| 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. |
|