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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 March 31, 2024

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

 

img215946309_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 May 1, 2024, there were 21,128,161 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 March 31, 2024 and December 31, 2023

1

 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023

2

 

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023

3

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three Months Ended March 31, 2024 and 2023

4

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

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

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

37

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

 

 

 

SIGNATURES

40

 

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)

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except share data)

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

48,799

 

 

$

52,704

 

Accounts receivable, net of allowances of $2,880 and $2,901, respectively

 

 

151,105

 

 

 

128,019

 

Inventories

 

 

10,454

 

 

 

10,153

 

Current contract costs

 

 

35,398

 

 

 

20,202

 

Prepaid insurance

 

 

13,918

 

 

 

2,925

 

Other current assets

 

 

23,846

 

 

 

21,774

 

Total current assets

 

 

283,520

 

 

 

235,777

 

Property and equipment, net

 

 

593,703

 

 

 

592,891

 

Other investments and assets

 

 

18,079

 

 

 

17,047

 

Operating lease right-of-use assets

 

 

107,546

 

 

 

109,774

 

Deferred income taxes

 

 

1,668

 

 

 

1,930

 

Goodwill

 

 

121,654

 

 

 

123,906

 

Other intangible assets, net

 

 

54,130

 

 

 

55,997

 

Total Assets

 

$

1,180,300

 

 

$

1,137,322

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

100,180

 

 

$

77,405

 

Contract liabilities

 

 

82,248

 

 

 

52,980

 

Accrued compensation

 

 

20,385

 

 

 

31,309

 

Operating lease obligations

 

 

17,762

 

 

 

17,334

 

Other current liabilities

 

 

54,570

 

 

 

42,397

 

Current portion of debt and finance obligations

 

 

17,126

 

 

 

8,371

 

Total current liabilities

 

 

292,271

 

 

 

229,796

 

Long-term debt and finance obligations

 

 

462,490

 

 

 

444,304

 

Pension and postretirement benefits

 

 

16,233

 

 

 

16,457

 

Long-term operating lease obligations

 

 

103,855

 

 

 

106,109

 

Other deferred items and liabilities

 

 

69,346

 

 

 

70,711

 

Total liabilities

 

 

944,195

 

 

 

867,377

 

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

 

 

4,423

 

 

 

4,733

 

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

 

 

565,933

 

 

 

568,230

 

Accumulated deficit

 

 

(353,151

)

 

 

(326,084

)

Accumulated other comprehensive loss

 

 

(47,574

)

 

 

(40,394

)

Common stock in treasury, at cost, 3,826,971 and 3,948,316 shares, respectively

 

 

(190,363

)

 

 

(195,721

)

Total Viad stockholders’ equity

 

 

12,247

 

 

 

43,433

 

Non-redeemable noncontrolling interest

 

 

86,844

 

 

 

89,188

 

Total stockholders’ equity

 

 

99,091

 

 

 

132,621

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

1,180,300

 

 

$

1,137,322

 

 

Refer to Notes to Condensed Consolidated Financial Statements.

1


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Services

 

$

226,930

 

 

$

218,140

 

Products

 

 

46,567

 

 

 

42,651

 

Total revenue

 

 

273,497

 

 

 

260,791

 

Costs and expenses:

 

 

 

 

 

 

Costs of services

 

 

237,306

 

 

 

226,203

 

Costs of products

 

 

44,648

 

 

 

40,100

 

Corporate activities

 

 

4,433

 

 

 

3,165

 

Interest expense, net

 

 

11,845

 

 

 

12,249

 

Other expense, net

 

 

438

 

 

 

531

 

Restructuring charges

 

 

116

 

 

 

453

 

Total costs and expenses

 

 

298,786

 

 

 

282,701

 

Loss from continuing operations before income taxes

 

 

(25,289

)

 

 

(21,910

)

Income tax expense (benefit)

 

 

887

 

 

 

(578

)

Loss from continuing operations

 

 

(26,176

)

 

 

(21,332

)

Loss from discontinued operations

 

 

(67

)

 

 

(58

)

Net loss

 

 

(26,243

)

 

 

(21,390

)

Net loss attributable to non-redeemable noncontrolling
   interest

 

 

923

 

 

 

398

 

Net loss attributable to redeemable noncontrolling interest

 

 

203

 

 

 

123

 

Net loss attributable to Viad

 

$

(25,117

)

 

$

(20,869

)

Diluted loss per common share:

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.29

)

 

$

(1.10

)

Discontinued operations attributable to Viad common stockholders

 

 

 

 

 

 

Net loss attributable to Viad common stockholders

 

$

(1.29

)

 

$

(1.10

)

Weighted-average outstanding and potentially dilutive common
   shares

 

 

21,029

 

 

 

20,751

 

Basic loss per common share:

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.29

)

 

$

(1.10

)

Discontinued operations attributable to Viad common stockholders

 

 

 

 

 

 

Net loss attributable to Viad common stockholders

 

$

(1.29

)

 

$

(1.10

)

Weighted-average outstanding common shares

 

 

21,029

 

 

 

20,751

 

Amounts attributable to Viad

 

 

 

 

 

 

Loss from continuing operations

 

$

(25,050

)

 

$

(20,811

)

Loss from discontinued operations

 

 

(67

)

 

 

(58

)

Net loss attributable to Viad

 

$

(25,117

)

 

$

(20,869

)

 

Refer to Notes to Condensed Consolidated Financial Statements.

2


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2024

 

 

2023

 

Net loss

 

$

(26,243

)

 

$

(21,390

)

Other comprehensive income (loss):

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

(7,502

)

 

 

1,195

 

Change in fair value of interest rate cap

 

 

218

 

 

 

(800

)

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

 

 

85

 

 

 

(45

)

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

 

 

19

 

 

 

35

 

Comprehensive loss

 

 

(33,423

)

 

 

(21,005

)

Non-redeemable noncontrolling interest:

 

 

 

 

 

 

Comprehensive loss attributable to non-redeemable noncontrolling interest

 

 

923

 

 

 

398

 

Unrealized foreign currency translation adjustments

 

 

(1,570

)

 

 

565

 

Redeemable noncontrolling interest:

 

 

 

 

 

 

Comprehensive loss attributable to redeemable noncontrolling interest

 

 

203

 

 

 

123

 

Comprehensive loss attributable to Viad

 

$

(33,867

)

 

$

(19,919

)

 

(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, 2023

 

$

37,402

 

 

$

568,230

 

 

$

(326,084

)

 

$

(40,394

)

$

(195,721

)

$

43,433

 

$

89,188

 

$

132,621

 

 

 

$

4,733

 

 

$

132,591

 

Net loss

 

 

 

 

 

 

 

 

(25,117

)

 

 

 

 

 

 

 

 

(25,117

)

 

 

(923

)

 

 

(26,040

)

 

 

 

(203

)

 

 

 

Dividends on convertible preferred stock

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

Capital contributions from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

149

 

 

 

149

 

 

 

 

 

 

 

 

Change in fair value of interest rate cap

 

 

 

 

 

 

 

 

 

 

 

218

 

 

 

 

 

 

218

 

 

 

 

 

 

218

 

 

 

 

 

 

 

 

Employee benefit plans

 

 

 

 

 

(5,387

)

 

 

 

 

 

 

 

 

5,358

 

 

 

(29

)

 

 

 

 

 

(29

)

 

 

 

 

 

 

 

Share-based compensation - equity awards

 

 

 

 

 

3,107

 

 

 

 

 

 

 

 

 

 

 

 

3,107

 

 

 

 

 

 

3,107

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(7,502

)

 

 

 

 

 

(7,502

)

 

 

(1,570

)

 

 

(9,072

)

 

 

 

(107

)

 

 

 

Amortization of net actuarial loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

 

 

 

 

 

 

 

Amortization of prior service cost, net of tax

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

19

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

Other, net

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

(17

)

 

 

 

 

 

 

 

Balance, March 31, 2024

 

$

37,402

 

 

$

565,933

 

 

$

(353,151

)

 

$

(47,574

)

 

$

(190,363

)

 

$

12,247

 

 

$

86,844

 

 

$

99,091

 

 

 

$

4,423

 

 

$

132,591

 

Refer to Notes to Condensed Consolidated Financial Statements.

 

4


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND MEZZANINE EQUITY (Continued)

(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

 

 

 

 

 

 

791

 

 

 

 

 

 

 

 

Share-based compensation - equity awards

 

 

 

 

 

3,064

 

 

 

 

 

 

 

 

 

 

 

 

3,064

 

 

 

 

 

 

3,064

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

1,195

 

 

 

 

 

 

1,195

 

 

 

565

 

 

 

1,760

 

 

 

 

142

 

 

 

 

Amortization of net actuarial loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

(45

)

 

 

 

 

 

(45

)

 

 

 

 

 

 

 

Amortization of prior service cost, net of tax

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

 

 

 

 

 

 

 

Other, net

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

2

 

 

 

5

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

Balance, March 31, 2023

 

$

37,402

 

 

$

568,661

 

 

$

(357,120

)

 

$

(46,800

)

 

$

(206,391

)

 

$

(4,248

)

 

$

82,477

 

 

$

78,229

 

 

 

$

4,975

 

 

$

132,591

 

Refer to Notes to Condensed Consolidated Financial Statements.

5


 

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2024

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(26,243

)

 

$

(21,390

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

13,320

 

 

 

12,475

 

Deferred income taxes

 

 

799

 

 

 

(2,304

)

Loss from discontinued operations

 

 

67

 

 

 

58

 

Restructuring charges

 

 

116

 

 

 

453

 

Gains on dispositions of property and other assets

 

 

(5

)

 

 

(58

)

Share-based compensation expense

 

 

3,107

 

 

 

3,065

 

Other non-cash items, net

 

 

2,927

 

 

 

1,331

 

Change in operating assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(23,190

)

 

 

(10,726

)

Inventories

 

 

(411

)

 

 

(868

)

Current contract costs

 

 

(15,323

)

 

 

(6,995

)

Accounts payable

 

 

23,904

 

 

 

20,621

 

Restructuring liabilities

 

 

(184

)

 

 

(513

)

Accrued compensation

 

 

(10,994

)

 

 

(6,485

)

Contract liabilities

 

 

29,625

 

 

 

16,957

 

Income taxes payable

 

 

(7,154

)

 

 

(5,735

)

Other assets and liabilities, net

 

 

2,096

 

 

 

10,183

 

Net cash provided by (used in) operating activities

 

 

(7,543

)

 

 

10,069

 

Cash flows from investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(20,721

)

 

 

(11,384

)

Cash paid for acquisitions, net

 

 

 

 

 

(41

)

Proceeds from dispositions of property and other assets

 

 

5

 

 

 

66

 

Net cash used in investing activities

 

 

(20,716

)

 

 

(11,359

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from borrowings

 

 

154,243

 

 

 

1,819

 

Payments on debt and finance obligations

 

 

(127,964

)

 

 

(5,749

)

Dividends paid on preferred stock

 

 

 

 

 

(1,950

)

Contributions from noncontrolling interest

 

 

149

 

 

 

 

Payments of debt issuance costs

 

 

(51

)

 

 

(200

)

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

 

 

(996

)

 

 

(412

)

Net cash provided by (used in) financing activities

 

 

25,381

 

 

 

(6,492

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(950

)

 

 

404

 

Net change in cash, cash equivalents, and restricted cash

 

 

(3,828

)

 

 

(7,378

)

Cash, cash equivalents, and restricted cash, beginning of year

 

 

59,029

 

 

 

64,564

 

Cash, cash equivalents, and restricted cash, end of period

 

$

55,201

 

 

$

57,186

 

 

Refer to Notes to Condensed Consolidated Financial Statements.

6


 

VIAD CORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

Note 1. Overview and Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 1, 2024 (“2023 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

Nature of Business

We are a leading provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions are both live event businesses and are referred to collectively as “GES.”

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon.

Spiro

Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities.

GES Exhibitions

GES Exhibitions is a global exhibition services company that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows.

Impact of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements:

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

 

Amendment expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

 

1/1/2025

 

This new guidance will expand our footnote disclosures within the scope of this new standard with no impacts to our consolidated financial statements.

 

7


 

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

 

Amendment expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

 

1/1/2024

 

This new guidance will expand our footnote disclosures within the scope of this new standard with no impacts to our consolidated financial statements. The required disclosures are effective for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025.

 

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. These estimates and assumptions may change as a result of the impact of global economic conditions, global inflationary pressures, and volatility in foreign exchange rates. Actual results could differ from these and other estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards.

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consist of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

48,799

 

 

$

52,704

 

Restricted cash included in other current assets

 

 

6,402

 

 

 

6,325

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

55,201

 

 

$

59,029

 

Revenue Recognition

Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer.

Pursuit’s service revenue is derived through its admissions, accommodations, and transportation services. Product revenue is derived through food and beverage and retail sales. Revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits, and product revenue is recognized at a point in time.

GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits, environments, and graphics and is recognized at a point in time upon delivery of the product.

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Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.