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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to

Commission file number: 001-11015

 

img214105032_0.jpg 

Viad Corp

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-1169950

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

7000 East 1st Avenue

Scottsdale, Arizona

 

85251-4304

(Address of principal executive offices)

 

(Zip Code)

(602) 207-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $1.50 Par Value

 

VVI

 

New York Stock Exchange

Preferred Stock Purchase Rights

 

 

--

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of November 1, 2022, there were 20,670,196 shares of Common Stock ($1.50 par value) outstanding.

 

 


 

INDEX

 

 

 

Page

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

1

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021

3

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three Months Ended March 31, June 30, and September 30, 2022 and 2021

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

39

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 6.

Exhibits

45

Items 3-5

Not applicable

 

 

 

 

SIGNATURES

47

 

In this report, for periods presented, “we,” “us,” “our,” “the Company,” and “Viad Corp” refer to Viad Corp and its subsidiaries.

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VIAD CORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except share data)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

79,151

 

 

$

61,600

 

Accounts receivable, net of allowances for doubtful accounts of $3,248 and $1,808,
   respectively

 

 

150,281

 

 

 

91,966

 

Inventories

 

 

11,212

 

 

 

8,581

 

Current contract costs

 

 

25,114

 

 

 

11,105

 

Prepaid insurance

 

 

11,535

 

 

 

10,284

 

Other current assets

 

 

20,345

 

 

 

14,080

 

Total current assets

 

 

297,638

 

 

 

197,616

 

Property and equipment, net

 

 

543,498

 

 

 

549,108

 

Other investments and assets

 

 

16,606

 

 

 

16,718

 

Operating lease right-of-use assets

 

 

107,442

 

 

 

95,915

 

Deferred income taxes

 

 

866

 

 

 

1,006

 

Goodwill

 

 

119,416

 

 

 

112,078

 

Other intangible assets, net

 

 

59,167

 

 

 

65,189

 

Total Assets

 

$

1,144,633

 

 

$

1,037,630

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

99,428

 

 

$

69,657

 

Contract liabilities

 

 

62,146

 

 

 

39,141

 

Accrued compensation

 

 

25,996

 

 

 

12,788

 

Operating lease obligations

 

 

13,958

 

 

 

12,451

 

Other current liabilities

 

 

48,249

 

 

 

28,289

 

Current portion of debt and finance obligations

 

 

16,614

 

 

 

12,800

 

Total current liabilities

 

 

266,391

 

 

 

175,126

 

Long-term debt and finance obligations

 

 

450,085

 

 

 

446,580

 

Pension and postretirement benefits

 

 

22,881

 

 

 

23,692

 

Long-term operating lease obligations

 

 

105,740

 

 

 

93,406

 

Other deferred items and liabilities

 

 

70,300

 

 

 

68,953

 

Total liabilities

 

 

915,397

 

 

 

807,757

 

Commitments and contingencies

 

 

 

 

 

 

Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized,
  
135,000 shares issued and outstanding

 

 

132,591

 

 

 

132,591

 

Redeemable noncontrolling interest

 

 

5,257

 

 

 

5,444

 

Stockholders’ equity

 

 

 

 

 

 

Viad Corp stockholders’ equity:

 

 

 

 

 

 

Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares
   issued and outstanding

 

 

37,402

 

 

 

37,402

 

Additional capital

 

 

570,913

 

 

 

566,741

 

Accumulated deficit

 

 

(324,587

)

 

 

(349,720

)

Accumulated other comprehensive loss

 

 

(61,010

)

 

 

(27,429

)

Common stock in treasury, at cost, 4,272,936 and 4,381,606 shares, respectively

 

 

(214,959

)

 

 

(220,712

)

Total Viad stockholders’ equity

 

 

7,759

 

 

 

6,282

 

Non-redeemable noncontrolling interest

 

 

83,629

 

 

 

85,556

 

Total stockholders’ equity

 

 

91,388

 

 

 

91,838

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

1,144,633

 

 

$

1,037,630

 

 

Refer to Notes to Condensed Consolidated Financial Statements.

1


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

$

306,199

 

 

$

182,964

 

 

$

711,468

 

 

$

254,170

 

Products

 

 

76,522

 

 

 

50,635

 

 

 

167,816

 

 

 

69,597

 

Total revenue

 

 

382,721

 

 

 

233,599

 

 

 

879,284

 

 

 

323,767

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

 

246,472

 

 

 

150,983

 

 

 

641,603

 

 

 

283,403

 

Costs of products

 

 

64,932

 

 

 

42,497

 

 

 

152,431

 

 

 

73,429

 

Corporate activities

 

 

3,768

 

 

 

3,093

 

 

 

9,881

 

 

 

8,104

 

Interest expense, net

 

 

10,252

 

 

 

9,518

 

 

 

23,890

 

 

 

20,168

 

Other expense, net

 

 

280

 

 

 

466

 

 

 

1,530

 

 

 

1,563

 

Restructuring charges

 

 

1,387

 

 

 

2,186

 

 

 

3,467

 

 

 

5,799

 

Impairment charges

 

 

 

 

 

 

 

 

583

 

 

 

 

Total costs and expenses

 

 

327,091

 

 

 

208,743

 

 

 

833,385

 

 

 

392,466

 

Income (loss) from continuing operations before income taxes

 

 

55,630

 

 

 

24,856

 

 

 

45,899

 

 

 

(68,699

)

Income tax expense

 

 

9,802

 

 

 

5,329

 

 

 

10,579

 

 

 

118

 

Income (loss) from continuing operations

 

 

45,828

 

 

 

19,527

 

 

 

35,320

 

 

 

(68,817

)

Income (loss) from discontinued operations

 

 

(42

)

 

 

248

 

 

 

285

 

 

 

534

 

Net income (loss)

 

 

45,786

 

 

 

19,775

 

 

 

35,605

 

 

 

(68,283

)

Net income attributable to non-redeemable noncontrolling
   interest

 

 

(5,729

)

 

 

(5,004

)

 

 

(4,976

)

 

 

(3,049

)

Net loss attributable to redeemable noncontrolling interest

 

 

88

 

 

 

296

 

 

 

354

 

 

 

1,221

 

Net income (loss) attributable to Viad

 

$

40,145

 

 

$

15,067

 

 

$

30,983

 

 

$

(70,111

)

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.38

 

 

$

0.45

 

 

$

0.88

 

 

$

(3.80

)

Discontinued operations attributable to Viad common stockholders

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.03

 

Net income (loss) attributable to Viad common stockholders

 

$

1.38

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)

Weighted-average outstanding and potentially dilutive common
   shares

 

 

20,889

 

 

 

20,742

 

 

 

20,781

 

 

 

20,396

 

Basic income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.40

 

 

$

0.45

 

 

$

0.88

 

 

$

(3.80

)

Discontinued operations attributable to Viad common stockholders

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.03

 

Net income (loss) attributable to Viad common stockholders

 

$

1.40

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)

Weighted-average outstanding common shares

 

 

20,612

 

 

 

20,420

 

 

 

20,567

 

 

 

20,396

 

Amounts attributable to Viad

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

40,187

 

 

$

14,819

 

 

$

30,698

 

 

$

(70,645

)

Income (loss) from discontinued operations

 

 

(42

)

 

 

248

 

 

 

285

 

 

 

534

 

Net income (loss)

 

$

40,145

 

 

$

15,067

 

 

$

30,983

 

 

$

(70,111

)

 

Refer to Notes to Condensed Consolidated Financial Statements.

2


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss)

 

$

45,786

 

 

$

19,775

 

 

$

35,605

 

 

$

(68,283

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

(26,427

)

 

 

(8,634

)

 

 

(34,558

)

 

 

(980

)

Change in net actuarial loss, net of tax (1)

 

 

444

 

 

 

83

 

 

 

910

 

 

 

261

 

Change in prior service cost, net of tax (1)

 

 

67

 

 

 

 

 

 

67

 

 

 

(56

)

Comprehensive income (loss)

 

 

19,870

 

 

 

11,224

 

 

 

2,024

 

 

 

(69,058

)

Non-redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-redeemable
   noncontrolling interest

 

 

(5,729

)

 

 

(5,004

)

 

 

(4,976

)

 

 

(3,049

)

Unrealized foreign currency translation adjustments

 

 

(5,056

)

 

 

(1,960

)

 

 

(6,333

)

 

 

(141

)

Redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss attributable to redeemable noncontrolling interest

 

 

88

 

 

 

296

 

 

 

354

 

 

 

1,221

 

Comprehensive income (loss) attributable to Viad

 

$

9,173

 

 

$

4,556

 

 

$

(8,931

)

 

$

(71,027

)

 

(1) The tax effect on other comprehensive income (loss) is not significant.

Refer to Notes to Condensed Consolidated Financial Statements.

3


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND MEZZANINE EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Equity

 

(in thousands)

 

Common
Stock

 

 

Additional
Capital

 

 

Accumulated
Deficit

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Common
Stock in
Treasury