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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, 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

 

img214099267_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 May 2, 2022, there were 20,590,577 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, 2022 and December 31, 2021

1

 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021

2

 

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2022 and 2021

3

 

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

4

 

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

38

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

40

Item 6.

Exhibits

41

Items 3-5

Not applicable

 

 

 

 

SIGNATURES

42

 

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)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,902

 

 

$

61,600

 

Accounts receivable, net of allowances for doubtful accounts of $2,299 and $1,808,
   respectively

 

 

94,570

 

 

 

91,966

 

Inventories

 

 

9,191

 

 

 

8,581

 

Current contract costs

 

 

20,386

 

 

 

11,105

 

Prepaid insurance

 

 

6,876

 

 

 

10,284

 

Other current assets

 

 

16,727

 

 

 

14,080

 

Total current assets

 

 

205,652

 

 

 

197,616

 

Property and equipment, net

 

 

553,986

 

 

 

549,108

 

Other investments and assets

 

 

16,678

 

 

 

16,718

 

Operating lease right-of-use assets

 

 

104,057

 

 

 

95,915

 

Deferred income taxes

 

 

1,360

 

 

 

1,006

 

Goodwill

 

 

113,233

 

 

 

112,078

 

Other intangible assets, net

 

 

64,582

 

 

 

65,189

 

Total Assets

 

$

1,059,548

 

 

$

1,037,630

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

74,933

 

 

$

69,657

 

Contract liabilities

 

 

60,644

 

 

 

39,141

 

Accrued compensation

 

 

17,173

 

 

 

12,788

 

Operating lease obligations

 

 

13,602

 

 

 

12,451

 

Other current liabilities

 

 

36,712

 

 

 

28,289

 

Current portion of debt and finance obligations

 

 

11,270

 

 

 

12,800

 

Total current liabilities

 

 

214,334

 

 

 

175,126

 

Long-term debt and finance obligations

 

 

448,156

 

 

 

446,580

 

Pension and postretirement benefits

 

 

24,129

 

 

 

23,692

 

Long-term operating lease obligations

 

 

101,325

 

 

 

93,406

 

Other deferred items and liabilities

 

 

66,387

 

 

 

68,953

 

Total liabilities

 

 

854,331

 

 

 

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

 

 

5,706

 

 

 

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

 

 

567,799

 

 

 

566,741

 

Accumulated deficit

 

 

(380,671

)

 

 

(349,720

)

Accumulated other comprehensive loss

 

 

(23,610

)

 

 

(27,429

)

Common stock in treasury, at cost, 4,352,864 and 4,381,606 shares, respectively

 

 

(219,089

)

 

 

(220,712

)

Total Viad stockholders’ equity

 

 

(18,169

)

 

 

6,282

 

Non-redeemable noncontrolling interest

 

 

85,089

 

 

 

85,556

 

Total stockholders’ equity

 

 

66,920

 

 

 

91,838

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

1,059,548

 

 

$

1,037,630

 

 

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)

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Services

 

$

151,137

 

 

$

24,900

 

Products

 

 

26,223

 

 

 

4,035

 

Total revenue

 

 

177,360

 

 

 

28,935

 

Costs and expenses:

 

 

 

 

 

 

Costs of services

 

 

171,954

 

 

 

56,368

 

Costs of products

 

 

28,181

 

 

 

10,775

 

Corporate activities

 

 

2,673

 

 

 

2,005

 

Interest expense, net

 

 

5,877

 

 

 

5,085

 

Other expense, net

 

 

638

 

 

 

360

 

Restructuring charges

 

 

654

 

 

 

2,826

 

Impairment charges

 

 

583

 

 

 

 

Total costs and expenses

 

 

210,560

 

 

 

77,419

 

Loss from continuing operations before income taxes

 

 

(33,200

)

 

 

(48,484

)

Income tax benefit

 

 

(2,582

)

 

 

(3,045

)

Loss from continuing operations

 

 

(30,618

)

 

 

(45,439

)

Income from discontinued operations

 

 

275

 

 

 

348

 

Net loss

 

 

(30,343

)

 

 

(45,091

)

Net loss attributable to non-redeemable noncontrolling
   interest

 

 

1,204

 

 

 

1,445

 

Net loss attributable to redeemable noncontrolling interest

 

 

138

 

 

 

494

 

Net loss attributable to Viad

 

$

(29,001

)

 

$

(43,152

)

Diluted income (loss) per common share:

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.54

)

 

$

(2.23

)

Discontinued operations attributable to Viad common stockholders

 

 

0.01

 

 

 

0.02

 

Net loss attributable to Viad common stockholders

 

$

(1.53

)

 

$

(2.21

)

Weighted-average outstanding and potentially dilutive common
   shares

 

 

20,518

 

 

 

20,370

 

Basic income (loss) per common share:

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.54

)

 

$

(2.23

)

Discontinued operations attributable to Viad common stockholders

 

 

0.01

 

 

 

0.02

 

Net loss attributable to Viad common stockholders

 

$

(1.53

)

 

$

(2.21

)

Weighted-average outstanding common shares

 

 

20,518

 

 

 

20,370

 

Amounts attributable to Viad

 

 

 

 

 

 

Loss from continuing operations

 

$

(29,276

)

 

$

(43,500

)

Income from discontinued operations

 

 

275

 

 

 

348

 

Net loss

 

$

(29,001

)

 

$

(43,152

)

 

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)

 

2022

 

 

2021

 

Net loss

 

$

(30,343

)

 

$

(45,091

)

Other comprehensive income (loss):

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

3,412

 

 

 

3,977

 

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

 

 

407

 

 

 

177

 

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

 

 

 

 

 

(56

)

Comprehensive loss

 

 

(26,524

)

 

 

(40,993

)

Non-redeemable noncontrolling interest:

 

 

 

 

 

 

Comprehensive loss attributable to non-redeemable
   noncontrolling interest

 

 

1,204

 

 

 

1,445

 

Unrealized foreign currency translation adjustments

 

 

737

 

 

 

750

 

Redeemable noncontrolling interest:

 

 

 

 

 

 

Comprehensive loss attributable to redeemable noncontrolling interest

 

 

138

 

 

 

494

 

Comprehensive loss attributable to Viad

 

$

(24,445

)

 

$

(38,304

)

 

(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, 2021

 

$

37,402

 

 

$

566,741

 

 

$

(349,720

)

 

$

(27,429

)

 

$

(220,712

)

 

$

6,282

 

 

$

85,556

 

 

$

91,838

 

 

 

$

5,444

 

 

$

132,591

 

Net loss

 

 

 

 

 

 

 

 

(29,001

)

 

 

 

 

 

 

 

 

(29,001

)

 

 

(1,204

)

 

 

(30,205

)

 

 

 

(138

)

 

 

 

Dividends on convertible preferred stock

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

 

(1,950

)

 

 

 

 

 

(1,950

)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(349

)

 

 

(349

)

 

 

 

 

 

(349

)

 

 

 

 

 

 

 

Employee benefit plans

 

 

 

 

 

(1,286

)

 

 

 

 

 

 

 

 

1,972

 

 

 

686

 

 

 

 

 

 

686

 

 

 

 

 

 

 

 

Share-based compensation - equity awards

 

 

 

 

 

2,385

 

 

 

 

 

 

 

 

 

 

 

 

2,385

 

 

 

 

 

 

2,385

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

3,412

 

 

 

 

 

 

3,412

 

 

 

737

 

 

 

4,149

 

 

 

 

49

 

 

 

 

Amortization of net actuarial loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

407

 

 

 

 

 

 

407

 

 

 

 

 

 

407

 

 

 

 

 

 

 

 

Other, net

 

 

 

 

 

(41

)

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

(41

)

 

 

 

351

 

 

 

 

Balance, March 31, 2022

 

$

37,402

 

 

$

567,799

 

 

$

(380,671

)

 

$

(23,610

)

 

$

(219,089

)

 

$

(18,169

)

 

$

85,089

 

 

$

66,920

 

 

 

$

5,706

 

 

$

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, 2020

 

$

37,402

 

 

$

568,100

 

 

$

(253,164

)

 

$

(30,641

)

 

$

(225,742

)

 

$

95,955

 

 

$

78,144

 

 

$

174,099

 

 

 

$

5,225

 

 

$

128,769

 

Net loss

 

 

 

 

 

 

 

 

(43,152

)

 

 

 

 

 

 

 

 

(43,152

)

 

 

(1,445

)

 

 

(44,597

)

 

 

 

(494

)

 

 

 

Dividends on convertible preferred stock

 

 

 

 

 

(1,898

)

 

 

 

 

 

 

 

 

 

 

 

(1,898

)

 

 

 

 

 

(1,898

)

 

 

 

 

 

 

1,898

 

Capital contribution (distributions) to (from) noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(951

)

 

 

(951

)

 

 

 

142

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(519

)

 

 

(519

)

 

 

 

 

 

(