Highlights
- First quarter 2020 preliminary results were stronger than 2019
first quarter results due to positive show rotation at GES,
partially offset by the impact of COVID-19
- March 31, 2020 cash of $130.5 million, debt of $440.6 million,
and leverage ratio of 3.13x
- Significant actions taken to address the impact of COVID-19 and
preserve liquidity
Viad Corp (NYSE: VVI) today reported preliminary financial
results for the first quarter of 2020. These preliminary results do
not include anticipated non-cash impairment charges due to the
impact of COVID-19, which will be reflected in Viad’s GAAP
financials upon filing our Form 10-Q.
COVID-19 Business Impacts
Steve Moster, president and chief executive officer, commented,
“The COVID-19 pandemic is having a material impact on our
operations and financial performance, with live event and tourism
activities largely shut down. As select areas of the global economy
have begun to re-open, primarily at the discretion of local
authorities, we are beginning to restart our business with enhanced
health and safety protocols in place. On May 7th, we re-opened
FlyOver Iceland, and we plan to begin re-opening other Pursuit
experiences in June as restrictions are eased. However, exhibition
and event activity has yet to resume.”
Moster continued, “Given the evolving, uncertain nature of
COVID-19, it is impossible to predict how the pandemic will
continue to impact the events industry and the broader travel
market. Accordingly, we are unable to provide financial guidance at
this time.”
Moster concluded, “I am very proud of how our team has responded
to these unprecedented circumstances. We acted swiftly to protect
the health and safety of our employees, clients, guests, and
communities to help limit the spread of the virus, while also
making difficult decisions to shutter operations and reduce
staffing levels, amongst other actions to reduce costs. Our
industries and our businesses have endured prior periods of
disruption and we are determined to take the appropriate steps to
help ensure we are able to weather this turbulent time.”
First Quarter 2020 Preliminary Results
Preliminary revenue was $306.0 million, up 7.1% from the 2019
first quarter primarily due to positive show rotation of
approximately $57 million at GES, partially offset by show
postponements and cancellations due to the COVID-19 pandemic.
Preliminary net loss attributable to Viad was $10.6 million, versus
a loss of $17.8 million in the 2019 first quarter. Preliminary
adjusted segment operating loss* was $8.4 million, versus a loss of
$11.0 million in the prior year quarter, and adjusted segment
EBITDA* was $6.9 million, up $4.7 million from the 2019 first
quarter. The increase in adjusted segment EBITDA was primarily due
to higher revenue at GES and the elimination of performance-based
incentives, partially offset by increased seasonal operating losses
at Pursuit driven primarily by our June 2019 Mountain Park Lodges
acquisition and the opening of FlyOver Iceland.
* 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.
Moster further commented, “Through the end of February, both GES
and Pursuit were on pace for a strong first quarter. In early
March, as a result of COVID-19 concerns, we began to see event
postponements and cancellations at GES, as well as some cancelled
bookings at Pursuit. This quickly escalated into the shut-down of
event activity and tourism as government mandated closures and
stay-at-home orders went more broadly into effect around the
world.”
“Our focus will continue to be on cash flow as we manage through
this challenging and uncertain time. As demand halted, we
essentially placed our businesses into a state of hibernation to
preserve cash. At Pursuit, we have begun to thoughtfully re-open
our attractions and hotels as governmental restrictions are being
lifted and new reservations are once again coming in. For GES, we
are cautiously optimistic that, as governments lift restrictions,
events in certain geographies will start to take place again during
the third quarter and we stand ready to reactivate areas of that
business when it makes sense to do so. I want to thank our teams
for everything they are doing to support our businesses during this
unprecedented time,” stated Moster.
Liquidity Update
We have taken the following measures to improve our liquidity
position in response to COVID-19:
- We have fully drawn on our revolving line of credit to increase
our cash position and we have obtained a waiver of our financial
covenants for the second quarter.
- We have implemented aggressive cost reduction actions,
including furloughs, mandatory unpaid time off, and salary
reductions for all employees across the company. Our executive
management team voluntarily reduced its base salaries by 20% to
50%.
- We have eliminated all non-essential capital expenditures and
discretionary spending.
- Each non-employee member of our Board of Directors has agreed
to reduce his or her cash retainer by 50% for payments typically
made to them in the second quarter of 2020.
- We have suspended future dividend payments and share
repurchases.
- We have taken advantage of available governmental assistance
programs for wage and tax relief and continue to evaluate
additional opportunities.
At March 31, 2020, our total cash was $130.5 million and our
debt totaled $440.6 million, with $33 million of capacity remaining
on our revolving credit facility. We drew the remaining $33 million
at the beginning of April, bringing our cash position to
approximately $163 million.
“Based on the very difficult, yet necessary actions we have
taken to reduce costs and preserve cash, and as we continue to
collect accounts receivable, we anticipate that our cash outflow
during the second quarter will approximate $40 million. This leaves
us ample liquidity to withstand the near-term impacts of COVID-19.
Additionally, we are in productive discussions with our lender
group for longer-term covenant relief, as we evaluate options to
help ensure we have adequate liquidity for the future,” said
Moster.
Delay of First Quarter 2020 Form 10-Q Filing
The impact of COVID-19 on our business has resulted in the need
to perform additional asset impairment assessments, which will
delay the filing of our first quarter Form 10-Q. The preliminary
financial results discussed in this press release do not include
impairment charges and the corresponding tax effects, which are
currently being evaluated. We do not expect the non-cash impairment
charges to impact future operations or affect our liquidity or
compliance with debt covenants. However, we expect the impact on
Viad’s reported GAAP financial results to be material.
Conference Call Details
To join the live teleconference, please call (833) 513-0557 and
enter the passcode 2041759 or access the webcast through our
website. A replay will be available for a limited time at (800)
585-8367 or (416) 621-4642 and enter the passcode 2041759 or visit
our website and link to a replay of the webcast.
About Viad
Viad (NYSE: VVI) 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.
Preliminary Results
The unaudited preliminary financial results for the first
quarter 2020 represent the most current information available to us
and are based on calculations or figures that we prepared
internally and they have not been reviewed or audited by our
independent registered public accounting firm. Our actual results
may differ materially from these preliminary financial results due
to the completion of our financial closing procedures, including
impairment testing, final adjustments, and other developments that
may arise between the date of this announcement and when results
for the first quarter 2020 are finalized and reported in our Form
10-Q.
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 effects of the COVID-19 pandemic on our business;
- the impact of the pandemic and actions taken in response to the
pandemic on global and regional economies, travel and economic
activity;
- the pace of recovery when the COVID-19 pandemic subsides;
- general economic uncertainty in key global markets and a
worsening of global economic conditions;
- 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;
- travel industry disruptions;
- 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;
- the effects of the United Kingdom’s exit from the European
Union; and
- changes affecting the London Inter-bank 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 - PRELIMINARY
QUARTERLY RESULTS PRELIMINARY, SUBJECT TO SUBSTANTIAL
REVISION BASED ON IMPAIRMENT TESTING AND FINAL CLOSING
PROCEDURES (UNAUDITED) Three months ended
March 31, ($ in thousands, except per share data)
2020
2019
$ Change
% Change
Revenue: GES: North America
$
251,758
$
223,241
$
28,517
12.8
%
EMEA
42,716
54,376
(11,660
)
-21.4
%
Intersegment eliminations
(1,989
)
(2,690
)
701
26.1
%
Total GES
292,485
274,927
17,558
6.4
%
Pursuit
13,523
10,667
2,856
26.8
%
Total revenue
$
306,008
$
285,594
$
20,414
7.1
%
Segment operating income (loss): GES: North America
$
11,966
$
608
$
11,358
**
EMEA
(1,108
)
1,135
(2,243
)
**
Total GES
10,858
1,743
9,115
**
Pursuit
(20,274
)
(12,995
)
(7,279
)
-56.0
%
Segment operating loss
(9,416
)
(11,252
)
1,836
16.3
%
Corporate eliminations
16
16
-
0.0
%
Corporate activities (Note A)
(789
)
(1,833
)
1,044
57.0
%
Restructuring charges (Note B)
(851
)
(688
)
(163
)
-23.7
%
Impairment charges (Note C)
-
-
-
**
Legal settlement (Note D)
-
(8,500
)
8,500
-100.0
%
Other expense
(419
)
(455
)
36
7.9
%
Net interest expense (Note E)
(3,939
)
(2,817
)
(1,122
)
-39.8
%
Loss from continuing operations before income taxes
(15,398
)
(25,529
)
10,131
39.7
%
Income tax benefit (Note F)
3,422
7,595
(4,173
)
-54.9
%
Loss from continuing operations
(11,976
)
(17,934
)
5,958
33.2
%
Loss from discontinued operations (Note G)
(454
)
(287
)
(167
)
-58.2
%
Net loss
(12,430
)
(18,221
)
5,791
31.8
%
Net loss attributable to noncontrolling interest
1,333
420
913
**
Net loss attributable to redeemable noncontrolling interest
517
24
493
**
Net loss attributable to Viad
$
(10,580
)
$
(17,777
)
$
7,197
40.5
%
Amounts Attributable to Viad Common Stockholders: Loss from
continuing operations
$
(10,126
)
$
(17,490
)
$
7,364
42.1
%
Loss from discontinued operations (Note G)
(454
)
(287
)
(167
)
-58.2
%
Net loss
$
(10,580
)
$
(17,777
)
$
7,197
40.5
%
Diluted loss per common share: Loss from continuing
operations attributable to Viad common shareholders
$
(0.51
)
$
(0.88
)
$
0.37
42.0
%
Loss from discontinued operations attributable to Viad common
shareholders
(0.02
)
(0.01
)
(0.01
)
-100.0
%
Net loss attributable to Viad common shareholders
$
(0.53
)
$
(0.89
)
$
0.36
40.4
%
Basic loss per common share: Loss from continuing operations
attributable to Viad common shareholders
$
(0.51
)
$
(0.88
)
$
0.37
42.0
%
Loss from discontinued operations attributable to Viad common
shareholders
(0.02
)
(0.01
)
(0.01
)
-100.0
%
Net loss attributable to Viad common shareholders
$
(0.53
)
$
(0.89
)
$
0.36
40.4
%
Common shares treated as outstanding for loss per share
calculations: Weighted-average outstanding common shares
20,215
20,076
139
0.7
%
Weighted-average outstanding and potentially dilutive common
shares
20,215
20,076
139
0.7
%
** Change is greater than +/- 100 percent
VIAD
CORP AND SUBSIDIARIES TABLE ONE - NOTES TO PRELIMINARY
QUARTERLY RESULTS PRELIMINARY, SUBJECT TO SUBSTANTIAL
REVISION BASED ON IMPAIRMENT TESTING AND FINAL CLOSING
PROCEDURES (UNAUDITED) (A) Corporate Activities —
The decrease in corporate activities expense during the three
months ended March 31, 2020 relative to 2019 was primarily due to
lower performance-based compensation expense as we reduced our
estimated performance achievement to zero as a result of COVID-19.
(B) Restructuring Charges — Restructuring charges during the
three months ended March 2020 and 2019 were primarily related to
the elimination of certain positions at GES. (C) Impairment
Charges — The impact of COVID-19 on our business has resulted in
the need to perform additional asset impairment assessments, which
are not yet complete. The preliminary financial results presented
in this press release do not include expected impairment charges
and the corresponding tax effects, which are currently being
evaluated. The impairment charges are expected to be material to
Viad’s financial results and will be reflected in Viad’s GAAP
financials upon filing our 2020 First Quarter Form 10-Q. (D)
Legal Settlement — During 2019, we recorded a charge to resolve a
legal dispute at GES involving a former industry contractor.
(E) Net Interest Expense — The increase in net interest expense for
the three months ended March 31, 2020 relative to 2019 was
primarily due to higher debt balances in 2020. (F) Income
Tax Benefit — The effective tax rate was 22% and 30% for the three
months ended March 31, 2020 and March 31, 2019, respectively. The
decrease in the effective rate was primarily due to higher domestic
losses which are taxed at a lower rate relative to the losses in
other jurisdictions and lower tax benefits from share based
compensation. (G) Loss from Discontinued Operations — Loss
from discontinued operations during the three months ended March
31, 2020 and 2019 was primarily related to legal expenses related
to previously sold operations. Three months ended
March 31, ($ in thousands, except per share data)
2020
2019
$ Change
% Change
Net loss attributable to Viad
$
(10,580
)
$
(17,777
)
$
7,197
40.5
%
Less: Allocation to nonvested shares
-
-
-
**
Adjustment to the redemption value of redeemable noncontrolling
interest
(126
)
(87
)
(39
)
-44.8
%
Net loss allocated to Viad common shareholders
$
(10,706
)
$
(17,864
)
$
7,158
40.1
%
Weighted-average outstanding common shares
20,215
20,076
139
0.7
%
Basic loss per common share attributable to Viad
common shareholders
$
(0.53
)
$
(0.89
)
$
0.36
40.4
%
** Change is greater than +/- 100 percent
VIAD CORP AND
SUBSIDIARIES TABLE TWO - NON-GAAP FINANCIAL MEASURES
PRELIMINARY, SUBJECT TO SUBSTANTIAL REVISION BASED ON IMPAIRMENT
TESTING AND FINAL CLOSING PROCEDURES (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)
2020
2019
$ Change % Change
Loss before other items: Net loss
attributable to Viad
$
(10,580
)
$
(17,777
)
$
7,197
40.5
%
Loss from discontinued operations attributable to Viad
454
287
167
58.2
%
Loss from continuing operations attributable to Viad
(10,126
)
(17,490
)
7,364
42.1
%
Restructuring charges, pre-tax
851
688
163
23.7
%
Legal settlement, pre-tax
-
8,500
(8,500
)
-100.0
%
Acquisition-related costs and other non-recurring expenses, pre-tax
(Note A)
1,200
537
663
**
Tax benefit on above items
(468
)
(2,419
)
1,951
80.7
%
Net loss attributable to FlyOver Iceland noncontrolling interest
-
(24
)
24
-100.0
%
Loss before other items
$
(8,543
)
$
(10,208
)
$
1,665
16.3
%
(per diluted share)
Loss before other items: Net loss
attributable to Viad
$
(0.53
)
$
(0.89
)
$
0.36
40.4
%
Loss from discontinued operations attributable to Viad
0.02
0.01
0.01
100.0
%
Loss from continuing operations attributable to Viad
(0.51
)
(0.88
)
0.37
42.0
%
Restructuring charges, pre-tax
0.04
0.03
0.01
33.3
%
Legal settlement, pre-tax
-
0.42
(0.42
)
-100.0
%
Acquisition-related costs and other non-recurring expenses, pre-tax
(Note A)
0.06
0.03
0.03
100.0
%
Tax benefit on above items
(0.02
)
(0.11
)
0.09
81.8
%
Adjustment to the redemption value of redeemable noncontrolling
interest
0.01
-
0.01
**
Loss before other items
$
(0.42
)
$
(0.51
)
$
0.09
17.6
%
($ in thousands)
Adjusted EBITDA: Net loss
attributable to Viad
$
(10,580
)
$
(17,777
)
$
7,197
40.5
%
Loss from discontinued operations attributable to Viad
454
287
167
58.2
%
Interest expense
4,018
2,915
1,103
37.8
%
Income tax benefit
(3,422
)
(7,595
)
4,173
54.9
%
Depreciation and amortization
15,285
13,188
2,097
15.9
%
Other noncontrolling interest
(385
)
55
(440
)
**
Adjusted EBITDA
$
5,370
$
(8,927
)
$
14,297
**
(A) Acquisition-related costs and other non-recurring
expenses include: Three months ended March 31,
2020
2019
$ Change
% Change
Acquisition integration costs - Pursuit1
$
70
$
-
$
70
**
Acquisition transaction-related costs - Pursuit1
(14
)
185
(199
)
**
Acquisition transaction-related costs - Corporate2
148
295
(147
)
-49.8
%
Attraction start-up costs1, 3
996
57
939
**
Acquisition-related and other non-recurring expenses, pre-tax
$
1,200
$
537
$
663
**
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. ** Change is greater than
+/- 100 percent
VIAD CORP AND SUBSIDIARIES TABLE
TWO - NON-GAAP FINANCIAL MEASURES (CONTINUED) PRELIMINARY,
SUBJECT TO SUBSTANTIAL REVISION BASED ON IMPAIRMENT TESTING AND
FINAL CLOSING PROCEDURES (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, 2020 Three months ended March 31, 2019 ($ in
thousands) As Reported
Acquisitions (Note A)
FX Impact Organic As Reported
Acquisitions (Note A)
Organic
Viad Consolidated: Revenue
$
306,008
$
2,940
$
(1,060)
$
304,128
$
285,594
$
-
$
285,594
Net loss attributable to Viad
$
(10,580)
$
(17,777)
Net loss attributable to noncontrolling interest
(1,333)
(420)
Net loss attributable to redeemable noncontrolling interest
(517)
(24)
Loss from discontinued operations
454
287
Income tax benefit
(3,422)
(7,595)
Net interest expense
3,939
2,817
Other expense
419
455
Legal settlement
-
8,500
Restructuring charges
851
688
Corporate activities expense
789
1,833
Corporate eliminations
(16)
(16)
Segment operating loss
$
(9,416)
$
(2,467)
$
(29)
$
(6,920)
$
(11,252)
$
-
$
(11,252)
Attraction start-up costs (B)
996
-
-
996
57
-
57
Integration costs
70
70
-
-
-
-
-
Acquisition transaction-related costs
(14)
-
(1)
(13)
185
-
185
Adjusted segment operating loss
(8,364)
(2,397)
(30)
(5,937)
(11,010)
-
(11,010)
Segment depreciation
12,122
950
(35)
11,207
10,057
-
10,057
Segment amortization
3,109
291
(6)
2,824
3,073
-
3,073
Adjusted segment EBITDA
$
6,867
$
(1,156)
$
(71)
$
8,094
$
2,120
$
-
$
2,120
Adjusted segment operating margin
-2.7%
-81.5%
2.8%
-2.0%
-3.9%
-3.9%
Adjusted segment EBITDA margin
2.2%
-39.3%
6.7%
2.7%
0.7%
0.7%
GES: Revenue
$
292,485
$
-
$
(1,022)
$
293,507
$
274,927
$
-
$
274,927
Segment operating income
$
10,858
$
-
$
(121)
$
10,979
$
1,743
$
-
$
1,743
Integration costs
-
-
-
-
-
-
-
Adjusted segment operating income
10,858
-
(121)
10,979
1,743
-
1,743
Depreciation
5,902
-
(8)
5,910
6,389
-
6,389
Amortization
2,312
-
(3)
2,315
2,766
-
2,766
Adjusted segment EBITDA
$
19,072
$
-
$
(132)
$
19,204
$
10,898
$
-
$
10,898
Adjusted segment operating margin
3.7%
11.8%
3.7%
0.6%
0.6%
Adjusted segment EBITDA margin
6.5%
12.9%
6.5%
4.0%
4.0%
GES North America: Revenue
$
251,758
$
-
$
(334)
$
252,092
$
223,241
$
-
$
223,241
Segment operating income
$
11,966
$
-
$
(80)
$
12,046
$
608
$
-
$
608
Integration costs
-
-
-
-
-
-
-
Adjusted segment operating income
11,966
-
(80)
12,046
608
-
608
Depreciation
4,860
-
(3)
4,863
5,098
-
5,098
Amortization
2,202
-
-
2,202
2,495
-
2,495
Adjusted segment EBITDA
$
19,028
$
-
$
(83)
$
19,111
$
8,201
$
-
$
8,201
Adjusted segment operating margin
4.8%
24.0%
4.8%
0.3%
0.3%
Adjusted segment EBITDA margin
7.6%
24.9%
7.6%
3.7%
3.7%
GES EMEA: Revenue
$
42,716
$
-
$
(688)
$
43,404
$
54,376
$
-
$
54,376
Segment operating income (loss)
$
(1,108)
$
-
$
(41)
$
(1,067)
$
1,135
$
-
$
1,135
Integration costs
-
-
-
-
-
-
-
Adjusted segment operating income (loss)
(1,108)
-
(41)
(1,067)
1,135
-
1,135
Depreciation
1,042
-
(5)
1,047
1,291
-
1,291
Amortization
110
-
(3)
113
271
-
271
Adjusted segment EBITDA
$
44
$
-
$
(49)
$
93
$
2,697
$
-
$
2,697
Adjusted segment operating margin
-2.6%
6.0%
-2.5%
2.1%
2.1%
Adjusted segment EBITDA margin
0.1%
7.1%
0.2%
5.0%
5.0%
Pursuit: Revenue
$
13,523
$
2,940
$
(38)
$
10,621
$
10,667
$
-
$
10,667
Segment operating loss
$
(20,274)
$
(2,467)
$
92
$
(17,899)
$
(12,995)
$
-
$
(12,995)
Integration costs
70
70
-
-
-
-
-
Acquisition transaction-related costs
(14)
-
(1)
(13)
185
-
185
Attraction start-up costs (B)
996
-
-
996
57
-
57
Adjusted segment operating loss
(19,222)
(2,397)
91
(16,916)
(12,753)
-
(12,753)
Depreciation
6,220
950
(27)
5,297
3,668
-
3,668
Amortization
797
291
(3)
509
307
-
307
Adjusted segment EBITDA
$
(12,205)
$
(1,156)
$
61
$
(11,110)
$
(8,778)
$
-
$
(8,778)
Adjusted segment operating margin
**
-81.5%
**
**
**
**
Adjusted segment EBITDA margin
-90.3%
-39.3%
**
**
-82.3%
-82.3%
(A) Acquisitions include Mountain Park Lodges (acquired June
2019) and Belton Chalet (acquired May 2019) for Pursuit. (B)
Includes costs related to the development of Pursuit's new FlyOver
attractions in Iceland, Las Vegas, and Toronto and the Sky Lagoon
in Iceland.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200514005782/en/
Carrie Long Investor Relations (602) 207-2681
ir@viad.com
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