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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

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

For the quarterly period ended September 30, 2020

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

 

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.)

 

 

1850 North Central Avenue, Suite 1900

Phoenix, Arizona

 

85004-4565

(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 October 30, 2020, there were 20,428,448 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, 2020 and December 31, 2019

1

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

2

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019

3

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three and Nine Months Ended September 30, 2020 and 2019

4

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

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

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

48

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 6.

Exhibits

54

Items 3-5

Not applicable

 

 

 

 

SIGNATURES

56

 

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)

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,452

 

 

$

61,999

 

Accounts receivable, net of allowances for doubtful accounts of $10,105 and $1,200,

   respectively

 

 

21,154

 

 

 

126,246

 

Inventories

 

 

16,296

 

 

 

17,269

 

Current contract costs

 

 

7,649

 

 

 

24,535

 

Other current assets

 

 

16,196

 

 

 

30,854

 

Total current assets

 

 

117,747

 

 

 

260,903

 

Property and equipment, net

 

 

477,445

 

 

 

500,901

 

Other investments and assets

 

 

19,937

 

 

 

45,119

 

Operating lease right-of-use assets

 

 

88,394

 

 

 

103,314

 

Deferred income taxes

 

 

 

 

 

26,163

 

Goodwill

 

 

96,931

 

 

 

287,983

 

Other intangible assets, net

 

 

68,638

 

 

 

94,308

 

Total Assets

 

$

869,092

 

 

$

1,318,691

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

22,069

 

 

$

86,660

 

Contract liabilities

 

 

17,153

 

 

 

50,671

 

Accrued compensation

 

 

8,392

 

 

 

32,658

 

Operating lease obligations

 

 

17,872

 

 

 

22,180

 

Other current liabilities

 

 

30,127

 

 

 

39,824

 

Current portion of debt and finance lease obligations

 

 

4,040

 

 

 

5,330

 

Total current liabilities

 

 

99,653

 

 

 

237,323

 

Long-term debt and finance lease obligations

 

 

252,152

 

 

 

335,162

 

Pension and postretirement benefits

 

 

25,789

 

 

 

26,247

 

Long-term operating lease obligations

 

 

73,688

 

 

 

82,851

 

Other deferred items and liabilities

 

 

75,174

 

 

 

83,707

 

Total liabilities

 

 

526,456

 

 

 

765,290

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized,

  135,000 shares issued and outstanding at September 30, 2020

 

 

126,897

 

 

 

 

Redeemable noncontrolling interest

 

 

5,271

 

 

 

6,172

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Viad Corp stockholders’ equity:

 

 

 

 

 

 

 

 

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

   issued and outstanding

 

 

37,402

 

 

 

37,402

 

Additional capital

 

 

570,447

 

 

 

574,473

 

Retained earnings (deficit)

 

 

(202,691

)

 

 

122,971

 

Accumulated other comprehensive loss

 

 

(42,687

)

 

 

(35,699

)

Common stock in treasury, at cost, 4,507,957 and 4,588,084 shares, respectively

 

 

(227,623

)

 

 

(231,649

)

Total Viad stockholders’ equity

 

 

134,848

 

 

 

467,498

 

Non-redeemable noncontrolling interest

 

 

75,620

 

 

 

79,731

 

Total stockholders’ equity

 

 

210,468

 

 

 

547,229

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

869,092

 

 

$

1,318,691

 

 

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)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

$

43,702

 

 

$

291,701

 

 

$

335,383

 

 

$

858,071

 

Products

 

 

19,370

 

 

 

62,042

 

 

 

54,480

 

 

 

151,615

 

Total revenue

 

 

63,072

 

 

 

353,743

 

 

 

389,863

 

 

 

1,009,686

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

 

51,730

 

 

 

247,551

 

 

 

395,432

 

 

 

785,131

 

Costs of products

 

 

18,107

 

 

 

51,370

 

 

 

60,332

 

 

 

134,527

 

Business interruption gain

 

 

 

 

 

 

 

 

 

 

 

(141

)

Corporate activities

 

 

2,645

 

 

 

2,680

 

 

 

5,902

 

 

 

7,795

 

Interest income

 

 

(58

)

 

 

(79

)

 

 

(313

)

 

 

(260

)

Interest expense

 

 

5,508

 

 

 

3,740

 

 

 

14,712

 

 

 

9,612

 

Multi-employer pension plan withdrawal

 

 

 

 

 

 

 

 

462

 

 

 

15,508

 

Other expense

 

 

210

 

 

 

281

 

 

 

894

 

 

 

1,192

 

Restructuring charges

 

 

11,259

 

 

 

1,702

 

 

 

12,370

 

 

 

6,845

 

Legal settlement

 

 

 

 

 

 

 

 

 

 

 

8,500

 

Impairment charges

 

 

676

 

 

 

 

 

 

203,076

 

 

 

 

Total costs and expenses

 

 

90,077

 

 

 

307,245

 

 

 

692,867

 

 

 

968,709

 

Income (loss) from continuing operations before income taxes

 

 

(27,005

)

 

 

46,498

 

 

 

(303,004

)

 

 

40,977

 

Income tax expense

 

 

735

 

 

 

11,891

 

 

 

20,454

 

 

 

10,861

 

Income (loss) from continuing operations

 

 

(27,740

)

 

 

34,607

 

 

 

(323,458

)

 

 

30,116

 

Income (loss) from discontinued operations

 

 

(989

)

 

 

(141

)

 

 

(1,822

)

 

 

32

 

Net income (loss)

 

 

(28,729

)

 

 

34,466

 

 

 

(325,280

)

 

 

30,148

 

Net (income) loss attributable to non-redeemable noncontrolling

   interest

 

 

(2,331

)

 

 

(3,418

)

 

 

636

 

 

 

(3,329

)

Net loss attributable to redeemable noncontrolling interest

 

 

302

 

 

 

368

 

 

 

1,023

 

 

 

644

 

Net income (loss) attributable to Viad

 

$

(30,758

)

 

$

31,416

 

 

$

(323,621

)

 

$

27,463

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.54

)

 

$

1.54

 

 

$

(15.98

)

 

$

1.33

 

Discontinued operations attributable to Viad common stockholders

 

 

(0.05

)

 

 

(0.01

)

 

 

(0.09

)

 

 

 

Net income (loss) attributable to Viad common stockholders

 

$

(1.59

)

 

$

1.53

 

 

$

(16.07

)

 

$

1.33

 

Weighted-average outstanding and potentially dilutive common

   shares

 

 

20,293

 

 

 

20,311

 

 

 

20,263

 

 

 

20,267

 

Basic income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(1.54

)

 

$

1.54

 

 

$

(15.98

)

 

$

1.33

 

Discontinued operations attributable to Viad common stockholders

 

 

(0.05

)

 

 

(0.01

)

 

 

(0.09

)

 

 

 

Net income (loss) attributable to Viad common stockholders

 

$

(1.59

)

 

$

1.53

 

 

$

(16.07

)

 

$

1.33

 

Weighted-average outstanding common shares

 

 

20,293

 

 

 

20,168

 

 

 

20,263

 

 

 

20,129

 

Dividends declared per common share

 

$

 

 

$

0.10

 

 

$

0.10

 

 

$

0.30

 

Amounts attributable to Viad common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(29,769

)

 

$

31,557

 

 

$

(321,799

)

 

$

27,431

 

Income (loss) from discontinued operations

 

 

(989

)

 

 

(141

)

 

 

(1,822

)

 

 

32

 

Net income (loss)

 

$

(30,758

)

 

$

31,416

 

 

$

(323,621

)

 

$

27,463

 

 

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)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(28,729

)

 

$

34,466

 

 

$

(325,280

)

 

$

30,148

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

11,032

 

 

 

(5,229

)

 

 

(7,342

)

 

 

3,868

 

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

 

 

70

 

 

 

83

 

 

 

436

 

 

 

302

 

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

 

 

(27

)

 

 

(35

)

 

 

(82

)

 

 

(106

)

Comprehensive income (loss)

 

 

(17,654

)

 

 

29,285

 

 

 

(332,268

)

 

 

34,212

 

Non-redeemable noncontrolling interest: