Acquisition of Businesses (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based on the estimated fair value as of the acquisition date. The purchase price allocation remains open and may be adjusted as a result of the finalization of the Company’s purchase price allocation procedures related to the assessment of property and equipment and intangible assets.

(in thousands)
Purchase price paid as:
Cash			$	14,962

Fair value of net assets acquired:
Inventories	$	246
Prepaid expenses		2
Property and equipment		4,133
Intangible assets		9,244
Total assets acquired		13,625
Customer deposits		15
Total liabilities assumed		15
Total fair value of net assets acquired				13,610
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	1,352

The following table summarizes the updated allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based on the estimated fair value as of the acquisition date. During the three months ended June 30, 2016, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $89,000 from working capital receivable, $0.1 million to accounts payable, and $16,000 from accrued liabilities. All other balances in the following table remain unchanged. The purchase price allocation remains open and may be adjusted as a result of the finalization of the Company’s purchase price allocation procedures related to the assessment of property and equipment and intangible assets.

(in thousands)
Purchase price paid as:
Cash			$	45,000
Working capital receivable				(35	)
Cash acquired				(2,196	)
Purchase price, net of cash acquired				42,769

Fair value of net assets acquired:
Accounts receivable	$	8
Inventories		921
Prepaid expenses		82
Property and equipment		43,470
Intangible assets		980
Total assets acquired		45,461
Accounts payable		306
Accrued liabilities		434
Customer deposits		1,952
Total liabilities assumed		2,692
Total fair value of net assets acquired				42,769
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	—

Unaudited pro forma results of operations attributable to Viad

The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the above acquisitions had each been completed on January 1, 2015:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2016		2015		2016		2015
Revenue	$	324,747	$	326,988	$	566,188	$	591,516
Depreciation and amortization	$	10,187	$	10,811	$	18,756	$	19,961
Income from continuing operations	$	19,870	$	22,677	$	11,741	$	18,008
Net income attributable to Viad	$	19,571	$	22,864	$	11,418	$	18,111
Diluted income per share ⁽¹⁾	$	0.97	$	1.14	$	0.56	$	0.90
Basic income per share	$	0.97	$	1.14	$	0.56	$	0.90