10-Q 1 vvi-20230930.htm 10-Q 10-Q
false--12-310000884219Q3http://fasb.org/us-gaap/2023#CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentshttp://fasb.org/us-gaap/2023#CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentshttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#DeferredCreditsAndOtherLiabilitieshttp://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAssethttp://fasb.org/us-gaap/2023#OperatingLeaseRightOfUseAssethttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2023#OperatingLeaseLiabilityCurrenthttp://fasb.org/us-gaap/2023#OperatingLeaseLiabilityCurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2023#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligations0000884219us-gaap:FairValueMeasurementsRecurringMember2022-12-310000884219vvi:InterestRateCapAgreementMember2023-01-040000884219vvi:BrewsterIncorporationTermLoanMember2023-01-012023-09-300000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000884219vvi:RedeemableNonControllingInterestMember2022-09-300000884219vvi:PursuitMembervvi:RoomsRevenueMember2023-01-012023-09-300000884219us-gaap:ConvertiblePreferredStockMember2020-08-050000884219srt:MinimumMembervvi:LiborMember2023-02-060000884219vvi:NonRedeemableNonControllingInterestMember2023-09-300000884219us-gaap:ParentMember2022-12-310000884219vvi:ProductsTransferredAtPointInTimeMembervvi:PursuitMember2022-01-012022-09-300000884219vvi:ForestParkHotelConstructionLoanFacilityMember2022-12-310000884219us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000884219vvi:PursuitMember2023-01-012023-09-300000884219vvi:RoomsRevenueMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:GlacierParkIncMember2022-12-310000884219vvi:NewFlyoverAttractionMember2023-09-3000008842192023-04-012023-06-300000884219vvi:FirstTermLoanMembervvi:FlyOverIcelandTermLoanMember2020-01-012020-12-310000884219vvi:NonRedeemableNonControllingInterestMember2021-12-310000884219us-gaap:ParentMember2022-04-012022-06-300000884219vvi:ProductsTransferredOverTimeMembervvi:GESMember2022-07-012022-09-300000884219us-gaap:ParentMember2022-06-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2023-01-012023-09-300000884219us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2023-01-012023-09-3000008842192022-01-012022-09-300000884219vvi:GESMembervvi:SpiroMember2023-01-012023-09-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000884219us-gaap:OperatingSegmentsMember2023-07-012023-09-300000884219us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2023-01-012023-09-300000884219us-gaap:RevolvingCreditFacilityMembersrt:MaximumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-01-012023-09-300000884219us-gaap:RetainedEarningsMember2023-03-310000884219us-gaap:ParentMember2023-09-300000884219vvi:RedeemableNonControllingInterestMember2023-04-012023-06-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000884219vvi:GesExhibitionsMembervvi:GESMember2022-01-012022-09-300000884219vvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-300000884219vvi:ServicesTransferredOverTimeMembervvi:GESMember2023-01-012023-09-300000884219vvi:AlaskaCollectionMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:OperatingSegmentsMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:SpiroMember2023-01-012023-09-300000884219vvi:UnvestedPerformanceShareBasedAwardsMember2023-01-012023-09-300000884219vvi:TwoThousandAndSeventeenViadCorpOmnibusIncentivePlanMember2022-05-240000884219vvi:ServicesMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:GESMembervvi:SpiroMember2022-01-012022-09-300000884219vvi:OperatingContractsAndLicensesMember2022-12-310000884219vvi:GESMember2022-01-012022-09-300000884219us-gaap:EmployeeSeveranceMembervvi:GESMember2023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000884219us-gaap:ParentMember2022-07-012022-09-300000884219us-gaap:CashMember2022-07-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-302021-07-300000884219vvi:CustomerContractsAndRelationshipsMember2022-12-310000884219vvi:FlyOverIcelandCreditFacilityMember2022-12-3100008842192022-12-310000884219vvi:NonRedeemableNonControllingInterestMember2023-01-012023-03-310000884219us-gaap:OperatingSegmentsMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:ServicesMembervvi:PursuitMember2022-01-012022-09-300000884219vvi:SpiroMember2023-07-012023-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:BankOfAmericaMember2023-01-012023-09-300000884219vvi:NewFlyoverAttractionMember2023-01-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2023-09-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-01-012023-09-300000884219vvi:ServicesTransferredOverTimeMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:FacilityClosingMembervvi:GESMember2022-12-310000884219us-gaap:OperatingSegmentsMembervvi:GesExhibitionsMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300000884219us-gaap:OperatingSegmentsMember2022-01-012022-09-300000884219vvi:NonRedeemableNonControllingInterestMember2023-03-310000884219vvi:GESMembervvi:ProductsTransferredAtPointInTimeMember2022-01-012022-09-300000884219us-gaap:CommonStockMember2023-06-300000884219vvi:JasperTermLoanMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-09-300000884219us-gaap:SoftwareDevelopmentMember2023-01-012023-09-3000008842192023-01-012023-03-310000884219us-gaap:CorporateNonSegmentMember2022-01-012022-09-300000884219vvi:ConvertibleSeriesAPreferredStockMember2023-09-300000884219vvi:ConvertibleSeriesAPreferredStockMember2022-12-310000884219vvi:ConvertibleSeriesAPreferredStockMember2023-03-310000884219vvi:GlacierParkCollectionMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:CorporateMember2023-07-012023-09-300000884219vvi:GlacierParkCollectionMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:ThirdTermLoanMembervvi:FlyOverIcelandTermLoanMember2020-12-290000884219vvi:FlyOverIcelandCreditFacilityMember2019-02-150000884219vvi:ServicesTransferredOverTimeMembervvi:GESMember2022-07-012022-09-300000884219us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2022-01-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000884219us-gaap:TreasuryStockCommonMember2022-12-310000884219vvi:OperatingContractsAndLicensesMember2023-09-300000884219us-gaap:ProductMembervvi:PursuitMember2022-01-012022-09-300000884219srt:MaximumMembervvi:GESMember2023-01-012023-09-300000884219vvi:UnvestedRestrictedStockMember2022-01-012022-09-300000884219us-gaap:TradeNamesMember2023-09-300000884219vvi:RedeemableNonControllingInterestMember2022-01-012022-03-310000884219vvi:JasperCreditFacilityMembersrt:MinimumMember2023-01-012023-09-300000884219us-gaap:OperatingSegmentsMembervvi:GESMember2022-01-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:GesIntersegmentEliminationsMember2023-07-012023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000884219vvi:JasperCreditFacilityMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-09-300000884219vvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-302021-07-300000884219vvi:UnrealizedLossOnInterestRateCapMember2022-12-310000884219us-gaap:LandMembersrt:MaximumMember2023-01-012023-09-300000884219us-gaap:SoftwareDevelopmentMember2022-01-012022-09-3000008842192022-03-310000884219us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-07-012022-09-300000884219vvi:GlacierRaftMemberus-gaap:TradeNamesMember2023-09-3000008842192023-06-300000884219vvi:SecondAmendedAndRestatedCreditAgreementMembervvi:FlyOverIcelandCreditFacilityMember2023-09-300000884219vvi:PerformanceBasedRestrictedStockUnitsMember2023-07-012023-09-300000884219vvi:TermLoanBMembervvi:ThirdAmendedAndRestatedCreditAgreementMember2023-09-300000884219us-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219vvi:TwoThousandAndSeventeenViadCorpOmnibusIncentivePlanMember2023-01-012023-09-3000008842192019-02-070000884219us-gaap:OperatingSegmentsMembervvi:GesIntersegmentEliminationsMember2022-07-012022-09-300000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000884219vvi:ConvertibleSeriesAPreferredStockMember2022-03-310000884219us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000884219us-gaap:ParentMember2023-04-012023-06-300000884219srt:MinimumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-302021-07-300000884219vvi:AlaskaCollectionMembervvi:PursuitMember2023-01-012023-09-300000884219srt:MinimumMember2023-09-300000884219us-gaap:ForeignPlanMember2022-07-012022-09-300000884219vvi:BanffJasperCollectionMembervvi:PursuitMember2023-07-012023-09-300000884219srt:MinimumMembervvi:FlyOverIcelandMembervvi:EsjaAttractionsEhfMember2023-01-012023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000884219vvi:FlyOverIcelandCreditFacilityMember2022-01-010000884219us-gaap:RevolvingCreditFacilityMember2021-07-300000884219us-gaap:TreasuryStockCommonMember2023-06-300000884219srt:NorthAmericaMembervvi:GESMember2023-07-012023-09-300000884219us-gaap:FoodAndBeverageMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:LiborMember2023-01-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000884219us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300000884219vvi:SecondTermLoanMembervvi:FlyOverIcelandTermLoanMember2020-10-150000884219us-gaap:OtherIntangibleAssetsMember2023-09-300000884219us-gaap:LandMember2023-09-300000884219vvi:ConvertibleSeriesAPreferredStockMember2021-12-310000884219vvi:GlacierParkCollectionMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:FlyOverIcelandTermLoanMember2020-12-310000884219us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2022-07-012022-09-300000884219vvi:NonRedeemableNonControllingInterestMember2023-07-012023-09-300000884219us-gaap:RetainedEarningsMember2022-09-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FundedPlanMember2023-09-300000884219vvi:SkyLagoonAttractionMember2022-12-310000884219us-gaap:ProductMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-01-012023-09-300000884219vvi:OnServicesMember2022-12-150000884219us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300000884219vvi:SpiroMember2022-01-012022-09-300000884219vvi:ForestParkHotelConstructionLoanFacilityMember2023-01-012023-09-300000884219vvi:RestrictedStockAwardsAndRestrictedStockUnitsMember2022-01-012022-09-300000884219us-gaap:RetainedEarningsMember2022-12-310000884219vvi:UnvestedPerformanceShareBasedAwardsMember2022-01-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2023-01-012023-09-300000884219vvi:RetailOperationsMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:ProductMember2023-01-012023-09-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2023-07-012023-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-04-012022-06-300000884219vvi:UnvestedPerformanceShareBasedAwardsMember2022-07-012022-09-300000884219vvi:JasperCreditFacilityMember2023-09-300000884219vvi:PursuitMember2022-01-012022-09-300000884219vvi:RedeemableNonControllingInterestMember2022-06-300000884219us-gaap:OperatingSegmentsMembervvi:SpiroMember2023-07-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000884219vvi:UnrealizedLossOnInterestRateCapMember2023-01-012023-09-300000884219us-gaap:RetainedEarningsMember2023-06-300000884219us-gaap:OperatingSegmentsMembervvi:GesExhibitionsMember2022-07-012022-09-300000884219us-gaap:RetainedEarningsMember2023-04-012023-06-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-07-012022-09-300000884219vvi:RetailOperationsMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:FacilityClosingMember2023-01-012023-09-300000884219us-gaap:CorporateAndOtherMember2022-01-012022-09-300000884219vvi:ServicesMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:OtherMachineryAndEquipmentMember2023-09-300000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300000884219vvi:SecondAmendedAndRestatedCreditAgreementMembervvi:FlyOverIcelandCreditFacilityMember2022-12-310000884219us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-01-012023-09-300000884219us-gaap:TreasuryStockCommonMember2022-04-012022-06-300000884219vvi:TermLoanBMembervvi:ThirdAmendedAndRestatedCreditAgreementMember2022-12-310000884219vvi:PursuitMember2022-07-012022-09-300000884219us-gaap:ParentMember2021-12-310000884219vvi:RedeemableNonControllingInterestMember2022-03-310000884219us-gaap:RetainedEarningsMember2022-03-310000884219us-gaap:ParentMember2023-01-012023-03-310000884219vvi:GlacierRaftMember2022-04-062022-04-060000884219us-gaap:RevolvingCreditFacilityMembersrt:MaximumMembervvi:LiborMember2023-01-012023-09-300000884219us-gaap:CorporateNonSegmentMember2022-07-012022-09-300000884219vvi:JasperCreditFacilityMembersrt:MaximumMember2023-01-012023-09-300000884219us-gaap:CorporateMember2023-01-012023-09-300000884219vvi:PursuitMember2022-12-310000884219us-gaap:TreasuryStockCommonMember2022-09-300000884219vvi:OtherMutualFundMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000884219us-gaap:CommonStockMember2021-12-310000884219vvi:PerformanceBasedRestrictedStockUnitsMember2023-01-012023-09-300000884219us-gaap:EmployeeStockOptionMember2022-01-012022-09-300000884219vvi:TermLoanBMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-300000884219us-gaap:OperatingSegmentsMembervvi:GESMember2023-07-012023-09-300000884219vvi:BuildingAndLeaseholdImprovementMember2023-09-300000884219us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000884219us-gaap:ServiceMember2022-01-012022-09-300000884219us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000884219us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-3000008842192022-07-012022-09-300000884219vvi:ProductsTransferredAtPointInTimeMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:ProductMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:TreasuryStockCommonMember2022-06-300000884219us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000884219vvi:JasperTermLoanMembervvi:SeniorSecuredCreditFacilityMember2022-12-310000884219us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000884219us-gaap:ConvertiblePreferredStockMember2023-09-300000884219vvi:SkyLagoonAttractionMember2023-09-300000884219vvi:TicketRevenueMembervvi:PursuitMember2022-01-012022-09-3000008842192022-09-300000884219us-gaap:CustomerRelationshipsMembervvi:GlacierRaftMember2023-09-300000884219vvi:GlacierRaftMember2023-09-300000884219vvi:TransportationMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:GESMember2022-07-012022-09-300000884219us-gaap:StockOptionMember2022-01-012022-09-300000884219vvi:GESMembervvi:ProductsTransferredAtPointInTimeMember2022-07-012022-09-300000884219vvi:ServicesTransferredOverTimeMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:GesExhibitionsMember2023-07-012023-09-300000884219vvi:GESMembervvi:GesIntersegmentEliminationsMember2023-07-012023-09-300000884219vvi:JasperTermLoanMember2023-09-300000884219vvi:GESMemberus-gaap:EMEAMember2022-07-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembervvi:LiborMember2023-01-012023-09-300000884219us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-09-300000884219vvi:OtherMutualFundMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219vvi:ProductsTransferredAtPointInTimeMembervvi:PursuitMember2023-01-012023-09-300000884219us-gaap:StockOptionMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000884219vvi:FirstTermLoanMembervvi:FlyOverIcelandTermLoanMember2020-10-150000884219vvi:RedeemableNonControllingInterestMember2022-07-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:GesExhibitionsMember2022-01-012022-09-300000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000884219us-gaap:ProductMembervvi:PursuitMember2023-01-012023-09-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FundedPlanMember2023-01-012023-09-300000884219vvi:SeniorSecuredCreditFacilityMembervvi:TermLoanBMember2022-12-310000884219us-gaap:ParentMember2022-09-300000884219vvi:PerformanceBasedRestrictedStockUnitsMember2022-07-012022-09-300000884219us-gaap:ServiceMember2023-01-012023-09-300000884219vvi:RoomsRevenueMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-10-062023-10-060000884219vvi:ProductsTransferredAtPointInTimeMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:AllOtherFundsMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:RedeemableNonControllingInterestMember2023-09-300000884219vvi:SkyLagoonAttractionMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219us-gaap:ConvertiblePreferredStockMember2023-01-012023-09-300000884219vvi:SecondTermLoanMembervvi:FlyOverIcelandTermLoanMember2020-01-012020-12-310000884219us-gaap:OperatingSegmentsMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:EMEAMember2023-07-012023-09-300000884219vvi:ServicesTransferredOverTimeMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2023-03-310000884219us-gaap:CashMember2023-01-012023-09-300000884219vvi:OtherMutualFundMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219vvi:CorporateAndEliminationsMember2023-07-012023-09-300000884219us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000884219vvi:BanffJasperCollectionMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000884219us-gaap:CommonStockMember2022-03-310000884219us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2023-07-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-03-310000884219us-gaap:LicensingAgreementsMember2022-12-310000884219us-gaap:TreasuryStockCommonMember2022-03-310000884219us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-09-3000008842192022-01-012022-03-310000884219us-gaap:TreasuryStockCommonMember2023-03-310000884219us-gaap:ServiceMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000884219us-gaap:ProductMember2022-07-012022-09-300000884219vvi:LongTermInterestRateCapMember2023-09-300000884219us-gaap:RevolvingCreditFacilityMember2023-09-300000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000884219vvi:OnServicesMember2022-12-152022-12-150000884219vvi:RedeemableNonControllingInterestMember2023-07-012023-09-300000884219vvi:GESMemberus-gaap:EMEAMember2022-01-012022-09-300000884219us-gaap:RevolvingCreditFacilityMemberus-gaap:BorrowingsMember2023-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-10-062023-10-060000884219vvi:RedeemableNonControllingInterestMember2023-06-300000884219srt:NorthAmericaMembervvi:GESMember2023-01-012023-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-01-012022-03-310000884219us-gaap:OperatingSegmentsMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:SubsequentEventMembervvi:TermLoanMember2023-10-062023-10-060000884219us-gaap:ForeignPlanMember2023-07-012023-09-300000884219vvi:UnrealizedLossOnInterestRateCapMember2023-09-300000884219us-gaap:RetainedEarningsMember2021-12-310000884219vvi:GlacierRaftMember2023-01-012023-09-300000884219vvi:BrewsterIncorporationTermLoanMember2023-09-300000884219vvi:OperatingLicensesMembervvi:GlacierRaftMember2023-01-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-06-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-07-012023-09-300000884219vvi:GESMembervvi:SpiroMember2023-07-012023-09-300000884219srt:MaximumMember2023-09-300000884219us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-09-300000884219us-gaap:LandMember2022-12-310000884219vvi:ServicesMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:FlyOverMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:ParentMember2023-07-012023-09-300000884219us-gaap:OperatingSegmentsMembervvi:SpiroMember2022-07-012022-09-300000884219vvi:ConvertibleSeriesAPreferredStockMember2023-06-300000884219srt:MinimumMembervvi:GESMember2023-01-012023-09-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2022-07-012022-09-300000884219vvi:ProductsTransferredOverTimeMembervvi:GESMember2023-07-012023-09-300000884219vvi:GesExhibitionsMembervvi:GESMember2022-07-012022-09-300000884219vvi:UnvestedRestrictedStockMember2023-07-012023-09-300000884219vvi:RedeemableNonControllingInterestMember2023-03-310000884219vvi:SkyLagoonAttractionMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:SubsequentEventMembervvi:TermLoanMember2023-10-062023-10-060000884219vvi:AllOtherFundsMembervvi:PursuitMember2023-01-012023-09-300000884219us-gaap:EmployeeStockOptionMember2023-07-012023-09-300000884219srt:MaximumMember2023-01-012023-09-300000884219vvi:CorporateAndEliminationsMember2023-01-012023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-09-300000884219vvi:ShortTermInterestRateCapMember2022-12-3100008842192023-01-012023-09-300000884219us-gaap:UnfundedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-09-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300000884219us-gaap:ParentMember2023-06-300000884219us-gaap:AllOtherSegmentsMemberus-gaap:EmployeeSeveranceMember2022-12-310000884219vvi:RedeemableNonControllingInterestMember2021-12-310000884219us-gaap:SoftwareDevelopmentMember2023-07-012023-09-300000884219us-gaap:OperatingSegmentsMembervvi:GesIntersegmentEliminationsMember2023-01-012023-09-3000008842192023-09-300000884219us-gaap:OperatingSegmentsMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:UnvestedPerformanceShareBasedAwardsMember2023-07-012023-09-300000884219vvi:GlacierParkIncMember2023-01-012023-09-300000884219us-gaap:RetainedEarningsMember2022-06-300000884219us-gaap:EmployeeStockOptionMember2022-07-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:GesIntersegmentEliminationsMember2022-01-012022-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-09-300000884219us-gaap:AdditionalPaidInCapitalMember2023-06-300000884219us-gaap:RetainedEarningsMember2023-09-300000884219vvi:JasperCreditFacilityMembersrt:MaximumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-01-012023-09-300000884219us-gaap:ConvertiblePreferredStockMember2022-12-310000884219us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-07-012023-09-300000884219vvi:FlyOverMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:BrewsterIncorporationTermLoanMember2022-12-310000884219vvi:ServicesTransferredOverTimeMembervvi:PursuitMember2022-01-012022-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-07-012022-09-300000884219vvi:CorporateAndEliminationsMember2022-01-012022-09-300000884219us-gaap:LeasesAcquiredInPlaceMember2022-12-3100008842192023-11-010000884219us-gaap:ParentMember2022-03-310000884219us-gaap:CashMembervvi:GlacierRaftMember2022-04-062022-04-060000884219us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000884219vvi:GlacierRaftMemberus-gaap:TradeNamesMember2023-01-012023-09-300000884219us-gaap:ServiceMember2023-07-012023-09-300000884219vvi:NonRedeemableNonControllingInterestMember2023-04-012023-06-300000884219us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000884219us-gaap:EmployeeSeveranceMembervvi:GESMember2022-12-310000884219vvi:GesExhibitionsMember2023-01-012023-09-300000884219us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000884219vvi:RedeemableNonControllingInterestMember2022-04-012022-06-300000884219us-gaap:TreasuryStockCommonMember2021-12-310000884219us-gaap:ConvertiblePreferredStockMembervvi:CrestviewPartnersMember2020-08-042020-08-050000884219us-gaap:CorporateMember2022-01-012022-09-300000884219vvi:GESMember2023-01-012023-09-300000884219us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219us-gaap:ProductMember2022-01-012022-09-300000884219vvi:CorporateAndEliminationsMember2022-07-012022-09-300000884219us-gaap:TradeNamesMember2022-12-310000884219vvi:SpiroMembervvi:GESMember2022-07-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:SpiroMember2022-01-012022-09-300000884219us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219us-gaap:OperatingSegmentsMember2022-07-012022-09-300000884219vvi:RetailOperationsMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:LongTermInterestRateCapMember2022-12-310000884219vvi:GESMembervvi:GesIntersegmentEliminationsMember2023-01-012023-09-300000884219vvi:FlyOverIcelandCreditFacilityMember2023-01-012023-09-300000884219us-gaap:LeasesAcquiredInPlaceMember2023-09-300000884219vvi:AllOtherFundsMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:FoodAndBeverageMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2023-10-060000884219us-gaap:CorporateAndOtherMember2022-07-012022-09-300000884219vvi:ForestParkHotelConstructionLoanFacilityMember2022-05-170000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000884219vvi:TermLoanBMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-302021-07-300000884219vvi:OperatingLicensesMembervvi:GlacierRaftMember2023-09-300000884219us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300000884219us-gaap:StockOptionMember2023-01-012023-09-300000884219us-gaap:CorporateMember2022-07-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-10-060000884219us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000884219vvi:GesExhibitionsMembervvi:GESMember2023-01-012023-09-300000884219vvi:ForestParkHotelConstructionLoanFacilityMember2023-09-300000884219us-gaap:CashMember2023-07-012023-09-300000884219vvi:UnvestedRestrictedStockMember2022-07-012022-09-300000884219us-gaap:UnfundedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000884219us-gaap:CorporateAndOtherMember2023-01-012023-09-300000884219us-gaap:EmployeeSeveranceMembervvi:GESMember2023-01-012023-09-300000884219vvi:FlyOverIcelandCreditFacilityMember2023-09-300000884219srt:MaximumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-302021-07-300000884219us-gaap:CorporateAndOtherMember2023-07-012023-09-300000884219vvi:BanffJasperCollectionMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300000884219us-gaap:SoftwareDevelopmentMember2022-07-012022-09-300000884219vvi:TwoThousandAndSeventeenViadCorpOmnibusIncentivePlanMember2023-09-300000884219us-gaap:RetainedEarningsMember2022-04-012022-06-300000884219us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000884219us-gaap:OperatingSegmentsMembervvi:SpiroMember2023-01-012023-09-300000884219us-gaap:RetainedEarningsMember2022-07-012022-09-300000884219vvi:PerformanceBasedRestrictedStockUnitsMember2022-01-012022-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-12-310000884219us-gaap:ConvertiblePreferredStockMembervvi:CrestviewPartnersMember2020-08-050000884219vvi:CustomerContractsAndRelationshipsMember2023-09-300000884219vvi:ConvertibleSeriesAPreferredStockMember2022-09-300000884219vvi:TermLoanBMembervvi:SeniorSecuredCreditFacilityMember2023-09-300000884219vvi:RoomsRevenueMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:TransportationMembervvi:PursuitMember2023-07-012023-09-300000884219vvi:TicketRevenueMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:RetainedEarningsMember2023-07-012023-09-3000008842192021-12-310000884219srt:NorthAmericaMembervvi:GESMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000884219vvi:PursuitMember2023-09-300000884219us-gaap:ProductMember2023-07-012023-09-300000884219us-gaap:AllOtherSegmentsMemberus-gaap:EmployeeSeveranceMember2023-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:GlacierRaftMember2022-04-062022-04-060000884219vvi:TicketRevenueMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:ForeignPlanMember2023-01-012023-09-300000884219vvi:GESMembervvi:ProductsTransferredAtPointInTimeMember2023-07-012023-09-300000884219us-gaap:RetainedEarningsMember2022-01-012022-03-310000884219us-gaap:ParentMember2023-03-310000884219vvi:BuildingAndLeaseholdImprovementMember2022-12-310000884219us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000884219vvi:RestrictedStockAwardsAndRestrictedStockUnitsMember2022-07-012022-09-300000884219vvi:AllOtherFundsMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembervvi:InterestRateCapAgreementMember2023-02-282023-02-280000884219us-gaap:OperatingSegmentsMembervvi:GESMember2023-01-012023-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-06-300000884219vvi:GESMembervvi:ProductsTransferredAtPointInTimeMember2023-01-012023-09-300000884219vvi:GlacierParkCollectionMembervvi:PursuitMember2023-01-012023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000884219srt:MinimumMember2023-07-012023-09-300000884219vvi:SkyLagoonAttractionMember2023-01-012023-09-300000884219us-gaap:CashMember2022-01-012022-09-300000884219vvi:FlyOverMembervvi:PursuitMember2023-07-012023-09-300000884219us-gaap:FacilityClosingMembervvi:GESMember2023-09-300000884219vvi:TermLoanBMembervvi:TwoThousandAndTwentyOneCreditFacilityMembervvi:LiborMember2021-07-302021-07-300000884219vvi:RedeemableNonControllingInterestMember2023-01-012023-03-310000884219us-gaap:OtherMachineryAndEquipmentMember2022-12-310000884219vvi:TransportationMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:BanffJasperCollectionMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:CommonStockMember2022-09-300000884219vvi:AlaskaCollectionMembervvi:PursuitMember2022-01-012022-09-300000884219vvi:ShortTermInterestRateCapMember2023-09-300000884219us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2023-10-062023-10-060000884219vvi:TermLoanBMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-10-060000884219vvi:ConvertibleSeriesAPreferredStockMember2022-06-300000884219vvi:GlacierParkIncMember2023-09-300000884219vvi:RetailOperationsMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:OperatingSegmentsMembervvi:GesExhibitionsMember2023-07-012023-09-300000884219vvi:GESMembervvi:GesIntersegmentEliminationsMember2022-07-012022-09-300000884219vvi:TicketRevenueMembervvi:PursuitMember2023-01-012023-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:EMEAMember2023-01-012023-09-300000884219vvi:SkyLagoonAttractionMembervvi:PursuitMember2022-07-012022-09-300000884219vvi:TransportationMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:SpiroMember2022-07-012022-09-300000884219vvi:OtherMutualFundMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000884219us-gaap:ParentMember2022-01-012022-03-310000884219us-gaap:CustomerRelationshipsMembervvi:GlacierRaftMember2023-01-012023-09-300000884219vvi:NonRedeemableNonControllingInterestMember2022-12-310000884219vvi:UnvestedRestrictedStockMember2023-01-012023-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000884219vvi:ProductsTransferredOverTimeMembervvi:GESMember2023-01-012023-09-300000884219vvi:RedeemableNonControllingInterestMember2022-12-310000884219us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembervvi:InterestRateCapAgreementMember2023-02-280000884219us-gaap:AllOtherSegmentsMemberus-gaap:EmployeeSeveranceMember2023-01-012023-09-300000884219vvi:JasperCreditFacilityMembersrt:MinimumMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2023-01-012023-09-300000884219us-gaap:CommonStockMember2022-12-310000884219vvi:NonRedeemableNonControllingInterestMember2022-03-310000884219us-gaap:FoodAndBeverageMembervvi:PursuitMember2022-01-012022-09-300000884219us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000884219vvi:GESMember2023-07-012023-09-300000884219vvi:EsjaAttractionsEhfMember2017-11-0300008842192023-05-012023-05-310000884219vvi:ConvertibleSeriesAPreferredStockMember2023-09-300000884219vvi:JasperCreditFacilityMember2022-12-310000884219us-gaap:OtherIntangibleAssetsMember2022-12-310000884219vvi:ProductsTransferredOverTimeMembervvi:GESMember2022-01-012022-09-300000884219us-gaap:TreasuryStockCommonMember2023-09-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2022-01-012022-09-300000884219vvi:ServicesTransferredOverTimeMembervvi:GESMember2022-01-012022-09-300000884219vvi:GesExhibitionsMember2022-07-012022-09-300000884219us-gaap:AdditionalPaidInCapitalMember2022-09-300000884219vvi:PursuitMember2023-07-012023-09-300000884219us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300000884219us-gaap:EmployeeStockOptionMember2023-01-012023-09-300000884219vvi:GESMemberus-gaap:IntersegmentEliminationMember2023-01-012023-09-300000884219us-gaap:CommonStockMember2023-03-310000884219vvi:RestrictedStockAwardsAndRestrictedStockUnitsMember2023-07-012023-09-3000008842192023-07-012023-09-300000884219vvi:ServicesTransferredOverTimeMembervvi:GESMember2023-07-012023-09-300000884219us-gaap:CommonStockMember2022-06-300000884219us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-3000008842192022-06-300000884219us-gaap:RetainedEarningsMember2023-01-012023-03-310000884219vvi:GesExhibitionsMember2022-01-012022-09-300000884219us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000884219vvi:NonRedeemableNonControllingInterestMember2023-06-300000884219us-gaap:ConvertiblePreferredStockMember2020-08-042020-08-050000884219us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-3000008842192023-03-310000884219us-gaap:StockOptionMember2023-07-012023-09-3000008842192022-04-012022-06-300000884219vvi:FlyOverIcelandTermLoanMember2023-09-300000884219vvi:EsjaAttractionsEhfMember2023-01-012023-09-300000884219vvi:TermLoanBMembervvi:InterestRateCapAgreementMember2021-07-302021-07-300000884219srt:MaximumMembervvi:LiborMember2023-02-060000884219us-gaap:CommonStockMember2023-09-300000884219us-gaap:ForeignPlanMember2022-01-012022-09-300000884219us-gaap:RevolvingCreditFacilityMembervvi:TwoThousandAndTwentyOneCreditFacilityMember2021-07-300000884219srt:NorthAmericaMembervvi:GESMember2022-01-012022-09-300000884219vvi:GesExhibitionsMembervvi:GESMember2023-07-012023-09-300000884219us-gaap:LicensingAgreementsMember2023-09-300000884219vvi:GESMember2022-07-012022-09-300000884219us-gaap:AdditionalPaidInCapitalMember2021-12-310000884219vvi:FlyOverIcelandTermLoanMember2022-12-310000884219us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000884219us-gaap:FoodAndBeverageMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:FlyOverIcelandCreditFacilityMember2021-12-012021-12-010000884219vvi:GlacierRaftMember2022-04-060000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000884219vvi:ConvertibleSeriesAPreferredStockMember2022-12-310000884219vvi:AlaskaCollectionMembervvi:PursuitMember2022-07-012022-09-300000884219us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000884219vvi:InterestRateCapAgreementMember2021-07-300000884219us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000884219vvi:JasperTermLoanMembervvi:SeniorSecuredCreditFacilityMember2023-09-300000884219vvi:FlyOverMembervvi:PursuitMember2022-01-012022-09-300000884219vvi:SkyLagoonAttractionMembervvi:PursuitMember2023-01-012023-09-300000884219vvi:GESMembervvi:GesIntersegmentEliminationsMember2022-01-012022-09-30iso4217:EURvvi:Agreementvvi:Logsxbrli:purexbrli:sharesiso4217:CADiso4217:ISKiso4217:USDxbrli:sharesiso4217:USDvvi:Segment

 

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, 2023

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

 

img215028553_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

 

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, 2023, there were 20,919,370 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, 2023 and December 31, 2022

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

3

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three Months Ended March 31, June 30, and September 30, 2023 and 2022

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

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

40

Item 4.

Controls and Procedures

41

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

42

Item 5.

Other Information

42

Item 6.

Exhibits

43

 

 

 

SIGNATURES

44

 

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)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

106,268

 

 

$

59,719

 

Accounts receivable, net of allowances of $2,900 and $2,174, respectively

 

 

134,997

 

 

 

122,373

 

Inventories

 

 

10,697

 

 

 

10,785

 

Current contract costs

 

 

34,120

 

 

 

14,331

 

Prepaid insurance

 

 

4,591

 

 

 

13,370

 

Other current assets

 

 

27,677

 

 

 

18,977

 

Total current assets

 

 

318,350

 

 

 

239,555

 

Property and equipment, net

 

 

571,372

 

 

 

549,578

 

Other investments and assets

 

 

17,703

 

 

 

17,457

 

Operating lease right-of-use assets

 

 

112,763

 

 

 

102,777

 

Deferred income taxes

 

 

2,623

 

 

 

565

 

Goodwill

 

 

121,595

 

 

 

121,429

 

Other intangible assets, net

 

 

56,138

 

 

 

58,985

 

Total Assets

 

$

1,200,544

 

 

$

1,090,346

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

81,494

 

 

$

73,020

 

Contract liabilities

 

 

82,398

 

 

 

43,950

 

Accrued compensation

 

 

29,760

 

 

 

25,839

 

Operating lease obligations

 

 

14,854

 

 

 

13,463

 

Other current liabilities

 

 

50,234

 

 

 

41,653

 

Current portion of debt and finance obligations

 

 

8,191

 

 

 

13,192

 

Total current liabilities

 

 

266,931

 

 

 

211,117

 

Long-term debt and finance obligations

 

 

460,181

 

 

 

456,752

 

Pension and postretirement benefits

 

 

16,199

 

 

 

16,769

 

Long-term operating lease obligations

 

 

110,067

 

 

 

101,297

 

Other deferred items and liabilities

 

 

68,325

 

 

 

70,024

 

Total liabilities

 

 

921,703

 

 

 

855,959

 

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

 

 

4,808

 

 

 

4,956

 

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

 

 

571,501

 

 

 

570,271

 

Accumulated deficit

 

 

(308,787

)

 

 

(334,301

)

Accumulated other comprehensive loss

 

 

(46,655

)

 

 

(47,185

)

Common stock in treasury, at cost, 4,027,453 and 4,216,044 shares, respectively

 

 

(201,711

)

 

 

(211,657

)

Total Viad stockholders’ equity

 

 

51,750

 

 

 

14,530

 

Non-redeemable noncontrolling interest

 

 

89,692

 

 

 

82,310

 

Total stockholders’ equity

 

 

141,442

 

 

 

96,840

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

1,200,544

 

 

$

1,090,346

 

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

$

285,119

 

 

$

306,199

 

 

$

765,598

 

 

$

711,468

 

Products

 

 

80,780

 

 

 

76,522

 

 

 

181,403

 

 

 

167,816

 

Total revenue

 

 

365,899

 

 

 

382,721

 

 

 

947,001

 

 

 

879,284

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

 

222,794

 

 

 

251,433

 

 

 

681,409

 

 

 

646,564

 

Costs of products

 

 

67,063

 

 

 

64,932

 

 

 

161,602

 

 

 

152,431

 

Corporate activities

 

 

3,579

 

 

 

3,768

 

 

 

10,255

 

 

 

9,881

 

ON Services sale purchase price adjustment

 

 

 

 

 

 

 

 

204

 

 

 

 

Interest expense, net

 

 

12,476

 

 

 

10,252

 

 

 

37,081

 

 

 

23,890

 

Other expense, net

 

 

554

 

 

 

280

 

 

 

1,533

 

 

 

1,530

 

Restructuring charges

 

 

480

 

 

 

1,387

 

 

 

1,125

 

 

 

3,467

 

Impairment charges

 

 

 

 

 

 

 

 

 

 

 

583

 

Total costs and expenses

 

 

306,946

 

 

 

332,052

 

 

 

893,209

 

 

 

838,346

 

Income from continuing operations before income taxes

 

 

58,953

 

 

 

50,669

 

 

 

53,792

 

 

 

40,938

 

Income tax expense

 

 

9,173

 

 

 

8,810

 

 

 

13,623

 

 

 

9,587

 

Income from continuing operations

 

 

49,780

 

 

 

41,859

 

 

 

40,169

 

 

 

31,351

 

Income (loss) from discontinued operations

 

 

(654

)

 

 

(42

)

 

 

(855

)

 

 

285

 

Net income

 

 

49,126

 

 

 

41,817

 

 

 

39,314

 

 

 

31,636

 

Net income attributable to non-redeemable noncontrolling
   interest

 

 

(7,716

)

 

 

(3,784

)

 

 

(8,221

)

 

 

(3,031

)

Net (income) loss attributable to redeemable noncontrolling interest

 

 

(139

)

 

 

88

 

 

 

270

 

 

 

354

 

Net income attributable to Viad

 

$

41,271

 

 

$

38,121

 

 

$

31,363

 

 

$

28,959

 

Diluted income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.44

 

 

$

1.29

 

 

$

0.96

 

 

$

0.78

 

Discontinued operations attributable to Viad common stockholders

 

 

(0.03

)

 

 

 

 

 

(0.04

)

 

 

0.01

 

Net income attributable to Viad common stockholders

 

$

1.41

 

 

$

1.29

 

 

$

0.92

 

 

$

0.79

 

Weighted-average outstanding and potentially dilutive common
   shares

 

 

21,174

 

 

 

20,889

 

 

 

21,025

 

 

 

20,781

 

Basic income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

1.46

 

 

$

1.30

 

 

$

0.97

 

 

$

0.79

 

Discontinued operations attributable to Viad common stockholders

 

 

(0.03

)

 

 

 

 

 

(0.04

)

 

 

0.01

 

Net income attributable to Viad common stockholders

 

$

1.43

 

 

$

1.30

 

 

$

0.93

 

 

$

0.80

 

Weighted-average outstanding common shares

 

 

20,885

 

 

 

20,612

 

 

 

20,825

 

 

 

20,567

 

Amounts attributable to Viad

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

41,925

 

 

$

38,163

 

 

$

32,218

 

 

$

28,674

 

Income (loss) from discontinued operations

 

 

(654

)

 

 

(42

)

 

 

(855

)

 

 

285

 

Net income

 

$

41,271

 

 

$

38,121

 

 

$

31,363

 

 

$

28,959

 

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

49,126

 

 

$

41,817

 

 

$

39,314

 

 

$

31,636

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

(7,840

)

 

 

(26,846

)

 

 

110

 

 

 

(34,977

)

Change in fair value of interest rate cap

 

 

(122

)

 

 

 

 

 

316

 

 

 

 

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

 

 

60

 

 

 

444

 

 

 

48

 

 

 

910

 

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

 

 

17

 

 

 

67

 

 

 

56

 

 

 

67

 

Comprehensive income (loss)

 

 

41,241

 

 

 

15,482

 

 

 

39,844

 

 

 

(2,364

)

Non-redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-redeemable noncontrolling interest

 

 

(7,716

)

 

 

(3,784

)

 

 

(8,221

)

 

 

(3,031

)

Unrealized foreign currency translation adjustments

 

 

(1,513

)

 

 

(5,056

)

 

 

287

 

 

 

(6,333

)

Redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (income) loss attributable to redeemable noncontrolling interest

 

 

(139

)

 

 

88

 

 

 

270

 

 

 

354

 

Comprehensive income (loss) attributable to Viad

 

$

31,873

 

 

$

6,730

 

 

$

32,180

 

 

$

(11,374

)

 

(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

 

 

Total
Viad
Equity

 

 

Non-Redeemable
 Non-Controlling
Interest

 

 

Total
Stockholders’
Equity

 

 

 

Redeemable
Non-Controlling
Interest

 

 

Convertible
 Series A
Preferred
 Stock

 

Balance, December 31, 2022

 

$

37,402

 

 

$

570,271

 

 

$

(334,301

)

 

$

(47,185

)

$

(211,657

)

$

14,530

 

$

82,310

 

$

96,840

 

 

 

$

4,956

 

 

$

132,591

 

Net loss

 

 

 

 

 

 

 

 

(20,869

)

 

 

 

 

 

 

 

 

(20,869

)

 

 

(398

)

 

 

(21,267

)

 

 

 

(123

)

 

 

 

Dividends on convertible preferred stock

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

Change in fair value of interest rate cap

 

 

 

 

 

 

 

 

 

 

 

(800

)

 

 

 

 

 

(800

)

 

 

 

 

 

(800

)

 

 

 

 

 

 

 

Payment of payroll taxes on stock-based compensation through shares withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(204

)

 

 

(204

)

 

 

 

 

 

(204

)

 

 

 

 

 

 

 

Employee benefit plans

 

 

 

 

 

(4,677

)

 

 

 

 

 

 

 

 

5,468

 

 

 

791