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Acquisition of Businesses (Tables)
12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisitions. The balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in our Annual Report on Form 10-K for the year ended December 31, 2016.

 

 

 

Maligne Lake Tours

 

 

CATC

 

 

ON Services

 

 

FlyOver Canada

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase price paid as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

14,962

 

 

$

45,000

 

 

$

87,000

 

 

$

50,920

 

Working capital adjustment

 

 

 

 

 

(35

)

 

 

344

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

540

 

 

 

 

Cash acquired

 

 

 

 

 

(2,196

)

 

 

 

 

 

(6

)

Total purchase price, net of cash acquired

 

 

14,962

 

 

 

42,769

 

 

 

87,884

 

 

 

50,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

 

 

8

 

 

 

4,643

 

 

 

 

Inventories

 

 

246

 

 

 

921

 

 

 

256

 

 

 

11

 

Prepaid expenses

 

 

2

 

 

 

82

 

 

 

872

 

 

 

37

 

Property and equipment

 

 

4,133

 

 

 

43,470

 

 

 

14,827

 

 

 

10,867

 

Intangible assets

 

 

9,244

 

 

 

980

 

 

 

33,990

 

 

 

6,028

 

Total assets acquired

 

 

13,625

 

 

 

45,461

 

 

 

54,588

 

 

 

16,943

 

Accounts payable

 

 

 

 

 

306

 

 

 

992

 

 

 

 

Accrued liabilities

 

 

 

 

 

434

 

 

 

564

 

 

 

118

 

Customer deposits

 

 

15

 

 

 

1,952

 

 

 

851

 

 

 

 

Other liabilities

 

 

240

 

 

 

 

 

 

274

 

 

 

 

Total liabilities acquired

 

 

255

 

 

 

2,692

 

 

 

2,681

 

 

 

118

 

Total fair value of net assets acquired

 

 

13,370

 

 

 

42,769

 

 

 

51,907

 

 

 

16,825

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

1,592

 

 

$

 

 

$

35,977

 

 

$

34,089

 

 

Schedule of Purchase Price Allocated to Intangible Assets Acquired

Following are the details of the purchase price allocated to the intangible assets acquired for the 2016 Acquisitions:

(in thousands, except weighted average life)

 

Maligne Lake Tours

 

 

CATC

 

 

ON Services

 

 

FlyOver Canada

 

Customer relationships

 

$

788

 

 

$

780

 

 

$

27,620

 

 

$

1,592

 

Operating licenses

 

 

8,313

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

143

 

 

 

200

 

 

 

3,190

 

 

 

3,710

 

Non-compete agreements

 

 

 

 

 

 

 

 

3,180

 

 

 

726

 

Fair value of intangible assets acquired

 

$

9,244

 

 

$

980

 

 

$

33,990

 

 

$

6,028

 

Weighted average life

 

26.7 years(1)

 

 

5.8 years

 

 

10.5 years

 

 

9.4 years

 

(1)

Largely attributable to operating licenses amortized over the remaining Parks Canada lease of 29 years.

Unaudited Pro Forma Results of Operations

The following table summarizes our unaudited pro forma results of operations assuming the 2016 Acquisitions had each been completed on January 1, 2015:

 

 

Year Ended December 31,

 

(in thousands, except per share data)

 

2016

 

 

2015

 

Revenue

 

$

1,250,290

 

 

$

1,183,656

 

Depreciation and amortization

 

$

52,074

 

 

$

52,631

 

Income from continuing operations

 

$

43,727

 

 

$

27,881

 

Net income attributable to Viad

 

$

42,517

 

 

$

27,045

 

Diluted income per share

 

$

2.10

 

 

$

1.35

 

Basic income per share

 

$

2.10

 

 

$

1.35