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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, 2021

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 May 3, 2021, there were 20,483,915 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, 2021 and December 31, 2020

1

 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020

2

 

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020

3

 

Condensed Consolidated Statements of Stockholders’ Equity and Mezzanine Equity for the Three Months Ended March 31, 2021 and 2020

4

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

40

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 6.

Exhibits

42

Items 3-5

Not applicable

 

 

 

 

SIGNATURES

43

 

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)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,714

 

 

$

39,545

 

Accounts receivable, net of allowances for doubtful accounts of $2,791 and $5,310,

   respectively

 

 

18,472

 

 

 

17,837

 

Inventories

 

 

8,406

 

 

 

8,727

 

Current contract costs

 

 

8,781

 

 

 

7,923

 

Other current assets

 

 

18,448

 

 

 

17,225

 

Total current assets

 

 

88,821

 

 

 

91,257

 

Property and equipment, net

 

 

533,614

 

 

 

492,154

 

Other investments and assets

 

 

15,709

 

 

 

15,492

 

Operating lease right-of-use assets

 

 

81,488

 

 

 

82,739

 

Deferred income taxes

 

 

1,445

 

 

 

563

 

Goodwill

 

 

112,947

 

 

 

99,847

 

Other intangible assets, net

 

 

70,631

 

 

 

71,172

 

Total Assets

 

$

904,655

 

 

$

853,224

 

Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

20,559

 

 

$

21,037

 

Contract liabilities

 

 

26,797

 

 

 

18,595

 

Accrued compensation

 

 

9,507

 

 

 

7,030

 

Operating lease obligations

 

 

14,684

 

 

 

15,697

 

Other current liabilities

 

 

25,000

 

 

 

27,039

 

Current portion of debt and finance lease obligations

 

 

2,800

 

 

 

8,335

 

Total current liabilities

 

 

99,347

 

 

 

97,733

 

Long-term debt and finance lease obligations

 

 

367,418

 

 

 

285,356

 

Pension and postretirement benefits

 

 

27,113

 

 

 

27,264

 

Long-term operating lease obligations

 

 

72,878

 

 

 

70,150

 

Other deferred items and liabilities

 

 

62,467

 

 

 

64,628

 

Total liabilities

 

 

629,223

 

 

 

545,131

 

Commitments and contingencies

 

 

 

 

 

 

 

 

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

  135,000 shares issued and outstanding

 

 

130,667

 

 

 

128,769

 

Redeemable noncontrolling interest

 

 

5,006

 

 

 

5,225

 

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

 

 

566,643

 

 

 

568,100

 

Accumulated deficit

 

 

(296,317

)

 

 

(253,164

)

Accumulated other comprehensive loss

 

 

(26,543

)

 

 

(30,641

)

Common stock in treasury, at cost, 4,456,261 and 4,475,489 shares, respectively

 

 

(224,683

)

 

 

(225,742

)

Total Viad stockholders’ equity

 

 

56,502

 

 

 

95,955

 

Non-redeemable noncontrolling interest

 

 

83,257

 

 

 

78,144

 

Total stockholders’ equity

 

 

139,759

 

 

 

174,099

 

Total Liabilities, Mezzanine Equity, and Stockholders’ Equity

 

$

904,655

 

 

$

853,224

 

 

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)

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

Services

 

$

24,900

 

 

$

264,206

 

Products

 

 

4,035

 

 

 

30,452

 

Total revenue

 

 

28,935

 

 

 

294,658

 

Costs and expenses:

 

 

 

 

 

 

 

 

Costs of services

 

 

56,368

 

 

 

273,052

 

Costs of products

 

 

10,775

 

 

 

31,006

 

Corporate activities

 

 

2,005

 

 

 

789

 

Interest income

 

 

(33

)

 

 

(79

)

Interest expense

 

 

5,118

 

 

 

4,018

 

Other expense, net

 

 

360

 

 

 

419

 

Restructuring charges

 

 

2,826

 

 

 

851

 

Impairment charges

 

 

 

 

 

88,380

 

Total costs and expenses

 

 

77,419

 

 

 

398,436

 

Loss from continuing operations before income taxes

 

 

(48,484

)

 

 

(103,778

)

Income tax benefit

 

 

(3,045

)

 

 

(15,797

)

Loss from continuing operations

 

 

(45,439

)

 

 

(87,981

)

Income (loss) from discontinued operations

 

 

348

 

 

 

(454

)

Net loss

 

 

(45,091

)

 

 

(88,435

)

Net loss attributable to non-redeemable noncontrolling

   interest

 

 

1,445

 

 

 

1,333

 

Net loss attributable to redeemable noncontrolling interest

 

 

494

 

 

 

517

 

Net loss attributable to Viad

 

$

(43,152

)

 

$

(86,585

)

Diluted loss per common share:

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(2.23

)

 

$

(4.27

)

Discontinued operations attributable to Viad common stockholders

 

 

0.02

 

 

 

(0.02

)

Net loss attributable to Viad common stockholders

 

$

(2.21

)

 

$

(4.29

)

Weighted-average outstanding and potentially dilutive common

   shares

 

 

20,370

 

 

 

20,215

 

Basic loss per common share:

 

 

 

 

 

 

 

 

Continuing operations attributable to Viad common stockholders

 

$

(2.23

)

 

$

(4.27

)

Discontinued operations attributable to Viad common stockholders

 

 

0.02

 

 

 

(0.02

)

Net loss attributable to Viad common stockholders

 

$

(2.21

)

 

$

(4.29

)

Weighted-average outstanding common shares

 

 

20,370

 

 

 

20,215

 

Dividends declared per common share

 

$

 

 

$

0.10

 

Amounts attributable to Viad common stockholders

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(43,500

)

 

$

(86,131

)

Income (loss) from discontinued operations

 

 

348

 

 

 

(454

)

Net loss

 

$

(43,152

)

 

$

(86,585

)

 

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)

 

2021

 

 

2020

 

Net loss

 

$

(45,091

)

 

$

(88,435

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

3,977

 

 

 

(28,158

)

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

 

 

177

 

 

 

341

 

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

 

 

(56

)

 

 

(27

)

Comprehensive loss

 

 

(40,993

)

 

 

(116,279

)

Non-redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

Comprehensive loss attributable to non-redeemable

   noncontrolling interest

 

 

1,445

 

 

 

1,333

 

Unrealized foreign currency translation adjustments

 

 

750

 

 

 

(5,719

)

Redeemable noncontrolling interest:

 

 

 

 

 

 

 

 

Comprehensive loss attributable to redeemable noncontrolling interest

 

 

494

 

 

 

517

 

Comprehensive loss attributable to Viad

 

$

(38,304

)

 

$

(120,148

)

 

(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, 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 and distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(951

)

 

 

(951

)

 

 

 

 

 

142

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(519

)

 

 

(519

)

 

 

 

 

 

(519

)

 

 

 

 

 

 

 

 

 

Employee benefit plans

 

 

 

 

 

(1,198

)

 

 

 

 

 

 

 

 

1,578

 

 

 

380

 

 

 

 

 

 

380

 

 

 

 

 

 

 

 

 

 

Share-based compensation - equity awards

 

 

 

 

 

1,626

 

 

 

 

 

 

 

 

 

 

 

 

1,626

 

 

 

 

 

 

1,626

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

3,977

 

 

 

 

 

 

3,977

 

 

 

750

 

 

 

4,727

 

 

 

 

 

 

77

 

 

 

 

Amortization of net actuarial loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

177

 

 

 

 

 

 

177

 

 

 

 

 

 

177

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost, net of tax

 

 

 

 

 

 

 

 

 

 

 

(56

)

 

 

 

 

 

(56

)

 

 

 

 

 

(56

)

 

 

 

 

 

 

 

 

 

Acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,759

 

 

 

6,759

 

 

 

 

 

 

 

 

 

 

Other, net

 

 

 

 

 

13

 

 

 

(1

)

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

 

 

 

 

 

56

 

 

 

 

Balance, March 31, 2021

 

$

37,402

 

 

$

566,643

 

 

$

(296,317

)

 

$

(26,543

)

 

$

(224,683

)

 

$

56,502

 

 

$

83,257

 

 

$

139,759

 

 

 

 

 

$

5,006

 

 

$

130,667

 

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

 

 

Retained

Earnings

 

 

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, 2019

 

$

37,402

 

 

$

574,473

 

 

$

122,971

 

 

$

(35,699

)

 

$

(231,649

)

 

$

467,498

 

 

$

79,731

 

 

$

547,229

 

 

 

 

 

$

6,172

 

 

$

 

Net loss

 

 

 

 

 

 

 

 

(86,585

)

 

 

 

 

 

 

 

 

(86,585

)

 

 

(1,333

)

 

 

(87,918

)

 

 

 

 

 

(517

)

 

 

 

Dividends on common stock ($0.10 per share)

 

 

 

 

 

 

 

 

(2,038

)

 

 

 

 

 

 

 

 

(2,038

)

 

 

 

 

 

(2,038

)

 

 

 

 

 

 

 

 

 

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,526

)