|
|
|
(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)
|
||
November 3, 2022
|
By:
|
/s/ Leslie S. Striedel
|
Leslie S. Striedel
|
||
Chief Accounting Officer
|
●
|
Q3’22 results were significantly ahead of 2021, in line with prior guidance
|
●
|
Pursuit posted record revenue driven by new experiences and strengthening international leisure travel
|
●
|
GES delivered strong growth driven by continued industry recovery, improved cost structure, and solid execution
|
Three months ended September 30,
|
||||||||||||
(in millions)
|
2022
|
2021
|
$ Change
|
|||||||||
Revenue
|
$
|
382.7
|
$
|
233.6
|
$
|
149.1
|
||||||
Pursuit Revenue
|
163.8
|
117.6
|
46.2
|
|||||||||
GES Revenue
|
218.9
|
116.0
|
102.9
|
|||||||||
Net income attributable to Viad
|
$
|
40.1
|
$
|
15.1
|
$
|
25.1
|
||||||
Consolidated Adjusted EBITDA*
|
$
|
82.0
|
$
|
52.3
|
$
|
29.7
|
||||||
Pursuit Adjusted EBITDA*
|
75.1
|
59.6
|
15.5
|
|||||||||
GES Adjusted EBITDA*
|
10.7
|
(4.2
|
)
|
14.9
|
||||||||
Corporate Adjusted EBITDA*
|
(3.8
|
)
|
(3.1
|
)
|
(0.7
|
)
|
Three months ended September 30,
|
||||||||||||
(in millions)
|
2022
|
2021
|
$ Change
|
|||||||||
|
||||||||||||
Revenue:
|
||||||||||||
Spiro
|
$
|
73.3
|
$
|
37.9
|
$
|
35.4
|
||||||
GES Exhibitions
|
147.9
|
81.1
|
66.7
|
|||||||||
Inter-segment Eliminations
|
(2.2
|
)
|
(3.0
|
)
|
0.7
|
|||||||
Total GES
|
$
|
218.9
|
$
|
116.0
|
$
|
102.9
|
||||||
|
||||||||||||
Adjusted EBITDA*:
|
||||||||||||
Spiro
|
$
|
4.7
|
$
|
0.9
|
$
|
3.8
|
||||||
GES Exhibitions
|
6.0
|
(5.1
|
)
|
11.1
|
||||||||
Total GES
|
$
|
10.7
|
$
|
(4.2
|
)
|
$
|
14.9
|
(in millions)
|
Fourth Quarter
|
Full Year
|
Key Assumptions for Q4
|
||||
Pursuit
|
$(9) to $(5)
|
$70 to $74
|
● |
Canada Q4 same store revenue improves
year-over-year during this seasonally slow quarter
|
|||
(vs. negative $9.9 in 2021) |
(vs. $42.7 in 2021 and prior guidance of $70 to $80) |
● |
New year-round experiences
continue to ramp up as guest awareness builds |
||||
● |
Revenue management efforts
and pricing power help offset wage rate and other inflationary pressures |
||||||
GES
|
$6 to $11
|
$54 to $60
|
● |
Exhibitions same-show revenue will generally remain at or better than 90% of pre-pandemic levels in Q4
|
|||
(vs. $9.6 in 2021) |
(vs. negative $30.4 in 2021 and prior guidance of $50 to $60) |
● |
Experiential marketing budgets of major Spiro clients will remain at 80%+ of pre-pandemic levels
|
||||
● |
SG&A higher year-over-year to support increased business
activity and future revenue growth |
||||||
Corporate
|
~$(3.5)
|
~$(13.5)
|
● |
Run rate remains similar to YTD
|
●
|
general economic uncertainty in key global markets and a worsening of global economic conditions;
|
●
|
travel industry disruptions;
|
●
|
seasonality of our businesses;
|
●
|
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;
|
●
|
unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;
|
●
|
our exposure to labor shortages, turnover, and labor cost increases;
|
●
|
the importance of key members of our account teams to our business relationships;
|
●
|
the competitive nature of the industries in which we operate;
|
●
|
our dependence on large exhibition event clients;
|
●
|
adverse effects of show rotation on our periodic results and operating margins;
|
●
|
transportation disruptions and increases in transportation costs;
|
●
|
natural disasters, weather conditions, accidents, and other catastrophic events;
|
●
|
our exposure to labor cost increases and work stoppages related to unionized employees;
|
●
|
our multi-employer pension plan funding obligations;
|
●
|
our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;
|
●
|
our exposure to cybersecurity attacks and threats;
|
●
|
our exposure to currency exchange rate fluctuations;
|
●
|
liabilities relating to prior and discontinued operations; and
|
●
|
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.
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
TABLE ONE - QUARTERLY RESULTS
|
||||||||||||||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||||||||||||||
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
2022
|
2021
|
$ Change
|
% Change
|
2022
|
2021
|
$ Change
|
% Change
|
||||||||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||||||||||
Pursuit
|
$
|
163,796
|
$
|
117,555
|
$
|
46,241
|
39.3
|
%
|
265,179
|
163,658
|
101,521
|
62.0
|
%
|
|||||||||||||||||||
GES:
|
||||||||||||||||||||||||||||||||
Spiro
|
73,277
|
37,866
|
35,411
|
93.5
|
%
|
$
|
205,518
|
$
|
61,869
|
$
|
143,649
|
** |
|
|||||||||||||||||||
GES Exhibitions
|
147,872
|
81,138
|
66,734
|
82.2
|
%
|
414,303
|
101,347
|
312,956
|
** |
|
||||||||||||||||||||||
Inter-segment eliminations
|
(2,224
|
)
|
(2,960
|
)
|
736
|
24.9
|
%
|
(5,716
|
)
|
(3,107
|
)
|
(2,609
|
)
|
-84.0
|
%
|
|||||||||||||||||
Total GES
|
218,925
|
116,044
|
102,881
|
88.7
|
%
|
$
|
614,105
|
$
|
160,109
|
$
|
453,996
|
** |
|
|||||||||||||||||||
Total revenue
|
$
|
382,721
|
$
|
233,599
|
$
|
149,122
|
63.8
|
%
|
$
|
879,284
|
$
|
323,767
|
$
|
555,517
|
** |
|
||||||||||||||||
Segment operating income (loss)
|
||||||||||||||||||||||||||||||||
Pursuit
|
$
|
64,710
|
$
|
49,601
|
15,109
|
30.5
|
%
|
49,083
|
23,183
|
25,900
|
** |
|
||||||||||||||||||||
GES:
|
||||||||||||||||||||||||||||||||
Spiro
|
3,720
|
(399
|
)
|
4,119
|
** |
|
18,328
|
(14,779
|
)
|
$
|
33,107
|
** |
|
|||||||||||||||||||
GES Exhibitions
|
2,870
|
(9,100
|
)
|
11,970
|
** |
|
17,788
|
(41,521
|
)
|
59,309
|
** |
|
||||||||||||||||||||
Total GES
|
6,590
|
(9,499
|
)
|
16,089
|
** |
|
36,116
|
(56,300
|
)
|
92,416
|
** |
|
||||||||||||||||||||
Segment operating income (loss)
|
$
|
71,300
|
$
|
40,102
|
$
|
31,198
|
77.8
|
%
|
$
|
85,199
|
$
|
(33,117
|
)
|
$
|
118,316
|
** |
|
|||||||||||||||
Corporate eliminations
|
17
|
17
|
-
|
0.0
|
%
|
51
|
52
|
(1
|
)
|
-1.9
|
%
|
|||||||||||||||||||||
Corporate activities (Note A)
|
(3,768
|
)
|
(3,093
|
)
|
(675
|
)
|
-21.8
|
%
|
(9,881
|
)
|
(8,104
|
)
|
(1,777
|
)
|
-21.9
|
%
|
||||||||||||||||
Restructuring charges (Note B)
|
(1,387
|
)
|
(2,186
|
)
|
799
|
36.6
|
%
|
(3,467
|
)
|
(5,799
|
)
|
2,332
|
40.2
|
%
|
||||||||||||||||||
Impairment charges
|
-
|
-
|
-
|
** |
|
(583
|
)
|
-
|
(583
|
)
|
** |
|
||||||||||||||||||||
Other expense
|
(280
|
)
|
(466
|
)
|
186
|
39.9
|
%
|
(1,530
|
)
|
(1,563
|
)
|
33
|
2.1
|
%
|
||||||||||||||||||
Net interest expense (Note C)
|
(10,252
|
)
|
(9,518
|
)
|
(734
|
)
|
-7.7
|
%
|
(23,890
|
)
|
(20,168
|
)
|
(3,722
|
)
|
-18.5
|
%
|
||||||||||||||||
Income (loss) from continuing operations before income taxes
|
55,630
|
24,856
|
30,774
|
** |
|
45,899
|
(68,699
|
)
|
114,598
|
** |
|
|||||||||||||||||||||
Income tax expense (Note D)
|
(9,802
|
)
|
(5,329
|
)
|
(4,473
|
)
|
-83.9
|
%
|
(10,579
|
)
|
(118
|
)
|
(10,461
|
)
|
** |
|
||||||||||||||||
Income (loss) from continuing operations
|
45,828
|
19,527
|
26,301
|
** |
|
35,320
|
(68,817
|
)
|
104,137
|
** |
|
|||||||||||||||||||||
Income (loss) from discontinued operations
|
(42
|
)
|
248
|
(290
|
)
|
** |
|
285
|
534
|
(249
|
)
|
-46.6
|
%
|
|||||||||||||||||||
Net income (loss)
|
45,786
|
19,775
|
26,011
|
** |
|
35,605
|
(68,283
|
)
|
103,888
|
** |
|
|||||||||||||||||||||
Net income attributable to noncontrolling interest
|
(5,729
|
)
|
(5,004
|
)
|
(725
|
)
|
-14.5
|
%
|
(4,976
|
)
|
(3,049
|
)
|
(1,927
|
)
|
-63.2
|
%
|
||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
88
|
296
|
(208
|
)
|
-70.3
|
%
|
354
|
1,221
|
(867
|
)
|
-71.0
|
%
|
||||||||||||||||||||
Net income (loss) attributable to Viad
|
$
|
40,145
|
$
|
15,067
|
$
|
25,078
|
** |
|
$
|
30,983
|
$
|
(70,111
|
)
|
$
|
101,094
|
** |
|
|||||||||||||||
Amounts Attributable to Viad:
|
||||||||||||||||||||||||||||||||
Income (loss) from continuing operations
|
$
|
40,187
|
$
|
14,819
|
$
|
25,368
|
** |
|
$
|
30,698
|
$
|
(70,645
|
)
|
$
|
101,343
|
** |
|
|||||||||||||||
Income (loss) from discontinued operations
|
(42
|
)
|
248
|
(290
|
)
|
** |
|
285
|
534
|
(249
|
)
|
-46.6
|
%
|
|||||||||||||||||||
Net income (loss)
|
$
|
40,145
|
$
|
15,067
|
$
|
25,078
|
** |
|
$
|
30,983
|
$
|
(70,111
|
)
|
$
|
101,094
|
** |
|
|||||||||||||||
Income (loss) per common share attributable to Viad (Note E):
|
||||||||||||||||||||||||||||||||
Basic income (loss) per common share
|
$
|
1.40
|
$
|
0.46
|
$
|
0.94
|
** |
|
$
|
0.89
|
$
|
(3.77
|
)
|
$
|
4.66
|
** |
|
|||||||||||||||
Diluted income (loss) per common share
|
$
|
1.38
|
$
|
0.46
|
$
|
0.92
|
** |
|
$
|
0.89
|
$
|
(3.77
|
)
|
$
|
4.66
|
** |
|
|||||||||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||||||||||||||||||
Basic weighted-average outstanding common shares
|
20,612
|
20,420
|
192
|
0.9
|
%
|
20,567
|
20,396
|
171
|
0.8
|
%
|
||||||||||||||||||||||
Additional dilutive shares related to share-based compensation
|
277
|
322
|
(45
|
)
|
-14.0
|
%
|
214
|
-
|
214
|
** |
|
|||||||||||||||||||||
Diluted weighted-average outstanding common shares
|
20,889
|
20,742
|
147
|
0.7
|
%
|
20,781
|
20,396
|
385
|
1.9
|
%
|
||||||||||||||||||||||
Adjusted EBITDA* by Reportable Segment:
|
||||||||||||||||||||||||||||||||
Pursuit
|
$
|
75,085
|
$
|
59,593
|
$
|
15,492
|
26.0
|
%
|
$
|
79,200
|
$
|
52,543
|
$
|
26,657
|
50.7
|
%
|
||||||||||||||||
GES:
|
||||||||||||||||||||||||||||||||
Spiro
|
4,688
|
890
|
3,798
|
** |
|
21,180
|
(10,709
|
)
|
31,889
|
** |
|
|||||||||||||||||||||
GES Exhibitions
|
5,997
|
(5,115
|
)
|
11,112
|
** |
|
27,356
|
(29,303
|
)
|
56,659
|
** |
|
||||||||||||||||||||
Total GES
|
10,685
|
(4,225
|
)
|
14,910
|
** |
|
48,536
|
(40,012
|
)
|
88,548
|
** |
|
||||||||||||||||||||
Corporate
|
(3,811
|
)
|
(3,064
|
)
|
(747
|
)
|
-24.4
|
%
|
(9,613
|
)
|
(7,390
|
)
|
(2,223
|
)
|
-30.1
|
%
|
||||||||||||||||
Consolidated Adjusted EBITDA
|
81,959
|
52,304
|
29,655
|
56.7
|
%
|
118,123
|
5,141
|
112,982
|
** |
|
||||||||||||||||||||||
As of September 30,
|
||||||||||||||||||||||||||||||||
Capitalization Data:
|
2022
|
2021
|
$ Change
|
% Change
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
79,151
|
110,756
|
(31,605
|
)
|
-28.5
|
%
|
||||||||||||||||||||||||||
Total debt
|
479,378
|
469,905
|
9,473
|
2.0
|
%
|
|||||||||||||||||||||||||||
Viad shareholders' equity
|
7,759
|
25,608
|
(17,849
|
)
|
-69.7
|
%
|
||||||||||||||||||||||||||
Non-controlling interests (redeemable and non-redeemable)
|
88,886
|
91,902
|
(3,016
|
)
|
-3.3
|
%
|
||||||||||||||||||||||||||
Convertible Series A Preferred Stock (Note F):
|
||||||||||||||||||||||||||||||||
Convertible preferred stock (including accumulated dividends paid in kind)***
|
141,827
|
141,827
|
-
|
0.0
|
%
|
|||||||||||||||||||||||||||
Equivalent number of common shares
|
6,674
|
6,674
|
-
|
0.0
|
%
|
|||||||||||||||||||||||||||
* Refer to Table Two for a discussion and reconciliation of this non-GAAP financial measure to its most directly comparable
GAAP financial measure.
|
** Change is greater than +/- 100 percent
|
*** Amount shown excludes transaction costs, which are netted against the value of the preferred shares when presented on
Viad's balance sheet.
|
VIAD CORP AND SUBSIDIARIES
|
|
TABLE ONE - NOTES TO QUARTERLY RESULTS
|
|
(UNAUDITED)
|
|
(A)
|
Corporate Activities — The increase in corporate activities expense during the three and nine months ended September 30,
2022 was primarily due to higher performance-based compensation expense.
|
(B)
|
Restructuring Charges — Restructuring charges during the three and nine months ended September 30, 2022 and 2021 were
primarily related to facility closures and severance 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.
|
(C)
|
Net Interest Expense — The increase in interest expense during the three and nine months ended September 30, 2022 was
primarily due to higher interest rates and higher debt balances in 2022, offset in part by $0.1 million in capitalized interest recorded during the three months ended September 30, 2022 and $2.7 million during the nine months ended
September 30, 2022.
|
(D)
|
Income Tax Expense – The effective rate was 18% for the three months ended September 30, 2022 and 21% for the three
months ended September 30, 2021. The effective rate was 23% for the nine months ended September 30, 2022 and 0% for the nine months ended September 30, 2021. The effective tax rates differed from the blended statutory rate primarily
as a result of excluding the tax expense or benefit in jurisdictions where we have a valuation allowance. The minimal tax expense recorded for the nine months ended September 30, 2021 on a pre-tax loss was due to the minimal pre-tax
income earned in jurisdictions with no valuation allowance.
|
(E)
|
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 September 30,
|
Nine months ended September 30,
|
||||||||||||||||||||||||||||||||
(in thousands)
|
2022
|
2021
|
$ Change
|
% Change
|
2022
|
2021
|
$ Change
|
% Change
|
|||||||||||||||||||||||||
Net income (loss) attributable to Viad
|
$
|
40,145
|
$
|
15,067
|
$
|
25,078
|
** |
|
$
|
30,983
|
$
|
(70,111
|
)
|
$
|
101,094
|
** |
|
||||||||||||||||
Convertible preferred stock dividends paid in cash
|
(1,950
|
)
|
(1,950
|
)
|
-
|
0.0
|
%
|
(5,850
|
)
|
(1,950
|
)
|
(3,900
|
)
|
** |
|
||||||||||||||||||
Convertible preferred stock dividends paid in kind
|
-
|
-
|
-
|
** |
|
-
|
(3,821
|
)
|
3,821
|
-100.0
|
%
|
||||||||||||||||||||||
Adjustment to the redemption value of redeemable noncontrolling interest
|
-
|
(488
|
)
|
488
|
-100.0
|
%
|
(763
|
)
|
(1,091
|
)
|
328
|
30.1
|
%
|
||||||||||||||||||||
Undistributed income (loss) attributable to Viad
|
38,195
|
12,629
|
25,566
|
** |
|
24,370
|
(76,973
|
)
|
101,343
|
** |
|
||||||||||||||||||||||
Less: Allocation to participating securities
|
(9,368
|
)
|
(3,141
|
)
|
(6,227
|
)
|
** |
|
(5,991
|
)
|
-
|
(5,991
|
)
|
** |
|
||||||||||||||||||
Net income (loss) allocated to Viad common shareholders (basic)
|
$
|
28,827
|
$
|
9,488
|
$
|
19,339
|
** |
|
$
|
18,379
|
$
|
(76,973
|
)
|
$
|
95,352
|
** |
|
||||||||||||||||
Add: Allocation to participating securities
|
94
|
36
|
-
|
** |
|
46
|
-
|
-
|
** |
|
|||||||||||||||||||||||
Net income (loss) allocated to Viad common shareholders (diluted)
|
$
|
28,921
|
$
|
9,524
|
$
|
19,339
|
** |
|
$
|
18,425
|
$
|
(76,973
|
)
|
$
|
95,352
|
** |
|
||||||||||||||||
Basic weighted-average outstanding common shares
|
20,612
|
20,420
|
192
|
0.9
|
%
|
20,567
|
20,396
|
171
|
0.8
|
%
|
|||||||||||||||||||||||
Additional dilutive shares related to share-based compensation
|
277
|
322
|
(45
|
)
|
-14.0
|
%
|
214
|
-
|
214
|
** |
|
||||||||||||||||||||||
Diluted weighted-average outstanding common shares
|
20,889
|
20,742
|
147
|
0.7
|
%
|
20,781
|
20,396
|
385
|
1.9
|
%
|
(F)
|
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. A total of $6.8
million of dividends have been paid in kind, including $3.8 million during the first and second quarters of 2021. We began paying preferred stock dividends in cash during the 2021 third quarter and we intend to pay in cash for the
foreseeable future.
|
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 September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
2022
|
2021
|
$ Change
|
% Change
|
2022
|
2021
|
$ Change
|
% Change
|
||||||||||||||||||||||||
Income (loss) before other items:
|
||||||||||||||||||||||||||||||||
Net income (loss) attributable to Viad
|
$
|
40,145
|
$
|
15,067
|
$
|
25,078
|
** |
|
$
|
30,983
|
$
|
(70,111
|
)
|
$
|
101,094
|
** |
|
|||||||||||||||
(Income) loss from discontinued operations attributable to Viad
|
42
|
(248
|
)
|
290
|
** |
|
(285
|
)
|
(534
|
)
|
249
|
46.6
|
%
|
|||||||||||||||||||
Income (loss) from continuing operations attributable to Viad
|
40,187
|
14,819
|
25,368
|
** |
|
30,698
|
(70,645
|
)
|
101,343
|
** |
|
|||||||||||||||||||||
Restructuring charges, pre-tax
|
1,387
|
2,186
|
(799
|
)
|
-36.6
|
%
|
3,467
|
5,799
|
(2,332
|
)
|
-40.2
|
%
|
||||||||||||||||||||
Impairment charges, pre-tax
|
-
|
-
|
-
|
** |
|
583
|
-
|
583
|
** |
|
||||||||||||||||||||||
Pension plan withdrawal, pre-tax
|
-
|
-
|
-
|
** |
|
-
|
57
|
(57
|
)
|
-100.0
|
%
|
|||||||||||||||||||||
Acquisition-related costs and other non-recurring expenses, pre-tax (Note A)
|
1,454
|
1,802
|
(348
|
)
|
-19.3
|
%
|
3,312
|
6,324
|
(3,012
|
)
|
-47.6
|
%
|
||||||||||||||||||||
Tax benefit on above items
|
(127
|
)
|
(362
|
)
|
235
|
64.9
|
%
|
(265
|
)
|
(680
|
)
|
415
|
61.0
|
%
|
||||||||||||||||||
Income (loss) before other items
|
$
|
42,901
|
$
|
18,445
|
$
|
24,456
|
** |
|
$
|
37,795
|
$
|
(59,145
|
)
|
$
|
96,940
|
** |
|
|||||||||||||||
The components of income (loss) before other items per share are as follows:
|
||||||||||||||||||||||||||||||||
Income (loss) before other items (as reconciled above)
|
42,901
|
18,445
|
24,456
|
** |
|
37,795
|
(59,145
|
)
|
96,940
|
** |
|
|||||||||||||||||||||
Convertible preferred stock dividends paid in cash
|
(1,950
|
)
|
(1,950
|
)
|
-
|
0.0
|
%
|
(5,850
|
)
|
(1,950
|
)
|
(3,900
|
)
|
** |
|
|||||||||||||||||
Convertible preferred stock dividends paid in kind
|
-
|
-
|
-
|
** |
|
-
|
(3,821
|
)
|
3,821
|
-100.0
|
%
|
|||||||||||||||||||||
Undistributed income (loss) before other items attributable to Viad (Note B)
|
40,951
|
16,495
|
24,456
|
** |
|
31,945
|
(64,916
|
)
|
96,861
|
** |
|
|||||||||||||||||||||
Less: Allocation to participating securities (Note C)
|
(9,943
|
)
|
(4,055
|
)
|
(5,888
|
)
|
** |
|
(7,792
|
)
|
-
|
(7,792
|
)
|
** |
|
|||||||||||||||||
Diluted income (loss) before other items allocated to Viad common shareholders
|
$
|
31,008
|
$
|
12,440
|
$
|
18,568
|
** |
|
$
|
24,153
|
$
|
(64,916
|
)
|
$
|
89,069
|
** |
|
|||||||||||||||
Diluted weighted-average outstanding common shares
|
20,889
|
20,742
|
147
|
0.7
|
%
|
20,781
|
20,396
|
385
|
1.9
|
%
|
||||||||||||||||||||||
Income (loss) before other items per common share
|
$
|
1.48
|
$
|
0.60
|
$
|
0.88
|
** |
|
$
|
1.16
|
$
|
(3.18
|
)
|
$
|
4.34
|
** |
|
(A)
|
Acquisition-related costs and other non-recurring expenses include:
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||||
(in thousands)
|
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Acquisition integration costs - Pursuit1
|
$
|
17
|
$
|
-
|
$
|
136
|
$
|
6
|
|||||||||
Acquisition transaction-related costs - Pursuit1
|
834
|
381
|
1,235
|
653
|
|||||||||||||
Acquisition transaction-related costs - Corporate2
|
(69
|
)
|
4
|
39
|
63
|
||||||||||||
Attraction start-up costs1, 3
|
672
|
1,415
|
1,751
|
5,033
|
|||||||||||||
Other non-recurring expenses2, 4
|
-
|
2
|
151
|
569
|
|||||||||||||
Acquisition-related and other non-recurring expenses, pre-tax
|
$
|
1,454
|
$
|
1,802
|
$
|
3,312
|
$
|
6,324
|
|||||||||
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 Las Vegas, Chicago, and
Toronto, the Sky Lagoon in Iceland, the Golden Skybridge and Forest Park Hotel 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 September 30,
|
Nine months ended September 30,
|
||||||||||||||||
(in thousands)
|
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Weighted-average outstanding common shares
|
20,889
|
20,742
|
20,781
|
20,396
|
|||||||||||||
Effect of participating convertible preferred shares (if applicable)
|
6,674
|
6,674
|
6,674
|
-
|
|||||||||||||
Effect of participating non-vested shares (if applicable)
|
24
|
87
|
30
|
-
|
|||||||||||||
Weighted-average shares including effect of participating interests (if applicable)
|
27,587
|
27,503
|
27,485
|
20,396
|
|||||||||||||
** Change is greater than +/- 100 percent
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||||||
Same-Store - The term
"same-store" is used within this document to refer to results without the impact of new experiences, if any, until such new experiences are included in the entirety of both comparable periods. Management believes that the
presentation of "same-store" results permits investors to better understand Viad's performance without the effects of new experiences.
|
||||||||||||||||||||||||
Three months ended September 30, 2022
|
Three months ended September 30, 2021
|
|||||||||||||||||||||||
($ in thousands)
|
As Reported
|
New
Experiences
(Note A)
|
Same-Store
|
As Reported
|
New
Experiences
(Note A)
|
Same-Store
|
||||||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||||||
Revenue
|
$
|
382,721
|
$
|
18,731
|
$
|
363,990
|
$
|
233,599
|
$
|
7,377
|
$
|
226,222
|
||||||||||||
Net income attributable to Viad
|
$
|
40,145
|
$
|
15,067
|
||||||||||||||||||||
Net income attributable to noncontrolling interest
|
5,729
|
5,004
|
||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(88
|
)
|
(296
|
)
|
||||||||||||||||||||
(Income) loss from discontinued operations
|
42
|
(248
|
)
|
|||||||||||||||||||||
Net interest expense
|
10,252
|
9,518
|
||||||||||||||||||||||
Income tax expense
|
9,802
|
5,329
|
||||||||||||||||||||||
Depreciation and amortization
|
12,956
|
13,476
|
||||||||||||||||||||||
Restructuring charges
|
1,387
|
2,186
|
||||||||||||||||||||||
Other expense
|
280
|
466
|
||||||||||||||||||||||
Start-up costs (B)
|
672
|
1,415
|
||||||||||||||||||||||
Acquisition transaction-related costs
|
765
|
385
|
||||||||||||||||||||||
Integration costs
|
17
|
-
|
||||||||||||||||||||||
Other non-recurring expenses
|
-
|
2
|
||||||||||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
81,959
|
$
|
6,307
|
$
|
75,652
|
$
|
52,304
|
$
|
3,118
|
$
|
49,186
|
||||||||||||
Consolidated Adjusted EBITDA by Business:
|
||||||||||||||||||||||||
Pursuit
|
$
|
75,085
|
$
|
6,307
|
$
|
68,778
|
$
|
59,593
|
$
|
3,118
|
$
|
56,475
|
||||||||||||
Total GES
|
10,685
|
-
|
10,685
|
(4,225
|
)
|
-
|
(4,225
|
)
|
||||||||||||||||
Total Segment EBITDA
|
85,770
|
6,307
|
79,463
|
55,368
|
3,118
|
52,250
|
||||||||||||||||||
Corporate EBITDA
|
(3,811
|
)
|
-
|
(3,811
|
)
|
(3,064
|
)
|
-
|
(3,064
|
)
|
||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
81,959
|
$
|
6,307
|
$
|
75,652
|
$
|
52,304
|
$
|
3,118
|
$
|
49,186
|
||||||||||||
Pursuit Adjusted EBITDA:
|
||||||||||||||||||||||||
Revenue
|
$
|
163,796
|
$
|
18,731
|
$
|
145,065
|
$
|
117,555
|
$
|
7,377
|
$
|
110,178
|
||||||||||||
Cost of services and products
|
(99,086
|
)
|
(14,743
|
)
|
(84,343
|
)
|
(67,954
|
)
|
(6,465
|
)
|
(61,489
|
)
|
||||||||||||
Segment operating income
|
64,710
|
3,988
|
60,722
|
49,601
|
912
|
48,689
|
||||||||||||||||||
Depreciation
|
7,501
|
1,180
|
6,321
|
6,734
|
400
|
6,334
|
||||||||||||||||||
Amortization
|
1,351
|
450
|
901
|
1,462
|
391
|
1,071
|
||||||||||||||||||
Start-up costs (B)
|
672
|
672
|
-
|
1,415
|
1,415
|
-
|
||||||||||||||||||
Acquisition transaction-related costs
|
834
|
-
|
834
|
381
|
-
|
381
|
||||||||||||||||||
Integration costs
|
17
|
17
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Adjusted EBITDA
|
$
|
75,085
|
$
|
6,307
|
$
|
68,778
|
$
|
59,593
|
$
|
3,118
|
$
|
56,475
|
||||||||||||
Pursuit Operating margin
|
39.5
|
%
|
21.3
|
%
|
41.9
|
%
|
42.2
|
%
|
12.4
|
%
|
44.2
|
%
|
||||||||||||
Pursuit Adjusted EBITDA margin
|
45.8
|
%
|
33.7
|
%
|
47.4
|
%
|
50.7
|
%
|
42.3
|
%
|
51.3
|
%
|
||||||||||||
Total GES Adjusted EBITDA:
|
||||||||||||||||||||||||
Revenue
|
$
|
218,925
|
$
|
-
|
$
|
218,925
|
$
|
116,044
|
$
|
-
|
$
|
116,044
|
||||||||||||
Cost of services and products
|
(212,335
|
)
|
-
|
(212,335
|
)
|
(125,543
|
)
|
-
|
(125,543
|
)
|
||||||||||||||
Segment operating income (loss)
|
6,590
|
-
|
6,590
|
(9,499
|
)
|
-
|
(9,499
|
)
|
||||||||||||||||
Depreciation
|
2,970
|
-
|
2,970
|
4,024
|
-
|
4,024
|
||||||||||||||||||
Amortization
|
1,125
|
-
|
1,125
|
1,250
|
-
|
1,250
|
||||||||||||||||||
Total GES Adjusted EBITDA
|
$
|
10,685
|
$
|
-
|
$
|
10,685
|
$
|
(4,225
|
)
|
$
|
-
|
$
|
(4,225
|
)
|
||||||||||
Total GES Operating margin
|
3.0
|
%
|
3.0
|
%
|
-8.2
|
%
|
-8.2
|
%
|
||||||||||||||||
Total GES Adjusted EBITDA margin
|
4.9
|
%
|
4.9
|
%
|
-3.6
|
%
|
-3.6
|
%
|
||||||||||||||||
GES Adjusted EBITDA by Reportable Segment:
|
||||||||||||||||||||||||
Spiro
|
$
|
4,688
|
$
|
4,688
|
$
|
890
|
$
|
890
|
||||||||||||||||
GES Exhibitions
|
5,997
|
5,997
|
(5,115
|
)
|
(5,115
|
)
|
||||||||||||||||||
Total GES
|
$
|
10,685
|
$
|
-
|
$
|
10,685
|
$
|
(4,225
|
)
|
$
|
-
|
$
|
(4,225
|
)
|
||||||||||
Spiro Revenue
|
$
|
73,277
|
$
|
-
|
$
|
73,277
|
$
|
37,866
|
$
|
-
|
$
|
37,866
|
||||||||||||
Spiro Adjusted EBITDA Margin
|
6.4
|
%
|
6.4
|
%
|
2.4
|
%
|
2.4
|
%
|
||||||||||||||||
GES Exhibitions Revenue
|
$
|
147,872
|
$
|
-
|
$
|
147,872
|
$
|
81,138
|
$
|
-
|
$
|
81,138
|
||||||||||||
GES Exhibitions Adjusted EBITDA Margin
|
4.1
|
%
|
4.1
|
%
|
-6.3
|
%
|
-6.3
|
%
|
||||||||||||||||
(A) New Experiences comprises the following attractions and hotel properties that were opened or acquired after January
1, 2021: Sky Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and opened June 2021), FlyOver Las Vegas (opened September 2021), Glacier Raft Company (acquired April 2022), and Forest Park Hotel (opened August 2022)
and costs related to the development of new experiences.
|
||||||||||||||||||||||||
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto,
and Forest Park Hotel in Canada.
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||||||
Same-Store - The term
"same-store" is used within this document to refer to results without the impact of new experiences, if any, until such new experiences are included in the entirety of both comparable periods. Management believes that the
presentation of "same-store" results permits investors to better understand Viad's performance without the effects of new experiences.
|
||||||||||||||||||||||||
Nine months ended September 30, 2022
|
Nine months ended September 30, 2021
|
|||||||||||||||||||||||
($ in thousands)
|
As Reported
|
New
Experiences
(Note A)
|
Same-Store
|
As Reported
|
New
Experiences
(Note A)
|
Same-Store
|
||||||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||||||
Revenue
|
$
|
879,284
|
$
|
33,219
|
$
|
846,065
|
$
|
323,767
|
$
|
10,504
|
$
|
313,263
|
||||||||||||
Net income (loss) attributable to Viad
|
$
|
30,983
|
$
|
(70,111
|
)
|
|||||||||||||||||||
Net income attributable to noncontrolling interest
|
4,976
|
3,049
|
||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
(354
|
)
|
(1,221
|
)
|
||||||||||||||||||||
Income from discontinued operations
|
(285
|
)
|
(534
|
)
|
||||||||||||||||||||
Net interest expense
|
23,890
|
20,168
|
||||||||||||||||||||||
Income tax expense
|
10,579
|
118
|
||||||||||||||||||||||
Depreciation and amortization
|
39,442
|
39,986
|
||||||||||||||||||||||
Restructuring charges
|
3,467
|
5,799
|
||||||||||||||||||||||
Impairment charges
|
583
|
-
|
||||||||||||||||||||||
Other expense
|
1,530
|
1,563
|
||||||||||||||||||||||
Start-up costs (B)
|
1,751
|
5,033
|
||||||||||||||||||||||
Acquisition transaction-related costs
|
1,274
|
716
|
||||||||||||||||||||||
Integration costs
|
136
|
6
|
||||||||||||||||||||||
Other non-recurring expenses (C)
|
151
|
569
|
||||||||||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
118,123
|
$
|
6,175
|
$
|
111,948
|
$
|
5,141
|
$
|
4,169
|
$
|
972
|
||||||||||||
Consolidated Adjusted EBITDA by Business:
|
||||||||||||||||||||||||
Pursuit
|
$
|
79,200
|
$
|
6,175
|
$
|
73,025
|
$
|
52,543
|
$
|
4,169
|
$
|
48,374
|
||||||||||||
Total GES
|
48,536
|
-
|
48,536
|
(40,012
|
)
|
-
|
(40,012
|
)
|
||||||||||||||||
Total Segment EBITDA
|
127,736
|
6,175
|
121,561
|
12,531
|
4,169
|
8,362
|
||||||||||||||||||
Corporate EBITDA
|
(9,613
|
)
|
-
|
(9,613
|
)
|
(7,390
|
)
|
-
|
(7,390
|
)
|
||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
118,123
|
$
|
6,175
|
$
|
111,948
|
$
|
5,141
|
$
|
4,169
|
$
|
972
|
||||||||||||
Pursuit Adjusted EBITDA:
|
||||||||||||||||||||||||
Revenue
|
$
|
265,179
|
$
|
33,219
|
$
|
231,960
|
$
|
163,658
|
$
|
10,504
|
$
|
153,154
|
||||||||||||
Cost of services and products
|
(216,096
|
)
|
(33,875
|
)
|
(182,221
|
)
|
(140,475
|
)
|
(12,865
|
)
|
(127,610
|
)
|
||||||||||||
Segment operating income (loss)
|
49,083
|
(656
|
)
|
49,739
|
23,183
|
(2,361
|
)
|
25,544
|
||||||||||||||||
Depreciation
|
23,149
|
3,672
|
19,477
|
19,737
|
459
|
19,278
|
||||||||||||||||||
Amortization
|
3,846
|
1,272
|
2,574
|
3,931
|
1,038
|
2,893
|
||||||||||||||||||
Start-up costs (B)
|
1,751
|
1,751
|
-
|
5,033
|
5,033
|
-
|
||||||||||||||||||
Acquisition transaction-related costs
|
1,235
|
-
|
1,235
|
653
|
-
|
653
|
||||||||||||||||||
Integration costs
|
136
|
136
|
-
|
6
|
-
|
6
|
||||||||||||||||||
Adjusted EBITDA
|
$
|
79,200
|
$
|
6,175
|
$
|
73,025
|
$
|
52,543
|
$
|
4,169
|
$
|
48,374
|
||||||||||||
Pursuit Operating margin
|
18.5
|
%
|
-2.0
|
%
|
21.4
|
%
|
14.2
|
%
|
-22.5
|
%
|
16.7
|
%
|
||||||||||||
Pursuit Adjusted EBITDA margin
|
29.9
|
%
|
18.6
|
%
|
31.5
|
%
|
32.1
|
%
|
39.7
|
%
|
31.6
|
%
|
||||||||||||
Total GES Adjusted EBITDA:
|
||||||||||||||||||||||||
Revenue
|
$
|
614,105
|
$
|
-
|
$
|
614,105
|
$
|
160,109
|
$
|
-
|
$
|
160,109
|
||||||||||||
Cost of services and products
|
(577,989
|
)
|
-
|
(577,989
|
)
|
(216,409
|
)
|
-
|
(216,409
|
)
|
||||||||||||||
Segment operating income (loss)
|
36,116
|
-
|
36,116
|
(56,300
|
)
|
-
|
(56,300
|
)
|
||||||||||||||||
Depreciation
|
9,112
|
-
|
9,112
|
12,573
|
-
|
12,573
|
||||||||||||||||||
Amortization
|
3,308
|
-
|
3,308
|
3,715
|
-
|
3,715
|
||||||||||||||||||
Total GES Adjusted EBITDA
|
$
|
48,536
|
$
|
-
|
$
|
48,536
|
$
|
(40,012
|
)
|
$
|
-
|
$
|
(40,012
|
)
|
||||||||||
Total GES Operating margin
|
5.9
|
%
|
5.9
|
%
|
-35.2
|
%
|
-35.2
|
%
|
||||||||||||||||
Total GES Adjusted EBITDA margin
|
7.9
|
%
|
7.9
|
%
|
-25.0
|
%
|
-25.0
|
%
|
||||||||||||||||
GES Adjusted EBITDA by Reportable Segment:
|
||||||||||||||||||||||||
Spiro
|
$
|
21,180
|
$
|
21,180
|
$
|
(10,709
|
)
|
$
|
(10,709
|
)
|
||||||||||||||
GES Exhibitions
|
27,356
|
27,356
|
(29,303
|
)
|
(29,303
|
)
|
||||||||||||||||||
Total GES
|
$
|
48,536
|
$
|
-
|
$
|
48,536
|
$
|
(40,012
|
)
|
$
|
-
|
$
|
(40,012
|
)
|
||||||||||
Spiro Revenue
|
$
|
205,518
|
$
|
-
|
$
|
205,518
|
$
|
61,869
|
$
|
-
|
$
|
61,869
|
||||||||||||
Spiro Adjusted EBITDA Margin
|
10.3
|
%
|
10.3
|
%
|
-17.3
|
%
|
-17.3
|
%
|
||||||||||||||||
GES Exhibitions Revenue
|
$
|
414,303
|
$
|
-
|
$
|
414,303
|
$
|
101,347
|
$
|
-
|
$
|
101,347
|
||||||||||||
GES Exhibitions Adjusted EBITDA Margin
|
6.6
|
%
|
6.6
|
%
|
-28.9
|
%
|
-28.9
|
%
|
||||||||||||||||
(A) New Experiences comprises the following attractions and hotel properties that were opened or acquired after January
1, 2021: Sky Lagoon (opened May 2021), Golden Skybridge (acquired March 2021 and opened June 2021), FlyOver Las Vegas (opened September 2021), Glacier Raft Company (acquired April 2022), and Forest Park Hotel (opened August 2022)
and costs related to the development of new experiences.
|
||||||||||||||||||||||||
(B) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto,
the Sky Lagoon in Iceland, the Golden Skybridge, and Forest Park Hotel in Canada.
|
||||||||||||||||||||||||
(C) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
VIAD CORP AND SUBSIDIARIES
|
||||||||||||||||||||
TABLE TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
||||||||||||||||||||
(UNAUDITED)
|
||||||||||||||||||||
The following table provides revenue and Adjusted EBITDA by quarter for 2021, along with reconciliations of Adjusted
EBITDA to the nearest GAAP measure, net income attributable to Viad.
|
||||||||||||||||||||
2021
|
||||||||||||||||||||
($ in thousands)
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
Full Year
|
|||||||||||||||
Viad Consolidated:
|
||||||||||||||||||||
Net (loss) income attributable to Viad
|
$
|
(43,152
|
)
|
$
|
(42,026
|
)
|
$
|
15,067
|
$
|
(22,544
|
)
|
$
|
(92,655
|
)
|
||||||
Net (loss) income 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
|
)
|
|||||||||||
Net interest expense
|
5,085
|
5,565
|
9,518
|
8,156
|
28,324
|
|||||||||||||||
Income tax expense (benefit)
|
(3,045
|
)
|
(2,166
|
)
|
5,329
|
(1,906
|
)
|
(1,788
|
)
|
|||||||||||
Depreciation and amortization
|
13,177
|
13,333
|
13,476
|
13,764
|
53,750
|
|||||||||||||||
Restructuring charges
|
2,826
|
787
|
2,186
|
267
|
6,066
|
|||||||||||||||
Other expense
|
360
|
680
|
466
|
507
|
2,013
|
|||||||||||||||
Pension plan withdrawal
|
-
|
57
|
-
|
-
|
57
|
|||||||||||||||
Start-up costs (A)
|
1,564
|
2,054
|
1,415
|
(289
|
)
|
4,744
|
||||||||||||||
Acquisition transaction-related costs
|
243
|
88
|
385
|
176
|
892
|
|||||||||||||||
Integration costs
|
1
|
5
|
-
|
-
|
6
|
|||||||||||||||
Other non-recurring expenses (B)
|
10
|
557
|
2
|
-
|
569
|
|||||||||||||||
Consolidated Adjusted EBITDA
|
$
|
(25,218
|
)
|
$
|
(21,945
|
)
|
$
|
52,304
|
$
|
(3,801
|
)
|
$
|
1,340
|
|||||||
Consolidated Adjusted EBITDA by Business:
|
||||||||||||||||||||
Pursuit
|
$
|
(9,061
|
)
|
$
|
2,011
|
$
|
59,593
|
$
|
(9,854
|
)
|
$
|
42,689
|
||||||||
Total GES
|
(14,226
|
)
|
(21,561
|
)
|
(4,225
|
)
|
9,649
|
(30,363
|
)
|
|||||||||||
Total Segment EBITDA
|
(23,287
|
)
|
(19,550
|
)
|
55,368
|
(205
|
)
|
12,326
|
||||||||||||
Corporate EBITDA
|
(1,931
|
)
|
(2,395
|
)
|
(3,064
|
)
|
(3,596
|
)
|
(10,986
|
)
|
||||||||||
Consolidated Adjusted EBITDA
|
$
|
(25,218
|
)
|
$
|
(21,945
|
)
|
$
|
52,304
|
$
|
(3,801
|
)
|
$
|
1,340
|
|||||||
Pursuit Adjusted EBITDA:
|
||||||||||||||||||||
Revenue
|
$
|
9,790
|
$
|
36,313
|
$
|
117,555
|
$
|
23,390
|
$
|
187,048
|
||||||||||
Cost of services and products
|
(28,111
|
)
|
(44,410
|
)
|
(67,954
|
)
|
(41,964
|
)
|
(182,439
|
)
|
||||||||||
Segment operating income (loss)
|
(18,321
|
)
|
(8,097
|
)
|
49,601
|
(18,574
|
)
|
4,609
|
||||||||||||
Depreciation
|
6,457
|
6,546
|
6,734
|
7,623
|
27,360
|
|||||||||||||||
Amortization
|
1,030
|
1,439
|
1,462
|
1,177
|
5,108
|
|||||||||||||||
Start-up costs (A)
|
1,564
|
2,054
|
1,415
|
(289
|
)
|
4,744
|
||||||||||||||
Acquisition transaction-related costs
|
208
|
64
|
381
|
209
|
862
|
|||||||||||||||
Integration costs
|
1
|
5
|
-
|
-
|
6
|
|||||||||||||||
Adjusted EBITDA
|
$
|
(9,061
|
)
|
$
|
2,011
|
$
|
59,593
|
$
|
(9,854
|
)
|
$
|
42,689
|
||||||||
Pursuit Operating margin
|
** |
|
-22.3
|
%
|
42.2
|
%
|
-79.4
|
%
|
2.5
|
%
|
||||||||||
Pursuit Adjusted EBITDA margin
|
-92.6
|
%
|
5.5
|
%
|
50.7
|
%
|
-42.1
|
%
|
22.8
|
%
|
||||||||||
Total GES Adjusted EBITDA:
|
||||||||||||||||||||
Revenue
|
$
|
19,145
|
$
|
24,920
|
$
|
116,044
|
$
|
160,183
|
$
|
320,292
|
||||||||||
Cost of services and products
|
(39,049
|
)
|
(51,817
|
)
|
(125,543
|
)
|
(155,494
|
)
|
(371,903
|
)
|
||||||||||
Segment operating income (loss)
|
(19,904
|
)
|
(26,897
|
)
|
(9,499
|
)
|
4,689
|
(51,611
|
)
|
|||||||||||
Depreciation
|
4,433
|
4,116
|
4,024
|
3,746
|
16,319
|
|||||||||||||||
Amortization
|
1,245
|
1,220
|
1,250
|
1,214
|
4,929
|
|||||||||||||||
Total GES Adjusted EBITDA
|
$
|
(14,226
|
)
|
$
|
(21,561
|
)
|
$
|
(4,225
|
)
|
$
|
9,649
|
$
|
(30,363
|
)
|
||||||
Total GES Operating margin
|
** |
|
** |
|
-8.2
|
%
|
2.9
|
%
|
-16.1
|
%
|
||||||||||
Total GES Adjusted EBITDA margin
|
-74.3
|
%
|
-86.5
|
%
|
-3.6
|
%
|
6.0
|
%
|
-9.5
|
%
|
||||||||||
GES Adjusted EBITDA by Reportable Segment:
|
||||||||||||||||||||
Spiro
|
$
|
(5,542
|
)
|
$
|
(6,057
|
)
|
$
|
890
|
$
|
6,430
|
$
|
(4,279
|
)
|
|||||||
GES Exhibitions
|
(8,684
|
)
|
(15,504
|
)
|
(5,115
|
)
|
3,219
|
(26,084
|
)
|
|||||||||||
Total GES
|
$
|
(14,226
|
)
|
$
|
(21,561
|
)
|
$
|
(4,225
|
)
|
$
|
9,649
|
$
|
(30,363
|
)
|
||||||
Spiro Revenue
|
$
|
12,059
|
$
|
11,944
|
$
|
37,866
|
$
|
54,718
|
$
|
116,587
|
||||||||||
Spiro Adjusted EBITDA Margin
|
-46.0
|
%
|
-50.7
|
%
|
2.4
|
%
|
11.8
|
%
|
-3.7
|
%
|
||||||||||
GES Exhibitions Revenue
|
$
|
7,152
|
$
|
13,057
|
$
|
81,129
|
$
|
108,152
|
$
|
209,490
|
||||||||||
GES Exhibitions Adjusted EBITDA Margin
|
** |
|
** |
|
-6.3
|
%
|
3.0
|
%
|
-12.5
|
%
|
||||||||||
(A) Includes costs related to the development of Pursuit's new FlyOver attractions in Las Vegas, Chicago, and Toronto,
the Sky Lagoon in Iceland, the Golden Skybridge and Forest Park Hotel in Canada.
|
||||||||||||||||||||
(B) Includes non-capitalizable fees and expenses related to Viad’s credit facility refinancing efforts.
|
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