Business Activity is Increasing and
Financial Position Remains Strong
- Advance bookings for lodging at Pursuit’s Glacier Park and
Alaska Collections are pacing ahead of 2019
- Pursuit’s collection of experiences is growing with three
new attractions opening during the second and third
quarters
- GES is preparing to service large-scale exhibitions
beginning in June with its more variable cost structure
- Viad’s total available liquidity was approximately $220
million as of March 31, 2021
Viad Corp (NYSE: VVI), a leading provider of experiential
leisure travel and live events and marketing experiences, today
reported financial results for the 2021 first quarter. The company
continued its sharp focus on cash flow management, while making
important progress on initiatives that will position the company
for stronger results in 2021 and beyond.
Steve Moster, president and chief executive officer, commented,
“As expected, our first quarter revenue was affected by
pandemic-related restrictions and our team continued to respond
incredibly well to maximize revenue, control costs and provide
great service for our guests and clients. We ended the quarter in a
strong liquidity position and we have taken additional actions to
accelerate our recovery and position us for greater success as our
industries recover. Notably, we continued to reduce GES’ facility
footprint and we completed a great tuck-in acquisition to expand
Pursuit’s portfolio of high-margin attractions.”
Moster continued, “With continued progress on the number of
vaccinations, we are seeing increased demand and optimism for both
leisure travel and in-person events. This is manifesting in strong
advance bookings for rooms at Pursuit’s iconic locations, with room
reservations pacing ahead of 2019 at the Glacier Park and Alaska
Collections. Although Banff bookings remain constrained by the
Canadian border closure, we firmly believe this iconic location
will benefit from pent-up perennial demand once Canada re-opens its
borders for international tourism. At GES, the recovery is also
starting to unfold. Face-to-face events are taking place in some
locations and Las Vegas recently approved large scale events
beginning in June. Our clients remain eager to return to in-person
events and our level of event bookings for the back half of 2021 is
encouraging.”
First Quarter 2021 Results
First quarter revenue was $28.9 million, down from $294.7
million in the 2020 first quarter, primarily reflecting the impact
of the COVID-19 pandemic on live events. GES revenue was down
approximately 93% from $281.1 million in the 2020 first quarter, as
face-to-face event activity remained at minimal levels. Revenue
from Pursuit was down approximately 28% from $13.5 million in the
2020 first quarter, as international travel remained constrained
during this seasonally slow period. The first quarter net loss
attributable to Viad was $43.2 million and our adjusted segment
EBITDA* was negative $23.3 million, which included a $9.1 million
gain on the sale of a GES warehouse facility.
* Refer to Table 2 of this press release for a discussion and
reconciliation of this non-GAAP financial measure to its most
directly comparable GAAP financial measure.
Regarding Pursuit, Moster commented, “At Pursuit, we maximized
revenue and carefully managed costs during this seasonally slow
quarter by focusing on strong demand from in-country leisure
travelers and quickly adapting to varying regulatory restrictions
due to the pandemic. The team did a great job taking care of our
guests and optimizing utilization and rate across our
experiences.”
Moster continued, “The first quarter is always a time when
Pursuit readies itself for the peak summer tourism season and this
year is no exception. In addition to preparing for the annual
opening of our seasonal properties, we also recently opened our new
Sky Lagoon geo-thermal spa attraction in Iceland on April 30. In
early June, we will open the new Golden Skybridge attraction, which
we acquired in March. And our new FlyOver Las Vegas attraction
remains on schedule to open during the third quarter with a prime
location on the Las Vegas Strip.”
Regarding GES, Moster commented, “GES continued to support
clients primarily through virtual events and planning for future
events during the first quarter. Our team has done a great job
maintaining our strong customer relationships and bolstering our
corporate client roster, all while maintaining our lower cost
structure. We have used this temporary pause in our industry to
drive important structural changes in our business that have freed
up capital, reduced our fixed costs, and positioned GES to flex up
when revenue returns with a more variable cost structure and
improved margins.”
Liquidity and Capital Deployment
As of March 31, 2021, our total available liquidity was
approximately $220 million, comprising approximately $35 million in
unrestricted cash, approximately $140 million of available capacity
on our revolving credit facility, and an additional $45 million
available to us through a delayed draw commitment from Crestview
Partners.
During the 2021 first quarter, our total available liquidity
decreased by approximately $40 million. Our first quarter cash flow
from operations was an outflow of approximately $33 million and our
capital expenditures totaled $9.4 million, which included the
development of Pursuit’s FlyOver Las Vegas attraction.
Additionally, we raised net proceeds of $14.1 million from the sale
of a GES warehouse and acquired a new attraction for Pursuit for
$7.2 million net of cash acquired.
As of March 31, 2021, our debt totaled approximately $370
million, including approximately $301 million drawn on our $450
million revolving credit facility (which matures in October 2023)
and financing lease obligations of approximately $63 million (which
primarily comprises real estate leases at Pursuit), and
approximately $6 million in debt at FlyOver Iceland. The financial
covenants under our revolving credit facility have been waived
through September 2022, during which time we are required to
maintain minimum liquidity of $100 million (not including the
delayed draw commitment from Crestview Partners).
Moster concluded, “The actions we have taken to solidify our
liquidity position put us on solid financial footing with the
ability to selectively invest in high-return growth projects at
Pursuit like FlyOver Las Vegas and the Golden Skybridge. In this
year of recovery, we remain committed to carefully managing our
cash flows and being strong stewards of our capital to maximize
shareholder value. I am confident that the strength, drive,
creativity, and flexibility of our team will enable us to succeed
this year and into the future.”
Conference Call Details
Viad will host a conference
call on Tuesday, May 4, 2021, at 5:00 p.m. Eastern Time to review
2021 first quarter results. To join the live conference call,
please register at least 10 minutes before the start of the call
using the following link: http://www.directeventreg.com/registration/event/8545658.
After registering, an email confirmation will be sent that includes
dial-in information as well as unique codes for entry into the live
call. Registration will be open throughout the call.
A live audio webcast of the
call will also be available in listen-only mode through the
"Investors" section of our website. A replay of the webcast will be
available on our website shortly after the call and, for a limited
time, by calling (800) 585-8367 or (404) 537-3406 and entering the
conference ID 8545658.
About Viad
Viad (NYSE: VVI) is a leading provider of experiential leisure
travel and live events and marketing experiences that generates
revenue and shareholder value through two businesses: Pursuit and
GES. Pursuit is a collection of inspiring and unforgettable travel
experiences in Alaska, Montana, the Canadian Rockies, Vancouver,
and Reykjavik, as well as new experiences in development in Las
Vegas and Toronto. Pursuit’s collection includes attractions,
lodges and hotels, and sightseeing tours that connect guests with
iconic places. GES is a global, full-service live events company
offering a comprehensive range of services to the world's leading
brands and event organizers. Our business strategy focuses on
providing superior experiential services to our customers and
sustainable returns on invested capital to our shareholders. Viad
is an S&P SmallCap 600 company. For more information, visit
www.viad.com.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words, such as “will,” “may,”
“expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,”
“estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,”
“target,” “outlook,” and similar expressions are intended to
identify our forward-looking statements. Similarly, statements that
describe our business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. These
forward-looking statements are not historical facts and are subject
to a host of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those described in our forward-looking statements
include, but are not limited to, the following:
- 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;
- general economic uncertainty in key global markets and a
worsening of global economic conditions;
- travel industry disruptions;
- our ability to successfully integrate and achieve established
financial and strategic goals from acquisitions;
- our dependence on large exhibition event clients;
- the importance of key members of our account teams to our
business relationships;
- the competitive nature of the industries in which we
operate;
- unanticipated delays and cost overruns of our capital projects,
and our ability to achieve established financial and strategic
goals for such projects;
- seasonality of our businesses;
- transportation disruptions and increases in transportation
costs;
- natural disasters, weather conditions, and other catastrophic
events;
- our multi-employer pension plan funding obligations;
- our exposure to labor cost increases and work stoppages related
to unionized employees;
- liabilities relating to prior and discontinued operations;
- adverse effects of show rotation on our periodic results and
operating margins;
- our exposure to currency exchange rate fluctuations;
- our exposure to cybersecurity attacks and threats;
- 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; and
- changes affecting the London Inter-bank Offered Rate and the
Canadian Dollar Offered Rate.
For a more complete discussion of the risks and uncertainties
that may affect our business or financial results, please see Item
1A, “Risk Factors,” of our most recent annual report on Form 10-K
filed with the SEC. We disclaim and do not undertake any obligation
to update or revise any forward-looking statement in this press
release except as required by applicable law or regulation.
VIAD CORP AND SUBSIDIARIES
TABLE ONE - QUARTERLY RESULTS
(UNAUDITED)
Three months ended March 31, ($ in thousands, except per
share data)
2021
2020
$ Change
% Change
Revenue:
GES (Note A)
$
19,145
$
281,135
$
(261,990
)
-93.2
%
Pursuit
9,790
13,523
(3,733
)
-27.6
%
Total revenue
$
28,935
$
294,658
$
(265,723
)
-90.2
%
Segment operating income (loss):
GES
$
(19,904
)
$
10,858
$
(30,762
)
**
Pursuit
(18,321
)
(20,274
)
1,953
9.6
%
Segment operating loss
(38,225
)
(9,416
)
(28,809
)
**
Corporate eliminations
17
16
1
6.3
%
Corporate activities (Note B)
(2,005
)
(789
)
(1,216
)
**
Restructuring charges (Note C)
(2,826
)
(851
)
(1,975
)
**
Impairment charges (Note D)
-
(88,380
)
88,380
-100.0
%
Other expense
(360
)
(419
)
59
14.1
%
Net interest expense (Note E)
(5,085
)
(3,939
)
(1,146
)
-29.1
%
Loss from continuing operations before income taxes
(48,484
)
(103,778
)
55,294
53.3
%
Income tax benefit (Note F)
3,045
15,797
(12,752
)
-80.7
%
Loss from continuing operations
(45,439
)
(87,981
)
42,542
48.4
%
Income (loss) from discontinued operations (Note G)
348
(454
)
802
**
Net loss
(45,091
)
(88,435
)
43,344
49.0
%
Net loss attributable to noncontrolling interest
1,445
1,333
112
8.4
%
Net loss attributable to redeemable noncontrolling interest
494
517
(23
)
-4.4
%
Net loss attributable to Viad
$
(43,152
)
$
(86,585
)
$
43,433
50.2
%
Amounts Attributable to Viad Common Stockholders:
Loss from continuing operations
$
(43,500
)
$
(86,131
)
$
42,631
49.5
%
Income (loss) from discontinued operations (Note G)
348
(454
)
802
**
Net loss
$
(43,152
)
$
(86,585
)
$
43,433
50.2
%
Diluted loss per common share:
Loss from continuing operations attributable to Viad common
shareholders
$
(2.23
)
$
(4.27
)
$
2.04
47.8
%
Income (loss) from discontinued operations attributable to Viad
common shareholders
0.02
(0.02
)
0.04
**
Net loss attributable to Viad common shareholders
$
(2.21
)
$
(4.29
)
$
2.08
48.5
%
Basic loss per common share:
Loss from continuing operations attributable to Viad common
shareholders
$
(2.23
)
$
(4.27
)
$
2.04
47.8
%
Income (loss) from discontinued operations attributable to Viad
common shareholders
0.02
(0.02
)
0.04
**
Net loss attributable to Viad common shareholders
$
(2.21
)
$
(4.29
)
$
2.08
48.5
%
Common shares treated as outstanding for loss per share
calculations:
Weighted-average outstanding common shares
20,370
20,215
155
0.8
%
Weighted-average outstanding and potentially dilutive common shares
20,370
20,215
155
0.8
%
** Change is greater than +/- 100 percent
VIAD CORP AND
SUBSIDIARIES TABLE ONE - NOTES TO QUARTERLY
RESULTS (UNAUDITED)
(A)
GES Revenue — In the third quarter of 2020, we identified
prior period errors related to the recognition of revenue of our
Corporate Accounts’ third-party services. Revenue from these
services should have been recorded on a net basis to reflect only
the fees received for arranging these services. Whereas previously,
we recorded this revenue on a gross basis, thus overstating revenue
and cost of services by the same amount. As a result, GES' prior
period revenue shown in this press release has been corrected to
reflect this gross-to-net adjustment. We determined that the error
is not material to the previously issued financial statements. The
following table provides a reconciliation of originally reported
revenue to the corrected figures for 2020:
2020
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Total GES revenue as originally reported
$
292,485
$
25,599
$
14,257
$
18,695
Gross to net correction for GES
(11,350
)
(796
)
(265
)
-
Total GES revenue as corrected
$
281,135
$
24,803
$
13,992
$
18,695
(B)
Corporate Activities — The increase in corporate activities
expense during the three months ended March 31, 2021 was primarily
due lower performance-based compensation expense in 2020 as we
reduced our estimated performance achievement to zero as a result
of the COVID-19 pandemic, offset in part by lower headcount in
2021.
(C)
Restructuring Charges — Restructuring charges during the
three months ended March 31, 2021 were primarily related to
facility closures at GES. In response to the COVID-19 pandemic in
2020, 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. Restructuring charges during the three months
ended March 31, 2020 were primarily related to the elimination of
certain positions at GES and our corporate office in response to
the COVID-19 pandemic.
(D)
Impairment Charges — Due to the deteriorating macroeconomic
environment related to the COVID-19 pandemic, resulting in
disruptions to our operations and the decline in our stock price,
we recorded non-cash goodwill impairment charges of $72.7 million
during the three months ended March 31, 2020 related to GES and
Pursuit’s Glacier Park Collection reporting unit and a non-cash
impairment charge to intangible assets of $15.7 million related to
GES' U.S. audio-visual production business.
(E)
Net Interest Expense — The increase in interest expense
during the three months ended March 31, 2021 was primarily due to
higher debt balances in 2021.
(F)
Income Tax Benefit — The effective tax rate was 6% for the
three months ended March 31, 2021 and 15% for the three months
ended March 31, 2020. The rate for the three months ended March 31,
2021 was lower than the blended statutory rate primarily as a
result of excluding the tax benefit on losses recognized in the
United States, United Kingdom, and other European countries where
we have a valuation allowance. The rate for the three months ended
March 31, 2020 was lower than the blended statutory rate due to no
tax benefit recognized on some of the goodwill impairments.
(G)
Income (Loss) from Discontinued Operations — Income from
discontinued operations during the three months ended March 31,
2021 was primarily due to an insurance recovery related to a
previously sold operation, offset in part by legal expenses. Loss
from discontinued operations during the three months ended March
31, 2020 was primarily due to legal expenses related to previously
sold operations. Three months ended
March 31, ($ in thousands, except per share data)
2021
2020
$ Change
% Change
Net loss attributable to
Viad
$
(43,152
)
$
(86,585
)
$
43,433
50.2
%
Less: Allocation to nonvested shares
-
-
-
**
Convertible preferred stock dividends paid in kind1
(1,898
)
-
(1,898
)
**
Adjustment to the redemption value of redeemable
noncontrolling interest
(56
)
(126
)
70
55.6
%
Net loss allocated to Viad common shareholders
$
(45,106
)
$
(86,711
)
$
41,605
48.0
%
Weighted-average outstanding common shares1
20,370
20,215
155
0.8
%
Basic loss per common share attributable to
Viad common shareholders
$
(2.21
)
$
(4.29
)
$
2.08
48.5
%
1 When calculating basic income
(loss) per share and diluted loss per share, dividends paid in kind
on convertible preferred stock are deducted from the reported net
income (loss) for the period and there is no adjustment to the
number of common shares outstanding to reflect the potential future
conversion of the outstanding preferred shares. When calculating
diluted net income per share, the outstanding preferred shares (as
if converted at the beginning of the period) are added to the
common shares outstanding and there is no adjustment to the
reported net income for any dividends paid in kind. The following
table shows the outstanding preferred stock expressed in common
shares as if converted: Three months ended
March 31, Convertible preferred stock as if
converted (in thousands):
2021
2020
Beginning of the period
6,494
-
New shares issued
-
-
Dividends paid in kind
89
-
End of the period
6,583
-
** Change is greater than +/-
100 percent
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", "Adjusted Segment EBITDA"
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 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 and Adjusted Segment EBITDA provide
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 Segment 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 March 31, ($ in thousands)
2021
2020
$ Change % Change
Loss before other items: Net loss
attributable to Viad
$
(43,152
)
$
(86,585
)
$
43,433
50.2%
(Income) loss from discontinued operations attributable to Viad
(348
)
454
(802
)
**
Loss from continuing operations attributable to Viad
(43,500
)
(86,131
)
42,631
49.5%
Restructuring charges, pre-tax
2,826
851
1,975
**
Impairment charges, pre-tax
-
88,380
(88,380
)
-100.0%
Acquisition-related costs and other non-recurring expenses, pre-tax
(Note A)
1,818
1,200
618
51.5%
Tax benefit on above items
(177
)
(12,876
)
12,699
98.6%
Loss before other items
$
(39,033
)
$
(8,576
)
$
(30,457
)
**
(per diluted share)
Loss before other items:
Net loss attributable to Viad
$
(2.21
)
$
(4.29
)
$
2.08
48.5%
(Income) loss from discontinued operations attributable to Viad
(0.02
)
0.02
(0.04
)
**
Loss from continuing operations attributable to Viad
(2.23
)
(4.27
)
2.04
47.8%
Restructuring charges, pre-tax
0.14
0.04
0.10
**
Impairment charges, pre-tax
-
4.37
(4.37
)
-100.0%
Acquisition-related costs and other non-recurring expenses, pre-tax
(Note A)
0.09
0.06
0.03
50.0%
Tax benefit on above items
(0.01
)
(0.63
)
0.62
98.4%
Equity related adjustments (Note B)
0.09
0.01
0.08
**
Loss before other items
$
(1.92
)
$
(0.42
)
$
(1.50
)
**
(A) Acquisition-related costs and other non-recurring
expenses include: Three months ended March 31, ($ in thousands)
2021
2020
$ Change % Change Acquisition integration costs - Pursuit1
$
1
$
70
$
(69
)
-98.6%
Acquisition transaction-related costs - Pursuit1
208
(14
)
222
**
Acquisition transaction-related costs - Corporate2
35
148
(113
)
-76.4%
Attraction start-up costs1, 3
1,564
996
568
57.0%
Other non-recurring expenses4
10
-
10
**
Acquisition-related and other non-recurring expenses, pre-tax
$
1,818
$
1,200
$
618
51.5%
1 Included in segment operating income (loss) 2 Included in
corporate activities 3 Includes costs related to the development of
Pursuit's new FlyOver attractions in Iceland, Las Vegas, and
Toronto and the Sky Lagoon in Iceland. 4 Includes advisory fees
related to Viad's capital raise and credit facility amendment in
response to the COVID-19 pandemic. (B) Equity related
adjustments include convertible preferred stock dividends and an
adjustment to the redemption value of redeemable noncontrolling
interest. ** Change is greater than +/- 100 percent
VIAD
CORP AND SUBSIDIARIES TABLE TWO - NON-GAAP FINANCIAL
MEASURES (CONTINUED) (UNAUDITED) Organic - The
term "organic" is used within this document to refer to results
without the impact of exchange rate variances and acquisitions, if
any, until such acquisitions are included in the entirety of both
comparable periods. The impact of exchange rate variances (or "FX
Impact") is calculated as the difference between current period
activity translated at the current period's exchange rates and the
comparable prior period's exchange rates. Management believes that
the presentation of "organic" results permits investors to better
understand Viad's performance without the effects of exchange rate
variances or acquisitions. Three months ended March 31, 2021
Three months ended March 31, 2020 ($ in thousands) As Reported
Acquisitions(Note A) FX Impact Organic As Reported
Acquisitions(Note A) Organic
Viad Consolidated:
Revenue
$
28,935
$
-
$
775
$
28,160
$
294,658
$
-
$
294,658
Net loss attributable to Viad
$
(43,152
)
$
(86,585
)
Net loss attributable to noncontrolling interest
(1,445
)
(1,333
)
Net loss attributable to redeemable noncontrolling interest
(494
)
(517
)
(Income) loss from discontinued operations
(348
)
454
Income tax benefit
(3,045
)
(15,797
)
Net interest expense
5,085
3,939
Other expense
360
419
Impairment charges
-
88,380
Restructuring charges
2,826
851
Corporate activities expense
2,005
789
Corporate eliminations
(17
)
(16
)
Segment operating loss
$
(38,225
)
$
(75
)
$
(843
)
$
(37,307
)
$
(9,416
)
$
-
$
(9,416
)
Attraction start-up costs (B)
1,564
75
-
1,489
996
-
996
Integration costs
1
-
-
1
70
-
70
Acquisition transaction-related costs
208
-
20
188
(14
)
-
(14
)
Adjusted segment operating loss
(36,452
)
-
(823
)
(35,629
)
(8,364
)
-
(8,364
)
Segment depreciation
10,890
-
296
10,594
12,122
-
12,122
Segment amortization
2,275
-
44
2,231
3,109
-
3,109
Adjusted segment EBITDA
$
(23,287
)
$
-
$
(483
)
$
(22,804
)
$
6,867
$
-
$
6,867
Adjusted segment operating margin
**
**
**
-2.8
%
-2.8
%
Adjusted segment EBITDA margin
-80.5
%
-62.3
%
-81.0
%
2.3
%
2.3
%
GES: Revenue
$
19,145
$
-
$
232
$
18,913
$
281,135
$
-
$
281,135
Segment operating income (loss)
$
(19,904
)
$
-
$
(301
)
$
(19,603
)
$
10,858
$
-
$
10,858
Adjusted segment operating income (loss)
(19,904
)
-
(301
)
(19,603
)
10,858
-
10,858
Depreciation
4,433
-
53
4,380
5,902
-
5,902
Amortization
1,245
-
7
1,238
2,312
-
2,312
Adjusted segment EBITDA
$
(14,226
)
$
-
$
(241
)
$
(13,985
)
$
19,072
$
-
$
19,072
Adjusted segment operating margin
**
**
**
3.9
%
3.9
%
Adjusted segment EBITDA margin
-74.3
%
**
-73.9
%
6.8
%
6.8
%
Pursuit: Revenue
$
9,790
$
-
$
543
$
9,247
$
13,523
$
-
$
13,523
Segment operating loss
$
(18,321
)
$
(75
)
$
(542
)
$
(17,704
)
$
(20,274
)
$
-
$
(20,274
)
Integration costs
1
-
-
1
70
-
70
Acquisition transaction-related costs
208
-
20
188
(14
)
-
(14
)
Attraction start-up costs (B)
1,564
75
-
1,489
996
-
996
Adjusted segment operating loss
(16,548
)
-
(522
)
(16,026
)
(19,222
)
-
(19,222
)
Depreciation
6,457
-
243
6,214
6,220
-
6,220
Amortization
1,030
-
37
993
797
-
797
Adjusted segment EBITDA
$
(9,061
)
$
-
$
(242
)
$
(8,819
)
$
(12,205
)
$
-
$
(12,205
)
Adjusted segment operating margin
**
-96.1
%
**
**
**
Adjusted segment EBITDA margin
-92.6
%
-44.6
%
-95.4
%
-90.3
%
-90.3
%
(A) Acquisitions include the Golden Skybridge (acquired
March 2021) for Pursuit. (B) Includes costs related to the
development of Pursuit's new FlyOver attractions in Las Vegas and
Toronto, and the Sky Lagoon in Iceland.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210504006165/en/
Carrie Long Investor Relations (602) 207-2681 ir@viad.com
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