
|
)
|
$
|
52,304
|
$
|
(3,801
|
)
|
$
|
1,340
|
|||||||
Corporate Adjusted EBITDA & corporate eliminations (C)
|
1,931
|
2,395
|
3,064
|
3,596
|
10,986
|
|||||||||||||||
Segment Adjusted EBITDA
|
$
|
(23,287
|
)
|
$
|
(19,550
|
)
|
$
|
55,368
|
$
|
(205
|
)
|
$
|
12,326
|
|||||||
2020 |
||||||||||||||||||||
($ in thousands)
|
Q1
|
Q2
|
Q3
|
Q4
|
Full Year
|
|||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||
Revenue
|
$
|
294,658
|
$
|
30,067
|
$
|
62,807
|
$
|
27,903
|
$
|
415,435
|
||||||||||
Net loss attributable to Viad
|
$
|
(86,585
|
)
|
$
|
(206,278
|
)
|
$
|
(30,758
|
)
|
$
|
(50,473
|
)
|
$
|
(374,094
|
)
|
|||||
Net income (loss) attributable to noncontrolling interest
|
(1,333
|
)
|
(1,634
|
)
|
2,331
|
(740
|
)
|
(1,376
|
)
|
|||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(517
|
)
|
(204
|
)
|
(302
|
)
|
(459
|
)
|
(1,482
|
)
|
||||||||||
Loss from discontinued operations
|
454
|
379
|
989
|
25
|
1,847
|
|||||||||||||||
Income tax expense (benefit)
|
(15,797
|
)
|
35,516
|
735
|
(6,208
|
)
|
14,246
|
|||||||||||||
Net interest expense
|
3,939
|
5,010
|
5,450
|
3,488
|
17,887
|
|||||||||||||||
Other expense
|
419
|
265
|
210
|
238
|
1,132
|
|||||||||||||||
Pension plan withdrawal
|
-
|
462
|
-
|
-
|
462
|
|||||||||||||||
Impairment charges
|
88,380
|
114,020
|
676
|
-
|
203,076
|
|||||||||||||||
Restructuring charges
|
851
|
260
|
11,259
|
1,070
|
13,440
|
|||||||||||||||
Depreciation and amortization
|
15,285
|
13,850
|
13,916
|
13,514
|
56,565
|
|||||||||||||||
Attraction start-up costs (A)
|
996
|
854
|
1,014
|
1,298
|
4,162
|
|||||||||||||||
Integration costs
|
70
|
(10
|
)
|
2
|
-
|
62
|
||||||||||||||
Acquisition transaction-related costs
|
148
|
31
|
4
|
11
|
194
|
|||||||||||||||
Restructuring related inventory write-off (D)
|
-
|
-
|
-
|
5,300
|
5,300
|
|||||||||||||||
Other non-recurring expenses (B)
|
190
|
1,046
|
445
|
89
|
1,770
|
|||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
6,500
|
$
|
(36,433
|
)
|
$
|
5,971
|
$
|
(32,847
|
)
|
$
|
(56,809
|
)
|
|||||||
Corporate Adjusted EBITDA & corporate eliminations (C)
|
381
|
1,357
|
2,168
|
2,655
|
6,561
|
|||||||||||||||
Segment Adjusted EBITDA
|
$
|
6,881
|
$
|
(35,076
|
)
|
$
|
8,139
|
$
|
(30,192
|
)
|
$
|
(50,248
|
)
|
|||||||
(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas and Toronto, the Sky Lagoon in Iceland,
and the Golden Skybridge in Canada.
|
||||||||||||||||||||
(B) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
||||||||||||||||||||
(C) Corporate Adjusted EBITDA is calculated as Corporate activities expense before depreciation, acquisition-transaction-related costs and
other non-recurring costs included within Corporate activities expense.
|
||||||||||||||||||||
(D) Includes inventory write-offs at GES in connection with transitioning to an outsourced model for trade show aisle carpet.
|
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