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Selected Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly financial information

The following table sets forth selected unaudited consolidated quarterly financial information:

 

2020

 

2020

 

 

2019

 

(in thousands, except per share data)

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Revenue as previously reported

 

$

306,008

 

 

$

30,863

 

 

$

63,072

 

 

 

 

 

 

$

285,594

 

 

$

402,279

 

 

$

353,743

 

 

$

321,334

 

Gross to net correction(1)

 

 

(11,350

)

 

 

(796

)

 

 

(265

)

 

 

 

 

 

 

(12,572

)

 

 

(25,815

)

 

 

(1,234

)

 

 

(20,593

)

Revenue as corrected

 

$

294,658

 

 

$

30,067

 

 

$

62,807

 

 

$

27,903

 

 

$

273,022

 

 

$

376,464

 

 

$

352,509

 

 

$

300,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ongoing operations(2)

 

$

(9,400

)

 

$

(49,736

)

 

$

(6,765

)

 

$

(50,274

)

 

$

(11,236

)

 

$

46,442

 

 

$

54,822

 

 

$

141

 

Business interruption gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

141

 

 

 

—

 

 

 

—

 

Corporate activities

 

 

(789

)

 

 

(2,468

)

 

 

(2,645

)

 

 

(2,785

)

 

 

(1,833

)

 

 

(3,282

)

 

 

(2,680

)

 

 

(3,070

)

Interest income

 

 

79

 

 

 

176

 

 

 

58

 

 

 

64

 

 

 

98

 

 

 

83

 

 

 

79

 

 

 

109

 

Interest expense

 

 

(4,018

)

 

 

(5,186

)

 

 

(5,508

)

 

 

(3,552

)

 

 

(2,915

)

 

 

(2,957

)

 

 

(3,740

)

 

 

(4,587

)

Multi-employer pension plan withdrawal

 

 

—

 

 

 

(462

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,508

)

 

 

—

 

 

 

(185

)

Other expense, net

 

 

(419

)

 

 

(265

)

 

 

(210

)

 

 

(238

)

 

 

(455

)

 

 

(456

)

 

 

(281

)

 

 

(394

)

Restructuring charges

 

 

(851

)

 

 

(260

)

 

 

(11,259

)

 

 

(1,070

)

 

 

(688

)

 

 

(4,455

)

 

 

(1,702

)

 

 

(1,535

)

Legal settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,500

)

 

 

—

 

 

 

—

 

 

 

—

 

Impairment charges

 

 

(88,380

)

 

 

(114,020

)

 

 

(676

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,346

)

Income (loss) from continuing operations before income taxes

 

$

(103,778

)

 

$

(172,221

)

 

$

(27,005

)

 

$

(57,855

)

 

$

(25,529

)

 

$

20,008

 

 

$

46,498

 

 

$

(14,867

)

Income (loss) from continuing operations attributable to Viad

 

$

(86,131

)

 

$

(205,899

)

 

$

(29,769

)

 

$

(50,448

)

 

$

(17,490

)

 

$

13,364

 

 

$

31,557

 

 

$

(5,315

)

Net income (loss) attributable to Viad

 

$

(86,585

)

 

$

(206,278

)

 

$

(30,758

)

 

$

(50,473

)

 

$

(17,777

)

 

$

13,824

 

 

$

31,416

 

 

$

(5,428

)

Diluted income (loss) per common share:(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to Viad common stockholders

 

$

(4.27

)

 

$

(10.17

)

 

$

(1.54

)

 

$

(2.57

)

 

$

(0.88

)

 

$

0.65

 

 

$

1.54

 

 

$

(0.30

)

Net income (loss) attributable to Viad common stockholders

 

$

(4.29

)

 

$

(10.19

)

 

$

(1.59

)

 

$

(2.58

)

 

$

(0.89

)

 

$

0.67

 

 

$

1.53

 

 

$

(0.31

)

 

 

(1)

The quarterly financial data for the four quarters of 2019 and the first three quarters of 2020 were adjusted for immaterial errors related to the recognition of revenue of GES’ Corporate Accounts’ third-party services. Refer to Note 1 – Overview and Summary of Significant Accounting Policies for additional information. The Company intends to correct for these errors prospectively in subsequent quarterly filings.

 

(2)

Represents revenue less costs of services and cost of products sold.

 

(3)

The sum of quarterly income per share amounts may not equal annual income per share due to rounding.